		COMPOSITION OF CORPORATE BODIES	9
		REPORT ON OPERATIONS FOR 2024	11
		FINANCIAL HIGHLIGHTS OF THE INTERPUMP GROUP	12
		KEY EVENTS IN 2024	15
		ALTERNATE PERFORMANCE MEASURES	23
		CONSOLIDATED INCOME STATEMENT	24
1.		REVENUES	25
2.		PROFITABILITY	26
		CASH FLOW	28
		GROUP STATEMENT OF FINANCIAL POSITION	30
3.		CAPITAL EXPENDITURE	31
4.		RESEARCH, DEVELOPMENT AND DESIGN WORK	32
5.		SUSTAINABILITY AND GROUP VALUES	32
	5.1	Code of Ethics	34
	5.2	Global Compliance Program	34
	5.3	Organiza�on, Management and Control Model (231 Model)	35
	5.4	Management systems	35
6.		EXPOSURE TO RISKS AND UNCERTAINTIES AND FINANCIAL RISK FACTORS	36
	6.1	Market risks	36
	6.2	Credit risk	37
	6.3	Liquidity risk	37
	6.4	Price and cash flow risk	37
	6.5	Climate risks	38
7.		CORPORATE GOVERNANCE	39
8.		STOCK OPTION PLANS	40
9.		RELATIONS WITH GROUP COMPANIES AND TRANSACTIONS WITH RELATED PARTIES	42
10.		TREASURY SHARES	42
11.		RECONCILIATION WITH THE FINANCIAL STATEMENTS OF THE PARENT COMPANY	42
12.		GROUP COMPANIES	43
13.		EVENTS OCCURRING AFTER THE CLOSE OF THE YEAR AND BUSINESS OUTLOOK	54
14.		OTHER INFORMATION	54
		Sustainability Repor�ng – CSRD	55
1.	ESRS 2 –	GENERAL DISCLOSURES	55
	1.1	PREPARATION CRITERIA	55
	1.2	Governance	60
	1.3	Strategy	66
	1.4	Management of Impacts, Risks, and Opportuni�es	100
2.		ENVIRONMENTAL INFORMATION	114
	2.1	DISCLOSURE UNDER THE TAXONOMY REGULATION	114
	2.2	Assessment of compliance with the Regula�on	115
	2.3	Minimum Safeguards	118
3.	ESRS E1 -	CLIMATE CHANGE	125
	3.1	Governance	125
	3.2	Strategy	125
	3.3	Management of Impacts, Risks, and Opportuni�es	129

	3.4	Metrics and targets	131
4.	ESRS E2 - 4.1	POLLUTION Management of Impacts, Risks, and Opportuni�es	141 141
	4.2	Metrics and targets	142
5.	ESRS E3 -	WATER AND MARINE RESOURCES	143
	5.1	Management of Impacts, Risks, and Opportuni�es	143
	5.2	Metrics and targets	146
6.	ESRS E5 -	RESOURCE USE AND CIRCULAR ECONOMY	149
	6.1	Management of Impacts, Risks, and Opportuni�es	149
	6.2	Metrics and targets	150
7.	ESRS S1 –	OWN WORKFORCE	156
	7.1	Strategy	156
	7.2	Management of Impacts, Risks, and Opportuni�es	157
	7.3	Metrics and targets	166
8.	ESRS S2 –	WORKERS IN THE VALUE CHAIN	173
	8.1	Strategy	173
	8.2	Management of Impacts, Risks, and Opportuni�es	174
	8.3	Metrics and targets	176
9.	ESRS S4 –	CONSUMERS AND END-USERS	177
	9.1	Strategy	177
	9.2	Management of Impacts, Risks, and Opportuni�es	178
10.	ESRS G1 -	GOVERNANCE INFORMATION	181
	10.1	Governance	181
	10.2	Management of Impacts, Risks, and Opportuni�es	181
	10.3	Metrics and targets	185
		CONSOLIDATED FINANCIAL STATEMENTS AT 31/12/2024	187
		CONSOLIDATED STATEMENT OF FINANCIAL POSITION	188
		CONSOLIDATED INCOME STATEMENT	190
		CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	191
		CONSOLIDATED CASH FLOW STATEMENT	192
		CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY	194
		NOTES TO THE ANNUAL FINANCIAL REPORT	195
1.		General informa�on	195
2.		Consolida�on perimeter	195
	2.1	Rights of minori�es to dispose of their holdings (put op�ons)	198
	2.2	Rights and obliga�ons of minori�es to dispose of their holdings (put & call op�ons)	199
	2.3	Obliga�ons of the Group to purchase minority holdings	199
3.		Accoun�ng standards adopted	199
	3.1	Reference accoun�ng standards	199
	3.2	Consolida�on principles	203
	3.3	Business sector informa�on	205
	3.4	Treatment of foreign currency transac�ons	206
	3.5	Property, plant and equipment	207
	3.6	Goodwill	208
	3.7	Other intangible fixed assets	209
	3.8	Impairment of assets	210
	3.9	Equity investments	210
	3.10	Cash and cash equivalents	211
	3.11	Financial assets (Trade receivables, Other financial assets and Other assets)	211

	3.12	Inventories	212
	3.13	Share capital and treasury shares	212
	3.14	Financial liabili�es (Trade payables, Bank debts, Interest-bearing financial debts and
		Other liabili�es)	213
	3.15	Liabili�es for employee benefits	213
	3.16	Income taxes	214
	3.17	Provisions for risks and charges	215
	3.18	Revenues	215
	3.19	Costs	216
4.		Business sector informa�on	217
5.		Business combina�ons	222
6.		Cash and cash equivalents	232
7.		Trade receivables	233
8. 9.	Inventories	Tax receivables and Other current assets	233 234

10.		Property, plant and equipment	235
11.	Goodwill		236
12.		Other intangible fixed assets	238
13.		Other financial assets	239
14.		Deferred tax assets and liabili�es	241
15.		Assets and liabili�es held for sale	241
16.		Interest-bearing financial debts and Bank debts	241
17.		Trade payables and Other current liabili�es	245
18.		Provisions for risks and charges	246
19.		Liabili�es for employee benefits	247
20.		Other non-current liabili�es	248
21.	Share capital		249
22.	Reserves		254
23.		Non-controlling interests	256
24.		Revenues and Other opera�ng income	257
25. 26.	Costs by nature	Directors' and statutory auditors' remunera�on	258 258
27.		Financial income and expenses	259
28.	Income taxes		260
29.		Earnings per share	264
30.		Informa�on on financial assets and liabili�es	265
31.		Informa�on on financial risks	267
	31.1	Exchange risk	267
	31.2	Exchange risk sensi�vity analysis	269
	31.3	Interest-rate risk	269
	31.4	Sensi�vity analysis related to interest-rate risk	269
	31.5	Credit risk	269
	31.6	Liquidity risk	270
	31.7	Price risk	271
	31.8	Climate risks	272
32.		Notes to the cash flow statement	273
	32.1	Property, plant and equipment	273
	32.2	Cash and cash equivalents	273
	32.3	Net financial posi�on and cash flow statement	273
33.	Commitments
34.		Transac�ons with related par�es	273 274
	34.1	Rela�ons with non-consolidated subsidiaries	275

34.2 Rela�ons with associates	276
34.3 Transac�ons with other related par�es	276
35. Events occurring a�er the close of the year	276
Annex 1: Cer�fica�on of the consolidated financial statements pursuant to art.
81-(3) of Consob regula�on no. 11971 of 14 May 1999, as amended	277
Annex 2: Atesta�on of the sustainability report pursuant to art. 81-(3), sub
sec�on 1, of Consob Regula�on no. 11971 of 14 May 1999, as amended	278
Statutory Auditors' Report to the Shareholders' Mee�ng of Interpump Group
S.p.A.	279
Independent auditor's report on consolidated financial statement	297
Independent Auditor's Report on Limited Review of Consolidated Sustainability Repor�ng	304
Interpump Group S.p.A. Separate financial statements at 31 December 2024
	309

COMPOSITION OF CORPORATE BODIES

Board of Directors	Fulvio Mon�pò	Executive Chairman
	Giovanni Tamburi (b)	Deputy Chairman
	Fabio Marasi (d)	Chief Executive Officer Independent Director
	Antonia Di Bella (a) (c)
	Nicolò Dubini (a) (c)	Independent Director
	Marcello Margoto (b)	Independent Director Lead Independent Director
	Federica Meniche� (a) (b) (c) Independent Director
	Independent Director Roberta Pierantoni
	Rita Rolli (d)	Independent Director
	Independent Director Anna Chiara Svelto (d)
Board of Statutory Auditors	Anna Maria Allievi	Chairman
	Mario Tagliaferri	Statutory Auditor
	Mirco Zucca	Statutory Auditor
Independent Auditors	PricewaterhouseCoopers S.p.A.

(a) Member of the Control and Risks Committee

(b) Member of the Remuneration Committee and the Nomination Committee

(d) Member of the Sustainability Committee

FINANCIAL HIGHLIGHTS OF THE INTERPUMP GROUP

	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
	€/000	€/000	€/000	€/000	€/000

Consolidated revenues	2,078,399	2,240,039	2,077,964	1,604,255	1,294,363
Foreign revenues	85%	84%	84%	83%	85%
EBITDA	456,622	536,725	492,337	379,757	294,055
EBITDA %	22.0%	24.0%	23.7%	23.7%	22.7%
EBIT (Operating profit)	337,814	428,819	384,004	295,048	207,659
EBIT %	16.3%	19.1%	18.5%	18.4%	16.0%
Consolidated net profit	228,470	277,516	269,749	198,519	173,271
Free cash flow	205,088	147,892	51,100	133,800	203,769
Net indebtedness 1	476,115	567,661	604,596	572,718	332,186
Consolidated shareholders' equity	2,019,337	1,802,904	1,566,110	1,339,664	1,149,977
Net indebtedness / EBITDA	1.04	1.06	1.23	1.51	1.13
Net capital expenditure (Capex)	135,250	164,948	129,479	106,726	61,395
Average headcount	9,310	9,325	8,721	8,433	7,415
ROE	11.3%	15.4%	17.2%	14.8%	15.1%
ROCE	13.5%	18.1%	17.7%	15.4%	14.0%
EPS - Euro	2.124	2.565	2.524	1.836	1.596
Dividend per share - Euro	0.330*	0.320	0.300	0.280	0.260

ROE: Consolidated net profit / Consolidated shareholders' equity

ROCE: Consolidated operating profit / (Consolidated shareholders' equity + Net indebtedness) Dividends refer to the year of formation of the distributed profit.

¹ Inclusive of the debt related to the acquisi�on of investments.

* = Proposed dividend, subject to approval at the Shareholders' Mee�ng.

	31/12/2019	31/12/2018	31/12/2017	31/12/2016	31/12/2015
	€/000	€/000	€/000	€/000	€/000

Consolidated revenues	1,368,618	1,279,167	1,086,547	922,818	894,928
Foreign revenues	84%	83%	82%	83%	85%
EBITDA	317,890	288,519	248,648	198,502	180,258
EBITDA %	23.2%	22.60%	22.90%	21.50%	20.10%
EBIT (Operating profit)	247,214	236,549	198,912	153,533	136,896
EBIT %	18.1%	18.50%	18.30%	16.60%	15.30%
Consolidated net profit	180,602	173,862	135,723	94,473	118,306
Free cash flow	124,824	82,183	93,552	89,947	85,246
Net indebtedness(a)	425,100	331,866	323,808	300,024	278,196
Consolidated shareholders'	1,055,074	868,905	764,729	677,538	622,628
Net indebtedness / EBITDA	1.17	1.15	1.3	1.51	1.54
Net capital expenditure (Capex)	73,654	68,185	47,812	36,527	28,863
Average headcount	6,921	6,472	5,750	5,016	4,830
ROE	17.1%	20.00%	17.70%	13.90%	19.00%
ROCE	16.7%	19.70%	18.30%	15.70%	15.20%
EPS - Euro	1.699	1.619	1.257	0.884	1.101
Dividend per share - Euro	0.250	0.22	0.21	0.2	0.19

KEY EVENTS IN 2024

The global economy continued to exhibit moderate but stable growth during 2024, even though future prospects remain clouded by uncertainty caused, not least, by persistent geopolitical tensions in various strategic areas.

On the one hand, geopolitical tensions are fueling doubts about the health of trading conditions, with the risk of heightened protectionist policies in certain countries. On the other, the outcome of political elections in the final quarter might alter current equilibriums, leading to new inflationary pressures and, in response, restrictive monetary policies intended to contain price increases.

Additionally, given persistent troubles in the principal conflict zones, the re-routing of global trade could have a significant impact, with higher shipping costs and extended delivery lead times.

In this context of profound uncertainty, governments have had to face higher costs given their need to roll-over public debt at increased interest rates, multinational enterprises have slowed the implementation of their long-term investment projects, and private consumers are lowering their propensity to borrow in view of the high rates offered.

The macroeconomic indicators available for the leading economies indicate:

in the Euro area, continuation of the policy to support the economy by lowering reference interest rates (2.9% at the end of December 2024). Given ECB forecasts, overall inflation is expected to come in at 2.1% in 2025, 1.9% in 2026 and 2.1% in 2027, when the expanded EU emissions trading system (EU ETS II) is due to come into force. Growth prospects appear to be stable across the entire area, given sound conditions in the jobs market and lower prices. Furthermore, investment financed by the Next Generation EU program is expected to stimulate economic activity there;
in the United States, contained annual GDP growth, albeit mitigated by the relaxation of monetary policy, resulting in forecast economic growth of 1.6% in 2025.
in China, a slowdown in growth to 4.5% in 2025, with the effects of additional monetary policy stimulus offset by weak consumer demand and a major correction in the real estate market, which is currently in crisis.

Projections indicate that the growth in global GDP will stabilize at 3.2% in 2025, accompanied by further deflation, an improvement in real incomes, and less restrictive monetary policies in many economies, which will help to support demand.

Overall inflation in the OECD countries should ease gradually to 3.4% in 2025, edging closer in the leading economies to the objectives set by their central banks.

In this context, with major ongoing disrup�ons and uncertain�es, the Interpump Group con�nued to generate results in 2024 that, although down with respect to those achieved in 2023, remain significantly posi�ve in terms of revenues, margins and cash genera�on.

The limited exposure of the Interpump Group in countries involved in the military conflict in Ukraine is confirmed. Specifically, the Interpump Group invoiced € 17 million to customers in Russia, Belarus and Ukraine during 2024 (€ 21.7m in 2023), with outstanding receivables of € 2.7 million (€ 2.3 million at 31 December 2023).

Revenues of € 2,078 million were 7.2% lower than in 2023, when they totaled € 2,240 million. Analysis by business sector shows that revenues in the Hydraulic Sector were 13.9% lower than in 2023, while those in the Water-Je�ng Sector were 10.8% higher.

EBITDA was € 456.6 million (22.0% of revenues). In 2023, EBITDA was € 536.7 million (24.0% of revenues).

Notably, the 2023 income statement benefited from non-recurring insurance proceeds of € 9 million. Excluding this effect, 2024 EBITDA was 13.5% lower than the adjusted amount for the previous year.

Net profit totaled € 228.5 million in 2024 (€ 277.5 million in 2023), reflec�ng a decline of 17.7%.

Despite pursuing a major investment plan, the Group generated free cash flow of € 205.1 million in 2024 (€ 147.9 million in 2023). The net financial posi�on at 31 December 2024 amounted to € 409.0 million (€ 486.5 million at 31 December 2023), primarily a�er paying dividends of € 34.9 million and making net investments of € 92.1 million to acquire equity investments and residual minority interests.

As indicated in the section dedicated to "Events occurring after the close of the financial year" in the report on operations accompanying the Annual Financial Report for 2023, on 31 January 2024 Interpump Group announced the signature of an agreement with PGIM Inc. for a Note Purchase and Private Shelf Agreement ("Shelf Facility") amounting to US\$ 300 million, and the simultaneous issue, in the form of a US Private Placement, of initial bonds backed by the above facility totaling € 100 million.

In particular, the Shelf Facility agreement grants the Group the right, but not the obligation, to issue bonds totaling a maximum of US\$ 300 million over the next 3 years, on the same contractual conditions as those negotiated initially, with pricing to be determined at the time of each drawdown and a maximum duration of 20 years.

At the same time, senior unsecured bonds totaling € 100 million were issued in a single tranche, with maturity in 10 years (January 2034), an average duration from issue of 8 years, and paying a fixed coupon of 4.17% every semester. These bonds, placed with funds managed by Pricoa Private Capital the private capital division of PGIM Inc, which is the global investment manager of Prudential Financial Inc., a US insurance company - pay a six-monthly coupon at a fixed rate, do not have a rating and will not be listed in regulated markets.

The treasury share purchase program was completed on 18 October 2024. Announced to the market on 27 September 2024, following authoriza�on at the Shareholders' Mee�ng held on 26 April 2024, this program resulted in the purchase of 250,000 treasury shares (including 39,000 shares purchased in Q3 2024) at an average price of € 41.3496 each, with a total outlay of € 10,337 thousand. The dual purpose of this program was to guarantee not only implementa�on of the share-based incen�ve plans arranged in favor of the directors, employees and key collaborators of the Group, but also the disposal and/or exchange of treasury shares, in the context of acquisi�ons and/or agreements with strategic partners that support the development of the Group.

On 21 November 2024, the Group announced the signature of a Corporate Power Purchase Agreement2 with Statkra� Markets GmbH, for the supply over ten years of energy generated 100% from renewable sources. As a consequence, commencing from January 2025, the Group will purchase 20 GWh of electricity every year, at a predetermined price fixed for the en�re dura�on of the agreement. The energy will be produced in Italy, principally by a photovoltaic plant recently installed in Lazio: this volume will contribute significantly to mee�ng the energy needs of 5 of the Group's principal Italian subsidiaries3. . This agreement represents a major step towards achievement of the objec�ves to reduce carbon intensity by 30% and increase the use of renewable energy sources to 25% of the Group's total requirement by 20254 .

² Contract for the purchase/sale of energy between a producer and a purchaser.

³ See the "Corporate Power Purchase Agreement" presenta�on on the Group's corporate website for further informa�on.

⁴ Respec�vely ac�ons E.2 and E.3 in the ESG Plan for 2023-25.

Compared with 2023, the consolidation perimeter of the Water-Jetting sector changed as follows in 2024:

on 9 April 2024 the Interpump Group announced the acquisition, via Inoxpa S.A.U., of a 60%5 equity interest in Process Partner China Co., Ltd. (now Shanghai PuPeng Flow Technology Co., Ltd) and an increase to 60% in its investment in YRP (Shanghai) Flow Technology Co., Ltd. (now Inoxpa China Flow Technology Co., Ltd), both businesses operating in China. Inoxpa China Flow Technology Co., Ltd was founded in 2015 and specializes in the production and sale of plant and complete solutions for the food processing industry, especially dairy. With support from the Inoxpa Group, Shanghai PuPeng Flow Technology Co., Ltd was formed in 2016 to distribute components, valves, pumps and actuators in China, as the exclusive distributor for the Inoxpa Group in the region. Together, the two businesses generated revenues of almost € 11 million in 2023, with an EBITDA margin of about 10%. On the one hand, the Group enters the Chinese plant engineering market via these transactions while, on the other, it expands the opportunities for further market penetration since, following many years of mutual collaboration, the local management team has accumulated comprehensive knowledge of the products concerned. The current shareholders will remain involved in the activities of the acquired companies. The total price paid for the two businesses was € 2.9 million. Both companies have been consolidated on a line-by-line basis from 31 March 2024 and, therefore, have contributed to the consolidated results at 31 December 2024 for nine months.
On 3 June 2024 the Interpump Group announced the acquisition of 100% of the capital of Alfa Valvole S.r.l. from IDEX Corporation, a US company. This interna�onal player is posi�oned in the high-end segment of the valves sector, given the quality and services offered to customers. The company absorbed OBL, a specialist in the design and produc�on of volumetric pumps, in 2021 to become a provider of integrated solu�ons for the movement and management of industrial fluids. The principal reference markets comprise water treatment, mining, Oil&Gas, mari�me and rail transporta�on, food processing and pharmaceu�cals. In 2023, the company generated turnover of about € 28 million, with an EBITDA margin of about 26%. The total price agreed for the transac�on was € 55.2 million. The company has been consolidated on a lineby-line basis from 31 May 2024 and, therefore, has contributed to the consolidated results at 31 December 2024 for seven months.
The Group acquired an additional 8% of SIT S.p.A. during Q1 2024 and now holds an 88% interest in that company.
Lastly, during Q3 2024 the Group acquired an additional 16.71% of Inoxpa Colombia SAS and now holds the entire equity interest in that company.

Compared with 2023, the consolidation perimeter of the Hydraulic sector changed as follows in 2024:

• on 22 April 2024, the Interpump Group announced the acquisition, through Interpump Hydraulics Ltd., of the entire share capital of Alltube Engineering Ltd., a British operator in the hydraulic hoses and fittings sector. Founded in 1986 and backed by decades of design and manufacturing experience, this company specializes in the processing of rigid and flexible hydraulic hoses. The services offered by Alltube include bending, welding, brazing, ring rolling, tube forming, flushing, pressure testing and swaging. In the previous year6 , the company

⁵ Through Inoxpa SAU, the Group already held 10% of YRP (Shanghai) Flow Technology Co.

⁶ Financial year from 1 November 2022 to 31 October 2023

generated revenues of about € 5 million, with an EBITDA margin of about 15%. The total consideration paid for the transaction was € 2.3 million. Via Alltube, the Group establishes an important presence for the development of the UK market. The company has been consolidated on a line-by-line basis from 30 April 2024 and, therefore, has contributed to the consolidated results at 31 December for eight months.

On 11 July 2024, Interpump Group indirectly acquired 100% of H.S. S.r.l. via Inoxihp S.r.l., a subsidiary. This company, active in the hydraulic sector, specializes in the design and production of hydraulic systems and circuits known for their high qualitative and manufacturing standards. In 2023, the company generated turnover of about € 4 million. The total price agreed for the transaction was € 0.1 million. The company has been consolidated on a line-by-line basis from 30 June 2024 and, therefore, has contributed to the consolidated results at 31 December for six months.
Reggiana Riduttori (Suzhou) Co. Ltd and Transtecno USA LLC were liquidated during Q1 2024;
Put options for the remaining 20% interests in Transtecno S.r.l. and Draintech S.r.l. were exercised during Q2 2024, raising Group ownership of both companies from 80% to 100%.
Draintech S.r.l. was absorbed by Transtecno S.r.l. during Q3 2024, with retroactive effect from 1 January 2024.
On 24 October 2024, the Interpump Group announced the signing of a binding agreement to purchase, via IPH Brasil, 59% of the capital of Hidrover Equipamentos Hidráulicos Ltda, which operates in the hydraulic cylinders sector. The purchase contract was signed on 2 December 2024. This company specializes in the production of hydraulic cylinders, covering the entire production process and focusing on the construction and agricultural markets. Hidrover expects to close 2024 with revenues of about € 23 million, an EBITDA margin of around 26%, and cash of approximately € 3 million7 . The Group's entry into the cylinder sector dates back to 2008 with the acquisitions of Contarini, Modenflex, Cover, Panni Oleodinamica and HS Penta, all operating, albeit with different specializations, in the field of hydraulic cylinders and related components; in 2019, a further major step in development was taken with the acquisition of the Canadian company Hydra Dyne Tech. The consideration for the transaction was approximately € 17.5 million and a decision on the "put&call" mechanisms was made whereby Interpump Group can acquire the residual equity interest. The company has been consolidated on a line-by-line basis from 1 December 2024 and, therefore, has contributed to the consolidated results at 31 December 2024 for one month.
• Lastly, Walvoil Fluid Power Mexico was formed in Q4 2024 and has been consolidated using the equity method from December 2024.

ALTERNATE PERFORMANCE MEASURES

The Group uses several alternate performance measures that are not iden�fied as accoun�ng parameters in the IFRS issued by the Interna�onal Accoun�ng Standards Board and adopted by the European Union, in order to allow beter evalua�on of the trend of economic opera�ons and the Group's financial posi�on. Such indicators are also tools that assist the directors in iden�fying opera�ng trends and in making decisions on investments, resource alloca�on and other business maters. Therefore, the measurement criterion applied by the Group may differ from the criteria adopted by other groups and hence may not be comparable with them. Such alternate performance indicators are based exclusively on historical Group data and measured in conformity with the Guidelines on Alterna�ve Performance Measures issued by ESMA/2015/1415 and adopted by Consob with communica�on no. 92543 of 3 December 2015. These indicators refer only to performance in the accoun�ng period illustrated in this Report on Opera�ons and the compara�ve periods and not to expected performance, and must not be taken to replace the indicators required by the IFRS issued by the Interna�onal Accoun�ng Standards Board and adopted by the European Union. Finally, the alternate measures are processed consistently and with uniformity of defini�on and representa�on for all periods for which financial informa�on is included in this Annual Financial Report.

The performance indicators used by the Group are defined as follows:

Earnings/(Losses) before interest and tax (EBIT): Revenues plus Other opera�ng income less Opera�ng costs (Cost of sales, Distribu�on costs, General and administra�ve expenses, and Other opera�ng costs);
Earnings/(Losses) before interest, tax, deprecia�on and amor�za�on (EBITDA): EBIT plus deprecia�on, amor�za�on, writedowns and provisions;
Net financial posi�on: the sum of Financial debts and Bank debts less Cash and cash equivalents;
Net indebtedness: the sum of the Net financial posi�on and debts for the acquisi�on of equity investments;
Capital expenditure (CAPEX): the sum of investments in tangible and intangible fixed assets, net of divestments;
Free cash flow: the cash flow available for the Group, defined as the difference between the cash flow from opera�ng ac�vi�es and the cash flow for investments in tangible and intangible fixed assets;
Capital employed: calculated as the sum of shareholders' equity and net financial posi�on, including debts for the acquisi�on of equity investments;
Return on capital employed (ROCE): EBIT / Capital employed;
Return on equity (ROE): Net profit / Shareholders' equity.

The Group's income statement is prepared by func�onal area (also called the "cost of sales" method). This format is deemed to be more representa�ve than its "type of expense" counterpart, which is nevertheless included in the notes to the Annual Financial Report. The chosen form, in fact, complies with the internal repor�ng and business management methods.

The cash flow statement was prepared using the indirect method.

CONSOLIDATED INCOME STATEMENT

€/000	2024	2023
Revenues	2,078,399	2,240,039
Cost of sales	(1,364,753)	(1,460,068)
Gross profit	713,646	779,971
% of revenues	34.3%	34.8%
Other net revenues	36,714	42,154
Distribution expenses	(173,890)	(169,744)
General and administrative expenses	(227,118)	(214,594)
Other operating costs	(11,538)	(8,968)
EBIT	337,814	428,819
% of revenues	16.3%	19.1%
Financial income	35,296	26,515
Financial expenses	(62,380)	(78,174)
Equity method contribution	302	627
Profit for the year before taxes	311,032	377,787
Income taxes	(82,562)	(100,271)
Consolidated profit for the year	228,470	277,516
% of revenues	11.0%	12.4%
Attributable to:
Shareholders of Parent	227,051	274,269
Minority shareholders of subsidiaries	1,419	3,247
Consolidated profit for the year	228,470	277,516
EBITDA	456,622	536,725
% of revenues	22.0%	24.0%
Shareholders' equity	2,019,337	1,802,904
Net financial position	409,044	486,497
Debts for the acquisition of equity investments	67,071	81,164
Capital employed	2,495,452	2,370,565
ROCE	13.5%	18.1%
ROE	11.3%	15.4%
Basic earnings per share	2.124	2.565

1. REVENUES

Revenues totaled € 2,078.4 million in 2024, down by 7.2% compared with € 2,240.0 million in 2023 (- 9.2% at constant perimeter and -9.0% also net of exchange differences).

Revenues by business sector and geographical area were as follows:

€/000	Italy	Europe (Italy excluded)	North America	Far East and Pacific Area	Rest of the World	Total
2024
Hydraulic	241,247	488,258	388,496	146,907	142,586	1,407,494
Water-Jetting	69,206	231,800	187,580	114,402	67,917	670,905
Total	310,453	720,058	576,076	261,309	210,503	2,078,399
2023
Hydraulic	297,482	591,997	439,806	160,443	144,595	1,634,323
Water-Jetting	66,252	212,892	187,162	78,203	61,207	605,716
Total	363,734	804,889	626,968	238,646	205,802	2,240,039
2024/2023 percentage changes
Hydraulic	-18.9%	-17.5%	-11.7%	-8.4%	-1.4%	-13.9%
Water-Jetting	+4.5%	+8.9%	+0.2%	+46.3%	+11.0%	+10.8%
Total	-14.6%	-10.5%	-8.1%	+9.5%	+2.3%	-7.2%
2024/2023 at constant perimeter (%)
Hydraulic	-19.5%	-17.6%	-11.7%	-8.4%	-2.7%	-14.1%
Water-Jetting	-16.7%	+6.3%	-1.2%	+27.7%	+7.6%	+4.3%
Total	-19.0%	-11.3%	-8.6%	+3.4%	+0.3%	-9.2%

2. PROFITABILITY

The cost of sales accounted for 65.7% of revenues (65.2% in 2023). Produc�on costs represented 26.8% of revenues (26.3% in 2023) and totaled € 556.4 million (€ 588.2 million in 2023, which however did not include the costs of IPG Mouldtech India Pvt Ltd for 3 months, those of I.mec S.r.l. and the Waikato group for 5 months, or those of the companies acquired during 2024). The purchase cost of raw materials and components sourced on the market, including changes in inventories, accounted for 38.9% of revenues (38.9% in 2023) and totaled € 808.3 million (€ 871.8 million in 2023, which however did not include the costs of IPG Mouldtech India Pvt Ltd for 3 months, those of I.mec S.r.l. and the Waikato group for 5 months, or those of the companies acquired during 2024).

At constant perimeter, distribu�on expenses were 0.6% lower than in 2023, with a percentage incidence on revenues of 8.3% (7.6% in 2023).

Also at constant perimeter, general and administra�ve expenses rose by 2.8% with respect to 2023, with a percentage incidence on revenues of 10.8% (9.6% in 2023).

Payroll costs totaled € 469.7 million (€ 464.0 million in 2023, which however did not include the costs of IPG Mouldtech India Pvt Ltd for 3 months, those of I.mec S.r.l. and the Waikato group for 5 months, or those of the companies acquired during 2024). At constant perimeter, payroll costs amounted to € 460.2 million, down by 0.8% due to a 0.7% rise in per capita cost and a decrease in the average headcount by 140 employees.

The total number of Group employees in 2024 averaged 9,310 (9,185 at constant perimeter) compared to 9,325 in 2023. The decrease in overall average headcount by 15 breaks down as follows: plus 26 in Europe, minus 121 in North America, and plus 80 in the Rest of the World.

In addi�on, the Group employed 1,534 temporary workers during the year (1,741 in 2023) at a cost of € 28.8 million (€ 39.3 million in 2023).

EBITDA totaled € 456.6 million (22.0% of revenues) compared to € 536.7 million in 2023, which represented 24.0% of revenues.

	2024 €/000	% on total revenues*	2023 €/000	% on total revenues*	Increase/De crease
Hydraulic	279,817	19.8%	368,919	22.5%	-24.2%
Water-Jetting	176,805	26.2%	167,806	27.5%	+5.4%
Total	456,622	22.0%	536,725	24.0%	-14.9%

The following table sets out EBITDA by business sector:

* = Total revenues include those to other Group companies in the other sector, while the revenues analyzed previously are exclusively those external to the Group (see Note 4 in the explanatory notes). Accordingly, for consistency, the percentage is calculated on total revenues rather than on those reported previously.

As stated earlier, 2023 benefited from non-recurring insurance proceeds of € 9 million atributable en�rely to the Hydraulic sector. Excluding this amount, total EBITDA would have been 13.5% lower, while that of the Hydraulic sector would have been 22.3% lower.

EBIT amounted to € 337.8 million (16.3% of revenues) compared with € 428.8 million in 2023 (19.1% of revenues), down by 21.2%.

The effec�ve tax rate for the year was 26.5% (26.5% in 2023), which however benefited from the reversal of earlier tax provisions, € 6.1 million, a�er receiving a favorable response from the Tax Authori�es to a ques�on posed by the Parent Company, as described in the Report on Opera�ons in Q3 2023. Net of that amount, the tax rate in 2023 would have been 28.2%.

Net profit for 2024 was € 228.5 million (€ 277.5 million in 2023).

Basic earnings per share were € 2.124 (€ 2.565 in 2023).

Capital employed increased from € 2,370.6 million at 31 December 2023 to € 2,495.5 million at 31 December 2024, reflec�ng con�nua�on of the investment programs and the acquisi�ons completed during the year.

ROCE was 13.5% (18.1% in 2023). ROE was 11.3% (15.4% in 2023).

CASH FLOW

The change in net financial posi�on breaks down as follows:

2024 €/000	2023 €/000
(486,497)	(541,784)
-	(1,274)
(486,497)	(543,058)
307,198	372,219
(19,749)	(20,540)
30,331	(26,495)
19,549	(13,173)
(129,186)	(161,712)
2,980	3,372
(9,044)	(6,608)
7,435	4,377
(4,426)	(3,548)
205,088	147,892
(92,103)	(57,609)
(34,986)	(34,761)
(10,337)	-
581	2,246
19,749	20,540
(13,534)	(29,374)
3,822	8,080
(526)	(555)
77,754	56,459
(301)	102
(409,044)	(486,497)

Net liquidity generated by opera�ng ac�vi�es totaled € 307.2 million (€ 372.2 million in 2023). Free cash flow increased markedly to € 205.1 million (€ 147.9 million in 2023), up 38.7%, despite ongoing major planned investments and assisted by the reduc�on in working capital absorp�on.

Net indebtedness, including payables and commitments, determined in accordance with ESMA guidance 32-382-1138 and included in Consob no�ce no. 5/21, comprises:

	31/12/2024	31/12/2023	01/01/2023
	€/000	€/000	€/000
Cash and cash equivalents	392,637	334,483	358,275
Bank debts (advances and STC amounts)	(33,236)	(52,469)	(30,928)
Interest-bearing financial debts (current portion)	(241,919)	(264,911)	(288,456)
Interest-bearing financial debts (non-current portion)	(526,526)	(503,600)	(580,675)
Net financial position	(409,044)	(486,497)	(541,784)
Commitments for the purchase of equity investments (current portion)	(5,725)	(38,354)	(844)
Commitments for the purchase of equity investments (non current portion)	(61,346)	(42,810)	(61,968)
Total net indebtedness	(476,115)	(567,661)	(604,596)

The Net indebtedness/EBITDA ra�o of 1.04 is lower than last year (1.06). There were no outstanding hedge contracts at 31 December 2024.

GROUP STATEMENT OF FINANCIAL POSITION

Capital employed increased from € 2,370.6 million at 31 December 2023 to € 2,495.5 million at 31 December 202, principally due to new investments, consolida�on of the new companies acquired and the increase in working capital. ROCE was 13.5% (18.1% in 2023). ROE was 11.3% (15.4% in 2023).

The following statement of financial posi�on is classified in terms of the sources and applica�ons of funds:

	31/12/2024 €/000	%	31/12/2023 €/000	%
Trade receivables	385,963		414,787
Net inventories	700,614		696,428
Other current assets	91,028		73,999
Trade payables	(237,371)		(262,941)
Current taxes payable	(28,360)		(39,323)
Current portion of provisions for risks and charges	(8,858)		(8,525)
Other current liabilities	(143,066)		(120,675)
Net working capital	759,950	30.5	753,750	31.8
Net intangible and tangible fixed assets	853,747		785,911
Goodwill	837,798		784,571
Other intangible fixed assets	76,896		70,773
Other non-current assets	53,089		83,011
Liabilities for employee benefits	(21,292)		(21,061)
Non-current portion of provisions for risks and charges	(13,136)		(13,355)
Other non-current liabilities	(51,600)		(73,035)
Total net fixed assets	1,735,502	69.5	1,616,815	68.2
Total capital employed	2,495,452	100	2,370,565	100
Financed by:
Group shareholders' equity	2,008,352		1,793,578
Non-controlling interests	10,985		9,326
Total shareholders' equity	2,019,337	80.9	1,802,904	76.1

	31/12/2024 €/000	%	31/12/2023 €/000	%
Cash and cash equivalents	(392,637)		(334,483)
Bank debts	33,236		52,469
Interest-bearing financial debts (current portion)	241,919		264,911
Debts for the acquisition of equity investments (current portion)	5,725		38,354
Total current financial debts (liquid funds)	(111,757)	-4.5	21,251	0.9
Interest-bearing financial debts (non-current portion)	526,526		503,600
Debts for the acquisition of equity investments (non-current portion)	61,346		42,810
Total non-current financial debts	587,872	23.6	546,410	23.0

Total sources of financing	2,495,452	100	2,370,565	100

Interpump Group's equity structure is balanced, with a leverage index of 0.24 (0.31 at 31 December 2023). The leverage index is calculated as the ra�o between the short and medium/long-term financial debts and shareholders' equity inclusive of non-controlling interests.

Goodwill was subjected to an impairment test at 31 December 2024.

3. CAPITAL EXPENDITURE

Expenditure on property, plant and machinery totaled € 169 million, of which € 16.6 million through the acquisi�on of investments (€ 219 million in 2023, of which € 11.0 million through the acquisi�on of investments). The addi�ons during the year are analyzed in the following table:

€/000	2024	2023
Increases for the purchase of fixed assets used in the production process
		164,674
Increases for machinery rented to customers	11,254	13,908
Leased assets	13,534	29,374
Capex	152,611	207,956
Increases through the acquisition of equity investments	16,599	11,016
Total increases in the year	169,210	218,972

The increases in 2024 include € 52.9 million invested in land and buildings (€ 78.2 million in 2023).

The difference with respect to the capital expenditure reported in the cash flow statement is due to the �ming of payments.

Increases in intangible assets totaled € 19.5 million, of which € 10.4 million through the acquisi�on of equity investments (€ 19.9 million in 2023, including € 13.1 million through the acquisi�on of equity investments).

4. RESEARCH, DEVELOPMENT AND DESIGN WORK

The Group considers research and development ac�vi�es as one of the main factors of success and a source of compe��ve advantage on interna�onal markets. Once again, the Group invested heavily during 2024 to place new product ranges on the market, op�mize and customize exis�ng products, and develop new technological and circuit solu�ons.

In par�cular, new high pressure pumps and related accessories for the Water-Je�ng sector are principally designed and developed by Interpump Group S.p.A. Six new projects were completed in 2024, of which one related to new mechanical components for very high pressure pumps, another related to a new homogenizer, one related to op�miza�on of the use of raw materials in produc�on, and two related to the development of new pumps; in addi�on, work commenced on eleven new projects. By contrast, new very high pressure pumps and systems for the Water-Je�ng sector are mainly developed by Hammelmann GmbH. In 2024, this German subsidiary completed three projects rela�ng to the development of methanol injec�on pumps, high pressure pumps, and pasteuriza�on pumps.

Other R&D ac�vi�es in the Hydraulic sector are mainly carried out by Walvoil S.p.A., Interpump Hydraulics S.p.A. and IMM Hydraulics S.p.A. New hydraulic and electronic components were developed in 2024 to update and improve the product range, as well as new pumps, valves and hydraulic cylinders to enhance the flexibility of applica�ons, and new presses and alternate/replacement solu�ons for certain phases in the connector produc�on process.

Group strategy over the next few years is to con�nue with high levels of expenditure in the area of research and development in order to assure renewed impetus to structured growth. Research costs have been capitalized in accordance with their mul�-annual usefulness. Product development costs capitalized in 2024 amounted to € 2,977 thousand (€ 2,040 thousand in 2023), while the costs for design personnel charged to the income statement totaled € 36,681 thousand (€ 34,786 thousand in 2023).

5. SUSTAINABILITY AND GROUP VALUES

In the context of its business ac�vi�es and with a view to the constant improvement of its long-term business strategies, the Group has always sought to recognize sustainability as a key factor in the crea�on of value, both internally and for the community and the environment, having regard for the real differences in each country where Group companies operate. Accordingly, on 5 October 2022 the Board of Directors approved the ESG (Environment, Social and Governance) Strategic Plan for the threeyear period 2023-2025, which sets out the ambi�ons and commitments iden�fied by the Group to assure sustainable economic growth over the long term, via the inclusion of twenty ac�ons covering the environmental, social and governance areas. With par�cular reference to the environmental aspects, these ac�ons provide a star�ng point for reaching the targets envisaged in the 2023-2032 decarboniza�on strategy.

The Board of Directors is responsible for the strategic leadership of Group CSR maters, with assistance from two Board commitees:

Sustainability Commitee ("SC") Inves�gates, advises, and makes recommenda�ons to the Board of Directors when assessing and deciding on sustainability maters;
Control and Risks Commitee ("CRC")

Assists the Board of Directors with regard to the system of internal control and risk management, as well as with examina�on of the periodic financial and non-financial reports.

Top management is responsible for the opera�onal implementa�on of each approved ini�a�ve.

All ac�ons envisaged in the 2023-2025 ESG Plan were completed during 2024. The objec�ves are to pursue "sustainable success" over the long term and embed fundamental ESG principles within the Group's strategies, crea�ng an organiza�onal framework that both recognizes the underlying core values and supports atainment of the Group's decarboniza�on goals for 2030 and 2050.

In par�cular, as resolved at the Shareholders' Mee�ng held on 28 April 2023, a "Sustainability Commitee" (objec�ve G.1) has been established with inter alia powers to inves�gate, recommend and advise the Board of Directors when considering and deciding on sustainability maters, including the objec�ves, processes and ac�ons taken in an ESG context.

On 10 November 2023 the Board of Directors approved the 2023-2032 Decarboniza�on Strategy (objec�ve E.1) and formalized the Succession Plan (objec�ve G.3).

The pilot project in the circular economy field (objec�ve E.4) was completed during 2024, and implementa�on of the supplier ra�ng model that applies environmental and social criteria (objec�ve S.5) was extended to all Italian manufacturing companies. Lastly, investors have been informed on an appropriate, constant and �mely basis about the progress made towards achieving the objec�ves established in the ESG Plan (objec�ve G.6).

Again during 2024, the Group adopted Guidelines for the eco-design of products (objec�ve E.7), in order to iden�fy and develop innova�ve processes that significantly extend product life cycles, promo�ng longer useful lives, reuse, and recycling, as well as a Global Mobility policy (objec�ve S.4) to promote diversity, equity and inclusion within the organiza�on, thereby facilita�ng cultural exchange and global collabora�on.

In December 2024, the Group signed a Corporate Power Purchase Agreement with Statkra� Markets GmbH, for the supply over ten years of energy generated 100% from renewable sources. As a consequence, commencing from January 2025, the Group will purchase 20 GWh of electricity every year, at a predetermined price fixed for the en�re dura�on of the agreement. The energy will be produced in Italy, principally by a photovoltaic plant recently installed in Lazio: this volume will contribute significantly to mee�ng the energy needs of 5 of the Group's principal Italian subsidiaries. This agreement represents a major step towards achievement of the objec�ves to reduce carbon intensity by 30% and increase the use of renewable energy sources to 25% of the Group's total requirement by 2025.

The Group draws inspira�on from and has adopted the OECD Guidelines for mul�na�onal enterprises and the United Na�ons Guiding Principles for business and human rights, as well as the Interna�onal Labor Organisa�on (ILO) conven�ons and the principles embodied in the UN Global Compact.

This constant commitment to the crea�on of economic, technological, human, social and environmental value enabled the Interpump Group to win the "Best Performer of the Year" award, promoted by the SDA Bocconi School of Management, on 16 February 2024. The assessment was made using a mul�-dimensional analysis that took into account not only the economic and financial indicators, but also such factors as technological innova�on and the social and environmental impacts of the Group's growth strategies.

In addi�on to the compliance regula�on men�oned above, over the years the Group has prepared a set of internal Guidelines and Policies, communicated to all subsidiaries and updated periodically, comprising:

the Code of Ethics;
the Guidelines and Polices on an�-corrup�on, OHS and the environment, human rights and diversity, equity and inclusion, included in the Global Compliance Programs ("GCP");
the Organiza�on, Management and Control Model ("231 Model") pursuant to Decree 231/2001, which includes a "Whistleblowing Procedure" that explains how to submit and process reports on actual or alleged infringements of the principles and rules specified in the Code of Ethics, the Organiza�on, Management and Control Model pursuant to Decree 231/2001, Group policies and procedures and, more broadly, the applicable laws and regula�ons.

5.1 Code of Ethics

The Code of Ethics collects and summarizes the principles of conduct and the ethical values that must be accepted and agreed by all collaborators. These include the principles of impar�ality, honesty, professional ethics and respect for diversity. This Code is adopted by all Group companies, having due regard for the different cultural and social reali�es in all the geographical areas where they operate.

During 2022, the Group updated the Code of Ethics in order to embed the sustainability principles and commitments accepted on approval of the strategic 2023-2025 ESG Plan. In par�cular, the updated version places greater emphasis on such fundamental criteria as sustainable development, the protec�on of human and workers' rights, energy saving, the reduc�on of environmental impacts, the training of employees and corporate social responsibility, via dialog with and the direct involvement of all stakeholders.

Following the introduc�on of Decree 24/2023 on the protec�on of whistleblowers, being persons who report infringements of domes�c or EU regula�ons that are detrimental to the public interest or threaten the ac�vi�es of public administra�ons or private en��es, and that become known in a working environment, the Group Code of Ethics was updated to align the process of managing such reports with that envisaged in the above regula�on, having regard for the ANAC Guidelines as well.

The updated version of the Code of Ethics has been adopted by all subsidiaries within the Interpump Group, and the principles embodied therein have been widely disseminated and agreed.

5.2 Global Compliance Program

The Group has established a Global Compliance Program (GCP) containing Guidelines and Policies for conduct, in order to disseminate throughout the Group a culture for the conduct of business based on ethics and corporate social responsibility, as well as respect for the principle of legality. Adop�on and implementa�on of these Guidelines and Policies is mandatory for all Group companies and binds all employees, directors and, where applicable, advisors, suppliers, customers and other third par�es that maintain rela�ons with Group companies.

The An�-corrup�on Guidelines represent a set of rules and procedures designed to eliminate the risk of corrupt prac�ces by all those that collaborate with Group companies, as well as by all persons who, for any reason and regardless of their contractualstatus, work in the name of and/or on behalf of Group companies. These Guidelines promote the principle of zero tolerance for all forms of corrup�on, and support full and uncondi�onal compliance with the domes�c and interna�onal laws and standards on comba�ng corrup�on.

The OHS and environmental policy promotes responsible behavior, s�mula�ng the con�nuous improvement of health and safety condi�ons in the workplace, as well as preserva�on of the surrounding environment. This policy gives all Group companies a set of rules and minimum measures designed to protect workers and minimize the impacts of Group ac�vi�es on the environment and surrounding landscapes.

The human rights guidelines promote the protec�on of human and workers' rights, establishing instruc�ons and rules of conduct designed to prevent all forms of discriminatory prac�ce, including

those based on personal circumstances, and combat the exploita�on of workers and child labor. These Guidelines strongly support the principles of dignity, freedom and equality, the safeguarding of working condi�ons and union rights, and the promo�on of occupa�onal health and safety.

The Diversity, Equity, and Inclusion Policy provides a set of principles, objec�ves, and commitments that the Interpump Group has adopted in order to promote diversity, ensure equity, and foster inclusion within the organiza�onal structure and externally, thereby suppor�ng the advancement of an inclusive society. This Policy also aims to cul�vate a corporate culture founded on inclusion and mutual respect, in the convic�on that diversity, equity and inclusion, as well as the protec�on of workers' rights, are essen�al aspects of the Group's ac�vi�es.

5.3 Organiza�on, Management and Control Model (231 Model)

Interpump Group S.p.A. adopted an Organiza�onal, Management and Control Model pursuant to Decree 231/2001 (hereina�er the "231 Model") on 22 January 2004. This has been updated subsequently including, most recently, on 15 May 2024. The latest version of the Model reflects the regulatory changes made up to that date including, in par�cular, the entry into force of Decree 24/2023 on whistleblowing maters and Decree 141/2024 on customs reforms, and takes into account the current organiza�onal structure of the Company. A�er careful assessment of the risk of commi�ng offenses specified in the Decree, the 231 Model has also been implemented by other Italian companies within the Group that, in considera�on of their size and organiza�onal complexity, have a higher level of rela�ve risk with respect to those offenses.

The 231 Model comprises: (i) General Part that describes the profile of the Company, regulatory references, the founda�onal principles and elements that underpin the Model, the purpose of the Model and how it was created and structured, its recipients and the principles of func�oning adopted by the Supervisory Body; (ii) Special Parts that comprise control protocols for each business process, define roles and responsibili�es, and specify principles of conduct and control that all recipients of the protocol must follow when carrying out the sensi�ve ac�vi�es iden�fied; (iii) Disciplinary System adopted internally to penalize failures to comply with the provisions of the Model; (iv) Code of Ethics; (v) Bylaws of the Supervisory Body; (vi) Procedure for the management of informa�on flows to the Supervisory Body, iden�fying the business func�ons that must provide informa�on with a predetermined frequency.

The "Whistleblowing Procedure" explains how to submit and process reports on actual or alleged infringements of the principles and rules specified in the Code of Ethics, the Organiza�on, Management and Control Model pursuant to Decree 231/2001, Group policies and procedures and, more broadly, the applicable laws and regula�ons. The above-men�oned Procedure describes and regulates the repor�ng process by giving the reporter (whistleblower) clear opera�onal instruc�ons about the subject, content and recipients of reports, as well as on how to submit them, guaranteeing to keep confiden�al the iden�ty of the reporter from the moment in which the report is received, as well as to forbid any direct or indirect reprisals or discrimina�on against the whistleblower, in accordance with the applicable current regula�ons. The Procedure also governs determina�on of the validity and truth of the reports, so that appropriate correc�ve and disciplinary ac�ons can be taken on a �mely basis. Reports are directed to Report Managers, who are appointed by the supervisory bodies of all Group companies from within the Internal Audit, Risk & Compliance Func�on. Reports may be submited through three preferen�al channels: web pla�orm, telephone contact, or regular mail.

5.4 Management systems

In order to guarantee enhanced supervision and the control of risks, certain Group companies have adopted internal management systems cer�fied by interna�onal bodies.

In par�cular, with reference to the quality-related topic, a number of companies have adopted and implemented quality management systems cer�fied pursuant to UNI EN ISO 9001 - Quality management systems, while some plants are cer�fied pursuant to UNI ISO/TS 16969:2009.

Certain companies have obtained interna�onal UNI EN ISO 14001:2004 cer�fica�on for their environmental management systems and, in some cases, have commenced the update process in order to comply with the new requirements of standard UNI EN ISO 14001:2015.

Some companies have adopted safety management systems in accordance with interna�onal standard UNI EN ISO 45001:2019.

6. EXPOSURE TO RISKS AND UNCERTAINTIES AND FINANCIAL RISK FACTORS

The Group is exposed to the normal risks and uncertain�es of any business ac�vity. The markets in which the Group operates are world niche markets in many cases, with limited dimensions and few significant compe�tors. These characteris�cs represent a significant barrier to entry by new compe�tors, given the major benefits of economies of scale and the doub�ul economic returns available to poten�al compe�tors. The Interpump Group enjoys a posi�on of world leadership in the fields of high and very-high pressure pumps and power take-offs: these posi�ons accentuate the risks and uncertain�es of the business venture.

The following is an illustra�on of the financial risk factors to which the Group is exposed:

6.1 Market risks

6.1.1 Exchange rate risk

The Group has subsidiaries in 35 countries and translates financial statements denominated in 26 currencies other than the euro. Accordingly, the Group is principally exposed to the risk deriving from the transla�on of those financial statements.

The Group operates at an interna�onal level and mainly produces in the countries in which the des�na�on markets are located; accordingly, revenues in local currency are largely absorbed by costs also incurred in that currency. However the Group is also exposed, to a lesser extent, to the exchange rate risk origina�ng from revenues denominated in currencies other than those in which the related costs were incurred.

In order to manage exchange rate risk generated by forecasts of future commercial transac�ons stated in a currency other than the Group's func�onal currency (euro), Group companies can use plain vanilla forward contracts or purchase op�ons, when deemed appropriate. The counterpar�es of these contracts are primary interna�onal financial ins�tu�ons with high ra�ngs.

There were no outstanding macro or hedging contracts at 31 December 2024.

In par�cular, the Group is exposed in rela�on to revenues denominated in US dollars, Bri�sh pounds, Australian dollars, Canadian dollars and Chinese renminbi from commercial transac�ons with thirdparty customers and Group companies. It is current Group policy not to hedge recurring commercial transac�ons, taking out exchange risk hedges only in the event of those that are non-recurring, either in terms of amount or of the frequency with which they occur.

In rela�on to financial exposures, € 15.1 million of intercompany loans were disbursed and € 24.2 million collected during 2024 in currencies other than those u�lized by the debtor or creditor companies. From a financial standpoint, these exposures are eliminated on consolida�on of the financial statements, since they derive from rela�ons with subsidiaries. At 31 December 2024 loans granted in currencies other than those used by the debtor or creditor companies totaled € 58.0 million, down by € 7.5 million since 31 December 2023. Once again in 2024, the Group made the strategic decision not to hedge these exposures.

6.1.2 Interest-rate risk

Interest-rate risk derives from medium/long-term loans granted at floa�ng rates. It is currently Group policy not to arrange hedges, in view of the limited average dura�on of the exis�ng bank loans (around 3.5 years).

6.2 Credit risk

The Group does not have any significant credit concentra�ons. Group policy is to sell to customers only a�er having evaluated their creditworthiness and, therefore, within predetermined credit limits. Historically, the Group has not incurred any major losses for bad debts.

6.3 Liquidity risk

Prudent management of liquidity risk involves the reten�on of an appropriate level of cash on hand and sufficient access to lines of credit. Because of the dynamic nature of the Group's business with the associated frequent acquisi�ons, it is Group policy to have access to stand-by lines of credit that can be u�lized at very short no�ce.

6.4 Price and cash flow risk

The Group is subject to constant changes in metal prices, especially brass, iron, aluminum, steel, stainless steel and cast iron. Group policy is to hedge this risk where possible by way of medium-term commitments with suppliers, or by means of stocking policies when prices are low, or by entering into agreements with customers to transfer the risk to them.

Further, the Group constantly monitors the price trend of these raw materials, seeking to adopt the most effec�ve policies that minimize the exposure to this risk.

The Group does not hold listed securi�es that would be subject to stock market fluctua�ons. The revenues and cash flow of Group opera�ng ac�vi�es are not influenced by changes in interest genera�ng assets.

The Group is monitoring developments carefully with regard to the import tariffs imposed on countries by the United States, and the counter-measures taken by them, analyzing the poten�al impacts on the business and studying the ac�ons to be taken to mi�gate their poten�al adverse effects.

6.5 Climate risks

With regard to climate change, the Interpump Group does not fall with the scope of Direc�ve 2003/87/EC (as amended most recently by Direc�ve (EU) 2018/410), which introduced and governs the European Union Emissions Trading System (EU ETS). The ETS is the principal tool adopted by the European Union to reach the CO2 reduc�on targets established for the principal industrial sectors and avia�on. Although the Interpump Group is not included in the industrial sectors covered by the ETS, the Group is nevertheless commited to combat climate change. The 2023-2025 ESG Plan, approved by the Board of Directors on 5 October 2022, includes ac�ons in support of the ESG strategy that are intended to have a significant, concrete impact on the development of the business. In par�cular, the Plan not only adopts environmental protec�on and social inclusion objec�ves, but also strengthens the correla�on between achievement of the ESG Plan objec�ves and the remunera�on of top management.

In par�cular, the ac�ons completed in 2024 were designed to help the Group reach its decarboniza�on targets for 2030 and 2050. Group strategy envisages the reduc�on of emissions via increased recourse to cer�fied green electricity, the installa�on of new renewable energy plants and the op�miza�on of energy consump�on within the organiza�on.

The path of sustainable growth and environmental protec�on taken by the Interpump Group also means devising processes that support the circular economy of products, the more efficient management of water resources and the development of technical solu�ons for the eco-design of products. The en�re process will be achieved inter alia by leveraging throughout the organiza�on the best prac�ces developed in specific areas by each component part of the Group.

Given the above analyses and, in par�cular, the assessments made of the physical risks (acute and chronic) at Group loca�ons, the resul�ng poten�al impacts on assets and revenues were not considered significant and, accordingly, no specific provisions or asset writedowns were recorded at 31 December 2024.

Again in view of the above, the forecasts reflected in the 2025-2029 business plans used for the impairment tests were not significantly affected by the above physical, climate-related risks but, nevertheless, were prepared in a prudent manner that contains the expected level of future cash flows.

The Group is also poten�ally exposed to risks deriving from the impacts of future, more restric�ve laws and regula�ons governing energy efficiency and climate change, that might result in increased opera�ng costs.

7. CORPORATE GOVERNANCE

In rela�on to corporate governance, Interpump Group's model is based on the provisions of the Corporate Governance Code promoted by Borsa Italiana S.p.A., published in January 2020, to which Interpump Group has adhered. The report on corporate governance and the ownership structure can be found in the Corporate Governance sec�on of the website www.interpumpgroup.it.

The following table provides informa�on on the number of shares held by the directors, statutory auditors, and key management personnel, as required by the combined provisions of art. 123-(2), subsec�on 1.c), and art. 123-(3), subsec�on 4, TUF:

Name	Number of shares held at 31/12/2023	Number of shares purchased and/or subscribed for in 2024	Number of shares sold in 2024	Number of shares held at 31/12/2024
Fulvio Montipò	1,555,233	-	-	1,555,233
Fabio Marasi	18,000	-	18,000	-
Key management personnel	1,010	5,000	5,000	1,010
Statutory auditors	-	-	-	-

Leila Mon�pò e Sorelle S.A.p.A. holds 73.08% of the share capital of Gruppo IPG Holding S.p.A., which in turn holds 25,501,799 shares in Interpump Group S.p.A., equal to 23.422% of the share capital. The other 26.92% interest in Gruppo IPG Holding S.p.A. is held by Tamburi Investment Partners S.p.A., in which Giovanni Tamburi (Deputy Chairman of the Board of Directors of Interpump Group S.p.A.) is the Chairman of the Board of Directors and Chief Execu�ve Officer.

Leila Mon�pò e Sorelle S.A.p.A., formed on 6 November 2020, holds a controlling interest pursuant to art. 2359, subsec�on 2, of the Italian Civil Code in Gruppo IPG Holding S.p.A. and, accordingly, is required to prepare consolidated financial statements since the exemp�on clauses envisaged in art. 27 of Decree 127 dated 9 April 1991: the financial statements are prepared under the IFRS issued by the Interna�onal Accoun�ng Standards Board and adopted by the European Union.

From FY 2021, Gruppo IPG Holding S.p.A. is no longer required to prepare consolidated financial statements since Leila Mon�pò e Sorelle S.A.p.A. was formed on 6 November 2020 and is subject to that obliga�on, being the parent company of Gruppo IPG Holding S.p.A., owning 73.08% of its share capital. Nevertheless, Gruppo IPG Holding S.p.A. has not elected to apply that exemp�on and con�nues to prepare consolidated financial statements.

Leila Mon�pò e Sorelle S.A.p.A. does not carry out management and coordina�on ac�vi�es in rela�on to Gruppo IPG Holding S.p.A. and is also not subject to any management and coordina�on ac�vi�es.

Gruppo IPG Holding S.p.A. does not carry out any management or coordina�on ac�vi�es in rela�on to Interpump Group S.p.A. and is also not subject to any management and coordina�on ac�vi�es.

The resolu�on adopted by the Board of Directors of Interpump Group S.p.A. on 12 June 2008 acknowledges that Interpump Group S.p.A. is not subject to management or coordina�on by Gruppo IPG Holding S.p.A. because:

• the shareholder has no means or facili�es for the execu�on of such ac�vi�es, having no employees or other personnel capable of providing support for the ac�vi�es of the Board of Directors;

the shareholder does not prepare the budgets or business plans of Interpump Group S.p.A.;
the shareholder does not issue any direc�ves or instruc�ons to its subsidiary, nor does it require to be informed beforehand or to approve either its most significant transac�ons or its rou�ne administra�on;
there are no formal or informal commitees or work groups in existence, formed of representa�ves of Gruppo IPG Holding and representa�ves of the subsidiary.

At the date of this report there were no changes in rela�on to the condi�ons stated above.

8. STOCK OPTION PLANS

With the aim of mo�va�ng Group management and promo�ng par�cipa�on in the goal of value crea�on for shareholders, there are currently two stock op�on plans in existence, one approved at the Shareholders' Mee�ng of 30 April 2019 (2019-2021 plan) and one approved at the Shareholders' Mee�ng of 29 April 2022 (2022-2024 plan).

The Shareholders' Mee�ng held on 30 April 2019 approved a stock op�on plan, known as the "Interpump Incentive Plan 2019-2021", which envisages gran�ng a maximum of 2,500,000 op�ons at an exercise price of Euro 28.4952 each and, for op�ons granted a�er 30 April 2020, at the official price quoted on the Italian Stock Exchange on the day prior to the grant date. The mee�ng of the Board of Directors held on 27 June 2019 decided that 2,500,000 op�ons would be granted, determined the total number of op�ons in each tranche (750,000 for the first tranche, 875,000 for the second tranche and 875,000 for the third tranche) and established condi�ons for exercising the op�ons that are linked to the achievement of specific financial statement parameters; in addi�on, 1,800,000 op�ons were granted to Fulvio Mon�pò, the Execu�ve Chairman, and 418,500 op�ons were granted to other beneficiaries. A further 20,000 op�ons were granted to other beneficiaries on 3 June 2020. Overall, a total of 2,238,500 op�ons have therefore been granted. The op�ons can be exercised from 30 June 2022 to 31 December 2025.

On 18 March 2024, the Board of Directors deemed it appropriate to iden�fy the persons in certain key roles within the Company and the Group as "Key Management Personnel", recalling that, pursuant to the Consob Regula�on on Related-Party Transac�ons, adopted by Resolu�on no. 17221 dated 12 March 2010, such persons are those who "have the power and responsibility, directly or indirectly, to plan, manage, and control the activities of the company".

The op�ons granted to the execu�ves concerned, previously classified among the other beneficiaries, are now classified separately in the tables below.

The status of the 2019-2021 plan was as follows at 31 December 2024:

Options granted at 1 January	101,276
Options canceled in the year	-
Options exercised in the year	(20,500)
Total options granted at 31 December	80,776

The beneficiaries of the op�ons were:

	Option exercise price per share	Vesting period	Number of options granted, start of year	Number of options canceled in the year	Number of options exercised in the year	Number of options exercisable at year end
Directors of the Parent Company
Fulvio Montipò 	€ 28.4952	01.07.2022- 31.12.2025	-	-	-	-
Fabio Marasi 	€ 28.4952	01.07.2022- 31.12.2025	-	-	-	-
Key management personnel	€ 27.9868	01.07.2022- 31.12.2025	10,000	-	(5,000)	5,000
Other beneficiaries	€ 28.4952	01.07.2022- 31.12.2025	91,276	-	(15,500)	75,776
Total			101,276	-	(20,500)	80,776

The Board of Directors then granted an addi�onal total of 35,000 op�ons on 28 April 2023, of which 15,000 to Fabio Marasi, Chief Execu�ve Officer, and 20,000 to other beneficiaries. Overall, therefore, 1,914,000 op�ons were granted during 2022 and 35,000 were granted in 2023. A total of 21,200 op�ons were canceled in 2024 (2,000 in 2023). The op�ons can be exercised between 30 June 2025 and 31 December 2028.

The status of the 2022-2024 plan was as follows at 31 December 2024:

Number of rights granted at 1 January	1,940,000
Number of rights granted	-
Number of rights canceled	(21,200)
Total number of rights not yet exercised at 31/12/2024	1,918,800

rights

Right exercise price per share Vesting period Number of rights granted, start of year Number of rights canceled in the year Number of rights granted in the year Number of rights exercised in the year Number of exercisable at year end Directors of the Parent Company • Fulvio Montipò € 38.6496 01.07.2025- 31.12.2028 1,620,000 - - - 1,620,000 • Fabio Marasi € 38.6496 01.07.2025- 31.12.2028 60,000 - - - 60,000 Key management personnel € 38.6496 01.07.2025- 31.12.2028 80,000 - - - 80,000 Other beneficiaries € 38.6496 01.07.2025- 31.12.2028 180,000 (21,200) - - 158,800

The beneficiaries of the rights were:

9. RELATIONS WITH GROUP COMPANIES AND TRANSACTIONS WITH RELATED PARTIES

Total 1,940,000 (21,200) - - 1,918,800

In compliance with the provisions of the Consob regula�on adopted with resolu�on no. 17221 of 12 March 2010, as amended, Interpump Group S.p.A. has adopted the procedure that regulates related party transac�ons. This procedure was approved for the first �me by the Board of Directors on 10 November 2010 and has been con�nuously updated in accordance with the regulatory provisions in force �me by �me and adapted to reflect current prac�ces. In par�cular, on 28 June 2021 the Board of Directors approved a new version that takes account of the effects of Decree 49/2019, which transposed into Italian law the provisions of Direc�ve (EU) 2017/828 ("Shareholders' Rights II") with regard to related par�es, as well as the related amendments made by CONSOB on 10 December 2020 to the Issuers' Regula�on and the Regula�on governing Related Party Transac�ons. Lastly, on 4 August 2023 the Board of Directors approved a new version of the procedure that reflects the latest regulatory changes, of a minor nature, made since the amendments men�oned above. The new version can be found in the Corporate Governance sec�on of the Interpump website (www.interpumpgroup.it).

Informa�on on transac�ons carried out with related par�es is given in Note 34 of this Annual Financial Report. Overall, there were no atypical or unusual transac�ons with related par�es during 2024 and the transac�ons that did take place, in the ordinary course of business by the Group companies concerned, were conducted on an arm's-length basis.

10. TREASURY SHARES

At 31 December 2024 the Parent company held 2,138,363 shares, represen�ng 1.964% of capital, acquired at an average unit cost of Euro 39.08417.

11. RECONCILIATION WITH THE FINANCIAL STATEMENTS OF THE PARENT COMPANY

The consolidated shareholders' equity and net profit atributable to the owners of the Parent company are reconciled below with the equivalent amounts reported in the separate financial statements:

	Shareholder s' equity at 31/12/2024	Net profit for 2024	Shareholder s' equity at 31/12/2023
Parent Company's financial statements	719,020	101,342	656,362
Difference between the book value of consolidated investments and their valuation according to the equity method	1,292,791	126,332	1,140,052
Greater book value of a building owned by the Parent Company	161	(4)	165
Elimination of Parent Company's intercompany profits	(3,620)	(619)	(3,001)
Total consolidation adjustments	1,289,332	125,709	1,137,216
Consolidated shareholders' equity and net profit attributable to the owners of the Parent Company	2,008,352	227.0519	1,793,578

12. GROUP COMPANIES

At 31 December 2024 the Interpump Group is led by Interpump Group S.p.A., which holds direct and indirect controlling interests in 121 companies (7 of which are dormant and/or in liquida�on) opera�ng in two business segments (the Hydraulic Sector and the Water Je�ng Sector).

The Parent Company, with registered offices in Sant'Ilario d'Enza, mainly produces high and very high pressure plunger pumps for water, as well as high pressure cleaners, which are classified in the Water Je�ng Sector.

The main data of the consolidated subsidiaries are summarized in the table below, whereas for the Parent Company the data are provided in the financial report atached hereto.

Companies consolidated line by line	Share capital €/000	Percentage control at 31/12/2024	Location	Main activity	Revenues €/million 31/12/2024	Revenues €/million 31/12/2023	Average number of employees 2024	Average number of employees 2023
Alfa Valvole S.r.l. (D)	1,560	100.00%	Casorezzo (MI)	Design and distribution of volumetric pumps (Water-Jetting sector)	16.2	-	56	-
GP Companies Inc.	1,854	100.00%	Minneapolis - USA	Distributor of high-pressure pumps (Water Jetting sector)	60.3	60.9	63	61
Hammelmann Australia Pty Ltd	472	100.00%	Melbourne - Australia	Sale of very high pressure systems and pumps (Water-Jetting sector)	16.3	15.5	27	27
Hammelmann Corporation Inc.	39	100.00%	Miamisburg - USA	Sale of very high pressure systems and pumps (Water-Jetting sector)	30.2	32.7	32	31
Hammelmann France	50	100.00%	Etrichè – France	Sale of very high pressure systems and pumps (Water-Jetting sector)	9.7	8	7	6
Hammelmann GmbH	25	100.00%	Oelde - Germany	Very high pressure systems and pumps (Water-Jetting sector)	184.0	150.3	456	420
Hammelmann Pumps Systems Co Ltd	871	90.00%	Tianjin - China	Sale of very high pressure systems and pumps (Water-Jetting sector)	12.9	11.2	27	28
Hammelmann S. L.	500	100.00%	Zaragoza - Spain	Sale of very high pressure systems and pumps (Water-Jetting sector)	5.4	4.7	9	8
Hammelmann Swiss GmbH	89	100.00%	Dudingen - Switzerland	Sale of very high pressure systems and pumps (Water-Jetting sector)	1.8	3.8	2	2
I.mec S.r.l. (B)	100	70.00%	Reggio Emilia	Production of production of mechanical sifters (Water-Jetting sector)	13.3	9.6	52	31
Improved Solutions Unipessoal Ltda (Portugal)	760	100.00%	Vale de Cambra – Portugal	Production and sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	9.0	7.7	53	49
Inoxihp S.r.l.	119	52.72%	Nova Milanese (MI)	Production and sale of very high pressure systems and pumps (Water-Jetting sector)	21.6	19.2	57	56
Inoxpa S.A.U.	23,000	100.00%	Banyoles – Spain	Production and sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	64.7	61.2	249	245
Inoxpa India Private Ltd	6,779	100.00%	Pune - India	Production and sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	15.8	16.8	100	94

Companies consolidated line by line	Share capital €/000	Percentage control at 31/12/2024	Location	Main activity	Revenues €/million 31/12/2024	Revenues €/million 31/12/2023	Average number of employees 2024	Average number of employees 2023
Inoxpa Solutions France	2,071	100.00%	Gleize – France	Production and sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	11.3	15	30	29
Inoxpa Solutions Moldova	317	66.67%	Chisinau - Moldova	Sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	3.0	2.5	27	25
Inoxpa Colombia SAS	133	100.00%	Bogotá - Colombia	Sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	7.1	6.1	23	20
Inoxpa Italia S.r.l.	100	100.00%	Mirano (VE)	Sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	4.7	7.1	16	14
Inoxpa Skandinavien A/S	134	100.00%	Horsens – Denmark	Sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	2.5	2.3	5	5
Inoxpa South Africa Proprietary Ltd	104	100.00%	Gauteng - South Africa	Sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	4.3	4.3	18	17
Inoxpa Special Processing Equipment Co. Ltd	1,647	100.00%	Jianxing – China	Sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	7.8	10.3	6	6
Shanghai PuPeng Flow Technology Co. Ltd. (C)	1,170	60.00%	Shanghai - China	Production and sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	2.5	-	14	-
Inoxpa China Flow Technology Co. Ltd. (C)	1,536	60.00%	Shanghai - China	Sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	5.4	-	17	-
Inoxpa Ukraine	113	100.00%	Kiev – Ukraine	Sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	0.6	0.5	4	4

Companies consolidated line by line	Share capital €/000	Percentage control at 31/12/2024	Location	Main activity	Revenues €/million 31/12/2024	Revenues €/million 31/12/2023	Average number of employees 2024	Average number of employees 2023
Inoxpa USA Inc.	1,426	100.00%	Santa Rosa - USA	Sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	4.2	4.1	9	8
Inoxpa LTD	1,435	70.00%	Podolsk - Russia	Sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	12.4	14.4	58	57
Inoxpa Mexico S.A. de C.V.	309	100.00%	Mexico City - Mexico	Sale of equipment for the food processing, chemicals, cosmetics and pharmaceuticals industries (Water-Jetting sector)	1.4	1.2	5	4
NLB Corporation Inc.	12	100.00%	Detroit - USA	Production and sale of very high pressure systems and pumps (Water-Jetting sector)	98.9	100.6	246	244
Pioli s.r.l.	10	100.00%	Reggio Emilia	Galvanic treatment of metals (Water-Jetting sector)	3.8	4.3	28	34
Servizi Industriali S.r.l.	100	80.00%	Ozzano Emilia (BO)	Sale of centrifugal separators (Water-Jetting sector)	7.3	6.7	26	24
SIT S.p.A.	105	88.00%	S.Ilario d'Enza (RE)	Drawing, shearing and pressing sheet metal (Water-Jetting sector)	3.2	4.7	18	18
Waikato Holding Limited (NZ)	29,480	100.00%	Auckland - New Zealand	Design, production and sale of mechanized milking systems (Water-Jetting sector)	-	-	-	-
Waikato Milking Systems L.P. (NZ) (B)	46,803	100.00%	Auckland - New Zealand	Design, production and sale of mechanized milking systems (Water-Jetting sector)	23.1	13.8	86	57
Waikato Milking Systems Lease Ltd	-	100.00%	Auckland - New Zealand	Design, production and sale of mechanized milking systems (Water-Jetting sector)	-	-	-	-
Waikato Milking Systems USA LLC (B)	-	100.00%	Verona - USA	Design, production and sale of mechanized milking systems (Water-Jetting sector)	6.8	5	12	9
Waikato Milking Systems UK Limited (B)	-	100.00%	Shrewsbury - United Kingdom	Design, production and sale of mechanized milking systems (Water-Jetting sector)	2.0	2.4	3	1
Waikato Milking Systems Ireland Ltd (B)	1	100.00%	Dublin - Ireland	Design, production and sale of mechanized milking systems (Water-Jetting sector)	0.7	2.6	3	2
Interpump Hydraulics S.p.A.	2,632	100.00%	Calderara di Reno (BO)	Production and sale of power take-offs and hydraulic pumps (Hydraulic sector)	106.1	104.2	305	299

Companies consolidated line by line	Share capital €/000	Percentage control at 31/12/2024	Location	Main activity	Revenues €/million 31/12/2024	Revenues €/million 31/12/2023	Average number of employees 2024	Average number of employees 2023
Contarini Leopoldo S.r.l.	47	100.00%	Lugo (RA)	Production and sale of hydraulic cylinders (Hydraulic sector)	23.6	30.2	105	107
Unidrò Contarini S.a.s.	8	100.00%	Barby - France	Production and sale of hydraulic cylinders (Hydraulic sector)	5.7	6.2	15	16
Copa Hydrosystem Ood	3	100.00%	Troyan - Bulgaria	Production and sale of hydraulic cylinders (Hydraulic sector)	9.3	12	150	159
Hydrocar Chile S.A.	129	90.00%	Santiago - Chile	Sale of hydraulic pumps and power take-offs (Hydraulic sector)	8.5	9.1	50	50
Hydroven S.r.l.	200	100.00%	Tezze sul Brenta (VI)	Sale of ancillary products for industrial vehicles, hydraulic pumps and power take-offs (Hydraulic sector)	28.0	29.4	58	57
Interpump Hydraulics Brasil Ltda	15,126	100.00%	Caxia do Sul - Brazil	Production and sale of power take-offs, hydraulic pumps and cylinders (Hydraulic sector)	24.2	22.6	164	155
Interpump Hydraulics France S.a.r.l.	76	99.77%	Ennery - France	Sale of hydraulic pumps and power take-offs (Hydraulic sector)	4.6	4.2	13	13
Interpump Hydraulics India Private Ltd	682	100.00%	Hosur - India	Production and sale of power take-offs and hydraulic pumps (Hydraulic sector)	20.0	22.1	131	122
Interpump Hydraulics Middle East FZE	1,226	100.00%	Dubai - United Arab Emirates	Sale of ancillary products for industrial vehicles, hydraulic pumps and power take-offs (Hydraulic sector)	0	0	2	2
Interpump South Africa PTY Ltd	-	100.00%	Johannesburg – South Africa	Sale of ancillary products for industrial vehicles, hydraulic pumps and power take-offs (Hydraulic sector)	4.5	4.9	30	30
Eurofluid Hydraulics S.r.l.	100	80.00%	Albinea (RE)	Production and sale of hydraulic valves and directional controls (Hydraulic sector)	18.4	25.2	77	74
Interpump Hydraulics (UK) Ltd.	13	100.00%	Kidderminster – United Kingdom	Sale of hydraulic pumps and power take-offs (Hydraulic sector)	20.8	20.1	89	74
H.S. S.r.l. (E)	99	100.00%	Sulbiate (MB)	Production and sale of hydraulic systems (Hydraulic sector)	2.5	-	13	-
Hidrover Equipamentos Hidráulicos Ltda. (F)	10,107	59.00%	Flores da Cunha - Brazil	Production and sale of hydraulic cylinders (Hydraulic sector)	1.2	-	12	-
Mega Pacific Pty Ltd	335	100.00%	Newcastle – Australia	Sale of hydraulic products (Hydraulic sector)	20.9	19.2	43	40

Companies consolidated line by line	Share capital €/000	Percentage control at 31/12/2024	Location Main activity		Revenues €/million 31/12/2024	Revenues €/million 31/12/2023	Average number of employees 2024	Average number of employees 2023
Mega Pacific NZ Pty Ltd	557	100.00%	Mount Maunganui – New Zealand	Sale of hydraulic products (Hydraulic sector)	1.7	2	5	5
Muncie Power Prod. Inc.	784	100.00%	Muncie - USA	Hydraulic pumps and power take-offs (Hydraulic sector)	144.9	130.9	436	427
North American Manufacturing Inc.	3,410	100.00%	Fairmount - USA	Production and sale of hydraulic tanks (Hydraulic sector)	13.9	13.2	83	82
Hydra Dyne Technology Inc.	80	89.99%	Ingersoll - Canada	Production and sale of hydraulic cylinders, valves and rotary unions (Hydraulic sector)	24.9	36.9	152	192
Oleodinamica Panni S.r.l.	2,000	100.00%	Tezze sul Brenta (VI)	Production and sale of hydraulic cylinders (Hydraulic sector)	59.9	76.3	273	266
Wuxi Interpump Weifu Hydraulics Company Ltd	2,095	65.00%	Wuxi - China	Production and sale of hydraulic pumps and power take-offs (Hydraulic sector)	10.1	14	53	57
IMM Hydraulics S.p.A.	520	100.00%	Atessa (Switzerland)	Production and sale of hydraulic hoses and fittings (Hydraulic sector)		92	387	373
IFS France S.a.r.l.	162	100.00%	Strasbourg - France	Sale of hydraulic hoses and fittings (Hydraulic sector)	2.9	2.7	8	7
Interpump Fluid Solutions Germany GmbH	52	100.00%	Meinerzhagen - Germany	Sale of hydraulic hoses and fittings (Hydraulic sector)	8.2	7.8	17	17
IMM Hydro Est	3,155	100.00%	Catcau Cluj Napoca - Romania	Production and sale of hydraulic hoses and fittings (Hydraulic sector)	13.8	9	180	167
FGA S.r.l.	10	100.00%	Fossacesia (CH)	Surface treatments (Hydraulic sector)	1.6	1.8	13	12
Innovativ Gummi Tech S.r.l.	4,100	100.00%	Ascoli Piceno (AP)	Production and sale of rubber mixtures (Hydraulic sector)	6.1	8.4	19	19
Tekno Tubi S.r.l.	100	100.00%	Terre del Reno (FE)	Production and sale of rigid and flexible hydraulic lines (Hydraulic sector)	17.8	26.6	90	90
Tubiflex S.p.A.	515	100.00%	Orbassano (TO)	Production and sale of flexible hoses (Hydraulic sector)	24.6	27.5	121	130

Companies consolidated line by line	Share capital €/000	Percentage control at 31/12/2024	Location Main activity		Revenues €/million 31/12/2024	Revenues €/million 31/12/2023	Average number of employees 2024	Average number of employees 2023
Walvoil S.p.A.	7,692	100.00%	Reggio Emilia	Production and sale of hydraulic valves and directional controls (Hydraulic sector)	250.7	323	1,340	1,303
Walvoil Fluid Power Corp.	137	100.00%	Tulsa - USA	Sale of hydraulic valves and directional controls (Hydraulic sector)	70.1	76.1	76	77
Walvoil Fluid Power (India) Pvt Ltd	4,803	100.00%	Bangalore - India	Production and sale of hydraulic valves and directional controls (Hydraulic sector)	59.2	59.9	342	391
Walvoil Fluid Power Korea Llc	453	100.00%	Pyeongtaek – South Korea	Production and sale of hydraulic valves and directional controls (Hydraulic sector)	15.6	21.2	70	77
Walvoil Fluid Power France Sarl	10	100.00%	Vritz – France	Production and sale of hydraulic valves and directional controls (Hydraulic sector)	-	-	4	4
Walvoil Fluid Power Australasia	7	100.00%	Melbourne - Australia	Agent for the sale of hydraulic valves and directional controls (Hydraulic sector)	-	-	2	1
Walvoil Canada Inc.	76	100.00%	Terrebonne Quebec - Canada	Sale of hydraulic valves and directional controls (Hydraulic sector)	7.1	7.8	19	17
Walvoil Fluid Power Dongguan Co. Ltd	3,720	100.00%	Dongguan - China	Production and sale of hydraulic valves and directional controls (Hydraulic sector)	22.0	22.8	142	146
IPG Mouldtech India PVT Ltd (A)	298	85.00%	Coimbatore - India	Smelting of ferrous metals, cast iron and aluminum (Hydraulic sector)	7.5	6.7	111	85
Reggiana Riduttori S.r.l.	6,000	100.00%	S. Polo d'Enza (RE)	Production and sale of power transmission systems: planetary gears, ratiomotors and drive wheels (Hydraulic sector)	100.5	131.9	234	243
RR USA Inc.	1	100.00%	Boothwin USA	Sale of power transmission systems: planetary gears, ratiomotors and drive wheels (Hydraulic sector)	45.8	51.2	26	26
RR Canada Inc.	1	100.00%	Vaughan Canada	Sale of power transmission systems: planetary gears, ratiomotors and drive wheels (Hydraulic sector)	5.7	6.1	7	7

Companies consolidated line by line	Share capital €/000	Percentage control at 31/12/2024	Location	Main activity		Revenues €/million 31/12/2023	Average number of employees 2024	Average number of employees 2023
RR Holland BV	19	100.00%	Oosterhout - Netherlands	Sale of power transmission systems: planetary gears, ratiomotors and drive wheels (Hydraulic sector)	8.4	8.4	13	14
RR France S.a r.l.	400	95.00%	Thouare sur Loire - France	Sale of power transmission systems: planetary gears, ratiomotors and drive wheels (Hydraulic sector)	3.4	3.9	9	7
RR Slovakia A.S.	340	100.00%	Zvolen - Slovakia	Production and sale of power transmission systems: planetary gears, ratiomotors and drive wheels (Hydraulic sector)	1.2	1.2	27	31
RR Pacific Pty	249	100.00%	Victoria - Australia	Sale of power transmission systems: planetary gears, ratiomotors and drive wheels (Hydraulic sector)	5.1	4.6	7	8
Transtecno S.r.l.	100	100.00%	Anzola dell'Emilia (BO)	Production and sale of gears and ratiomotors (Hydraulic sector)	55.5	56.8	138	136
Hangzhou Interpump Power Transmission Co. Ltd	575	100.00%	Hangzhou - China	Production and sale of gears and ratiomotors (Hydraulic sector)	38.0	24.9	170	160
Transtecno Iberica the Modular Gearmotor S.A.	203	70.00%	Gava - Spain	Sale of gears and ratiomotors (Hydraulic sector)	4.1	3.4	12	13
MA Transtecno S.A.P.I. de C.V.	124	70.00%	Apodaca - Mexico	Sale of gears and ratiomotors (Hydraulic sector)	5.1	7.2	24	24
Transtecno BV	18	51.00%	Amersfoort - Netherlands	Sale of gears and ratiomotors (Hydraulic sector)	4.0	3.7	7	8
Transtecno Aandrijftechniek - Netherlands	-	51.00%	Amersfoort - Netherlands	Sale of gears and ratiomotors (Hydraulic sector)	1.0	1.2	1	1
White Drive Motors and Steering Sp z oo	33,254	100.00%	Wroclaw - Poland	Production and sale of orbital motors and steering systems (Hydraulic sector)	86.3	150.7	502	609
White Drive Motors and Steering, LLC	77,466	100.00%	Hopkinsville - USA	Production and sale of hydraulic valves and directional controls (Hydraulic sector)	68.3	108	253	366

Companies consolidated line by line	Share capital €/000	Percentage control at 31/12/2024	Location Main activity		Revenues €/million 31/12/2024	Revenues €/million 31/12/2023	Average number of employees 2024	Average number of employees 2023
Interpump Piping GS S.r.l.	10	100.00%	Reggio Emilia	Piping holding company (Hydraulic sector)	-	-	-	-
GS-Hydro Singapore Pte Ltd	624	100.00%	Singapore	Design, production and sale of piping systems (Hydraulic sector)	2.3	1.4	6	6
GS-Hydro Korea Ltd.	1,892	100.00%	Busan - South Korea	Design, production and sale of piping systems (Hydraulic sector)	11.2	10.6	38	33
GS-Hydro Piping Systems (Shanghai) Co. Ltd.	2,760	100.00%	Shanghai - China	Design, production and sale of piping systems (Hydraulic sector)	6.9	6.8	48	49
GS-Hydro Benelux B.V.	18	100.00%	Barendrecht - Netherlands	Design, production and sale of piping systems (Hydraulic sector)	8.8	6.8	20	17
GS-Hydro Austria GmbH	40	100.00%	Pashing - Austria	Design, production and sale of piping systems (Hydraulic sector)		8.6	26	26
GS-Hydro Sp z o.o. - Poland	1,095	100.00%	Gdynia - Poland	Design, production and sale of piping systems (Hydraulic sector)		4.4	27	28
GS-Hydro Denmark AS	67	100.00%	Kolding - Denmark	Design, production and sale of piping systems (Hydraulic sector)		4	14	15
GS-Hydro S.A.U (Spain)	90	100.00%	Las Rozas - Spain	Design, production and sale of piping systems (Hydraulic sector)	12.8	12.3	62	67
Suministros Franquesa S.A.	160	100.00%	Lleida - Spain	Assembly and sale of hydraulic hoses, fittings and other components (Hydraulic sector)	1.5	1.5	11	10
GS-Hydro U.S. Inc.	9,903	100.00%	Houston - USA	Design, production and sale of piping systems (Hydraulic sector)	2.0	2.2	5	5
GS-Hydro do Brasil Sistemas Hidr. Ltda	252	100.00%	Rio de Janeiro - Brazil	Design, production and sale of piping systems (Hydraulic sector)	1.8	1.8	9	8
GS-Hydro System GmbH (Germany)	179	100.00%	Witten - Germany	Design, production and sale of piping systems (Hydraulic sector)		-	1	1
GS-Hydro UK Ltd	5,095	100.00%	Aberdeen - United Kingdom	Design, production and sale of piping systems (Hydraulic sector)		18.3	93	90

Companies consolidated line by line	Share capital €/000	Percentage control at 31/12/2024	Location Main activity		Revenues €/million 31/12/2024	Revenues €/million 31/12/2023	Average number of employees 2024	Average number of employees 2023
GS-Hydro Ab (Sweden)	120	100.00%	Kista - Sweden	Design, production and sale of piping systems (Hydraulic sector)	2.0	1.9	4	3
GS-Hydro Hong Kong Ltd	1	100.00%	Hong Kong	Design, production and sale of piping systems (Hydraulic sector)	0.3	0.3	-	-
Hi-Tech Enviro Solutions Limited	-	100.00%	Auckland - New Zealand	Inoperative (Water-Jetting sector)	-	-	-	-
WMS GP Limited (NZ)	-	100.00%	Hamilton - New Zealand	Inoperative (Water-Jetting sector)	-	-	-	-
White Drive Motors and Steering GmbH	25	100.00%	Parchim - Germany	in liquidation (Hydraulic sector)		12.1	8	72
AllTube Engineering Ltd	351	100.00%	Daventry - United Kingdom	Dormant (Hydraulic sector)	0.7	-	11	-
IMM Hydraulics Ltd	-	100.00%	Kidderminster - United Kingdom	Dormant (Hydraulic sector)	-	-	-	-
Bristol Hose Ltd	-	100.00%	Bristol - United Kingdom	Dormant (Hydraulic sector)	-	-	-	-
RR India Pvt. Ltd	52	99.99%	New Delhi - India	Dormant (Hydraulic sector)	-	-	-	-

Companies not consolidated line by line	Share capital €/000	Percentage control at 31/12/2024	Location	Main activity
General Pump China	111	100.00%	Ningbo – China	Sale of components (Water-Jetting sector)
Interpump Hydraulics Perù	318	90.00%	Lima - Peru	Sale of hydraulic pumps and power take-offs (Hydraulic sector)
Interpump Hydraulics Rus	172	100.00%	Moscow - Russia	Sale of hydraulic pumps and power take-offs (Hydraulic sector)
Hammelmann Vostok	86	100.00%	Moscow - Russia	Sale of very high pressure systems and pumps (Water-Jetting sector)
Interpump Antriebstechnik GmbH	25	100.00%	Stuttgart - Germany	Sale of power transmission systems: planetary gears, ratiomotors and drive wheels (Hydraulic sector)
Walvoil Fluid Power Mexico S.A. de C.V.	249	100.00%	Apodaca - Mexico	Production and sale of hydraulic valves and directional controls (Hydraulic sector)

A) = Revenues for 9 months in 2023

B) = Revenues for 7 months in 2023

C) = Revenues for 9 months in 2024

D) = Revenues for 7 months in 2024

E) = Revenues for 6 months in 2024

F) = Revenues for 1 month in 2024

13. EVENTS OCCURRING AFTER THE CLOSE OF THE YEAR AND BUSINESS OUTLOOK

No atypical or unusual transac�ons have been carried out subsequent to 31 December 2024 that would call for changes to these consolidated financial statements.

The scenarios that marked FY2024 have not changed significantly in the first few weeks of 2025. The environment therefore remains complex and difficult to read: based on ac�vity at the start of the year, the Group es�mates - on an organic basis - that annual turnover will fall in the range between +1% and -5%, with the early months of 2025 being the most challenging period of the en�re year. With regard to opera�ng ac�vi�es, the strength of the Water-Je�ng division should mi�gate the moderate downturn in the Hydraulic division.

At the same �me, the Group will con�nue to implement all countermeasures designed to protect and consolidate margins, with the further objec�ve of maintaining and ideally increasing the already significant level of cash genera�on.

14. OTHER INFORMATION

With regard to the regulatory requirements envisaged in art.15 of the Consob Market Regula�on (previously art. 36, updated by Consob Decision 20249 dated 28 December 2017), on the condi�ons for lis�ng the parent companies of subsidiaries formed in or governed by the laws of countries that are not EU member states, it is confirmed with respect to the situa�on at 31 December 2023 that there have not been any changes in the companies of importance to the consolidated financial statements, given their inclusion in the audit plan.

The Interpump Group is especially ac�ve in making acquisi�ons, including of small and medium-sized companies, which is why it comprises a large number of companies, including small enterprises, and has a direct presence in 35 countries.

Sustainability Repor�ng – CSRD

1. ESRS 2 – GENERAL DISCLOSURES

1.1 PREPARATION CRITERIA

1.1.1 Disclosure requirement BP-1: General basis for preparation of sustainability reports

This Sustainability Report is prepared on a consolidated basis, meaning that its perimeter is the same as that of the Consolidated Financial Report. Only data relevant to the calcula�on of Scope 1 and Scope 2 emissions has been considered for companies consolidated using the equity method8 .

See the "Consolida�on perimeter" sec�on of the "Notes to the Annual Financial Report" for details of consolidated companies and their loca�ons.

Company	Country	Geographical reporting area	% held at 31/12/2024
Interpump Group S.p.A.	Italy	Italy
Alfa Valvole S.r.l.	Italy	Italy	100.0%
Contarini Leopoldo S.r.l.	Italy	Italy	100.0%
Eurofluid Hydraulic S.r.l.	Italy	Italy	80.0%
FGA S.r.l.	Italy	Italy	100.0%
H.S. Srl	Italy	Italy	100.0%
Hydroven S.r.l.	Italy	Italy	100.0%
I.mec S.r.l.	Italy	Italy	70.0%
IMM Hydraulics S.p.A.	Italy	Italy	100.0%
Innovativ Gummi Tech S.r.l.	Italy	Italy	100.0%
Inoxihp S.r.l.	Italy	Italy	52.7%
Inoxpa Italia Srl	Italy	Italy	100.0%
Interpump Hydraulics S.p.A.	Italy	Italy	100.0%
Interpump Piping GS S.r.l.	Italy	Italy	100.0%
Oleodinamica Panni S.r.l.	Italy	Italy	100.0%
Pioli s.r.l.	Italy	Italy	100.0%
Reggiana Riduttori Srl	Italy	Italy	100.0%
Servizi Industriali S.r.l.	Italy	Italy	80.0%
SIT S.p.A.	Italy	Italy	88.0%
Tekno Tubi S.r.l.	Italy	Italy	100.0%
Transtecno Srl	Italy	Italy	100.0%
Tubiflex S.p.A.	Italy	Italy	100.0%
Walvoil S.p.A.	Italy	Italy	100.0%
GS-Hydro Austria GmbH	Austria	Europe (Italy excluded)	100.0%
Copa Hydrosystem OOD (Bulgaria)	Bulgaria	Europe (Italy excluded)	100.0%
GS-Hydro Denmark AS	Denmark	Europe (Italy excluded)	100.0%
Inoxpa Skandinavien A/S (Denmark)	Denmark	Europe (Italy excluded)	100.0%

⁸ See page 57 for details about the companies not consolidated on a line-by-line basis.

emarket sdir scorage
CERTIFIED

Company	Country	Geographical reporting area	% held at 31/12/2024
Hammelmann France	France	Europe (Italy excluded)	100.0%
IFS FRANCE SARL	France	Europe (Italy excluded)	100.0%
Inoxpa Solutions France Sas	France	Europe (Italy excluded)	100.0%
Interpump Hydraulics France S.a.r.l.	France	Europe (Italy excluded)	99.8%
RR France Sarl	France	Europe (Italy excluded)	95.0%
Unidro Contarini Sas (France)	France	Europe (Italy excluded)	100.0%
Walvoil Fluid Power France Sarl	France	Europe (Italy excluded)	100.0%
GS-Hydro System GmbH (Germany)	Germany	Europe (Italy excluded)	100.0%
Hammelmann GmbH (Germany)	Germany	Europe (Italy excluded)	100.0%
Interpump Fluid Solutions Germany GmbH	Germany	Europe (Italy excluded)	100.0%
White Drive Motors and Steering GmbH (Germany)	Germany	Europe (Italy excluded)	100.0%
Waikato Milking Systems Ireland Limited	Ireland	Europe (Italy excluded)	100.0%
Inoxpa Solutions Moldova	Moldova	Europe (Italy excluded)	66.7%
GS-Hydro Benelux B.V.	Netherlands	Europe (Italy excluded)	100.0%
RR Holland BV	Netherlands	Europe (Italy excluded)	100.0%
Transtecno Aandrijftechniek B.V. (Netherlands)	Netherlands	Europe (Italy excluded)	51.0%
Transtecno BV (Netherlands)	Netherlands	Europe (Italy excluded)	51.0%
GS-Hydro Sp z o.o. - Poland	Poland	Europe (Italy excluded)	100.0%
White Drive Motors and Steering Sp. z o.o. (Poland)	Poland	Europe (Italy excluded)	100.0%
Improved Solutions Unipessoal Ltda (Portugal)	Portugal	Europe (Italy excluded)	100.0%
IMM Hydro Est (Romania)	Romania	Europe (Italy excluded)	100.0%
Inoxpa LTD (Russia)	Russia	Europe (Italy excluded)	70.0%
RR Slovakia A.S.	Slovakia	Europe (Italy excluded)	100.0%
GS-Hydro S.A.U (Spain)	Spain	Europe (Italy excluded)	100.0%
Hammelmann S. L. (Spain)	Spain	Europe (Italy excluded)	100.0%
Inoxpa S.A.U. (Spain)	Spain	Europe (Italy excluded)	100.0%
Suministros Franquesa S.A.	Spain	Europe (Italy excluded)	100.0%
Transtecno Iberica the Modular Gearmotor s.a. (Spain)	Spain	Europe (Italy excluded)	70.0%
GS-Hydro Ab (Sweden)	Sweden	Europe (Italy excluded)	100.0%
Hammelmann Swiss GmbH	Switzerland	Europe (Italy excluded)	100.0%
Inoxpa Ukraine	Ukraine	Europe (Italy excluded)	100.0%
AllTube Engineering Ltd	UK	Europe (Italy excluded)	100.0%
Bristol Hose Limited	UK	Europe (Italy excluded)	100.0%
GS-Hydro UK Ltd	UK	Europe (Italy excluded)	100.0%
IMM Hydraulics Ltd (UK)	UK	Europe (Italy excluded)	100.0%
Inoxpa (UK) Ltd	UK	Europe (Italy excluded)	100.0%

emarket sdir storage
CERTIFIED

Company	Country	Geographical reporting area	% held at 31/12/2024
Interpump Hydraulics UK	UK	Europe (Italy excluded)	100.0%
Waikato Milking Systems UK Limited	UK	Europe (Italy excluded)	100.0%
Hydra Dyne Technology Inc (Canada)	Canada	North America	90.0%
RR Canada Inc.	Canada	North America	100.0%
Walvoil Canada Inc.	Canada	North America	100.0%
General Pump Inc. (USA)	USA	North America	100.0%
GS-Hydro U.S. Inc.	USA	North America	100.0%
Hammelmann Corporation Inc. (USA)	USA	North America	100.0%
Inoxpa USA Inc.	USA	North America	100.0%
Muncie Inc. (USA)	USA	North America	100.0%
NLB Corporation (USA)	USA	North America	100.0%
North American Manufacturing Inc.	USA	North America	100.0%
RR USA Inc.	USA	North America	100.0%
Waikato Milking Systems USA LLC	USA	North America	100.0%
Walvoil Fluid Power Corp. (USA)	USA	North America	100.0%
White Drive Motors and Steering, LLC (USA)	USA	North America	100.0%
Hammelmann Australia Pty Ltd	Australia	Far East and Pacific Area	100.0%
Mega Pacific Pty Ltd (Australia)	Australia	Far East and Pacific Area	100.0%
RR Pacific PTY LTD (Australia)	Australia	Far East and Pacific Area	100.0%
Walvoil Fluid Power Australasia	Australia	Far East and Pacific Area	100.0%
GS-Hydro Piping Systems (Shanghai) Co. Ltd.	China	Far East and Pacific Area	100.0%
Hammelmann Pump System Ltd (China)	China	Far East and Pacific Area	90.0%
Hangzhou Interpump Power Transmissions Co., Ltd.	China	Far East and Pacific Area	100.0%
Inoxpa China Flow Technology Co., Ltd	China	Far East and Pacific Area	60.0%
Inoxpa Special Processing Equipment Co. Ltd (China)	China	Far East and Pacific Area	100.0%
Shanghai PuPeng Flow Technology Co., Ltd	China	Far East and Pacific Area	60.0%
Walvoil Fluid Power (Dongguan) Co., Ltd	China	Far East and Pacific Area	100.0%
Wuxi Interpump Weifu Hydraulics Company (China)	China	Far East and Pacific Area	65.0%
GS-Hydro Korea Ltd.	South Korea	Far East and Pacific Area	100.0%
Walvoil Fluid Power Korea Llc.	South Korea	Far East and Pacific Area	100.0%
GS-Hydro Hong Kong Ltd	Hong Kong	Far East and Pacific Area	100.0%
Hi-Tech Enviro Solutions Limited (NZ)	New Zealand	Far East and Pacific Area	100.0%
Mega Pacific NZ Pty Ltd (New Zealand)	New Zealand	Far East and Pacific Area	100.0%
Waikato Holding Limited (NZ)	New Zealand	Far East and Pacific Area	100.0%
Waikato Milking Systems L.P. (NZ)	New Zealand	Far East and Pacific Area	100.0%
Waikato Milking Systems Lease Limited (NZ)	New Zealand	Far East and Pacific Area	100.0%

Company	Country	Geographical reporting area	% held at 31/12/2024
WMS GP Limited (NZ)	New Zealand	Far East and Pacific Area	100.0%
GS-Hydro Singapore Pte Ltd	Singapore	Far East and Pacific Area	100.0%
GS-Hydro do Brasil Sistemas Hidráulicos Ltda	Brazil	Rest of the World	100.0%
Hidrover Equipamentos Hidráulicos Ltda	Brazil	Rest of the World	59.0%
Interpump Hydraulics Brasil	Brazil	Rest of the World	100.0%
Hydrocar Chile S.A.	Chile	Rest of the World	90.0%
Inoxpa Colombia Sas	Colombia	Rest of the World	100.0%
Interpump Hydraulics Middle East FZE	United Arab Emirates	Rest of the World	100.0%
Inoxpa India Private Ltd	India	Rest of the World	100.0%
Interpump Hydraulics India Ltd	India	Rest of the World	100.0%
IPG MOULDTECH INDIA PVT LTD.	India	Rest of the World	85.0%
RR India Private Limited	India	Rest of the World	100.0%
Walvoil Fluid Power (India) Pvt. Ltd.	India	Rest of the World	100.0%
Inoxpa Mexico	Mexico	Rest of the World	100.0%
MA Transtecno S.A.P.I. de C.V. (Mexico)	Mexico	Rest of the World	70.0%
Inoxpa South Africa	South Africa	Rest of the World	100.0%
Interpump South Africa Pty Ltd	South Africa	Rest of the World	100.0%

In this repor�ng year:

Interpump did not elect to omit specific disclosures about intellectual property, know-how, or the results of innova�on;
there were no situa�ons envisaged in arts. 19 and 29 of Direc�ve 2013/34/EU regarding imminent developments or maters under nego�a�on.

Addi�onally, the following companies are either non-opera�onal, dormant and/or in liquida�on: Interpump Piping GS S.r.l., White Drive Motors and Steering GmbH (Germany), AllTube Engineering Ltd, Bristol Hose Limited, IMM Hydraulics Ltd (UK), GS-Hydro Hong Kong Ltd, Hi-Tech Enviro Solu�ons Limited (NZ), Interpump Hydraulics Middle East FZE, WMS GP Limited (NZ), Waikato Holding Limited (NZ), Waikato Milking Systems Lease Limited (NZ) and RR India Private Limited.

When conduc�ng the double materiality assessment (described in more detail in the sec�on en�tled "Disclosure requirement IRO-1: Description of the process to identify and assess material impacts, risks, and opportunities"), the backbone of this Sustainability Report, the Group considered all stages in the value chain, which comprises both direct opera�ons and upstream and downstream ac�vi�es.

See the sec�on en�tled "Disclosure requirement SBM-1: Strategy, business model, and value chain" for a detailed descrip�on of the Group's value chain.

On the other hand, the sec�on en�tled "Disclosure requirement SBM-3: Material impacts, risks, and opportunities and their interaction with strategy and business model" highlights where, within the value chain, material impacts, risks, and opportuni�es exist for the Interpump Group.

1.1.2 Disclosure requirement BP-2: Disclosures in relation to specific circumstances

No special events or situa�ons significantly influenced the sustainability performance of the Interpump Group during the 2024 repor�ng year.

When reading the disclosures about the material sustainability impacts, risks, and opportuni�es for the Interpump Group, note that - in accordance with ESRS 1 - short term means one year from the end of this repor�ng period; medium term spans a period from one to five years a�er this repor�ng period; and long term starts five years a�er this repor�ng period.

The following metrics used in this Report are currently subject to uncertainty:

Metrics	Reasons for uncertainty
Scope 3 Greenhouse Gas Emissions	The calculation sometimes relies on non-primary data derived from various estimates (including distances, purchase costs, and emission factors).
Energy consumption	Consumption estimates based on historical trends, or assessments made by management, were used when supplier data was not provided for the latter part of the year.

The following metrics make reference to a perimeter different to that used for the consolida�on:

for Scope 3 emissions, the data for the companies considered, accoun�ng for about 70% of consolidated turnover and 80% of Scope 1 and Scope 2 emissions, was not scaled up. Over the next few years, this perimeter will be extended gradually to include less emissions-heavy companies as well. For more details about how this metric was prepared and its accuracy, see the sec�on en�tled "Disclosure requirement E1-6 – Gross Scope 1, 2, 3 GHG emissions and total GHG emissions";
for payment prac�ces, a sample of Group companies represen�ng about 24% of consolidated direct purchases (raw materials, semi-finished goods, tools, and outsourced processing) was analyzed. These purchasing categories are among the most significant for the Group's manufacturing companies and, in fact, match those considered by the project to rate suppliers based on ESG criteria, in the context of the Group's broader ESG plan. The consolidated data was not scaled up to Group level. We believe this perimeter, which includes the principal companies within the Group, is broad enough to be reasonably representa�ve of the consolidated values; it will be extended further in the coming years, in order become even more representa�ve. See the "Disclosure requirement G1-6 - Payment prac�ces" chapter for a more detailed discussion of the calcula�on method used.

Since 2024 is the first year in which the Interpump Group has published a Sustainability Report under ESRS standards, no changes have been made to the sustainability disclosures published in previous reports. In this regard, there is no indica�on that major errors were made in previous repor�ng periods.

Regarding the disclosures required by other sustainability repor�ng regula�ons or guidelines beyond ESRS, note that a number of the principal companies within the Group have implemented management systems and models to monitor, measure, and improve their environmental performance, as well as to help reduce pollu�on, waste genera�on, and uninten�onal discharges into the environment.

At 31 December 2024, about 21% of Group companies - contribu�ng about 43% of consolidated turnover - have obtained ISO 14001 cer�fica�on for their environmental management systems. About 15% of Group companies, contribu�ng about 28% of consolidated turnover, have not only implemented management systems inspired by ISO 45001, but have also obtained the related cer�fica�on.

With regard to the 2024 CSRD, Interpump confirms that no informa�on has been included in the form of references.

1.2 Governance

1.2.1 Disclosure requirement GOV-1: The role of the administrative, management, and supervisory bodies

The Board of Directors (Board) of Interpump Group S.p.A., appointed at the Shareholders' Mee�ng held on 28 April 2023, consists of 10 directors, including: 2 execu�ve directors (20%), 1 non-execu�ve director (10%), and 7 independent non-execu�ve directors (70%).

At present, there are no worker representa�ves on the Board.

All Board members bring the professionalism and skills needed for the roles assigned to them. They all have experience in the industrial sector, while at least 80% have M&A exper�se and 70% have proven knowledge of ESG maters.

The composi�on of the Board meets suitable diversity standards, in terms of gender and age band, consistent with the principles and recommenda�ons of the Corporate Governance Code for Issuers, which requires at least two-fi�hs of their Board members to be from the less-represented gender. This requirement is also reflected in the Bylaws of the Company.

In terms of gender, 50% of the directors in office are women, while the remaining 50% are men.

The Board of Directors has been assigned a central role in the corporate governance of Interpump Group S.p.A., with broad powers and responsibili�es regarding governance and the system of internal control and risk management, as well as for the defini�on of sustainability policies in pursuit of sustainable success, via the crea�on of long-term value for shareholders and other key stakeholders.

The mee�ng of the Board of Directors held on 28 April 2023 established a standalone Sustainability Commitee (previously part of the Control, Risks, and Sustainability Commitee) that was assigned inves�ga�ve, proposal-making, and consulta�ve func�ons concerning Environmental, Social, and Governance (ESG) maters.

The Board defines the strategy and objec�ves of the Group, including the sustainability policies that mater in the pursuit of sustainable success, and plays an ac�ve role in assessing and managing the material topics discussed in this Sustainability Report. This process is supported by the Sustainability Commitee on ESG specifics and by the Control and Risks Commitee with regard to the system of internal control and risk management.

The results of the process followed by the Sustainability Commitee to iden�fy material topics for inclusion in the Sustainability Report are presented to and discussed with the Board every year. The Commitee is also tasked with examining the contents of periodic sustainability reports with the Chief Repor�ng Officer, before presenta�on to the Board of Directors for approval. Lastly, the Sustainability Commitee also prepares sustainability goals, strategies, and long-term plans for the Board to consider, monitoring their implementa�on.

Certain impacts, risks, and opportuni�es (IROs) are implicitly managed within the 2023-2025 ESG Plan. That said, there are no specific IRO procedures in place at the repor�ng date for their overall management.

The Commitee comprises one execu�ve director with sustainability-related powers and two independent directors. Overall, the Commitee has adequate skills in the sector in which the Company operates, as well as in rela�on to its func�ons and du�es concerning the ESG policies adopted by the Group. Specifically, the directors possess significant experience in the areas of finance, ESG, audi�ng, enterprise risk management, and governance.

1.2.2 Disclosure requirement GOV-2: Information provided to and sustainability matters addressed by the undertaking's administrative, management, and supervisory bodies

Following introduc�on of the CSRD, the analysis of impacts, risks, and opportuni�es has been progressively embedded into the broader process of defining the corporate strategy. At least once a year, the Board of Directors receives an update on material impacts, risks, and opportuni�es, as well as on the results and efficacy of the policies, ac�ons, metrics, and targets adopted. This analysis, backed by the know-how and work of the two Board commitees, provides a clear picture of all Impacts, Risks, and Opportuni�es (IROs).

The system of internal control and risk management adopted by Interpump Group S.p.A. comprises a set of rules, procedures, and organiza�onal func�ons designed to iden�fy, measure, manage, and monitor the main risks. In par�cular, Interpump Group S.p.A. has defined an Enterprise Risk Management model (ERM Model or Model) that draws on global best prac�ces (like the CoSO Framework, CoSO ERM WBCSD, and ISO 31000) and implements the recommenda�ons of Corporate Governance Code. This Model takes a systema�c approach to iden�fying, measuring, managing, and monitoring the principal risks that could impact on achievement of the Interpump Group's strategic objec�ves. The risk assessment inherent in the ERM Model starts by defining the nature and level of risk that fit with the strategic direc�on set by the Board of Directors. Risks are evaluated periodically based on their: (i) likelihood, being the probability that an event will happen, based on historical analyses, future projec�ons, or subjec�ve assessments by sector experts, and (ii) impacts, being the consequences of an event on the financial, opera�onal, reputa�onal, compliance, and sustainability areas (in terms of their impacts, risks, and opportuni�es).

The Sustainability Commitee also monitors execu�on of the 20 ac�ons and related targets specified in the 2023-2025 ESG Strategic Plan, approved by the Board on 5 October 2022, that embeds sustainability standards within the business strategy adopted by the Group.

The impacts, risks, and opportuni�es defined as material for the current repor�ng year are listed in the sec�on en�tled "Disclosure requirement SBM-3: Material impacts, risks, and opportunities and their interaction with strategy and business model".

1.2.3 Disclosure requirement GOV-3: Integration of sustainability-related performance in incentive schemes

The Remunera�on Policy of the Interpump Group, approved at the Shareholders' Mee�ng and valid for the three-year period 2023-2025, covers the members of the administra�ve bodies, including the execu�ve and non-execu�ve directors, the general managers, and the other execu�ves with strategic responsibili�es ("Key Management Personnel"), as well as - without prejudice to the provisions of art. 2402 of the Italian Civil Code, the Statutory Auditors of Interpump Group S.p.A.

With specific reference to the remunera�on of the Execu�ve Directors and Key Management Personnel, this policy includes a fixed component, a variable short-term component ("MBO",

Management by Objec�ves), and long-term incen�ves ("LTI", Long-Term Incen�ve Plan), in order to promote the achievement of specific objec�ves in the interests of all shareholders.

Fixed component

The level of fixed remunera�on - linked to professional specializa�on, posi�on held and responsibili�es assigned - is sufficient to remunerate the Director or Execu�ve, even if the variable component is withheld following failure to achieve the performance objec�ves.

Variable component

The objec�ve of MBO plan described in the Remunera�on Policy is to encourage Directors and Execu�ves to achieve specific performance targets. Specific targets and the related parameters are iden�fied a�er taking account of the need for:

(i) precise, clear, and objec�vely measurable targets set and communicated in advance;
(ii) alignment with the objec�ves of the Company and the Group;
(iii) the appropriate progression of performance goals over �me, having regard for the sustainability of the remunera�on recognized.

The Remunera�on Policy allows the Board of Directors to pay discre�onary bonuses within predefined limits, and to establish specific ves�ng periods, deferred payment mechanisms, and ex-post correc�on mechanisms (e.g. "claw-back" and/or "malus" clauses).

With reference to the long-term incen�ves, on 29 April 2022 the Shareholders' Mee�ng of Interpump Group S.p.A. approved the "Interpump Incen�ve Plan 2022-2024", which envisages the assignment of a certain number of op�ons to the "beneficiaries", being employees, directors and/or collaborators of the Company and/or the Group, iden�fied from among those persons who hold posi�ons and/or perform func�ons of a strategic nature, with a view to building loyalty and crea�ng future value. The performance objec�ves are not only economic and financial in nature - associated with the achievement of specific results at Group level - and linked to personal performance, but also correlated in part with the development and consolida�on of those ESG topics important to the Group, as measured inter alia for disclosure in this Sustainability Report.

The objec�ves underlying the recogni�on of remunera�on in the form of stock op�ons are not only economic and financial in nature - associated with the achievement of specific results at Group level and linked to personal performance, but also correlated with the development and consolida�on of those ESG topics important to the Group. In par�cular and solely by way of example, the objec�ves may relate to the Environmental, Social and Governance areas and any ac�vi�es that, from �me to �me, are deemed significant for the Group, as well as measurable and/or measured for repor�ng in this Sustainability Report:

• Environmental area, the adop�on of solu�ons intended to lower the impact of business ac�vi�es on the environment (for example, by reducing atmospheric emissions and/or the produc�on of waste, increasing the use of energy derived from renewable sources and lowering water consump�on);

Social area, the adop�on of policies intended to improve the social impact of business ac�vi�es (for example, via ini�a�ves in support of diversity and inclusion, ac�on to reduce the injury rate and the defini�on of a policy in support of local communi�es);
Governance area, the adop�on of measures to improve the management and governance of the Company and the Group (for example, by improving the organiza�onal and/or func�onal structure of the Board of Directors or the training on whistleblowing maters).

In view of the growing awareness about and aten�on paid to ESG policies, from 2022 the Remunera�on Policy of the Company has included addi�onal, non-financial KPIs linked to pursuit and achievement of the objec�ves indicated in the 2023-2025 ESG Plan.

Specifically, when se�ng remunera�on, the:

annual incen�ve system (MBO) envisages correla�on with the ESG objec�ves by iden�fying precise KPIs linked to achievement of the annual objec�ves specified in the ESG Plan, assigning them a 15% weigh�ng with respect to the MBO as a whole.
the medium/long-term incen�ve system (LTI), represented by the Interpump Incen�ve Plan for 2022-2024, also envisages that, for 15% of the op�ons offered to each beneficiary, the objec�ves assigned to them must contribute to the development and consolida�on of the ESG topics that inter alia are measurable and/or measured for non-financial repor�ng purposes.

The Remunera�on Policy is approved by the Board of Directors, which is responsible for its implementa�on and revision, based on a proposal from the Remunera�on Commitee, and a�er hearing the opinion of the Board of Statutory Auditors. The Policy is also submited to a binding vote at the Shareholders' Mee�ng.

1.2.4 Disclosure requirement GOV-4 – Statement on due diligence

The Interpump Group has implemented a due diligence process that seeks to iden�fy actual and poten�al nega�ve impacts from its ac�vi�es, and roll out ini�a�ves to prevent or mi�gate them (more on this in later sec�ons on the material Topical Standards), implemen�ng the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Mul�na�onal Enterprises. This process s�ll needs some work, in certain cases, in order manage the impacts within the en�re value chain.

The table below sets out the core elements of the due diligence on sustainability maters and the related sec�ons in which they are discussed:

Core due diligence elements	Reference (Sections in Sustainability Report)
Embedding due diligence in governance, strategy, and the business model	• GOV-1: The role of the administrative, management, and supervisory bodies • GOV-2: Information provided to and sustainability matters addressed by the undertaking's administrative, management, and supervisory bodies • GOV-3: Integration of sustainability-related performance in incentive schemes
Identifying and assessing negative impacts	• SBM-3: Material impacts, risks, and opportunities and their interaction with strategy and business model • IRO-1: Description of the process to identify and assess material impacts, risks, and opportunities

1.2.5 Disclosure requirement GOV-5 – Risk management and internal controls over sustainability reporting

The Interpump Group has implemented an "internal control model for non-financial repor�ng" that defines how to iden�fy, measure, manage, and control risks linked to the repor�ng of non-financial informa�on, as part of the broader system of internal controls over non-financial disclosures that ensures the credibility, accuracy, reliability, and �meliness of the Group's non-financial data and informa�on.

Risk iden�fica�on for the purpose of repor�ng non-financial informa�on follows a process-based approach, whereby risks are iden�fied in rela�on to each process in which they may emerge. Consequently, exis�ng processes and subprocesses are analyzed with reference to the process matrices documented as part of the system of internal controls over non-financial disclosures, and the specific ac�vi�es involved in each subprocess are iden�fied. A�er iden�fying the risks linked to the repor�ng of non-financial informa�on, the Company maps the ac�ons already in place i.e. each risk-response measure used to tackle the poten�al risk, by mi�ga�ng it or transla�ng it into an opportunity (e.g. measures of an organiza�onal, procedural, IT, or other nature). Risks are ranked by their significance and poten�al organiza�onal impact.

The system of internal control includes the following informa�on and data:

Cross-cu�ng ESRS (ESRS 1 and ESRS 2): these include guidelines for repor�ng on such general sustainability maters as governance, strategy, risk management, and the transparency of informa�on;
Topical Standards (E1, E2, E3, E5, S1, S2, S4): material topics iden�fied via the double materiality assessment.

For each ESRS type, the following table indicates the main repor�ng risks iden�fied and the controls implemented to mi�gate them:

ESRS type	Main risks identified	Examples of controls implemented to mitigate risks
Cross-cutting (ESRS 1 and ESRS 2)	• Late production and publication of the Sustainability Report, • Unauthorized access to the reporting system, • Wrong consolidation perimeter defined.	• Access controls to ensure that only authorized personnel can use the reporting system, • Audit checks on the data input to confirm its completeness and accuracy. • Approval procedures for additions and changes to reporting data, plus automated controls to reduce manual errors in the reporting process.
Topical Standards (E1, E2, E3, E5, S1, S2, S4)	• Erroneous collection, processing, and reporting of data on: - energy consumption, natural gas consumption, - - water consumption, - recycled, stored, or reused water, - waste produced, flows of goods received, - - workforce, - employee training, - health and safety of personnel, - wages and remuneration, human rights violations, - - payment practices.	• Checks to ensure the accuracy of data on energy and water consumption. • Verification procedures to ensure the accuracy of information about the waste generated and the flow of goods received. • Controls to monitor the reporting of data about the workforce and human rights, and to ensure the consistency and reliability of the information disclosed.

The results of the risk assessment and the internal control work included in the sustainability repor�ng process via the adop�on of careful, well structured repor�ng prac�ces. These include the scheduling of repor�ng tasks, establishing responsibili�es and �melines for data collec�on and valida�on, and ensuring the traceability of informa�on and ac�ons.

The Chief Repor�ng Officer ensures the maintenance and adequacy of the system of internal control over non-financial repor�ng, and is assisted by the Internal Audit, Risk & Compliance Func�on, which constantly monitors its efficacy via the following ac�ons:

iden�fica�on of the perimeter to be analyzed in terms of the Group companies involved, including the related business processes that make a quali-quan�ta�ve contribu�on to prepara�on of the Sustainability Report of Interpump Group S.p.A.;
mapping and update of risks and controls relevant for non-financial repor�ng purposes;

verifica�on of the adequacy of the design and opera�onal effec�veness of the controls, via independent monitoring and periodic tests;
working with management (a.k.a. risk owners), who are tasked as part of their du�es with implemen�ng line controls for the proper execu�on of opera�ng ac�vi�es, including those with an impact on the produc�on of non-financial data, to iden�fy correc�ve ac�ons (remedia�on plans) in order to:
- o (i) make necessary correc�ons,
- o (ii) ensure the proper func�oning of the system of internal control.

In order to enable the Interpump Board of Directors to perform its oversight role, the Internal Audit, Risk & Compliance Func�on prepares summary reports, annually or more frequently, on the results of the work performed. A�er sharing the results with the Chief Repor�ng Officer, the Internal Audit, Risk & Compliance Func�on presents them to the Control and Risks Commitee, which opines on the adequacy and effec�veness of the system of internal control over non-financial repor�ng, considering the characteris�cs of the business and the risk profile accepted. A�er making that assessment, the Control and Risks Commitee presents the Report to the Board of Directors for review.

1.3 Strategy

1.3.1 Disclosure requirement SBM-1: Strategy, business model, and value chain

The product catalog of the Interpump Group is especially numerous and broad, but essen�ally defines the two business sectors: Water-Je�ng and Hydraulics.

	Water-Jetting sector	Hydraulic sector
Principal products	● Plunger pumps for water (1 to 2,000 HP) with related components and accessories; ● Special pumps, mixers, agitators, cleaning systems, valves and tanks; ● Automated milking systems.	Hydraulic components9 ● ; ● Piping systems; ● Gears for industrial and domestic machines; ● Orbital motors and steering systems.
Principal markets served, by industry	● Agri-food industry; ● Cosmetics industry; ● Pharmaceutical industry; ● Steel industry; ● Industrial cleaning services; ● Water treatment; ● Automotive industry; ● Construction machinery sector; ● Oil & Gas sector;	● Industrial automation; ● Logistics; ● Manufacturers of earth-moving, construction, agricultural and lifting equipment; ● Mining/extraction sector.

⁹ For example: power take-offs, gear pumps, cylinders, hydraulic motors, oil tanks, directional controls and related electronic or mechanical control systems, hydraulic lines (flexible rubber hoses, flexible metal pipes, and rigid pipes), flanges and fittings.

More details about Interpump Group products can be found on the Group website10.

Geographically, the following markets are served: Italy, Rest of Europe, North America, Far East and Pacific Area, and Rest of the World, as already shown in the "Revenues" sec�on of the income statement chapter in this document.

There were no significant changes in the products sold or the markets served (industry-wise or geographically) by the Interpump Group during 2024.

The following table summarizes employment by the Group in the above geographical areas at 31 December 2024:

	Italy	Rest of Europe	North America	Far East and Pacific Area	Rest of the World	Total
No. employees	3,905	2,192	1,328	772	1,160	9,357

All products comply with current regula�ons and are not subject to restric�ons in any of the markets in which the Interpump Group operates.

In the context of the 2023-2025 ESG Plan, the Group has adopted Ecodesign Guidelines to iden�fy and develop innova�ve processes that significantly extend product lifecycles, promo�ng longer useful lives, reuse, and recycling. Each Group company is responsible for the defini�on of opera�ng procedures to achieve the above Guidelines, together with KPIs to monitor both the environmental impacts of their products and performance over �me.

The key principles embodied in these Guidelines include:

the efficient management of materials the Group commits to using renewable raw materials, secondary raw materials, by-products, and/or produc�on scrap (especially higher-value materials, like steel, brass, and cast iron) and to op�mizing the use of materials in the produc�on process.
the extension of product lifecycles -the Group pledges to offer customers repair and preven�ve maintenance services (even via use of the Internet of Things), as well as products designed to facilitate their complete disassembly.

Currently, however, it is s�ll not possible to define quan�ta�ve sustainability targets for major groups of products and services, customer categories, geographical areas, or stakeholder rela�ons.

The Interpump Group has always been commited to con�nuous innova�on and the development of cu�ng-edge technologies. R&D into innova�ve products that deliver increased efficiency and reliability is a core part of the Interpump business. All this poten�ally translates into a lower impact on the environment, waste genera�on, the consump�on of natural resources, and the emission of CO2 into the atmosphere. The markets in which the Group operates increasingly seek sustainable solu�ons that minimize their environmental impacts. In this context, Interpump strives to develop products and technologies that can contribute to environmental sustainability while, at the same �me, guaranteeing

¹⁰ See the following webpage: https://www.interpumpgroup.it/it/chi-siamo/business

high standards of quality and performance. The search for beter product performance o�en results in improved profiles for energy and water consump�on or for the materials used in produc�on. The Group's R&D efforts find prac�cal applica�on in collabora�on with various clients, mostly to create new products and applica�ons, or enhance their performance. These dynamics ripple across all Group companies and their respec�ve products, no mater the geographical area or sector of applica�on.

The Interpump Group has embedded its sustainability and business development strategy into the 2023-2025 ESG Plan: 20 ac�ons to be implemented during the plan period, as also detailed on the website of Interpump Group S.p.A.

The value chain of the Interpump Group

Given the vast range of products and services offered, the value chain of the Interpump Group is somewhat complex.

Upstream, the ac�vi�es of Interpump are supported by various suppliers located around the world, which can be subdivided into three categories:

key Group suppliers that provide mechanical components, metal, rubber and plas�c semifinished parts, electrical components and equipment, utensils, and tools for produc�on and assembly purposes. In turn, these suppliers purchase from third par�es the raw materials that underpin Interpump's produc�on processes;
suppliers of water, needed in the various stages of produc�on and tes�ng;
suppliers of fuel and energy.

Interpump also draws on support from businesses ac�ve in the areas of sales and distribu�on, logis�cs, processing and produc�on, and in the external provision of professional services (e.g. HR, IT, legal, marke�ng, tax, and audi�ng).

In general, given the variety of products and technical solu�ons sold by the Group in the various geographical areas, the procurement processes followed by companies are o�en independent of each other. Addi�onally, the commercial and distribu�on companies within the Group are able to purchase products from external suppliers, as well as from the Group's manufacturing companies.

Interpump carries out numerous ac�vi�es directly, with an emphasis on the produc�on and sale of:

high and very high pressure plunger pumps (Water-Jetting sector).
hydraulic systems and components, flexible rubber hoses and rigid metallic pipes, power transmissions, ra�omotors, orbital motors and steering systems (Hydraulic sector).

The products offered on the market by Interpump Group companies are, for the most part, intermediate components that will be used in the assembly of other goods.

In addi�on to direct produc�on, Interpump also:

provides a�er-sales and technical support to customers;
carries out R&D work, both internally and in collabora�on with customers and suppliers;
resells third-party products;
carries out tes�ng, quality control and ancillary produc�on processes.

Given the characteris�cs of the product range, downstream in the value chain the Interpump Group mainly works with B2B customers - original equipment manufacturers (OEMs), distributors, producers, ou�iters, and resellers - ac�ve in the sectors served by Interpump.

For example, the following table shows the sectors in which the Group's Water-Je�ng solu�ons and Hydraulic components are used.

Application of solutions Water-Jetting sector	Application of components Hydraulic sector
Food-processing industry	Industrial vehicles
Dairy industry	Earth-moving equipment
Cosmetics industry	Construction vehicles
Water treatment	Lifting and transport vehicles
Industrial cleaning	Agricultural vehicles
Oil & Gas industry	Machine tools
Construction industry
Foundries and steelworks

Furthermore, again downstream in the value chain, the Interpump Group interfaces with operators engaged in:

logis�cs for the transporta�on and distribu�on of products;
management of waste/EOL products.

The Interpump Group has always been commited to con�nuous innova�on and the development of cu�ng-edge technologies. The Group's R&D efforts find prac�cal applica�on in collabora�on with various clients, mostly to create new products and applica�ons, or enhance their performance. Despite the complexity of the collabora�ve process with customers, Interpump believes that this approach can deliver the following benefits:

Direct feedback: collabora�ng closely with customers during the R&D process means that immediate, direct feedback on products and services can be obtained.
Synergies: involving customers in the early stages of development enables solu�ons to be created that sa�sfy their needs and preferences. This approach can lead to the iden�fica�on of addi�onal products and applica�ons that are even more innova�ve and suited to the target market.
Risk reduc�on: collabora�ng with customers from the outset helps to reduce risks by iden�fying poten�al issues before they become cri�cal or costly to resolve.
Customer loyalty: involving customers in the development process increases their confidence in Group companies.

1.3.2 Disclosure requirement SBM-2: Interests and views of stakeholders

The Interpump Group periodically interacts with stakeholders to ensure that business decisions align with the expecta�ons and needs of all involved par�es.

For each category of stakeholder iden�fied, the Interpump Group has developed specific communica�ons channels via which to listen periodically to their opinions and understand their points of view and needs. The comments and results deriving from the various forms of stakeholder engagement are considered by top management when upda�ng the list of impacts, risks, and opportuni�es to be monitored.

Interpump Group S.p.A. also recognizes the fundamental importance of discussions with its shareholders and investors, fostering constant, ongoing dialog with a view to crea�ng value over the medium-long term. In par�cular, at the mee�ng held on 4 October 2021, the Board of Directors adopted the "Policy for managing dialog with the Shareholders" in order to govern the most appropriate forms of engagement with the shareholders and significant stakeholders.

The principal stakeholders iden�fied by Interpump are listed below, together with the respec�ve engagement methods and frequency.

Stakeholder category (45a i)	Engagement frequency (45a ii, iii)	Engagement method (45a ii, iii)
Employees and collaborators	Continuous	- Periodic assessment of performance and results - Corporate intranet - Specific training programs - Communications from top management - Collective bargaining - Questionnaire to identify significant topics for inclusion in the materiality matrix
Shareholders	Continuous	- Institutional website - Periodic meetings - Shareholders' meeting - Press releases Adoption of a policy for managing dialog with the shareholders
Local Community	Continuous	- Institutional website - Donations - Meetings for student orientation (apprenticeships/internships)
Competitors	Periodic	- Institutional website - Participation in initiatives, trade fairs, and events
Trade unions	Periodic/ad hoc	Institutional meetings
Trade associations	Continuous	- Institutional meetings - Participation at conferences and information sessions
Providers of finance	Periodic	- Institutional website - Periodic meetings with financial analysts - Press releases
Suppliers	Continuous	- Institutional website - Constant relations with the relevant business functions

Stakeholder category (45a i)	Engagement frequency (45a ii, iii)	Engagement method (45a ii, iii)
		- Participation in initiatives and events
Public administration and control bodies	Continuous	Institutional relations
		- Institutional website
		- Customer service
Customers	Continuous	- Catalogs
		- After-sales service
		- Trade fairs
		- Institutional website
		- Consob and stock exchange
		disclosures
Legislator	Continuous	- Disclosures upon request
		- Reports and financial statements
		- Press releases
		- Shareholders' meetings

Certain specific stakeholder categories - investors, top management, and members of the Board of Directors - were involved directly in assessing the importance of the various sustainability maters.

As specified above, in the sec�on en�tled "Disclosure requirement GOV-1: The role of the administrative, management, and supervisory bodies", the results of this analysis are examined annually by the Board of Directors, with assistance from the Sustainability Commitee. The Board of Directors is periodically informed about the opinions of stakeholders, based on the engagement ac�vi�es scheduled throughout the year.

1.3.3 Disclosure requirement SBM-3: Material impacts, risks, and opportunities and their interaction with strategy and business model

The sustainability impacts, risks, and opportuni�es deemed material by the Interpump Group, following comple�on of the double materiality analysis that underpinned the prepara�on of this Report, are described in the tables presented in the remainder of this sec�on.

The following are specified for each risk and/or opportunity:

where they manifest throughout the value chain;
whether the effects are current and/or expected, and how the Group plans to respond to them in terms of ac�ons included in the 2023-2025 ESG Plan.

The following are specified with regard to the impacts:

whether they are nega�ve or posi�ve and how they affect people or the environment;
the related ac�ons included in the 2023-2025 ESG Strategic Plan;
the �me horizons that are reasonably expected;
whether they arise in the Group's direct opera�ons or within its value chain as a consequence of its business rela�onships.

E1 – Climate change – Impacts (1)
Subtopic	Sub subtopic	Impact	Level of disaggregation	Position within value chain	Description of impact	Current / Potential	Positive/ Negative	Action in ESG Plan to address effect	Time horizon S / M / L
Mitigation		Energy consumptio n and greenhouse gas (GHG) emissions	Group	1_Upstream	The Interpump Group contributes to indirect (Scope 3) greenhouse gas (GHG) emissions from processes within the upstream portion of the value chain, thereby contributing to climate change. Specifically, this relates to: purchased goods and services and upstream transportation.	Current	Negative		L
			Group	3_Downstream	The Interpump Group contributes to indirect (Scope 3) greenhouse gas (GHG) emissions from processes within the downstream portion of the value chain, thereby contributing to climate change. Specifically, this relates to: the use of product sold, downstream distribution and transportation.	Current	Negative		L
			Group	2_Direct operations	The procurement, transportation, and production processes necessary to create the Group's products involve energy consumption from non-renewable sources and the related GHG gas emissions, primarily from the use of fossil fuels (Scope 1) and the purchase of electricity from the grid (Scope 2) to operate the Group's plants. Greenhouse gas emissions contribute to climate change and generate negative impacts on a global level.	Current	Negative	Group carbon intensity reduction	L
Energy		Energy consumptio n and greenhouse	Group	4_Upstream & Downstream	The Interpump Group contributes to indirect (Scope 3) greenhouse gas (GHG) emissions from processes within its value chain, due to	Current	Negative	Group carbon intensity reduction	L

E1 – Climate change –	Impacts (1)
	gas (GHG) emissions			activities linked to fuels and energy (extraction, production, and transportation of fuels consumed within the value chain and for the generation of electricity), thereby contributing to climate change.
		Group	2_Direct operations	The procurement, transportation, and production processes necessary to create the Group's products involve energy consumption from non-renewable sources and the related GHG gas emissions, primarily from the use of fossil fuels (Scope 1) and the purchase of electricity from the grid (Scope 2) to operate the Group's plants. Greenhouse gas emissions contribute to climate change and generate negative impacts on a global level.	Current	Negative	Carbon neutrality strategy, Group carbon intensity reduction, Increased use of renewable energy sources	L

E2 – Pollution – Impacts (2)
Subtopic	Sub subtopic	Impact	Level of disaggregation	Position within value chain	Description of impact	Current / Potential	Positive/ Negative	Action in ESG Plan to address effect	Time horizon S / M / L
Air pollution		Emissions of polluting substances	Group	1_Upstream	Atmospheric emissions include pollutants that have a negative impact on air quality and ecosystems, including human and animal health. During activities within the supply chain, polluting emissions are released into the atmosphere.	Current	Negative		M
Air pollution		Manageme nt of polluting discharges	Group	1_Upstream	Water discharges contain pollutants that have a negative impact on water quality. During activities within the supply chain, polluting discharges are released into the water.	Current	Negative		M

E3 –	Water and marine resources –	Impacts (1)
Subtopic	Sub subtopic	Impact	Level of disaggregation	Position within value chain	Description of impact	Current / Potential	Positive/ Negative	Action in ESG Plan to address effect	Time horizon S / M / L
Water	Water consumption	Consumption of water	Group	1_Upstream	The process of producing raw materials, such as metals, requires large quantities of water. Here too, the consumption of water has an impact on the territories in which companies within the value chain operate.	Current	Negative		S
			Group	2_Direct operations	Although limited, water consumption by Group plants has an impact on the territories in which the business operates, especially if located in a water stressed area, with consequences for its availability for the local community. Among the countries in which the Group operates (32 countries)*, 19 are in medium/low water stress situations, while 13 (including Italy) fall into medium/high stress categories.	Current	Negative	Implementation of a continuous water withdrawal/discharge monitoring system at Group plants (E6)	S
	Water withdrawal		Group	1_Upstream	The process of producing raw materials, such as metals, requires large quantities of water. Here too, the consumption of water has an impact on the territories in which companies within the value chain operate.	Current	Negative		S
			Group	2_Direct operations	Although limited, water consumption by Group plants has an impact on the territories in which the business operates, especially if located in a water stressed area, with consequences	Current	Negative	Implementation of a continuous water withdrawal/discharge monitoring system at Group plants (E6)	S

E3 – Water and marine resources – Impacts (1)
			for its availability for the local community. Among the countries in which the Group operates (32 countries)*, 19 are in medium/low water stress situations, while 13 (including Italy) fall into medium/high stress categories.

E5 – Circular economy – Impacts (2)
Subtopic	Sub subtopic	Impact	Level of disaggregatio n	Position within value chain	Description of impact	Current / Potential	Positive/ Negative	Action in ESG Plan to address effect	Time horizon S / M / L
Resource inflows, including resource use		EcoDesign, circular economy, and product innovation	Group	2_Direct operation s	The Interpump Group is committed to searching continuously for technical solutions capable of reducing environmental impacts and the consumption of raw materials. The adoption of an eco-design policy also aims to promote the selection of raw materials with a lower impact, increase efficiency during product use, improve the ability to repair components, and optimize end-of-life product management.	Current	Positive	Definition of Group Guidelines for the eco-design of products (E7)	M
Waste		Waste production and disposal	GEO macro area: Rest of the world	2_Direct operation s	The quantity, type, and quality of waste generated are a consequence of procurement, production, and product EOL activities. The Group directly generates both hazardous and non-hazardous waste, with the primary waste being ferrous metal filings and turnings (18.9 thousand tonnes in 2022). If not properly managed, waste disposal can generate environmental impacts in the affected territories. This impact depends not only on the specific regulations of the various countries in which the Group operates, but also on the local infrastructure available to manage waste.	Current	Negative	Pilot project in the circular economy field (E4), followed by applicability analysis (E5)	S
Waste		Waste production and disposal	GEO macro area: Europe, North America, Pacific Area	2_Direct operation s	The quantity, type, and quality of waste generated are a consequence of procurement, production, and product EOL activities. The Group directly generates both hazardous and non-hazardous waste, with the primary waste being ferrous metal filings and turnings (18.9 thousand tonnes in 2022). If not properly managed, waste disposal can generate environmental impacts in the affected territories. This impact depends not only on the specific regulations of the various countries in which the Group operates, but also on the local infrastructure available to manage waste.	Current	Negative	Pilot project in the circular economy field (E4), followed by applicability analysis (E5)	S

S1 – Own workforce – Impacts (4)
Subtopic	Sub-subtopic	Impact	Level of disaggregation	Position within value chain	Description of impact	Current / Potential	Positive/ Negative	Action in ESG Plan to address effect	Time horizon S / M / L
Equal treatment and opportunities for all	Training and skills development	Organization of resources and human capital	Group	2_Direct operations	Increase the skills of employees via the implementation of training pathways for the entire workforce, based on professional profiles and the required knowledge.	Potential	Positive	Increase average per-capita hours of non-mandatory training at Group level (S3)	M
	Gender equality and equal pay for equal work	Protection of human and workers' rights	GEO macro area: Rest of the world	2_Direct operations	The Group operates in multiple countries worldwide, some of which are more prone to workplace abuses and disputes, low protection of diversity, and discrimination, exposing Interpump to the risk of providing inadequate employment conditions for workers. Such circumstances may lead to the violation of human rights.	Potential	Negative	Assess the working environment to promote diversity & inclusion principles (pilot project) (S7)	S
	Employment and inclusion of people with disabilities		GEO macro area: Rest of the world	2_Direct operations	The Group operates in multiple countries worldwide, some of which are more prone to workplace abuses and disputes, low protection of diversity, and discrimination, exposing Interpump to the risk of providing inadequate employment conditions for workers. Such circumstances may lead to the violation of human rights.	Potential	Negative	Assess the working environment to promote diversity & inclusion principles (pilot project) (S7)	S
	Measures against violence and harassment in the workplace		GEO macro area: Rest of the world	2_Direct operations	The Group operates in multiple countries worldwide, some of which are more prone to workplace abuses and disputes, low protection of diversity, and discrimination, exposing Interpump to the risk of providing inadequate employment conditions for workers. Such	Potential	Negative	Assess the working environment to promote diversity & inclusion principles (pilot project) (S7)	S

					circumstances may lead to the violation of
					human rights.
	Diversity		GEO macro area: Rest of the world	2_Direct operations	The Group operates in multiple countries worldwide, some of which are more prone to workplace abuses and disputes, low protection of diversity, and discrimination, exposing Interpump to the risk of providing inadequate employment conditions for workers. Such circumstances may lead to the violation of human rights.	Potential	Negative	Assess the working environment to promote diversity & inclusion principles (pilot project) (S7)	S
Working conditions	Health and safety	Occupational health and safety	GEO macro area: Rest of the world	2_Direct operations	Processes related to procurement, production, and distribution activities may pose certain health and safety risks for workers depending on their duties, such as the use of heavy machinery, manual handling, repetitive work, etc.; these risks may cause workplace injuries, with potentially serious consequences for individuals.	Potential	Negative	Maintain the 2022- 24 "average injury rate" for employees below the average of the last three years, i.e., below the threshold of 2.2 (S1) Extend ISO 45001 to all Group production companies (S2)	S
Other work related rights	Confidentiality	Management of sensitive data and information	Group	2_Direct operations	Information systems are becoming an ever more fundamental part of the Group's business, and ensuring their security is a priority. If not adequately protected, sensitive employee data could be disclosed externally and threaten privacy compliance.	Potential	Negative		S

S1 – Own workforce – Impacts (4)

S2 – Workers in the value chain – Impacts (2)
Subtopic	Sub-subtopic	Impact	Level of disaggregation	Position within value chain	Description of impact	Current / Potential	Positive/ Negative	Action in ESG Plan to address effect	Time horizon S / M / L
Other work related rights	Confidentiality	Management of sensitive data and information	Group	2_Direct operations	Information systems are becoming an ever more fundamental part of the Group's business, and ensuring their security is a priority. If not adequately protected, the sensitive data of suppliers and their employees could be disclosed externally and threaten privacy compliance.	Potential	Negative		S
	Child labor	Protection of human and workers' rights	GEO macro area: Rest of the world	1_Upstream	The Group operates globally and purchase from suppliers present in multiple countries worldwide, some of which are more prone to workplace abuses and disputes, low protection of diversity, and discrimination, exposing these firms to the risk of providing inadequate employment conditions for workers. Such circumstances may lead to the violation of human rights.	Potential	Negative		S
	Forced labor		GEO macro area: Rest of the world	1_Upstream	The Group operates globally and purchase from suppliers present in multiple countries worldwide, some of which are more prone to workplace abuses and disputes, low protection of diversity, and discrimination, exposing these firms to the risk of providing inadequate employment conditions for workers. Such circumstances may lead to the violation of human rights.	Potential	Negative		S

S4 – Consumers and end-users – Impacts (1)
Subtopic	Sub-subtopic	Impact	Level of disaggregation	Position within value chain	Description of impact	Current / Potential	Positive/ Negative	Action in ESG Plan to address effect	Time horizon S / M / L
Impacts related to the information provided to consumers and/or end users	Confidentiali ty	Manageme nt of sensitive data and informatio n	Group	2_Direct operations	Information systems are becoming an ever more fundamental part of the Group's business, and ensuring their security is a priority. If not adequately protected, sensitive customer data could be disclosed externally and threaten privacy compliance.	Potential	Negative		S

G1 – Business conduct – Impacts (1)
Subtopic	Sub subtopic	Impact	Level of disaggregation	Position within value chain	Description of impact	Current / Potential	Positive/ Negative	Action in ESG Plan to address effect	Time horizon S / M / L
Management of relations with suppliers, including payment practices		Sustainable practices within the supply chain	GEO macro area: Rest of the world	2_Direct operations	The lack of ESG oversight within the supply chain and failure to promote more sustainable practices among suppliers could lead to potential violations of human rights and the exploitation of local communities and the environment, especially in the most upstream stages, such as the mining of metals.	Potential	Negative	Development of a supplier rating model applying environmental and social criteria (pilot project) (S5) Extension of the model at Group level (S6)	M

The following table presents the risks and opportuni�es iden�fied from the 2024 double materiality analysis.

E1 – Climate change – Risks (2) and Opportunities (2)
Subtopic	Sub-subtopic	Risk / Opportunity	Factor	Level of disaggregation	Position within value chain	Description	Time horizon S / M / L
Climate change mitigation		Opportunities related to the definition of a climate strategy	Actions	GEO macro area: Europe, North America, Pacific Area	2_Direct operations	Monitoring emissions and the definition of a climate strategy are priorities in the Interpump ESG Plan. This ensures that the business remains aligned with growing stakeholder pressures related to climate change. Legislative and regulatory emphasis is also increasing on this topic (EU CSRD). This has encouraged the introduction of tax incentives and assisted financing, opening new pathways for innovative products, services, investments, and strategic market opportunities that can enhance the brand image and market position of the Group.	L
		Opportunities related to the definition of a climate strategy	Actions	GEO macro area: Rest of the world	2_Direct operations	Monitoring emissions and the definition of a climate strategy are priorities in the Interpump ESG Plan. This ensures that the business remains aligned with growing stakeholder pressures related to climate change. Legislative and regulatory emphasis is also increasing on this topic (EU CSRD). This has encouraged the introduction of tax incentives and assisted financing, opening new pathways for innovative products, services, investments, and strategic market opportunities that can enhance the brand image and market position of the Group.	L
		Operational and reputational opportunities related to the energy transition	Dependencies	Group	2_Direct operations	By pursuing financial opportunities linked to the energy transition, Interpump could gain reputational benefits, thereby attracting environmentally-conscious clients and investors. Additionally, the adoption of energy-efficient technologies and sustainable practices leads to significant cost savings. For example, investing in high-energy-efficiency technologies for offices and production processes reduces electricity consumption, with a consequent reduction in operating expenses.	M

E1 – Climate change – Risks (2) and Opportunities (2)
	Operational and reputational risks related to failure to mitigate climate change	Impact	GEO macro area: Europe, North America, Pacific Area	2_Direct operations	Climate change will result in increased regulatory pressures and obligations for undertakings to reduce their greenhouse gas emissions. Such obligations could generate higher operating costs for IPG. Moreover, customer preferences are shifting towards organizations that are committed to mitigating their GHG emissions. If IPG fails to position itself among these companies, it could suffer reputational damage, which may lead to losses in market share and revenue.	M
Climate change adaptation	Opportunities related to the definition of a climate strategy	Actions	GEO macro area: Europe, North America, Pacific Area	2_Direct operations	Monitoring emissions and the definition of a climate strategy are priorities in the Interpump ESG Plan. This ensures that the business remains aligned with growing stakeholder pressures related to climate change. Legislative and regulatory emphasis is also increasing on this topic (EU CSRD). This has encouraged the introduction of tax incentives and assisted financing, opening new pathways for innovative products, services, investments, and strategic market opportunities that can enhance the brand image and market position of the Group.	L
	Opportunities related to the definition of a climate strategy	Actions	GEO macro area: Rest of the world	2_Direct operations	Monitoring emissions and the definition of a climate strategy are priorities in the Interpump ESG Plan. This ensures that the business remains aligned with growing stakeholder pressures related to climate change. Legislative and regulatory emphasis is also increasing on this topic (EU CSRD). This has encouraged the introduction of tax incentives and assisted financing, opening new pathways for innovative products, services, investments, and strategic market opportunities that can enhance the brand image and market position of the Group.	L

Monitoring emissions and the definition of a climate strategy are priorities in the Interpump ESG Plan. This ensures that the business remains aligned with growing stakeholder pressures related to climate change. Legislative and regulatory emphasis is also increasing on this topic (EU CSRD). This has encouraged the introduction of tax incentives and assisted financing, opening new pathways for innovative products, services, investments, and

Opportunities related to the definition of a climate strategy

Actions


Operational and reputational opportunities related to the energy transition	Dependencies	Group	2_Direct operations	By pursuing financial opportunities linked to the energy transition, Interpump could gain reputational benefits, thereby attracting environmentally-conscious clients and investors. Additionally, the adoption of energy-efficient technologies and sustainable practices leads to significant cost savings. For example, investing in high-energy-efficiency technologies for offices and production processes reduces electricity consumption, with a consequent reduction in operating expenses.
Operational and reputational risks related to failure to mitigate climate change	Impact	GEO macro area: Europe, North America, Pacific Area	2_Direct operations	Climate change will result in increased regulatory pressures and obligations for undertakings to reduce their greenhouse gas emissions. Such obligations could generate higher operating costs for IPG. Moreover, customer preferences are shifting towards organizations that are committed to mitigating their GHG emissions. If IPG fails to position itself among these companies, it could suffer reputational damage, which may lead to losses in market share and revenue.
Physical risks related to failure to mitigate climate change	Impact	Group	2_Direct operations	Climate-related events, such as extreme weather conditions, can cause damage to physical assets, requiring repair costs, replacements, or the impairment of affected assets. The increasing frequency and severity of such events could also necessitate investments in higher insurance premiums and general adaptation measures, leading to increased operating costs. Legal risks are also significant, as such issues could result in lawsuits and financial liabilities.

GEO macro area: Europe, North America, Pacific Area

2_Direct operations

Energy


				strategic market opportunities that can enhance the brand image and market position of the Group.
Opportunities related to the definition of a climate strategy	Actions	GEO macro area: Rest of the world	2_Direct operations	Monitoring emissions and the definition of a climate strategy are priorities in the Interpump ESG Plan. This ensures that the business remains aligned with growing stakeholder pressures related to climate change. Legislative and regulatory emphasis is also increasing on this topic (EU CSRD). This has encouraged the introduction of tax incentives and assisted financing, opening new pathways for innovative products, services, investments, and strategic market opportunities that can enhance the brand image and market position of the Group.	L
Operational and reputational opportunities related to the energy transition	Dependencies	Group	2_Direct operations	By pursuing financial opportunities linked to the energy transition, Interpump could gain reputational benefits, thereby attracting environmentally-conscious clients and investors. Additionally, the adoption of energy-efficient technologies and sustainable practices leads to significant cost savings. For example, investing in high-energy-efficiency technologies for offices and production processes reduces electricity consumption, with a consequent reduction in operating expenses.	M

E3 – Water and marine resources – Risks (2) and Opportunities (2)
Subtopic	Sub-subtopic	Risk / Opportunity	Factor	Level of disaggregation	Position within value chain	Description	Time horizon S / M / L
Water	Water consumption	Reputational and operational risk related to water consumption within the value chain	Impact	Group	1_Upstream	The production and processing of steel and ferrous metals require large quantities of water, particularly for cooling operations and for the emulsions used in the cold-rolling processes. If the resource is withdrawn from areas subject to high water stress, the situation could become severe, considering the risk of increased droughts and water scarcity, with cascading negative effects on Interpump's business.	M
	Water withdrawal	Reputational and operational risk related to water consumption within the value chain	Impact	Group	1_Upstream	The production and processing of steel and ferrous metals require large quantities of water, particularly for cooling operations and for the emulsions used in the cold-rolling processes. If the resource is withdrawn from areas subject to high water stress, the situation could become severe, considering the risk of increased droughts and water scarcity, with cascading negative effects on Interpump's business.	M
	Water consumption	Operational and compliance opportunities related to water resource use	Dependencies	Group	2_Direct operations	Undertakings should explore opportunities to reduce water consumption, for example, through the use of closed-loop water systems. This becomes particularly relevant when water availability may be limited or sourced from water-stressed areas. Water efficiency measures can reduce the amount of wastewater generated and lower wastewater treatment costs and/or discharge fees. Moreover, adopting cutting edge practices can foster positive reputational effects among stakeholders.	M
	Water withdrawal	Operational and compliance opportunities related to	Dependencies	Group	2_Direct operations	Undertakings should explore opportunities to reduce water consumption, for example, through the use of closed-loop water systems. This becomes particularly relevant when water availability may be limited or sourced from water-stressed areas. Water efficiency measures can reduce the amount of wastewater generated and lower wastewater treatment costs	M

E3 – Water and marine resources – Risks (2) and Opportunities (2)
	water resource use			and/or discharge fees. Moreover, adopting cutting edge practices can foster positive reputational effects among stakeholders.

Subtopic	Sub-subtopic	Risk / Opportunity	Factor	Level of disaggregation	Position within value chain	Description	Time horizon S / M / L
Resource inflows, including resource use		Reputational and operational opportunities linked to adopting a sustainable design policy	Actions	Group	2_Direct operations	The Ecodesign Policy will help to steer procurement choices towards solutions more aligned with sustainability standards, while enhancing the efficiency of production processes. In this way, the consumption and extraction of materials will be minimized, thus reducing such potential impacts as biodiversity loss and the depletion of ecosystems. A positive reputational impact among customers can reasonably be expected, with stronger commercial ties (impact on revenues), as well as the optimization of procurement (impact on costs).	M
		Reputational and operational risk linked to the use of virgin metals	Dependencies	Group	2_Direct operations	The processes needed to produce virgin metals generate significant environmental impacts in terms of emissions, since they are very energy-intensive. In addition, those processes participate in the production of scrap, such as metal turnings. With stronger regulatory pressure to curb atmospheric emissions (EU ETS, CBAM) and possible crackdowns on waste, upstream activities could sometimes be found non-compliant with local laws and regulations. These situations could have knock-on effects for Interpump in terms of reputational damage, and even reduced demand from B2B customers.	S
	Reputational opportunities linked to the procurement of recycled metals	Dependencies	Group	2_Direct operations	Opting to purchase recycled metals can save up to 20 times the energy needed for extraction, with direct positive impacts on production costs and CO2 emissions. In addition, the use of recycled metal cuts air pollution, water pollution, and water usage. These positive impacts on the Interpump value chain will boost the Group's image and could stimulate sales to customers with a greater focus on environmental	M

matters.

E5 – Circular economy – Risks (1) and Opportunities (4)

E5 – Circular economy – Risks (1) and Opportunities (4)
	Operational opportunities linked to sustainable product design	Impact	Group	2_Direct operations	The introduction of eco-design practices and product life cycle assessments (LCA), carried out in collaboration with research partners, may improve the efficiency of raw material usage and industrial processes, thus helping to contain costs. Furthermore, the offer of more sustainable solutions (energy-efficient, longer-lasting, repairable, readily disposable, etc.) may represent a distinctive factor in the marketplace, thus increasing sales and revenues while also responding to future regulatory pressures (lEU Ecodesign for Sustainable Products Regulation).	M
Waste	Reputational and operational opportunities linked to adopting a sustainable design policy	Actions	Group	2_Direct operations	The Ecodesign Policy will help to steer procurement choices towards solutions more aligned with sustainability standards, while enhancing the efficiency of production processes. In this way, the consumption and extraction of materials will be minimized, thus reducing such potential impacts as biodiversity loss and the depletion of ecosystems. A positive reputational impact among customers can reasonably be expected, with stronger commercial ties (impact on revenues), as well as the optimization of procurement (impact on costs).	M
	Adoption of the ecodesign policy will also optimize resource usage throughout the entire value chain	Actions	Group	4_Upstream & Downstream	Adoption of the ecodesign policy will also help to optimize resource usage throughout the entire value chain and the collaborations arranged with key suppliers on ad hoc projects	M

E5 – Circular economy – Risks (1) and Opportunities (4)
		Operational opportunities linked to sustainable product design	Impact	Group	2_Direct operations	The introduction of eco-design practices and product life cycle assessments (LCA), carried out in collaboration with research partners, may improve the efficiency of raw material usage and industrial processes, thus helping to contain costs. Furthermore, the offer of more sustainable solutions (energy-efficient, longer-lasting, repairable, readily disposable, etc.) may represent a distinctive factor in the marketplace, thus increasing sales and revenues while also responding to future regulatory pressures (lEU Ecodesign for Sustainable Products Regulation).	M

Subtopic	Sub-subtopic	Risk / Opportunity	Factor	Level of disaggregation	Position within value chain	Description	Time horizon S / M / L
Equal treatment and opportunities for all	Gender equality	Operational opportunity linked to respecting employee diversity	Actions	GEO macro area: Europe, North America, Pacific Area	2_Direct operations	A diverse workforce can spark greater innovation and creativity, thus driving economic growth and expansion of the business. Furthermore, striving to respect diversity is an element that could better attract and retain talent, cutting employee turnover costs and reducing the legal risks deriving from workplace discrimination claims.	M
	and equal pay for equal work	Operational opportunity linked to GEO macro area: 2_Direct Actions respecting Rest of the world operations employee diversity discrimination claims.	A diverse workforce can spark greater innovation and creativity, thus driving economic growth and expansion of the business. Furthermore, striving to respect diversity is an element that could better attract and retain talent, cutting employee turnover costs and reducing the legal risks deriving from workplace	M
	Measures against violence and harassment in the workplace	Operational opportunity linked to respecting employee diversity	Actions	Group	2_Direct operations	A diverse workforce can spark greater innovation and creativity, thus driving economic growth and expansion of the business. Furthermore, striving to respect diversity is an element that could better attract and retain talent, cutting employee turnover costs and reducing the legal risks deriving from workplace discrimination claims.	M
	Diversity	Operational opportunity linked to respecting employee diversity	Actions	Group	2_Direct operations	A diverse workforce can spark greater innovation and creativity, thus driving economic growth and expansion of the business. Furthermore, striving to respect diversity is an element that could better attract and retain talent, cutting employee turnover costs and reducing the legal risks deriving from workplace discrimination claims.	M

S1 – Own workforce – Risks (2) and Opportunities (3)

S1 – Own workforce – Risks (2) and Opportunities (3)
	Training and skills development	Operational opportunity linked to a more productive and engaged workplace (sense of belonging among employees)	Actions	Group	2_Direct operations	Training initiatives designed to promote for personnel growth and enhance career opportunities can lift employee morale and engagement. The mobility program can also build a sense of belonging and deepen the business awareness of workers. This may enhance internal productivity and the attractiveness of Interpump in the jobs market, as a desirable working environment for experienced personnel.	M
	Employment and inclusion of people with disabilities	Operational opportunity linked to respecting employee diversity	Actions	Group	2_Direct operations	A diverse workforce can spark greater innovation and creativity, thus driving economic growth and expansion of the business. Furthermore, striving to respect diversity is an element that could better attract and retain talent, cutting employee turnover costs and reducing the legal risks deriving from workplace discrimination claims.	M
Working conditions		Operational risks linked to personnel turnover	Dependencies	Group	2_Direct operations	Low workforce morale and the erosion of trust can have a serious impact on the operations and financial performance of a business. These factors can lead to greater employee turnover, lower productivity, additional training and hiring costs, and reputational damage.	M
Other work related rights	Confidentiality	Compliance risks linked to data breaches	Impact	Group	2_Direct operations	The management of sensitive data belonging to employees, suppliers, and customers is governed by national and international privacy protection laws. If IT systems are not properly protected from unauthorized physical access, or do not comply with all regulatory requirements, Interpump could face fines and penalties.	S

S1 – Own workforce – Risks (2) and Opportunities (3)
	Child labor	Reputational and operational risks linked to failure to protect the human rights of workers	Impact	GEO macro area: Rest of the world	2_Direct operations	If the human rights of Interpump's workers are violated due to inadequate measures and protocols, the Group could face more disputes, penalties, employee turnover, and reputational losses.	S
	Forced labor	Reputational and operational risks linked to failure to protect the human rights of workers	Impact	GEO macro area: Rest of the world	2_Direct operations	If the human rights of Interpump's workers are violated due to inadequate measures and protocols, the Group could face more disputes, penalties, employee turnover, and reputational losses.	S

S2 – Workers in the Value Chain – Risks (2) and Opportunities (1)
Subtopic	Sub-subtopic	Risk / Opportunity	Factor	Level of disaggregation	Position within value chain	Description	Time horizon S / M / L
Other work related rights	Child labor	Operational and reputational risks due to shortcomings in the due diligence work performed on the value chain	Dependencies	GEO macro area: Rest of the world	1_Upstream	Interpump must carry out careful due diligence work on all suppliers, in order to avoid situations that are unlawful or contrary to the regulations protecting workers (including human rights), the environment, and society, while ensuring consistent ethical conduct and anti-corruption compliance. Should the regulations governing this topic become tighter (EU CSDDD) and adverse event occur, Interpump could be subjected to penalties and suffer reputational losses.	S
	Forced labor	Operational and reputational risks due to shortcomings in the due diligence work performed on the value chain	Dependencies	GEO macro area: Rest of the world	1_Upstream	Interpump must carry out careful due diligence work on all suppliers, in order to avoid situations that are unlawful or contrary to the regulations protecting workers (including human rights), the environment, and society, while ensuring consistent ethical conduct and anti-corruption compliance. Should the regulations governing this topic become tighter (EU CSDDD) and adverse event occur, Interpump could be subjected to penalties and suffer reputational losses.	S
	Child labor	Reputational opportunity linked to the promotion of human rights in the value chain	Impact	GEO macro area: Europe, North America, Pacific Area	1_Upstream	By ensuring that suppliers respect the human rights of their worker, even with the provision of support to them to ensure the adoption of good practices, Interpump can stand out in the market and to customers as a worker-friendly brand.	M


Child labor	Reputational opportunity linked to the promotion of human rights in the value chain	Impact	GEO macro area: Rest of the world	1_Upstream	By ensuring that suppliers respect the human rights of their worker, even with the provision of support to them to ensure the adoption of good practices, Interpump can stand out in the market and to customers as a worker-friendly brand.	M
Forced labor	Reputational opportunity linked to the promotion of human rights in the value chain	Impact	GEO macro area: Europe, North America, Pacific Area	1_Upstream	By ensuring that suppliers respect the human rights of their worker, even with the provision of support to them to ensure the adoption of good practices, Interpump can stand out in the market and to customers as a worker-friendly brand.	M
Forced labor	Reputational opportunity linked to the promotion of human rights in the value chain	Impact	GEO macro area: Rest of the world	1_Upstream	By ensuring that suppliers respect the human rights of their worker, even with the provision of support to them to ensure the adoption of good practices, Interpump can stand out in the market and to customers as a worker-friendly brand.	M
Child labor	Operational and reputational risks due to shortcomings in the due diligence work performed on the value chain	Dependencies	GEO macro area: Europe, North America, Pacific Area	1_Upstream	Interpump must carry out careful due diligence work on all suppliers, in order to avoid situations that are unlawful or contrary to the regulations protecting workers (including human rights), the environment, and society, while ensuring consistent ethical conduct and anti-corruption compliance. Should the regulations governing this topic become tighter (EU CSDDD) and adverse event occur, Interpump could be subjected to penalties and suffer reputational losses.	S

refurbishment and other services to customer, thus tapping in new market opportunities. In addition, the tailoring of products for specific environments,

S2 –	Workers in the Value Chain –	Risks (2) and Opportunities (1)
	Forced labor	Operational and reputational risks due to shortcomings in the due diligence work performed on the value chain	Dependencies	GEO macro area: Europe, North America, Pacific Area	1_Upstream	Interpump must carry out careful due diligence work on all suppliers, in order to avoid situations that are unlawful or contrary to the regulations protecting workers (including human rights), the environment, and society, while ensuring consistent ethical conduct and anti-corruption compliance. Should the regulations governing this topic become tighter (EU CSDDD) and adverse event occur, Interpump could be subjected to penalties and suffer reputational losses.	S
	Confidentiality	Compliance risks linked to data breaches	Impact	Group	1_Upstream	The management of sensitive data belonging to employees, suppliers, and customers is governed by national and international privacy protection laws. If IT systems are not properly protected from unauthorized physical access, or do not comply with all regulatory requirements, Interpump could face fines and penalties.	S
S4 - Consumers and End Users –		Risks (2) and Opportunities (2)
Subtopic	Sub-subtopic	Risk / Opportunity	Factor	Level of disaggregation	Position within value chain	Description	Time horizon S / M / L
Impacts related to the information provided to consumers and/or end-users	Confidentiality	Compliance risks linked to data breaches	Impact	Group	3_Downstream	The management of sensitive data belonging to employees, suppliers, and customers is governed by national and international privacy protection laws. If IT systems are not properly protected from unauthorized physical access, or do not comply with all regulatory requirements, Interpump could face fines and penalties.	S
Social inclusion of consumers	Access to products and	Operational opportunities	Dependencies	Group	3_Downstream	With product-as-a-service demand climbing alongside the traditional sale of finished products, Interpump can deliver maintenance, repair,	M

and/or end users

services

linked to products and services


				the addition of cutting-edge technologies that turn products into solutions, and the training of customers on the effective use and maintenance of products, are all services that can generate recurring income streams and enhance customer loyalty.
Operational risk from failure to meet customer expectations	Dependencies	Group	3_Downstream	Lately, customer preferences are turning towards products with lower environmental footprints, better recycling and reuse characteristics, and ethical supply chains. Should Interpump's R&D activities fail to take heed, long-term customer relations could suffer, with impacts on sales, revenues, and market standing.	M
Opportunities deriving from innovative, more sustainable products and the ability to intercept new market trends	Dependencies	Group	3_Downstream	Customers increasing see a range of sustainable, innovative products as a plus factor, making it a potential driver of business growth and profitability. Accordingly, Interpump can benefit from this opportunity by promoting product performance from a standpoint of sustainable design, lifespan, energy efficiency, and disposal options.	L

G1 – Governance disclosures – Risks (1) and Opportunities (1)
Subtopic	Sub-subtopic	Risk / Opportunity	Factor	Level of disaggregation	Position within value chain	Description	Time horizon S / M / L
Management of relations with suppliers, including payment practices		Reputational and compliance risks due to weak oversight of the supply chain	Impact	GEO macro area: Rest of the world	1_Upstream	Failure to manage the supply chain in a responsible and sustainable manner may generate reputational losses among partners and customers, which demand ever higher environmental and social standards, as well as losses of market share. These cases could result in the payment of penalties should product non-conformities be linked with failures to comply with the regulations governing raw materials (EU CSDDD and Deforestation Regulation).	S
Corporate culture		Operational opportunity due to the existence of a corporate level committee	Actions	Group	2_Direct operations	The existence of a Group Sustainability Committee that coordinates all high-level decisions and initiatives from a sustainability standpoint means that Interpump has access to strategic guidance and an overview of active projects. In this way, resources can be managed efficiently within the Group.	M

The expected financial effects of material impacts, risks, and opportuni�es will be iden�fied in the upcoming transi�on plan and the new 2026-2028 ESG Strategic Plan.

As shown in the tables presented above, there are no material risks or opportuni�es to be addressed by the business in the short term. Furthermore, the Group does not believe that any exis�ng risks significantly increase the likelihood of major adjustments to its assets and liabili�es in the coming year.

The Interpump Group has developed a business strategy that takes into account material impacts and risks, as well as the opportuni�es that may arise from them. Specifically, the Group has implemented a Risk Assessment process - coordinated by the Internal Audit, Risk & Compliance Func�on and updated annually - that takes sustainability maters into account.

Analysis of these tables shows that, at present, no impacts, risks, or opportuni�es are reported by reference to specific addi�onal informa�on provided elsewhere.

1.4 Management of Impacts, Risks, and Opportuni�es

1.4.1 Disclosure requirement IRO-1: Description of the process to identify and assess material impacts, risks, and opportunities

The ESRS standard establishes that a sustainability mater can be material from one or both of the following standpoints:

impact dimension: a sustainability mater is material when it relates to the actual or poten�al impacts, whether posi�ve or nega�ve, of the business on people or the environment over the short, medium, or long term. These impacts can stem from ac�vi�es under the direct control of the business or from those within the upstream and downstream value chains.
financial dimension: a sustainability mater is material if it could, or does, give rise to significant financial impacts on the business, whether nega�ve (risks) or posi�ve (opportuni�es) in nature. These risks and opportuni�es can stem from ac�vi�es under the direct control of the business or from those within the upstream and downstream value chains.

The Group has carried out a double materiality analysis, explained below, to iden�fy the material sustainability maters.

Impact Materiality

In order to iden�fy the material sustainability maters, the Interpump Group started by iden�fying and assessing its impacts on people and the environment. This process was carried out in three phases:

Phase 1 - Understanding the context in which the Interpump Group operates: ac�vi�es, business rela�onships, and geographies

The following were considered in order to iden�fy the material impacts of the Interpump Group on people and the environment:

all produc�ve ac�vi�es, as detailed in the earlier sec�on en�tled "Disclosure requirement SBM-1: Strategy, business model, and value chain".
the key business rela�onships of the Interpump Group, as detailed in the earlier sec�on en�tled "Disclosure requirement SBM-1: Strategy, business model, and value chain".

all the geographies in which the Interpump Group operates.
In this regard, the Group which operates globally has analyzed the importance of sustainability maters with reference to two geographical macro-areas: Europe, North America, Pacific Area and Rest of the world. This approach was adopted to highlight the impacts, risks, and opportuni�es (IROs) that mater most to the Group.

Phase 2 - Iden�fica�on of the actual and poten�al impacts of the Group, including via dialog with the stakeholders

Stakeholder involvement was important, especially for the iden�fica�on of actual and poten�al nega�ve impacts that could influence their decisions about the Group. For a detailed profile of the stakeholders of the Interpump Group and the related engagement processes, see the earlier sec�on en�tled "Disclosure requirement SBM-2: Interests and views of stakeholders".

Phase 3 - Assessment and ranking of the materiality of the impacts iden�fied

Two different scales were used to assess and rank the nega�ve and posi�ve impacts iden�fied:

	Negative impacts	Positive impacts
	Negative impacts were ranked by considering their likelihood of occurrence and their severity, based on the following factors:	Positive impacts were ranked by considering their likelihood of occurrence, as well as their scale and scope.
o	Scale how grave the impact is
o	Scope how widespread the impact is within the value chain concerned
o	Irremediable character to what extent a negative impact can be remediated

The Interpump Group assessed each aspect that determines the severity of an impact - scale, scope, irremediable character - scoring them from 1 to 5. The addi�on of these three separate scores determined the overall severity weigh�ng, in a range from 3 to 15. This value was then mul�plied by the likelihood of occurrence, which was considered to range from 0.2 (unlikely) to 1 (certain). All impacts with a final score of less than 5 were deemed to be immaterial; conversely, those above that threshold were deemed t o be material.

Financial Materiality

A�er having iden�fied the material sustainability impacts, the Group iden�fied and assessed the sustainability risks and opportuni�es that have, or could have, short-, medium-, or long-term financial impacts on the Interpump Group.

These risks and opportuni�es were correlated with:

the material impacts iden�fied as an output from the Impact Materiality analysis;
the dependencies, being the external factors on which the organiza�on relies in order to carry out its ac�vi�es and achieve its objec�ves;
ac�ons included in the 2023-2025 ESG Plan in order to mi�gate nega�ve impacts and/or maximize any posi�ve sustainability impacts.

The importance of each risk and opportunity was assessed and ranked as a combina�on of their likelihood of occurrence and their an�cipated financial effects.

Definition of material sustainability topics

The results of the two analyses – Impact Materiality and Financial Materiality – were aggregated into material impacts, risks, and opportuni�es, which were then used to define the material sustainability maters.

The Interpump Group involved certain stakeholders - investors, top management, and members of the Board of Directors - in the process of assessing the importance of the material sustainability maters. In addi�on, as specified in the earlier sec�on en�tled "Disclosure requirement GOV-1: The role of the administrative, management, and supervisory bodies", the Board - assisted by the Sustainability Commitee - is involved, at least yearly, in an examina�on of the results of the process to iden�fy material topics for inclusion in the Sustainability Report.

In order to map risks fully, the Enterprise Risk Management (ERM) Model iden�fies sustainability risks using an approach that qualifies risk events as significant if they impacts sustainability factors or topics deemed important for Interpump, including for the purpose of disclosure in this Report. This approach takes account of the assessments made for non-financial repor�ng purposes, including the outputs from the double materiality analysis. For each impact, the controls implemented by the Group were also iden�fied.

As this sec�on shows, the process followed to iden�fy the material impacts considered all the produc�ve ac�vi�es carried out by the Interpump Group. As for the assump�ons made when preparing this Report, the earlier sec�on en�tled "Disclosure requirement BP-2 – Disclosures in relation to specific circumstances" shows that the only metrics containing es�mates are those rela�ng to Scope 3 Greenhouse Gas Emissions and Payment Prac�ces.

The Interpump Group's 2023 Consolidated Non-Financial Statement was prepared in accordance with the GRI repor�ng standards issued by the Global Repor�ng Ini�a�ve. As a consequence of the change in applicable standards, it was not considered possible to compare the process of assessing the importance of sustainability maters carried during the current repor�ng year, with that carried out in the prior year.

Based on the double materiality analyses already carried out by the Group, the IROs linked to biodiversity are not deemed to be material. Given the limited impact of this topic on direct opera�ons, aten�on was focused on the first cluster of Tier 1 suppliers. That analysis sought to assess the importance atached to biodiversity by the Group's main suppliers of metal semi-finished goods, which are mostly based in Italy. Their registered addresses were used as a proxy for the loca�on of the produc�on plants, in order to check their proximity to MAB (Man and the Biosphere Programme) areas. While this was only a par�al analysis, needing more work over �me, biodiversity does not currently appear to be a material topic for this first cluster of suppliers.

1.4.2 Disclosure requirement IRO-2: Disclosure requirements in ESRS covered by the undertaking's sustainability report

Following comple�on of the double materiality analysis, eight topics emerged as material. The following table provides an index to the pages where the respec�ve disclosures can the found:

ESRS	Subtopic / sub-subtopic	Page
	Climate change adaptation	125
E1 - Climate change	Climate change mitigation	125
	Energy	125
E2 - Pollution	Air pollution	141
	Soil pollution	141
E3 - Water and	Water consumption	143
marine resources	Water withdrawals	143
E5 - Resource use	Resource inflows, including resource use	149
and circular economy	Waste	149
	Working conditions - Health and safety	156
	Equal treatment and opportunities for all	156
S1 – Own workforce	Protection of human rights, non-discrimination and equal opportunities	156
	Other work-related rights - Privacy	156
S2 – Workers in the value chain	Protection of human rights, non-discrimination and equal opportunities	173
	Other work-related rights - Privacy	173
S4 – Consumers and end-users	Impacts related to the information provided to consumers and/or end-users - Privacy	177
G1 – Business conduct	Management of relations with suppliers, including payment practices	181

The following table below lists all the data points from EU regula�ons other than Delegated Regula�on 2023/5303 on European Sustainability Repor�ng Standards. The "Sec�on" column indicates the loca�on of each element within the Report or, alterna�vely, the wording "Not significant" if the topic was not deemed material following the double materiality analysis:

Disclosure requirement and related	datapoi nt	SFDR reference11	Pillar 3 reference (12)	Benchmark Regulation reference (13)	Section
ESRS 2 GOV-1 Board's gender diversity	21-d	Annex I, Table 1, Indicator no. 13		Commission Delegated Regulation (EU) 2020/181615, Annex II	1.2.1
ESRS 2 GOV-1 Percentage of board members who are independent	21-e			Commission Delegated Regulation (EU) 2020/1816, Annex II	1.2.1
ESRS 2 GOV-4 Statement on due diligence	30	Annex I, Table 3, Indicator no. 10			1.2.4
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities	40-d-i	Annex I, Table 1, Indicator no. 4	Article 449a Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453 16 Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk	Commission Delegated Regulation (EU) 2020/1816, Annex II	Not significant
ESRS 2 SBM-1 Involvement in activities related to chemical production	40-d-ii	Annex I, Table 2, Indicator no. 9		Commission Delegated Regulation (EU) 2020/1816, Annex II	Not significant

¹⁶ Commission Implemen�ng Regula�on (EU) 2022/2453 of 30 November 2022, amending the implemen�ng technical standards laid down in Implemen�ng Regula�on (EU) 2021/637 as regards the disclosure of environmental, social, and governance risks (OJ L 324, 19.12.2022, p. 1).

¹¹ Regula�on (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019, on sustainability-related disclosures in the financial services sector (SFDR) (OJ L 317, 9.12.2019, p. 1).

¹² Regula�on (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013, on pruden�al requirements for credit ins�tu�ons and amending Regula�on (EU) 648/2012 (Capital Requirements Regula�on) (OJ L 176, 27.6.2013, p. 1).

¹³ Regula�on (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016, on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds, and amending Direc�ves 2008/48/EC and 2014/17/EU and Regula�on (EU) 596/2014 (OJ L 171, 29.6.2016, p. 1).

¹⁴ Regula�on (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021, establishing the framework for achieving climate neutrality and amending Regula�ons (EC) 401/2009 and (EU) 2018/1999 ("European Climate Law") (OJ L 243, 9.7.2021, p. 1).

¹⁵ Commission Delegated Regula�on (EU) 2020/1816 of 17 July 2020, supplemen�ng Regula�on (EU) 2016/1011 of the European Parliament and of the Council as regards the explana�on in the benchmark statement of how environmental, social and governance factors are reflected in each benchmark provided and published (OJ L 406, 3.12.2020, p. 1).

Disclosure requirement and related	datapoi nt	SFDR reference11	Pillar 3 reference (12)	Benchmark Regulation reference (13)	EU Climate Law reference (14)	Section
ESRS 2 SBM-1 Involvement in activities related to controversial weapons	40-d-iii	Annex I, Table 1, Indicator no. 14		Article 12(1) of Commission Delegated Regulation (EU) 2020/1818 and Annex II of Commission Delegated Regulation (EU) 2020/1816		Not significant
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco	40-d-iv			Article 12(1) of Commission Delegated Regulation (EU) 2020/181817 and Annex II of Commission Delegated Regulation (EU) 2020/1816		Not significant
ESRS E1-1 Transition plan to reach climate neutrality by 2050	14				Article 2(1) of Regulation (EU) 2021/1119	3.2.1
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks	16-g		Article 449a Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453, Template 1: Banking book - Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Article 12(1) d) to g) of Commission Delegated Regulation (EU) 2020/1818 and Article 12(2)		Not significant
ESRS E1-4 GHG emission reduction targets	34	Annex I, Table 2, Indicator no. 4	Article 449a Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453, Template 3: Banking book - transition risk: Climate change transition risk:	Article 6 of Commission Delegated Regulation (EU) 2020/1818		3.2.1

¹⁷ Commission Delegated Regula�on (EU) 2020/1818 of 17 July 2020, supplemen�ng Regula�on (EU) 2016/1011 of the European Parliament and of the Council, as regards minimum standards for EU Climate Transi�on Benchmarks and EU Paris-aligned Benchmarks (OJ L 406, 3.12.2020, p. 17).

emarket sdir storage
CERTIFIED

Disclosure requirement and related	datapoi nt	SFDR reference11	Pillar 3 reference (12)	Benchmark Regulation reference (13)	Section
			alignment metrics
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)	38	Annex I, Table 1, Indicator no. 5 and Annex I, Table 2, Indicator no. 5			3.4.2
ESRS E1-5 Energy consumption and mix	37	Annex I, Table 1, Indicator no. 5			3.4.2
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors	40-43	Annex I, Table 1, Indicator no. 6			3.4.2
ESRS E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions	44	Annex I, Table 1, Indicator nos. 1 and 2	Article 449a of Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453, Template 1: Banking book - Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Articles 5(1), 6 and 8(1) of Commission Delegated Regulation (EU) 2020/1818	3.4.3
ESRS E1-6 Gross GHG emissions intensity	53-55	Annex I, Table 1, Indicator no. 3	Article 449a of Regulation (EU) 575/2013; Commission Implementing Regulation 2022/2453, Template 3: Banking book - transition risk: Climate change transition risk: alignment metrics	Article 8(1) of Commission Delegated Regulation (EU) 2020/1818	3.4.3

emarket sdir storage
CERTIFIED

Disclosure requirement and related	datapoi nt	Pillar 3 reference (12)	Benchmark Regulation reference (13)	EU Climate Law reference (14)	Section
ESRS E1-7 GHG removals and carbon credits	56			Article 2(1) of Regulation (EU) 2021/1119	Not significant
ESRS E1-9 Exposure of the benchmark portfolio to climate related physical risks	66		Annex II of Commission Delegated Regulation (EU) 2020/1818 and Annex II of Commission Delegated Regulation (EU) 2020/1816		Phase-in
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk ESRS E1-9 Location of significant assets at material physical risk	66-a; 66-c	Article 449a of Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453, paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk			Phase-in
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes	67-c	Article 449a of Regulation (EU) 575/2013; Commission Implementing Regulation (EU) 2022/2453, paragraph 34; Template 2: Banking book - Climate change transition risk: Loans collateralized by immovable property - Energy efficiency of the collateral			Phase-in
ESRS E1-9 Degree of exposure of the	69		Annex II of Commission		Phase-in

emarket sdir storage
CERTIFIED

Disclosure requirement and related	datapoi nt	SFDR reference11	Benchmark Regulation reference (13)	Section
portfolio to climate related opportunities			Delegated Regulation (EU) 2020/1818
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil	28	Annex I, Table 1, Indicator no. 8, Annex I, Table 2, Indicator no. 2, Annex I, Table 2, Indicator no. 1, Annex I, Table 2, Indicator no. 3		Not significant
ESRS E3-1 Water and marine resources	9	Annex I, Table 2, Indicator no. 7		5.1.2
ESRS E3-1 Dedicated policy	13	Annex I, Table 2, Indicator no. 8		5.1.2
ESRS E3-1 Sustainable oceans and seas	14	Annex I, Table 2, Indicator no. 12		5.1.2
ESRS E3-4 Total water recycled and reused	28-c	Annex I, Table 2, Indicator no. 6.2		5.2.2
ESRS E3-4 Total water consumption in3 per net revenue from own operations	29	Annex I, Table 2, Indicator no. 6.1		5.2.2
ESRS 2 IRO-1 – E4	16-a-i	Annex I, Table 1, Indicator no. 7		Not significant
ESRS 2 IRO-1 – E4	16-b	Annex I, Table 2, Indicator no. 10		Not significant

emarket sdir storage
CERTIFIED

Disclosure requirement and related	datapoi nt	SFDR reference11	Benchmark Regulation reference (13)	Section
ESRS 2 IRO-1 – E4	16-c	Annex I, Table 2, Indicator no. 14		Not significant
ESRS E4-2 Sustainable land / agriculture practices or policies	24-b	Annex I, Table 2, Indicator no. 11		Not significant
ESRS E4-2 Sustainable oceans / seas practices or policies	24-c	Annex I, Table 2, Indicator no. 12		Not significant
ESRS E4-2 Policies to address deforestation	24-d	Annex I, Table 2, Indicator no. 15		Not significant
ESRS E5-5 Non recycled waste	37-d	Annex I, Table 2, Indicator no. 13		6.2.3
ESRS E5-5 Hazardous waste and radioactive waste	39	Annex I, Table 1, Indicator no. 9		6.2.3
ESRS 2 SBM3 – S1 Risk of incidents of forced labor	14-f	Annex I, Table 3, Indicator no. 13		7.1.2
ESRS 2 SBM3 – S1 Risk of incidents of child labor	14-g	Annex I, Table 3, Indicator no. 12		7.1.2
ESRS S1-1 Human rights policy commitments	20	Annex I, Table 3, Indicator no. 9 and Annex I, Table 1, Indicator no. 11		7.2.1
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor	21		Commission Delegated Regulation (EU) 2020/1816, Annex II	7.2.1

emarket sdir storage
CERTIFIED

Disclosure requirement and related	datapoi nt	SFDR reference11	Benchmark Regulation reference (13)	Section
Organisation Conventions 1 to 8
ESRS S1-1 Processes and measures for preventing trafficking in human beings	22	Annex I, Table 3, Indicator no. 11		7.2.1
ESRS S1-1 Workplace accident prevention policy or management system	23	Annex I, Table 3, Indicator no. 1		7.2.1
ESRS S1-3 Grievance/complain ts handling mechanisms	32-c	Annex I, Table 3, Indicator no. 5		7.2.3
ESRS S1-14 Number of fatalities and number and rate of work-related accidents	88-b; 88-c	Annex I, Table 3, Indicator no. 2	Commission Delegated Regulation (EU) 2020/1816, Annex II	7.3.7
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness	88-e	Annex I, Table 3, Indicator no. 3		7.3.7
ESRS 2 SBM3 – S1 Risk of incidents of forced labor	14-f	Annex I, Table 3, Indicator no. 13		7.1.2
ESRS S1-16 Unadjusted gender pay gap	97-a	Annex I, Table 1, Indicator no. 12	Commission Delegated Regulation (EU) 2020/1816, Annex II	7.3.8
ESRS S1-16 Excessive CEO pay ratio	97-b	Annex I, Table 3, Indicator no. 8		7.3.8
ESRS S1-17 Incidents of discrimination	103-a	Annex I, Table 3, Indicator no. 7		7.3.9
ESRS S1-17 Non respect of UNGPs on Business and	104-a	Annex I, Table 1, Indicator	Annex II of Commission Delegated	7.3.9

Disclosure requirement and related	datapoi nt	SFDR reference11	Benchmark Regulation reference (13)	Section
Human Rights and OECD Guidelines		no. 10 and Annex I, Table 3, Indicator no. 14	Regulation (EU) 2020/1816 and Article 12(1) of Commission Delegated Regulation (EU) 2020/1818
ESRS 2- SBM-3 – S2 Significant risk of child labor or forced labor in the value chain	11-b	Annex I, Table 3, Indicator nos. 12 and 13		8.1.2
ESRS S2-1 Human rights policy commitments	17	Annex I, Table 3, Indicator no. 9 and Annex I, Table 1, Indicator no. 11		8.2.1
ESRS S2-1 Policies related to value chain workers	18	Annex I, Table 3, Indicator nos. 11 and 4		8.2.1
ESRS S2-1 Non respect of UNGPs on Business and Human Rights and OECD Guidelines	19	Annex I, Table 1, Indicator no. 10	Annex II of Commission Delegated Regulation (EU) 2020/1816 and Article 12(1) of Commission Delegated Regulation (EU) 2020/1818	8.2.1
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8	19		Commission Delegated Regulation (EU) 2020/1816, Annex II	8.2.1
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain	36	Annex I, Table 3, Indicator no. 14		8.2.4

Disclosure requirement and related	datapoi nt	SFDR reference11	Benchmark Regulation reference (13)	Section
ESRS S3-1 Human rights policy commitments	16	Annex I, Table 3, Indicator no. 9 and Annex I, Table 1, Indicator no. 11		Not significant
ESRS S3-1 Non respect of UNGPs on Business and Human Rights, ILO principles and/or OECD Guidelines	17	Annex I, Table 1, Indicator no. 10	Annex II of Commission Delegated Regulation (EU) 2020/1816 and Article 12(1) of Commission Delegated Regulation (EU) 2020/1818	Not significant
ESRS S3-4 Human rights issues and incidents	36	Annex I, Table 3, Indicator no. 14		Not significant
ESRS S4-1 Policies related to consumers and end-users	16	Annex I, Table 3, Indicator no. 9 and Annex I, Table 1, Indicator no. 11		9.2.1
ESRS S4-1 Non respect of UNGPs on Business and Human Rights and OECD Guidelines	17	Annex I, Table 1, Indicator no. 10	Annex II of Commission Delegated Regulation (EU) 2020/1816 and Article 12(1) of Commission Delegated Regulation (EU) 2020/1818	9.2.1
ESRS S4-4 Human rights issues and incidents	35	Annex I, Table 3, Indicator no. 14		9.2.4
ESRS G1-1 United Nations Convention against Corruption	10-b	Annex I, Table 3, Indicator no. 15		Not significant

Disclosure requirement and related	datapoi nt	SFDR reference11	Pillar 3 reference (12)	Benchmark Regulation reference (13)	EU Climate Law reference (14)	Section
ESRS G1-1 Protection of whistle-blowers	10-d	Annex I, Table 3, Indicator no. 6				10.2.2
ESRS G1-4 Fines for violation of anti corruption and anti bribery laws	24-a	Annex I, Table 3, Indicator no. 17		Annex II of Commission Delegated Regulation (EU) 2020/1816		Not significant

The Interpump Group has divided its impacts, risks, and opportuni�es into three thresholds of significance: low, medium, and high. The significance (medium or high) of material impacts, risks, and opportuni�es is detailed in the earlier sec�on en�tled "Disclosure requirement SBM-3: Material impacts, risks, and opportuni�es and their interac�on with strategy and business model".

2. ENVIRONMENTAL INFORMATION

2.1 DISCLOSURE UNDER THE TAXONOMY REGULATION

2.1.1 Introduction

In order to achieve the climate and energy goals set for 2030 and 2050 in the European Green Deal, the European has deemed it essen�al to guide private sector investment towards sustainable projects and ini�a�ves. For this purpose, the European Taxonomy was introduced with the aim of crea�ng a tool to report, transparently and objec�vely, those economic ac�vi�es that contribute substan�ally to the goals of the European Green Deal. Regula�on (EU) 2020/852 (hereina�er, the "Taxonomy Regula�on" or "Regula�on"), which entered into force on 12 July 2020, defines the criteria under which a given economic ac�vity can be considered environmentally sustainable.

Pursuant to art. 3 of this Regula�on, an economic ac�vity is considered "environmentally sustainable" if it:

complies with the Technical Screening Criteria defined, on a scien�fic basis, for each ac�vity included in the Taxonomy Regula�on. Consistency with the Technical Screening Criteria ensures that an economic ac�vity:
contributes substan�ally to one or more of the six environmental objec�ves set out in Ar�cle 9 of the Regula�on, which are listed below:
- o Climate change mi�ga�on;
- o Climate change adapta�on;
- o The sustainable use and protec�on of water and marine resources;
- o The transi�on to a circular economy;
- o Pollu�on preven�on and control;
- o The protec�on and restora�on of biodiversity and ecosystems.
does no significant harm to any of the five remaining environmental objec�ves;
is carried out in compliance with the Minimum Safeguards specified in art. 18 of the Regula�on - to ensure alignment with the OECD Guidelines for Mul�na�onal Enterprises and the UN Guiding Principles on Business and Human Rights.

From January 2022, companies subject to the obliga�ons of Direc�ve (EU) 2014/95 on non-financial repor�ng were required to include disclosures pursuant to the Taxonomy Regula�on in their Consolidated Non-Financial Statement ("NFS"). Clearly, this obliga�on remains valid under the CSRD as well.

For non-financial companies, the applica�on of the Regula�on has been gradual:

For the first year of applica�on, being the 2021 financial year, companies had to report the propor�on of revenue (Turnover), opera�ng expenses (OpEx), and capital expenditure (CapEx) derived from ac�vi�es eligible under the Taxonomy Regula�on for the objec�ves related to climate change - climate change mi�ga�on and climate change adapta�on – without needing to verify compliance with the Technical Screening Criteria set out in the "Climate Delegated Act" (Commission Delegated Regula�on (EU) 2021/2139) and the Minimum Safeguards.
From 2022, companies were also required to report the propor�on of revenue, opera�ng expenses, and capital expenditure related to ac�vi�es aligned with the Taxonomy Regula�on, meaning eligible ac�vi�es that also sa�sfy the Technical Screening Criteria established by the "Climate Delegated Act" and comply with the Minimum Safeguards.

The "Environmental Delegated Act" (Commission Delegated Regula�on (EU) 2023/2486) was published in June 2023, defining the ac�vi�es eligible for the 4 remaining objec�ves of the Taxonomy Regula�on and their related Technical Screening Criteria. For this first year of applica�on of the "Environmental Delegated Act," non-financial companies are only required to report the propor�on of Turnover, CapEx, and OpEx eligible for the four remaining objec�ves contained in the Regula�on (with reference to 2023 data).
In addi�on, the propor�on of KPIs related to aligned economic ac�vi�es will be reported from 1 January 2025, with reference to 2024 data. Commission Delegated Regula�on (EU) 2023/2846 also establishes the obliga�on for non-financial companies to disclose their level of eligibility and alignment with environmental objec�ves, including the specific alignment with each environmental objec�ve of their ac�vi�es that contribute substan�ally to the various objec�ves.

2.2 Assessment of compliance with the Regula�on

2.2.1 Eligibility analysis

In 2024, the Interpump Group mapped the ac�vi�es carried out by individual companies within the Group that can be associated with ac�vi�es included in the Taxonomy Regula�on, checking, in each case, for consistency between the provisions of the Regula�on and the substance of their ac�vi�es. Where necessary, the respec�ve NACE codes were also considered to beter corroborate the analysis. Based on these results, the propor�on of Turnover, CapEx, and OpEx atributable to "Taxonomyeligible" ac�vi�es listed in the "Climate Delegated Act" and the "Environmental Delegated Act" was evaluated with respect to the Climate Change Mi�ga�on (CCM) and Transi�on to a Circular Economy (CE) objec�ves. Double coun�ng was avoided by individual examina�on of each item associated with ac�vi�es classified as eligible, and comple�on of the taxonomy templates in accordance with the provisions of the Regula�on.

A more in-depth and comprehensive analysis of all poten�ally eligible ac�vi�es was carried out in 2024. In par�cular, values related to construc�on and other real estate ac�vi�es were also considered eligible.

Following the analysis, the ac�vi�es of the Group were associated with the following ac�vi�es included in the Taxonomy Regula�on:

1.2 - Manufacture of electrical and electronic equipment (CE)

Based on the defini�on of Electrical and Electronic Equipment (EEE), this category could poten�ally include all equipment that depends on electric currents or electromagne�c fields to func�on properly.

For the 2024 repor�ng year, the Group opted for a more restric�ve interpreta�on of the Regula�on, considering just electronic products to be eligible, while excluding those that are merely electrical. For this purpose, electromechanical products and systems were included where:

the electronic component is a defining element of the contribu�on made by Group companies;
the added value is primarily atributable to the electronic component and the underlying applied research;
the purchasing decision made by the customer is essen�ally linked to the electronic component and its intrinsic connec�on to the mechanical part.

Based on this approach, the propor�on of Turnover, OpEx, and CapEx atributable to this ac�vity, with respect to the related 2024 consolidated amounts, was as follows:

Turnover 1.2%,
OpEx 0.6%,
CapEx 0.2%.

Taking Walvoil S.p.A. (the largest Group company in terms of revenue) as an example, the following products were included in this category: electronic control units, electronic joys�cks, hydraulic distributors with sensors, and advanced hydraulic servocontrols. In all these cases, it is possible to iden�fy the presence of an electronic board designed by Walvoil and a programmable electronic component (typically a CPU or an advanced sensor). For Interpump Hydraulics S.p.A. (another important Group company), power take-offs (PTOs) with electric drives were considered, where the electronic board manages their engagement and disengagement as programmed. In the case of Inoxpa (another major Group company), devices for automa�ng the opening and closing of valves were included, since they contain an electronic module with three sensors capable of assessing the various opera�ng parameters.

3.9 Manufacture of iron and steel (CCM)

This category includes the ac�vi�es of IPG Mouldtech, a Group company engaged in producing grey, vermicular graphite, and duc�le iron cas�ngs for other Group companies. For this purpose, the CapEx related to foundry management and the associated OpEx linked to the maintenance and repair of the plant were considered in full. Conversely, there are no revenues from third par�es, since IPG Mouldtech is fully integrated into the Group's produc�on chain and, therefore, manufactures components used by other companies in Interpump's Hydraulic sector (the Taxonomy Regula�on excludes intercompany revenues). For 2024, the incidence of CapEx allocated to this ac�vity on the total consolidated increase in tangible fixed assets was 0.2%, while OpEx accounted for 0.4% of the total.

5.1 - Repair, refurbishment, and remanufacturing (CE)

For the 2024 repor�ng year, the Group considered as eligible the revenues from repair, refurbishment, and remanufacturing ac�vi�es by Group companies whose NACE codes are listed in the ac�vity descrip�on. Accordingly, only repairs of products manufactured by Interpump Hydraulics and I.mec were considered.

For 2024, the incidence of this revenue on the consolidated total was less than 0.01%.

This category includes restora�ons following failures during use, which may involve disassembling components, reworking and/or replacing damaged parts, and subsequent reassembly.

5.2 Sale of spare parts (CE)

The Taxonomy Regula�on treats as eligible the spare parts used in products manufactured by economic ac�vi�es associated with the NACE codes listed in the ac�vity descrip�on.

Accordingly, for the 2024 repor�ng year, Interpump has included in the calcula�on of eligible revenue solely the revenue from the sale of spare parts by Group companies whose NACE codes are listed in the ac�vity descrip�on.

Thus, only the sales of spare parts for components manufactured by Interpump Hydraulics (such as hydraulic cylinders and seals) were considered.

For 2024, the incidence of revenue from this ac�vity on the consolidated total was 0.1%.

7.1 Construc�on of new buildings (CCM/CE)

The Group has considered as eligible, under CapEx C, the increase in tangible fixed assets associated with the construc�on of new buildings and produc�on plants. This amount includes all systems, connec�ons, and appurtenances that are an integral part of the construc�on project. For 2024, the incidence of CapEx allocated to this ac�vity on the total consolidated increase in tangible fixed assets was 29.0%.

7.2 Renova�on of exis�ng buildings (CCA/CE)

The eligible CapEx C included work, whether or not capitalized, on the extraordinary maintenance of proper�es and any improvements made to Group buildings. For 2024, the incidence of CapEx allocated to this ac�vity on the total consolidated increase in tangible fixed assets was 7.0%, while OpEx accounted for 2.3% of the total.

7.6 - Installa�on, maintenance and repair of renewable energy technologies (CCM)

This ac�vity includes the Group's investments in the purchase and installa�on of photovoltaic panels on the roofs of its business premises (CapEx C). For 2024, the incidence of capital expenditure allocated to this ac�vity on the consolidated total was 1.5%.

Other eligible ac�vi�es in the construc�on and real estate category

The eligibility analysis conducted by the Group also iden�fied other investments, less significant in absolute terms, but s�ll classifiable as CapEx C in the construc�on and real estate category. These include:

7.3 Installa�on, maintenance and repair of energy efficiency equipment (CCM)
7.4 Installa�on, maintenance and repair of on-site charging sta�ons for electric vehicles (CCM)
7.5 Installa�on, maintenance and repair of instruments and devices for measuring, regula�ng, and controlling the energy performance of buildings (CCM)
7.7 Acquisi�on and ownership of buildings (CCM)

For 2024, the combined incidence of CapEx allocated to these ac�vi�es on the total consolidated increase in tangible fixed assets was 0.8%. Later tables provide further details about these various different

ac�vi�es.

8.1 Data processing, hos�ng, and related ac�vi�es (CCM)

The Group has considered as eligible, under CapEx C and OpEx C respec�vely, the increase in tangible fixed assets associated with the establishment of data centers and servers, and the costs atributable to their management and maintenance. For 2024, the incidence of CapEx allocated to this ac�vity on the total consolidated increase in tangible fixed assets was 0.4%, while OpEx accounted for 1.0% of the total.

4.1 Provision of data-driven IT/OT solu�ons (CE)

The Group has considered as eligible, under CapEx C and OpEx C respec�vely, the increase in tangible fixed assets and the costs associated with the development, implementa�on, and maintenance of so�ware and systems to collect and analyze date, and generate insights into opera�onal performance. For 2024, the incidence of capital expenditure allocated to this ac�vity on the consolidated total was 0.1%, while costs accounted for 0.4% of the total.

Alignment analysis

For the 2024 repor�ng year, the Interpump Group believes that none of the ac�vi�es considered eligible sa�sfy the corresponding Technical Screening Criteria men�oned in the Taxonomy Delegated Acts (the "Climate Delegated Act" and "Environmental Delegated Act"). This requirement must be sa�sfied so that ac�vi�es can, poten�ally, qualify as aligned with the Regula�on and be considered environmentally sustainable.

With regard to ac�vi�es 3.9 Manufacture of iron and steel, 7.1 Construc�on of new buildings, 7.2 Renova�on of exis�ng buildings, 7.6 - Installa�on, maintenance, and repair of renewable energy technologies, and 8.1 Data processing, hos�ng, and related ac�vi�es, these considera�ons apply to the analyses carried out in rela�on to the Climate Change Mi�ga�on (CCM) objec�ve.

2.3 Minimum Safeguards

Accoun�ng policy and contextual informa�on

Annex I of Delegated Act 2021/2178 (hereina�er "Disclosure Delegated Act") establishes the procedures to follow in order to determine the Turnover, CapEx, and OpEx KPIs associated with the eligible ac�vi�es iden�fied by the Interpump Group.

The methodology used by the Group to calculate the KPIs detailed below.

Turnover

To determine the propor�on of turnover, the numerator included net revenues from products or services, including intangibles, associated with Taxonomy-eligible economic ac�vi�es, while the denominator comprised the total consolidated net revenues.

The later included the revenues recognized pursuant to Interna�onal Accoun�ng Standard (IAS) 1, paragraph 82(a).

The calcula�on excluded intercompany revenues and the value of the parts used internally, in the produc�on processes of individual Group companies.

CapEx

To determine the propor�on of capital expenditure, the numerator included the addi�ons to consolidated fixed assets associated with eligible ac�vi�es, while the denominator comprised total addi�ons to consolidated fixed assets; both items comply with the criteria defined in point 1.1.2.2 of Annex I to the "Disclosure Delegated Act".

The consolidated total included all 2024 addi�ons to tangible and intangible fixed assets, all increases deriving from business combina�ons, and the effects of IFRS 16.

OpEx

To determine the propor�on of opera�ng expenses, the numerator included the opera�ng expenses associated with eligible ac�vi�es, defined using the criteria in point 1.1.3.2 of Annex I to the "Disclosure Delegated Act". Specifically, the Group considered the following opera�ng expenses: direct noncapitalized R&D costs, the cost of maintenance and repairs, and other expenses related to asset preserva�on. The denominator comprised total opera�ng expenses that sa�sfy the criteria described in point 1.1.3.1 of Annex I to the "Disclosure Delegated Act". Specifically, the following cost items were included: direct non-capitalized costs that relate to research and development, building renova�on measures, short-term lease, maintenance and repair, and any other direct expenditures rela�ng to the day-to-day servicing of assets of property, plant and equipment by the undertaking or third party to whom ac�vi�es are outsourced that are necessary to ensure the con�nued and effec�ve func�oning of such assets.

Taxonomy – KPIs for eligible activities Summary table 2024-2023	Turnover		CapEx		OpEx
EUR M	2024	2023	2024	2023	2024	2023
Manufacture of electrical and electronic equipment	24.5	9.8	0.3	0.6	0.3	0.1
Sale of spare parts	2.3	-	-	-	-	-
Repair, refurbishment, and remanufacturing	0.3	0.1	-	-	-	-
Manufacture of iron and steel	-	-	0.4	-	0.2	-
Construction of new buildings	-	-	54.7	-	-	-
Renovation of existing buildings	-	-	13.2	-	1.3	-
Installation, maintenance and repair of renewable energy technologies	-	-	2.9	5.0	0.0	-
Installation, maintenance and repair of energy efficiency equipment	-	-	0.8	-	-	-
Data processing, hosting, and related activities	-	-	0.8	-	0.6	-
Other	-	-	0.9	-	0.2	-
Total eligible	27.0	9.9	74.1	5.6	2.6	0.1
Consolidated amounts	2,078.4	2,240.0	188.7	219.0	54.8	59.0
Taxonomy KPIs	1.3%	0.4%	39.2%	2.6%	4.8%	0.1%

	Template 1 - Nuclear and fossil gas related activities
	Nuclear energy related activities
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	No
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	No
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	No
	Fossil gas related activities
1	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	No
2	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	No
3	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	No

CAPEX Financial year 2024	Year	Criteria for substantial contribution									DNSH criteria (do no significant harm)
Economic activities	Code	(EUR M) CapEx	Proportion of CapEx, 2024	Climate change mitigation	Climate change adaptation	Water	Pollution	Circular economy	Biodiversity	Climate change mitigation	Climate change adaptation	Water	Pollution	Circular economy	Biodiversity	Minimum safeguards	Proportion of Taxonomy-aligned or eligible CapEx, 2023	qualifying activity Category	transitional activity Category
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 ECO-SUSTAINABLE ACTIVITIES (TAXONOMY ALIGNED)
CapEx of eco-sustainable activities (taxonomy aligned) (A.1)		-	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%								0.0%
of which qualifying		-	-															E
of which transitional		-	-																T
A.2 Taxonomy-eligible activities that are not eco-sustainable (taxonomy non-aligned activities)
Manufacture of electrical and electronic equipment	CE 1.2	0.3	0.2%	N/EL	N/EL	N/EL	N/EL	EL	N/EL								0.3%		T
Provision of data-driven IT/OT solutions	CE 4.1	0.2	0.1%	N/EL	N/EL	N/EL	N/EL	EL	N/EL								0.0%	E
Manufacture of iron and steel	CCM 3.9	0.4	0.2%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.0%		T
Construction of new buildings	CCM 7.1 / CE 3.1	54.7	29.0%	EL	N/EL	N/EL	N/EL	EL	N/EL								0.0%
Renovation of existing buildings	CCM 7.2 / CE 3.2	13.2	7.0%	EL	N/EL	N/EL	N/EL	EL	N/EL								0.0%		T
Installation, maintenance and repair of energy efficiency equipment	CCM 7.3	0.8	0.4%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.0%	E
Installation, maintenance and repair of on-site charging stations for electric vehicles	CCM 7.4	0.1	0.1%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.0%	E
Installation, maintenance and repair of instruments and devices for measuring, regulating, and controlling the energy performance of buildings	CCM 7.5	0.0	0.0%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.0%	E
Installation, maintenance and repair of renewable energy technologies	CCM 7.6	2.9	1.5%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								2.3%	E
Acquisition and ownership of buildings	CCM 7.7	0.6	0.3%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.0%
Data processing, hosting, and related activities	CCM 8.1	0.8	0.4%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.0%		T
CapEx of taxonomy-eligible activities that are not eco-sustainable (taxonomy non-aligned activities) (A.2)		74.1	39.2%	39.0%	0.0%	0.0%	0.0%	0.3%	0.0%								2.6%
A. CapEx on taxonomy-eligible activities (A.1+A.2)		74.1	39.2%	39.0%	0.0%	0.0%	0.0%	0.3%	0.0%								2.6%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
CapEx of taxonomy non-eligible activities		114.7	60.8%
Total (A+B)		188.7	100.0%

Proportion of CapEx	Taxonomy aligned by objective	Taxonomy eligible by objective
CCM	0.0%	39.0%
CCA	0.0%	0.0%
WTR	0.0%	0.0%
CE	0.0%	0.3%
PPC	0.0%	0.0%
BIO	0.0%	0.0%

TURNOVER Year Financial year 2024							Criteria for substantial contribution					DNSH criteria (do no significant harm)
Economic activities	Code	Turnover (EUR M)	Proportion of Turnover, 2024	Climate change mitigation	Climate change adaptation	Water	Pollution	Circular economy	Biodiversity	Climate change mitigation	Climate change adaptation	Water	Pollution	Circular economy	Biodiversity	Minimum safeguards	Proportion of Taxonomy-aligned or eligible Turnover, 2023	qualifying activity Category	transitional activity Category
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 ECO-SUSTAINABLE ACTIVITIES (TAXONOMY ALIGNED)
Turnover of eco-sustainable activities (taxonomy aligned) (A.1)		-	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%								0.0%
of which qualifying		-	-															E
of which transitional		-	-																T
A.2 Taxonomy-eligible activities that are not eco-sustainable (taxonomy non-aligned activities)
Manufacture of electrical and electronic equipment	CE 1.2	24.5	1.2%	N/EL	N/EL	N/EL	N/EL	EL	N/EL								0.1%		T
Sale of spare parts	CE 5.2	2.3	0.1%	N/EL	N/EL	N/EL	N/EL	EL	N/EL								0.0%		T
Repair, refurbishment, and remanufacturing	CE 5.1	0.3	0.0%	N/EL	N/EL	N/EL	N/EL	EL	N/EL								0.0%		T
Turnover of taxonomy-eligible activities that are not eco-sustainable (taxonomy non-aligned activities) (A.2)		27.0	1.3%	0.0%	0.0%	0.0%	0.0%	1.3%	0.0%								0.0%
A. Turnover of taxonomy-eligible activities (A.1+A.2)		27.0	1.3%	0.0%	0.0%	0.0%	0.0%	1.3%	0.0%								0.1%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of taxonomy non-eligible activities		2,051.4 98.7%
Total (A+B)		2,078.4 100.0%

Proportion of Turnover	Taxonomy aligned by objective	Taxonomy eligible by objective
CCM	0.0%	0.0%
CCA	0.0%	0.0%
WTR	0.0%	0.0%
CE	0.0%	1.3%
PPC	0.0%	0.0%
BIO	0.0%	0.0%

OPEX Financial year 2024	Year		Criteria for substantial contribution				DNSH criteria (do no significant harm)
Economic activities	Code	(EUR M) OpEx	Proportion of OpEx, 2024	Climate change mitigation	Climate change adaptation	Water	Pollution	Circular economy	Biodiversity	Climate change mitigation	Climate change adaptation	Water	Pollution	Circular economy	Biodiversity	Minimum safeguards	Proportion of taxonomy aligned or eligible OpEx, 2023	qualifying activity Category	transitional activity Category
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Eco-sustainable activities (taxonomy aligned)
OpEx of eco-sustainable activities (taxonomy aligned) (A.1)		-	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%								0.0%
of which qualifying		-	-															E
of which transitional		-	-																T
A.2 Taxonomy-eligible activities that are not eco-sustainable (taxonomy non-aligned activities)
Manufacture of electrical and electronic equipment	CE 1.2	0.3	0.6%	N/EL	N/EL	N/EL	N/EL	EL	N/EL								0.4%
Provision of data-driven IT/OT solutions	CE 4.1	0.2	0.4%	N/EL	N/EL	N/EL	N/EL	EL	N/EL								0.0%	E
Manufacture of iron and steel	CCM 3.9	0.2	0.4%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.0%		T
Renovation of existing buildings	CCM 7.2 / CE 3.2	1.3	2.3%	EL	N/EL	N/EL	N/EL	EL	N/EL								0.0%		T
Installation, maintenance and repair of renewable energy technologies	CCM 7.6	0.0	0.0%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.0%	E
Data processing, hosting, and related activities	CCM 8.1	0.6	1.0%	EL	N/EL	N/EL	N/EL	N/EL	N/EL								0.0%		T
OpEx of taxonomy-eligible activities that are not eco-sustainable (taxonomy non-aligned activities) (A.2)		2.6	4.8%	3.8%	0.0%	0.0%	0.0%	1.0%	0.0%								0.4%
A. OpEx of taxonomy-eligible activities (A.1+A.2)		2.6	4.8%	3.8%	0.0%	0.0%	0.0%	1.0%	0.0%								0.4%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of taxonomy non-eligible activities		52.2	95.2%
Total (A+B)		54.8	100.0%

Proportion of OpEx	Taxonomy aligned by objective	Taxonomy eligible by objective
CCM	0.0%	3.8%
CCA	0.0%	0.0%
WTR	0.0%	0.0%
CE	0.0%	1.0%
PPC	0.0%	0.0%
BIO	0.0%	0.0%

3. ESRS E1 - CLIMATE CHANGE

3.1 Governance

3.1.1 Disclosure requirement related to ESRS 2 GOV-3 – Integration of sustainability-related performance in incentive schemes

As shown in the earlier sec�on en�tled "Disclosure requirement GOV-3: Integra�on of sustainabilityrelated performance in incen�ve schemes", IPG's Remunera�on Policy seeks, inter alia, to link the remunera�on of Execu�ve Directors and Key Management Personnel with the achievement of ESG objec�ves, using short- and medium/long-term incen�ve schemes that apply sustainability metrics.

Specifically, when se�ng remunera�on, the:

annual incen�ve system (MBO) envisages correla�on with the ESG objec�ves by iden�fying precise KPIs linked to achievement of the annual objec�ves specified in the ESG Plan, assigning them a 15% weigh�ng with respect to the MBO as a whole.
the medium/long-term incen�ve system (LTI), represented by the Interpump Incen�ve Plan for 2022-2024, also envisages that, for 15% of the op�ons offered to each beneficiary, the objec�ves assigned to them must contribute to the development and consolida�on of the ESG topics that inter alia are measurable and/or measured for non-financial repor�ng purposes.

Accordingly, remunera�on is based on the results effec�vely achieved in the ESG areas that are linked both to personal performance and to the crea�on of medium/long-term value for the Company. At the �me of preparing this document, the GHG emission reduc�on targets envisaged in the Group's Decarboniza�on Strategy, which exceed those indicated in the 2023-25 ESG Plan (with a �me horizon well beyond the end of that Plan), do not influence the short-term variable remunera�on (MBO) recognized in the current period or the 2022-24 Long-Term Incen�ve (LTI) Plan.

3.2 Strategy

3.2.1 Disclosure requirement E1-1 Transition plan for climate change mitigation

On 10 November 2023, the Board of Directors of Interpump Group S.p.A. approved the Group's Decarboniza�on Strategy for 2023-32. This document lays the founda�ons for every environmental ini�a�ve envisaged in the 2023-25 ESG Plan and represents one of the principal ac�ons taken to embed ESG principles in the Group strategy.

The Decarboniza�on Strategy approved by the Group is based on the emissions of the companies within the consolida�on perimeter of the 2022 NFS18. Although the perimeter of the Group has changed since, due to several M&A transac�ons, the targets set at that �me are s�ll considered to be atainable.

A 30% reduc�on in Group Scope 1 and Scope 2 emissions by 2025 and greater focus on achieving the decarboniza�on targets set for 2030 and 2050 are key objec�ves of the Strategy that, consistent with the ESG Plan, applies to the en�re Group.

With regard to the medium/long-term decarboniza�on targets, the Group has commited to reducing its emissions by about 45% by 2032 (limited to Scope 1 and Scope 2 emissions). When preparing this document, the Interpump Group drew inspira�on from the Science-Based Targets ini�a�ve - SBTi (and

¹⁸ Compared with the 2022 financial consolida�on perimeter, the 2022 NFS perimeter did not include Eurofluid Hydraulic S.r.l. because it was acquired subsequent to 30 June 2022. See the Methodological Note in the 2022 NFS for more detailed informa�on.

thus from the broader goal of limi�ng global warming to 1.5°C as defined in the Paris Agreement), without formally joining it.

In fact, while the Group aims to lower Scope 1 and Scope 2 emissions by 45% by 2032, the SBTi targets a 42% reduc�on by 2030. This later target should be reached by the Group between 2030 and 2032. Further, the decarboniza�on strategy covers approximately 90% of total Scope 1 and Scope 2 emissions, closely approaching the 95% threshold envisaged in the SBTi approach.

While the perimeter and reference targets are inspired by the SBTi methodology, the Group's approach has not been formally validated by external experts.

These targets will be reached by the combined applica�on of three main drivers: addi�onal photovoltaic installa�ons, the purchase of energy from renewable sources and, lastly, structured, longterm power purchase agreements of the type previously men�oned.

Compared with the program envisaged on approval of the ESG Plan, these drivers will be applied more intensively with, in par�cular, greater emphasis on Europe.

Lastly, it is important to highlight that defini�on of the ESG Strategy represents clear progress along the Group's Sustainability Path, consistent with the commitment made to deliver constant steady improvement:

1) expansion of the sample: there are now 29 Group companies included in the sta�s�cal base underpinning the ESG Strategy, compared with 25 in the ESG Plan. This means that the approximate coverage of turnover and Scope 1 & 2 emissions has risen to 80% and 90% respec�vely;
2) given that external growth is a core element of Group strategy, the ESG Strategy has been supplemented with analyses designed to understand beter the impact of acquisi�ons in terms of emissions and iden�fy forms of mi�ga�on in such a way that their implementa�on does not compromise pursuit of the short- and long-term decarboniza�on targets.

Currently, IPG has not established targets in the form of CapEx/OpEx Plans to align the economic ac�vi�es of the Group with the criteria specified in Commission Delegated Regula�on 2021/2139.

The exclusions envisaged in art. 12 of Regula�on 2020/1818 do not apply to the Interpump Group, which is therefore included in the Paris-aligned benchmarks.

The Group's decarboniza�on strategy represents an ini�al tool for linking business resilience, environmental parameters, and financial planning. In this phase, the focus has been on tackling the Scope 1 and Scope 2 emissions. However, the decarboniza�on strategy will be extended to address the Scope 3 emissions, par�cularly in light of the introduc�on of the Carbon Border Adjustment Mechanism (CBAM). These later emissions will most likely impact on the Group's business (directly or indirectly) and will have to be monitored and managed accordingly.

To beter understand the alignment of environmental targets, corporate strategy, and financial planning within the Interpump Group, note that the so�ware originally used to collect and consolidate economic-financial data, is now also used to process ESG data. As a result, a specific element analyzed (e.g., electricity consump�on) can o�en be associated with its economic effect (e.g., the cost of purchasing that energy). This level of integra�on strengthens both datasets (financial and ESG), providing a broader understanding of the dynamics underlying value crea�on by melding the related industrial and environmental aspects.

Drawing on this extensive database, top management and the representa�ves of individual Group companies work in close collabora�on to define and implement the targets set in the ESG Plan. This approach balances the need for a centrally-defined strategy with the importance of recognizing the specific risks and opportuni�es exis�ng in the territories where Group companies operate.

In the process of adop�ng sustainability policies, the Interpump Board draws on important contribu�ons made by the:

Sustainability Commitee, comprising the CEO and two independent directors;
ESG managerial team, consis�ng of the CEO, the General Counsel & ESG Director, the CFO, and the Head of the Internal Audit, Risk & Compliance Func�on.

This structure ensures the efficacy of corporate projects, the accountability of decision-makers, and the steady dissemina�on of a sustainability culture. The combina�on of all these elements will be developed more fully in the transi�on plan, which the Group is currently preparing.

Although the Board of Directors of Interpump Group S.p.A. approved the Group's Decarboniza�on Strategy for 2023-2032 on 10 November 2023, this only par�ally represents a transi�on plan in the strict sense.

When developing the 2026-2028 ESG Plan, Interpump will therefore focus on expanding the analysis of transi�on targets, risks, and opportuni�es to cra� a strategic plan aligned with the CSRD requirements and the expecta�ons of Group stakeholders. This plan will aim to release synergies among interconnected maters, which span the various technological, clima�c, regulatory, and industrial aspects.

Regarding progress on implemen�ng the decarboniza�on strategy, during 2024:

addi�onal photovoltaic systems were installed on the roofs of Group facili�es;
a ten-year Power Purchase Agreement (PPA) was signed with Statkra� Markets GmbH, for the annual supply of 20 GWh of cer�fied green electricity;
Group eco-design guidelines for products were adopted, with a view to reducing the carbon footprint of the produc�on processes and goods manufactured by the Group.

All these efforts have made it possible to maintain the Group's emissions intensity at 0.000034 t CO2eq/EUR, consistent with last year, despite lower revenues in 2024.

The Interpump Group currently lacks a transi�on plan compliant with ESRS requirements; accordingly, the impacts, risks, and opportuni�es in this area have only been par�ally iden�fied and assessed. Once the transi�on plan has been prepared, Interpump will be in a posi�on to specify how the strategy and business model will be updated for compa�bility with the transi�on to a sustainable economy, how the exposure of corporate assets and ac�vi�es to transi�on risks and opportuni�es will be assessed, and what the short-, medium-, and long-term transi�on risks and opportuni�es will be. It will also be possible to quan�fy the corporate investment and financing allocated to this area, and the "locked-in" GHG emissions poten�ally atributable to the assets of the Group. Lastly, the comprehensive update of this Group policy will be completed by defining the related targets.

As an integral part of the transi�on plan, the resilience analysis - not yet available - will describe the key assump�ons and �me horizons underpinning the strategy and business model adopted to tackle climate change, as well as the mi�ga�on ac�ons and resources dedicated to their implementa�on.

3.2.2 Disclosure requirement related to ESRS 2 SBM-3 – Material impacts, risks, and opportunities and their interaction with strategy and business model

The Interpump Group has iden�fied the primary climate hazards that could affect its assets and has classified them, as envisaged in the principal interna�onal reference standards and the European Taxonomy (specifically Annex A of Climate Delegated Act (EU) 2021/2139), into physical risks:

acute (sudden extreme events),
chronic (gradual climate changes).

Specific analyses of the risks rela�ng to the Group's value chain are not currently available, but will be developed when preparing the transi�on plan.

In scenario simula�ons, the impact of these risks was calculated at individual site level in terms of:

days of business ac�vity lost,
physical damage to corporate assets.

At the same �me, the Group also sought to iden�fy the transi�on climate risks specific to the business, based on its characteris�cs and the results of a benchmark analysis.

The analysis covered almost all Group sites (excluding certain temporary and/or very minor sites), which were categorized as follows:

Site category	No. of sites
Production	50
Warehouses	182
Sales Offices	26
R&D Offices	2
Other (dormitories, land, and non-operational buildings)	34
Total	294

In collabora�on with external consultants, the geographical coordinates of Group sites were analyzed using a specialized tool, which then assigned the physical risk intensi�es associated with each loca�on.

Carried out in 2024, the analysis considered three scenarios (Representa�ve Concentra�on Pathways - RCPs) developed by the Intergovernmental Panel on Climate Change (IPCC), which represent plausible future concentra�ons of greenhouse gases and aerosols in the atmosphere: RPC 8.5, RPC 4.5 and RPC 2.6.

More specifically, analysis of the geographical coordinates made it possible to assess climate risk and asset vulnerability at each loca�on and, therefore, iden�fy the importance of physical climate hazards for economic ac�vity there.

The data required for the assessment was sourced from the IPCC ATLAS database, from the CORDEX-Copernicus project, and from the literature published in highly reliable sources, such as Nature and MDPI. The so�ware, developed by the consul�ng firm, simulated the climate change impacts in the different regions where the Group operates, providing an apprecia�on of average forecast values and their expected variability, given that climate projec�ons can vary significantly from model to model. The analysis focused on storm, wildfire, and flood risks, since these are the most significant in terms of poten�al damage to corporate assets and business interrup�on days. The selec�on of these specific risks reflects their major impacts on the deteriora�on of physical infrastructure and on business con�nuity, paying par�cular aten�on to the economic and opera�onal consequences of poten�al interrup�ons. Although other physical risks were mapped, they were deemed less cri�cal in the specific context and were assigned a lower priority than the primary risks iden�fied.

As men�oned, the Interpump Group currently lacks a transi�on plan and, therefore, a resilience analysis compliant with ESRS requirements.

Addi�onally, the Interpump Group is currently leveraging the phase-in provisions for repor�ng the an�cipated financial effects of material physical and transi�on risks.

Specifically with regard to physical risks, analysis of the projec�ons through 2030 did not iden�fy any significant issues for the Group's produc�on sites. For completeness, moderate but non-material impacts were iden�fied for some loca�ons that primarily host warehouses and logis�cs areas. Of course, climate change impacts may emerge over long �me horizons and these will be addressed properly when preparing future transi�on plans and resilience analyses.

Turning to the transi�on, three material climate risks and two opportuni�es were iden�fied. The risks relate specifically to: i) the systemic effect that the CBAM regula�on could have on raw material and semi-finished product prices throughout the supply chain; ii) the cost of complying with the Corporate Sustainability Due Diligence Direc�ve (CSDDD). The analysis also noted that, while the decarboniza�on process may have adverse impacts in terms of higher compliance costs, it may also offer an opportunity for collabora�on with industrial and scien�fic partners. Poten�al climate-related opportuni�es include the defini�on of a climate strategy and an improvement in the na�onal energy mix, capable of encompassing a broader range of green energy technologies.

3.3 Management of Impacts, Risks, and Opportuni�es

3.3.1 Disclosure requirement related to ESRS 2 IRO-1 – Description of the process to identify and assess material climate-related impacts, risks, and opportunities

The methodology used to iden�fy the material sustainability impacts, risks, and opportuni�es took into account the aspects described in the sec�on en�tled "Disclosure requirement IRO-1: Descrip�on of the process to iden�fy and assess material impacts, risks, and opportuni�es", included in the chapter on General Disclosures (ESRS 2). This methodology was also applied to the analyses of climate change maters, which involved understanding the opera�onal context, iden�fying their impacts, risks, and opportuni�es, and then assessing and priori�zing them.

As indicated in the earlier sec�on en�tled "Disclosure requirement SBM-3: Material impacts, risks, and opportuni�es and their interac�on with strategy and business model", included in the chapter on General Disclosures (ESRS 2), the double materiality analysis carried out by the Interpump Group iden�fied one current, material sustainability impact, associated with two sub-topics: energy and climate change mi�ga�on. This impact relates to the greenhouse gas (GHG) emissions into the atmosphere that occur in all phases of the value chain: upstream, direct opera�ons, and downstream.

The Group has mapped all primary sources of purchased energy, assessing their ac�vi�es in order to correlate them with the respec�ve emission factors and calculate the actual GHG emissions. With regard to poten�al future sources, no elements that differ from those reported in this document are currently iden�fied.

Concurrently, two material sustainability risks and two opportuni�es rela�ng to climate change were iden�fied, linked to three sub-topics: climate change mi�ga�on, climate change adapta�on, and energy. Both risks and both opportuni�es arise within the direct opera�ons of the Group.

As indicated in the earlier sec�on en�tled "Material impacts, risks, and opportuni�es and their interac�on with strategy and business model (ESRS 2 SBM-3)", the Interpump Group has analyzed the primary climate hazards that could affect its physical assets (plant, machinery, and equipment) and

poten�ally disrupt normal business opera�ons. This analysis considered three IPCC scenarios, including RPC 8.519 and RPC 2.620, and almost all Group sites.

The analysis of physical climate risks faced by the Interpump Group considered the evolu�on of impacts over three dis�nct �me horizons: 2030, 2050 and 2080. These �me horizons help to develop greater awareness of the poten�al effects on the Group's tangible fixed assets and long-term business planning. However, focus was placed on the 2030 �me horizon in order to present the impacts of these risks in terms of Business Interrup�on Days (BID). This decision was made because the 2030 horizon provides a clearer and more tangible picture of the effects of acute climate risks, such as river flooding, storms, and forest fires.

The current findings of this analysis, covering both the physical and the transi�onal risks iden�fied, are summarized in the earlier sec�on on Disclosure requirement ESRS 2 SBM-3.

3.3.2 Disclosure requirement E1-2 – Policies related to climate change mitigation and adaptation

As indicated earlier chapters, Interpump Group S.p.A. has approved a decarboniza�on strategy that fits within a broader framework of policies aimed at managing the impact of climate change. Specifically, the Interpump Group has not yet defined a transi�on plan that, inter alia, specifies how to manage the impacts, risks, and opportuni�es associated with climate change mi�ga�on and adapta�on. Accordingly, while the decarboniza�on strategy represents an ini�al step in this direc�on, the policy does not fully address the specific standards and requirements of the ESRS. In the future, the Group will consider defining new policies or upda�ng the current policy to include all the elements required by the above standards.

Again on this topic, note that the Product Ecodesign Guidelines adopted by the Group in the context of the 2023-2025 ESG Plan include considera�ons rela�ng to the:

Efficient management of energy resources in the Guidelines, the Group commits to the more efficient use of energy in its produc�on processes and to the installa�on of renewable energy produc�on systems at its business loca�ons.
Promo�on of Life Cycle Assessment (LCA) in the Guidelines, the Group states its goal of implemen�ng LCA for the most important products.

3.3.3 Disclosure requirement E1-3 Actions and resources related to climate change policies

The Interpump Group has not currently adopted ac�ons to manage impacts, risks, and opportuni�es related to climate change mi�ga�on that can be deemed to comply with ESRS requirements. In the future, the Group will consider defining or upda�ng ac�ons that include all the elements required by the standards. Once the transi�on plan has been completed, the Group will define policies in this area and the related ac�ons to implement them. The ac�ons envisaged for this area in the 2023-2025 ESG Plan were largely completed during the final months of 2024.

In order to reach the targets envisaged in the Group's decarboniza�on strategy, two dis�nct drivers of decarboniza�on driver were implemented during 2024:

Use of renewable energy sources: signature of a PPA for the supply of green energy and the purchase of cer�fied green electricity (GO). No direct investments are associated with this driver. The agreement took effect on 1 January 2025;
overall, 25 GWh of cer�fied green electricity was consumed in 2024;

¹⁹ The most extreme scenario, an�cipa�ng a temperature increase of more than 4°C by 2100.

²⁰ Scenario aligned with the Paris/Kyoto agreements, an�cipa�ng a temperature increase of less than 1.5°C by 2100.

Installa�on of new photovoltaic systems for energy produc�on. In 2024, the addi�ons to tangible fixed assets atributable to this category totaled € 2.9 million. Opera�ng costs were not material and primarily related to plant maintenance and insurance. These systems provided 7.3 GWh of electricity for use in the Group's business processes.

The reduc�on in CO2-equivalent emissions was calculated as the difference between the respec�ve emissions reported in the market-based and loca�on-based scenarios.

While referring to the "Disclosure under the Taxonomy Regula�on" chapter for a more comprehensive analysis, the taxonomy-eligible CapEx value for the climate change mi�ga�on objec�ve was 39.2% of the total addi�ons to consolidated fixed assets. To date, there is no specific CapEx plan to align the Group's ini�a�ves with the requirements of Commission Delegated Regula�on (EU) 2021/2178.

3.4 Metrics and targets

3.4.1 Disclosure requirement E1-4 – Targets related to climate change mitigation and adaptation

As specified in the earlier sec�on en�tled "Transi�on plan for climate change mi�ga�on (E1-1)", the IPG Group's Decarboniza�on Strategy is based on the emissions of the companies within the consolida�on perimeter of the 2022 NFS.

Ac�ons to reach these targets include, in par�cular, increased purchasing of cer�fied renewable electricity and the installa�on of new renewable energy produc�on systems at Group facili�es.

The Group has commited to reducing its total Scope 1 and 2 emissions to 54,378 tonnes CO2eq by 2030 and 48,969 tonnes CO2eq by 2032, which compare with the 2022 baseline of 90,286 tonnes CO2eq. This target reduc�on in total Scope 1 and Scope 2 emissions to 48,969 tonnes CO2eq is approximately 40% lower than the 2022 baseline level.

The market-based method was used to calculate the Scope 2 emissions. The targets were determined by summing the expected Scope 1 and 2 emissions; accordingly, no disaggregated details are presented for each Scope. In defining the consolidated emission targets, none were established for Scope 3 emissions.

Addi�onally, the targets were defined with reference to the 2022 NFS consolida�on perimeter, which does not coincide with that used to prepare this 2024 Report. Although the impacts of new acquisi�ons since the publica�on of the decarboniza�on strategy (November 2023) are not significant, the Group has not yet updated the 2030 emission reduc�on targets for consistency with the 2024 repor�ng perimeter. Since the publica�on of the decarboniza�on strategy in 2023, the perimeter of the Group has expanded as a result, for example, of acquiring the Waikato Group, Hidrover Equipamentos Hidráulicos, and other companies as well. The targets will be updated when preparing the transi�on plan and upda�ng the decarboniza�on strategy. As men�oned, the targets have been calculated by summing the expected Scope 1 and Scope 2 emissions.

The process followed to calculate the targets commenced by defining the perimeter to be analyzed, having regard for the importance of companies in terms of their revenues and emissions with respect to the Group totals (regardless of their geographical loca�ons). The possible extension of the decarboniza�on process to the value chain will be explored in greater detail when preparing the transi�on plan.

The values indicated are all stated gross, without including the effect of any GHG removals, carbon credits, or other avoided emissions.

As previously men�oned, when se�ng its decarboniza�on targets on a Paris-aligned basis, the Interpump Group drew inspira�on from, without formally adhering to, the Science-Based Targets ini�a�ve (SBTi).

While the Interpump strategy encompasses all companies within the 2022 NFS perimeter, aten�on has focused on ac�ons that could be implemented by 29 Group companies, responsible for about 88% of consolidated emissions (Scope 1 and Scope 2) and about 80% of third-party turnover.

In the context of defining the Interpump Group's Decarboniza�on Strategy, the 3 building blocks used for the scenario analysis are detailed below. Specifically, the analyses focused on the regulatory, physical, and industrial sector development environments at na�onal and interna�onal level. This assessment of poten�al future events provides a star�ng point for the prepara�on of the Group's decarboniza�on ac�on plan.

Regarding the regulatory context and the macro environment, the Sustainable Development Scenario (SDS) was adopted, which involves the escala�on of clean energy policies and investments in order to align the energy system with the key Sustainable Development Goals (SDGs).

In this scenario, all current net-zero emission commitments are sa�sfied in full, and extensive efforts are made to secure short-term emission reduc�ons; the advanced economies atain net-zero emissions by 2050, China by around 2060, and all other countries by no later than 2070. Without hypothesizing net-nega�ve emissions, this scenario is consistent with limi�ng the global temperature rise to 1.65°C (with a 50% probability). With some level of net-nega�ve emissions post-2070, the temperature increase could be curtailed to 1.5°C by 2100.

By contrast with regard to the physical scenario, Interpump's decarboniza�on strategy is based on the RCP 4.5 scenario. This scenario, developed by the Intergovernmental Panel on Climate Change (IPCC), expects emissions to peak in 2040 and CO2 concentra�ons to stabilize by the end of the century.

RCP 4.5, o�en paired with SSP2 (Middle of the Road), represents a plausible, intermediate outcome given current climate policies - that is compa�ble with a global average temperature rise in the (highly likely) range from 1.6 to 2.5°C by 2041-2060. By the end of the century, the increase would range from 2.1 to 3.5°C, with a best es�mate of 2.7°C (IPCC AR6). All RCP scenarios an�cipate reaching +1.5°C between 2021 and 2040. The RCP 4.5 scenario aligns with the upper limit of the combined commitments under the Paris Agreement.

To simulate the effects of industrial sector development based on the Group's historical values and manufacturing sector averages, energy demand is assumed to grow at a compound annual rate (CAGR) of 1.5% in all scenarios, reflec�ng expansion of the business and technological consump�on.

The emission reduc�on targets are based on certain key drivers (increased purchasing of cer�fied green electricity and installa�on of photovoltaic systems) and the ancillary contribu�on of other projects, such as the gradual replacement of produc�on machinery and plants, energy efficiency enhancements, and electric mobility ini�a�ves.

Star�ng from the 2022 baseline of 90,286 tonnes CO2eq, emissions will fall to 54,378 tonnes CO2eq by 2030, primarily due to the following decarboniza�on drivers men�oned above:

Procurement of cer�fied green electricity (effect of 26,225 tonnes CO2eq)
Installa�on of new photovoltaic systems (effect of 9,683 tonnes CO2eq)

The effects of the steady, rou�ne replacement of plant and machinery, as well as the subs�tu�on of specific products and processes, have not been quan�fied separately. With regard to the emission reduc�on objec�ves, there are currently no plans to adopt new technologies that could diverge significantly from standard industrial prac�ces. Although the Scope 1 and Scope 2 emission targets have not been disclosed separately, the stated decarboniza�on drivers will impact on the Group's Scope 2 emissions, while the possible effects of ac�ons taken with regard to Scope 1 emissions cannot be unquan�fiable.

The Group consistently monitors the results achieved against the GHG emission reduc�on targets and, at least annually, top management and the board commitees are updated on the overall efficacy of the ac�ons taken to achieve those targets. The Board of Directors receives precise periodic updates (at least annually) on the ac�ons completed during the year, and those not yet completed, to reach the stated targets.

The progress made towards the communicated targets in 2024 was consistent with the original plan, and no significant trends or changes are observed that might jeopardize the Group's ability to reach them.

External stakeholders were not involved in the process of defining these targets. In fact, contribu�ons from management and investors were priori�zed when se�ng the quan�ta�ve targets.

3.4.2 Disclosure requirement ESRS E1-5 - Energy consumption and mix

The following table below details the Group's energy consump�on with a breakdown by source:

Energy consumption and mix	UoM	Total
Total consumption from nuclear sources	MWh	9,609

Total consumption from fossil sources	MWh	146,004
1) Fuel consumption from coal and coal products	MWh	-
2) Fuel consumption from crude oil and petroleum products	MWh	24,027
3) Fuel consumption from natural gas	MWh	49,442
4) Fuel consumption from other non-renewable sources	MWh	-
5) Consumption of electricity, heat, steam, and cooling from fossil sources	MWh	72,534

Total energy consumption from renewable sources	MWh	62,694
6) Fuel consumption for renewable sources, including biomass	MWh	-
7) Consumption of electricity, heat, steam, and cooling from renewable sources	MWh	55,436
8) Consumption of self-produced renewable energy without fuel use	MWh	7,258
Total energy consumption	MWh	218,307

% incidence on total energy consumption
Fossil sources	%	66.9%
Nuclear sources	%	4.4%
Renewable sources	%	28.7%
Total	%	100.0%

The principal methodologies and assump�ons used to calculate the numbers in the table are presented below:

fossil fuel consump�on was converted into MWh based on the coefficients published for 2024 by the UK Department for Environment, Food and Rural Affairs (DEFRA)21,
electricity withdrawals from the grid were appor�oned by source (nuclear, fossil, and renewable) based on na�onal average values published by the Interna�onal Energy Agency (IEA) for the countries where the Group operates.

²¹ See the website: htps://www.gov.uk/government/publica�ons/greenhouse-gas-repor�ng-conversion-factors-2024

Based on the NACE codes of the European Group companies and the conversion of non-European companies codes into NACE codes, all opera�onal ac�vi�es are deemed atributable to high climate impact sectors.

Consequently, the net revenues from ac�vi�es in high climate impact sectors are the same as the revenues presented in the financial report.

Similarly, the energy intensity of the high climate impact sectors is the same as the overall Group energy intensity. This value was calculated as the ra�o of total energy consump�on (in MWh) to consolidated net revenues (€ 2,078 million). The 2024 value is 0.000105 MWh/EUR.

Energy intensity	UoM	2024
Total energy consumption	MWh	218,307
Revenues	M Euro	2,078
Energy intensity	MWh/EUR	0.000105

3.4.3 Disclosure requirement E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions

The greenhouse gas (GHG) emissions of the Interpump Group in 2024 amounted to:

2,725,619 tonnes of CO2eq (loca�on-based calcula�on)
2,730,115 tonnes of CO2eq (market-based calcula�on).

These values are broken down into their three components as follows:

Total Scopes 1, 2, and 3 GHG emissions	Baseline year - 2022	Comparative data - 202322	2024	% 2024 / 2023	Target year (2030)
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO2eq)	17,407	-	16,639	-	-
Percentage of Scope 1 GHG emissions covered by regulated emission trading systems (%)	0%	-	0%	-	-

Scope 2 GHG emissions
Gross Scope 2 GHG emissions, location based (tCO2eq)	60,908	-	48,703	-	-
Gross Scope 2 GHG emissions, market based (tCO2eq)	72,879	-	53,199	-	-

²² The Group has exercised the ESRS op�on not to present compara�ve data for the first year of ESRS repor�ng.

Total Scopes 1, 2, and 3 GHG emissions	Baseline year - 2022	Comparative data - 202322	2024	% 2024 / 2023	Target year (2030)
Scope 3 GHG emissions
Gross Scope 3 GHG emissions (tCO2eq)			2,660,276
1. Purchased goods and services	-	-	496,787	-	-
2. Capital assets	-	-	41,104	-	-
3. Fuel- and energy-related activities	-	-	18,042	-	-
4. Upstream transportation and distribution	-	-	50,616	-	-
5. Waste generated in operations	-	-	4,087	-	-
9. Downstream transportation	-	-	33,732	-	-
11. Use of sold products	-	-	2,015,909	-	-

Total GHG emissions
Total GHG emissions, location based (tCO2eq)	-	-	2,725,619	-	-
Total GHG emissions, market based (tCO2eq)	-	-	2,730,115	-	-

The principal methodologies and assump�ons used to calculate CO2-equivalent emissions are discussed below. Precise values were used where available, otherwise conserva�ve es�mates were made by choosing environmental performance assump�ons that were less favorable for the Company. For instance, suppliers may not have given some companies their consump�on data for the final months of the year in �me for this report. In such cases, es�mates were made based on historical consump�on trends or budget figures.

Scope 1 emissions

This category comprises all emissions atributable to direct consump�on by the Interpump Group, which primarily involves the use of fuels for hea�ng and vehicle propulsion, as well as the usage of refrigerant gases.

Conversion parameters between the different units of measure and emission factors published for 2024 by DEFRA were used for calcula�on purposes. The Group does not par�cipate in any emission trading systems. Overall, emissions atributable to the direct opera�ons of Interpump contribute to increasing atmospheric GHG levels and the related phenomena.

Scope 2 emissions

This category includes all emissions indirectly generated by the Group when purchasing energy from suppliers, predominantly in the form of electricity.

The calcula�on of Scope 2 emissions using the:

loca�on-based method, employs coefficients published by the European Environment Agency23, the U.S. Environmental Protec�on Agency (EPA)24 and, where these were unavailable, the Terna 2019 coefficients25. These coefficients were applied to electricity drawn from the grid in 2024;
market-based method, employs reference parameters published by the Associa�on of Issuing Bodies (AIB) for 202326 and, where absent, the loca�on-based scenario values. The calcula�on involved applying the emission coefficients to the electricity drawn from the grid, net of the cer�fied green electricity purchased with guarantees of origin (GO).

The Scope 2 emissions derive from the Group's electricity procurement strategy, but are also influenced by the actual energy offer available in the countries where plants are located. Overall, these emissions also contribute to increasing atmospheric GHG levels and the related phenomena.

The Group's Scope 1 and Scope 2 emissions also include 100% of the impact atributable to companies consolidated using the equity method. None of the emission metrics have been validated by an external en�ty, other than the party that issued the atesta�on of conformity.

Scope 3 emissions

The following GHG Protocol categories were considered in rela�on to this emission group, dis�nguishing between the upstream and downstream value chains:

Upstream

Cat 1 Purchased goods and services
Cat 2 Capital goods
Cat 3 Fuel- and energy-related ac�vi�es
Cat 4 Upstream transporta�on and distribu�on
Cat 5 Waste generated in opera�ons

Downstream

Cat 9 Downstream transporta�on
Cat 11 Use of sold products

The Interpump Group is repor�ng Scope 3 emissions publicly for the first �me in rela�on to the 2024 financial year. This disclosure forms part of a broader process, which will include the next ESG Plan and subsequent transi�on plan, to develop a strategy that addresses with precision the risks and opportuni�es linked to the decarboniza�on of the Group's value chain.

²³ htps://www.eea.europa.eu/en/analysis/indicators/greenhouse-gas-emission-intensity-of-1

²⁴ www.epa.gov/egrid/summary-data

²⁵ htps://download.terna.it/terna/dds%202019%2010%2015\_8d7522176896aeb.pdf

²⁶ htps://www.aib-net.org/facts/european-residual-mix

Among the principal es�mates used:

Cat 1: the average method was applied for raw materials, with alternate calcula�ons based on purchase weights using market values (EUR/tonne);
Cat 4 and 9: distances traveled, with emission alloca�on based on transport intermodality;
Cat 11: product lifespan and consump�on profile.

For Categories 1 (limited to goods and services) and 2, the spend-based method was employed. The reference emission factors were those published by Eurostat, databases supplied by specialist providers, DEFRA, and Terna 2019.

To facilitate the standardiza�on of data collec�on processes over �me, the Scope 3 repor�ng perimeters differs from the financial consolida�on perimeter. In par�cular, 23 larger (mostly produc�on) companies were selected, accoun�ng for about 70% of consolidated sales to third par�es and 80% of Scope 1 and Scope 2 emissions. The Scope 3 numbers reported below relate solely and exclusively to this ini�al sample.

The percentage of emissions calculated with reference to primary data obtained from suppliers or other value chain partners was 0%.

The following categories were excluded from the repor�ng perimeter:

Upstream

Cat 6 Business travel
Cat 7 Employee commu�ng
Cat 8 Upstream leased assets

Downstream

Cat 10 Processing of sold products
Cat 12 End-of-life treatment of sold products
Cat 13 Downstream leased assets
Cat 14 Franchises
Cat 15 Investments

These categories were excluded from the inventory following a qualita�ve assessment process that considered the Group's structure and industrial sector. In some instances, these categories are not applicable (e.g., franchises and investments), while in others, they are deemed minimally or marginally impac�ul (e.g., employee commu�ng or business travel) in comparison with the categories reported in this document.

The GHG emission intensity rela�ve to consolidated net revenues is presented below:

GHG intensity relative to net revenues	Comparative data - 202327	2024	% 2023 / 2024
Total GHG emissions (location-based) relative to net revenues (tCO2eq/EUR)		0.001311
Total GHG emissions (market-based) relative to net revenues (tCO2eq/EUR)		0.001314

Emission intensity was calculated using consolidated net revenues (€ 2,078 million), without adding the third-party revenues of companies consolidated using the equity method. Accordingly, this value agrees with that indicated in the sec�on en�tled "Revenues" in the "Consolidated Income Statement" chapter.

The emissions were calculated using emission factors obtained from a recognized interna�onal data provider, Eurostat28, DEFRA 202129, DEFRA 202330, and Terna Interna�onal Comparisons 201931. In detail, the Group used the following methods and emission factors for each category:

Upstream

• Cat 1 - Purchased goods and services: spend-based, with Eurostat emission factors for goods and services; average-based, with emission factors obtained from a recognized interna�onal data provider

• Cat 2 - Capital goods: spend-based, with Eurostat emission factors

• Cat 3 - Fuel- and energy-related ac�vi�es: average data, with DEFRA 2023 WTT – Fuels, DEFRA 2021 WTT – UK & overseas electricity, and DEFRA 2023 – Transmission and distribu�on emission factors

• Cat 4 - Upstream transporta�on: distance-based, with DEFRA 2023 - freigh�ng goods emission factors

• Cat 5 - Waste generated in opera�ons: waste-type-specific, with DEFRA 2023 – waste disposal emission factors

Downstream

• Cat 9 - Downstream transporta�on: distance-based, with DEFRA 2023 - freigh�ng goods emission factors

• Cat 11 - Use of sold products: custom method, as required by the GHG standard, applied only to products directly consuming energy during use, with Terna Interna�onal Comparisons 2019 and DEFRA 2023 - Fuels - Liquid Fuel emission factors

Given the nature of the Group's ac�vi�es, no biogenic CO2 emissions from biomass combus�on or biodegrada�on are present.

²⁷ The Group has exercised the ESRS op�on not to present compara�ve data for the first year of ESRS repor�ng.

²⁸ Methodology - Environment - Eurostat

²⁹ Greenhouse gas repor�ng: conversion factors 2021 - GOV.UK

³⁰ Greenhouse gas repor�ng: conversion factors 2023 - GOV.UK

³¹ Terna Confron� Internazionali 2019

3.4.4 Disclosure requirement E1-7 GHG removals and emission mitigation projects funded through carbon credits

The Interpump Group has neither ini�ated projects for GHG removal or storage within its direct opera�ons nor collaborated on similar ini�a�ves within its value chain.

3.4.5 Disclosure requirement E1-8 - Internal carbon pricing

The Interpump Group did not employ internal carbon pricing systems as part of its climate-related strategy in 2024.

3.4.6 Disclosure requirement E1-9 - Anticipated financial effects from material physical and transition risks and potential climate-related opportunities

This datapoint has not been reported, as allowed by the phase-in provisions.

4. ESRS E2 - POLLUTION

4.1 Management of Impacts, Risks, and Opportuni�es

4.1.1 Disclosure requirement related to ESRS 2 IRO-1 – Description of the processes to identify and assess material pollution-related impacts, risks, and opportunities

With regard to the perimeter of the Group's direct opera�ons, no business processes generate significant pollutant emissions, with an impact on the atmosphere - other than the GHG emissions addressed in chapter E1 - the soil or the waters, that could exceed the materiality thresholds. The majority of ac�vi�es carried out directly by Group companies comprise mechanical processing and assembly, while other more impac�ul industrial processes are marginal. Even where such ac�vi�es are present, albeit marginal in absolute terms, the Group implements necessary controls to monitor their impacts and ensure compliance with local regula�ons. The Group's value chain does however include suppliers that may have a greater environmental impact. In this regard and consistent with the phasein provisions, appropriate analyses are being developed to report the related IROs.

The methodology used to iden�fy the impacts, risks, and opportuni�es took into account the aspects described in the sec�on en�tled "Disclosure requirement IRO-1: Descrip�on of the processes to iden�fy and assess material impacts, risks, and opportuni�es", included in the chapter on General Disclosures (ESRS 2). This methodology was also applied to the analyses of pollu�on, which involved understanding the opera�onal context, iden�fying their impacts, risks, and opportuni�es, and then assessing and priori�zing them.

As indicated in the earlier sec�on en�tled "Disclosure requirement SBM-3: Material impacts, risks, and opportuni�es and their interac�on with strategy and business model", included in the chapter on General Disclosures (ESRS 2), the double materiality analysis carried out by the Interpump Group iden�fied two current, material sustainability impacts linked to pollu�on, associated with two subtopics: water pollu�on and air pollu�on. Both impacts occur upstream in the Group's value chain.

No material risks or opportuni�es linked to pollu�on were iden�fied, neither in rela�on to dependencies nor to the ac�ons envisaged in the 2023-2025 ESG Plan.

No specific consulta�ons regarding pollu�on in the context of the Group's direct opera�ons have been held with stakeholder groups, with efforts instead focused on areas deemed more significant in terms of the scale and breadth of the impacts generated.

4.1.2 Disclosure requirement E2-1 – Policies related to pollution

The Interpump Group is commited to safeguarding and con�nuously improving environmental protec�on, since these aspects are seen as essen�al for sustainable development and value crea�on. This commitment and the policies adopted to manage material pollu�on-related impacts are reflected in the Code of Ethics and the HSE Policy (described more fully in chapter S1). Given the characteris�cs of the Interpump Group, these policies represent high-level direc�ves on environmental protec�on and primarily focus on the direct opera�ons of the Group, without specifically addressing the related impacts, risks, and opportuni�es within the value chain. Consequently, this aspect does not sa�sfy fully the requirements indicated in the MDR-P sec�on of the ESRS. In the future, the Group will consider defining new policies or upda�ng the current policy to include all the elements required by the ESRS.

4.1.3 Disclosure requirement E2-2 – Actions and resources related to pollution

The Interpump Group has not currently adopted ac�ons to manage pollu�on-related impacts within the upstream value chain that can be deemed to comply with ESRS requirements. Given that the double materiality analysis highlighted the materiality of this topic in rela�on to the upstream supply chain, a broader analysis is necessary to define ac�ons that precisely address each requirement indicated in the MDR-A sec�on of the CSRD. In the future, the Group will consider defining or upda�ng ac�ons that include all the elements required by the standards.

4.2 Metrics and targets

4.2.1 Disclosure requirement E2-3 – Targets related to pollution

The Interpump Group has not iden�fied targets for managing pollu�on-related impacts, risks, and opportuni�es that can be considered aligned with the ESRS. The considera�ons expressed in the sec�on on ac�ons also apply to the targets to be reached and reported in accordance with the requirements indicate in the MDR-T sec�on of the CSRD. In future, the Group will consider defining targets in this area.

5. ESRS E3 - WATER AND MARINE RESOURCES

5.1 Management of Impacts, Risks, and Opportuni�es

5.1.1 Disclosure requirement related to ESRS 2 IRO-1 – Description of the processes to identify and assess material impacts, risks, and opportunities related to water and marine resources

As highlighted earlier, the Group is ac�ve in two macro-sectors: Water Je�ng and Hydraulics. In general, water resources are a fundamental element in various produc�on processes; however, for the Interpump Group, they are par�cularly cri�cal for the Water-Je�ng business.

Consequently, analysis placed greater emphasis on those Group companies that produce and sell plunger pumps with power ra�ngs from 1 to 2,000 HP (0.7 to 1,500 kW) and related components since, in these cases, both the quality tes�ng and subsequent usage phases make especially heavy use of water.

As indicated in the earlier sec�on en�tled "Disclosure requirement SBM-3: Material impacts, risks, and opportunities and their interaction with strategy and business model", the double materiality analysis carried out by the Interpump Group iden�fied one current, material sustainability impact, associated with two sub-topics: water consump�on and water withdrawals. This impact relates to water consump�on and was iden�fied in two phases of the value chain: upstream and direct opera�ons, linked to the Group's produc�on ac�vi�es.

No material water-related risks or opportuni�es were iden�fied, neither in rela�on to dependencies nor to the ac�ons envisaged in the 2023-2025 ESG Plan.

The following provides specific detail, highligh�ng how the Interpump Group has:

considered all water consump�on, both for industrial and civilian use, accurately quan�fying its withdrawals. Aten�on focused on industrial discharges, on the assump�on that civilian discharges have no significant impact in the circumstances;
qualita�vely explored certain impacts within the supply chain, par�cularly with regard to foundries and steelworks. In general, given the limited volume of informa�on and data available in this first repor�ng year, the adop�on of conserva�ve assump�ons has resulted in this topic being classified as material;
qualita�vely assessed water consump�on linked to its products sold on the market, par�cularly those in the high- and very-high-pressure pump sector. In this case too, it is reasonable to assume that the consumed water contains no pollutants beyond those withdrawn and that consump�on occurs near the withdrawal point.

The methodology used to iden�fy the impacts, risks, and opportuni�es took into account the aspects described in the sec�on en�tled "Disclosure requirement IRO-1: Descrip�on of the processes to iden�fy and assess material impacts, risks, and opportuni�es", included in the chapter on General Disclosures (ESRS 2). This methodology was also applied to the analyses of water-related maters, which involved understanding the opera�onal context, iden�fying their impacts, risks, and opportuni�es, and then assessing and priori�zing them.

The Group's water-related materiality analyses made use of Aqueduct, a tool developed by the World Resources Ins�tute (WRI) to map, measure, and manage water-related risks.

No specific consulta�ons regarding the use of water resources in the context of the Group's direct opera�ons have been held with stakeholder groups, with efforts instead focused on areas deemed more significant in terms of the scale and breadth of the impacts generated.

5.1.2 Disclosure requirement E3-1 – Policies related to water and marine resources

The Interpump Group has adopted a policy for managing water-related impacts. This policy is reflected in the HSE Policy (described more fully in chapter S1). This policy establishes high-level environmental protec�on direc�ves for all Group companies and the value chain, but does not specify in detail how the Group manages the impacts, risks, and opportuni�es linked to water resources, as required by the ESRS. In the future, the Group will consider defining a new policy or upda�ng the current policy to include all the elements required by the above standards.

In order to prevent, reduce and mi�gate the possible consequences of its ac�vi�es on the environment, the Interpump Group has adopted Guidelines on environmental protec�on, included in its Global Compliance Program, that have been disseminated to all subsidiaries. These Guidelines establish the ac�ons that companies must implement, without excep�on, in order to:

avoid discharging water without authoriza�on from the local authori�es,
comply with limits set by local regula�ons,
prevent accidental spills of pollutants and, if they occur, promptly report them to the local authori�es and the Group Compliance Func�on,
take appropriate ac�on to restore the surrounding environment and prevent further occurrences in future,
take random samples to detect, measure and monitor any concentra�ons of pollutants that exceed the local regulatory limits.

Among the various business processes, water is primarily used:

to test pumps, hoses and pipes before they are sold,
to produce steam,
in the washing and lubrica�on cycles of machining centers,
for industrial cooling.

The water used at Group plants is mainly withdrawn from the public supply (about 73%), but some�mes from owned wells or concessions (about 25%).

Given the way that water is used at Group plants, pre-treatment prior to discharge is not required in most instances. However, when water resources are used in galvanizing, pain�ng, and other less significant (in volume terms) industrial processes, the wastewater is o�en managed as special waste and thus not discharged into the sewers.

Certain discharges from industrial processes may be contaminated with pollutants. The Group monitors them constantly, in collabora�on with the competent authori�es, when they are released into the sewers or other surface waters.

Given the increasing aten�on paid by various stakeholders, the Interpump Group adopted new Product Ecodesign Guidelines in 2024 as part of work to implement the current ESG Plan. The objec�ve is to promote a reduc�on in environmental impact through the progressive adop�on of innova�ve and sustainable solu�ons. In a context that places growing emphasis on greater efficiency and sustainability, the Group's R&D departments strive not only to create products with longer useful lives, but also to op�mize their consump�on of resources. Specifically, with regard to the efficient management of water resources, the Group's goal is to:

design products capable of op�mizing water consump�on by end-users,
recover water from the Group's produc�on processes for reuse in the produc�on cycle, without the need for substan�al new withdrawals.

Among the countries in which Interpump operates, 21 are classified by Aqueduct World Resources Ins�tute as subject to medium/low levels of water stress (category <=2), while 13 (including Italy) are classified as areas of high water stress.

Regarding the classifica�on of countries at water risk, 25 (including Italy) face medium-low risk condi�ons (category <=2), while the remaining 9 are grouped in high water risk classes.

Currently, the Interpump Group has not established quan�ta�ve commitments for the reduc�on of water consump�on in the water-risk areas in which it operates, neither for its direct opera�ons nor for those within its value chain. Plants in countries considered to have high water stress are not currently covered by policies compliant with the requirements of ESRS 2 MDR-P. In par�cular, although the Group's opera�onal guidelines currently emphasize careful water resource management, their conformity cannot be asserted here and, accordingly, the Group undertakes to update them.

The Interpump Group has not adopted policies related to the sustainability of the oceans and seas, as these aspects are not especially relevant to the business model adopted.

In addi�on to applying the instruc�ons contained in the Global Compliance Program, some of the larger Group companies have implemented management models and systems that structure and monitor their quality and environmental performance, with a view to constant improvement. Furthermore, most of them have obtained UNI EN ISO 14001 - Environmental management systems and UNI EN ISO 9001 - Quality management systems cer�fica�ons. For further informa�on, see the sec�on en�tled "Disclosure requirement BP-2: Disclosures in rela�on to specific circumstances" in the "ESRS 2 – General Disclosures" chapter.

5.1.3 Disclosure requirement E3-2 – Actions and resources related to water and marine resources

The Interpump Group has not currently adopted ac�ons to manage impacts, risks, and opportuni�es related to water and marine resources that can be deemed to comply with ESRS requirements. The 2023-2025 ESG Plan envisages ac�ons that cannot be regarded as aligned with the Standard's requirements, since they are not associated with specific quan�ta�ve targets to be reached within a specified �me horizon. In future, based on the policies iden�fied, the Group will consider defining or upda�ng ac�ons that include all the elements required by the standards.

Nevertheless, with regard to the conserva�on of water resources, the Interpump Group is commited to implemen�ng the following best prac�ces:

con�nuous monitoring of water withdrawals and discharges at produc�on plants,
promo�on of new products and solu�ons to reduce water consump�on while maintaining performance,
analysis and assessment of water management within the supply chain,
implementa�on of systems for the recovery and reuse of water when tes�ng pump quality.

Again, in the context of the Group's ESG Plan, the Italian Group companies have commenced the ini�al collec�on and assessment of data from their principal suppliers, partly based on certain environmental parameters. These include aspects linked to the monitoring of water consump�on by suppliers, the quality of discharges, and any measures in place to ensure the proper management of water resources.

5.2 Metrics and targets

5.2.1 Disclosure requirement E3-3 – Targets related to water and marine resources

The Interpump Group's ESG Plan iden�fies targets for managing the impacts, risks, and opportuni�es associated with water resource use; however, these cannot be considered aligned with the ESRS, since they do not address with precision each requirement in the MDR-T sec�on of the CSRD (e.g. the quan�fica�on of measurable water withdrawal targets). In future, the Group will consider defining targets in this area.

That said, the Interpump Group's 2023-2025 ESG Plan seeks to safeguard water resources by implemen�ng a system for the con�nuous monitoring of withdrawals (civilian and industrial) and discharges (industrial only) by 2025.

The Group is commited to ensuring and communica�ng proper water resource management at plant level. The ongoing phases of the project comprise:

Phase 1: verifica�on of current monitoring prac�ces, reference regula�ons, and available technologies, not least to assess and adjust the measurement criteria used, ensuring the applica�on of consistent criteria for the differen�a�on of civilian and industrial discharges;
Phase 2: implementa�on of a system to monitor con�nuously water withdrawals and discharges by Group plants.

This more precise monitoring may well iden�fy addi�onal opportuni�es to reduce water withdrawals and promote reuse, par�cularly when tes�ng pumps for quality control purposes. This expecta�on is supported, for example, by the recent efforts of NLB Corp to op�mize water consump�on, as well as those - nearing comple�on - of Interpump Group S.p.A. In both cases, the approach involved crea�ng a tank (natural or ar�ficial) from which water was drawn to test the pumps, and into which it was returned a�er use.

The Group has not iden�fied targets for managing the impacts, risks, and opportuni�es related to marine resources, since the materiality analysis found that this aspect was not significant.

Similarly, the Interpump Group has not defined quan�ta�ve targets for the reduc�on of water consump�on in low- and high-risk areas, including those subject to elevated water stress. In this context, no known legal requirements specifically target this area, since the corresponding policies and ac�ons have not yet been defined.

5.2.2 Disclosure requirement E3-4 – Water consumption

The following table indicates the water consumed by the Interpump Group in 2024, calculated as the net effect of water withdrawals, discharges, recycling, and storage. Since 2024 is the first repor�ng year, the change in water storage levels was not calculated.

Water consumption	UoM	2024
Total water consumption	m³	1,676
of which in water risk areas	m³	-
of which in high water stress areas	m³	1,674

Water consumption details	UoM	2024
Recycled and reused	m³	6,836
Stored	m³	1,676
Change in stored water	m³	-

Only industrial discharges were reported in previous years, while civilian discharges were not quan�fied. Star�ng in 2024, barring the effects of storage, recycling, and reuse, it is assumed that all withdrawn water is subsequently discharged. Process water managed as waste (rather than as discharges) and evapora�on are not factored into this calcula�on.

Water stress in the various countries in which the Group operates was es�mated using the Aqueduct database, using the related capital ci�es as reference points rather than the individual corporate loca�ons.

Based on the data collected, the Group's 2024 water consump�on intensity was as follows:

Water consumption intensity	UoM	2024
Utilities	m³	1,676
Revenues	M Euro	2,078
Water intensity	m³/M EUR	0.81

The Group's water withdrawals are analyzed by source below:

Water withdrawal details	UoM	2024
Public supply (mains)	m³	320,299
Owned wells/concessions	m³	109,683
Other sources	m³	6,180
Surface waters	m³	-
Total	m³	436,162

The Group's industrial discharges are analyzed by des�na�on below:

Industrial water discharges	UoM	2024
Sewer system	m³	226,275
Surface waters	m³	22,064
Other	m³	10,908
Total	m³	259,247

The metrics presented in this chapter have not been validated by an external en�ty, other than the party that issued the atesta�on of conformity.

5.2.3 Disclosure requirement E3-5 – Anticipated financial effects from impacts, risks, and opportunities related to water and marine resources

This datapoint has not been reported, as allowed by the phase-in provisions.

6. ESRS E5 - RESOURCE USE AND CIRCULAR ECONOMY

6.1 Management of Impacts, Risks, and Opportuni�es

6.1.1 Disclosure requirement related to ESRS 2 IRO-1 – Description of the processes to identify and assess material impacts, risks, and opportunities related to resource use and circular economy

The methodology used to iden�fy the impacts, risks, and opportuni�es took into account the aspects described in the sec�on en�tled "Disclosure requirement IRO-1: Descrip�on of the processes to iden�fy and assess material impacts, risks, and opportuni�es", included in the chapter on General Disclosures (ESRS 2). This methodology was also applied to the analyses carried out regarding waste and the incoming and outgoing flows of resources, which involved understanding the opera�onal context, iden�fying their impacts, risks, and opportuni�es, and then assessing and priori�zing them.

As indicated in the earlier sec�on en�tled "Disclosure requirement SBM-3: Material impacts, risks, and opportuni�es and their interac�on with strategy and business model", the double materiality analysis carried out by the Interpump Group iden�fied two current, material sustainability impacts linked to the use of resources and to the circular economy, associated with two sub-topics: waste and the flows of resources, including their use. Both impacts derive from the direct opera�ons of the Group.

In this regard, one material sustainability risk and four opportuni�es related to efficient resource use and circular economy were iden�fied. Both the risk (probable) and the four opportuni�es (three certain, one probable) arise in rela�on to the direct opera�ons of the Group.

No specific consulta�ons regarding resource use and circular economy in the context of the Group's direct opera�ons have been held with stakeholder groups, with efforts instead focused on areas deemed more significant in terms of the scale and breadth of the impacts generated.

6.1.2 Disclosure requirement E5-1 – Policies related to resource use and circular economy

The Interpump Group has adopted a policy for managing impacts associated with resource use and circular economy. This policy is reflected in the HSE Policy (described more fully in chapter S1). This policy establishes high-level environmental protec�on direc�ves for all Group companies and the value chain, but does not specify in detail how the Group manages the impacts, risks, and opportuni�es linked to resource use and circular economy, as required by the ESRS. In the future, the Group will consider defining a new policy or upda�ng the current policy to include all the elements required by the above standards.

That said, Eco-design Guidelines for Interpump Group products were defined in 2024, with the following principal objec�ves:

promote sustainability through the effec�ve use of resources and by extending the lifespan of products,
support the development of a circular economy based on the incoming/outgoing flows at each plant.

In this way, the Group seeks - at least for its direct opera�ons and, where feasible, downstream within the value chain - to limit waste genera�on and focus more on the use of resources within the various produc�on processes. Achieving these ambi�ous objec�ves necessarily requires cross-func�onal collabora�on, which depends on:

• ac�ve engagement of employees, industrial partners, suppliers, and customers;

• integra�on of eco-design in all product development phases (from R&D and procurement to marke�ng and sales).

Accordingly, these guidelines aim to formalize the Group's commitment to reducing environmental impacts. These effects are typical in the manufacturing sector, which transforms raw materials into components and equipment; however, the ongoing commitment to modernize produc�on processes and the applica�ons available to customers plays a central role in the reduc�on of environmental impacts throughout the en�re value chain.

6.1.3 Disclosure requirement E5-2 – Actions and resources related to resource use and circular economy

The Interpump Group has not currently adopted ac�ons to manage impacts, risks, and opportuni�es related to resource use and circular economy that can be deemed to comply with ESRS requirements. The 2023-2025 ESG Plan envisages ac�ons that cannot be regarded as aligned with the Standard's requirements, since they are not associated with specific quan�ta�ve targets to be reached within a specified �me horizon. In the future, the Group will consider defining or upda�ng ac�ons, based on the policies defined for this area, that include all the elements required by the standards.

That said, the 2023-2025 ESG Plan of the Interpump Group aims to explore the circular economy from two interconnected standpoints:

(i) the recovery of produc�on scrap in collabora�on with the suppliers of raw materials and semifinished products;
(ii) the design of products and solu�ons that enhance the recovery of materials from EOL products.

In this regard, the Group is finalizing a pilot project that will qualify certain metallic residues from mechanical processing as by-products (pursuant to art. 184-(2) of Decree 152/2006). This objec�ve of the 2023-2025 ESG Plan facilitates the explora�on of circular processes and their effects, and strengthens the Group's rela�ons with selected suppliers in Italy.

Also in this context, Interpump plans to assess the feasibility of qualifying addi�onal types of waste as by-products, thus extending the pilot project to a number of other Group companies.

Although not formally part of the ESG Plan, efforts are underway to explore produc�on solu�ons that reduce the environmental impact of certain Group components; in par�cular, IMM Group companies are developing:

lead-free fi�ngs,
hydraulic hose covers with compounds formulated to op�mize the recycling of rubber materials.

6.2 Metrics and targets

6.2.1 Disclosure requirement E5-3 – Target related to resource use and circular economy

The Interpump Group's ESG Plan iden�fies targets for managing the impacts, risks, and opportuni�es associated with resource use and circular economy; however, these cannot be considered aligned with the ESRS, since they do not address with precision each requirement in the MDR-T sec�on of the CSRD

(e.g. the quan�fica�on of measurable waste reduc�on targets). In future, the Group will consider defining targets in this area.

That said, as already men�oned, the ESG Plan did commit to the publica�on of ecodesign guidelines in 2024. This objec�ve was achieved, and instruc�ons aimed at improving the circularity sta�s�cs have been distributed to Group companies.

The metrics presented in this chapter have not been validated by an external en�ty, other than the party that issued the atesta�on of conformity.

6.2.2 Disclosure requirement E5-4 – Resource inflows

Given the heterogeneous nature of the companies and economic sectors concerned, the Group's supply chain primarily comprises the supply of:

raw materials, including metals that combine virgin materials with recycled materials available on the market;
commercial components, consumables and related ancillary services;
semi-finished parts;
consumables and equipment for produc�on and assembly;
tools.

The Interpump Group iden�fies and classifies as "raw materials" those products that, despite being processed, retain their fundamental characteris�cs. These include, for example, semi-finished or finished products (such as sheets, cas�ngs, tubes, bars, blocks) that primarily consist of a single metal or alloy.

Indica�vely, the following technical materials, consumed directly during the Group's produc�on processes or expressed as an equivalent weight of purchased semi-finished products and primary components, were received in 2024:

Raw material inflows (tonnes)	UoM	2024
RM equivalents received	tonnes	55,329
Ferrous metals	tonnes	47,694
Non-ferrous metals	tonnes	7,314
Plastics	tonnes	321

Given the nature of the Group's manufacturing ac�vi�es, no biological materials are u�lized in produc�on processes. Conserva�vely, the propor�on of packaging received from sustainable supply chains is also deemed to be zero.

The weight, in absolute and percentage terms, of reused or recycled secondary components and intermediate secondary products and materials (including packaging), has also been set conserva�vely at zero in the first repor�ng year. Only inflows defined as "raw materials" in Category 1 of the Scope 3 emissions were considered. The values reported in the above table are thus subject to the same reasons for uncertainty as those outlined in the sec�on on emissions within the value chain.

6.2.3 Disclosure requirement E5-5 – Resource outflows

In essence, as with all manufacturing ac�vi�es, Interpump's opera�ons generate two principal macrocategories of ou�lows:

Products
Scrap from processing

The principal products output by each sector of the Interpump Group are presented below.

Sector	Principal products output
Water	- Plunger pumps with power ratings from 1 to 2,000 CV (from 0.7 to 1,500 HP), and related components and accessories, - Special pumps, - Mixers, - Agitators, - Cleaning systems, - Valves and tanks for the food processing, cosmetics and pharmaceutical industries.
Hydraulic	- Power take-offs, - Gear pumps, - Cylinders, - Hydraulic motors, - Oil tanks, - Flexible rubber hoses / metal pipes, and rigid pipes, - Flanges, - Fittings, - Gears, - Orbital motors, - Steering systems, - Hydraulic distributors and related electronic or mechanical control systems.

Since the Ecodesign Guidelines were only distributed to Group companies in 2024, it is premature to report on the results achieved in terms of designing products and materials in accordance with circularity principles.

Nonetheless, the document certainly seeks to encourage designs that reduce the consump�on of materials in produc�on and extend the lifespan of products, including by preven�ve maintenance where feasible.

Waste

The weight of waste leaving Group plants (used as a proxy for waste produced) is analyzed by principal category below, with all other residual substances grouped under "Other". CER codes were used for waste mapping purposes, including for the waste of non-European companies.

Resource outflows - by type	UoM	2024
Non-hazardous waste
12.01.01 - Ferrous metal filings and turnings	Tonnes	13,626
12.01.02 - Ferrous metal powders and particulates	Tonnes	696
12.01.99 - Unspecified waste	Tonnes	650
15.01.01 - Paper and board packaging	Tonnes	450
17.04.05 - Iron and steel	Tonnes	2,110
20.03.01 - Non-differentiated urban waste	Tonnes	830
Other	Tonnes	74
Total - Non-hazardous	Tonnes	22,283

Hazardous waste
12.01.09* - Emulsions and solutions for machinery	Tonnes	5,110
12.03.01* - Water-based washing solutions	Tonnes	650
13.08.02* - Other emulsions	Tonnes	65
15.02.02* - Absorbents, filtering materials	Tonnes	288
11.01.09* - Sludges and filtering residues	Tonnes	125
Other	Tonnes	79
Total - Hazardous	Tonnes	8,346

Total waste	Tonnes	30,628

The weight of waste to be disposed or recovered is analyzed below, dis�nguishing between hazardous and non-hazardous waste.

Resource outflows - by type	UoM	2024
1) Hazardous waste	Tonnes	8,346
Diverted from disposal	Tonnes	807
of which prepared for re-use	Tonnes	80
of which recycled	Tonnes	98
of which other recovery operations	Tonnes	630
Disposed	Tonnes	7,538

		sdir storage CERTIFIED
M	2024
nnes	51
nnes	135

Resource outflows - by type	UoM	2024
of which incinerated (with energy recovery)	Tonnes	51
of which incinerated (without energy recovery)	Tonnes	135
of which landfilled	Tonnes	447
of which other disposal operations	Tonnes	6,904

2) Non-hazardous waste	Tonnes	22,283
Diverted from disposal	Tonnes	20,467
of which prepared for re-use	Tonnes	476
of which recycled	Tonnes	14,776
of which other recovery operations	Tonnes	5,215
Disposed	Tonnes	1,816
of which incinerated (with energy recovery)	Tonnes	130
of which incinerated (without energy recovery)	Tonnes	85
of which landfilled	Tonnes	1,018
of which other disposal operations	Tonnes	583

Total (1+2)	Tonnes	30,628
Diverted from disposal	Tonnes	21,274
of which prepared for re-use	Tonnes	556
of which recycled	Tonnes	14,874
of which other recovery operations	Tonnes	5,845

Disposed	Tonnes	9,354
of which incinerated (with energy recovery)	Tonnes	181
of which incinerated (without energy recovery)	Tonnes	221
of which landfilled	Tonnes	1,465
of which other disposal operations	Tonnes	7,487

Considering the Group's total waste, the percentage of non-recycled waste amounted to 31% in 2024, while the remaining 69% was directed to recycling and/or recovery streams.

Regarding the management of ou�lows, metallic waste and the waste from mechanical processing represent the primary categories associated directly with the Group's manufacturing ac�vi�es. Given the CER codes considered, the following types of waste material can be iden�fied: ferrous metal filings, shavings, and dust, as well as equipment emulsions, washing solu�ons, and packaging of various kinds. The quan�ty and composi�on of this waste vary significantly from one plant to another, depending on the types of ac�vity carried out.

Most of these flows already go for recycling and recovery, thus helping to curb the consump�on of raw materials and reduce the emission of pollutants into the atmosphere. Given the breadth of the Interpump Group's ac�vi�es and geographies, waste management and disposal decisions are made autonomously by each Group company, in compliance with the applicable local laws and using authorized operators.

The ESG Plan also reflects the Group's ambi�on to increase the reuse opportuni�es for industrial waste, by qualifying it as by-products. In this context, only an industrial approach to the circular economy can ac�vate new collabora�ons with strategic suppliers, thereby reducing environmental impacts and the related costs.

Given the nature of the Group's industrial processes, radioac�ve waste is not included among the waste produced.

Es�mates were used to calculate the incoming and outgoing flows when exact quan��es were unavailable. In par�cular, the mass of incoming flows was some�mes determined by dividing the purchase cost of materials by the average unit purchase cost (EUR/tonne).

If weight informa�on was not available for outgoing flows, it was approximated with reference to disposed volumes and the related specific weights typically applicable, or to historical data updated with reference to 2024 revenues.

6.2.4 Disclosure requirement E5-6 – Anticipated financial effects from impacts, risks, and opportunities related to resource use and circular economy

This datapoint has not been reported, as allowed by the phase-in provisions.

7. ESRS S1 – OWN WORKFORCE

7.1 Strategy

7.1.1 Interests and views of stakeholders (related to ESRS 2 SBM-2)

The Interpump Group is commited to ongoing dialog with all stakeholders, in order to take their individual needs and ideas for improvement into considera�on. Employees and collaborators are recognized as stakeholders.

Ac�ng within a Group-inspired framework, every Interpump company has developed specific communica�ons channels for each category of stakeholder, in order to listen periodically and understand their points of view and needs. The Group engages with employees and collaborators in the following ways:

periodic assessment of performance and results;
specific training programs;
communica�ons from top management;
collec�ve bargaining;
Ques�onnaire to iden�fy material sustainability topics.

7.1.2 Disclosure requirement related to ESRS 2 SBM-3 – Material impacts, risks, and opportunities and their interaction with strategy and business model

As shown in the earlier sec�on en�tled "Disclosure requirement SBM-3: Material impacts, risks, and opportuni�es and their interac�on with strategy and business model", included in the chapter on General Disclosures (ESRS 2), the Interpump Group has iden�fied four poten�al impacts associated with its own workforce.

Of these, three are reflected in objec�ves specified in the 2023-2025 ESG Plan adopted by the Interpump Group, which have already been listed in the earlier sec�on en�tled "Disclosure requirement SBM-1: Strategy, business model, and value chain":

Impact	Corresponding ESG Plan objective
Organization of resources and human capital	- Increase of about 35% in average per-capita
	hours of non-mandatory training at Group level.
Occupational health and safety	- Maintain the "average injury rate" of employees in the three-year period 2022-2024 below the average for the three-year period 2019-2021 (2.2); - Extend adoption of the ISO 45001 Management System by Group production companies, increasing coverage from 22% to 45% of
	turnover.
Protection of human and workers' rights	- Initiate and complete a pilot project to assess the workplace environment with a view to promoting the principles of diversity and inclusion.

In this regard, the double materiality analysis iden�fied three material sustainability risks and two opportuni�es; however, none correlate directly with the objec�ves included in the 2023-2025 ESG Plan adopted by the Interpump Group.

The considera�ons expressed in the "General Disclosures" sec�on (ESRS 2) apply to all workers poten�ally subject to material impacts generated by the Group. Interpump Group companies employed a total of 9,357 persons at 31 December 2024.

Given the nature of the sector in which the Group operates, the workforce mostly comprises men (81%), while the female component remains at 19%, which is higher than it was several years ago. In addi�on to temporary staff, the non-employed workforce includes a total of 26 appren�ces, interns, and external consultants. The large majority of employees are on full-�me permanent contracts, while other contract categories are marginal.

Three of the four sustainability impacts related to the Interpump Group's own workforce are considered nega�ve. Of these, only "Management of sensi�ve data and informa�on" is common to all contexts in which the Group operates, while the others, "Employee health and safety" and "Protec�on of human and workers' rights", occur only in countries outside the macro-group (Europe, North America, and Australia).

The sole posi�ve impact iden�fied by the Group relates to the "Organiza�on of resources and human capital," which is associated with the training pathways implemented by the Group for the en�re workforce, based on professional profiles and the required knowledge.

Of the three iden�fied risks, one derives from the Group's own employees, while the other two stem from material sustainability impacts, namely "Management of sensi�ve data and informa�on" and "Protec�on of human and workers' rights". On the other hand, the two opportuni�es derive from three ac�ons in the 2023-2025 ESG Plan adopted by the Interpump Group, being:

increase in the average per-capita hours of non-mandatory training at Group level;
development of the Group's global mobility program;
pilot project to assess the workplace environment with a view to promo�ng the principles of diversity and inclusion.

None of the material sustainability impacts on the Group's own workforce are correlated with ac�ons included in a transi�on plan to reduce nega�ve environmental impacts.

As described in the sec�on en�tled "Disclosure requirement S1-1 – Policies related to own workforce," on 14 February 2020 the Interpump Group adopted "Human Rights Guidelines" that prohibit the exploita�on of child labor in its opera�ons. Accordingly, the workforce is not exposed to opera�ons deemed to be at risk of forced or child labor.

All material sustainability risks and opportuni�es iden�fied by the Interpump Group extend uniformly to all members of its own workforce, regardless of the geographies in which they operate or the ac�vi�es they perform. Currently, no ac�vi�es or geographies have been iden�fied as notably more exposed to sustainability risks than others.

7.2 Management of Impacts, Risks, and Opportuni�es

7.2.1 Disclosure requirement S1-1 – Policies related to own workforce

The Interpump Group has adopted a policy for managing the impacts, risks, and opportuni�es associated with its own workforce. This policy is reflected in the Policies and Guidelines adopted at Group level to safeguard and develop topics per�nent to its own workforce, such as working condi�ons, equal opportuni�es and treatment, skills development, and occupa�onal health and safety. These Policies and Guidelines are embedded in the Corporate Governance framework adopted by the Interpump Group. They have been approved by the Board of Directors of Interpump Group S.p.A., and their adop�on and implementa�on are mandatory for all subsidiaries, thereby binding the conduct of all workers and, to the extent applicable, the conduct of third par�es that maintain rela�ons with Interpump Group companies.

Engagement of own workforce

The Interpump Group believes in the fundamental importance of engaging with and listening to employees, in order to cul�vate a corporate culture based on collabora�on, dialog, and par�cipa�on. These aspects are consistent with the outcomes of the double materiality analysis, from which the impacts, risks, and opportuni�es concerning occupa�onal health and safety, diversity and inclusion emerged as material. These significant maters are addressed in the policies defined subsequently.

Training of own workforce

Interpump guarantees opportuni�es for professional growth and development for all employees, without discrimina�on of any kind. The principles underpinning this policy are documented in the Code of Ethics, the "HSE Policy", and the "DEI Policy". This orienta�on, also reflected in the ac�ons iden�fied in the 2023-2025 ESG Plan, rests on the principle of equitable access to individual learning opportuni�es, with training programs tailored to develop specific professional competencies, qualifica�ons, and performance. Given the characteris�cs of the Group, each company is responsible for making specific training programs accessible to their employees, having regard for their respec�ve geographical and technical requirements.

Cybersecurity guidelines

As iden�fied in the double materiality analysis, cybersecurity is one of the risks associated with the ac�vi�es of Group employees. Interpump Group S.p.A. approved Cybersecurity Guidelines on 15 March 2019, distribu�ng them to all Group companies, with a view to defining the minimum IT security measures that each company must adopt in order to prevent the risk of cyber atacks (regardless of geographical or size considera�ons). Adop�on of the above Guidelines is mandatory for all Group companies and their proper implementa�on is checked by the Internal Audit, Risk & Compliance Func�on, which carries out the related pre-planned audit work.

An internal func�onal commitee (IT Security Commitee) was established on 31 October 2023, tasked with defining a governance framework for managing cybersecurity risks and overall IT security within the Interpump Group. The principal objec�ves of this internal func�onal commitee are indicated below:

assess the status of IT systems and provide related support to Group companies, with a par�cular emphasis on cybersecurity risks;
provide assistance to Group companies on maters concerning their cyber-incident preven�on and response plans, including escala�on protocols for repor�ng incidents promptly to, as appropriate, top management, the Control and Risks Commitee, and the Board of Directors of Interpump Group S.p.A.;
help the Board of Directors of Interpump Group S.p.A. to address any cybersecurity and IT security emergencies;
examine and discuss cybersecurity best prac�ces with Group senior management, in order to determine whether the exis�ng IT systems, processes, policies, and controls align with benchmark standards;
assess the need for and adequacy of insurance to cover losses caused by cybersecurity-related incidents;
make proposals to Group senior management regarding op�mal alloca�on of the resources dedicated to cybersecurity.

Membership of the IT Security Commitee comprises the Chief Execu�ve Officer of Interpump Group S.p.A., as Commitee Chair, the Head of the Internal Audit, Risk & Compliance Func�on, the General Counsel & ESG Director, the Group Chief Financial Officer and, as subject mater experts, six representa�ves from the IT and cybersecurity domains of the principal subsidiaries. The Internal Audit, Risk & Compliance Func�on is tasked with distribu�ng this policy to designated contacts within each Group company. Given the characteris�cs of the Interpump Group, the CEOs of each company are responsible for implemen�ng this policy.

Health, safety and environment policy

A culture of workplace safety and respect for the environment is essen�al for the Interpump Group, which fosters and encourages responsible behavior, while also making available all the organiza�onal and financial resources needed to prevent incidents and occupa�onal illnesses, enhance occupa�onal health and safety, and protect the environment. The Board of Directors of Interpump Group S.p.A. approved an updated version of the "HSE Policy" on 22 January 2024, in order to embed the sustainability principles and commitments made by the Interpump Group on adop�ng the ESG Plan. The new Policy focuses more on sustainable development, energy saving, resource u�liza�on, the reduc�on of environmental impacts, and employee training. The Policy gives all Group companies a set of rules and minimum measures designed to protect workers and minimize the impacts of Group ac�vi�es on the environment and surrounding landscapes. Each Interpump Group company is required to adopt this Policy promptly, by resolu�on of the Board of Directors or, in its absence, the equivalent body. The above resolu�ons must then be forwarded to the Group Internal Audit, Risk & Compliance Func�on, which is tasked with monitoring their proper and �mely implementa�on.

Among the aspects related to occupa�onal health and safety, the Policy:

promotes the exchange of informa�on and dialog with workers at all levels, in order to gather the informa�on needed to prevent hazards and workplace incidents on a �mely basis;
establishes requirements for iden�fying and assessing the risks and hazards deriving from rou�ne or non-rou�ne ac�vi�es and situa�ons within company processes, interac�ons with external par�es with access to corporate loca�ons, and off-site ac�vi�es carried out at the premises of customers, suppliers, or other Group companies;
ensures that employees receive adequate instruc�ons on how to perform their du�es safety, avoiding situa�ons that endanger their personal health and safety;
steadfastly pursues the "zero injuries" objec�ve via the con�nuous iden�fica�on, assessment, preven�on of, and protec�on against health and safety risks, the swi� removal of poten�al hazards, and the implementa�on of employee health monitoring plans tailored to specific roles;
minimizes the health and safety risks faced by workers from external companies and/or en��es who are required to carry out tasks at Interpump Group plants, such as the maintenance of plant and machinery, construc�on work, and cleaning or security services;
promotes the adop�on of these values and principles governing health and safety maters by all par�es within the supply chain.

By implemen�ng the principles embedded in the "HSE Policy", Interpump respects the UN Sustainable Development Goals (SDGs) and the OECD Guidelines for Mul�na�onal Enterprises.

Beyond this and to strengthen the oversight of occupa�onal health and safety maters, certain Group companies have also adopted and implemented management systems cer�fied in accordance with interna�onal standard UNI EN ISO 45001:2018. See the specific sec�ons on environmental and personnel-related maters for further details.

Human Rights Guidelines

In conduc�ng its business and ac�vi�es, Interpump champions the protec�on of and respect for human and workers' rights. This commitment is embedded in the Code of Ethics, in strict compliance with the related interna�onal Conven�ons and other current and locally-applicable regula�ons.

The Board of Directors of Interpump Group S.p.A. adopted the "Human Rights Guidelines" on 14 February 2020 as a set of instruc�ons and rules of conduct designed to prevent all forms of discrimina�on, including those linked to the personal circumstances of individuals, and combat exploita�on in the workplace and child labor. These Guidelines support strongly the principles of dignity, freedom and equality, and the protec�on of working condi�ons, union rights and occupa�onal health and safety.

The adop�on and implementa�on of these instruc�ons and rules of conduct are mandatory for all Interpump Group companies and, therefore, employees and all those who act in the name and/or on behalf of Interpump Group companies, as well as advisors, suppliers and other third par�es, including customers, are requested to make every effort to respect the Guidelines and the principles embodied therein.

In par�cular, the "Human Rights Guidelines":

recognize the right of employees to establish or par�cipate in organiza�ons and associa�ons that defend and promote workers' rights and interests, and prohibit discriminatory prac�ces that penalize them based on their membership of, or par�cipa�on in, union organiza�ons and associa�ons;
recognize the right of workers to collec�ve bargaining and to be represented by unions or other forms of representa�on elected or formed in compliance with the regula�ons or prac�ces prevailing in the countries in which they work;
condemn all forms of exploita�on of labor, whether forced by threats, in�mida�on, punishment, reprisals or physical violence, or achieved by the serious restric�on of personal freedoms, such as the confisca�on of money or iden�ty documents, human trafficking or modern slavery;
ban the exploita�on of child labor;
ban discriminatory prac�ces in any form, whether based on race, religious belief, age, ethnic origin, civil status, disability, sexual orienta�on, pregnancy or on any other personal condi�on;
seek to ensure that all employees and candidates for employment are treated with full respect for diversity, promo�ng the principle of equal opportuni�es both when the working rela�onship is established and in all subsequent phases;
prohibit as unacceptable any type of physical, verbal, sexual, or psychological harassment, as well as any form of abuse, threat, or in�mida�on in the workplace;
recognize the importance of mentoring and professional training for the development of human resources and their skills, promo�ng all forms of involvement and par�cipa�on by employees and their representa�ves;
promote respect for human rights by all par�es within the supply chain.

The "Human Rights Guidelines" draw inspira�on from the principles of the UN Universal Declara�on of Human Rights, the Fundamental Conven�ons of the Interna�onal Labor Organisa�on (ILO), the OECD Guidelines for Mul�na�onal Enterprises, and the principles embodied in the UN Global Compact.

The principles established in the "Human Rights Guidelines" also make reference to the standards and rules of conduct for comba�ng corrup�on, as specified in the "An�-Corrup�on Guidelines," for protec�ng and respec�ng the environment, as detailed in the "HSE Policy," and for enhancing diversity and inclusion, as embodied in the "DEI Policy".

Diversity, Equity and Inclusion Policy

The Interpump Group guarantees working condi�ons that respect individual dignity and are free from all acts of violence, a�tudes or behaviors that are discriminatory, or damaging to individuals, their beliefs, or their preferences. For this purpose, the Board of Directors of Interpump Group S.p.A. approved the "Diversity, Equity, and Inclusion Policy" on 22 January 2024. By adop�ng this set of principles, objec�ves, and commitments, the Group seeks to promote diversity, ensure equity, and foster inclusion within the organiza�onal structure and externally, thereby suppor�ng the advancement of an inclusive society.

The Policy aims to cul�vate a corporate culture founded on inclusion and mutual respect, in the convic�on that diversity, equity and inclusion, as well as the protec�on of workers' rights, are essen�al aspects of the Interpump Group's ac�vi�es and, as such, applicable to all Group companies.

In this light, the DEI Policy:

recognizes diversity as a value that sparks innova�on, produc�vity, and the crea�on of ideas, li�s the climate in the workplace, and encourages a blended cultural environment;
safeguards diversity in all its forms, including gender, age, culture, physical and mental abili�es and vulnerabili�es, gender iden�ty and sexual orienta�on, religious belief, and all other differences;
guarantees fair access, treatment, opportuni�es, and professional growth in the workplace, removing barriers unrelated to merit that might hinder full par�cipa�on;
promotes professional development and the recogni�on of individual talent via growth pathways that respect diversity and inclusion;
ensures the gender-neutrality of remunera�on and incen�ve policies and prac�ces, basing them solely on equity and the recogni�on of merit;
advances individual well-being and work-life balance, protec�ng the more vulnerable categories and ensuring fair access to work opportuni�es.

The principles reflected in the "DEI Policy" are consistent with the values embedded in Interpump's Code of Ethics and draw inspira�on from the principles that underpin the UN Universal Declara�on of Human Rights, the Fundamental Conven�ons of the Interna�onal Labor Organisa�on (ILO), the OECD Guidelines for Mul�na�onal Enterprises, and the UN Global Compact.

Each Interpump Group company is required to adopt this Policy promptly, by resolu�on of the Board of Directors or, in its absence, the equivalent body. The above resolu�ons must then be forwarded to the Group Internal Audit, Risk & Compliance Func�on, which is tasked with monitoring their proper and �mely implementa�on.

Remunera�on Policy

The Remunera�on Policy, inspired by the principles promoted in the Corporate Governance Code and aligned with corporate values and the expecta�ons of stakeholders, applies to all Group employees, irrespec�ve of their geographical loca�on or local business specifics. Ac�ng on a proposal from the Remunera�on Commitee, this Policy is first approved by the Board of Directors of Interpump Group S.p.A. and then submited to binding vote at the Shareholders' Mee�ng.

Via this Policy, the Interpump Group seeks to:

• atract and mo�vate experienced professional resources in pursuant of the financial and nonfinancial objec�ves of the Company and the Group, as well as to incen�vize the long-term loyalty of those persons who, given their skills and professional quali�es, are able to manage and operate within the Company and the Group for the achievement of those objec�ves;

• grow the medium/long-term value of the Interpump Group in a sustainable manner, facilita�ng alignment of the interests of management with the those of the shareholders, having regard for the interests of other stakeholders that are important for the Company and the Group.

Beyond close �es with the established economic-financial objec�ves, the Remunera�on Policy also strives to pursue the sustainable success of the Interpump Group. For this purpose, the 2023-2025 ESG Plan adopted by Interpump contains specific objec�ves for each sustainability domain - Environmental, Social, and Governance - in order to embed a long-term, realis�c approach to sustainability within the strategic objec�ves of the Company and the Group. This Policy applies to all Group employees, although its significance is greater for those employees whose poten�al departure would have a more substan�al impact by crystallizing a risk that was iden�fied in the double materiality analysis.

These Policies and Guidelines are published on the website at the following link: https://www.interpumpgroup.it/it/governance/documenti-societari, to ensure accessibility and clarity for all stakeholders. The 2023-2025 Remunera�on Policy is, instead, available at the following link: https://www.interpumpgroup.it/it/governance/politiche-di-remunerazione

7.2.2 Disclosure requirement S1-2 – Processes for engaging with own workers and workers' representatives about impacts

The Interpump Group consistently priori�zes ac�ve workforce par�cipa�on in maters rela�ng to inclusion, diversity, occupa�onal health and safety, and the material impacts arising from sustainability processes.

The objec�ves of the Policies and Guidelines that safeguard personnel management and occupa�onal health and safety include increasing the involvement of Group workers in the management of these maters, thus strengthening cohesion and employee well-being.

Given the characteris�cs and diversifica�on of the Interpump Group, each subsidiary is directly responsible for local personnel management, working condi�ons, equal opportuni�es and treatment, skills development, and occupa�onal health and safety. For this purpose, they have designated internal bodies and func�ons (including HR and the preven�on and protec�on (safety) office) to manage these aspects.

Processes for engaging the Interpump workforce are facilitated through direct par�cipa�on, as envisaged by local regula�ons, or, in certain instances, through the involvement of formally-recognized workers' representa�ves. Addi�onally, certain Group companies have established joint workermanagement commitees to exchange informa�on and propose ini�a�ves on occupa�onal health and safety maters, such as health monitoring, risk assessment, incident inves�ga�on, and the promo�on of correc�ve ac�ons to enhance health and safety condi�ons, as well as ini�a�ves related to solidarity, inclusion, diversity, and sustainability in general. These internal commitees convene periodically throughout the year to ensure the con�nuous and updated monitoring of working condi�ons.

7.2.3 Disclosure requirement S1-3 – Processes to remediate negative impacts and channels for own workers to raise concerns

The Interpump Group strives to ensure that all workers can express their concerns, sugges�ons or complaints about any poten�al or actual adverse impacts deriving from Group ac�vi�es, including with regard to the protec�on of human rights. This commitments is made explicit in the Code of Ethics and stated in the Global Compliance Program with reference to each material topic reported in this sustainability report. In par�cular, the Interpump Group recognizes the right of employees to establish or par�cipate in organiza�ons and associa�ons that defend and promote workers' rights and interests and, consequently, discriminatory prac�ces that penalize them based on their membership of, or par�cipa�on in, union organiza�ons and associa�ons, are prohibited. Addi�onally, the Group recognizes the right of its employees to collec�ve bargaining and to be represented by unions or other forms of representa�on, whether elected or formed in compliance with the regula�ons or prac�ces prevailing in the countries in which it operates. The Interpump Group does not allow the exploita�on of child labor. Group companies must ensure that their ac�vi�es and those carried out by third par�es, especially those in the supply chain, are free from all forms of exploita�on of child labor, as defined in the ILO C138 Minimum Age Conven�on.

Nega�ve impacts deriving, directly or indirectly, from the ac�vi�es of the Group may be reported by the persons concerned to the individual contact points in the companies involved, who are obliged to ini�ate all appropriate remedial ac�on to prevent, mi�gate and make good the related consequences. In addi�on, the corporate and control bodies of the Group companies involved in the event must be informed promptly by the individual contact points about any developments and the remedial measures adopted. Depending on the severity of the impacts, the responsible bodies within the Parent Company may be involved, as well as the Board of Directors.

During the reference period for this report, no complaints were received about actual or poten�al events deriving from Group ac�vi�es that might have generated nega�ve impacts.

Whistleblowing Procedure

The Interpump Group has published a "Whistleblowing Procedure" on the corporate website that explains how to submit and process reports on actual or alleged infringements of the principles and rules specified in the Code of Ethics, the Organiza�on, Management and Control Model pursuant to Decree 231/2001, Group policies and procedures and, more broadly, the applicable laws and regula�ons. The above Procedure describes and regulates the repor�ng process by giving the reporter (whistleblower) clear opera�onal instruc�ons about the subject, content and recipients of reports, as well as on how to submit them, guaranteeing to keep confiden�al the iden�ty of the reporter from the moment in which the report is received, as well as to forbid any direct or indirect reprisals or discrimina�on against the whistleblower, in accordance with the applicable current regula�ons. The Procedure also governs determina�on of the validity and truth of the reports, so that appropriate correc�ve and disciplinary ac�ons can be taken on a �mely basis. Reports are directed to Report Managers, who are appointed by the supervisory bodies of all Group companies from within the Internal Audit, Risk & Compliance Func�on. Reports may be submited through three preferen�al channels: web pla�orm, telephone contact, or regular mail. The Report Managers are responsible for administering all reports received, assessing their jus�fica�on and determining whether or not addi�onal checks are needed. Without prejudice to the requirement to disclose certain events on a �mely basis, each year or more frequently the Report Managers must guarantee a flow of summary informa�on to top management and the Board of Directors about the reports received and administered.

During the reference period for this report, no significant reports were received via the preferen�al channels about alleged irregulari�es or unlawful ac�vi�es.

7.2.4 Disclosure requirement S1-4 – Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions

The Interpump Group has adopted ac�ons to manage impacts, risks, and opportuni�es related to its own workforce that - by focusing on the perimeter of the ESG Plan, which differs from the repor�ng perimeter used for this document - cannot be deemed aligned with ESRS requirements. In future, the Group will consider defining or upda�ng ac�ons in this area.

Nevertheless, as shown in the earlier sec�on en�tled "Disclosure requirement SBM-3: Material impacts, risks, and opportuni�es and their interac�on with strategy and business model", included in this chapter (and to which reference is made), the Interpump Group has included ac�ons in the 2023- 2025 ESG Plan that address the following

material sustainability impacts on its own workforce:

organiza�on of resources and human capital;
occupa�onal health and safety;
protec�on of human and workers' rights.

The ac�ons effec�vely seek to mi�gate material nega�ve impacts ("employee health and safety" and "protec�on of human and workers' rights") or generate material posi�ve impacts ("organiza�on of resources and human capital") for the Group's employees. The outcomes of these ac�ons are monitored by the Interpump Group to determine whether or not they sa�sfy the desired expecta�ons. Periodically, top management and board commitees receive updates on these maters, including an analysis of workplace injuries and the measures taken to reduce them. At present, no specific monetary or non-monetary resources have been iden�fied that can be reported separately from expenditures on normal business processes, in which such ac�ons are inherent and not separately iden�fiable.

The ESG Plan and related ac�ons were devised by the Group ESG func�on under the supervision of the General Counsel & ESG Director. The Plan was cra�ed a�er benchmarking the posi�on of the Interpump Group within its sector of opera�ons, and considering key sustainability macro-trends.

	Sustainability risk	Sustainability opportunity to be
ESG Plan objective	to be mitigated	pursued
Maintain the "average injury rate" of employees in the three-year period 2022-2024 below the average for the three-year period 2019-2021	- Operational risks linked to personnel turnover - Reputational and operational risks linked to failure to protect the human rights of workers	- Operational opportunity linked to a more productive and engaged workplace (sense of belonging among employees)
Extend adoption of the ISO 45001 Management System by Group production companies, increasing coverage from 22% to 45% of turnover.	- Reputational and operational risks linked to failure to protect the human rights of workers	- Operational opportunity linked to a more productive and engaged workplace (sense of belonging among employees)
Increase of about 35% in average per-capita hours of non mandatory training at Group level.	- Operational risks linked to personnel turnover	- Operational opportunity linked to a more productive and engaged workplace (sense of belonging among employees)
Development of a Group global mobility program	- Operational risks linked to personnel turnover	- Operational opportunity linked to a more productive and engaged workplace (sense of belonging among employees)
Pilot project to assess the workplace environment with a view to promoting the principles of diversity and inclusion.	- Operational risks linked to personnel turnover - Reputational and operational risks linked to failure to protect the human rights of workers	- Operational opportunity linked to respecting employee diversity - Operational opportunity linked to a more productive and engaged workplace (sense of belonging among employees)

As shown in the following table, the ac�ons included in the ESG Plan may also help to mi�gate sustainability risks or pursue any material sustainability opportuni�es iden�fied:

For informa�on about how Interpump seeks to ensure that its prac�ces do not cause or contribute to material nega�ve impacts on its own workforce, reference is made to the controls described in the earlier sec�ons en�tled "Disclosure requirement S1-1 – Policies related to own workforce" and "Disclosure requirement S1-3 – Processes to remediate nega�ve impacts and channels for own workers to raise concerns".

7.3 Metrics and targets

7.3.1 Disclosure requirement S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

The Interpump Group has iden�fied targets for managing the impacts, risks, and opportuni�es related to its own workforce, but only in the context of the 2023-2025 ESG Plan that, however, cannot be deemed aligned with ESRS requirements. In future, the Group will consider defining targets in this area.

The metrics presented in this chapter have not been validated by an external en�ty, other than the party that issued the atesta�on of conformity.

7.3.2 Disclosure requirement S1-6 – Characteristics of the undertaking's employees

The Group has 9,357 employees at 31 December 2024, mostly concentrated in Italy, the United States, India, Germany, and China; however, the incidence of employees in Italy and the USA each exceeds 10% of the total. Permanent, full-�me contracts are undoubtedly the most prevalent.

Preserva�on of the bond between newly-acquired companies and their local territories is dis�nguishing characteris�c of the Interpump Group, upheld over �me and through mul�ple M&A transac�ons. This approach not only maintains the local corporate iden�ty, but also safeguards the social fabric of the territory, the local sources of employment, and the respec�ve supplier networks.

The tables present the actual employee headcount at 31/12, rather than averages or FTEs. No par�cular assump�ons have been made with regard to this indicator, as reference is always made to the exact numbers.

The Group's employees are analyzed by gender below, together with specific details for Italy and the USA. Employment in each of these two countries exceeds 50 persons and they each account for more than 10% of the total Group workforce.

The number of employees at 31 December 2024 is reported here as an integer, whereas the "Group companies" chapter of the financial statements presents the average number of employees during the year.

Employees by gender	Italy	USA	Other countries	Group
Men	3,106	919	3,522	7,547
Women	799	245	763	1,807
Other	-	-	3	3
Not specified	-	-	-	-
Total	3,905	1,164	4,288	9,357
%	42%	12%	46%	100%

The following table reports employee informa�on by type of contract and gender.

Employees by contract type	Men	Women	Other	Not specified	Total
No. of employees	7,547	1,807	3	-	9,357
of which on permanent contracts	7,363	1,745	3	-	9,111
of which on fixed-term contracts	184	62	-	-	246
of which on variable-hours contracts	4	-	-	-	4
of which on full-time contracts	7,490	1,576	3	-	9,069
of which on part-time contracts	57	231	-	-	288

The turnover rate reflects the ra�o of the number of employees who departed to the number of persons employed at 31 December 2024.

Terminations	2024
Employees at 31/12	9,357
No. of terminations	1,480
of which resignations	776
of which retirements	118
of which dismissals	407
of which contract expiry	153
of which failure to pass the probationary period	26
Turnover rate	15.8%

The following analysis by region provides beter insight into the geographical distribu�on of employees among the various countries in which the Group operates. This distribu�on is consistent with that used in earlier sec�ons to allocate revenues by geographical area.

Employees by type of contract and geographical area	Italy	Rest of Europe	North America	Far East / Pacific Area	Rest of the World	Total
No. employees	3,905	2,192	1,328	772	1,160	9,357
of which on permanent contracts	3,833	2,089	1,318	712	1,159	9,111
of which on fixed-term contracts	72	103	10	60	1	246
of which on variable-hours contracts	-	4	-	-	-	4
of which on full-time contracts	3,722	2,119	1,309	760	1,159	9,069
of which on part-time contracts	183	73	19	12	1	288

All tables present the actual number of employees at 31 December 2024. Accordingly, no assump�ons or methodologies have been used.

7.3.3 Disclosure requirement S1-8 – Collective bargaining coverage and social dialog

Overall, 68% of Group employees are covered by collec�ve bargaining agreements. Coverage is however uneven due to the variety of countries in which the Group operates, with 100% cover in countries like Italy and much lower percentages elsewhere.

The following table presents the coverage of collec�ve bargaining agreements and social dialog in the two countries (Italy and the USA) whose Group employees each account for more than 10% of the total workforce:

	Coverage of collective bargaining	Social dialog
Coverage rate	Employees - EEA countries	Employees - non-EEA countries	Workplace representation
0 - 19%	-	USA	USA
20 - 39%	-	-	-
40 - 59%	-	-	-
60 - 79%	-	-	-
80 - 100%	Italy	-	Italy

In Italy, the number of employees covered by collec�ve bargaining agreements may exceed the number of union members, as these agreements apply to both union members and non-members.

Again in Italy, social dialog is certainly facilitated by the ac�vi�es of Workers' Safety Representa�ves (RLS) and, where present, by Local Union Representa�ves (RSU). While social dialog is recognized as a fundamental component of the European social model, the penetra�on of employee par�cipa�on in other countries is much lower.

7.3.4 Disclosure requirement S1-9 – Diversity metrics

The term "senior management" refers to the first and second organiza�onal levels that report to the administra�ve and supervisory bodies of Interpump Group S.p.A. Overall, this set of employees corresponds to the execu�ves working at the various Group companies.

The following tables analyze the distribu�on of senior management by gender, in numerical and percentage terms.

Composition of senior management	Number	%
Men	197	88.3%
Women	26	11.7%
Other	-	-
Not specified	-	-
Total	223	100.0%

The next table analyzes the distribu�on of Group employment by age band.

Employees by age band	Number	%
< 30	1,333	14.2%
30 - 50	5,018	53.6%
> 50	3,006	32.1%
Total	9,357	100.0%

7.3.5 Disclosure requirement S1-10 – Adequate wages

In order to analyze the adequacy of wages, Interpump iden�fied the annualized total gross remunera�on (including any income components addi�onal to gross annual pay) of all employees on the payroll at 31 December 2024. This process normalized their remunera�on on an annual basis, overcoming any differences linked to the �ming of hiring during the year or between full-�me and part- �me contracts.

The resul�ng amount was compared with 60% of the na�onal median income indicated by the relevant state authori�es or, alternately, with 50% of the average remunera�on reported by the OECD or another authorita�ve data provider on its website. Where the remunera�on of an individual did not exceed these thresholds, a check was made to ensure that it was s�ll adequately greater than the legal minimum.

This analysis confirmed that all Group employees receive an adequate wage.

7.3.6 Disclosure requirement S1-13 – Training and skills development metrics

Corporate training and skills development are a cornerstone of the Group's growth strategy. For this purpose, Interpump plans and organizes training courses designed to develop the abili�es needed to perform the du�es assigned and grow the skills of management. Adequate prepara�on and training also increases the knowledge of opera�onal processes, improving quality standards and, at the same �me, mi�ga�ng injury risks.

Given the importance of training, this topic was also addressed in the 2023-2025 ESG Plan, which sets a target increase in the average non-mandatory training hours per capita at Group level. Considering the targets set for the reduc�on of injury rates, all training hours other than for "Health and Safety" were treated as non-mandatory.

Training hours by type	Men	Women	Other	Not specified	Total
Anti-corruption	981	183	-	-	1,164
Cyber security - IT	3,431	877	-	-	4,309
Compliance	638	335	-	-	973
Health and safety	27,895	5,204	-	-	33,098
Foreign languages	4,098	1,710	-	-	5,808
Leadership	2,534	959	-	-	3,493
Soft skills	5,713	5,342	-	-	11,055
Technical training	35,515	10,125	-	-	45,641
Other	12,567	3,561	-	-	16,128
Total	93,373	28,296	-	-	121,668

The following table analyzes the 2024 training hours by topic and gender:

Per capita training hours in 2024:

Training hours per capita	Men	Women	Other	Not specified	Total
Per capita - All categories	12.4	15.7	-	-	13.0
Per capita - Excluding HSE	8.7	12.8	-	-	9.5

All training hours delivered to enhance the professional and personal skills of employees were considered for repor�ng purposes, provided they were documented formally and can be verified ex post (demonstrability criterion). OTJ training, training workers for another role, and other training hours arranged independently by individuals (e.g., study leave) were excluded from the above calcula�on. Accordingly, this metric does not contain any es�mates or approxima�ons.

7.3.7 Disclosure requirement S1-14 – Health and safety metrics

Consistent with the structure of the Group, all Interpump employees are covered by the health and safety management systems adopted by their respec�ve companies. During 2024, there were no fatali�es due to work-related injuries or illnesses among Group employees or other workers opera�ng at Group sites.

The following table presents the number and rate of injuries, dis�nguishing those injuries that caused an absence from work for:

Up to one day
More than a day

Work-related injuries - employees	2024
No. of deaths from work-related injuries	-
Days lost for deaths from work-related injuries	-

Work-related injuries with absences <= 1 day
No. of injuries	88
Work-related injury rate	5.5

Work-related injuries with absences > 1 day
No. of injuries	118
Work-related injury rate	7.3

Total work-related injuries
Hours worked	16,058,275
No. of injuries	206
Days lost	2,859
Work-related injury rate	12.8

The injury rates were calculated in accordance with EU regula�ons, using a mul�plier of 1,000,000 (equivalent to annual working hours), so that the injury rate equals the number of injuries * 1,000,000 / actual hours worked. For completeness, this indicator previously used 200,000 hours as the mul�plier.

The following table is provided for work-related illnesses:

Work-related illnesses - employees	2024
No. of deaths from work-related illnesses	-
Days lost for deaths from work-related illnesses	-
No. of work-related illnesses	2
Days lost due to work-related illnesses	86

7.3.8 Disclosure requirement S1-16 – Compensation metrics (pay gap and total compensation)

The ra�o of the highest total annual remunera�on within the organiza�on to the median wage of Group employees was calculated using both the fixed and variable components of gross remunera�on, a�er normalizing the amounts to make them consistent and comparable. The above ra�o, excluding the long-term incen�ve component of remunera�on (share-based incen�ve plans), was about 56 in 2024. Including the stock op�on plans detailed in the Report on

Remunera�on Policy and Compensa�on Paid, the above ra�o rises to about 176.

To beter present how this ra�o is calculated, the Group only considered employees on the payroll at 31 December 2024. The remunera�on of employees with part-�me contracts and of those persons hired during the year was normalized, to make it equivalent to that of an employee with a full-�me contract from 1 January to 31 December 2024. Employees who terminated the working rela�onship during the year were excluded from the calcula�on. Total annual remunera�on includes:

fixed components: normalized annual basic pay, including any references made to the collec�ve bargaining and personal agreements;
variable components, only if actually received (cash basis), including remunera�on for over�me hours, bonuses and awards, incen�ves, commissions, fringe and flexible benefits;
long-term bonuses and stock op�ons (where applicable), measured at fair value if specified in the Remunera�on Policy, or otherwise as income in kind.

In order to calculate the gender pay gap, the Group reduced the gross annual pay (RAL) of employees to an hourly rate (calculated as RAL / contractually agreed working hours). At Group level, the ra�o of the average hourly pay of women to that recognized to men was 94% in 2024.

7.3.9 Disclosure requirement S1-17 Incidents, complaints and severe human rights impacts

Interpump has not received any reports of work-related incidents and/or complaints through direct channels or via its subsidiaries.

Accordingly, no episodes of work-related discrimina�on based on gender, race or ethnicity, na�onality, religion or personal beliefs, disability, age, sexual orienta�on, or other relevant forms of discrimina�on involving stakeholders were recorded in 2024.

There were no severe incidents involving human rights during 2024.

8. ESRS S2 – WORKERS IN THE VALUE CHAIN

8.1 Strategy

8.1.1 Disclosure requirement related to ESRS 2 SBM-2 – Interests and views of stakeholders

The Interpump Group is commited to ongoing dialog with all stakeholders, in order to take their individual needs and ideas for improvement into considera�on. However, value chain workers are not currently included among the stakeholder categories iden�fied by the Group.

8.1.2 Disclosure requirement related to ESRS 2 SBM-3 – Material impacts, risks, and opportunities and their interaction with the strategy and business model

As shown in the earlier sec�on en�tled "Disclosure requirement SBM-3: Material impacts, risks, and opportunities and their interaction with strategy and business model", included in the chapter on General Disclosures (ESRS 2), the Interpump Group has iden�fied two poten�al impacts rela�ng to value chain workers, associated with the sub-topic "other work-related rights".

However, at present, the 2023-2025 ESG Plan does not include ac�ons or targets related to the sustainability impacts iden�fied in connec�on with its value chain.

At the same �me, following the double materiality analysis, two risks and one opportunity associated with the sub-topic "other work-related rights" were iden�fied as material. Similar to the impacts iden�fied, none of them directly correlates with the objec�ves included in the Group's 2023-2025 ESG Plan.

The considera�ons expressed in the "General Disclosures" sec�on (ESRS 2) apply to the following categories of workers in the Interpump Group's value chain:

workers present at Group loca�ons, but not part of its own workforce, such as agency and maintenance personnel;
workers upstream in the value chain, involved in the ini�al stages of the Group's produc�on ac�vi�es, such as foundry workers and persons employed by the suppliers of semi-finished products;
workers downstream in the value chain, such as those employed in logis�cs, distribu�on, and a�er-sales services.

There are no workers par�cularly vulnerable to nega�ve impacts in the Interpump Group's value chain.

The Board of Directors of the Interpump Group adopted the "Human Rights Guidelines" on 14 February 2020, as a set of instruc�ons intended to combat exploita�on in the workplace and child labor. The adop�on and implementa�on of these instruc�ons and rules of conduct are mandatory for all Interpump Group companies and, therefore, employees and all those who act in the name and/or on behalf of Interpump Group companies, as well as advisors, suppliers and other third par�es, including customers, are requested to make every effort to respect the Guidelines and the principles embodied therein.

All the sustainability impacts on the value chain workers iden�fied by Interpump Group are considered nega�ve. Of these, only "Management of sensitive data and information" is common to all contexts in which the Group operates, while the "Protection of human and workers' rights" occurs only in countries outside the macro-group (Europe, North America, and Australia).

Of the two iden�fied risks, one derives from the Group's dependencies (specifically suppliers), while the other arises from a material sustainability impact (specifically "Management of sensitive data and information"). The opportunity also arises from a material impact, "Protection of human and workers' rights".

All material sustainability risks and opportuni�es iden�fied by the Interpump Group extend uniformly to all value chain workers included in the perimeter analyzed (listed above), regardless of the geographies in which they operate or the ac�vi�es they perform. Currently, no ac�vi�es or geographies have been iden�fied as notably more exposed to sustainability risks than others.

8.2 Management of Impacts, Risks, and Opportuni�es

8.2.1 Disclosure requirement S2-1 – Policies related to value chain workers

Given the strategic importance of the en��es that operate within the value chain, the Interpump Group has decided to strengthen rela�onships and promote sustainability prac�ces throughout the value chain, and has adopted a policy for managing the impacts, risks, and opportuni�es related to value chain workers.

To this end, the Interpump Group has established a set of corporate governance rules and a Global Compliance Program that define policies and guidelines to mi�gate significant impacts on or create opportuni�es for value chain workers. This program is rooted in the principles and values embodied in the Code of Ethics, which protects and promotes the value of human resources, both its own and those in the value chain, in order to enhance and develop their wealth of knowledge and skills. In all its ac�vi�es, Interpump pursues and promotes respect for human rights and, in par�cular, the respect for human life, the freedom and dignity of individuals, jus�ce, fairness and solidarity. The physical and moral integrity of personnel, whether or not direct employees, is guaranteed via the provision of working condi�ons that respect their personal dignity and working environments that are safe and healthy.

The Policies and Guidelines, referenced in chapters ESRS S1 and ESRS G1, mandate all Interpump Group companies to disseminate and promote their principles and values among their employees and all value chain workers. These Policies and Guidelines are consistent with the values embodied in Interpump's Code of Ethics and the guidelines, standards and laws promulgated at an interna�onal level, including the UN Universal Declara�on of Human Rights, the Fundamental Conven�ons of the Interna�onal Labor Organisa�on (ILO), the OECD Guidelines for Mul�na�onal Enterprises, and the UN Global Compact.

They establish high-level direc�ves for the protec�on and development of topics relevant to value chain workers, but do not specify in detail how the Group manages the related impacts, risks, and opportuni�es, as required by the ESRS. In future, the Group will consider defining or upda�ng the current Policies and Guidelines in order to align their principles with the requirements of the CSRD.

No instances of non-compliance with the guiding principles of the UN Universal Declara�on of Human Rights, the Fundamental Conven�ons of the Interna�onal Labor Organisa�on (ILO), or the OECD Guidelines for Mul�na�onal Enterprises, that involve upstream and downstream value chain workers were highlighted during the reference period of this report.

The Interpump Group does not currently have a Suppliers' Code of Conduct.

8.2.2 Disclosure requirement S2-2 – Processes for engaging with value chain workers about impacts

As stated in the earlier sec�on en�tled "Disclosure requirement related to ESRS 2 SBM-2 – Interests and views of stakeholders", included in this sec�on, value chain workers are not currently among the categories involved in the stakeholder engagement process developed by the Group.

However, ini�a�ves have been implemented to reduce any actual and poten�al nega�ve impacts on value chain workers resul�ng from the Group's ac�vi�es. In par�cular with regard to the supply chain, a supplier ra�ng model based on environmental, social, and governance criteria has been implemented. All suppliers are rated on each of the following areas of interest and with regard to their ESG-related policies and cer�fica�ons, their procedures for defining and monitoring the related KPIs, and their improvement targets. The metrics used include:

respect for human rights, child labor and forced labor prac�ces, and general working condi�ons;
personnel management, respect for diversity, and equal opportuni�es;
occupa�onal health and safety;
cybersecurity and data protec�on.

By analyzing the informa�on received via the supplier ra�ng model, the Interpump Group is able to iden�fy possible issues and the viewpoints of value chain workers.

Given the specific characteris�cs of each company within the Interpump Group, it is currently not possible to provide specific informa�on about how they engage with workers throughout the value chain. Accordingly, in the near future, Interpump will define a structured engagement process for these workers, in order to iden�fy more precisely any actual and poten�al impacts deriving from Group ac�vi�es.

8.2.3 Disclosure requirement S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns

The Interpump Group strives to ensure that all value chain workers can express their concerns or complaints about any poten�al or actual adverse impacts deriving from Group ac�vi�es, including with regard to working condi�ons and the protec�on of human rights. In par�cular, as envisaged in ILO Conven�on 138, human trafficking and the exploita�on of child, forced or compulsory labor are not tolerated.

Any concerns or complaints can be reported to contact points at each Group company, including their HSE managers, who are required to take remedial ac�on to prevent, mi�gate, and remediate nega�ve impacts. The processes implemented by the Interpump Group to mi�gate nega�ve impacts are considered to be effec�ve.

The corporate and control bodies of the Group companies concerned are informed promptly about developments and the remedial measures adopted. Depending on the severity of the impacts, the responsible bodies within the Parent Company may be involved, as well as the Board of Directors.

Each Interpump Group company adopts its own procedures for monitoring and addressing concerns or complaints received from value chain workers.

During the reference period for this report, no complaints or concerns about events that caused nega�ve impacts were reported by value chain workers or en��es. The Interpump "Whistleblowing Procedure" described in Chapter ESRS S1 also establishes procedures for submi�ng and processing reports concerning any alleged infringements, misconduct, or concerns iden�fied by value chain workers.

To ensure that value chain workers are aware of the channels available to raise their concerns, Group companies employ various methods to inform them about their existence and the rules for their use. Addi�onally, all Group companies publish the "Whistleblowing Procedure" on their websites, thus ensuring greater visibility for and access to this informa�on. In order to protect the value chain workers who use these channels to raise their concerns, Interpump has implemented non-retalia�on policies that prohibit any form of retalia�on against workers who report concerns or use the remedia�on processes. The above policies ensure that all reports are processed confiden�ally to protect the iden��es of the workers concerned.

8.2.4 Disclosure requirement S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions

The Interpump Group promotes proper collabora�on with all value chain workers but, given the geographical spread of the Group, no specific ac�ons aligned with ESRS requirements are envisaged at this �me. In future, the Group will consider defining or upda�ng ac�ons in this area.

No severe human rights issues or incidents within the upstream and downstream value chains were iden�fied during the reference period for this report.

At present, no specific monetary or non-monetary resources have been iden�fied that can be reported separately from expenditures on normal business processes, in which such ac�ons are inherent and not separately iden�fiable.

8.3 Metrics and targets

8.3.1 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities (S2-5)

As previously stated, given the specific characteris�cs of the Group and the fragmenta�on of the value chain, the Interpump Group has not yet iden�fied targets in rela�on to this aspect. In future, the Group will consider defining targets in rela�on to value chain workers.

9. ESRS S4 – CONSUMERS AND END-USERS

9.1 Strategy

9.1.1 Disclosure requirement related to ESRS 2 SBM-2 – Interests and views of stakeholders

The Interpump Group is commited to ongoing dialog with all stakeholders, in order to take their individual needs and ideas for improvement into considera�on. Customers and end users are recognized as stakeholders.

For each category of stakeholder, the Group has established specific communica�ons channels via which to listen periodically and understand their points of view and needs.

The Group engages with customers and end users in the following ways:

corporate websites;
management of complaints;
catalogs;
a�er-sales service;
trade fairs.

9.1.2 Disclosure requirement related to ESRS 2 SBM-3 – Material impacts, risks, and opportunities and their interaction with strategy and business model

As shown in the earlier sec�on en�tled "Disclosure requirement SBM-3: Material impacts, risks, and opportunities and their interaction with strategy and business model", included in the chapter on General Disclosures (ESRS 2), the Interpump Group has iden�fied just one poten�al impact rela�ng to consumers and end users, associated with the sub-topic "Impacts related to the information provided to consumers and/or end-users".

However, at present, the 2023-2025 ESG Plan does not include ac�ons or targets related to the sustainability impacts iden�fied in connec�on with its value chain.

At the same �me, following the double materiality analysis, two risks and one opportunity associated with the sub-topics "Impacts related to the information provided to consumers and/or end-users" and "Social inclusion of consumers and/or end users" were iden�fied as material. Similar to the impacts iden�fied, none of them directly correlates with the objec�ves included in the Group's 2023-2025 ESG Plan.

The considera�ons expressed in the "General Disclosures" sec�on (ESRS 2) apply specifically to the end users of the Interpump Group, are dependent on accurate and accessible product- or service-related informa�on, such as manuals and product labels, to avoid poten�ally damaging use of a product or service.

As indicated in the earlier sec�on en�tled "Disclosure requirement SBM-1: Strategy, business model, and value chain", the Interpump Group mostly collaborates with B2B customers and, accordingly, it is difficult to iden�fy end-users of the mul�ple applica�ons of the Group's products who might be exposed to value chain risks. Nevertheless, the Group is commited to the con�nuous improvement and expansion of the range of products offered, not least by achieving a greater understanding of their compa�bility with the broader system in which they are used. Internally designed control systems and test equipment have enabled the Group to obtain a series of approvals from Interna�onal Cer�fica�on Bodies, ates�ng to the high quality and verified compa�bility of the products checked. This commitment is confirmed by the Group's affilia�on with the major standardiza�on bodies, including the Italian Standards Body (UNI).

The sustainability impact on consumers and/or end-users in the value chain iden�fied by the Interpump Group (Management of sensitive data and information) is assessed as nega�ve and is common to all contexts in which the Group operates.

Of the two iden�fied risks, one derives from the Group's dependencies ("customers"), while the other arises from a material sustainability impact ("Management of sensitive data and information"). Both opportuni�es stem from the Group's dependencies, specifically: "customers (B2B)".

9.2 Management of Impacts, Risks, and Opportuni�es

9.2.1 Disclosure requirement S4-1 – Policies related to consumers and end-users

In par�cular, within the Global Compliance Program (which includes a set of corporate governance rules), Interpump has defined responsible prac�ces that, in par�cular, promote the safe use of its products and solu�ons by end-users. These prac�ces aim to ensure that the best preven�ve measures are adopted to avoid risks or harm from use of the products sold, while also guaranteeing compliance with high quality standards. The Interpump Group is unwaveringly commited to strict compliance with the regula�ons in force in the countries where it operates and at interna�onal level (including ATEX, EMC, REACH, ROHS, and Proposi�on 65) that safeguard and protect customers and end-users.

In addi�on, the Code of Ethics defines principles and values that safeguard and protect all actors in the value chain. Lastly, the Policies and Guidelines, referenced in chapters ESRS S1 and ESRS G1, mandate all Interpump Group companies to disseminate and promote the above-men�oned principles and values.

At the date of this report, no infringements of the values and principles applicable to end-users, as embodied in the Interpump Code of Ethics, the UN Global Compact, and the OECD Guidelines for Mul�na�onal Enterprises, have been iden�fied in the downstream value chain.

The Policies and Guidelines establish high-level direc�ves for the protec�on and development of topics relevant to customers and end-users, but do not specify in detail how the Group manages the related impacts, risks, and opportuni�es, as required by the ESRS. In future, the Group will consider defining or upda�ng the current Policies and Guidelines in order to align their principles with the requirements of the CSRD.

The Interpump Group is unwaveringly commited to strict compliance with the regula�ons in force in the countries where it operates that safeguard and protect customers and end-users.

9.2.2 Disclosure requirement S4-2 – Processes for engaging with consumers and end-users about impacts

Establishing dialog and clear, accessible communica�ons with customers and end-users about the characteris�cs of its products, solu�ons, and services, is a priority for the Interpump Group. Transparent communica�ons build trust in business rela�ons and help customers and end-users to make informed decisions.

The Interpump Group has developed specific channels for sharing and exchanging communica�ons and informa�on with customers and end-users. Specifically, in addi�on to complaint management, a�ersales service, and informa�on about trade fairs, the websites of Group companies and their social media pla�orms ensure con�nuous communica�ons and frequent engagement.

The commercial func�ons within Interpump Group companies ensure that the feedback from endusers, received via customers, is collected and used to improve the products and services offered. This ac�vity includes managing customer rela�ons via various communica�on channels and analyzing the

data collected to iden�fy trends and the emerging needs of end-users. In addi�on, top management at Group level ensures that corporate strategies are focused on sustainability and that the indirect feedback from end-users is considered when making business decisions. Top management must oversee and regularly assess the ESG performance of the Group, ensuring that sustainability targets are achieved and that business prac�ces are transparent and accountable. This integrated approach, focused on customers and end-users, is essen�al so that the Group can build trust and maintain a posi�ve market reputa�on.

Feedback from customers and end-users provides valuable insights into areas for improvement and, by leveraging this informa�on, the Group can op�mize its processes, products, and services, enhancing their quality and efficiency. This approach to con�nuous contributes to the Interpump Group's longterm compe��veness and sustainability.

Given the specific characteris�cs of each company within the Interpump Group, it is currently not possible to provide specific informa�on about how they engage with customers and end-users. In the near future, Interpump will consider how to define a structured engagement process for these counterpar�es, in order to iden�fy more precisely any actual and poten�al impacts deriving from Group ac�vi�es.

9.2.3 Disclosure requirement S4-3 – Processes to remediate negative impacts and channels for customers and end-users to raise concerns

The Interpump Group strives to ensure that customers, and even end-users, can express their concerns or complaints about any poten�al or actual adverse impacts deriving from Group ac�vi�es, either by direct contact with the business func�ons concerned or via the digital channels made available by the Group.

This commitment not only enhances transparency and trust in the business, but also contributes to corporate accountability and sustainability. In par�cular, no form of retalia�on is tolerated and, as a result, all customers and end-users can feel safe when repor�ng doubts or issues. This fosters an environment in which they can express concerns freely, without fear of adverse consequences.

Any concerns or complaints can be reported to contact points at each Group company, including their sales and IT personnel, who are required to take remedial ac�on to prevent, mi�gate, and remediate nega�ve impacts.

To ensure that end-users are aware of the channels available to raise their concerns, all Group companies publish the "Whistleblowing Procedure" on their websites, thus ensuring greater visibility for and access to this informa�on. In order to protect the end-users who use these channels to raise their concerns, Interpump has implemented non-retalia�on policies that prohibit any form of retalia�on against those who report concerns or use the remedia�on processes. The above policies ensure that all reports are processed confiden�ally to protect the iden��es of the reporters.

9.2.4 Disclosure requirement S4-4 – Taking action on material impacts on customers and end-users, and approaches to managing material risks and pursuing material opportunities related to customers and end-users, and effectiveness of those actions

The Interpump Group is commited to establishing clear and accessible dialog and communica�ons with all customers but, given the diversity of its product markets and sectors of applica�on, no specific cross-cu�ng ac�ons aligned with ESRS requirements are envisaged at this �me. In future, the Group will consider defining or upda�ng ac�ons in this area.

That said, the Interpump Group adopts the following prac�ces and ini�a�ves that have a posi�ve influence on customers and end-users:

promo�on of corporate sustainability: adop�on of environmentally-friendly sustainable prac�ces that raise awareness among customers and end-users about the importance of sustainability;
innova�on and con�nuous improvement: investment in research and development for the con�nuous innova�on and enhancement of products and services;
protec�ons for counterparts: adop�on of flexible returns policies, product warran�es, and efficient customer services;
customer loyalty: establishment of strong rela�ons with customers and end-users, in order to create a posi�ve ripple effect that strengthens the customer base and lowers customer acquisi�on costs.

Addi�onally, in the context of the ESG Plan, the Interpump Group has adopted Product Ecodesign Guidelines with a view to reducing the environmental impact of its ac�vi�es via the adop�on of innova�ve and sustainable solu�ons. The circular economy is based on the idea of crea�ng a virtuous system for the use of resources, encouraging the reuse, recycling, and regenera�on of materials, in order to minimize the consump�on of natural resources and reduce the produc�on of waste. In this context, ecodesign is an essen�al dimension to be addressed, and the above Guidelines represent a further step towards crea�ng a sustainable and responsible business, capable of looking to the future with a far-sighted, environmentally-respec�ul approach.

The viewpoint of end-users is a "tool" that Interpump uses to understand beter their percep�ons and expecta�ons on the topic of sustainability; in this way, the Group's ESG strategies can be adapted effec�vely and the related ac�ons monitored. On this last point, Interpump gathers opinions and sugges�ons from customers, which in turn reflect the experiences of their end-users. The analysis of product sales and usage data also provides insights into how the ac�ons taken to reach the targets set in the ESG Plan influence the conduct of both customers and end-users.

9.2.5 Disclosure requirement S4-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

As previously stated, given the variety of products and the specific characteris�cs of markets in which the Group operates, Interpump has not yet iden�fied targets in rela�on to this aspect. In future, the Group will consider defining targets in rela�on to end-users.

10. ESRS G1 - GOVERNANCE INFORMATION

10.1 Governance

10.1.1 Disclosure requirement related to ESRS 2 GOV-1 – The role of the administrative, management, and supervisory bodies

As specified in the earlier sec�on en�tled "Disclosure requirement GOV-1: The role of the administrative, management, and supervisory bodies, included in the General Disclosures chapter (ESRS 2), the Board of Directors plays a central role in the corporate governance of the Interpump Group and in the defini�on of sustainability policies, including those related to business conduct.

On 28 April 2023, the Board established a Sustainability Commitee (separa�ng it from the previous Control, Risks, and Sustainability Commitee) with powers to advise, consult, and make recommenda�ons on ESG maters. This Commitee, comprising the Chief Execu�ve Officer and two independent directors, develops sustainability goals, strategies, and plans for the Board to consider, monitoring their implementa�on.

All Board members bring the professionalism and skills needed for the roles assigned to them, as detailed in the sec�on of chapter ESRS 2 en�tled Disclosure requirement GOV-1: The role of the administra�ve, management, and supervisory bodies. With regard to exper�se in business conduct, the Board of Directors of Interpump Group S.p.A. has extensive knowledge and experience on the topics of corporate ethics and culture, comba�ng bribery corrup�on, and managing stakeholder rela�ons.

10.2 Management of Impacts, Risks, and Opportuni�es

10.2.1 Disclosure requirement related to ESRS 2 IRO-1 – Description of the process to identify and assess material impacts, risks, and opportunities related to business conduct

The methodology used to iden�fy the impacts, risks, and opportuni�es took into account the aspects described in the sec�on en�tled "Disclosure requirement IRO-1: Description of the process to identify and assess material impacts, risks, and opportunities", included in the chapter on General Disclosures (ESRS 2). This methodology was also applied to the analyses of maters related to business conduct, which involved understanding the opera�onal context, iden�fying their impacts, risks, and opportuni�es, and then assessing and priori�zing them. Specifically, the analysis considered the geographical areas in which the Group operates, including the geographical distribu�on of suppliers and the value chain as a whole. The results of the above analysis were also determined in light of the manufacturing nature of the principal Interpump Group companies, as well as the different business sectors in which they operate and their respec�ve organiza�onal structures.

In the process of iden�fying impacts related to business conduct, just one poten�al, material impact was iden�fied, associated with two sub-topics: corporate ethics and culture, and sustainable prac�ces within the supply chain. This impact was iden�fied in just one phase of the value chain: direct opera�ons, linked to the Group's produc�on ac�vi�es.

With regard to the iden�fica�on of risks and opportuni�es, a reputa�onal and compliance risk was iden�fied due to poor supply chain oversight, associated with business conduct in the sub-topic "management of supplier relations". This risk is generated from the related impact "sustainable prac�ces within the supply chain", which arises in the upstream value chain.

10.2.2 Disclosure requirement G1-1 – Business conduct policies and corporate culture

The governance system defined by Interpump Group S.p.A., comprising a set of rules, policies, and organiza�onal structures, seeks to ensure effec�ve and efficient corporate governance, consistent with the characteris�cs and strategic objec�ves of the Group, while pursuing the sustainability of its ac�vi�es over the medium-long term.

To this end, the Board of Directors of Interpump Group S.p.A. has established non-nego�able principles and policies for business conduct that underpin the system of corporate governance, promo�ng the spread of a transparent corporate culture based on integrity. These principles are shared with key clients, suppliers and, in general, all third par�es that maintain commercial rela�ons with Group companies, regardless of their geographical loca�on.

The Interpump Group has established a Global Compliance Program (GCP) in order to disseminate throughout the Group a culture for the conduct of business based on ethics and corporate social responsibility. This program comprises a series of instruments, such as the Code of Ethics, the Organiza�on, Management and Control Model pursuant to Decree 231/2001 and the guidelines on comba�ng corrup�on, workplace safety, environmental protec�on and human rights, that are intended to promote among employees and all those who interact with the Group, even if only occasionally or on a temporary basis, respect for the rules of conduct and the values recognized by Interpump, as well as respect for the principle of legality in the conduct of business.

In order to iden�fy, assess, and manage impacts, risks, and opportuni�es arising from maters related to business conduct and culture, the Interpump Group has established the following Guidelines:

An�-corrup�on Guidelines

The An�-corrup�on Guidelines were approved by the Board of Directors of Interpump Group S.p.A. in March 2019 and represent a set of rules and procedures designed to eliminate the risk of corrupt conduct by all employees and collaborators of Group companies, as well as by all persons who, for any reason and regardless of their contractual status, work in the name of or on behalf of Group companies.

The An�-corrup�on Guidelines promote the principle of zero tolerance for all forms of corrup�on, and support full and uncondi�onal compliance with the domes�c and interna�onal laws and standards on comba�ng corrup�on. Special aten�on is dedicated to the selec�on of commercial partners, including the management of contracts and verifica�on of the sa�sfac�on of ethical requirements, the offer and acceptance of gi�s, hospitality and presents, public rela�ons, poli�cal contribu�ons and dona�ons to chari�es. Adop�on and implementa�on of the An�-corrup�on Guidelines is mandatory for all Group companies and, consequently, binds all employees, collaborators and, where applicable, advisors, suppliers and other third par�es, including customers, that maintain rela�ons with Interpump Group companies. The Internal Audit, Risk & Compliance Func�on of the Group is responsible for monitoring proper applica�on of the An�-corrup�on Guidelines, organizing and encouraging suitable training ini�a�ves on this topic for collaborators including, in par�cular, those who - given the nature of their work - are most exposed to the risk of commi�ng crimes of corrup�on including, in par�cular, the corporate func�ons responsible for commercial rela�onships with customers and suppliers.

These Guidelines are published on the website at the following link: htps://www.interpumpgroup.it/it/governance/documen�-societari.

Management of reports and complaints

The Interpump Group strives to ensure that all stakeholders can express their concerns, sugges�ons or complaints about any poten�al or actual adverse impacts deriving from Group ac�vi�es, including with regard to corrup�on and the protec�on of human rights. This commitment is made explicit in the Code of Ethics and stated in the Global Compliance Program. Events with a nega�ve impact deriving, directly or indirectly, from the ac�vi�es of the Group may be reported by the persons concerned to the individual contact points in the companies involved, who are obliged to ini�ate all appropriate remedial ac�on to prevent, mi�gate and make good the adverse consequences reported. In addi�on, the corporate and control bodies of the Group companies involved in the event must be informed promptly by the individual contact points about any developments and the remedial measures adopted. Depending on the severity of the impacts, the responsible bodies within Interpump Group S.p.A. must be involved, as well as the Board of Directors.

Whistleblowing Procedure

The Whistleblowing Procedure of the Interpump Group governs the submission and processing of reports about alleged concerns, irregulari�es or unlawful business conduct observed by an individual. The objec�ve of this procedure is to describe and regulate the repor�ng process by giving the reporter (whistleblower) clear opera�onal instruc�ons about the subject, content and recipients of reports, as well as on how to submit them, guaranteeing to keep confiden�al the iden�ty of the reporter from the moment in which the report is received, and forbidding any direct or indirect reprisals or discrimina�on against the whistleblower, in accordance with the applicable current regula�ons. The procedure also governs determina�on of the validity and truth of the reports, so that appropriate correc�ve and disciplinary ac�ons can be taken on a �mely basis. Reports are submited to Report Managers via three preferen�al channels (web pla�orm, telephone contact, or regular mail), in addi�on to verbal communica�on. The Report Managers are responsible for administering all reports received, assessing their jus�fica�on and determining whether or not addi�onal checks are needed. Without prejudice to the requirement to disclose certain events on a �mely basis, each year or more frequently the Report Managers must guarantee a flow of summary informa�on to top management and the Board of Directors about the reports received and administered. The Interpump Group does not tolerate any direct or indirect reprisals and/or discrimina�on against reporters, with impacts on their working condi�ons for reasons related to the report. Retaliatory and/or discriminatory measures refer to any conduct, act, or omission, even if only atempted or threatened, carried out as a result of the report and that causes or could cause unjust harm. Protec�ons against retalia�on or discrimina�on apply not only during the legal rela�onship between the reporter and Interpump Group companies, but also during the selec�on process or other pre-contractual phases, during the proba�onary period, or a�er termina�on of the rela�onship, if the informa�on about alleged infringements was acquired during those periods.

Group employees and collaborators are informed and trained on the importance of respec�ng the rules contained in the An�-Corrup�on Guidelines, as well as the on the procedures for submited and processing reports and complaints. The procedures for informing and training employees and collaborators are determined at Group company level. The "Whistleblowing Procedure" is available on the corporate intranet, posted on no�ceboards, and/or sent or delivered to all employees. The procedures for submi�ng a whistleblowing report and contac�ng the Report Managers are also available on the corporate websites of all Interpump Group companies. The Group Internal Audit, Risk & Compliance Func�on, in collabora�on with the Supervisory Bodies established pursuant to Decree 231/2001, organizes training sessions on the principles and measures contained in the "Whistleblowing Procedure", as part of the training delivered on the Organiza�on, Management, and Control Model pursuant to Decree 231/2001.

In addi�on, the ac�ons planned for the next three years include equipping all Italian Group companies with an Organiza�on, Management, and Control Model pursuant to Decree 231/2001, in order to strengthen dissemina�on of the corporate culture and ethics. During 2024, three companies ini�ated a project to adopt this Model. Selected was based on their size or specific organiza�onal needs. The

stakeholders were not specifically involved in the defini�on of this objec�ve, since it represents an area common to all stakeholder categories.

Given that the Group has not yet defined a �meline for addressing material sustainability maters, the above objec�ve cannot be considered aligned with ESRS requirements. The Internal Audit, Risk & Compliance Func�on monitors the achievement of this objec�ve and the effec�veness of the ac�ons taken for this purpose.

10.2.3 Disclosure requirement G1-2 - Management of relationships with suppliers

The sharing of values, commitments, and responsibili�es underpins the Interpump Group's rela�ons with the suppliers of goods and services. To ensure a structured approach that systema�cally involves the supply chain, the Interpump Group has embarked on a journey that should result in the improvement and sustainable development of its suppliers, taking into account the diversity and specific characteris�cs of the companies involved. The main ini�a�ves to embed ESG aspects within the supply chain processes include:

upda�ng the Code of Ethics (completed in 2023) in order to ac�vate the embedded sustainability principles and commitments accepted by the Interpump Group on approval of the 2023-2025 ESG Plan. In par�cular, the updated version of the Code of Ethics adopted by all Group companies places greater emphasis on sustainable development, the protec�on of human and workers' rights, energy saving, the reduc�on of environmental impacts, the training of employees, transparency and corporate responsibility via dialog with and involvement of the stakeholders, including those within the supply chain;
defining a supplier assessment process, based on their maturity with regard to specified ESG parameters. This assessment is based on a ques�onnaire to determine their opera�onal prac�ces with regard to such maters as environmental protec�on, social and workplace safety aspects, respect for human and workers' rights, and the preven�on of and fight against corrup�on. For each sustainability area, the ques�onnaire assigns a score based on the responses provided by the supplier, contribu�ng to the determina�on of an overall ra�ng. For certain priority topics, the receipt of specific posi�ve or nega�ve responses triggers an assessment and further inves�ga�on of the topic concerned by a given deadline, which may include an on-site audit or exclusion of the supplier from the qualifica�on and selec�on process;
promo�ng best prac�ces in sustainability by suppor�ng suppliers with various ESG compliance maters, par�cularly by sharing the principles contained in the Code of Ethics, policies, and guidelines developed by the Interpump Group.

Interpump believes that managing supply chain risks, par�cularly those related to environmental protec�on, social and economic growth and development, as well as ethical and reputa�onal maters, is an integral part of the Group's strategy to reduce the poten�al effects of supply chain issues and disrup�ons. To this end, Interpump Group companies adopt structured supplier qualifica�on processes within their respec�ve organiza�onal models to verify, inter alia, the reliability of their counterparts on ESG maters. The sharing of sustainability principles and commitments, via the signing or acceptance of Interpump's Code of Ethics, is a key element in this regard. This document effec�vely signposts the conduct expected from suppliers during their collabora�on with the Group. Addi�onally, respect for certain ESG criteria is assessed prior to accep�ng offers of goods and services from suppliers deemed "cri�cal". In this way, the Group seeks to leverage the commitment and contribu�on of those suppliers to beter achieve the sustainability goals described in the 2023-2025 ESG Plan. The business func�ons involved in the supply chain process at Group companies conduct risk-based audits of these counterparts, assessing the adequacy of the ESG criteria adopted by them with respect to the Group's targets and objec�ves.

The Interpump Group is commited to fostering coopera�ve and stable rela�ons with all suppliers, regardless of their size and/or geographical loca�on. For this reason, Interpump makes a special effort to protect its small and medium-sized suppliers of goods and services, by adop�ng payment policies intended to avoid placing them under economic-financial strain. Payment terms and condi�ons are agreed with the supplier before signing the order, and any changes must be approved by the business func�ons responsible for overseeing the underlying process, a�er obtaining the supplier's agreement and confirma�on.

Among the ac�ons planned to promote sustainable supply chain prac�ces, Interpump's goal is to adopt a Suppliers' Code of Conduct that will encourage respect for the established sustainability principles throughout the supply chain. The Group's stakeholders, par�cularly its suppliers, were not specifically involved in the defini�on of this goal.

Given that the Group has not yet defined a �meline for addressing material sustainability maters, the above goal cannot be considered aligned with ESRS requirements. Once the Suppliers' Code of Conduct has been implemented, the Internal Audit, Risk & Compliance Func�on will monitor its adop�on and dissemina�on by all Group companies.

10.3 Metrics and targets

10.3.1 Disclosure requirement G1-6 – Payment practices

Within the broader spectrum of sustainable prac�ces within the supply chain, the Interpump Group is commited to respec�ng the payment terms agreed with suppliers. In the context of managing opera�onal working capital, Interpump has not yet developed a policy for managing delayed payments to SMEs, although standard business prac�ce is to setle their accounts on the contractually-agreed terms. See the previous chapter for other ac�ons and targets rela�ng to these aspects.

Data has been collected to calculate this metric, principally from the Group's largest manufacturing companies, with a focus on the procurement costs associated with their produc�on processes:

Purchase of raw materials, semi-finished and finished products
Outsourced processing
Miscellaneous small tools
Consumable materials

In value terms, the companies involved make about 24% of consolidated purchases in these supply categories. This sample will be progressively expanded in future to make the results even more representa�ve, while ensuring adequate data consistency among the various Group companies that, o�en, employ their own management systems and opera�onal specifics.

The sta�s�cs presented below reflect a stra�fica�on of the above sample based on the value of the purchase invoices considered. No other adjustments were made in order to determine the consolidated averages for the Group as a whole.

Payment practices	Standard payment terms (average days) (33 b)	Average payment time (days) (33 a)	% payments made on standard terms (33 b)	% payments not made on standard terms
Micro	83	84	78%	22%
Small	82	81	83%	17%
Medium	91	88	83%	17%
Large	79	76	62%	38%
Total	84	82	78%	22%

Being weighted by invoice amount, the values reported in the table reflect the most significant standard and actual payment terms in terms of supply value. The companies included in the sample do not always calculate payment days in the same way (e.g., inclusion of holidays in the calcula�on of delays), so minor differences may exist.

In 2024, no legal ac�on was taken by suppliers against Group companies due to payment delays.

Sant'Ilario d'Enza (RE), 21 March 2025

For the Board of Directors Fulvio Mon�pò Chairman of the Board of Directors

CONSOLIDATED FINANCIAL STATEMENTS AT 31/12/2024

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS	Notes	31/12/2024	31/12/2023
€/000
Current assets
Cash and cash equivalents	6	392,637	334,483
Trade receivables	7, 30	385,963	414,787
Inventories	8	700,614	696,428
Tax receivables	9	56,381	46,306
Other current assets	9, 30	34,647	27,693
Total current assets		1,570,242	1,519,697
Non-current assets
Property, plant and equipment	10	853,747	785,911
Goodwill	11	837,798	784,571
Other intangible fixed assets	12	76,896	70,773
Other financial assets	13, 30	3,948	3,293
Tax receivables		2,635	4,297
Deferred tax assets	14	43,640	72,509
Other non-current assets		2,866	2,912
Total non-current assets		1,821,530	1,724,266
Assets held for sale	15	-	-
Total assets		3,391,772	3,243,963

189 Annual Financial Report at 31-12-2024 – Interpump Group
----------------------------------------------------------------	--

LIABILITIES	Notes	31/12/2024	31/12/2023
€/000
Current liabilities
Trade payables	17, 30	237,371	262,941
Bank debts	16, 30	33,236	52,469
Interest-bearing financial debts (current portion)	16, 30	241,919	264,911
Tax liabilities	17	28,360	39,323
Other current liabilities	17, 30	148,792	159,029
Provisions for risks and charges	18	8,858	8,525
Total current liabilities		698,536	787,198
Non-current liabilities
Interest-bearing financial debts	16, 30	526,526	503,600
Liabilities for employee benefits	19	21,292	21,061
Deferred tax liabilities	14	32,753	54,524
Tax liabilities		164	331
Other non-current liabilities	20, 30	80,028	60,990
Provisions for risks and charges	18	13,136	13,355
Total non-current liabilities		673,899	653,861
Total liabilities		1,372,435	1,441,059
SHAREHOLDERS' EQUITY
Share capital	21	55,505	55,625
Legal reserve	22	11,323	11,323
Share premium reserve	21, 22	42,564	46,938
Remeasurement reserve for defined benefit plans	22	(5,923)	(5,922)
Translation reserve	22	38,108	11,850
Other reserves	22	1,866,775	1,673,764
Group shareholders' equity		2,008,352	1,793,578
Non-controlling interests	23	10,985	9,326
Total shareholders' equity		2,019,337	1,802,904
Total shareholders' equity and liabilities		3,391,772	3,243,963

CONSOLIDATED INCOME STATEMENT

	Notes	2024	2023
€/000
Revenues	24	2,078,399	2,240,039
Cost of sales	25	(1,364,753)	(1,460,068)
Gross profit		713,646	779,971
Other net revenues	24	36,714	42,154
Distribution expenses	25	(173,890)	(169,744)
General and administrative expenses	25, 26	(227,118)	(214,594)
Other operating costs	25	(11,538)	(8,968)
EBIT		337,814	428,819
Financial income	27	35,296	26,515
Financial expenses	27	(62,380)	(78,174)
Equity method		302	627
contribution
Profit for the year before taxes		311,032	377,787
Income taxes	28	(82,562)	(100,271)
Consolidated profit for the year		228,470	277,516
Attributable to:
Shareholders of Parent		227,051	274,269
Minority shareholders of subsidiaries		1,419	3,247
Consolidated profit for the year		228,470	277,516
Basic earnings per share	29	2.124	2.565
Diluted earnings per share	29	2.120	2.556

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Notes	2024	2023
€/000
Consolidated profit for the year (A)		228,470	277,516
Gains (losses) on translating the financial statements of foreign companies		26,317	(6,855)
Gains (losses) from companies accounted for using the equity method		(132)	(273)
Applicable taxes		-	-
Total other comprehensive income (loss) which will subsequently be reclassified to consolidated profit, net of tax effect (B)	22	26,185	(7,128)
Other comprehensive income (loss) which will not subsequently be reclassified to consolidated profit
Gains (losses) deriving from the remeasurement of defined benefit plans		(1)	(795)
Applicable taxes		-	191
Total other comprehensive income (loss) which will not subsequently be reclassified to consolidated profit, net of tax effect (B)	22	(1)	(604)
Consolidated comprehensive profit for the year (A) + (B) + (C)		254,654	269,784
Attributable to:
Shareholders of Parent		253,308	267,138
Minority shareholders of subsidiaries		1,346	2,646
Comprehensive consolidated profit for the year		254,654	269,784

CONSOLIDATED CASH FLOW STATEMENT

	Notes	2024	2023
€/000
Cash flows from operating activities
Profit before taxes		311,032	377,787
Adjustments for non-cash items:
Losses (gains) on the sale of fixed assets		(5,582)	(2,753)
Amortization and depreciation	25	113,870	103,510
Costs recognized in the income statement relative to stock options that do not involve monetary outflows for the Group	25	5,262	5,290
Losses (profits) from equity investments		(302)	(627)
Net change in risk provisions and allocations to employee benefit provisions	18, 19	(2,260)	(4,788)
Expenditures for tangible fixed assets to be leased	10	(11,250)	(14,035)
Proceeds from the disposal of leased tangible fixed assets	10	10,967	7,663
Net financial expenses (income)	27	27,084	51,659
Other		(26)	5
		448,795	523,711
(Increase) decrease in trade receivables and other current assets	7, 9	44,108	33,735
(Increase) decrease in inventories	8	21,406	(6,688)
Increase (decrease) in trade payables and other current liabilities	17	(15,634)	(66,715)
Interest paid	27	(41,881)	(32,901)
Realized exchange differences	27	3,902	(7,015)
Taxes paid	28	(103,618)	(111,576)
Net cash from operating activities		357,078	332,551
Cash flows from investing activities
Payments for the purchase of investments, net of cash received and excluding treasury shares assigned		(89,211)	(40,153)
Capital expenditure on property, plant and equipment	10	(129,186)	(161,712)
Proceeds from the sale of tangible fixed assets	10	2,980	3,372
Increase in intangible fixed assets	12	(9,044)	(6,608)
Financial income received	27	7,435	4,377
Other		1,459	1,222
Net cash (used in) investing activities		(215,567)	(199,502)

(€/000)	Notes	2024	2023
Cash flows from financing activities
Disbursals (repayments) of loans	16	925	(120,640)
Dividends paid	22	(34,986)	(34,761)
Disbursements for purchase of treasury shares		(10,337)	-
Proceeds from the sale of treasury shares to stock option beneficiaries	21	581	2,246
Disbursements (repayments) of shareholder loans		(567)	(946)
Change in other financial assets		(526)	(555)
Payment of finance lease installments (principal)	16	(19,749)	(20,540)
Net cash generated by (used in) financing activities		(64,659)	(175,196)
Net increase (decrease) in cash and cash equivalents		76,852	(42,147)
Exchange differences on translating the liquidity of foreign companies		535	(3,186)
Opening cash and equivalents of companies consolidated for the first time using the line by-line method		-	-
Cash and cash equivalents at the beginning of the year	32	282,014	327,347
Cash and cash equivalents at the end of the year	32	359,401	282,014

See Note 32 for the reconcilia�on of cash and cash equivalents.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

€/000	Notes	Share capital	Legal reserve	Share premium reserve	Remeasurement reserve for defined benefit plans	Translation reserve	Other reserves	Group shareholders' equity	Non controlling interests	Total
At 1 January 2023		55,584	11,323	39,444	(5,320)	18,379	1,434,138	1,553,548	12,562	1,566,110
Recognition in the income statement of the fair value of stock options		-	-	5,289	-	-	-	5,289	-	5,289
Sale of treasury shares to stock option beneficiaries		41	-	2,205	-	-	-	2,246	-	2,246
Purchase of residual interests in subsidiaries		-	-	-	-	-	(2,569)	(2,569)	(3,431)	(6,000)
Dividends paid		-	-	-	-	-	(32,074)	(32,074)	(2,451)	(34,525)
Dividends resolved		-	-	-	-	-	-	-	-	-
Comprehensive income (loss) for 2023		-	-	-	(602)	(6,529)	274,269	267,138	2,646	269,784
At 31 December 2023	21, 22	55,625	11,323	46,938	(5,922)	11,850	1,673,764	1,793,578	9,326	1,802,904
Recognition in the income statement of the fair value of stock options		-	-	5,262	-	-	-	5,262	-	5,262
Purchase of treasury shares		(130)	-	(10,207)	-	-	-	(10,337)	-	(10,337)
Sale of treasury shares to stock option beneficiaries		10	-	571	-	-	-	581	-	581
Purchase of residual interests in subsidiaries		-	-	-	-	-	191	191	1,090	1,281
Dividends paid		-	-	-	-	-	(34,231)	(34,231)	(777)	(35,008)
Comprehensive income (loss) for 2024		-	-	-	(1)	26,258	227,051	253,308	1,346	254,654
At 31 December 2024	21, 22	55,505	11,323	42,564	(5,923)	38,108	1,866,775	2,008,352	10,985	2,019,337

NOTES TO THE ANNUAL FINANCIAL REPORT

1. General informa�on

Interpump Group S.p.A. is an Italian company domiciled in Sant'Ilario d'Enza (RE). The company is listed on the Milan stock exchange in the Euronext Star Milan segment.

The Group manufactures and markets high and very high pressure plunger pumps, very high pressure systems, machines for the food processing industry, chemicals, cosme�cs, pharmaceu�cals, mechanical si�ers and automated milking systems (Water-Je�ng sector), power take-offs, gear pumps, hydraulic cylinders, direc�onal controls, valves, gears and dispersion devices, hydraulic hoses and fi�ngs, orbital motors, steering systems (hydroguide) and other hydraulic components (Hydraulic sector). The Group has produc�on facili�es in Italy, the US, Germany, China, India, France, Portugal, Spain, Brazil, Poland, Bulgaria, Romania, Canada, New Zealand and South Korea.

The consolidated financial statements include Interpump Group S.p.A. and its directly or indirectly controlled subsidiaries (hereina�er "the Group").

This consolidated Annual Financial Report at 31 December 2024, prepared on a going concern basis, was approved at the mee�ng of the Board of Directors held on 21 March 2025 (today).

2. Consolida�on perimeter

The 2024 consolida�on perimeter includes the Parent Company and the following subsidiaries consolidated on a line-by-line basis (with the informa�on required on the basis of Consob communica�on DEM/6064293 of 28/07/2006):

Company	Location	Share capital €/000	Sector	Percentage held at 31/12/2024
Alfa Valvole S.r.l.	Casorezzo (MI)	1,560	Water Jetting	100.00%
GP Companies Inc.	Minneapolis (USA)	1,854	Water Jetting	100.00%
Hammelmann Australia Pty Ltd (1)	Melbourne (Australia)	472	Water Jetting	100.00%
Hammelmann Corporation Inc (1)	Miamisburg (USA)	39	Water Jetting	100.00%
Hammelmann France S.a.r.l. (1)	Etrichè (France)	50	Water Jetting	100.00%
Hammelmann GmbH	Oelde (Germany)	25	Water	100.00%
Hammelmann Pumps Systems Co Ltd (1)	Tianjin (China)	871	Water	90.00%
Hammelmann S. L. (1)	Zaragoza (Spain)	500	Water	100.00%
Hammelmann Swiss GmbH (1)	Dudingen (Switzerland)	89	Water	100.00%
Hi-Tech Enviro Solution Limited (NZ) (dormant) (18)	Auckland (New Zealand)	-	Water	100.00%
I.mec S.r.l.	Reggio Emilia	100	Water	70.00%
Improved Solutions Portugal Unipessoal Ltda (Portugal) (3)	Vale de Cambra (Portugal)	760	Water	100.00%
Inoxihp S.r.l.	Nova Milanese (MI)	119	Water	52.72%
Inoxpa (UK) Ltd (3)	Eastbourne (UK)	1,942	Water	100.00%
Inoxpa Colombia SAS (3)	Bogotá (Colombia)	133	Water	100.00%
Shanghai PuPeng Flow Technology Co. Ltd. (3)	Shanghai (China)	1,170	Water	60.00%

		Share		Percentage
Company	Location	capital	Sector	held at
		€/000		31/12/2024
Inoxpa China Flow Technology Co. Ltd. (3)	Shanghai (China)	1,536	Water	60.00%
Inoxpa India Private Ltd (3)	Pune (India)	6,779	Water	100.00%
Inoxpa Italia S.r.l. (3)	Mirano (VE)	100	Water	100.00%
INOXPA LTD (Russia) (3)	Podolsk (Russia)	1,435	Water	70.00%
Inoxpa Mexico S.A. de C.V. (3)	Mexico City (Mexico)	309	Water	100.00%
Inoxpa S.A.	Banyoles (Spain)	23,000	Water	100.00%
Inoxpa Skandinavien A/S (3)	Horsens (Denmark)	134	Water	100.00%
Inoxpa Solutions France (3)	Gleize (France)	2,071	Water	100.00%
Inoxpa Solutions Moldova (3)	Chisinau (Moldova)	317	Water	66.67%
Inoxpa South Africa Proprietary Ltd (3)	Gauteng (South Africa)	104	Water	100.00%
Inoxpa Special Processing Equipment Co. Ltd (3)	Jianxing (China)	1,647	Water	100.00%
Inoxpa Ukraine (3)	Kiev (Ukraine)	113	Water	100.00%
Inoxpa USA Inc. (3)	Santa Rosa (USA)	1,426	Water	100.00%
NLB Corporation Inc.	Detroit (USA)	12	Water	100.00%
Pioli S.r.l.	Reggio Emilia (RE)	10	Water	100.00%
Servizi Industriali S.r.l.	Ozzano Emilia (BO)	100	Water	80.00%
SIT S.p.A.	S.Ilario d'Enza (RE)	105	Water	88.00%
Waikato Holding Limited (NZ)	Auckland (New Zealand)	29,480	Water	100.00%
Waikato Milking Systems Ireland Limited (18)	Dublin (Ireland)	1	Water	100.00%
Waikato Milking Systems L.P. (NZ) (17)	Auckland (New Zealand)	46,803	Water	100.00%
Waikato Milking Systems Lease Limited (NZ) (18)	Auckland (New Zealand)	-	Water	100.00%
Waikato Milking Systems UK Limited (18)	Shrewsbury (United Kingdom)	-	Water	100.00%
Waikato Milking Systems USA LLC (19)	Verona (USA)	-	Water	100.00%
WMS GP Limited (NZ) (18) (dormant)	Hamilton (New Zealand)	-	Water	100.00%
AllTube Engineering Ltd (dormant) (6)	Daventry (United Kingdom)	351	Hydraulic	100.00%
Bristol Hose Ltd (dormant) (6)	Bristol (United Kingdom)	-	Hydraulic	100.00%
Contarini Leopoldo S.r.l. (4)	Lugo (RA)	47	Hydraulic	100.00%
Copa Hydrosystem Ood (5)	Troyan (Bulgaria)	3	Hydraulic	100.00%
Eurofluid Hydraulic S.r.l. (4)	Albinea (RE)	100	Hydraulic	80.00%
FGA S.r.l. (8)	Fossacesia (CH)	10	Hydraulic	100.00%
GS Hydro Denmark AS (10)	Kolding (Denmark)	67	Hydraulic	100.00%
GS- Hydro UK Ltd (10)	Aberdeen (United Kingdom)	5,095	Hydraulic	100.00%
GS-Hydro Ab (Sweden) (10)	Kista (Sweden)	120	Hydraulic	100.00%
GS-Hydro Austria GmbH (10)	Pashing (Austria)	40	Hydraulic	100.00%
GS-Hydro Benelux B.V. (10)	Barendrecht (Netherlands)	18	Hydraulic	100.00%
GS-Hydro do Brasil Sistemas Hidráulicos Ltda (10)	Rio de Janeiro (Brazil)	252	Hydraulic	100.00%
GS-Hydro Hong Kong Ltd (1)	Hong Kong	1	Hydraulic	100.00%
GS-Hydro Korea Ltd. (10)	Busan (South Korea)	1,892	Hydraulic	100.00%
GS-Hydro Piping Systems (Shanghai) Co. Ltd. (11)	Shanghai (China)	2,760	Hydraulic	100.00%
GS-Hydro S.A.U (Spain) (10)	Las Rozas (Spain)	90	Hydraulic	100.00%
GS-Hydro Singapore Pte Ltd (10)	Singapore	624	Hydraulic	100.00%
GS-Hydro Sp z oo (Poland) (10)	Gdynia (Poland)	1,095	Hydraulic	100.00%
GS-Hydro System GmbH (Germany) (10)	Witten (Germany)	179	Hydraulic	100.00%
GS-Hydro U.S. Inc. (7)	Houston (USA)	9,903	Hydraulic	100.00%
Hangzhou Interpump Power Transmissions Co. Ltd (13)	Hangzhou (China)	575	Hydraulic	100.00%
H.S. S.r.l. (20)	Sulbiate (MB)	99	Hydraulic	100.00%
Hidrover Equipamentos Hidráulicos Ltda. (21)	Flores da Cunha (Brazil)	10,107	Hydraulic	59.00%
Hydra Dyne Tech Inc (7)	Ingersoll (Canada)	80	Hydraulic	89.99%

		Share		Percentage
Company	Location	capital	Sector	held at
		€/000		31/12/2024
Hydrocar Chile S.A. (4)	Santiago (Chile)	129	Hydraulic	90.00%
Hydroven S.r.l. (4)	Tezze sul Brenta (VI)	200	Hydraulic	100.00%
IFS France S.a.r.l. (8)	Strasbourg (France)	162	Hydraulic	100.00%
IMM Hydraulics Ltd (dormant) (6)	Kidderminster (United Kingdom)	-	Hydraulic	100.00%
IMM Hydraulics S.p.A. (4)	Atessa (Switzerland)	520	Hydraulic	100.00%
IMM Hydro Est (8)	Catcau Cluj Napoca (Romania)	3,155	Hydraulic	100.00%
Innovativ Gummi Tech S.r.l. (8)	Ascoli Piceno (AP)	4,100	Hydraulic	100.00%
Interpump Fluid Solutions Germany GmbH (8)	Meinerzhagen (Germany)	52	Hydraulic	100.00%
Interpump Hydraulics (UK) Ltd. (4)	Kidderminster (United Kingdom)	13	Hydraulic	100.00%
Interpump Hydraulics Brasil Ltda (4)	Caxia do Sul (Brazil)	15,126	Hydraulic	100.00%
Interpump Hydraulics France S.a.r.l. (4)	Ennery (France)	76	Hydraulic	99.77%
Interpump Hydraulics India Private Ltd (4)	Hosur (India)	682	Hydraulic	100.00%
Interpump Hydraulics Middle East FZE (4)	Dubai (UAE)	1,226	Hydraulic	100.00%
Interpump Hydraulics S.p.A.	Calderara di Reno (BO)	2,632	Hydraulic	100.00%
Interpump Piping GS S.r.l.	Reggio Emilia	10	Hydraulic	100.00%
Interpump South Africa Pty Ltd (4)	Johannesburg (South Africa)	-	Hydraulic	100.00%
IPG Mouldtech India Pvt Ltd (9)	Coimbatore (India)	298	Hydraulic	85.00%
MA Transtecno S.A.P.I. de C.V. (13)	Apodaca (Mexico)	124	Hydraulic	70.00%
Mega Pacific NZ Pty Ltd (6)	Mount Maunganui (New Zealand)	557	Hydraulic	100.00%
Mega Pacific Pty Ltd (6)	Newcastle (Australia)	335	Hydraulic	100.00%
Muncie Power Prod. Inc. (4)	Muncie (USA)	784	Hydraulic	100.00%
North American Manufacturing Inc. (7)	Fairmount (USA)	3,410	Hydraulic	100.00%
Oleodinamica Panni S.r.l. (4)	Tezze sul Brenta (VI)	2,000	Hydraulic	100.00%
Reggiana Riduttori S.r.l.	S.Polo d'Enza (RE)	6,000	Hydraulic	100.00%
RR Canada Inc. (12)	Vaughan (Canada)	1	Hydraulic	100.00%
RR France S.a.r.l. (12)	Thouare sur Loire (France)	400	Hydraulic	95.00%
RR Holland BV (12)	Oosterhout (Netherlands)	19	Hydraulic	100.00%
RR India Pvt. Ltd (12) (dormant)	New Delhi (India)	52	Hydraulic	99.99%
RR Pacific Pty Ltd (12)	Victoria (Australia)	249	Hydraulic	100.00%
RR Slovakia A.S. (12)	Zvolen (Slovakia)	340	Hydraulic	100.00%
RR USA Inc. (12)	Boothwyn (USA)	1	Hydraulic	100.00%
Suministros Franquesa S.A. (16)	Lleida (Spain)	160	Hydraulic	100.00%
Tekno Tubi S.r.l. (8)	Terre del Reno (FE)	100	Hydraulic	100.00%
Transtecno Aandrijftechniek (Netherlands) (14)	Amersfoort (Netherlands)	-	Hydraulic	51.00%
Transtecno BV (13)	Amersfoort (Netherlands)	18	Hydraulic	51.00%
Transtecno Iberica the Modular Gearmotor S.A. (13)	Gava (Spain)	203	Hydraulic	70.00%
Transtecno S.r.l.	Anzola dell'Emilia (BO)	100	Hydraulic	100.00%
Tubiflex S.p.A.	Orbassano (TO)	515	Hydraulic	100.00%
Unidro Contarini S.a.s. (5)	Barby (France)	8	Hydraulic	100.00%
Walvoil Canada Inc. (9)	Terrebonne, Quebec (Canada)	76	Hydraulic	100.00%
Walvoil Fluid Power (Dongguan) Co., Ltd (9)	Dongguan (China)	3,720	Hydraulic	100.00%
Walvoil Fluid Power (India) Pvt. Ltd. (9)	Bangalore (India)	4,803	Hydraulic	100.00%
Walvoil Fluid Power Australasia (9)	Melbourne (Australia)	7	Hydraulic	100.00%
Walvoil Fluid Power Corp. (9)	Tulsa (USA)	137	Hydraulic	100.00%
Walvoil Fluid Power France S.a.r.l. (9)	Vritz (France)	10	Hydraulic	100.00%
Walvoil Fluid Power Korea Llc. (9)	Pyeongtaek (South Korea)	453	Hydraulic	100.00%
Walvoil S.p.A.	Reggio Emilia	7,692	Hydraulic	100.00%
White Drive Motors and Steering Sp z oo	Wroclaw (Poland)	33,254	Hydraulic	100.00%

Company	Location	Share capital €/000	Sector	Percentage held at 31/12/2024
White Drive Motors and Steering GmbH	Parchim (Germany)	25	Hydraulic	100.00%
White Drive Motors and Steering, LLC	Hopkinsville (USA)	77,466	Hydraulic	100.00%
Wuxi Interpump Weifu Hydraulics Company Ltd (4)	Wuxi (China)	2,095	Hydraulic	65.00%

(1) = controlled by Hammelmann GmbH	(10) = controlled by Interpump Piping GS S.r.l.
(2) = controlled by NLB Corpora�on Inc.	(11) = controlled by GS Hydro Hong Kong Ltd
(3) = controlled by Inoxpa Group S.A.	(12) = controlled by Reggiana Ridutori S.r.l.
(4) = controlled by Interpump Hydraulics S.p.A.	(13) = controlled by Transtecno S.r.l.
(5) = controlled by Contarini Leopoldo S.r.l.	(14) = controlled by Transtecno B.V.
(6) = controlled by Interpump Hydraulics (UK) Ltd.	(15) = controlled by MA Transtecno S.A.P.I. de C.V.
(7) = controlled by Muncie Power Prod. Inc.	(16) = controlled by GS Hydro S.A.U
(8) = controlled by IMM Hydraulics S.p.A.	(17) = controlled by Waikato Holding Limited
(9) = controlled by Walvoil S.p.A.	(18) = controlled by Waikato Milking Systems LP
(19) = controlled by Waikato Milking Systems Lease LTD	(20) = controlled by Inoxihp S.r.l.
(21) = controlled by Interpump Hydraulics Brasil Ltda

The other companies are controlled by Interpump Group S.p.A.

Compared with 2023, Reggiana Ridutori (Suzhou) Co. Ltd and Transtecno USA LLC, both in the Hydraulic sector, were liquidated during 2024. The newly-acquired Alltube Engineering Ltd. has been consolidated from 30 April 2024, while the newly-acquired H.S S.r.l. has been consolidated from 1 July 2024. Put and call op�ons for the residual 20% interests in Transtecno S.r.l. and Draintech S.r.l. were exercised during Q2 2024, raising Group ownership of both companies from 80% to 100%. Subsequently, Draintech S.r.l. was absorbed by Transtecno S.r.l. during Q3 2024, with retroac�ve effect from 1 January 2024. The newly-acquired Hidrover Equipamentos Hidráulicos Ltda has been consolidated from 30 November 2024. Lastly, Walvoil Fluid Power Mexico was formed in Q4 2024 and has been consolidated using the equity method from December 2024.

In the Water-Je�ng sector, the newly-acquired YRP (Shanghai) Flow Technology Co., Ltd. (now Inoxpa China Flow Technology Co., Ltd) and Process Partner China Co., Ltd (now Shanghai PuPeng Flow Technology Co., Ltd.) have been consolidated from 31 March 2024; The Group acquired an addi�onal 8% of SIT S.p.A. during Q1 2024 and now holds an 88% interest in that company; The newly-acquired Alfa Valvole S.r.l. has been consolidated from 31 May 2024; Lastly, during Q3 2024 the Group acquired an addi�onal 16.71% of Inoxpa Colombia SAS and now holds the en�re equity interest in that company.

In the Hydraulic sector, IPG Mouldtech India Pvt Ltd was consolidated for the whole of 2024, having been consolidated for 9 months in 2023 while, in the Water-Je�ng sector, I.mec Srl and the Waikato group were consolidated for the en�re year compared with 7 months in 2023.

2.1 Rights of minori�es to dispose of their holdings (put op�ons)

The minority quotaholder of Inoxihp S.r.l. is en�tled to dispose of its holdings star�ng from the approval of the 2025 financial statements up to the 2035 financial statements, on the basis of the average results of the company in the last two financial statements for the years ended before the exercise of the op�on.

The minority shareholder of Inoxpa Solu�on Moldova is en�tled to dispose of its holdings from October 2020, based on the most recent statement of financial posi�on of that company.

2.2 Rights and obliga�ons of minori�es to dispose of their holdings (put & call op�ons)

The minority shareholder of Hydra Dyne has the right and obliga�on to dispose of its holdings star�ng from approval of the 2028 financial statements based on the average of the results for the two years prior to exercise of the op�on.

The minority quotaholder of Eurofluid Hydraulic S.r.l. has the right and obliga�on to dispose of its holdings on the approval date of the financial statements at 31 December 2025. The price of this op�on has been fixed by contractual agreement.

The minority shareholder of IPG Mouldtech India Pvt Ltd has the right and obliga�on to dispose of its holdings by 30 June 2027, based on the results for the financial year prior to exercise of the op�on.

The minority quotaholder of I.mec S.r.l. has the right and obliga�on to dispose of its holdings in two tranches, the first star�ng sixty days a�er approval of the 2025 financial statements, and the second star�ng from approval of the 2027 financial statements.

The minority shareholders of Hidrover Equipamentos Hidráulicos Ltda have the right and obliga�on to dispose of their residual 41% equity interest in four tranches, based on the results for the financial year prior to exercise of the op�on. The first two tranches, corresponding to a 16% interest, will be exercisable following approval of the 2026 financial statements. The other two tranches, corresponding to the remaining 25% interest, will be exercisable following approval of the 2029 financial statements.

2.3 Obliga�ons of the Group to purchase minority holdings

Interpump Group S.p.A. is required to purchase the residual 20% interest in Servizi Industriali S.r.l. in due tranches, the first star�ng from approval of the 2024 financial statements, and the second following new agreements reached with the non-controlling interest during the year - star�ng from approval of the 2026 financial statements.

In compliance with the requirements of IFRS 10 and IFRS 3, Inoxihp S.r.l., Inoxpa Solu�on Moldova, Hydra Dyne Tech Inc., Servizi Industriali S.r.l., Eurofluid Hydraulic S.r.l., IPG Mouldtech India Pvt Ltd, I.mec S.r.l. and Hidrover Equipamentos Hidráulicos Ltda have been consolidated in full, recording a payable represen�ng an es�mate of the present value of the exercise price of the op�ons determined with reference to the business plans of the companies and/or on the basis of specific contractual agreements. Any changes in the above payable iden�fied within 12 months of the date of acquisi�on, as a result of addi�onal or beter informa�on, will be recorded as an adjustment of goodwill, while any changes emerging more than 12 months a�er the date of acquisi�on will be recognized in the income statement.

Equity investments in other companies, including subsidiaries, that have not been consolidated due to their insignificance are measured at fair value.

3. Accoun�ng standards adopted

3.1 Reference accoun�ng standards

The annual financial report as of 31 December 2024 has been prepared in compliance with the Interna�onal Financial Repor�ng Standards (IFRS) issued by the Interna�onal Accoun�ng Standards Board and adopted by the European Union, as well as with the enabling measures for art. 9 of Law 38 dated 28 February 2005. "IFRS" also means the Interna�onal Accoun�ng Standards ("IAS") currently in force and all the interpreta�ve documents issued by the IFRS Interpreta�on Commitee, previously denominated Interna�onal Financial Repor�ng Interpreta�ons Commitee ("IFRIC") and s�ll earlier known as the Standing Interpreta�ons Commitee ("SIC").

The consolidated financial statements are presented in thousands of euro. The financial statements are prepared using the cost method, with the excep�on of financial instruments and the obliga�ons deriving from op�ons to acquire minority interests in certain subsidiaries, which are measured at fair value.

Prepara�on of financial statements in compliance with IFRS (Interna�onal Financial Repor�ng Standards) calls for judgments, es�mates, and assump�ons that have an effect on assets, liabili�es, costs and revenues. The final results may differ from the results obtained using es�mates of this type. The cap�ons of the financial statements that call for more subjec�ve appraisal by the directors when preparing es�mates and for which a change in the condi�ons underlying the assump�ons u�lized could have a significant effect on the financial statements are: goodwill, amor�za�on and deprecia�on of fixed assets, deferred tax assets and liabili�es, the allowance for doub�ul accounts and the allowance for inventories, provisions for risks and charges, defined benefit plans for employees, and liabili�es for the acquisi�on of investments included under other liabili�es.

Notably, discre�onary measurements and significant accoun�ng es�mates concern the recoverable value of non-financial assets calculated as the greater amount between the fair value minus the cost of sale and the value in use. The value-in-use calcula�on is based on a discounted cash flow model. The recoverable value is highly dependent on the discount rate used in the model, as well as on the expected future cash flows and the growth rate applied. The key assump�ons used to determine the recoverable value for the two cash flow genera�ng units, including a sensi�vity analysis, are described in Note 11 to the Consolidated Financial Statements at 31 December 2024.

Moreover, the use of accoun�ng es�mates and significant assump�ons concerns also the determina�on of the fair values of the assets and liabili�es acquired in the framework of business combina�ons. In fact, at the acquisi�on date the Group must record, separately from the associated fair value, assets, liabili�es and poten�al liabili�es iden�fiable and acquired or assumed in the context of the business combina�on, and also determine the current value of the exercise price of any purchase op�ons on minority interests. This process calls for the prepara�on of es�mates, based on measurement techniques that involve making judgments about future cash flows and other hypotheses about the long-term growth rates and discount rates used in models developed with, in some cases, assistance from external experts. The accoun�ng impacts of determina�on of the fair value of acquired assets and assumed liabili�es, and of the op�ons to purchase minority interests for opera�ons of business combina�ons that occurred during the year, are provided in Note 5. Business combina�ons.

The repor�ng formats and related classifica�on criteria adopted by the Group are indicated below.

In the context of the op�ons envisaged in IAS 1 - Presenta�on of financial statements, the consolidated statement of financial posi�on classifies assets and liabili�es in accordance with the "current/noncurrent" criterion.

The consolidated income statement classifies opera�ng costs by the purpose for which they were incurred; in compliance with IFRS requirements, the consolidated statement of comprehensive income includes, in addi�on to the results for the year, income and costs not recognized in the income statement for the year, as required by the IFRS issued by the Interna�onal Accoun�ng Standards Board and adopted by the European Union.

The consolidated cash flow statement presents the cash flows from opera�ng ac�vi�es using the "indirect method".

3.1.1 Accounting standards, amendments and interpretations in force from 1 January 2024 and adopted by the Group

As from 2024 the Group has applied the following new accoun�ng standards, amendments and interpreta�ons, reviewed by IASB:

Amendments to IAS 1 – Presentation of Financial Statements: Classification of Liabilities as Current or Non-current. The IASB published this amendment on 23 January 2020 in order to clarify the presenta�on of liabili�es in the statement of financial posi�on. In par�cular, the amendment clarifies that:
- the classifica�on of liabili�es as current or non-current should be based on the rights exis�ng at the end of the repor�ng period and, in par�cular, on the right to defer payment for at least 12 months;
- classifica�on is not influenced by expecta�ons regarding decisions by the en�ty to exercise its right to defer the payment of a liability;
- payment refers to the transfer to the counterparty of cash, equity instruments, other assets or services.

The amendment took effect on 1 January 2024.

Amendments to IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments: On 25 May 2023, in response to investor needs, the IASB published an amendment to the related disclosures that improves transparency with regard to financial indebtedness and its effects on financial liabili�es, cash flows and the exposure to liquidity risk. The amendment took effect on 1 January 2024.
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information: In June 2023 the ISSB published a standard that establishes general requirements for the disclosure of sustainability-related financial informa�on. The amendment took effect on 1 January 2024.
IFRS S2 Climate-related Disclosures: In June 2023 the ISSB published a standard that requires the disclosure of supplementary informa�on about climate-related risks and opportuni�es. The amendment took effect on 1 January 2024.

The adop�on of these standards had no significant effects on the financial statements of the Group.

3.1.2 Accounting standards, amendments and interpretations taking effect as from 1 January 2024 but not relevant for the Group

• Amendments to IFRS 16 "Leases: Lease Liability in a Sale and Leaseback". On 22 September 2022 the IASB published the document en�tled Lease Liability in a Sale and Leaseback, which amends IFRS 16 and clarifies how to account for a sale and leaseback a�er the date of the transac�on. The amendment applies to repor�ng periods beginning on or a�er 1 January 2024. Early applica�on was allowed.

3.1.3 New accounting standards and amendments not yet applicable and not adopted early by the Group

Amendments to IAS 21 - The effects of changes in foreign exchange rates: lack of exchangeability: The IASB published an amendment on 15 August 2023 that contains guidelines to clarify when one currency is exchangeable into another currency and how to determine the exchange rate when, by contrast, it is not exchangeable. The new amendment applies to repor�ng periods beginning on or a�er 1 January 2025 and early adop�on is allowed.
IFRS 18 - Presentation and Disclosure in Financial Statements: On 9 April 2024 the IASB published a new standard that introduces certain important disclosures to be made in the explanatory notes to the financial statements when Management-defined Performance Measures are used. This ensures more transparent and comparable informa�on for investors on the financial results of companies. This standard will apply to all companies that report under the IFRS issued by the Interna�onal Accoun�ng Standards Board and adopted by the European Union.

It will apply to repor�ng periods beginning on or a�er 1 January 2027. Early applica�on is allowed.

• IFRS 19 Subsidiaries without Public Accountability: Disclosures. On 9 May 2024, the IASB published a new standard for subsidiaries without public accountability, which allows qualifying subsidiaries to apply IFRS with limited disclosures. The applica�on of IFRS 19 will reduce the cost of preparing the financial statements of subsidiaries, while retaining the usefulness of the informa�on provided to the users of their accounts.

The standard will apply to repor�ng periods beginning on or a�er 1 January 2027. Early applica�on is allowed.

• Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments. On 30 May 2024, the IASB published an Exposure Dra� that amends in par�cular IFRS 9 (Financial Instruments) and IFRS 7 (Financial Instruments: Disclosures), proposing amendments to ensure inter alia that the financial statements reflect more fairly the effects that contracts for renewable electricity have on a company.

The standard will apply to repor�ng periods beginning on or a�er 1 January 2026. Early applica�on is allowed.

• "Annual improvements to IFRS – Volume 11": On 19 July 2024, the IASB published the Annual Improvements to IFRS Accoun�ng Standards - Volume 11, which contains clarifica�ons, simplifica�ons, correc�ons and amendments to the IFRS that improve their internal consistency. The following accoun�ng standards were modified: IFRS 1 First-�me Adop�on of Interna�onal Financial Repor�ng Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implemen�ng IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements e IAS 7 Statement of Cash Flows.

The amendments are applicable from 1 January 2026. Early adop�on is allowed.

• "Amendments to IFRS 9 and IFRS 7, Amendments to the Contracts Referencing Naturedependent Electricity": On 18 December 2024, the IASB published amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, to help en��es report beter the financial effects of contracts structured as Power Purchase Agreements (PPAs), so that investors receive clearer informa�on about their financial performance and expected cash flows.

The standard will apply to repor�ng periods beginning on or a�er 1 January 2026. Early applica�on is allowed.

The Group is currently assessing the possible impacts of the new standards included in this sec�on.

3.2 Consolida�on principles

(i) Subsidiaries

Companies are subsidiaries when the Parent Company is exposed to or is en�tled to variable returns deriving from its investment rela�onship and, at the same �me, is able to influence such returns by exercising its power over the en�ty concerned.

Specifically, the Group controls an investment if, and only if, the Group has:

power over the en�ty in which the investment is held (i.e. holds valid rights gran�ng the real ability to direct the significant ac�vi�es of that en�ty);
exposure to or rights to variable returns deriving from its investment rela�onship with the en�ty concerned;
the ability to exercise its power over the en�ty concerned in order to influence the amounts of its returns.

Generally, ownership of the majority of vo�ng rights is presumed to result in control. In support of this presump�on and when the Group holds less than the majority of vo�ng rights (or similar), the Group considers all significant facts and circumstances in order to determine whether or not it controls the en�ty concerned, including:

contractual agreements with other owners of vo�ng rights;
rights deriving from contractual agreements;
vo�ng rights and poten�al vo�ng rights held by the Group that are not freely exercisable or conver�ble.

The Group reviews whether or not it controls an en�ty, if the facts and circumstances indicate changes in one or more of the three elements that are significant for the defini�on of control. Such poten�al vo�ng rights are not considered for consolida�on purposes at the �me of alloca�on to non-controlling interests of their por�on of the economic results and shareholders' equity. The financial statements of several subsidiaries have not been consolidated in considera�on of their limited significance; these investments are carried in accordance with the principles illustrated in Note 3.9.

The financial statements of subsidiaries are consolidated star�ng from the date on which the Group acquires control, and deconsolidated from the date on which control is relinquished. They are prepared with reference to the same accoun�ng period and using the same accoun�ng standards as the Parent Company.

Acquisi�ons of stakes in subsidiaries are recorded in accordance with the purchase account method. The acquisi�on cost corresponds to the current value of the acquired assets, shares issued, or liabili�es assumed at the date of acquisi�on. Ancillary expenses associated with the acquisi�on are generally recognized in the income statement when they are incurred. The excess of acquisi�on cost over the Group interest in the current value of the net assets acquired is recognized in the statement of financial posi�on as goodwill. For all business combina�ons, the Group decides whether to measure the noncontrolling interest in the acquired en�ty at fair value, or in propor�on to the minority equity interest acquired. Any nega�ve goodwill is recorded in the income statement at the date of acquisi�on.

If the business combina�on is achieved in several phases, the equity interest previously held is remeasured at fair value at the acquisi�on date and any profits or losses are recognized in the income statement.

The fair value of any con�ngent considera�on payable is recognized by the purchaser at the acquisi�on date. Changes in the fair value of con�ngent considera�on classified as an asset or a liability, as a financial instrument governed by IFRS 9 Financial instruments: recogni�on and measurement, are recognized in the income statement or in the statement of other comprehensive income. Any con�ngent considera�on not falling within the scope of IFRS 9 is measured at fair value and the changes in fair value are recognized in the income statement. If the con�ngent considera�on is classified in equity, its value is not remeasured and the effect of subsequent setlement is also recognized in equity.

A�er the Group has obtained control of an en�ty, subsequent acquisi�ons of interests in said en�ty that result in an increase or decrease in acquisi�on cost with respect to the amount atributable to the Group are recognized as equity transac�ons.

Subsidiaries are consolidated on a line-by-line basis, which combines the en�re amount of their assets and liabili�es and all their costs and revenues, irrespec�ve of the percentage of control. The accoun�ng value of consolidated equity investments is therefore eliminated against the related interest in their shareholders' equity. The por�ons of shareholders' equity and profits of non-controlling interests are shown respec�vely in a specific cap�on under shareholders' equity and on a separate line of the consolidated income statement. The Group is required to allocate the total statement of comprehensive income to the owners of the parent and to the non-controlling interests, even if this means that the later have a nega�ve balance.

If the Group losses control over a subsidiary, the related assets (including goodwill), liabili�es, noncontrolling interests and other components of equity are deconsolidated, while any profits or losses are recognized in the income statement. Any equity interest retained is recognized at fair value.

(ii) Associates

Associates are companies over which the Group has significant influence, without exercising control over their opera�ons. The considera�ons made in order to determine the existence of significant interest or joint control are similar to those made to determine the existence of control over subsidiaries. The Group's investments in associates are measured using the equity method.

Under the equity method, the investment in an associate is ini�ally measured at cost. The carrying amount of the investment is increased or decreased to recognize the interest of the investor in the profits and losses earned by the en�ty subsequent to the acquisi�on date. Any goodwill for an associate is included in its carrying amount and is not subject to separate impairment tes�ng.

The income statement reflects the Group's interest in the results for the year of the associate. All changes in the other comprehensive income reported by associates are recognized as part of the other comprehensive income of the Group. In addi�on, if an associate recognizes a change directly in equity, the Group also recognizes its share of that change, where applicable, in the statement of changes in shareholders' equity. Any unrealized profits and losses deriving from transac�ons between the Group and associates are eliminated in propor�on to the interests held in them.

The total interest of the Group in the results for the year of associates is classified in the income statement below the opera�ng results line. This interest represents their results a�er taxa�on and the por�on atributable to the other owners of the associate. The financial statements of associates are

prepared at the same repor�ng date as that used by the Group. Where necessary, they are adjusted to reflect the accoun�ng policies adopted by the Group.

Subsequent to applica�on of the equity method, the Group considers if it is necessary to recognize any impairment in the value of its interests in associates. On each repor�ng date, the Group determines if there is any objec�ve evidence that the carrying amount of associates might be impaired. If so, the Group calculates the loss as the difference between the recoverable value of the associate and its carrying amount, and charges it to the "interest in the results of associates" cap�on of the income statement.

When significant interest over an associate is lost, the Group measures and recognizes the residual investment at its fair value. The difference between the carrying amount of an investment on the date when significant influence is lost, and the fair value of the residual investment plus the considera�on received, is recognized in the income statement.

(iii) Equity investments in other companies

Informa�on about the equity investments in other companies that represent financial assets is provided in sec�on 3.11 Financial assets (Trade receivables, Other financial assets and Other assets).

(iv) Transactions eliminated in the consolidation process

Intercompany balances and gains and losses arising from intercompany transac�ons are omited in the consolidated financial statements. Intercompany gains deriving from transac�ons with associated companies are omited in the valua�on of the investment with the net equity method. Intercompany losses are only omited in the presence of evidence that they have not been incurred in rela�on to third par�es.

3.3 Business sector informa�on

Based on the defini�on provided in IFRS 8, an opera�ng segment is a component of an en�ty:

that undertakes business ac�vity that generates costs and revenues;
the opera�ng results of which are periodically reviewed at the highest decisional/opera�ng level of the en�ty in order to make decisions concerning the resources to allocate to the segment and the measurement of the results;
for which separate accoun�ng informa�on is available.

The business sectors in which the Group operates are determined on the basis of the repor�ng u�lized by Group top management to make decisions, and they have been iden�fied as the water-Je�ng sector and the Hydraulic sector:

the Water-Je�ng sector essen�ally comprises high and very high-pressure pumps and very high-pressure pumping systems used in a wide range of industrial sectors for the conveyance of fluids. The sector also includes high pressure homogenizers, mixers, agitators, piston pumps, valves, mechanical si�ers, automated milking systems and other machines mainly used in the food processing, chemicals, cosme�cs and pharmaceu�cals industries;
the Hydraulic sector includes power take-offs, hydraulic cylinders and pumps, direc�onal controls and hydraulic valves, rotary unions, hydraulic hoses and fi�ngs, gears, orbital motors, steering systems (hydroguide) and other hydraulic components. This sector also includes piping systems used in the industrial, naval and offshore sectors.

With the aim of providing more comprehensive disclosure, informa�on is also provided for the geographical areas in which the Group operates, namely Italy, Europe (including non-EU European countries and excluding Italy), North America, Far East and Pacific Area, and the Rest of the World.

3.4 Treatment of foreign currency transac�ons

(i) Foreign currency transactions

The func�onal and presenta�on currency adopted by the Interpump Group is the euro. Foreign currency transac�ons are translated to euro using the exchange rates in force on the date of the transac�on. Monetary assets and liabili�es are translated at the exchange rate in force on the repor�ng date. Foreign exchange differences arising from the transla�on are recognized in the income statement. Non-monetary assets and liabili�es measured at historical cost are translated at the exchange rates in force on the date of the related transac�ons. Monetary assets and liabili�es stated at fair value are translated to euro at the exchange rate in force on the repor�ng date in respect of which their fair value was determined.

(ii) Translation to euro of financial statements in foreign currencies

The assets and liabili�es of companies not residing in the European Union (EU) and whose func�onal currency is not the Euro, including the goodwill adjustments deriving from the consolida�on process and the fair-value adjustments generated by the acquisi�on of a foreign company outside the EU, are translated at the exchange rates in force on the repor�ng date. Revenues and costs of the same companies are translated at the average exchange rate for the year, which approximates the exchange rates in force on the dates on which the individual transac�ons were carried out. Foreign exchange differences arising from transla�on are allocated to a specific equity reserve designated Transla�on Reserve. At the �me of disposal of a foreign economic en�ty, accumulated exchange differences reported in the Transla�on Reserve will be recognized in the income statement. The exchange rates used for the transla�on to euro of the amounts booked to the income statements and statements of financial posi�on of companies with func�onal currency other than the euro are as follows:

Currency	2024 averages	At 31 December 2024	2023 averages	At 31 December 2023
Danish Krone	7.459	7.458	7.451	7.453
Swedish Krona	11.432	11.459	11.479	11.096
UAE Dirham	3.975	3.815	3.971	4.058
Australian Dollar	1.640	1.677	1.629	1.626
Canadian Dollar	1.482	1.495	1.459	1.464
Hong Kong Dollar	8.445	8.069	8.465	8.631
New Zealand Dollar	1.788	1.853	1.762	1.750
Singapore Dollar	1.446	1.416	1.452	1.459
US Dollar	1.082	1.039	1.081	1.105
Swiss Franc	0.953	0.941	0.972	0.926
Ukrainian Hryvnia	43.490	43.685	39.540	41.996
Moldovan Leu	19.196	19.088	19.593	19.167
Romanian Leu	4.975	4.974	4.947	4.976
Bulgarian Lev	1.956	1.956	1.956	1.956
New Peruvian Sol	4.062	3.905	4.047	4.082
Chilean Peso	1,020.658	1,033.760	908.197	977.070
Columbian Peso	4,407.144	4,577.550	4,675.001	4,267.520
South African Rand	19.830	19.619	19.955	20.348
Mexican Peso	19.831	21.550	19.183	18.723
Brazilian Real	5.828	6.425	5.401	5.362

Currency	2024 averages	At 31 December 2024	2023 averages	At 31 December 2023
Russian Ruble	100.280	106.103	92.874	99.192
Indian Rupee	90.556	88.933	89.300	91.905
UK Pound	0.847	0.829	0.870	0.869
South Korean Won	1,475.404	1,532.150	1,412.880	1,433.660
Chinese Yuan	7.787	7.583	7.660	7.851
Polish Zloty	4.306	4.275	4.542	4.340

The economic values of companies that entered the consolida�on perimeter during the year were translated using the average exchange rate for the period in which they contributed to the Group results.

3.5 Property, plant and equipment

(i) Recognition and measurement

Property, plant and equipment are measured at the historical cost and stated net of accumulated deprecia�on (see next point iii) and impairment losses (see sec�on 3.8). The cost of goods produced internally includes the cost of raw materials, directly related labor costs, and a por�on of indirect produc�on costs. The cost of assets, whether purchased externally or produced internally, includes the ancillary costs that are directly atributable and necessary for use of the asset and, when they are significant and in the presence of contractual obliga�ons, the current value of the cost es�mated for the dismantling and removal of the related assets.

Financial expensesrela�ve to loans u�lized for the purchase of tangible fixed assets are recorded in the income statement on an accruals basis if they are not specifically allocated to the purchase or construc�on of the asset, otherwise they are capitalized.

Assets held for sale are measured at the lower of the fair value net of selling-related costs and their book value.

(ii) Subsequent costs

The replacement costs of certain parts of assets are capitalized when it is expected that said costs will result in future economic benefits and they can be measured in a reliable manner. All other costs, including maintenance and repair costs, are recognized in the income statement when they are incurred.

(iii) Depreciation

Deprecia�on is charged to the income statement on a straight-line basis over the es�mated residual useful lives of the related capitalized assets. Land is not depreciated. The es�mated useful lives of assets are as follows:

Property	20-30 years
Plant and machinery	10-12.5 years
Industrial and commercial equipment	3-6 years
Other assets	3-8 years

The es�mated useful lives of assets are reviewed on an annual basis, and any changes in the rates of deprecia�on are applied, where necessary, on a prospec�ve basis.

For assets purchased and/or that became opera�onal in the year, deprecia�on is calculated u�lizing annual rates reduced by 50%. Historically, this method has been representa�ve of the effec�ve u�liza�on of the assets concerned.

Any profits/losses emerging on the derecogni�on of assets, i.e. on disposal (from the date on which the purchaser obtains control over them) or when no further economic benefits are expected from their use or disposal, (being the difference between their carrying amount and the net considera�on obtained) are recognized in the income statement at that �me.

(iv) Leasing

Right-of-use assets are measured at cost and stated net of accumulated deprecia�on and impairment. They are also adjusted following remeasurement of the related lease liabili�es. The cost of right-of-use assets comprises the amount of the lease liabili�es recognized, the ini�al direct costs incurred and the lease payments made at the start date or in advance, net of any and all incen�ves received. Right-ofuse assets are depreciated on a straight-line basis from the start date un�l the end of the useful life of the asset, being the end of the usage right (dura�on of the lease contract). The corresponding liability to the lessor is classified among the financial debts.

(v) Leasehold improvements

Any leasehold improvements with the same characteris�cs as fixed assets are capitalized in the asset category to which they relate and depreciated over their useful lives or, if shorter, over the residual life of the lease.

3.6 Goodwill

As stated in sec�on 3.2 Consolida�on principles, goodwill represents the excess amount of the purchase cost with respect to the Group por�on of the fair value of current and poten�al assets and liabili�es at the date of purchase.

Goodwill is recorded at cost, net of impairment losses.

Goodwill is allocated to the cash-genera�ng units iden�fied with reference to the organiza�on, management and control structure of the Group, which coincide with the two opera�onal sectors iden�fied by the Group. The book value is measured in order to assess the absence of impairment (see sec�on 3.8). Goodwill related to non-consolidated subsidiaries and associates is included in the value of the investment.

Any nega�ve goodwill origina�ng from acquisi�ons is entered directly in the income statement.

If the goodwill was allocated to a cash genera�ng unit and the en�ty re�res part of that unit's ac�vi�es, the goodwill associated with the re�red assets is added to their carrying amount when determining the profit or loss on re�rement. The goodwill associated with the re�red ac�vity is determined with reference to the value of the re�red assets with respect to those retained by the cash genera�ng unit.

3.7 Other intangible fixed assets

(i) Research and development costs

Research costs for the acquisi�on of new technical know-how are charged to the income statement as incurred.

Development costs rela�ng to the crea�on of new products/accessories or new produc�on processes are capitalized if the Group's companies can prove:

the technical feasibility and inten�on of comple�ng the intangible asset in such a way that it is available for use or for sale;
their ability to use or sell the asset;
the forecast volumes and realiza�on values indicate that the costs incurred for development ac�vi�es will generate future economic benefits;
that the costs are measurable in a reliable manner;
that resources exist to complete the development project.

The capitalized cost includes the cost of raw materials, directly related labor costs and a por�on of indirect costs. Capitalized development costs are valued at cost, net of accumulated amor�za�on, (see next point v) and impairment (see sec�on 3.8). Other development costs are ascribed to the income statement when they arise.

(ii) Loan ancillary costs

Loan ancillary costs are treated as outlined in sec�on 3.11. Ancillary costs rela�ng to loans not yet received are recorded as current assets and reclassified as a deduc�on from the loans on their receipt.

(iii) Other intangible assets

Other intangible assets, all having a defined useful life, are measured at cost and recorded net of accumulated amor�za�on (see next point v) and impairment (see sec�on 3.8).

Trademarks and patents, which cons�tute almost the en�rety of this cap�on, are amor�zed as follows: the Hammelmann trademark, the NLB trademark and patents, the Inoxihp trademark, the Inoxpa trademark, the American Mobile trademark, the Waikato trademark and the Alfa Valvole trademark are amor�zed over 15 years, this period being considered representa�ve of the expected useful life, in considera�on of their posi�ons as world leaders in their respec�ve niche markets. The Walvoil, Reggiana Ridutori, Transtecno, White Drive, Berma, Eurofluid and Hidrover trademarks are amor�zed over 10 years, in considera�on of their leadership posi�ons in highly compe��ve markets.

So�ware licenses are amor�zed over their period of u�liza�on (3-5 years).

The costs incurred internally for the crea�on of trademarks or goodwill are recognized in the income statement when they are incurred.

(iv) Subsequent costs

Costs incurred subsequently rela�ve to intangible fixed assets are capitalized only if they increase the future economic benefits of the specific capitalized asset, otherwise they are entered in the income statement when they are sustained.

(v) Amortization

Amor�za�on is charged to the income statement on a straight-line basis over the es�mated useful lives of the related capitalized assets. The es�mated useful lives of assets are as follows:

Patents and trademarks	5-18 years
Development costs	5 years
Granting of software and other licenses	3-5 years

Useful lives are reviewed on an annual basis and any changes in the rates are applied, where necessary, on a prospec�ve basis.

3.8 Impairment of assets

The book values of assets, with the excep�on of inventories (see sec�on 3.12), financial assets regulated by IFRS 9, deferred tax assets (see sec�on 3.16), and non-current assets held for sale regulated by IFRS 5, are subject to measurement at the repor�ng date in order to iden�fy the existence of possible indicators of impairment. If the valua�on process iden�fies the presence of such indicators, the presumed recoverable value of the asset is calculated using the methods indicated in the following point (i).

The recoverable value of goodwill and intangible assets not yet in use is es�mated at least annually, or more frequently if specific events provide evidence of possible impairment.

If the es�mated recoverable value of the asset or its cash genera�ng unit is lower than its net book value, the asset to which it refers is consequently adjusted for impairment loss with entry into the income statement.

Adjustments for impairment losses made in rela�on to the cash genera�ng units are allocated ini�ally to goodwill, and, for the remainder, to other assets on a propor�onal basis.

Goodwill is tested for impairment on a yearly basis even if there are no indicators of poten�al impairment.

(i) Calculation of estimated recoverable value

The es�mated recoverable value of other assets is equal to their fair value less selling costs or, if greater, their value in use. The value in use is equivalent to the projected future cash flows, discounted to present value at a rate, including tax, that takes account of the market value, of interest rates and specific risks of the asset to which the presumed realiza�on value refers. For assets that do not give rise to independent cash flows the presumed realiza�on value is determined with reference to the cash genera�ng unit to which the asset belongs.

(ii) Reinstatement of impairment losses

An impairment rela�ng to other assets is reinstated if a change has occurred in their es�mated recoverable value.

Impairment is reinstated to the extent of the corresponding book value that would have been determined, net of deprecia�on/amor�za�on, had no impairment loss ever been recognized.

Impairment related to goodwill is never reinstated.

3.9 Equity investments

Investments in associates are measured using the equity method, as envisaged in IAS 28 (see sec�on 3.2 (ii) Associates).

Informa�on about the investments in equity instruments (investments in other companies) is provided in sec�on 3.11 Financial assets (Trade receivables, Other financial assets and Other assets).

3.10 Cash and cash equivalents

Cash and cash equivalents include cash on hand, bank and post office deposits, and securi�es having original maturity date of less than three months. Current account overdra�s and advances with recourse are deducted from cash only for the purposes of the cash-flow statement.

3.11 Financial assets (Trade receivables, Other financial assets and Other assets)

On ini�al recogni�on, the classifica�on of financial assets depends on how they will be measured subsequently: at amor�zed cost, at fair value through other components of comprehensive income or at fair value through profit or loss. Again at the �me of ini�al recogni�on, financial assets are classified with reference to the characteris�cs of the related contractual cash flows and the business model used by the Group for their management. With the exclusion of trade receivables that do not contain a significant financing component, the Group ini�ally measures financial assets at their fair value, including transac�on costs in the case of those not measured at fair value through profit and loss. Trade receivables that do not have a significant financial component are measured at their transac�on price, as defined in accordance with IFRS 15.

Financial assets are measured at amor�zed cost if they are held in order to collect contractual cash flows (Held to Collect), represented solely by the payment of principal and interest on the amount of principal s�ll be repaid. All receivables are included in this category. These assets are measured at amor�zed cost, in accordance with the effec�ve interest criterion, and stated net of impairment losses. Interest income, exchange gains and losses, and impairment losses are recognized in the profit (loss) for the year, as are derecogni�on gains and losses.

Financial assets are measured at fair value through other comprehensive income if they are held by the Group both to collect contractual cash flows, represented solely by the payment of principal and interest on the amount of principal to be repaid, and to sell them (Held to Collect and Sell).

If a financial asset is not measured in one of the two ways described above, it must be measured at fair value through profit or loss. Accordingly, this category includes the assets held for trading and the assets designated on ini�al recogni�on as financial assets at fair value through profit or loss, as well as the financial assets whose measurement at fair value is mandatory. The fair value of the financial assets held for trading is determined with reference to market prices on the relevant annual or interim repor�ng date, or using financial valua�on techniques and models.

In accordance with IFRS 9, commencing on 1 January 2018 the Group adopted a new impairment model for financial assets measured at amor�zed cost or at fair value through other components of comprehensive income, with the excep�on of equity securi�es and assets deriving from customer contracts. This new model is based on determining the expected credit loss (ECL), which replaced the incurred loss model envisaged previously. The new standard envisages adop�on of the following methodologies: the General deteriora�on method and the Simplified approach. With regard to the simplified approach adopted by the Group, the standard does not specify how to segment customers, leaving each en�ty free to select the sample subsets in a manner consistent with its own circumstances. Within the simplified model, an analy�cal approach has been applied in rela�on to trade receivables deemed by management to be individually significant, and for which more detailed informa�on is available about the significant increase in credit risk.

A financial asset (or, where applicable, part of a financial asset or part of a group of similar financial assets) is derecognized (i.e. removed from the statement of financial posi�on) when:

the right to receive cash flows deriving from the asset has expired, or
the Company has transferred the right to receive cash flows deriving from the asset to a third party, or has accepted a contractual obliga�on to pay them over in full and without delay and (a) has transferred substan�ally all the risks and benefits of ownership of the financial asset, or (b) has not transferred or retained substan�ally all the risks and benefits of ownership of the financial asset, but has transferred control over it.

The profit (loss) on a financial asset that is measured at amor�zed cost and is not included in a hedging rela�onship must be recognized in profit (loss) in the year in which it is derecognized or reclassified, or via the amor�za�on process or when impairment adjustments are recorded.

3.12 Inventories

Inventories are measured at the lower of purchase cost or their es�mated realizable value. Cost is determined on a weighted-average basis and includes all costs incurred to purchase the materials and transform them into their state and condi�on at the repor�ng date. The cost of semi-finished goods and finished products includes a por�on of indirect costs determined on the basis of normal produc�on capacity. Write down provisions are calculated for materials, semi-finished goods and finished products considered to be obsolete or slow moving, taking account of their expected future usefulness and their realizable value. Net realizable value is es�mated with reference to market price in the ordinary course of business, less any comple�on and selling costs to be incurred.

3.13 Share capital and treasury shares

The price paid to purchase of treasury shares, inclusive of any directly-atributable ancillary charges, is deducted from share capital for the por�on concerning the nominal value of shares and from other shareholders' equity for the remainder. When treasury shares are resold or reissued, the price collected, net of any directly-atributable ancillary charges and the related tax effect, is recorded as share capital for the por�on concerning the nominal value of shares and as other shareholders' equity for the remainder.

3.14 Financial liabili�es (Trade payables, Bank debts, Interest-bearing financial debts and Other liabili�es)

On ini�al recogni�on, financial liabili�es are measured at fair value through profit and loss and classified either as loans or as deriva�ves designated as hedging instruments. All financial liabili�es are ini�ally recognized at fair value, including directly-atributable transac�on costs in the case of loans and payables. Following ini�al recogni�on, loans are measured at amor�zed cost using the effec�ve interest method. The effec�ve interest rate is the rate that exactly discounts the es�mated collec�ons over the expected life of the financial instrument or the future payments to the gross carrying amount of the financial asset or the amor�zed cost of the financial liability. Profits and losses are recognized in the income statement when liabili�es are setled, as well as via the amor�za�on process. Amor�za�on using the effec�ve interest rate is classified among the financial expenses in the income statement.

A financial liability is derecognized when the underlying obliga�on expires or when the obliga�on specified in the contract is setled, canceled or expires.

Trade payables and other debts, the rela�ve due date of which is within normal commercial terms, are not discounted to present value and are entered at the amor�zed cost representa�ve of their discharge value.

Current financial liabili�es include the short-term por�ons of the interest-bearing financial debts, bank and lease payables and other financial liabili�es.

3.15 Liabili�es for employee benefits

(i) Defined contribution plans

The Group par�cipates in defined pension plans with public administra�on or private plans on a compulsory, contractual, or voluntary basis. The payment of contribu�ons fulfills the Group's obliga�ons towards its employees. The contribu�ons therefore cons�tute costs of the period in which they are due.

(ii) Defined benefit plans

Defined benefits for employees disbursed on termina�on of their employment with the Group or therea�er, and which include severance indemnity of Italian companies, are calculated separately for each plan, using actuarial techniques to es�mate the amount employees have accrued in the year and in previous years. The resul�ng benefit is discounted to present value and recorded net of the fair value of any related assets.

The defined benefit obliga�on is calculated on an annual basis by an independent actuary using the projected unit credit method.

If the plan benefits increase, the prior-service por�on of the increase is charged to the income statement on a straight-line basis over the period in which the related rights will be acquired. If the rights are acquired immediately, the increase is recognized immediately in the income statement.

Actuarial profits and losses are recognized in a specific equity reserve on an accrual basis.

Un�l 31 December 2006 the severance indemnity provision (TFR) of Italian companies was considered to be a defined benefits plan. The rules governing the provision were amended by Law no. 296 of 27 December 2006 ("2007 Finance Act") and by subsequent Decrees and Regula�ons enacted in the ini�al months of 2007. In the light of these changes, and in par�cular with reference to companies with at least 50 employees, the TFR severance indemnity should now be classified as a defined benefits plan exclusively for the por�ons accrued prior to 1 January 2007 (and not yet paid out at the date of the financial statements), while a�er that date TFR should be considered as a defined contribu�ons plan.

(iii) Stock options

On the basis of the stock op�on plans currently in existence, certain employees and directors are en�tled to purchase treasury shares from Interpump Group S.p.A. The op�ons are measured at their fair value, which is charged to the income statement as an increase in the cost of personnel and directors, with a matching entry to the share premium reserve for share-based payment transac�ons. Fair value is measured at the grant date of the op�on and recorded in the income statement in the period that runs between said date and the date on which the op�ons become exercisable (ves�ng period), a�er the condi�ons rela�ng to the achievement of objec�ves and/or the provision of services have been met.

The cumula�ve costs recognized in rela�on to these opera�ons at each repor�ng date un�l the ves�ng date are determined with reference to the length of the ves�ng periods and the best es�mate of the number of par�cipa�ng instruments that will actually vest. The cost or income reported in the income statement reflects the change in the accumulated costs between the start and the end of the year.

No costs are recognized for rights that do not vest, except in the case of rights whose assignment is dependent on market condi�ons or a non-ves�ng condi�on. These are treated as if vested, regardless of whether or not the market condi�ons or other non-ves�ng condi�ons have been sa�sfied, without prejudice to the fact that all other performance and/or service condi�ons must s�ll be sa�sfied. If the plan condi�ons are amended, the minimum cost recognized is that which would have been incurred without the plan amendment. A cost is also recognized for each amendment that increases the total fair value of the payment plan, or that is in any case favorable for employees; this cost is measured with reference to the amendment date.

The dilu�ng effect of unexercised op�ons is reflected in the calcula�on of diluted earnings per share.

The fair value of the op�on is determined using the applicable op�ons measurement method (specifically, the binomial la�ce model), taking account the terms and condi�ons at which the op�ons were granted.

3.16 Income taxes

Income taxes disclosed in the income statement include current and deferred taxes. Income taxes are generally disclosed in the income statement, except when they refer to types of items that are recorded directly under shareholders' equity. In this case, the income taxes are also recognized directly in equity.

Current taxes are taxes that are expected to be due, calculated by applying to the taxable income the tax rate in force at the repor�ng date and the adjustments to taxes of prior years.

Deferred taxes are calculated using the liability method on the �ming differences between the amount of assets and liabili�es in the consolidated financial statements and the corresponding values recognized for tax purposes. Deferred tax liabili�es are recognized in rela�on to all taxable temporary differences, except for:

− the deferred tax liabili�es deriving from the ini�al recogni�on of goodwill or an asset or liability in a transac�on that does not represent a business combina�on and, at the �me of the transac�on, does not affect the reported results or taxable income;
− reversals of taxable temporary differences, associated with investments in subsidiaries, associates and joint ventures, that can be controlled and that are unlikely to occur in the foreseeable future.

Deferred tax assets are recognized in rela�on to all deduc�ble temporary differences, tax credits and unused tax losses carried forward, to the extent that future taxable income is likely to be sufficient to allow the recovery of the deduc�ble temporary differences, tax credits and tax losses carried forward, except for:

− the deferred tax assets linked to deduc�ble temporary differences that derive from the ini�al recogni�on of an asset or liability in a transac�on that does not represent a business combina�on and, at the �me of the transac�on, does not affect the reported results or taxable income;
− the deferred tax assets linked to deduc�ble temporary differences associated with investments in subsidiaries, associates and joint ventures, which are only recognized if they are likely to reverse in the foreseeable future and there will be sufficient taxable income from them to recover such temporary differences.

Deferred taxes are calculated in accordance with the envisaged method of transfer of �ming differences, using the tax rate in force at the reference date of years in which the �ming differences arose.

Deferred tax assets are recognized exclusively in the event that it is probable that in future years sufficient taxable incomes will be generated for the realiza�on of said deferred taxes. The carrying amount of deferred tax assets is reviewed at each repor�ng date and reduced to the extent that future taxable income is no longer likely to be sufficient to allow the recovery of such assets, in whole or in part. Any unrecognized deferred tax assets are reviewed at each repor�ng date and recognized to the extent that it has become is probable that future taxable income will be sufficient to allow their recovery.

3.17 Provisions for risks and charges

In cases where the Group has a legal or substan�al obliga�on resul�ng from a past event, and when it is probable that the loss of economic benefits must be sustained in order to fulfill such an obliga�on, a specific provision for risks and charges is created. If the temporal factor of the envisaged loss of benefits is significant, the amount of the future cash ou�lows is discounted to present values at a rate, gross of taxes, that takes account of the market interest rates and the specific risk of the liability referred to.

(i) Product warranty provision

Liabili�es for warranty repairs are allocated to the specific product warranty provision at the �me of sale of the products. The provision is determined on the basis of historic data describing the cost of warranty repairs.

(ii) Restructuring provision

A restructuring provision is formed exclusively in the event that the Group has approved a formal and detailed restructuring plan and has started to implement it or has published it before the repor�ng date. In other cases, the future costs are not set aside.

(iii) Onerous contracts

When the forecast future benefits of a contract are less than the non-eliminable costs rela�ng to it, a specific provision is created equivalent to the difference.

3.18 Revenues

(i) Revenues from the sale of goods and services

Revenues deriving from contracts with customers are recognized on the basis of the following 5 steps: (i) iden�fica�on of the contract with the customer; (ii) iden�fica�on of the contractual performance obliga�ons to be transferred to the customer in exchange for the transac�on price; (iii) determina�on of the transac�on price; (iv) alloca�on of the transac�on price to the individual performance obliga�ons; (v) recogni�on of the revenue when the associated performance obliga�on is fulfilled. Revenues are recognized at the amount of the considera�on to which the Group considers it is en�tled on sa�sfac�on of the obliga�on, when the customer acquires control over the goods or services transferred. The Group has iden�fied a single revenue stream from the sale of products and spare parts represen�ng the obliga�ons sa�sfied at a given point in �me. Revenues from the sale of products are recognized when the significant risks and benefits associated with control over the goods are transferred to the purchaser. The change of control coincides with the transfer of ownership or possession of the goods to the purchaser and, therefore, generally occurs on shipment or on comple�on of the service.

(ii) State grants

State grants are recorded as deferred revenue under other liabili�es when it becomes reasonably certain that they will be disbursed and when the Group has fulfilled all the necessary condi�ons to obtain them. Grants received against costs sustained are recorded in the income statement systema�cally in the same periods in which the rela�ve costs are incurred.

3.19 Costs

(ii) Lease installments

The principal por�on of lease installments is deducted from the financial payable, while the interest por�on is charged to the income statement.

(ii) Financial income and charges

Financial income and charges are recorded on an accruals basis with reference to the interest matured on the net value of the financial assets and liabili�es concerned, using the effec�ve interest rate. Financial income and charges include the exchange gains and losses and gains and losses on deriva�ve instruments that must be charged to the income statement (see sec�on 3.11).

The other cost cap�ons are described in the previous sec�ons of Note 3.

4. Business sector informa�on

Business sector informa�on is supplied with reference to the opera�ng sectors. The informa�on by geographical area required under the IFRS issued by the Interna�onal Accoun�ng Standards Board and adopted by the European Union is also provided. The informa�on provided about business sectors reflects the Group's internal repor�ng structure.

The value of components and products transferred between sectors is generally the effec�ve sales price between Group companies and corresponds to the best customer sale prices.

Sector informa�on includes directly atributable costs and costs allocated on the basis of reasonable es�mates. Holding company costs, i.e. remunera�on of directors, statutory auditors and func�ons of the Group's financial management, control and internal audi�ng, and also consultancy costs and other related costs, are allocated to each sector on the basis of their revenues.

The Group comprises the following business sectors:

Water-Jetting sector. This sector is mainly composed of high and very high-pressure pumps and pumping systems used in a wide range of industrial sectors for the conveyance of fluids. High pressure plunger pumps are the main component of professional pressure washers. These pumps are also u�lized for a broad range of industrial applica�ons including car wash installa�ons, forced lubrica�on systems for machine tools, and inverse osmosis systems for water desalina�on plants. Very highpressure pumps and systems are used for cleaning surfaces, ships, various types of pipes, and also for removing machining burr, cu�ng and removing cement, asphalt, and paint coa�ngs from stone, cement and metal surfaces, and for cu�ng solid materials. The sector also includes high pressure homogenizers, mixers, agitators, piston pumps, valves, mechanical si�ers, automated milking systems and other machines produced mainly for the food processing industry, but also used in the chemicals and cosme�cs sectors.

Hydraulic sector. This sector includes the produc�on and sale of power take-offs, hydraulic cylinders and pumps, direc�onal controls, valves, rotary unions, hydraulic hoses and fi�ngs, gears, orbital motors, steering systems (hydroguide) and other hydraulic components. Power take-offs are mechanical units used to transmit energy from the engine or gearbox of an industrial vehicle in order to drive, via hydraulic components, its various applica�ons. These products, combined with other hydraulic components (spool valves, controls, etc.) allow the execu�on of special func�ons such as li�ing �pping bodies, opera�ng truck-mounted cranes and opera�ng mixer trucks. Hydraulic cylinders are components of the hydraulic system of various vehicle types employed in a wide range of applica�ons depending on the type. Front-end and underbody cylinders (single ac�ng) are fited mainly on industrial vehicles in the building construc�on sector, while double ac�ng cylinders are employed in a range of applica�ons: earthmoving machinery, agricultural machinery, cranes and truck cranes, waste compactors, etc. The hydraulic hoses and fi�ngs are designed for use in a broad range of hydraulic systems and also for very high pressure water systems. Gears facilitate the mechanical transmission of energy, with applica�ons in various industrial sectors including agriculture, materials handling, mining, heavy industry, marine & offshore, aerial pla�orms, forestry and sugar produc�on. Orbital motors are used on industrial vehicles, in the construc�on sector, in earth-moving equipment and in agricultural equipment. The Group also designs and makes piping systems for the industrial, naval and offshore sectors.

Interpump Group business sector information	Hydraulic		Water		Elimination entries		Interpump Group
€/000	2024	2023	2024	2023	2024	2023	2024	2023
Revenues outside the Group	1,407,494	1,634,323	670,905	605,716	-	-	2,078,399	2,240,039
Inter-sector revenues	2,656	2,685	4,301	5,196	(6,957)	(7,881)	-	-
Total revenues	1,410,150	1,637,008	675,206	610,912	(6,957)	(7,881)	2,078,399	2,240,039
Cost of sales	(996,640)	(1,130,870)	(375,121)	(337,127)	7,008	7,929	(1,364,753)	(1,460,068)
Gross profit	413,510	506,138	300,085	273,785	51	48	713,646	779,971
% of revenues	29.3%	30.90%	44.40%	44.80%			34.30%	34.80%
Other net revenues	28,747	34,643	8,922	8,409	(955)	(898)	36,714	42,154
Distribution expenses	(99,618)	(102,914)	(74,603)	(67,222)	331	392	(173,890)	(169,744)
General and administrative expenses	(143,508)	(142,675)	(84,183)	(72,377)	573	458	(227,118)	(214,594)
Other operating costs	(8,040)	(7,602)	(3,498)	(1,366)	-	-	(11,538)	(8,968)
EBIT	191,091	287,590	146,723	141,229	-	-	337,814	428,819
% of revenues	13.60%	17.60%	21.70%	23.10%			16.30%	19.10%
Financial income	20,324	18,865	17,584	11,909	(2,612)	(4,259)	35,296	26,515
Financial expenses	(25,972)	(41,827)	(39,020)	(40,606)	2,612	4,259	(62,380)	(78,174)
Dividends	-	-	55,386	36,475	(55,386)	(36,475)	-	-
Equity method contribution	338	615	(1,547)	(4,933)	1,511	4,945	302	627
Profit for the year before taxes	185,781	265,243	179,126	144,074	(53,875)	(31,530)	311,032	377,787
Income taxes	(48,514)	(68,134)	(34,048)	(32,137)	-	-	(82,562)	(100,271)
Consolidated profit for the year	137,267	197,109	145,078	111,937	(53,875)	(31,530)	228,470	277,516
Attributable to:
Shareholders of Parent	136,575	194,839	144,351	110,960	(53,875)	(31,530)	227,051	274,269
Minority shareholders of subsidiaries	692	2,270	727	977	-	-	1,419	3,247
Consolidated profit for the year	137,267	197,109	145,078	111,937	(53,875)	(31,530)	228,470	277,516
Further information required by IFRS 8
Amortization, depreciation and write-downs	85,079	78,193	28,898	25,317	-	-	113,977	103,510
Other non-monetary costs	8,043	7,490	8,995	9,094	(1,511)	(4,945)	15,527	11,639

Financial position	Hydraulic	Water Elimination entries		Interpump Group
€/000	31 Dec.	31 Dec.	31 Dec.	31 Dec.	31 Dec.	31 Dec.	31 Dec.	31 Dec.
	2024	2023	2024	2023	2024	2023	2024	2023
Assets of the sector	2,109,648	2,131,325	950,754	858,703	(61,267)	(81,548)	2,999,135	2,909,480
Assets held for sale	-	-	-	-	-	-	-	-
Assets of the sector (A)	2,109,648	2,131,325	950,754	858,703	(61,267)	(81,548)	2,999,135	2,909,480
Cash and cash equivalents							392,637	334,483
Total assets							3,391,772	3,243,963
Liabilities of the sector (B)	357,197	443,088	207,753	177,375	(61,267)	(81,548)	503,683	538,915
Debts for the acquisition of equity investments							67,071	81,164
Bank debts							33,236	52,469
Interest-bearing financial debts							768,445	768,511
Total liabilities							1,372,435	1,441,059
Total assets, net (A-B)	1,752,451	1,688,237	743,001	682,328			2,495,452	2,370,565
Further information required by IFRS 8
Investments measured using the equity method	1,402	1,025	580	563			1,982	1,588
Non-current assets other than financial assets and deferred tax assets	1,278,703	1,215,942	495,239	432,522			1,773,942	1,648,464

The comparison of the Water-Je�ng sector - the only sector affected by business combina�ons during the year - at constant perimeter is as follows:

	Year
€/000	2024	2023
Revenues outside the Group	631,934	605,716
Inter-sector revenues	4,300	5,196
Total revenues	636,234	610,912
Cost of sales	(351,583)	(337,127)
Gross profit	284,651	273,785
% of revenues	44.7%	44.8%
Other net revenues	8,596	8,409
Distribution expenses	(69,606)	(67,222)
General and administrative expenses	(78,266)	(72,377)
Other operating costs	(3,140)	(1,366)
EBIT	142,235	141,229
% of revenues	22.4%	23.1%
Financial income	16,496	11,909
Financial expenses	(37,959)	(40,606)
Dividends	55,386	36,475
Equity method	(1,547)	(4,933)
contribution
Profit for the year before taxes	174,611	144,074
Income taxes	(31,994)	(32,137)
Consolidated profit for the year	142,617	111,937
Attributable to:
Shareholders of Parent	141,992	110,960
Minority shareholders of subsidiaries	625	977
Consolidated profit for the year	142,617	111,937

Cash flows for the year by business sector are as follows:

€/000	Hydraulic		Water		Total
Cash flows from:	2024	2023	2024	2023	2024	2023
Operating activities	259,065	256,131	98,013	76,420	357,078	332,551
Investing activities	(109,700)	(142,175)	(105,867)	(57,327)	(215,567)	(199,502)
Financing activities	(92,639)	(78,756)	27,980	(96,440)	(64,659)	(175,196)
Total	56,726	35,200	20,126	(77,347)	76,852	(42,147)

Inves�ng ac�vi�es in the Hydraulic sector included € 14,887 thousand associated with the acquisi�on of equity investments (€ 2,171 thousand in 2023) and expenditure on property, plant and equipment totaling € 95,857 thousand (€ 139,505 thousand in 2023).

The inves�ng ac�vi�es of the Water-Je�ng sector included € 74,324 thousand associated with the acquisi�on of equity investments (€ 37,982 thousand in 2023).

The cash flows deriving from the financing ac�vi�es of the Water-Je�ng sector included proceeds from the sale of treasury shares to the beneficiaries of stock op�ons totaling € 581 thousand (€ 2,246 thousand in 2023), € 10,337 thousand for the purchase of treasury shares (zero outlays in 2023) and dividend payments of € 34,379 thousand (€ 32,567 thousand in 2023).

The cash flows deriving from the financing ac�vi�es of the Hydraulic sector include the payment of dividends to Water-Je�ng Sector companies totaling € 55,375 thousand (€ 36,475 thousand in 2023).

Geographical areas

Revenues are analyzed below by the five geographical areas iden�fied:

€/000	2024	%	2023	%	Growth
Italy	310,453	15	363,734	16	-14.6%
Europe (Italy excluded)	720,058	35	804,889	36	-10.5%
North America	576,076	28	626,968	28	-8.1%
Far East and Pacific Area	261,309	13	238,646	11	9.5%
Rest of the World	210,503	10	205,802	9	2.3%
Total	2,078,399	100	2,240,039	100	-7.2%

Non-current assets other than financial assets and deferred tax assets are analyzed by geographical area below, based on their loca�on:

€/000	31/12/2024	31/12/2023
Italy	939,351	883,133
Europe (Italy excluded)	436,710	430,586
North America	265,125	244,650
Far East and Pacific Area	46,311	44,331
Rest of the World	86,444	45,764
Total	1,773,941	1,648,464

The geographical areas to which opera�ons are assigned depend on the na�onality of the company performing them. No companies have opera�ons in more than one area.

5. Business combina�ons

IPG Mouldtech India Pvt Ltd.

On 20 February 2023, 85% of the capital of Indoshell Automo�ve System India P.L., now IPG Mouldtech Invia Pvt Ltd., was purchased from Indoshell Mould Limited, an Indian group specialized in the cas�ng of ferrous and non-ferrous metals (cast iron and aluminum). The defini�ve purchase price alloca�on was unchanged with respect to the provisional PPA published in the 2023 Annual Financial Report, to which reference is made for further details.

I.mec S.r.l.

On 20 April 2023 Interpump Group announced the acquisi�on of 70% of the capital of and control over I.mec S.r.l.

Formed in 1989 and based in Reggio Emilia, this company is specialized in the produc�on of mechanical si�ers for various sectors of applica�on, including ceramics, recycling, filtra�on, food processing and cosme�cs. The value of this opera�on has been fixed at approximately € 14 million and "put and call" mechanisms have defined, through which the counterpar�es can purchase and sell the remaining 30% in two tranches, the first exercisable from June 2026 and the second from April 2028.

The defini�ve purchase price alloca�on is presented below:

€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Cash and cash equivalents	2,721	-	2,721
Trade receivables	6,092	-	6,092
Inventories	2,350	-	2,350
Tax receivables	493	-	493
Other current assets	305	-	305
Property, plant and equipment	3,033	-	3,033
Other intangible assets	16	2,286	2,302
Other financial fixed assets	12	-	12
Deferred tax assets	126	-	126
Other non-current assets	67	-	67
Trade payables	(3,126)	-	(3,126)
Bank debts	-	-	-
Tax liabilities	(52)	-	(52)
Other current liabilities	(650)	-	(650)
Lease payables	(2,519)	-	(2,519)
Deferred tax liabilities	(4)	(655)	(659)
Provision for risks and charges	(80)	-	(80)
Employee benefits (severance indemnity provision)	(943)	-	(943)
Net assets acquired	7,841	1,631	9,472
Goodwill related to the acquisition			13,628
Total net assets acquired			23,100
Total amount paid in cash			14,000
Amount paid by assigning treasury shares			-
Amount payable			9,100
Total acquisition cost (A)			23,100

€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Net financial position acquired (B)			(202)
Total amount paid in cash			14,000
Amount payable			9,100
Total change in net financial position			22,898
Capital employed (A) + (B)			22,898

The transac�on was accounted for using the acquisi�on method.

The goodwill was allocated in full to the Water-Je�ng CGU and is not relevant for tax purposes.

Waikato group

On 18 May 2023 Interpump Group announced the acquisi�on of 100% of the capital of and control over the Waikato group.

With more than 50 years of history, this group leads the automated milking market in New Zealand and Australia. This reflects the constant development and technological innova�on that has enabled progression from the design and produc�on of components in the late 1970s, to the current offer of automated and integrated systems.

The defini�ve purchase price alloca�on is presented below:

€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Cash and cash equivalents	1,837	-	1,837
Trade receivables	9,200	-	9,200
Inventories	13,009	-	13,009
Tax receivables	159	-	159
Other current assets	1,054	-	1,054
Property, plant and equipment	4,815	-	4,815
Other intangible assets	13,018	-	13,018
Deferred tax assets	728	-	728
Other non-current assets	-	-	-
Trade payables	(4,475)	-	(4,475)
Bank debts	(11,013)	-	(11,013)
Tax liabilities	(134)	-	(134)
Other current liabilities	(3,783)	-	(3,783)
Lease payables	(3,922)	-	(3,922)
Deferred tax liabilities	(2,990)	-	(2,990)
Provision for risks and charges	-	-	-
Employee benefits (severance indemnity provision)	-	-	-
Net assets acquired	17,503	-	17,503
Goodwill related to the acquisition			2,726
Total net assets acquired			20,229
Total amount paid in cash			20,229
Amount paid by assigning treasury shares			-

emarket sdir scorage
CERTIFIED

Amount payable			-
€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Total acquisition cost (A)			20,229
Net financial position acquired (B)			13,098
Total amount paid in cash			20,229
Amount payable			-
Total change in net financial position			33,327
Capital employed (A) + (B)			33,327

The transac�on was accounted for using the acquisi�on method.

The amounts for group companies not resident in the EU were translated using the exchange rates at 31 May 2023.

The goodwill was allocated in full to the Water-Je�ng CGU and is not relevant for tax purposes.

Inoxpa China Flow Technology Co., Ltd

On 9 April 2024 Interpump Group announced the acquisi�on, via Inoxpa SAU, of a 60%32 equity interest in YRP (Shanghai) Flow Technology Co., Ltd. (now Inoxpa China Flow Technology Co., Ltd.). With support from the Inoxpa group, the company was formed in 2016 to distribute components, valves, pumps and actuators in China, as the exclusive distributor for the Inoxpa group in the region. The total value of the transac�on was set at about € 1.5 million.

The provisional purchase price alloca�on is presented below:

€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Cash and cash equivalents	945	-	945
Trade receivables	798	-	798
Inventories	802	-	802
Tax receivables		-
Other current assets	399	-	399
Property, plant and equipment	1,573	-	1,573
Other intangible fixed assets	-	-	-
Other financial assets	-	-	-
Deferred tax assets	109	-	109
Other non-current assets	47	-	47
Trade payables	(1,364)	-	(1,364)
Leasing payables (current portion)	(115)	-	(115)
Tax liabilities	(6)	-	(6)
Other current liabilities	(114)	-	(114)
Provision for risks and charges (non-current portion)	-	-	-

³² Through Inoxpa SAU, the Group already held 10% of Inoxpa China Flow Technology Co., Ltd.

emarket sdir scorage
CERTIFIED

Leasing payables (non-current portion)	(1,264)	-	(1,264)
€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Employee benefits (severance indemnity provision)	-	-	-
Deferred tax liabilities	-	-	-
Non-controlling interests	(854)	-	(854)
Net assets acquired	956	-	956
Goodwill related to the acquisition			688
Total net assets acquired			1,644
Total amount paid in cash			1,544
10% interest already held by Inoxpa SAU			100
Payables related to the acquisition of investments			-
Total acquisition cost (A)			1,644
Net financial position acquired (B)			434
Total amount paid in cash			1,544
10% interest already held by Inoxpa SAU			100
Amount payable			-
Total change in net financial position			2,078
Capital employed (A) + (B)			2,078

The amounts for the company were translated using the exchange rates at 31 March 2024.

The company has been consolidated on a line-by-line basis from 1 April 2024.

The transac�on was accounted for using the acquisi�on method.

The goodwill was allocated in full to the Water-Je�ng CGU and is not relevant for tax purposes.

Since the acquisi�on date, the company has contributed € 5.4 million to the revenues of the Group, with an insignificant effect on net profit. Had the business combina�on taken place at the start of 2024, the contribu�on to Group revenues would have been € 5.6 million, with an insignificant effect on net profit.

Shanghai PuPeng Flow Technology Co., Ltd

On 9 April 2024 Interpump Group announced the acquisi�on, via Inoxpa SAU, of a 60% equity interest in Process Partner China Co., Ltd., now Shanghai PuPeng Flow Technology Co., Ltd. This company was founded in 2015 and specializes in the produc�on and sale of plant and complete solu�ons for the food processing industry, especially dairy. The total value of the transac�on was set at about € 1.4 million.

€/000 Amounts acquired Adjustments to fair value Carrying amounts in the acquiring company Cash and cash equivalents 1,494 - 1,494 Trade receivables 2,217 - 2,217 Inventories 134 - 134 Tax receivables - - - Other current assets 662 - 662 Property, plant and equipment 129 - 129

Other intangible fixed assets	-	-	-
€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Other financial assets	-	-	-
Deferred tax assets	-	-	-
Other non-current assets	2	-	2
Trade payables	(1,940)	-	(1,940)
Financial debts to banks - loans (current portion)	(384)	-	(384)
Leasing payables (current portion)		-
Tax liabilities	(46)		(46)
Other current liabilities	(520)	-	(520)
Provision for risks and charges (non-current portion)	-	-	-
Leasing payables (non-current portion)	-	-	-
Employee benefits (severance indemnity provision)	-	-	-
Deferred tax liabilities	-	-	-
Non-controlling interests	(699)	-	(699)
Net assets acquired	1,049	-	1,049
Goodwill related to the acquisition			351
Total net assets acquired			1,400
Total amount paid in cash			1,400
Amount payable			-
Total acquisition cost (A)			1,400
Net financial position acquired (B)			(1,110)
Total amount paid in cash			1,400
Amount payable			-
Total change in net financial position			290
Capital employed (A) + (B)			290

The amounts for the company were translated using the exchange rates at 31 March 2024.

The company has been consolidated on a line-by-line basis from 1 April 2024.

The transac�on was accounted for using the acquisi�on method.

Since the acquisi�on date, the company has contributed € 2.5 million to the revenues of the Group, with an insignificant effect on net profit. Had the business combina�on taken place at the start of 2024, the contribu�on to Group revenues would have been € 4.2 million, with an insignificant effect on net profit.

Alltube Engineering Ltd

On 22 April 2024, Interpump Group announced the acquisi�on, through Interpump Hydraulics Ltd., a Bri�sh subsidiary, of the en�re share capital of Alltube Engineering Ltd. Founded in 1986 and backed by decades of design and manufacturing experience, this company specializes in the processing of rigid and flexible hydraulic hoses. In the previous financial year33, the company generated turnover of about € 5 million, with an EBITDA margin of about 15%. The total considera�on paid for the transac�on was

€ 2.3 million. The provisional purchase price alloca�on is presented below:

€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Cash and cash equivalents	1,399	-	1,399
Trade receivables	817	-	817
Inventories	507	-	507
Tax receivables	-	-	-
Other current assets	41	-	41
Property, plant and equipment	382	-	382
Other intangible fixed assets	-	-	-
Other financial assets	-	-	-
Deferred tax assets	-	-	-
Other non-current assets	-	-	-
Trade payables	(397)	-	(397)
Financial debts to banks - loans (current portion)	-	-
Leasing payables (current portion)	-	-
Tax liabilities	(378)		(378)
Other current liabilities	(58)	-	(58)
Provision for risks and charges (non current portion)	-	-
Leasing payables (non-current portion)	-	-
Employee benefits (severance indemnity provision)	-	-
Deferred tax liabilities	(54)	-	(54)
Non-controlling interests	-	-	-
Net assets acquired	2,259	-	2,259
Goodwill related to the acquisition			377
Total net assets acquired			2,636
Total amount paid in cash			2,636
Payables related to the acquisition of investments			-
Total acquisition cost (A)			2,636
Net financial position acquired (B)			(1,399)
Total amount paid in cash			2,636
Amount payable			-
Total change in net financial position			1,237
Capital employed (A) + (B)			1,237

The amounts for the company were translated using the exchange rates at 30 April 2024.

The company has been consolidated on a line-by-line basis from 1 May 2024.

The transac�on was accounted for using the acquisi�on method.

The goodwill was allocated in full to the Hydraulic CGU and is not relevant for tax purposes.

Since the acquisi�on date, the contribu�on of the company to the revenues of the Group has not been significant.

Alfa Valvole S.r.l.

On 3 June 2024 Interpump Group announced the acquisi�on of 100% of the capital of Alfa Valvole S.r.l. from IDEX Corpora�on, a US company.

The company is posi�oned in the high-end segment of the valves sector, given the quality and services offered to customers. Following the absorp�on of OBL (specialist in the design and produc�on of volumetric pumps) in 2021, the company became a provider of integrated solu�ons for the movement and management of industrial fluids. In 2023, the company generated turnover of about € 28 million, with an EBITDA margin of about 26%. The total price agreed for the transac�on was € 55.2 million.

€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Cash and cash equivalents	13,375	-	13,375
Trade receivables	7,992	-	7,992
Inventories	6,675	-	6,675
Tax receivables	384	-	384
Other current assets	301	-	301
Property, plant and equipment	2,841	7,273	10,114
Other intangible fixed assets	100	4,971	5,071
Other financial assets	-	-	-
Deferred tax assets	654	-	654
Other non-current assets	22	-	22
Trade payables	(3,274)	-	(3,274)
Financial debts to banks - loans (current portion)	-	-	-
Leasing payables (current portion)	(100)	-	(100)
Tax liabilities	(750)		(750)
Other current liabilities	(2,146)	-	(2,146)
Provisions for risks and charges (current portion)	(60)	-	(60)
Leasing payables (non-current portion)	(178)	-	(178)
Employee benefits (severance indemnity provision)	(941)	-	(941)
Deferred tax liabilities	(15)	(3,416)	(3,431)
Non-controlling interests	(502)	-	(502)
Net assets acquired	24,378	8,828	33,206
Goodwill related to the acquisition			21,740
Total net assets acquired			54,946
Total amount paid in cash			54,946
Payables related to the acquisition of investments			-

Total acquisition cost (A)		54,946
Net financial position acquired (B)		(13,097)
Total amount paid in cash		54,946
Amount payable		-
Total change in net financial position		41,849
Capital employed (A) + (B)		41,849

The transac�on was accounted for using the acquisi�on method.

The company has been consolidated on a line-by-line basis from 1 June 2024. The goodwill was allocated in full to the Water-Je�ng CGU and is not relevant for tax purposes.

Since the acquisi�on date, the company has contributed € 16.2 million to the revenues of the Group and € 2.7 million to net profit. Had the business combina�on taken place at the start of 2024, the contribu�on to Group revenues would have been € 28.4 million, with an effect on net profit of € 4.4 million.

H.S. S.r.l.

On 11 July 2024, Interpump Group indirectly acquired 100% of H.S. S.r.l. via Inoxihp S.r.l., a subsidiary.

This company, ac�ve in the hydraulic sector, specializes in the design and produc�on of hydraulic systems and circuits known for their high qualita�ve and manufacturing standards. In 2023, the company generated turnover of about € 4 million. The total price agreed for the transac�on was € 0.1 million.

€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Cash and cash equivalents	88	-	88
Trade receivables	2,311	-	2,311
Inventories	1,078	-	1,078
Tax receivables	44	-	44
Other current assets	8	-	8
Property, plant and equipment	385	-	385
Other intangible fixed assets	10	-	10
Deferred tax assets	228	-	228
Other non-current assets	50	-	50
Trade payables	(1,549)	-	(1,549)
Bank debts	(569)	-	(569)
Financial debts to banks - loans (current portion)	(216)	-	(216)
Leasing payables (current portion)	(124)	-	(124)
Tax liabilities	(71)	-	(71)
Other current liabilities	(284)	-	(284)
Financial debts to banks – loans (medium-/long term portion)	(256)	-	(256)
Provisions for risks and charges (current portion)	-	-	-

(194)	-	(194)

(652)		(652)
(8)		(8)
279	-	279
		(179)
		100
Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company

		100
		-
		100
		1,271
		100
		-
		1,371
		-

The transac�on was accounted for using the acquisi�on method.

The company has been consolidated on a line-by-line basis from 1 July 2024.

The goodwill was allocated in full to the Hydraulic CGU and is not relevant for tax purposes.

Since the acquisi�on date, the company has contributed € 2.5 million to the revenues of the Group, with an insignificant effect on net profit. Had the business combina�on taken place at the start of 2024, the contribu�on to Group revenues would have been € 5.9 million, with an insignificant effect on net profit.

Hidrover Equipamentos Hidráulicos Ltda

On 24 October 2024, the Interpump Group signed a binding agreement to purchase, via Interpump Hydraulics Brasil Ltda., 59% of the capital of Hidrover Equipamentos Hidráulicos Ltda., which operates in the hydraulic cylinders sector.

This company specializes in the produc�on of hydraulic cylinders, covering the en�re produc�on process and focusing on the construc�on and agricultural markets. The price paid for opera�on was approximately € 17.5 million and "put&call" mechanisms have already been defined, through which the Group may acquire the residual 41% equity interest in four tranches. The first two (corresponding to a 16% interest) will be exercisable following approval of the 2026 financial statements, while the other two (corresponding to the remaining 25% interest) will be exercisable following approval of the 2029 financial statements.

€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Cash and cash equivalents	3,626	-	3,626
Trade receivables	2,990	-	2,990
Inventories	5,083	-	5,083

Tax receivables	291	-	291
Other current assets	63	-	63
Property, plant and equipment	4,023	-	4,023
Other intangible fixed assets	29	3,018	3,047
Deferred tax assets	628	-	628
Other non-current assets	10	-	10
Trade payables	(1,931)	-	(1,931)
Bank debts	-	-	-
€/000	Amounts acquired	Adjustments to fair value	Carrying amounts in the acquiring company
Financial debts to banks - loans (current portion)	(2)	-	(2)
Leasing payables (current portion)	-	-	-
Tax liabilities	(210)	-	(210)
Other current liabilities	(1,065)	-	(1,065)
Financial debts to banks – loans (medium-/long term portion)	(138)	-	(138)
Provisions for risks and charges (current portion)	(24)	-	(24)
Provision for risks and charges (non-current portion)	(691)	-	(691)
Employee benefits (severance indemnity provision)	-	-	-
Deferred tax liabilities	-	(1,026)	(1,026)
Net assets acquired	12,682	1,992	14,674
Goodwill related to the acquisition			24,781
Total net assets acquired			39,455
Total amount paid in cash			10,893
Payables related to the acquisition of investments			-
Total acquisition cost (A)			39,455
Net financial position acquired (B)			(3,486)
Total amount paid in cash			10,893
Amount payable			28,562
Total change in net financial position			35,969
Capital employed (A) + (B)			35,969

The amounts for the company were translated using the exchange rates at 30 November 2024.

The company has been consolidated on a line-by-line basis from 1 December 2024.

The transac�on was accounted for using the acquisi�on method.

The goodwill was allocated in full to the Hydraulic CGU and is not relevant for tax purposes.

Since the acquisi�on date, the company has contributed € 1.2 million to the revenues of the Group, with an insignificant effect on net profit. Had the business combina�on taken place at the start of 2024, the contribu�on to Group revenues would have been € 23.9 million, with an effect on net profit of € 4.5 million.

6. Cash and cash equivalents

€/000	31/12/2024	31/12/2023
Cash	91	91
Bank deposits	380,117	331,143
Other liquid funds	12,429	3,249
Total	392,637	334,483

Cash and cash equivalents at 31 December 2024 include amounts denominated in foreign currencies, as shown below:

	Amounts in €/000	Amount in original currency /000
Euro	270,905	270,905
US Dollar	49,135	51,137
Chinese Renminbi	26,288	199,497
Indian Rupee	12,904	1,147,666
Brazilian Real	12,199	78,387
UK Pound	5,868	4,857
Korean Won	4,522	6,928,837
New Zealand Dollar	2,077	3,849
Columbian Peso	1,740	7,962,802
Australian Dollar	1,599	2,680
Russian Ruble	932	98,905
Polish Zloty	913	3,903
Bulgarian Lev	910	1,780
Danish Krone	705	5,257
Swedish Krona	453	5,196
South African Rand	440	8,618
Ukrainian Hryvnia	224	9,784
Singapore Dollar	216	306
Swiss Franc	187	176
Canadian Dollar	146	196
Chilean Peso	140	144,078
Mexican Peso	77	1,653
Romanian Leu	28	139
UAE Dirham	25	98
Other minor currencies	4	n.a.
Total	392,637

At 31 December 2024, bank deposits include deposits and restricted accounts with a total no�onal balance of € 85.6 million at an average fixed interest rate of 3.77%.

Investment of the Group's liquidity made it possible to achieve an average yield of 1.86% in 2024 (1.24% in 2023).

7. Trade receivables

€/000	31/12/2024	31/12/2023
Trade receivables, gross	400,994	428,779
Bad debt provision	(15,031)	(13,992)
Trade receivables, net	385,963	414,787

Changes in the bad debt provision were as follows:

€/000	2024	2023
Opening balances	13,992	13,460
Exchange difference	170	(153)
Change in consolidation perimeter	431	377
Reclassifications	-	8
Provisions in the year	2,994	2,620
Decreases in the year due to surpluses	(1,248)	(1,759)
Utilizations in the year	(1,308)	(561)
Closing balance	15,031	13,992

Provisions in the year are booked under other opera�ng costs. At 31 December 2024, trade receivables due beyond 12 months total € 202 thousand, while trade payables due beyond 12 months amount to € 25 thousand. Further informa�on is provided in Note 31 "Informa�on on financial risks".

8. Inventories

€/000	31/12/2024	31/12/2023
Raw materials and components	266,682	243,157
Semi-finished products	187,291	214,571
Finished products	246,641	238,700
Total inventories	700,614	696,428

Inventories are stated net of an allowance that has changed as indicated below:

€/000	2024	2023
Opening balances	48,971	46,749
Exchange difference	739	(695)
Change in consolidation perimeter	3,315	1,575
Provisions for the year	6,994	4,522
Utilizations in the year	(2,326)	(2,221)
Reversal of provisions due to surpluses	(1,225)	(959)
Closing balance	56,468	48,971

9. Tax receivables and Other current assets

Tax receivables are analyzed below:

€/000	31/12/2024	31/12/2023
Current taxes	25,468	7,696
VAT recoverable	18,588	18,282
Withholding taxes	1,757	1,123
Other tax receivables	10,568	19,205
Total tax receivables	56,381	46,306

Other tax receivables include other indirect tax credits (including flat tax credits).

Other current assets are analyzed below:

€/000	31/12/2024	31/12/2023
Accrued income and prepaid expenses	11,701	11,159
Price adjustments receivable	1,894	3,335
Other receivables	17,918	8,078
Other current assets	3,134	5,121
Total other current assets	34,647	27,693

The Other receivables and Other current assets cap�ons report all receivables and assets not classified in the other receivables cap�ons, such as advances to suppliers, grants receivable, amounts due from employees and social security ins�tu�ons, and guarantee deposits paid, recoverable within twelve months.

10. Property, plant and equipment

€/000	Land and buildings	Plant and machinery	Equipment	Other assets	Total
At 31 December 2022
Cost	432,617	649,155	176,890	130,001	1,388,663
Accumulated depreciation	(111,289)	(369,981)	(141,796)	(84,502)	(707,568)
Net carrying amount	321,328	279,174	35,094	45,499	681,095
Changes in 2023
Opening net carrying amount	321,328	279,174	35,094	45,499	681,095
Exchange differences	(2,127)	(1,598)	(612)	(1,275)	(5,612)
Change in consolidation	7,487	2,267	124	1,138	11,016
Additions	53,159	88,514	14,979	21,930	178,582
Recognition of right-to-use assets	25,077	291	192	3,814	29,374
Disposals	(2,488)	(2,096)	(740)	(3,228)	(8,552)
Early close-out of right-to-use	(8,120)	-	-	(108)	(8,228)
Remeasurement of right-to-use	71	-	-	77	148
Reclassifications	1,646	(2,227)	(743)	325	(999)
Reclassification of assets held for	1,291	-	-	-	1,291
Capitalized depreciation	(68)	(8)	(6)	(1)	(83)
Write-downs	(336)	(342)	(25)	(25)	(728)
Depreciation	(25,560)	(42,460)	(11,111)	(12,262)	(91,393)
Closing net carrying amount	371,360	321,515	37,152	55,884	785,911
At 31 December 2023
Cost	482,226	724,681	186,700	146,889	1,540,496
Accumulated depreciation	(110,866)	(403,166)	(149,548)	(91,005)	(754,585)
Net carrying amount	371,360	321,515	37,152	55,884	785,911

€/000	Land and buildings	Plant and Equipment machinery		Other assets	Total
Changes in 2024
Opening net carrying amount	371,360	321,515	37,152	55,884	785,911
Exchange differences	5,175	4,061	818	2,257	12,311
Change in consolidation	11,778	3,981	182	658	16,599
Additions	44,296	63,497	11,310	19,974	139,077
Recognition of right-to-use assets	8,557	242	103	4,632	13,534
Disposals	(729)	(2,889)	-	(4,812)	(8,430)
Early close-out of right-to-use	(3,670)	(21)	(21)	(275)	(3,987)
Remeasurement of right-to-use	140	1	-	24	165
Reclassifications	49	(3,540)	3,068	172	(251)
Capitalized depreciation	(72)	(9)	(5)	(1)	(87)
Revaluations	-	107	-	-	107
Write-downs	-	(203)	(68)	-	(271)
Depreciation	(26,736)	(49,447)	(11,262)	(13,486)	(100,931)
Closing net carrying amount	410,148	337,295	41,277	65,027	853,747
At 31 December 2024
Cost	538,804	789,440	200,917	164,319	1,693,480
Accumulated depreciation	(128,656)	(452,145)	(159,640)	(99,292)	(839,733)
Net carrying amount	410,148	337,295	41,277	65,027	853,747

The cost of assets under construc�on, included in the net carrying amounts disclosed in the previous table, is as follows:

€/000	Land and buildings	Plant and machinery	Equipment	Other assets	Total
At 1 January 2023	10,349	32,946	836	237	44,368
At 31 December 2023	32,631	40,130	457	195	73,413
At 31 December 2024	24,521	45,689	620	462	71,292

The net carrying amount of leased assets at 31 December is analyzed below:

€/000	Land and buildings	Plant and machinery	Equipment	Other assets	Total
At 31 December 2023	90,166	2,270	1,561	7,013	101,010
At 31 December 2024	81,330	1,643	1,262	8,786	93,021

Deprecia�on of € 83,779 thousand was charged to the cost of sales (€ 75,983 thousand in 2023), € 7,581 thousand to distribu�on costs (€ 6,975 thousand in 2023) and € 9,571 thousand to general and administra�ve expenses (€ 8,439 thousand in 2023).

At 31 December 2024 the Group has contractual commitments for the purchase of property, plant and equipment totaling € 9,601 thousand (€ 4,341 thousand at 31 December 2023).

At 31 December 2024 property, plant and equipment are not burdened by mortgages and/or specific guarantees.

Further informa�on is provided in Notes 32 "Notes to the cash flow statement" and 33 "Commitments".

11. Goodwill

Changes in goodwill were as follows in 2024:

€/000	Balance at 31/12/2023	Increases (Decreases) in the year	Changes due to exchange-rate differences	Balance at 31/12/2024
Water-Jetting	230,092	23,560	2,520	256,172
Hydraulic	554,479	25,158	1,989	581,626
Total goodwill	784,571	48,718	4,509	837,798

The increases in the Hydraulic sector during 2024 relate en�rely to the acquisi�ons of Alltube Engineering and Hidrover Equipamentos Hidráulicos Ltda, while in the Water-Je�ng sector they relate to the acquisi�ons of Inoxpa China Flow Technology Co. Ltd, Shanghai PuPeng Flow Technology Co. Ltd and Alfa Valvole S.r.l. for a total of € 22,779 thousand, as well as to the adjustments made following comple�on in 2024 of the PPA processes rela�ng to I.mec S.r.l. and the Waikato group, totaling € 781 thousand.

The changes due to foreign exchange differences relate to the goodwill denominated in foreign currencies.

The goodwill acquired via business combina�ons was allocated, on checking for impairment, to the Water-Je�ng and Hydraulic CGUs, which correspond to the two opera�ng sectors about which specific informa�on has been provided.

The Group carried out an impairment test on 31 December 2024. When reviewing its impairment indicators, among other factors the Group also takes into considera�on its stock market capitaliza�on, which exceeded the shareholders' equity of the Group throughout 2024. The recoverable value iden�fied from the impairment test was determined from the value-in-use calcula�on carried out using the Discounted Cash Flow (DCF) method, net of current taxes. Expected cash flows u�lized in the calcula�on of DCF were determined on the basis of 5-year business plans (2025-2029) that take account of the various reference scenarios, and of growth forecasts in the various markets.

With regard to prepara�on of the five-year business plans, the Group recognizes some exposure to the impacts of future, more restric�ve laws and regula�ons governing energy efficiency and climate change, which cannot be quan�fied at this �me. The five-year business plans that support the impairment test of goodwill do not contain specific risk provisions in thisregard but, nevertheless, were prepared in a prudent manner that contain the expected level of future cash flows.

In par�cular, the Group considers that the sales policies adopted in prior years, aimed at improving the integra�on of its produc�on and distribu�on networks and consolida�ng the growth of several important outlet markets for the Group, will make it possible to increase revenues in the period 2025- 2029 by around 4% for the "Water Je�ng" CGU and about 6% for the "Hydraulic" CGU, with essen�ally stable margins. A perpetual growth rate of 1% was applied for periods a�er 2029 for the "Hydraulic" CGU, while a perpetual growth rate of 1.5% was applied for the "Water Je�ng Sector" CGU due to the sustainability over �me of the compe��ve advantages of the individual CGUs.

The projected cash flows determined in this manner were reduced by a discount factor in order to take account of the risk that future plans could become imprac�cable. The weighted average cost of capital (WACC) a�er tax was measured for the various CGUs as follows:

CGU	WACC
Water-Jetting	8.31%
Hydraulic	8.79%
Weighted average cost of capital	8.62%

The WACC u�lized in 2023 was 8.82%.

The sensi�vity analysis required in the joint Bank of Italy, Consob, ISVAP document dated 3 March 2010 was also carried out. No impairment losses on goodwill were iden�fied on reducing the expected cash flows of each CGU by 10%, or on increasing by 0.5% the cost of capital used to discount those expected cash flows.

12. Other intangible fixed assets

€/000	Product development expenses	Patents, trademarks and related rights, and industrial rights	Other intangible assets	Total
At 31 December 2022
Cost	43,569	105,266	31,020	179,855
Accumulated amortization	(33,185)	(61,784)	(23,023)	(117,992)
Net carrying amount	10,384	43,482	7,997	61,863
Changes in 2023
Opening net carrying amount	10,384	43,482	7,997	61,863
Exchange differences	50	173	(93)	130
Change in consolidation perimeter	2,393	10,726	-	13,119
Increases	2,040	597	4,184	6,821
Decreases	(114)	(8)	(25)	(147)
Reclassifications	(146)	88	426	368
Write-downs	(87)	-	(102)	(189)
Capitalized amortization	-	-	-	-
Amortization	(1,537)	(7,008)	(2,647)	(11,192)
Closing net carrying amount	12,983	48,050	9,740	70,773
At 31 December 2023
Cost	47,408	116,261	32,508	196,177
Accumulated amortization	(34,425)	(68,211)	(22,768)	(125,404)
Net carrying amount	12,983	48,050	9,740	70,773
Changes in 2024
Opening net carrying amount	12,983	48,050	9,740	70,773
Exchange differences	(161)	(457)	118	(500)
Change in consolidation perimeter	-	10,215	199	10,414
Increases	2,977	446	5,693	9,116
Decreases	(28)	-	-	(28)
Reclassifications	(1,442)	82	1,256	(104)
Write-downs	(88)	(8)	-	(96)
Capitalized amortization	-	-	-	-
Amortization	(1,718)	(7,819)	(3,142)	(12,679)
Closing net carrying amount	12,523	50,509	13,864	76,896
At 31 December 2024
Cost	48,530	126,835	40,464	215,829
Accumulated amortization	(36,007)	(76,326)	(26,600)	(138,933)
Net carrying amount	12,523	50,509	13,864	76,896

€/000	Product development expenses	Patents, trademarks and related rights, and industrial rights	Other intangible assets	Total
At 1 January 2023	8,512	16	1,743	10,271
At 31 December 2023	10,361	16	3,733	14,110
At 31 December 2024	8,141	16	5,461	13,618

The cost of assets in progress, included in the net carrying amounts reported above, is as follows:

Amor�za�on was charged in full to general and administra�ve costs. Product development costs consist mainly of capitalized internal costs.

13. Other financial assets

This item comprises:

€/000	31/12/2024	31/12/2023
Investments in non-consolidated subsidiaries	1,982	1,588
Assets servicing employee benefits	1,652	1,317
Other financial assets	314	388
Total	3,948	3,293

The following changes were recorded:

€/000	2024	2023
Opening balance	3,293	2,961
Exchange differences	(225)	(319)
Change in consolidation perimeter	196	(219)
Reclassifications	(28)	(158)
Increases for the year	741	1,263
Change in fair value	32	25
Decreases for the year	(61)	(260)
Closing balance	3,948	3,293

Breakdown of the value of investments in non-consolidated subsidiaries:

€/000	31/12/2024	% held	31/12/2023	% held
Company
Interpump Hydraulics RUS	1,170	100.0%	999	100.0%
General Pump China	580	100.0%	563	100.0%
Interpump Antriebstechnik GmbH	36	100.0%	26	100.0%
Walvoil Fluid Power Mexico S.A. DE C.V.	196	100%	-	-
Hammelmann Vostok	-	100%	-	100%
Interpump Hydraulics Perù S.a.c.	-	90%	-	90%
Total non-consolidated subsidiaries	1,982		1,588

General Pump China, Interpump Hydraulics RUS, Interpump Hydraulics Perù, Hammelmann Vostok, Interpump Antriebstechnik and Walvoil Mexico are all subsidiaries, but they have not been consolidated in view of their limited size.

The value of the investment in Interpump Hydraulics Perù, a distribu�on company based in Lima incorporated at the end of 2015 with the aim of strengthening the Group's direct presence in South America, has been reduced to zero and a provision for risks of € 140 thousand has been created to cover losses, which were mainly incurred by the company during the start-up phase and in subsequent years.

Hamlemann Vostok was formed at the end of 2021 in order to support the sales of Hammelmann in Russia and ensure an increased presence in that market. The value of this investment has been writen off, in view of the ongoing Russia-Ukraine conflict.

Walvoil Fluid Power Mexico was established during 2024 in order to develop, over the coming years, the sales of hydraulic and electronic products in the local market. The company did not commence opera�onal ac�vi�es during the year.

In rela�on to financial instruments recorded at fair value in the statement of financial posi�on (assets servicing employee benefits and other financial assets), interna�onal accoun�ng standards require that said values be classified on the basis of a hierarchy of levels that reflects the significance of the inputs u�lized to establish the fair value and subdivided on the basis of the recurrence in their measurement. Interna�onal accoun�ng standards iden�fy the following levels:

Level 1 quota�ons recorded on an ac�ve market for assets and liabili�es subject to measurement;
Level 2 inputs other than the price quota�ons men�oned in the above point, which are directly (prices) or indirectly (price deriva�ves) observable in the market;
Level 3 inputs that are not based on empirical market data.

The following table shows the financial instruments measured at fair value at 31 December 2024, broken down by level:

€/000	Level 1	Level 2	Level 3	Total
Other financial assets	1,814	-	152	1,966
Total assets	1,814	-	152	1,966

No transfers between levels were carried out in 2024.

All fair value measurements shown in the above table are to be considered as recurring; the Group did not perform any non-recurring fair value measurements in 2024.

14. Deferred tax assets and liabili�es

The changes in the year of deferred tax assets and liabili�es are listed below:

	Deferred tax assets		Deferred tax liabilities
€/000	2024	2023	2024	2023
At 31 December of the previous year	72,509	66,184	54,524	56,947
Exchange differences	148	(337)	993	(776)
Change in consolidation perimeter	2,196	496	8,203	14
Recognized in the income statement	(6,371)	6,042	(2,248)	(1,606)
Reclassifications	(24,855)	(53)	(28,732)	(41)
Recognized directly in equity	13	177	13	(14)
At 31 December of the current year	43,640	72,509	32,753	54,524

The deferred taxes recognized directly in equity arise from remeasurement of defined benefit plans. Deferred tax assets and liabili�es refer to the following items in the statement of financial posi�on:

	Deferred tax assets		Deferred tax liabilities
€/000	2024	2023	2024	2023
Property, plant and equipment	14,938	15,983	29,312	27,144
Rights of use	-	-	21,978	24,094
Intangible fixed assets	14,010	12,151	24,030	18,937
Equity investments	506	337	29	23
Inventories	25,566	24,061	0	536
Receivables	1,331	1,350	5	50
Liabilities for employee benefits	1,037	1,020	99	80
Leasing liabilities	17,505	19,580	-	-
Provisions for risks and charges	4,255	3,788	-	-
Losses to be carried forward	3,212	4,949	-	-
Other	7,480	8,870	3,500	3,240
Offset of deferred taxes	(46,200)	(19,580)	(46,200)	(19,580)
Total	43,640	72,509	32,753	54,524

No deferred tax liabili�es have been recorded for reserves qualifying for tax relief as they are not expected to be distributed (see Note 22).

15. Assets and liabili�es held for sale

The Group did not have any assets classified as held for sale at 31 December 2024.

16. Interest-bearing financial debts and Bank debts

The main loans are all subject to the following financial covenants, calculated on the consolidated values:

Net indebtedness / Shareholders' equity;
Net indebtedness / EBITDA;
EBITDA / Financial expenses.

At 31 December 2024 all financial covenants are amply respected.

€/000	31/12/2024	31/12/2023
Current
Bank debts	33,236	52,469
Bank loans	223,029	246,495
Leases	18,795	18,323
Other financial debts	95	93
Total current, interest-bearing financial debts	241,919	264,911

Non-current
Bank loans	368,174	435,827
Bonds	99,424	-
Leases	58,630	66,813
Shareholder loans	-	567
Other financial debts	298	393
Total non-current, interest-bearing financial debts	526,526	503,600

At 31 December 2024, fixed-rate, interest-bearing loans amount to € 103,207 thousand, while the remainder are at floa�ng rates.

Bank debts and interest-bearing loans include € 30,872 thousand in currencies other than the euro, mainly comprising US dollars, Chinese renminbi, UK pounds, New Zealand dollars, Indian rupees, Australian dollars, Romanian lei, Canadian dollars, Chilean pesos, and Brazilian reals rela�ng to foreign subsidiaries. Amounts in currencies other than the euro are as follows:

€/000	Bank debts	Current, interest bearing financial debts	Non-current, interest bearing financial debts	Total
US Dollar	5	3,193	4,950	8,148
Chinese Renminbi	6	2,622	1,873	4,501
UK Pound	12	956	2,568	3,536
New Zealand Dollar	-	595	2,188	2,783
Indian Rupee	6	758	1,858	2,622
Australian Dollar	5	630	1,561	2,196
Romanian Leu	1,964	6	11	1,981
Canadian Dollar	87	309	767	1,163
Chilean Peso	-	222	917	1,139
Brazilian Real	9	229	801	1,039
South African Rand	-	148	257	405
Mexican Peso	5	102	289	396
Danish Krone	-	214	94	308
Korean Won	-	46	251	297
Polish Zloty	-	54	61	115
Swiss Franc	-	45	39	84
Russian Ruble	-	38	46	84
Singapore Dollar	-	40	13	53
Bulgarian Lev	-	3	8	11
Columbian Peso	-	11	-	11
Total	2,099	10,221	18,552	30,872

The following rates were charged on the interest-bearing financial debts:

%	31/12/2024	31/12/2023
Bank loans	Euribor + 0.82 (average spread)	Euribor + 0.72 (average spread)
Bonds	4.17	-
Finance leases	6.01	4.94

No outstanding loans are backed by guarantees at 31 December 2024 or were backed by guarantees during the year.

Breakdown of lease payables at 31 December: 31-Dec-24 31-Dec-23 €/000 Within 1 year Between 1 and 5 years Beyond 5 years Total Within 1 year Between 1 and 5 years Beyond 5 years Total Payment of leasing installments 22,633 46,800 23,791 93,224 22,861 54,070 29,049 105,980 Interest (3,838) (9,548) (2,413) (15,799) (4,538) (9,949) (6,357) (20,844) Present value of financial leasing payables 18,795 37,252 21,378 77,425 18,323 44,121 22,692 85,136

At 31 December 2024 the Group is party to several leasing contracts for industrial buildings, plant and machinery, the carrying amount of which, totaling € 93,021 thousand (€ 101,010 thousand at 31

Non-current, interest-bearing financial debts fall due as follows:

December 2023), is classified under Property, plant and equipment (Note 10).

€/000	31/12/2024	31/12/2023
Within 2 years	200,357	210,931
Between 2 and 5 years	220,284	268,503
Beyond 5 years	105,885	24,166
Total	526,526	503,600

The Group has the following unused lines of credit at year-end:

€/000	31/12/2024	31/12/2023
Export advances and Italian portfolio	165,248	139,313
Current account overdrafts	-	77
Medium/long-term bonds	183,617	-
Total	348,865	139,390

Further informa�on about liquidity and interest-rate risks is provided in Note 31 "Informa�on on financial risks".

Net indebtedness, including payables and commitments, determined in accordance with ESMA guidance 32-382-1138 and included in Consob no�ce no. 5/21, comprises:

€/000	31/12/2024	31/12/2023	31/12/2022
Cash and cash equivalents	392,637	334,483	358,275
Bank debts (advances and STC amounts)	(33,236)	(52,469)	(30,928)
Interest-bearing financial debts (current portion)	(241,919)	(264,911)	(288,456)
Interest-bearing financial debts (non-current portion)	(526,526)	(503,600)	(580,675)
Net financial position	(409,044)	(486,497)	(541,784)
Commitments for the purchase of equity investments (current portion)	(5,725)	(38,354)	(844)
Commitments for the purchase of equity investments (non current portion)	(61,346)	(42,810)	(61,968)
Total net indebtedness	(476,115)	(567,661)	(604,596)

17. Trade payables and Other current liabili�es

Trade payables total € 237,371 thousand (€ 262,941 thousand in 2023) and principally comprise amounts payable to suppliers for goods and services.

Tax payables are analyzed below:

€/000	31/12/2024	31/12/2023
Current taxes	15,101	27,459
VAT payable	5,642	3,941
Other tax payables	7,617	7,923
Total tax payables	28,360	39,323

Other tax payables principally comprise withholding taxes.

Other current liabili�es are analyzed below:

€/000	31/12/2024	31/12/2023
Payables related to the acquisition of investments	5,725	38,354
Other short-term payables	132,199	111,262
Government grants	444	-
Other	10,424	9,413
Total	148,792	159,029

The increase in payables related to the acquisi�on of investments principally reflects the reclassifica�on to short term, from other non-current liabili�es, of put and call op�ons on the minority interests in subsidiaries (see Note 20).

Other short-term payables are mainly due to personnel, directors, statutory auditors and social security ins�tu�ons.

18. Provisions for risks and charges

Changes were as follows:

€/000	Product warranty provision	Directors' termination indemnity provision	Agents' termination indemnity provision	Provision for returns on sales	Provision for risks on equity investments	Other	Total
Balance at 31/12/2023	6,726	8,193	912	406	166	5,477	21,880
Exchange difference	118	-	-	1	2	(39)	82
Increase in the year	3,915	-	69	115	-	831	4,930
Surplus released to the income statement	(906)	-	-	(7)	-	(110)	(1,023)
Change in consolidation perimeter	32	-	-	728	-	715	775
Reclassifications	14	-	541	-	(28)	(39)	488
Utilizations in the year	(2,391)	-	(162)	-	-	(2,585)	(5,138)
Balance at 31/12/2024	7,508	8,193	1,360	543	140	4,250	21,994

The balance of other provisions at 31 December 2024 refers to various disputes or es�mated liabili�es in group companies. The reduc�on during the year mainly relates to product warranty provision. The Directors' termina�on indemnity provision was recorded in favor of Fulvio Mon�pò, founder of the Group, by decision of the Board of Directors on 16 March 2020.

The closing balance is classified as follows in the statement of financial posi�on:

€/000	31/12/2024	31/12/2023
Current	8,858	8,525
Non-current	13,136	13,355
Total	21,994	21,880

The Parent company and some of its subsidiaries are directly involved in lawsuits for limited amounts. The setlement of said lawsuits is not expected to generate any significant liabili�es for the Group that are not covered by the risk provisions already made.

19. Liabili�es for employee benefits

Liabilities for defined benefit plans

The following movements were recorded in liabili�es:

€/000	2024	2023
Liabilities at 1 January	21,061	20,088
Amount charged to the income statement in the year	1,722	1,527
Reclassifications to other current liabilities	(75)	(129)
Recognition in equity of actuarial results	(6)	795
Change in consolidation perimeter	1,593	943
Payments	(3,003)	(2,163)
Liabilities at 31 December	21,292	21,061

The following items were recognized in the income statement:

€/000	2024	2023
Current service cost	972	935
Financial expenses (Income)	750	592
Past service cost	-	-
Total recognized in the income statement	1,722	1,527

Items recognized in the income statement were booked as follows:

€/000	2024	2023
Cost of sales	538	530
Distribution expenses	211	195
General and administrative expenses	223	210
Financial expenses (Income)	750	592
Total	1,722	1,527

Liabili�es for defined benefit plans (Severance indemnity - TFR) were established using the following actuarial assump�ons:

	Unit of measurement	2024	2023
Discount rate	%	3.24	3.33
Expected rate of increase in remuneration*	%	2.50	2.51
Percentage of employees expected to resign (turnover)**	%	5.84	5.58
Annual cost-of-living increase	%	2.00	2.10
Average period of employment	Years	13.46	13.00

* = arithmetic average of the rates of increase in remuneration by category, used in the actuarial valuation, weighted by the remuneration of each category.

** = average annual turnover rate for all causes, in the first ten years following the valuation.

The following table summarizes the sensi�vity analysis carried out on the discount rate, showing the effects (absolute amount) of reasonable changes in the rate at 31 December 2024.

Sensitivity analysis		TFR €/000
Change in discount rate	+ 0.5%	20,426
Change in discount rate	- 0.5%	22,224

The discount rate on the repor�ng date is calculated as required by IAS 19 with reference to the market yield of high quality corporate bonds. Only the securi�es of corporate issuers with an "AA" ra�ng are considered, on the assump�on that this class iden�fies a high ra�ng level in the context of "Investment Grade" securi�es, with the exclusion, therefore, of higher risk securi�es. Given that IAS 19 does not make explicit reference to a specific business category, the Group has opted for a "Composite" market yield curve that, accordingly, summarizes market condi�ons on the measurement date for the securi�es issued by companies ac�ve in various sectors, including u�li�es, telephony, finance, banking and industrials.

20. Other non-current liabili�es

€/000	2024	2023
Payables related to the acquisition of investments	61,346	42,810
Long-term employee benefits	2,649	2,862
Other	16,033	15,318
Total	80,028	60,990

The changes in other non-current liabili�es were as follows:

€/000	2024	2023
Liabilities at 1 January	60,990	76,745
Exchange difference	(173)	(120)
Change in consolidation perimeter	502	348
Amount charged to the income statement in the year	1,938	1,445
Reclassifications to other current liabilities	(2,156)	(31,787)
Change in fair value	(6,698)	6,018
Increase in medium/long-term payables	29,708	15,229
Payments	(4,083)	(6,888)
Liabilities at 31 December	80,028	60,990

The por�on of other non-current liabili�es charged to the income statement mainly relates to the interest expense on put op�ons, while the changes in fair value reflect posi�ve and nega�ve adjustments to the non-current por�on of the es�mated payables for the acquisi�on of equity investments.

21. Share capital

Share capital comprises 108,879,294 ordinary shares with a unit par value of € 0.52 totaling € 56,617,232.88. However, the share capital reported in the financial statements amounts to € 55.505 million, since the nominal value of purchased treasury shares, net of those sold, has been deducted from share capital in compliance with the reference accoun�ng standards. At 31 December 2024 Interpump S.p.A. holds 2,138,363 treasury shares in the por�olio, corresponding to 1.964% of share capital, acquired at an average unit cost of € 39.08417.

The changes in treasury shares over the past two years were as follows:

	Number
Balance at 31/12/2022	1,987,863
2023 purchases	-
Sale of shares to finance subsidiaries' purchases	-
Sale of shares for the exercise of stock options	(79,000)
Balance at 31/12/2023	1,908,863
2024 purchases	250,000
Sale of shares for the exercise of stock options	(20,500)
Balance at 31/12/2024	2,138,363

Taking treasury shares into considera�on, the following changes were recorded in the number of shares in circula�on:

	2024
	Number of shares	Number of shares
Ordinary shares in existence at 1 January	108,879,294	106,891,431
Treasury shares held	(1,908,863)	(1,987,863)
Shares in circulation at 1 January	106,970,431	104,903,568
Treasury shares purchased	(250,000)	-
Treasury shares sold	20,500	79,000
Total shares in circulation at 31 December	106,740,931	104,982,568

The aims iden�fied by the Group in the management of capital are the crea�on of value for all shareholders and suppor�ng development of the group, both through internal means and by means of targeted acquisi�ons. The Group therefore intends to maintain an adequate level of capitaliza�on, which simultaneously makes it possible to generate a sa�sfactory economic return for shareholders and to guarantee economically effec�ve access to external sources of borrowing. The Group constantly monitors the evolu�on of the debt to equity ra�o and the genera�on of cash through its industrial opera�ons. In order to atain the aforemen�oned goals, the Group constantly monitors the cash flows generated by the business sectors in which it operates, both through improvement or maintenance of profitability, and careful management of working capital and of other expenditure. Capital is construed as both the value contributed by Interpump Group shareholders (share capital and share premium reserve, totaling € 98,069 thousand at 31 December 2024 and € 102,563 thousand at 31 December 2023), and the value generated by Group opera�ons (other reserves and legal reserve, including profit for the year, totaling € 1,878,098 thousand at 31 December 2024 and € 1,685,087 thousand at 31 December 2023, excluding the transla�on reserve and the remeasurement reserve for defined benefit plans).

Treasury shares purchased

The amount of the treasury shares held by Interpump Group S.p.A. is recorded in an equity reserve. Interpump Group acquired 250,000 treasury shares for € 10,337 thousand in 2024 (no treasury shares were purchased in 2023).

Treasury shares sold

In the framework of the exercise of stock op�ons, a total of 20,500 op�ons were exercised, resul�ng in proceeds of € 581 thousand (79,000 op�ons were exercised for € 2,246 thousand in 2023). As in 2023, no treasury shares were divested during 2024 in payment for equity investments.

Stock options

The fair value of the 2019/2021 and 2022/2024 stock op�on plans was recorded in the 2024 and 2023 financial statements in compliance with IFRS 2. Costs of € 5,262 thousand (€ 5,289 thousand in 2023) rela�ng to the stock op�on plans were therefore recognized in the 2024 income statement, with a matching entry to the share premium reserve. Said costs represent the por�on for the year of the value of the op�ons granted to employees and directors, established at the alloca�on date, corresponding to the value of the services rendered by the later in addi�on to normal remunera�on.

Items recognized in the income statement were booked as follows:

€/000	2024	2023
Cost of sales	-	-
Distribution expenses	56	56
General and administrative expenses	5,206	5,233
Total	5,262	5,289

Changes in the share premium reserve were as follows:

€/000	2024	2023
Share premium reserve at 1 January	46,938	39,444
Increase in the year due to recognizing the fair value of stock options assigned in the income statement	5,262	5,289
Increases on assignment of treasury shares as payment for subsidiaries acquired	-	-
Increases on assignment of treasury shares following exercise of stock options	571	2,205
Utilization to cover purchase of treasury shares	(10,207)	-
Share premium reserve at 31 December	42,564	46,938

The Shareholders' Mee�ng held on 30 April 2019 approved a stock op�on plan, known as the "Interpump Incentive Plan 2019-2021", which envisages gran�ng a maximum of 2,500,000 op�ons at an exercise price of Euro 28.4952 each and, for op�ons granted a�er 30 April 2020, at the official price quoted on the Italian Stock Exchange on the day prior to the grant date. The mee�ng of the Board of Directors held on 27 June 2019 decided that 2,500,000 op�ons would be granted, determined the total number of op�ons in each tranche (750,000 for the first tranche, 875,000 for the second tranche and 875,000 for the third tranche) and established condi�ons for exercising the op�ons that are linked to the achievement of specific financial statement parameters; in addi�on, 1,800,000 op�ons were granted to Fulvio Mon�pò, the Execu�ve Chairman, and 418,500 op�ons were granted to other beneficiaries. A further 20,000 op�ons were granted to other beneficiaries on 3 June 2020. Overall, a total of 2,238,500 op�ons have therefore been granted (of which 144,500 were subsequently canceled). The op�ons can be exercised from 30 June 2022 to 31 December 2025.

The changes in op�ons in 2024 and 2023 were as follows:

	2024 Number of options	2023 Number of options
Options granted at 1 January	101,276	180,276
Options granted in the year	-	-
Options exercised in the year	(20,500)	(79,000)
Options canceled in the year	-	-
Total options granted at 31 December	80,776	101,276

The fair value of the stock op�ons and the actuarial assump�ons u�lized in the binomial la�ce model are as follows:

2019-2021 Plan

First grant	Unit of measurement
Shares granted,	no.	2,218,500
Grant date		28 June 2019
Exercise price		28.4952
Vesting date		30 June 2022
Fair value per option at the grant date	€	4.562
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	30
Expected average duration of the plan life	years	4.76
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Euro swap rates at 28 July 2019)	%	-0.0182

2019-2021 Plan

Second grant	Unit of measurement
Shares granted,	no.	20,000
Grant date		3 June 2020
Exercise price		27.9868
Vesting date		30 June 2022
Fair value per option at the grant date	€	5.226
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	30
Expected average duration of the plan life	years	3.83
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Euro swap rates at 3 July 2020)	%	0.1557

The Shareholders' Mee�ng held on 29 April 2022 approved a new stock op�on plan, the "Interpump Incen�ve Plan 2022/2024", that envisages the assignment of up to 2,250,000 op�ons at an exercise price of € 38.6496 and, for op�ons assigned a�er 29 April 2023, at the official price determined by Borsa Italiana on the trading day prior to their assignment. At the mee�ng held on 29 April 2022, the Board of Directors granted 1,620,000 op�ons to Execu�ve Chairman Fulvio Mon�pò, while on 23 May 2022, 20 October 2022 and 28 April 2023, respec�vely 288,000 (of which 45,000 to Chief Execu�ve Officer Fabio Marasi), 6,000 and 35,000 (including 15,000 to Chief Execu�ve Officer Fabio Marasi) op�ons were granted to other beneficiaries. Overall, a total of 1,949,000 op�ons have therefore been granted. A total of 21,200 op�ons were canceled in 2024 (2,000 in 2023 and 7,000 in 2022). The op�ons can be exercised between 30 June 2025 and 31 December 2028.

The changes in op�ons in 2024 and 2023 were as follows:

	2024 Number of options	2023 Number of options
Options granted at 1 January	1,940,000	1,907,000
Options granted in the year	-	35,000
Options exercised in the year	-	-
Options canceled in the year	(21,200)	(2,000)
Total options granted at 31 December	1,918,800	1,940,000

2022-2024 Plan

First grant	Unit of measurement
Shares granted,	no.	1,620,000
Grant date		29 April 2022
Exercise price		38.6496
Vesting date		30 June 2025
Fair value per option at the grant date	€	8.4601
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	31
Expected average duration of the plan life	years	4.93
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Eur Composite AA rates at 29 July 2022)	%	1.5540

Second grant	Unit of measurement
Shares granted,	no.	288,000
Grant date		23 May 2022
Exercise price		38.6496
Vesting date		30 June 2025
Fair value per option at the grant date	€	8.804
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	31
Expected average duration of the plan life	years	4.86
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Eur Composite AA rates at 23 May 2022)	%	1.6911

Third grant	Unit of measurement
Shares granted,	no.	6,000
Grant date		20 October 2022
Exercise price		38.6496
Vesting date		30 June 2025
Fair value per option at the grant date	€	8.7606
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	34
Expected average duration of the plan life	years	4.45
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Eur Composite AA rates at 20 October 2022)	%	3.5668

Fourth grant	Unit of measurement
Shares granted,	no.	35,000
Grant date		28 April 2023
Exercise price		38.6496
Vesting date		30 June 2025
Fair value per option at the grant date	€	16.011
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	34
Expected average duration of the plan life	years	3.93
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Eur Composite AA rates at 28 April 2023)	%	3.5748

The expected vola�lity of the underlying variable (Interpump Group share) is a measure of the prospect of price fluctua�ons in a specific period. The indicator that measures vola�lity in the model u�lized to evaluate the op�ons is the mean square annualized devia�on of compound returns of the Interpump Group share through �me.

22. Reserves

Translation reserve

This comprises the exchange differences deriving from transla�on of the financial statements of foreign consolidated companies resident outside of the EU area, as well as fluctua�ons in the goodwill atributable to those companies due to exchange-rate fluctua�ons.

Reserve from remeasurement of defined benefit plans

Includes the actuarial component of defined benefit plans (TFR).

Classification of net equity depending on possibility of utilization

€/000	Amount	Possibility of utilization	Available portion	Tax payable in the event of distribution	Summary of utilizations over the past three years
					to cover losses	for other reasons
Share capital	56,617	B	-	-	-	-
Nominal value of treasury stock in the portfolio	(1,112)
Total share capital	55,505
Capital reserves
From Parent Company's financial statements:
Legal reserve	6,860	B	-	-	-	-
Share premium reserve	-	A, B, C	-	-	-	33,575
Total from Parent Company's financial statements	6,860		-
Consolidation entries	36
Total from consolidated financial statements	6,896

Profit reserves
From Parent Company's financial statements:
Legal reserve	4,463	B	-	-	-	-
Share premium reserve	42,389	A, B, C	38,725	1,232	-	2,387
Extraordinary reserve	508,642	A, B, C	506,486	7,164	-	-
Reserve for share capital reduction	1,112	-	-	-	-	-
First Time Adoption Reserve	(82)		-	-	-	-
Merger surplus	863	A, B, C	698	-	-	-
Remeasurement reserve for defined benefit plans	(2,074)	-	-	-	-	-
Profit for the year	101,342	A, B, C	101,342	-	-	-
Total from Parent Company's financial statements	656,655		647,251
Consolidation entries	1,289,296
Total from consolidated financial statements	1,945,951
Reserve for treasury shares held	83,576	-	-	-	-	105,130
Treasury shares	(83,576)
Non-distributable portion*			(3,452)
Remaining distributable portion			643,799
A: for capital increase	B: for coverage of losses			C: for distribution shareholders	to

*= represents the non-distributable portion destined to cover deferred costs that have not yet been amortized.

U�liza�ons refer to dividends, purchases of treasury shares and reduc�ons of reserves for other causes and do not include transfers between reserves. In par�cular, the changes in the past three years reflect the purchases of treasury shares and use of the share premium reserve on the sale of treasury shares for less than their carrying amount, following the exercise of stock op�ons.

On the basis of Italian tax legisla�on the reserves and profits are freely distributable and do not atract tax even in the case of distribu�on, on the condi�on that the reserves and residual profits exceed the nega�ve components of income ascribed exclusively in the tax return; otherwise, distributed reserves and profits would be subject to tax in the measure in which the residual reserves and profits were lower than the nega�ve components of income that have been ascribed exclusively to the tax return. At 31 December 2024, this condi�on has been complied with in full, hence no taxes were payable in the event of distribu�on of the Parent company's en�re profits for the year and the en�rety of available reserves, beyond the taxes already indicated in the prior statement.

Breakdown of components recorded directly in equity

	2024			2023
€/000	Pre-tax amount	Taxation	Amount net of taxes	Pre-tax amount	Taxation	Amount net of taxes
Gains (losses) on translating the financial statements of foreign companies	26,317	-	26,317	(6,855)	-	(6,855)
Profits (Losses) of companies measured using the equity method	(132)	-	(132)	(273)	-	(273)
Actuarial Profits (Losses) deriving from the remeasurement of defined benefit plans	(1)	-	(1)	(795)	191	(604)
Total	26,184	-	26,184	(7,923)	191	(7,732)

23. Non-controlling interests

This is the por�on of consolidated shareholders' equity atributable to the minority shareholders of consolidated subsidiaries. The subsidiaries with minority shareholders are not individually or cumula�vely significant to the Interpump Group.

24. Revenues and Other opera�ng income

Revenues amounted to € 2,078.4 million in 2024 (€ 2,240.0 million in 2023). Revenues are analyzed by business sector and geographical area in the Directors' Report on Opera�ons in 2024.

Other opera�ng income is analyzed as follows:

€/000	2024	2023
Reimbursement of expenses	11,458	11,330
Income from the sale of waste and scrap	5,906	5,696
Release of surplus provisions and allocations	2,330	2,203
Capital gains from the sale of property, plant and equipment	1,456	1,092
Gains on the disposal of intangible fixed assets	2	-
Income from rent/royalties	405	462
Refunds from insurance	2,029	10,048
Profit from early close-out of right-of-use assets	83	170
Other	13,045	11,153
Total	36,714	42,154

With respect to 2023, the decrease in the Refunds from insurance principally relates to the indemnity for the 2022 fire at IMM Hydro Est.

Other opera�ng income also includes reimbursements linked to the purchase of investments, as envisaged in the related contracts.

Addi�onally, this cap�on includes the opera�ng grants received by the Group.

The grants, subsidies, contribu�ons and aid (in cash and/or in kind), not of a general nature and not represen�ng considera�on, remunera�on or compensa�on for losses, received by the Group from Public Administra�ons during 2024, pursuant to subsec�on 125-(2) of art. 1 of Law 124/2017, were not significant.

See the Na�onal Register of State Aid, kept pursuant to art. 52 of Law 234 dated 24 December 2012, for informa�on about any State aid not men�oned in this disclosure (www.rna.gov.it).

25. Costs by nature

€/000	2024	2023
Raw materials and components	808,304	871,830
Personnel and temporary staff	498,498	503,301
Services	224,739	234,781
Depreciation and amortization of tangible and intangible fixed assets (Notes 10 and 12)	113,610	102,589
Directors' and statutory auditors' remuneration	11,035	11,913
Hire purchase and leasing charges	6,101	6,429
Provisions and impairment of tangible and intangible fixed assets (Notes 10, 12 and 18)	5,198	5,313
Other operating costs	109,814	117,218
Total cost of sales, distribution costs, general and administrative expenses, other operating costs and impairment losses on tangible and intangible fixed assets	1,777,299	1,853,374

In accordance with the requirements of ar�cle 149-(12) of the Issuers' Regula�on as amended by Consob Resolu�on no. 15915 of 3 May 2007 published in the Official Journal of the Italian Republic no. 111 of 15 May 2007 (S.O. no. 115), the remunera�on amounts for 2024 are listed below for services rendered to the Group by the independent auditors and the en��es belonging to the network of the independent auditors:

audit engagements Parent Company, € 97 thousand;
audit engagements subsidiaries, € 665 thousand;
limited assurance of the Parent Company's Non-Financial Statements, € 105 thousand;
atesta�on services Parent Company and subsidiaries, € 11 thousand.

The above amounts are included under Other costs within general and administra�ve expenses.

26. Directors' and statutory auditors' remunera�on

The emoluments of the Directors and Statutory Auditors of Interpump Group S.p.A., for their func�ons performed at the Parent Company and at other consolidated companies, are summarized below:

€/000	2024	2023
Parent Company	7,446	8,048
Statutory auditors	121	105
Total remuneration	7,567	8,153

The amounts include the emoluments authorized at the Shareholders' Mee�ng and those established by the Board of Directors for directors with special du�es, including bonuses, fringe benefits, payments to cover the cost of personal security, adjustment of the termina�on indemni�es of the Execu�ve Chairman, and the components of remunera�on deriving from salaries and stock op�on plans. The last men�oned are represented by the period por�on of the fair value of the op�ons calculated at the grant date. Further details about the compensa�on due to persons with power and strategic responsibili�es at Interpump Group S.p.A. are provided in the Report on Remunera�on Policy and Compensa�on Paid.

27. Financial income and expenses

€/000	2024	2023
Financial income
Interest income from liquid funds	7,440	4,162
Interest income from other assets	179	213
Exchange gains	20,302	21,580
Financial income to adjust estimated debt for commitment to purchase residual interests in subsidiaries	7,118	495
TFR financial income	-	-
Other financial income	257	65
Total financial income	35,296	26,515
Financial expenses
Interest expense on bank loans	31,710	32,010
Interest expense on bond	3,912	-
Lease interest expense	4,873	3,808
Interest expense on put options	2,587	3,099
Financial expenses for adjustment of estimated debt for commitment to purchase residual interests in subsidiaries	594	6,836
TFR financial expenses	752	593
Foreign exchange losses	17,642	31,592
Other financial expenses	310	236
Total financial expenses	62,380	78,174
Total financial expenses (income), net	27,084	51,659

The interest expense on put op�ons relates to the release of the discoun�ng effect on payables for the purchase of equity investments. Adjustments of the es�mated liability for the purchase of residual interests in subsidiaries may result in financial expenses due to an increase in the liability, if the actual performance of the companies concerned is beter than ini�ally expected, or if the related put op�ons are exercised later than ini�ally expected. Conversely, financial income is recognized if actual performance is worse than ini�ally expected, or if the put op�ons are exercised earlier than ini�ally expected.

Compared with the prior year, the increase in bank interest expense was mainly atributable to the rise in official interest rates during the year.

28. Income taxes

The effec�ve tax rate for the year was 26.5% (26.5% in 2023).

Taxes recognized in the income statement can be broken down as follows:

€/000	2024	2023
Current taxes	(75,193)	(106,498)
Current taxes for prior financial years	(3,247)	(1,427)
Flat tax	-	1
Deferred taxes	(4,122)	7,653
Total taxes	(82,562)	(100,271)

The deferred taxes recognized in the income statement are analyzed as follows:

€/000	2024	2023
Deferred tax assets generated in the year	7,001	12,061
Deferred tax liabilities generated in the year	(3,654)	(3,732)
Deferred tax assets reversed to the income statement	(13,365)	(6,012)
Deferred tax liabilities reversed to the income statement	5,902	5,338
Deferred tax assets resulting from change in tax rate	-	-
Deferred tax liabilities resulting from change in tax rate	-	-
Derecognized deferred tax assets	-	-
Deferred taxes not calculated in previous years	(6)	(2)
Total deferred taxes	(4,122)	7,653

The reconcilia�on of taxes calculated on the basis of the nominal rates in force in the different countries and the effec�ve tax burden is as follows:

€/000	2024	2023
IRES/National tax
Profit before taxes from the income statement	311,033	377,787
Theoretical taxes at the Italian rate (24.0%)	74,648	90,669
Effect of different rates applicable to foreign subsidiaries	(3,547)	(7,227)
Tax on dividends from consolidated companies	4,210	2,521
Higher taxes due to non-deductible adjustments to the value of investments	-	1,187
Higher (Lower) taxes resulting from the measurement of investments at equity	(72)	(150)
Higher tax for non-deductible stock option costs	70	75
Lower taxes due to IRAP deduction relating to expenses for employees and similar in the year	(137)	(384)
Lower taxes due to IRAP deduction on interest expenses in the year	(82)	(160)
Lower taxes due to super- and hyper-depreciation	(2,668)	(3,039)
Lower taxes resulting from Economic Growth Assistance (ACE)	-	(1,710)
Lower taxes due to tax benefit of franking goodwill	-	-
Higher taxes on the franking of goodwill	-	-
Lower taxes due to tax benefit of revaluing plant and machinery	-	-
Lower taxes due to tax benefit of revaluing trademarks	-	-
Higher taxes due to not recognizing deferred tax assets on tax losses	14	294
Lower taxes due to not recognizing deferred tax assets on prior year tax losses	(504)	(2,492)
Taxes relating to previous years (current plus deferred)	(2,500)	(2,826)
Higher taxes on ancillary costs incurred to purchase investments	-	-
Higher (Lower) taxes on financial expenses related to discounting of debts for the acquisition of equity investments and related adjustments	(990)	2,299
Effect of change in the tax rate of Indian companies from 2020	-	-
Higher (Lower) taxes for non-taxable revenues and non deductible costs	(1,504)	351
Total IRES/National tax	66,938	79,408

€/000	2024	2023
IRAP/Local income taxes
Profit before taxes from the income statement	311,033	377,787
Theoretical taxes at the Italian rate (3.9%)	12,130	14,734
Effect of different rates applicable to foreign subsidiaries and for holding companies	3,715	(7)
Higher taxes for non-deductible payroll costs	160	567
Higher taxes for non-deductible directors' emoluments	386	413
Higher (Lower) taxes due to non-deductible financial expense and non-taxable financial income	143	673
Higher taxes due to measuring investments at equity	(14)	(24)
Lower taxes due to tax benefit of franking goodwill	-	-
Higher taxes on the franking of goodwill	-	-
Lower taxes due to tax benefit of revaluing plant and machinery	-	-
Lower taxes due to tax benefit of revaluing trademarks	-	-
Lower taxes on exemption from IRAP payments	-	-
Taxes relating to previous years (current plus deferred)	(727)	4,253
Tax effect of not recognizing deferred tax assets on tax losses	2	116
Higher taxes due to non-deductible adjustments to the value of investments	-	230
Higher (Lower) taxes for non-taxable revenues and non deductible costs	(171)	(92)
Total IRAP/Local income taxes	15,624	20,863

Total income taxes recognized in the income statement 82,562 100,271

During 2024, Interpump Group S.p.A. confirmed once again the domes�c tax group elec�on made together with Interpump Piping S.r.l. that, from the 2024 tax year, also includes Walvoil S.p.A.

Pillar Two - Global minimum tax

On 8 October 2021 over 135 member countries of the Inclusive Framework agreed to a two-Pillar solu�on intended to reform the interna�onal tax system, ensuring that mul�na�onal companies pay a reasonable rate of tax wherever they operate and generate profits.

On 15 December 2022, the Council of the European Union formally approved Direc�ve (EU) 2022/2523 on ensuring a global minimum level of taxa�on for mul�na�onal enterprise groups and large-scale domes�c groups in the Union, with a view to guaranteeing a minimum level of taxa�on (effec�ve tax rate) in each jurisdic�on of 15%, consistent with the rules defined by the Organisa�on for Economic Coopera�on and Development (OECD), the so-called "GloBE Rules".

Commission Regula�on (EU) 2023/2468 was issued on 8 November 2023, amending Regula�on (EU) 2023/1803 as regards IAS 12 - Income taxes.

On 28 December 2023, Italy transposed Direc�ve (EU) 2022/2523 on ensuring a global minimum level of taxa�on by publishing Decree 209/2023 in the Italian Official Gazete, effec�ve for repor�ng periods beginning a�er 31 December 2023.

In this regard, the OECD has published technical guidance and an overview of the poten�al impacts of applying the "Pillar Two" regula�on in accordance with IAS 12 - Income taxes.

Furthermore, on 20 May 2024, the Decree of the Deputy Minister for the economy and finance was published with regard to the regula�on of transi�onal safe harbors (the "TSH" regula�on), based on which - for the three-year period 2024/2026 - the addi�onal taxa�on due in a given jurisdic�on is deemed to be zero if the companies resident there pass at least one of the three tests specified in the regula�on.

At 31 December 2023, the Interpump Group had already applied the exemp�on concerning the iden�fica�on and disclosure of deferred tax assets and liabili�es arising in rela�on to income taxes, as envisaged in the amendment to IAS 12 published in April 2023. As stated in the Annual Financial Report at 31 December 2023, to which reference is made for addi�onal informa�on, the Interpump Group had already made a preliminary assessment of the data rela�ng to the 2022 tax year, which was used by the Ul�mate Parent En�ty to prepare the Country-by-Country Report (CbCR), in order to check the applicability of the Transi�onal CbCR Safe Harbors. The same assessment was also made with reference to the data for the 2023 tax year. These analyses did not iden�fy any material impacts for the Interpump Group, had the regula�on concerned already been applicable from 2023.

The above analyses were updated and, in par�cular, the TSH regula�on was applied using the informa�on available at 31 December 2024, considering the "aggregated data" of the Interpump Group en��es in each jurisdic�on where the Group operates (jurisdic�onal approach).

This work iden�fied that at least one of the Transi�onal CbCR Safe Harbor tests was passed for each jurisdic�on in which the Group operates. Accordingly, there is no exposure to addi�onal taxa�on deriving from the Pillar Two regula�on.

In future, the Group will con�nue to monitor and assess any impacts of this regula�on with reference to the latest data.

Lastly, it is confirmed - as required by the amendment to IAS 12 published in April 2023 - that the entry into force of the Pillar Two rules from 1 January 2024 has not had any effect on the deferred taxa�on recognized by the Group.

29. Earnings per share

Basic earnings per share

Basic earnings per share are calculated as the consolidated net profit atributable to the owners of the Parent Company divided by the weighted average number of ordinary shares, as follows:

	2024	2023
Consolidated profit for the period attributable to parent company shareholders (€/000)	227,051	274,269
Average number of shares in circulation	106,916,468	106,939,951
Basic earnings per share (€)	2.124	2.565

Diluted earnings per share

Diluted earnings per share are calculated on the basis of diluted consolidated profit for the period atributable to the Parent company's shareholders, divided by the weighted average number of ordinary shares in circula�on adjusted by the number of poten�ally dilu�ve ordinary shares. The calcula�on is as follows:

	2024	2023
Consolidated profit for the period attributable to parent company shareholders (€/000)	227,051	274,269
Average number of shares in circulation	106,916,468	106,939,951
Number of potential shares for stock option plans (*)	188,423	374,316
Average number of shares (diluted)	107,104,891	107,314,267
Diluted earnings per share (€)	2.120	2.556

(*) calculated as the number of shares assigned for in-the-money stock option plans multiplied by the ratio between the difference of the average value of the share in the year and the exercise price at the numerator, and the average value of the share in the year at the denominator.

A dividend for 2024 of Euro 0.33 (Euro 0.32 in 2023) has been allocated to each outstanding share.

30. Informa�on on financial assets and liabili�es

Financial assets and liabili�es, broken down by the categories iden�fied by IFRS 7, are summarized in the following table:

	Financial assets at 31/12/2023				Financial liabilities at 31/12/2023
€/000		At fair value through profit and loss	Measured at amortized cost	At fair value through other comprehensive income	Measured at amortized cost	Total
	Initially	Subsequently
Trade receivables	-	-	385,963	-	-	385,963
Other current assets	-	-	22,946	-	-	22,946
Other financial assets	3,948	-	-	-	-	3,948
Trade payables	-	-	-	-	(237,371)	(237,371)
Bank debts	-	-	-	-	(33,236)	(33,236)
Current, interest bearing financial debts	-	-	-	-	(241,919)	(241,919)
Other current liabilities	-	-	-	-	(138,368)	(138,368)
Non-current, interest bearing financial debts	-	-	-	-	(526,526)	(526,526)
Other non current liabilities	-	-	-	-	(80,028)	(80,028)
Total	3,948	-	408,909	-	(1,257,448)	(844,591)

	Financial assets at 31/12/2023				Financial liabilities at 31/12/2023
€/000		At fair value through profit and loss	Measured at amortized cost	At fair value through other comprehensive income	Measured at amortized cost	Total
	Initially	Subsequently
Trade receivables	-	-	414,787	-	-	414,787
Other current assets	-	-	16,534	-	-	16,534
Other financial assets	3,293	-	-	-	-	3,293
Trade payables	-	-	-	-	(262,941)	(262,941)
Bank debts	-	-	-	-	(52,469)	(52,469)
Current, interest bearing financial debts	-	-	-	-	(264,911)	(264,911)
Other current liabilities	-	-	-	-	(149,616)	(149,616)
Non-current, interest bearing financial debts	-	-	-	-	(503,600)	(503,600)
Other non current liabilities	-	-	-	-	(60,990)	(60,990)
Total	3,293	-	431,321	-	(1,294,527)	(859,913)

The financial assets measured at amor�zed cost generated revenues and costs. Revenues comprise exchange gains of € 9,542 thousand (€ 8,546 thousand in 2023). Costs, on the other hand, comprise losses on receivables of € 3,121 thousand (€ 3,034 thousand in 2023), classified in the income statement as other opera�ng costs, and exchange losses of € 7,005 thousand (€ 15,995 thousand in 2023).

The financial liabili�es measured at amor�zed cost also generated costs and revenues in the income statement. Revenues comprise exchange gains of € 4,122 thousand (€ 8,244 thousand in 2023), while costs refer to exchange losses of € 4,122 thousand (€ 9,836 thousand in 2023) and the por�on of ancillary charges ini�ally incurred to obtain the loans and subsequently expensed over the dura�on of the loan in accordance with the financial method. The amount charged to the 2024 income statement was € 302 thousand (€ 189 thousand in 2023).

Financial assets and liabili�es measured at amor�zed cost generated respec�vely interest income of € 7,297 thousand (€ 708 thousand in 2023) and interest expense of € 43,724 thousand (€ 45,822 thousand in 2023); in addi�on, general and administra�ve expenses include commission amounts and bank charges of € 2,350 thousand (€ 2,141 thousand in 2023).

31. Informa�on on financial risks

The Group is exposed to financial risks associated with its ac�vi�es:

market risk (mainly related to currency exchange rates and interest rates) since the Group does business interna�onally and is exposed to the exchange risk;
credit risk connected with business rela�ons with customers;
liquidity risk, with special reference to the availability of financial resources and access to the lending market and financial instruments in general;
price risk in rela�on to metal price fluctua�ons that cons�tute a significant por�on of the raw materials purchase price.

The Group is not exposed to significant risk concentra�ons.

As described in the Board of Directors' Report, the Interpump Group constantly monitors the financial risks to which it is exposed so that the poten�al nega�ve effects can be evaluated in advance and appropriate ac�ons can be taken to mi�gate them.

With specific reference to the direct and indirect risks deriving from the macroeconomic environment and the Russia-Ukraine conflict, the exposure of the Group remains limited - as already stated in the Board of Directors' Report and confirmed by the economic results achieved in recent years.

The following sec�on provides reference qualita�ve and quan�ta�ve indica�ons concerning the uncertainty of such risks for the Interpump Group.

The quan�ta�ve data given below are not to be construed as forecasts; specifically, the sensi�vity analyses concerning market risks are unable to reflect the complexity and correlated rela�ons of markets that may derive from each prospected change.

31.1 Exchange risk

The Group is exposed to risks deriving from fluctua�ons in currency exchange rates that can impact on the economic result and shareholders' equity value. Specifically, it clarifies that:

Some of the Group's subsidiaries are located in countries outside the Eurozone, notably in the USA, Mexico, Canada, Brazil, Chile, Peru, Australia, New Zealand, China, Hong Kong, Singapore, India, South Korea, Denmark, Sweden, Poland, Romania, Moldova, Bulgaria, Ukraine, UK, UAE, Russia, Colombia and South Africa. Since the Group's func�onal currency is the euro, the income statements of these companies are translated into euro at the average exchange rate of the year. Changes in exchange rates can impact on the corresponding value of revenues, costs and economic result in euro.
The assets and liabili�es of consolidated companies whose account currency is different from the euro can assume different equivalent euro values depending on the rates of exchange. As provided for by the reference accoun�ng standards, the effects of changes in the exchange rate are recognized directly in equity in the Transla�on reserve. The Group monitors the main exposures to transla�on risk; at the date of the financial statements no hedges have been arranged in rela�on to these exposures.
Wherever Group companies generate revenues in currencies other than the currencies in which the respec�ve costs are denominated, exchange rate fluctua�ons can impact on the rela�ve companies' opera�ng profit.

In 2024 the total amount of cash flows directly exposed to exchange risks corresponded to approximately 15% of Group revenues (approximately 17% in 2023). The main exchange rates to which the Group is exposed are:

Euro/USD in rela�on to dollar sales of high pressure pumps, very high pressure systems, direc�onal controls, gears and valves in North America and Mexico through the Group's distribu�on companies and, to a lesser degree, to customers external to the Group;
Euro/CAD in rela�on to sales in Canadian dollars of valves and direc�onal controls on the Canadian market to customers external to the Group;
Euro/AUD in rela�on to sales in Australian dollars of very high pressure systems in Australia through one of the Group's distribu�on companies;
USD/Euro in rela�on to euro sales of high pressure pumps, direc�onal controls and valves in North America by the Group's distribu�on companies;
RON/Euro in rela�on to euro sales of hoses and fi�ngs made in Romania for the Italian market;
Renminbi/USD, Indian rupee/USD, Renminbi/Euro, Indian rupee/Euro, in rela�on to euro and dollar sales of components for food processing machines, hydraulic components, direc�onal controls, gears and valves in North America, Korea and Italy;
Mexican Peso/USD in rela�on to sales in US dollars of gears in North America through the Group's distribu�on companies;
Polish Zloty/EUR in rela�on to sales in Euro of hydroguides and orbital motors in the European market to customers external to the Group;
Polish Zloty/USD in rela�on to sales in US dollars of hydroguides and orbital motors in North America through the Group's distribu�on companies;
CAD/USD, in rela�on to sales in US dollars of cylinders and hydraulic fi�ngs in North America.

When it is not possible to establish macro hedges between revenues and costs in foreign currency, current Group policy is to hedge exchange risks solely for commercial transac�ons that are unusual, either in terms of their amount or the frequency with which they occur. To proceed in this manner, the Interpump Group has set up a hedging procedure for commercial transac�ons in foreign currency, in the framework of which the most effec�ve deriva�ve instruments for the achievement of the preset goals have been iden�fied and the associated responsibili�es, du�es and system of delega�ons have been atributed.

• Whenever Group companies sustain costs denominated in foreign currencies other than the currencies of denomina�on of the rela�ve revenues, fluctua�ons in the exchange rates can affect the opera�ng profit of the companies concerned.

In 2024 the commercial cash flows directly exposed to exchange risks were equivalent to approximately 30% of Group purchases (34% in 2023) and mainly related to intercompany transac�ons and the USD/Euro, Renminbi/Euro, Zloty/USD, Indian Rupee/Euro, AUD/Euro, Euro/USD, Brazilian Real/Euro, GBP/Euro and Zloty/Euro exchange rates and, to a lesser extent, the Romanian Leu/Euro, CAD/EUR, Korean Won/Euro, USD/Renminbi, Russian Ruble/Renminbi and CAD/USD exchange rates. Current Group policy regarding purchases in currencies other than those used locally does not envisage systema�c hedges. The decision to refrain from systema�c hedging is due to the large number of transac�ons, usually between Group companies, that occur constantly throughout the year and that can therefore be considered to be recurrent in terms of amount and also of the frequency with which they take place. However, the Group monitors this phenomenon constantly both in rela�on to exchange rate trends and also the evolu�on of business.

• Again in rela�on to commercial ac�vi�es, Group companies may be obliged to hold trade receivables or payables denominated in currencies other than the account currency of the holding en�ty. Fluctua�ons in exchange rates can therefore result in the realiza�on or assessment of posi�ve or nega�ve exchange differences.

• In rela�on to financial exposure, wherever the monetary ou�lows/inflows are denominated in a currency other than the account currency u�lized by the creditor/debtor company, fluctua�on of the exchange rates can impact nega�vely on the net profits of said companies. In rela�on to financial exposures, € 15.1 million of intercompany loans were disbursed and € 24.2 million collected during 2024 in currencies other than those u�lized by the debtor or creditor companies. At 31 December 2024 loans granted in currencies other than those used by the debtor or creditor companies totaled € 58.0 million, down by € 7.5 million since 31 December 2023. Once again in 2024, the Group made the strategic decision not to hedge these exposures.

The nature and structure of the exposure to exchange risk and the related hedging policies adopted by the Group were substan�ally unchanged in 2024 and 2023.

31.2 Exchange risk sensi�vity analysis

The poten�al loss deriving from the change in the fair value of financial assets and liabili�es caused by a hypothe�cal and sudden increase in the value of the Euro of 10% with respect to the main foreign currencies would be approximately € 7,081 thousand at 31 December 2024 (€ 8,737 thousand at 31 December 2023).

The sensi�vity analysis did not take account of changes in the receivables and payables in rela�on to which the hedge opera�ons were arranged. It is reasonable to assume that the fluctua�on in exchange rates could produce an opposite economic effect on the deriva�ve financial instruments of an amount that is iden�cal to the change in the underlying hedged transac�ons, thereby effec�vely offse�ng the fluctua�on.

31.3 Interest-rate risk

Group companies use external financial resources in the form of debt and employ cash on hand available in bank deposits. Changes in the market interest rate influence the cost and return of various forms of financing and investment, thus impac�ng on the Group's level of financial expenses.

It is Group policy not to arrange hedges, in view of the short average dura�on of the exis�ng bank loans (around 3.5 years). As more fully described in Note 16, loans bearing interest at fixed rates total € 103,207 thousand at 31 December 2024.

At 31 December 2024, liquidity of € 86.0 million is held in the form of unrestricted deposits at fixed interest rates, while the remainder is held at floa�ng rates consistent with the Group's financial and bank debt.

31.4 Sensi�vity analysis related to interest-rate risk

The effects on the Group of a hypothe�cal and immediate upward varia�on in interest rates of 50 basis points would be higher financial expenses of € 1,694 thousand (€ 2,163 thousand in 2023). It is reasonable to assume that a 50 basis points decrease in interest rates would produce an equivalent effect, although this �me in terms of lower financial expenses. The sensi�vity analysis did not take account of loans in rela�on to which hedges have been arranged, those at fixed interest rates and liquidity invested at fixed rates. It is reasonable to assume that the fluctua�on in interest rates could produce an opposite economic effect on the deriva�ve financial instruments of an amount that is iden�cal to the change in the underlying hedged transac�ons, thereby effec�vely offse�ng the fluctua�on.

31.5 Credit risk

The maximum theore�cal credit risk exposure of the Group at 31 December 2024 and 2023 is represented by the carrying value of the financial assets recorded in the financial statements.

Historically, the Group has not suffered significant bad debts (incidence of direct losses charged to the income statement and bad debt provisions of 0.1% of revenues in both 2024 and 2023). This is because Group companies generally grant extended payment terms only to their long-term customers of known solvency and reliability. In contrast, a�er having passed an ini�al credit ra�ng analysis, new customers are required to make payments in advance or to open a leter of credit for amounts due.

Individual write-downs are applied in rela�on to posi�ons, if of significant magnitude, in rela�on to which an objec�ve condi�on of uncollectability is present for all or part of the outstanding amount. The amount of the write-down takes account of an es�mate of the recoverable flows and the associated collec�on date, and the expenses and costs for future debt recovery. Collec�ve provisions are allocated in rela�on to receivables that are not subject to individual write-downs, taking account of the historic exposure and sta�s�cal data.

At 31 December 2023 the Loans and Receivables booked under financial assets for the purposes of IFRS 7 total € 408,909 thousand (€ 431,321 thousand at 31 December 2023), and include € 15,031 thousand related to writen down receivables (€ 13,992 thousand at 31 December 2023); on the residual amount, payments overdue by less than three months total € 68,168 thousand (€ 82,402 thousand at 31 December 2023), while those overdue beyond three months total € 25,387 thousand (€ 28,526 thousand at 31 December 2023).

The Group is not exposed to any significant concentra�ons of revenues. In fact, in 2024 the top customer in terms of revenues accounted for about 2% (2% in 2023), while the top 15 customers accounted for about 12% of revenues (about 13% in 2023). At sector level, the top customer accounted for around 1% of revenues in the Water-Je�ng Sector and around 2% in the Hydraulic Sector, while the top 15 customers accounted for around 12% of revenues in the Water-Je�ng sector and 17% in the Hydraulic sector.

31.6 Liquidity risk

The liquidity risk can arise if it becomes impossible to obtain, on acceptable economic condi�ons, the financial resources needed for the Group's business opera�ons.

The two main factors that define the Group's liquidity situa�on are the resources generated by or used in opera�ng and spending ac�vi�es, and the characteris�cs of expiry and renewal of debt or liquidity of financial investments and the rela�ve market condi�ons.

The Group has adopted a series of policies and processes aimed at op�mizing the management of resources in order to reduce the liquidity risk:

reten�on of an appropriate level of cash on hand;
diversifica�on of the banks with which the Group operates;
access to adequate lines of credit;
nego�a�on of covenants at a consolidated level;
monitoring of the prospec�ve condi�ons of liquidity in rela�on to the corporate process.

The maturity characteris�cs of interest bearing financial debts and bank debts are described in Note 16.

Together with the resources generated by opera�ng and financing ac�vi�es, management considers that the funds and lines of credit currently available will enable the Group to meet the requirements deriving from inves�ng ac�vi�es, the management of working capital and the setlement of payables as they fall due, while also suppor�ng the pursuit of a growth strategy that includes targeted acquisi�ons capable of crea�ng value for the shareholders. Liquid funds at 31 December 2024 total € 392.6 million. These funds, combined with the significant cash genera�on from opera�ons that the Group has proved able to achieve in 2024 and in prior years, are definitely factors that make it possible to reduce the Group's exposure to liquidity risk. The decision to maintain a high level of liquidity was taken in order to pick up on any acquisi�on opportuni�es that may arise and to minimize the liquidity

risk due to possible periods of uncertainty of the macroeconomic context that may emerge in the future.

31.7 Price risk

The Group is exposed to risks deriving from fluctua�ons in the prices of metals that can impact on economic results and profit margins. Specifically, the incidence of costs for the purchase of metals was 29% of total Group purchase costs of raw materials, semi-finished products and finished products in 2024 (32% in 2023). The main metals u�lized by the Group include steel, cast iron, mild steel, stainless steel, aluminum, brass and, to a lesser extent, copper and sheet metal.

The prices charged for steel (both stainless and for reinforcement and restora�on purposes) did not fluctuate much in 2024, remaining stable compared with the prior year. By contrast, those charged for brass and aluminum rose considerably, with maximums near the peaks seen in H2 2022. Although the principal supply chain problems were overcome during the prior year, the Group has some�mes decided to purchase larger quan��es in order to guarantee the availability of the materials needed for produc�on purposes. Further, the Group constantly monitors the price trend of these raw materials, seeking to adopt the most effec�ve policies that minimize the exposure to this risk. The Group sectors feature differing levels of propensity towards the risk of fluctua�ons in the prices of metals, notably:

in the Water-Je�ng sector the cost of metals cons�tuted approximately 19% of costs for the purchase of raw materials, semi-finished products and finished products in 2024 (16% in 2023). The metals u�lized are primarily stainless steel, brass, aluminum, copper, steel and cast iron. Agreements in place at 31 December 2024 covered about 76% of projected brass consump�on and about 47% of projected aluminum consump�on in 2025 (at 31 December 2023: coverage of the en�re projected brass consump�on and about 35% coverage of projected aluminum consump�on in 2024). Projected brass and aluminum consump�on in 2025 is further covered if, in addi�on to the agreements signed, the inventories held at 31 December 2024 are considered (en�re projected brass consump�on covered and about 74% of aluminum consump�on);
the cost of metals in the Hydraulic sector represented about 34% of purchase costs for raw materials, semi-finished products and finished products in 2024 (37% in 2023). The metals u�lized are primarily steel, cast iron, mild steel and aluminum. The prices of these commodi�es, with the excep�on of aluminum, are not historically subject to significant fluctua�ons; accordingly, the Group has always considered the careful analysis of price trends to be sufficient to mi�gate price risk. No agreements for the coverage of consump�on needs are signed in rela�on to aluminum, since the volume of purchases in limited.

The various Group companies usually revise their selling prices every year, in the absence of excep�onal dynamics that require ac�on to be taken during the year as well.

The Group is also monitoring developments carefully with regard to the import tariffs imposed on countries by the United States, and the counter-measures taken by them, analyzing the poten�al impacts on the business and studying the ac�ons to be taken to mi�gate their poten�al adverse effects.

31.8 Climate risks

32. Notes to the cash flow statement

32.1 Property, plant and equipment

In 2024, the Group purchased property, plant and machinery totaling € 139,077 thousand (€ 178,582 thousand in 2023). This investment involved payments of € 140,436 thousand, including the purchase of assets for subsequent rental and considering the dynamics of the payables incurred for this reason (€ 175,747 thousand in 2023).

32.2 Cash and cash equivalents

This item can be broken down as follows:

€/000	31/12/2024	31/12/2023
Cash and cash equivalents as per the consolidated statement of financial position	392,637	334,483
Bank debts (overdrafts and subject-to-collection advances)	(33,236)	(52,469)
Cash and cash equivalents as per the consolidated cash flow statement	359,401	282,014

32.3 Net financial posi�on and cash flow statement

See the "Cash Flow" chapter in the Report on opera�ons more informa�on about the main components of the net financial posi�on and the changes that occurred in 2024 and 2023.

33. Commitments

At 31 December 2024 the Group has commitments to purchase raw materials totaling € 90 thousand (€ 3,142 thousand at 31 December 2023).

Furthermore, the Group has commitments to purchase property, plant and equipment totaling € 10,208 thousand (€ 9,704 thousand at 31 December 2023), and intangible fixed assets totaling € 148 thousand (zero at 31 December 2023).

The Group has also received guarantees for the purchase of equity investments totaling € 4,538 thousand (€ 9,400 thousand at 31 December 2023) and has given secured guarantees to third par�es totaling € 5,329 thousand (€ 21,246 thousand at 31 December 2023, of which € 16,859 thousand already closed out by the date of approval of the prior Annual Financial Report).

34. Transac�ons with related par�es

The Group has non-significant business rela�ons with unconsolidated subsidiaries, associates and other related par�es at arm's length condi�ons considered to be normal in the relevant reference markets, taking account of the characteris�cs of the goods and services rendered. Transac�ons between Interpump Group S.p.A. and its consolidated subsidiaries, which are related par�es of the Company, were eliminated in the consolidated financial statements and are not described in this note.

The effects on the Group's consolidated income statements for 2024 and 2023 are shown below:

	2024
€/000	Consolidated Total	Non consolidated subsidiaries	Associates	Other related parties	Total related parties	% incidence on F.S. caption
Revenues	2,078,399	927	-	2,075	3,002	0.10%
Cost of sales	1,364,753	572	-	4,865	5,437	0.40%
Other net revenues	36,714	23	-	-	23	0.10%
Distribution expenses	173,890	374	-	588	962	0.60%
General and administrative expenses	227,118	-	-	653	653	0.30%
Financial expenses	62,380	-	-	691	691	1.10%

	2023
€/000	Consolidated Total	Non consolidated subsidiaries	Associates	Other related parties	Total related parties	% incidence on F.S. caption
Revenues	2,240,039	774	-	1,070	1,844	0.10%
Cost of sales	1,460,068	402	-	6,232	6,634	0.50%
Other net revenues	42,154	3	-	-	3	0.00%
Distribution expenses	169,744	190	-	744	934	0.60%
General and administrative expenses	214,594	-	-	633	633	0.30%
Financial expenses	78,146	-	-	662	662	0.80%

The effects on the consolidated statement of financial posi�on at 31 December 2024 and 2023 are described below:

	31 December 2024
€/000	Consolidated Total	Non consolidated subsidiaries	Associates	Other related parties	Total related parties	% incidence on F.S. caption
Trade receivables	385,963	1,568	-	505	2,073	0.54%
Trade payables	237,371	120	-	650	770	0.32%
Interest-bearing financial debts (current and non-current portion)	768,445	-	-	12,914	12,914	1.68%

	31 December 2023
€/000	Consolidated Total	Non consolidated subsidiaries	Associates	Other related parties	Total related parties	% incidence on F.S. caption
Trade receivables	414,787	1,373	-	425	1,798	0.40%
Trade payables	262,941	47	-	703	750	0.30%
Interest-bearing financial debts (current and non-current portion)	768,511	-	-	16,299	16,299	2.10%

34.1 Rela�ons with non-consolidated subsidiaries

Rela�ons with non-consolidated subsidiaries are as follows:

€/000	Receivables			Revenues
	2024	2023	2024	2023
General Pump China Inc.	41	109	274	211
Interpump Hydraulics Perù	1,473	1,263	663	397
Interpump Hydraulics Russia	-	1	-	169
Hammelmann Russia	-	-	-	-
Interpump Antriebstechnik GmbH	2	-	-	-
Walvoil Mexico	52	-	13	-
Benmec	-	-	-	-
Total subsidiaries	1,568	1,373	950	777

€/000		Costs
	2024	2023	2024	2023
General Pump China Inc.	83	47	683	558
Interpump Hydraulics Perù	-	-	13	8
Interpump Hydraulics Russia	-	-	-	-
Hammelmann Russia	-	-	-	-
Interpump Antriebstechnik GmbH	37	-	250	26
Walvoil Mexico	-	-	-	-
Benmec	-	-	-	-
Total subsidiaries	120	47	946	592

34.2 Rela�ons with associates

The Group does not hold any associated companies.

34.3 Transac�ons with other related par�es

The 2024 income statement includes consultancy provided by en��es associated with Group directors and statutory auditors totaling € 45 thousand (€ 51 thousand in 2023). The consultancy costs were charged in full to general and administra�ve expenses in both 2024 and 2023. Revenues from sales in 2024 included those made to companies owned by Group shareholders or directors totaling € 2,075 thousand (€ 1,070 thousand in 2023). In addi�on, the cost of sales includes purchases from companies controlled by minority shareholders or Group company directors totaling € 4,844 thousand (€ 5,891 thousand in 2023).

35. Events occurring a�er the close of the year

No other significant events worthy of men�on have taken place subsequent to 31 December 2024.

Annex 1: Cer�fica�on of the consolidated financial statements pursuant to art. 81-(3) of Consob regula�on no. 11971 of 14 May 1999, as amended

1. The undersigned, Fulvio Mon�pò and Mauro Barani, respec�vely Execu�ve Chairman and Manager responsible for dra�ing the accoun�ng documents of Interpump Group S.p.A., taking account also of the provisions of art. 154-(2), subsec�ons 3 and 4 of Decree 58 dated 24 February 1998, atest to:
2. the adequacy in rela�on to the characteris�cs of the business and
3. the effec�ve applica�on

of the administra�ve and accoun�ng procedures for the forma�on of the consolidated financial statements during 2024.

1. It is further atested that the consolidated financial statements of Interpump Group S.p.A. and its subsidiaries for the year ended 31 December 2024, which report consolidated total assets of € 3,391,772 thousand, consolidated net profit of € 228,470 thousand and consolidated shareholders' equity of € 2,019,337 thousand:
a) correspond to the results of the company books and accoun�ng entries;
b) were prepared in compliance with the interna�onal accoun�ng standards approved by the European Commission pursuant to Regula�on (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002, and the enabling measures for art. 9 of Decree 38/2005, and are capable of providing a true and fair representa�on of the economic and financial posi�on of the Parent Company and the group of companies included within the consolida�on perimeter;
c) include the report on opera�ons, which contains a reliable analysis of performance and results and the situa�on of the issuer and the companies included in the consolida�on together with a descrip�on of the main risks and uncertain�es to which they are exposed.

Sant'Ilario d'Enza (RE), 21 March 2025

Fulvio Mon�pò Mauro Barani

Execu�ve Chairman Manager responsible for dra�ing the company's accoun�ng documents

Annex 2: Atesta�on of the sustainability report pursuant to art. 81-(3), subsec�on 1, of Consob Regula�on no. 11971 of 14 May 1999, as amended

The undersigned, Fulvio Mon�pò and Mauro Barani, respec�vely Execu�ve Chairman and Manager responsible for dra�ing the accoun�ng documents of Interpump Group S.p.A., atest, pursuant to art. 154-(2), sub-sec�on 5-(3) of Decree 58 dated 24 February 1998, that the sustainability report included in the report on opera�ons was prepared:

a) in conformity with the repor�ng standards applied pursuant to Direc�ve 2013/34/EU of the European Parliament and of the Council of 26 June 2013, and Decree 125 dated 6 September 2024;
b) applying the specifica�ons adopted pursuant to art. 8, sub-sec�on 4, of Regula�on (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020.

Sant'Ilario d'Enza (RE), 21 March 2025

Fulvio Mon�pò Mauro Barani

Execu�ve Chairman Manager responsible for dra�ing the company's accoun�ng documents

Statutory Auditors' Report to the Shareholders' Mee�ng of Interpump Group

S.p.A.

-

Key Audit Matters	Auditing procedures performed in
	response to key audit matters

-

Interpump Group S.p.A.

309 Annual Financial Report at 31-12-2024 – Interpump Group

Separate financial statements at 31 December 2024

	Board of Directors' Report for 2024 of the Parent Company Interpump Group
S.p.A.		315
	ALTERNATE PERFORMANCE MEASURES	317
PROFITABILITY		318
	STATEMENT OF FINANCIAL POSITION	320
1.	Capital expenditure	320
2.	Cash flows	321
3.	Rela�ons with subsidiaries	322
4.	Transac�ons with related par�es	325
5.	Exposure to risks and uncertain�es and Financial risk factors	325
5.1	Market risks	326
5.2	Credit risk	326
5.3	Liquidity risk	326
5.4	Price and cash flow risk	326
5.5	Climate change risk	327
6.	Environment, health and safety	327
7.	Other informa�on	327
8.	Events occurring a�er the close of the year and business outlook	328
9.	Proposal to the Shareholders' Mee�ng	329
	SEPARATE FINANCIAL STATEMENTS AT 31 DECEMBER 2024 OF THE PARENT
	COMPANY INTERPUMP GROUP S.p.A.	331
	STATEMENT OF FINANCIAL POSITION	333
	INCOME STATEMENT	335
	COMPREHENSIVE INCOME STATEMENT	336
	CASH FLOW STATEMENT	337
	STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY	339
	NOTES TO THE FINANCIAL STATEMENTS OF INTERPUMP GROUP S.p.A.	340
1.	General informa�on	340
2.	Accoun�ng standards adopted	340
2.1	Reference accoun�ng standards	340
2.2	Business sector informa�on	343
2.3	Treatment of foreign currency transac�ons	343
2.4	Property, plant and equipment	344
2.5	Goodwill	345
2.6	Other intangible fixed assets	345
2.7	Impairment of assets	346
2.8	Equity investments	347
2.9	Cash and cash equivalents	347
2.10	Financial assets (Trade receivables, Other financial assets and Other assets)	347
2.11	Inventories	349
2.12	Share capital and Treasury shares	349

	2.13 Financial liabili�es (Trade payables, Bank debts, Interest-bearing financial debts and
	Other liabili�es)	349
	2.14 Liabili�es for employee benefits	349
	2.15 Income taxes	351
	2.16 Provisions for risks and charges	351
	2.17 Revenues	352
	2.18 Costs	352
3.	Cash and cash equivalents	352
4.	Trade receivables	353
5.	Inventories	353
6.	Other current assets	354
7.	Property, plant and equipment	354
8.	Goodwill	356
9.	Other intangible fixed assets	356
10.	Investments in subsidiaries	358
11.	Other financial assets	361
12.	Deferred tax assets and liabili�es	362
13.	Interest-bearing financial debts and bank debts	363
14.	Trade payables and Other current liabili�es	364
15.	Provisions for risks and charges	365
16.	Liabili�es for employee benefits	365
17.	Other non-current liabili�es	367
18.	Share capital	367
19.	Reserves	373
20.	Informa�on on financial assets and liabili�es	375
21.	Informa�on on financial risks	376
	21.1 Exchange risk	376
	21.2 Exchange risk sensi�vity analysis	377
	21.3 Interest-rate risk	377
	21.4 Sensi�vity analysis related to interest-rate risk	378
	21.5 Credit risk	378
	21.6 Liquidity risk	378
	21.7 Price risk	379
	21.8 Climate change risk	380
22.	Revenues	380
23.	Other net revenues	381
24.	Costs by nature	381
25.	Financial income and expenses	382
26.	Income taxes	382
27.	Earnings per share	384
28.	Notes to the cash flow statement	384
	28.1 Property, plant and equipment	384
	28.2 Cash and cash equivalents	385
	28.3 Net financial posi�on and cash flow statement	385
29.	Commitments	385
30.	Transac�ons with related par�es	385
31.	Events occurring a�er the close of the year	385
32.	Proposal to the Shareholders' Mee�ng	386
	Annex 1: Atesta�on of the separate financial statements pursuant to art. 81-(3)
	of Consob regula�on no. 11971 of 14 May 1999, as amended	387

Independent Auditors' Report on the separate financial statements of Interpump Group S.p.A. 388

Board of Directors' Report for 2024 of the Parent Company Interpump Group S.p.A.

ALTERNATE PERFORMANCE MEASURES

The Company monitors its opera�ons using several alterna�ve performance measures that are not iden�fied as accoun�ng parameters in the IFRS issued by the Interna�onal Accoun�ng Standards Board and adopted by the European Union, to allow beter evalua�on of the trend of economic opera�ons and the Company's financial posi�on; such measures are also tools that can assist the directors in iden�fying opera�ng trends and in making decisions on investments, resource alloca�on and other business maters. The measurement criterion applied by the Company may therefore differ from the criterion adopted by other companies and hence the Company may not be comparable with such other companies. Such alterna�ve performance measures are cons�tuted exclusively star�ng from the Company's historic data and measured in compliance with the maters established by the Guidelines on Alterna�ve Performance Measures issued by ESMA/2015/1415 and adopted by Consob with communica�on no. 92543 of 3 December 2015. The measures in ques�on refer only to performance in the accoun�ng period illustrated in this Annual Financial Report and the periods placed in comparison with it, and not to the expected performance and they must not be considered to replace the indicators provided by the reference accoun�ng standards (IFRS). Finally, the alternate measures are processed consistently and with uniformity of defini�on and representa�on for all periods for which financial informa�on is included in this Annual Financial Report.

The performance indicators used by the Company are defined as follows:

Earnings/(Losses) before interest and tax (EBIT): Revenues plus Other opera�ng income less Opera�ng costs (Cost of sales, Distribu�on costs, General and administra�ve expenses, and Other opera�ng costs);
Earnings/(Losses) before interest, tax, deprecia�on and amor�za�on (EBITDA): EBIT plus Deprecia�on, Amor�za�on, Writedowns and Provisions;
Net Financial Posi�on: the sum of Financial debts and Bank debts less Cash and cash equivalents;
Capital expenditure (CAPEX): the sum of investment in tangible and intangible fixed assets, net of divestments;
Free Cash Flow: the cash flow available for the Company, defined as the difference between the Cash flow from opera�ng ac�vi�es and the Cash flow absorbed by investments in tangible and intangible fixed assets;
Capital employed: calculated as the sum of Shareholders' equity and Net financial posi�on, including Debts for the acquisi�on of equity investments.

The income statement of Interpump Group S.p.A. is prepared by func�onal area (also called the "cost of sales" method). This format is deemed to be more representa�ve than its "type of expense" counterpart, which is nevertheless included in the notes to the Annual Financial Report. The chosen form, in fact, complies with the internal repor�ng and business management methods.

The cash flow statement was prepared using the indirect method.

PROFITABILITY

The global economy con�nued to exhibit moderate but stable growth during 2024, even though future prospects remain clouded by uncertainty caused, not least, by persistent geopoli�cal tensions in various strategic areas.

On the one hand, geopoli�cal tensions are fueling doubts about the health of trading condi�ons, with the risk of heightened protec�onist policies in certain countries. On the other, the outcome of poli�cal elec�ons in the final quarter might alter current equilibriums, leading to new infla�onary pressures and, in response, restric�ve monetary policies intended to contain price increases.

Addi�onally, given persistent troubles in the principal conflict zones, the re-rou�ng of global trade could have a significant impact, with higher shipping costs and extended delivery lead �mes.

In this context of profound uncertainty, governments have had to face higher costs given their need to roll-over public debt at increased interest rates, mul�na�onal enterprises have slowed the implementa�on of their long-term investment projects, and private consumers have reduced their propensity to borrow in view of the high rates offered.

The macroeconomic indicators available for the leading economies indicate:

in the Euro area, con�nua�on of the policy to support the economy by lowering reference interest rates (2.9% at the end of December 2024). Given ECB forecasts, overall infla�on is expected to come in at 2.1% in 2025, 1.9% in 2026 and 2.1% in 2027, when the expanded EU emissions trading system (EU ETS II) is due to come into force. Growth prospects appear to be stable across the en�re area, given sound condi�ons in the jobs market and lower prices. Furthermore, investment financed by the Next Genera�on EU program is expected to s�mulate economic ac�vity there;
in the United States, contained annual GDP growth, albeit mi�gated by the relaxa�on of monetary policy, resul�ng in forecast economic growth of 1.6% in 2025.
in China, a slowdown in growth to 4.5% in 2025, with the effects of addi�onal monetary policy s�mulus offset by weak consumer demand and a major correc�on in the real estate market, which is currently in crisis.

Projec�ons indicate that the growth in global GDP will stabilize at 3.2% in 2025, accompanied by further defla�on, an improvement in real incomes, and less restric�ve monetary policies in many economies, which will help to support demand.

Overall infla�on in the OECD countries should ease gradually to 3.4% in 2025, edging closer in the leading economies to the objec�ves set by their central banks.

The exposure of the Company to the countries involved in the Russia-Ukraine conflict remains limited. Specifically, revenues of € 0.2 million were invoiced to customers in Russia, Belarus and Ukraine during 2024 (€ 2.1 million in 2023), with no outstanding receivables at 31 December 2024 or 2023.

As in previous years, the opera�ons of Interpump Group S.p.A. have, in addi�on to ordinary industrial ac�vi�es, concentrated on the strategic and managerial coordina�on of the Group, on the op�miza�on of its financial flows, and on the search for and selec�on of equity investments to acquire, with the aim of accelera�ng the growth of the Group. The following companies were acquired during 2024 in the context of this external growth strategy: Shanghai PuPeng Flow Technology Co., Ltd, Inoxpa China Flow Technology Co., Ltd, Alltube Engineering Ltd., Alfa Valvole S.r.l., H.S. S.r.l., and Hidrover Equipamentos Hidráulicos Ltda. A more complete discussion of these opera�ons is given in the "Report on opera�ons" accompanying the Consolidated Annual Financial Report at 31 December 2024.

Against this complex and uncertain macro and microeconomic background, the Company con�nues to demonstrate an ability to manage its manufacturing capacity efficiently.

Interpump Group S.p.A. booked net revenues of € 115.5 million in 2024 (€ 117.2 million in 2023). An analysis by geographical area of the revenues from sales and services is given in the commentary on this item in Note 22 to the financial statements.

The cost of sales accounted for 63.0% of revenues (63.3% in 2023). Produc�on costs, which totaled € 35.7 million (€ 37.1 million in 2023), accounted for 30.9% of revenues in 2024 (31.6% in 2023). The purchase cost of raw materials and components sourced on the market, including changes in inventories, totaled € 37.1 million equivalent to 32.1% of revenues (€ 37.2 million in 2023).

Distribu�on costs totaled € 6.5 million (€ 6.2 million in 2023), reflec�ng an increase in their incidence on revenues by 0.3 percentage points compared to 2023.

General and administra�ve expenses amounted to € 23.1 million (€ 22.5 million in 2023) and their incidence on revenues rose by 0.8 percentage points compared to 2023.

Payroll costs totaled € 29.1 million (€ 28.7 million in 2023) with an average of 449 employees (455 employees in 2023). The per capita cost was slightly higher than in the prior year (+2.8%). In addi�on, the Company employed an average of 11 temporary workers during the year (28 temporary workers in 2023) at a cost of € 0.6 million (€ 1.4 million in 2023).

€/000	2024	% of revenues	2023	% of revenues
Ordinary profit before financial expenses	125,840		91,265
Dividends	(108,297)		(77,532)
Impairment losses on investments	1,620		4,945
Operating profit (EBIT)	19,163	16.6%	18,678	15.9%
Amortization, depreciation and write-downs	6,062		6,214
Gross operating profit (EBITDA)	25,225	21.8%	24,892	21.2%

The reconcilia�on of the income statement to obtain sub-totals is shown below:

EBIT amounted to € 19.2 million (16.6% of revenues) compared with € 18.7 million in 2023 (15.9% of revenues).

EBITDA totaled € 25.2 million or 21.8% of revenues, compared with € 24.9 million in 2023 or 21.2% of revenues.

The year ended 31 December 2024 closed with a net profit of € 101.3 million (€ 76.1 million in 2023). Dividends from subsidiaries recognized in the income statement totaled € 108.3 million in 2024 and € 77.5 million in 2023.

STATEMENT OF FINANCIAL POSITION

The following statement of financial posi�on is classified in terms of the sources and applica�ons of funds.

€/000	31/12/2024	%	31/12/2023	%
Trade receivables	16,005		16,927
Net inventories	29,890		31,843
Other current assets	36,610		40,566
Trade payables	(17,594)		(14,789)
Current taxes payable	(470)		(234)
Other current liabilities	(7,813)		(8,413)
Net working capital	56,628	4.5	65,900	5.5

Net intangible and tangible fixed assets	39,062		40,509
Goodwill	44,537		44,537
Equity investments	1,103,475		1,020,959
Other financial fixed assets	17,177		38,785
Other non-current assets	7,417		10,810
Liabilities for employee benefits	(3,373)		(3,775)
Non-current portion of provisions for risks and charges	(8,233)		(8,231)
Other non-current liabilities	(3,126)		(2,980)
Total net fixed assets	1,196,936	95.5	1,140,614	94.5
Total capital employed	1,253,564	100	1,206,514	100

Financed by:
Total shareholders' equity	719,020	57.4	656,362	54.4
Cash and cash equivalents	(109,558)		(88,280)
Bank debts	4,588		5,242
Interest-bearing financial debts (current portion)	209,448		233,343
Total current financial debts (liquid funds)	104,478	8.3	150,305	12.5
Total non-current financial debts	430,066	34.3	399,847	33.1
Total sources of financing	1,253,564	100	1,206,514	100

The format of the reclassified statement of financial posi�on makes it possible to appreciate the financial strength of the Company, highligh�ng its ability to maintain financial equilibrium over the long term.

1. Capital expenditure

Capital expenditure on tangible fixed assets was € 4.0 million (€ 3.6 million in 2023) and related to the normal renewal and moderniza�on of plant and equipment. The difference with respect to the expenditure recorded in the cash flow statement is due to the dynamics of payments.

Increases in intangible fixed assets amounted to € 0.8 million (€ 0.6 million in 2023), mostly due to the capitaliza�on of product development costs.

2. Cash flows

The net financial posi�on at 31 December 2024 is € 534.5 million (€ 550.2 million at 31 December 2023). The changes during the year are analyzed in the table below:

€/000	2024	2023
Opening net financial position	(550,152)	(558,108)
Cash flow from operations	195	721
Principal portion of lease installments paid	(813)	(824)
Liquidity generated (absorbed) by operating capital	3,301	(1,836)
Liquidity generated (absorbed) by other current assets and liabilities	236	(9,511)
Net investment in tangible and intangible fixed assets	(4,229)	(4,839)
Financial income received	5,819	6,577
Other	1,629	(999)
Free cash flow	6,138	(10,711)
Proceeds (payments) from the disposal (purchase) of investments	(82,553)	(38,961)
Purchase of treasury shares	(10,337)	-
Proceeds from sales of treasury shares for stock options	581	2,246
Principal portion of lease installments paid	813	824
Principal portion of new leasing contracts arranged	(265)	(127)
Restatement and early redemption of leasing contracts		34
Dividends received from subsidiaries	108,285	77,547
Dividends paid	(34,231)	(32,300)
Change in other financial assets	(178)	(1,324)
Reimbursement (Disbursement) of loans from (to) subsidiaries	27,331	10,728
Net cash generated (used)	15,608	7,956
Net financial position at end of year	(534,544)	(550,152)

Net indebtedness, including payables and commitments, determined in accordance with ESMA guidance 32-382-1138 and included in Consob no�ce no. 5/21, comprises:

€/000	31/12/2024	31/12/2023	01/01/2023
Cash and cash equivalents	109,558	88,280	188,778
Current financial debts (excluding the current portion of non-current financial debts)	(5,447)	(6,042)	(3,367)
Current portion of non-current financial debts	(208,589)	(232,543)	(256,194)
Current net indebtedness	(104,478)	(150,305)	(70,783)
Non-current financial debts	(430,066)	(399,847)	(487,325)
Net financial position	(534,544)	(550,152)	(558,108)
Commitments for the acquisition of investments	-	-	-
Total net indebtedness	(534,544)	(550,152)	(558,108)

At 31 December 2024 all financial covenants are amply respected.

3. Rela�ons with subsidiaries

The Company also operates through subsidiaries with which it maintains commercial and financial rela�ons. These rela�ons are detailed in the table below.

€/000	Trade receivables		Revenues
Subsidiaries	31/12/2024	31/12/2023	2024	2023
GP Companies Inc.	3,382	3,659	26,061	24,506
NLB Corporation Inc.	699	811	5,534	3,852
Interpump Hydraulics India Ltd	268	835	1,166	1,418
Muncie Power Inc.	86	120	460	511
Hammelmann GmbH	94	6	361	3
IMM Hydraulics S.p.A.	131	169	350	398
General Pump China Inc.	41	108	231	197
Interpump Hydraulics Brasil	57	171	151	655
GS-Hydro UK Ltd	41	28	137	109
Inoxpa S.A.	25	18	132	245
Hammelmann S. L.	19	48	131	179
Inoxihp S.r.l.	42	50	116	147
Inoxpa South Africa	27	1	115	186
Inoxpa Solutions France Sas	18	21	114	387
Pioli S.r.l.	-	-	89	88
Hammelmann Australia Pty Ltd	69	-	78	6
GS-Hydro Austria GmbH	16	10	55	40
GS-Hydro Korea Ltd	13	-	53	43
Alfa Valvole S.r.l.	33	-	52	-
GS-Hydro Piping Systems Co. Ltd	12	11	48	45
GS-Hydro S.A.U	13	8	39	31
GS-Hydro Benelux B.V.	11	8	37	30
Interpump Hydraulics France S.a.r.l.	6	10	35	67
Inoxpa China Flow Technology Co., Ltd	1	-	33	-
GS-Hydro Sp z o.o.	10	7	32	28
GS-Hydro Denmark AS	9	6	30	23
Inoxpa Colombia Sas	3	20	30	30
Interpump Hydraulics (UK) Ltd	-	-	30	29
SIT S.p.A.	-	-	26	29
Improved Solutions Unipessoal Ltda	-	3	17	43
Inoxpa Ukraine	-	-	15	15
Transtecno BV	-	-	13	1
Walvoil S.p.A.	22	23	12	14
Hydroven S.r.l.	4	6	12	12
Interpump Hydraulics S.p.A.	24	67	11	31
Interpump Piping GS S.r.l.	6	6	10	10
GS-Hydro Ab	3	1	10	5
Eurofluid Hydraulic S.r.l.	1	1	9	11
Hydrocar Chile S.A.	-	-	9	-
Unidrò Contarini Sarl	2	2	7	2
GS-Hydro U.S. Inc.	2	1	7	5
Tubiflex S.p.A.	1	1	6	3

323 Separate Financial Statements at 31-12-2024 – Interpump Group S.p.A.

€/000	Trade receivables		Revenues
Subsidiaries	31/12/2024	31/12/2023	2024	2023
Mega Pacific NZ Pty Ltd	-	-	6	-
GS-Hydro Singapore Pte Ltd	1	2	5	7
Servizi Industriali S.r.l.	-	3	5	5
GS-Hydro do Brasil Sistemas Hidráulicos Ltda	1	1	4	4
Inoxpa Italia S.r.l.	-	137	4	192
Inoxpa Solutions Moldova	3	-	3	4
Tekno Tubi S.r.l.	1	1	3	3
Reggiana Riduttori S.r.l.	17	8	2	2
Transtecno S.r.l.	3	2	2	2
I.mec S.r.l.	-	2	1	1
Inoxpa Skandinavien A/S	-	-	1	13
White Drive Motors and Steering LLC	8	8	-	-
White Drive Motors and Steering Sp. z o.o.	6	5	-	-
Hydra Dyne Technology Inc.	3	-	-	-
Contarini Leopoldo S.r.l.	2	2	-	-
Oleodinamica Panni S.r.l.	2	2	-	-
American Mobile Power Inc.	1	-	-	-
Waikato Holding Limited	1	1	-	-
Interpump South Africa Pty Ltd	-	1	-	87
White Drive Motors and Steering GmbH	-	1	-	-
Inoxpa Ltd	-	-	-	226
Interpump Hydraulics Middle East FZE	-	-	-	2
GS-Hydro System GmbH	-	-	-	1
Interpump Fluid Solutions Germany GmbH	-	-	-	1
Total	5,240	6,412	35,900	33,984

The Company also has a payable to Interpump Piping GS S.r.l. of € 52 thousand (receivable of € 2 thousand in 2023) following membership of the domes�c tax group from 2018, as subsequently renewed.

€/000	Trade payables		Costs
Subsidiaries	31/12/2024	31/12/2023	2024	2023
Pioli S.r.l.	119	187	945	1,090
Interpump Hydraulics S.p.A.	162	149	373	398
Hammelmann GmbH	1	23	252	225
IMM Hydraulics S.p.A.	56	29	223	187
SIT S.p.A.	52	69	160	208
Improved Solutions Unipessoal Ltda	-	-	138	70
Inoxihp S.r.l.	28	20	91	38
General Pump China Inc.	25	19	79	48
Walvoil S.p.A.	17	26	66	186
Inoxpa Italia S.r.l.	-	33	52	67
GP Companies Inc.	16	9	50	42
Hydroven S.r.l.	12	16	35	47
Transtecno S.r.l.	9	6	32	26
Reggiana Riduttori S.r.l.	-	-	10	-

324 Separate Financial Statements at 31-12-2024 – Interpump Group S.p.A.

€/000	Trade payables		Costs
Subsidiaries	31/12/2024	31/12/2023	2024	2023
I.mec S.r.l.	1	-	8	-
Hydrocar Chile S.A.	-	-	2	-
Inoxpa S.A.	-	-	1	-
Servizi Industriali S.r.l.	-	-	-	10
Inoxpa Ltd	-	-	-	8
Contarini Leopoldo S.r.l.	-	1	-	1
Interpump Hydraulics India Ltd	-	17	-	-
Interpump Hydraulics (UK) Ltd	-	4	-	-
Total	498	608	2,517	2,651

The Company also has a payable to Walvoil S.p.A. of € 1,895 thousand following membership of the domes�c tax group from the 2024 tax year.

Financial rela�ons are outlined below:

€/000	Loans granted		Interest income
Subsidiaries	31/12/2024	31/12/2023	2024	2023
IMM Hydraulics S.p.A.	15,000	22,000	927	1,136
Tubiflex S.p.A.	7,500	10,000	402	233
Interpump Hydraulics S.p.A.	8,000	11,000	339	1,107
Muncie Power Inc.	-	8,145	326	484
White Drive Motors and Steering GmbH	4,000	4,000	230	203
Hydra Dyne Technology Inc.	4,154	8,308	130	186
GS-Hydro Korea Ltd	2,100	2,100	63	63
Interpump Piping GS S.r.l.	-	1,000	18	113
GS-Hydro UK Ltd	160	390	15	18
Tekno Tubi S.r.l.	-	310	7	54
Inoxihp S.r.l.	-	633	5	19
White Drive Motors and Steering LLC	-	-	-	621
Waikato Holding Limited	-	-	-	333
Transtecno S.r.l.	-	-	-	31
Unidrò Contarini Sarl	-	-	-	1
Total	40,914	67,886	2,462	4,602

The intercompany loans outstanding at 31 December 2024 earn interest at 3-month Euribor upli�ed by a spread that fluctuated between 100 and 200 basis points, except for certain fixed-rate loans granted in a range between 1.95% and 4.00%. At 31 December 2024, interest receivable amounts to € 402 thousand (€ 869 thousand at 31 December 2023), as analyzed below:

€/000	Interest receivable
Subsidiaries	31/12/2024	31/12/2023
IMM Hydraulics S.p.A.	182	298
Tubiflex S.p.A.	79	111
White Drive Motors and Steering GmbH	54	61
Interpump Hydraulics S.p.A.	44	193
Hydra Dyne Technology Inc.	25	43
GS-Hydro Korea Ltd	16	16

€/000	Interest receivable
Subsidiaries	31/12/2024	31/12/2023
GS-Hydro UK	2	5
Muncie Power Inc.	-	109
Interpump Piping GS S.r.l.	-	21
Tekno Tubi S.r.l.	-	8
Inoxihp S.r.l.	-	4
Total	402	869

The following dividends have been credited to the income statement:

€/000	Dividends receivable		Dividends
Subsidiaries	31/12/2024	31/12/2023	2024	2023
Hammelmann GmbH	-	-	30,000	22,500
Walvoil S.p.A.	-	-	22,750	16,250
Reggiana Riduttori S.r.l.	-	-	20,000	20,000
Inoxpa S.A.	-	-	10,000	10,000
Transtecno S.r.l.	-	-	8,000	-
GP Companies Inc.	-	-	6,545	4,169
Interpump Piping GS S.r.l.	-	-	4,000	-
NLB Corporation Inc.	-	-	3,730	3,653
I.mec S.r.l.	-	-	1,540	-
Servizi Industriali S.r.l.	-	-	1,200	960
Inoxihp S.r.l.	-	-	527	-
Walvoil Fluid Power Pvt Ltd.	-	-	5	-
Tubiflex S.p.A.	1,280	1,280	-	-
Total	1,280	1,280	108,297	77,532

4. Transac�ons with related par�es

In accordance with IFRS 16, the financial statements report interest-bearing financial debts of € 1,445 thousand (€ 2,122 thousand at 31 December 2023) and financial expenses due to discoun�ng the rentals payable to related par�es of € 84 thousand (€ 106 thousand at 31 December 2023). Other costs totaling € 12 thousand (€ 12 thousand in 2023 as well) have also been charged to the income statement.

The above transac�ons were carried out on arm's-length condi�ons.

5. Exposure to risks and uncertain�es and Financial risk factors

The Company is exposed to the normal risks and uncertain�es of any business ac�vity. The markets in which the Company operates are world niche markets of moderate size and with few compe�tors. These market characteris�cs cons�tute a high barrier to the entry of new compe�tors, due to significant economy of scale effects against the backdrop of uncertain economic returns for poten�al new entrants. The Company retains world leadership posi�ons that mi�gate the risks and uncertain�es of the business ac�vity.

The business of the Company is exposed to various financial risks: market risk (including the exchange rate risk and interest rate risk), credit risk and liquidity risk. The financial risks management program is based on the unpredictability of financial markets and it is aimed at minimizing any nega�ve impact on the Company's financial performance. Interpump Group S.p.A. can use deriva�ve financial instruments to hedge against exchange and interest rate risks. The Company does not hold deriva�ve financial instruments of a specula�ve nature, in compliance with the rulings established by the procedure approved by the Board of Directors.

5.1 Market risks

a) Exchange rate risk

The Company does business interna�onally and is principally exposed to the exchange risk related to business conducted in US dollars. In this context, the Company invoices its US subsidiaries and a major US customer in dollars. The Company's current policy is to refrain from hedging recurring transac�ons and instead to hedge only exposures that are non-recurring in terms of amount or frequency of occurrence.

(b) Interest-rate risk

Interest-rate risk derives from medium/long-term loans granted at floa�ng rates. It is currently Company policy not to arrange hedges, in view of the short average dura�on of the exis�ng bank debts (around 3.5 years).

5.2 Credit risk

The Company does not have any significant concentra�ons of receivables. It is Company policy to make sales to customers following a careful assessment of their credit ra�ng and therefore within preset credit limits. Historically, the Company has not had to support any significant losses on receivables.

5.3 Liquidity risk

Prudent management of liquidity risk involves the reten�on of an appropriate level of cash on hand and sufficient access to lines of credit. Because of the dynamic nature of the business, which includes frequent acquisi�ons, it is Company policy to have access to stand-by lines of credit that can be u�lized at short no�ce.

5.4 Price and cash flow risk

The Company is subject to constant changes in metal prices, especially brass, aluminum, stainless steel and steel. It is Company policy to hedge this risk where possible by way of medium-term commitments with suppliers or stockpiling policies when prices are at the low point of their cycle. The prices charged for steel (both stainless and for reinforcement and restora�on purposes) did not fluctuate much in 2024, remaining stable compared with the prior year. By contrast, those charged for brass and aluminum rose considerably, with maximums near the peaks seen in H2 2022. Although the principal supply chain problems were overcome during the prior year, the Company has some�mes decided to purchase larger quan��es in order to guarantee the availability of the materials needed for produc�on purposes. The Company constantly monitors the price trend of these raw materials in the atempt to adopt the most effec�ve policies to minimize poten�al exposure to this risk.

The income and cash flow from the Company's opera�ng ac�vi�es are not influenced much by changes in interest genera�ng assets.

The Company is monitoring developments carefully with regard to the import tariffs imposed on countries by the United States, and the counter-measures taken by them, analyzing the poten�al impacts on the business and studying the ac�ons to be taken to mi�gate their poten�al adverse effects.

5.5 Climate change risk

With regard to climate change, the Company does not fall with the scope of Direc�ve 2003/87/EC (as amended most recently by Direc�ve (EU) 2018/410), which introduced and governs the European Union Emissions Trading System (EU ETS). The ETS is the principal tool adopted by the European Union to reach the CO2 reduc�on targets established for the principal industrial sectors and avia�on. Although the Company is not included in the industrial sectors covered by the ETS, it is nevertheless commited to combat climate change.

Commencing from 2024, in accordance with Direc�ve (EU) 2022/2426 (Corporate Sustainability Repor�ng Direc�ve - CSRD), adopted in Italy by Decree 125/2024, the Interpump Group reports the material impacts, risks, opportuni�es, policies, ac�ons, objec�ves, business model and performance metrics in sec�on E1 of the CSRD chapter in the Consolidated Annual Financial Report.

Based on an ini�al scenario analysis of corporate loca�ons, the impacts of physical risks (acute and chronic) on assets and revenues were not considered significant and, accordingly, no specific provisions or asset writedowns have been recorded at 31 December 2024.

Again in view of the above, the forecasts reflected in the five-year business plan used for the impairment test of goodwill were not significantly affected by the above physical, climate-related risks but, nevertheless, were prepared in a prudent manner that contains the expected level of future cash flows.

The Company is also poten�ally exposed to risks deriving from the impacts of future, more restric�ve laws and regula�ons governing energy efficiency and climate change, that may result in increased opera�ng costs.

6. Environment, health and safety

The Company is engaged exclusively in mechanical engineering and components assembly ac�vi�es that are not accompanied by the emission of pollutants into the environment. The produc�on process is performed in compliance with statutory legisla�on. The Company is exposed to risks associated with occupa�onal health and safety and the environment, typical of a company that performs manufacturing and sales ac�vi�es in different geographical contexts.

In rela�on to occupa�onal health and safety and the environment the Company applies interna�onal standards ISO 9001, ISO 14001 and OHSAS 18001.

7. Other informa�on

Six new projects were completed in 2024, of which one related to new mechanical components for very high pressure pumps, another related to a new homogenizer, one related to op�miza�on of the use of raw materials in produc�on, and two related to the development of new pumps; in addi�on, work commenced on eleven new projects.

During 2024, the ac�vi�es of the Company included those deemed eligible pursuant to the 2020 Budget Law (Law 160/2019, as amended), involving a significant commitment of resources to the implementa�on of projects to acquire the new knowledge and technical skills needed to develop:

innova�ve technical solu�ons specific to the food and pharmaceu�cals sectors;
an experimental and pre-compe��ve family of high-performance homogenizers with extended reliability over �me;
small experimental and pre-compe��ve machines with design op�mized to maximize performance in combina�on with compact size and low power ra�ng;
experimental and innova�ve solu�ons that complete and expand the range of products offered by the Company, surpassing the results already achieved and the technological level of current solu�ons by using new materials and new processes;
experimental technical solu�ons that allow water to be recycled for industrial applica�ons.

The posi�ve outcome of these innova�ons should generate good results in terms of revenues, with a beneficial effect on the performance of the business.

With regard to these R&D ac�vi�es, the Company intends to apply the tax credit envisaged in the 2020 Budget Law (art. 1, subsec�ons 198/209, of Law 160/2019), as amended by the 2021 Budget Law (art. 1, subsec�on 1064, of Law 178/2020, as amended); this tax credit amounted to about € 18 thousand in 2024 (€ 24 thousand in 2023).

It is Company policy to con�nue to invest heavily in research and development in future years in order to add further impetus to organic growth. Product development costs totaling € 507 thousand were capitalized in 2024, since they will benefit future years, while an amount of € 196 thousand was charged to the income statement.

At 31 December 2024, the Company holds 2,138,363 treasury shares corresponding to 1.964% of share capital, acquired at an average unit cost of € 39.08417.

With regard to stock op�on plans and the shares in the Company and in subsidiaries held by directors, statutory auditors and general managers, you are invited to consult the "Board of Directors' Report", which is atached to the Consolidated Annual Financial Report.

The Company is not subject to management and coordina�on ac�vi�es. Leila Mon�pò e Sorelle S.A.p.A., formed on 6 November 2020, holds a controlling interest pursuant to art. 2359, subsec�on 2, of the Italian Civil Code in Gruppo IPG Holding S.p.A. and, accordingly, is the company required to prepare the consolidated financial statements of the largest group, given the exemp�on clauses envisaged in art. 27 of Decree 127 dated 9 April 1991: the financial statements that include the data of Interpump Group S.p.A. and its subsidiaries are prepared in accordance with the IFRS issued by the Interna�onal Accoun�ng Standards Board and adopted by the European Union, and are available from the Milan Companies Register.

In turn, Gruppo IPG Holding S.p.A. prepares consolidated financial statements on a voluntary basis, although this is no longer required from FY 2021, since that requirement is now placed on its parent company, "Leila Mon�pò e Sorelle S.A.p.A.".

8. Events occurring a�er the close of the year and business outlook

No atypical or unusual transac�ons have been carried out subsequent to 31 December 2024 that would call for changes to these separate financial statements.

The scenarios that marked FY2024 have not changed significantly in the first few weeks of 2025. The environment therefore remains complex and difficult to read, with the early months of 2025 expected to be the most challenging period of the en�re year. In this highly complex interna�onal context, the Company will con�nue to implement all countermeasures designed to protect and consolidate its margins, with the further objec�ve of maintaining and ideally increasing the level of cash genera�on.

9. Proposal to the Shareholders' Mee�ng

The profit for the year was € 101,341,740. We propose:

alloca�on of the net profit for the year to the Extraordinary Reserve, since the legal reserve has already reached the limit of one-fi�h of the subscribed and paid-up share capital;
par�al distribu�on of the Extraordinary Reserve formed from profits, by declaring a dividend of € 0.33 for each share outstanding including the right envisaged in art. 2357-(3) subsec�on 2, of the Italian Civil Code.

Sant'Ilario d'Enza (RE), 21 March 2025

For the Board of Directors Fulvio Mon�pò

Execu�ve Chairman

SEPARATE FINANCIAL STATEMENTS AT 31 DECEMBER 2024 OF THE PARENT COMPANY INTERPUMP GROUP S.p.A.

INTERPUMP GROUP S.p.A.

Registered Office: S. Ilario d'Enza (RE) Via E. Fermi 25 Share Capital: € 56,617,232.88 Tax Code and Companies Register number 11666900151 VAT number 01682900350

STATEMENT OF FINANCIAL POSITION

ASSETS
Euro	Notes	31/12/2024	31/12/2023
Current assets
Cash and cash equivalents	3	109,557,623	88,280,082
Trade receivables	4, 20	16,004,542	16,926,865
Dividends receivable	20	1,279,700	1,279,700
Inventories	5	29,889,948	31,842,597
Tax receivables		7,492,231	4,113,745
Current financial assets	11, 20	23,737,000	29,100,692
Other current assets	6, 20	4,101,539	6,072,054
Total current assets		192,062,583	177,615,735

Non-current assets
Property, plant and equipment	7	35,609,868	37,244,125
Goodwill	8	44,536,997	44,536,997
Other intangible fixed assets	9	3,452,030	3,265,813
Investments in subsidiaries	10	1,103,474,536	1,020,959,070
Other financial assets	11, 20	17,177,155	38,784,744
Tax receivables		235,074	1,419,643
Deferred tax assets	12	7,170,853	9,377,871
Other non-current assets		11,551	11,900
Total non-current assets		1,211,668,064	1,155,600,163

Total assets		1,403,730,647	1,333,215,898

LIABILITIES AND SHAREHOLDERS' EQUITY
Euro	Notes	31/12/2024	31/12/2023
Current liabilities
Trade payables	14, 20	17,593,743	14,788,655
Bank debts	13, 20	4,588,052	5,242,086
Interest-bearing financial debts (current portion)	13, 20	209,448,074	233,343,505
Tax liabilities		469,738	234,142
Other current liabilities	14, 20	7,519,543	8,138,231
Accrued expenses and deferred income		293,981	274,522
Total current liabilities		239,913,131	262,021,141

Non-current liabilities
Interest-bearing financial debts	13, 20	430,066,153	399,846,593
Liabilities for employee benefits	16	3,372,606	3,775,161
Deferred tax liabilities	12	674,287	680,421
Other non-current liabilities	17	2,451,203	2,300,053
Provisions for risks and charges	15	8,232,784	8,230,452
Total non-current liabilities		444,797,033	414,832,680
Total liabilities		684,710,164	676,853,821

SHAREHOLDERS' EQUITY
Share capital	18	55,505,284	55,624,624
Legal reserve	19	11,323,447	11,323,447
Share premium reserve	18	42,390,099	46,883,075
Reserve from remeasurement of defined benefit plans	19	(2,074,358)	(2,114,858)
Other reserves	19	611,876,011	544,645,789
Total shareholders' equity		719,020,483	656,362,077

Total shareholders' equity and liabilities		1,403,730,647	1,333,215,898

INCOME STATEMENT

Euro	Notes	2024	2023
Revenues	22	115,520,783	117,224,247
Cost of sales	24	(72,778,100)	(74,252,740)
Gross profit		42,742,683	42,971,507
Other net revenues	23	7,695,496	4,598,464
Distribution expenses	24	(6,499,664)	(6,220,702)
General and administrative expenses	24	(23,055,002)	(22,471,647)
Impairment losses on assets	9, 10	(1,707,505)	(5,056,467)
Other operating costs	24	(1,633,751)	(87,509)
Dividends	10	108,297,476	77,531,823
EBIT		125,839,733	91,265,469
Financial income	25	6,232,311	6,983,402
Financial expenses	25	(31,133,398)	(29,774,773)
Profit for the year before taxes		100,938,646	68,474,098
Income taxes	26	403,094	7,579,789
Net profit for the year		101,341,740	76,053,887

Basic earnings per share	27	0.948	0.711
Diluted earnings per share	27	0.946	0.709

COMPREHENSIVE INCOME STATEMENT

€/000	Notes	2024	2023
Net profit (A)		101,342	76,054
Profit (loss) that will not subsequently be reclassified to consolidated profit
Profit (Loss) deriving from the restatement of defined benefit plans		53	(60)
Applicable taxes		(12)	14
Total other comprehensive income (loss) that will not subsequently be reclassified to consolidated profit, net of tax effect (B)	19	41	(46)
Comprehensive net profit (A) + (B)		101,383	76,008

CASH FLOW STATEMENT

€/000	Notes	2024	2023
Cash flows from operating activities
Profit before taxes		100,939	68,474
Adjustments for non-cash items:
Losses (gains) on the sale of fixed assets		(17)	(12)
Amortization and depreciation of tangible and intangible fixed assets	24	6,060	6,141
Costs recognized in the income statement relative to stock options that do not involve monetary outflows for the Company	24	4,970	4,978
Impairment losses (writebacks) on assets	10	1,620	4,945
Net change in risk provisions and allocations to employee benefit provisions		580	(588)
Dividends credited to the income statement	10	(108,297)	(77,532)
Net financial expenses (income)	25	24,901	22,791
		30,756	29,197
(Increase) decrease in trade receivables and other current assets	4, 6	(4,067)	5,414
(Increase) decrease in inventories	5	1,953	1,288
Increase (decrease) in trade payables and other current liabilities	4, 14	5,651	(18,049)
Taxes paid	26	1,170	(2,629)
Interest paid	25	(31,988)	(25,665)
Realized exchange differences		257	(182)
Net cash from operating activities		3,732	(10,626)

Cash flows from investing activities
Outlay for the acquisition of equity investments net of treasury shares assigned	10	(82,553)	(38,961)
Disbursements for purchase of treasury shares		(10,337)	-
Proceeds from sales of treasury shares for stock options	18	581	2,246
Capital expenditure on tangible fixed assets	7	(3,619)	(4,427)
Proceeds from the sale of tangible fixed assets	7	83	72
Increase in intangible fixed assets	9	(693)	(484)
Financial income received	25	5,819	6,577
Other		(178)	(1,324)
Net liquidity generated (used) by investing activities		(90,897)	(36,301)

338 Separate Financial Statements at 31-12-2024 – Interpump Group S.p.A.

€/000	Notes	2024	2023
Cash flows from financing activities
Dividends received from subsidiaries	10	108,285	77,547
Dividends paid	19	(34,231)	(32,300)
(Disbursal) Repayment of intercompany loans, net of treasury shares assigned	11	27,331	10,728
Disbursals (repayments) of loans and bonds	13	8,091	(113,177)
Payment of finance lease installments (principal)		(813)	(824)
Other		434	1,732
Net cash generated by (used in) financing activities		109,097	(56,294)
Net increase (decrease) in cash and cash equivalents		21,932	(103,221)
Cash and cash equivalents at the beginning of the year	28	83,038	186,259
Cash and cash equivalents at the end of the year	28	104,970	83,038

See Note 28 for the reconcilia�on of cash and cash equivalents.

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

€/000	Notes	Share capital	Legal reserve	Share premium reserve	Remeasurement reserve for defined benefit plans	Other reserves	Total shareholders' equity
At 1 January 2023		55,584	11,323	39,348	(2,069)	500,707	604,893
Dividends paid		-	-	-	-	(32,074)	(32,074)
Recognition in the income statement of the fair value of stock options assigned to and exercisable by Interpump Group S.p.A. employees.		-	-	4,978	-	-	4,978
Fair value measurement of the stock options assigned to and exercisable by employees of subsidiaries		-	-	311	-	-	311
Sale of treasury shares to stock option beneficiaries		41	-	2,246	-	(41)	2,246
Comprehensive net profit for the year		-	-	-	(46)	76,054	76,008
At 31 December 2023	18, 19	55,625	11,323	46,883	(2,115)	544,646	656,362
Dividends paid		-	-	-	-	(34,231)	(34,231)
Recognition in the income statement of the fair value of stock options assigned to and exercisable by Interpump Group S.p.A. employees.		-	-	4,970	-	-	4,970
Fair value measurement of the stock options assigned to and exercisable by employees of subsidiaries		-	-	292	-	-	292
Purchase of treasury shares		(130)	-	(10,337)	-	130	(10,337)
Sale of treasury shares to stock option beneficiaries		10	-	581	-	(10)	581
Comprehensive net profit for the year		-	-	-	41	101,342	101,383
At 31 December 2024	18, 19	55,505	11,323	42,389	(2,074)	611,877	719,020

NOTES TO THE FINANCIAL STATEMENTS OF INTERPUMP GROUP S.p.A.

1. General informa�on

Interpump Group S.p.A. is a company, incorporated under Italian law with registered offices in Sant'Ilario d'Enza (RE), that is listed on the Milan Stock Exchange.

The Company manufactures and markets high and very high pressure plunger pumps, and has direct and indirect controlling interests in 121 companies. Interpump Group S.p.A. has produc�on facili�es in Sant'Ilario d'Enza (RE). For informa�on on the Group's opera�ons, refer to the "Board of Directors' Report" atached to the Consolidated Financial Report.

The financial statements at 31 December 2024, prepared on a going concern basis, were approved by the Board of Directors at the mee�ng held on 21 March 2025.

2. Accoun�ng standards adopted

2.1 Reference accoun�ng standards

The financial statements at 31 December 2024 have been prepared in compliance with the Interna�onal Financial Repor�ng Standards ("IFRS") issued by the Interna�onal Accoun�ng Standards Board ("IASB") and endorsed by the European Union. "IFRS" also means the Interna�onal Accoun�ng Standards ("IAS") currently in force and all the interpreta�ve documents issued by the IFRS Interpreta�on Commitee, previously denominated Interna�onal Financial Repor�ng Interpreta�ons Commitee ("IFRIC") and s�ll earlier known as the Standing Interpreta�ons Commitee ("SIC").

The statement of financial posi�on and the income statement are presented in euro, while the other schedules and notes are presented in thousands of euro. The financial statements are prepared using the cost method, with the excep�on of financial instruments, which are measured at fair value.

Prepara�on of a report in compliance with IFRS (Interna�onal Financial Repor�ng Standards) calls for judgments, es�mates, and assump�ons that effect assets, liabili�es, costs and revenues. The final results may differ from the results obtained using es�mates of this type. The cap�ons of the financial statements that call for more subjec�ve appraisal by the directors when preparing es�mates and for which a change in the condi�ons underlying the assump�ons u�lized could have a significant effect on the financial statements are: goodwill, amor�za�on and deprecia�on of fixed assets, deferred tax assets and liabili�es, the allowance for doub�ul accounts and the allowance for inventories, provisions for risks and charges, defined benefit plans for employees, the recoverability of the value of investments and liabili�es for the acquisi�on of investments included under other liabili�es.

In par�cular, discre�onary measurements and significant accoun�ng es�mates are made to determine the recoverable value of each equity investment. Their purpose is to iden�fy possible evidence of impairment, forecast profitability over the period covered by the Group Business Plan, determine the normalized cash flows needed to es�mate terminal value, and establish the long-term growth and discoun�ng rates applied to the forecasts of future profitability. The key assump�ons used to measure equity investments, including a sensi�vity analysis, are described in Note 10.

The Company's income statement is prepared by func�onal areas (or cost of sales), this form being considered more representa�ve than presenta�on by type of sales, this informa�on being specified in the notes to the financial statements. The chosen form, in fact, complies with the internal repor�ng and business management methods. For a comprehensive analysis of the Group's economic results, see the "Board of Director's Report" atached to the Consolidated Annual Financial Report.

The repor�ng formats and related classifica�on criteria adopted by the Company are indicated below.

The cash flow statement presents the cash flows from opera�ng ac�vi�es using the "indirect method".

2.1.1 Accoun�ng standards, amendments and interpreta�ons in force from 1 January 2024 and adopted by the Company

As from 2024 the Company has applied the following new accoun�ng standards, amendments and interpreta�ons, reviewed by IASB:

Amendments to IAS 1 – Presentation of Financial Statements: Classification of Liabilities as Current or Non-current. The IASB published this amendment on 23 January 2020 in order to clarify the presenta�on of liabili�es in the statement of financial posi�on. In par�cular, they clarify that:
- the classifica�on of liabili�es as current or non-current should be based on the rights exis�ng at the end of the repor�ng period and, in par�cular, on the right to defer payment for at least 12 months;
- classifica�on is not influenced by expecta�ons regarding decisions by the en�ty to exercise its right to defer the payment of a liability;
- payment refers to the transfer to the counterparty of cash, equity instruments, other assets or services.

The amendments took effect on 1 January 2024.

Amendments to IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments. On 25 May 2023, in response to investor needs, the IASB published an amendment to the related disclosures that improves transparency with regard to financial indebtedness and its effects on financial liabili�es, cash flows and the exposure to liquidity risk. The amendment took effect on 1 January 2024.
IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information. In June 2023 the ISSB published a standard that establishes general requirements for the disclosure of sustainability-related financial informa�on. The amendment took effect on 1 January 2024.
IFRS S2 - Climate-related Disclosures. In June 2023 the ISSB published a standard that requires the disclosure of supplementary informa�on about climate-related risks and opportuni�es. The amendment took effect on 1 January 2024.

The adop�on of these standards had no significant effects on the financial statements of the Company.

2.1.2 Accoun�ng standards, amendments and interpreta�ons in force from 1 January 2024 but not relevant for the Company

• Amendments to IFRS 16 - Leases: Lease Liability in a Sale and Leaseback. On 22 September 2022 the IASB published the document that amends IFRS 16, clarifying how to account for a sale and leaseback a�er the date of the transac�on. This amendment took effect on 1 January 2024. Early adop�on is allowed.

2.1.3 Accoun�ng standards and amendments not yet applicable and not adopted early by the Company

Amendments to IAS 21 - The effects of changes in foreign exchange rates: lack of exchangeability. The IASB published an amendment on 15 August 2023 that contains guidelines to clarify when one currency is exchangeable into another currency and how to determine the exchange rate when, by contrast, it is not exchangeable. The amendment took effect on 1 January 2025. Early adop�on is allowed.
IFRS 18 - Presentation and Disclosure in Financial Statements. On 9 April 2024, the IASB published a new standard that introduces certain important disclosures to be made in the explanatory notes to the financial statements when performance indicators are used that, as per the new standard, fall within so-called Management-defined Performance Measures. This ensures more transparent and comparable informa�on for investors on the financial results of companies. This standard will apply to all companies that report under the IFRS issued by the Interna�onal Accoun�ng Standards Board and adopted by the European Union. The standard is effec�ve for annual periods beginning on or a�er 1 January 2027. Early adop�on is allowed.
IFRS 19 - Subsidiaries without Public Accountability: Disclosures. On 9 May 2024, the IASB published a new standard for subsidiaries without public accountability, which allows qualifying subsidiaries to apply IFRS with limited disclosures. The applica�on of IFRS 19 will reduce the cost of preparing the financial statements of subsidiaries, while retaining the usefulness of the informa�on provided to the users of their accounts. The standard is effec�ve for annual periods beginning on or a�er 1 January 2027. Early adop�on is allowed.
Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments. On 30 May 2024, the IASB published an Exposure Dra� that amends in par�cular IFRS 9 (Financial Instruments) and IFRS 7 (Financial Instruments: Disclosures), proposing amendments to ensure inter alia that the financial statements reflect more fairly the effects that contracts for renewable electricity have on a company. The amendments are effec�ve for annual periods beginning on or a�er 1 January 2026. Early adop�on is allowed.
i. Annual improvements to IFRS - Volume 11. On 19 July 2024, the IASB published this document containing clarifica�ons, simplifica�ons, correc�ons and amendments to the IFRS that improve their internal consistency. The following accoun�ng standards were modified: IFRS 1 First-�me Adop�on of Interna�onal Financial Repor�ng Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implemen�ng IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statement of Cash Flows. The amendments are effec�ve from 1 January 2026. Early adop�on is allowed.
Amendments to IFRS 9 and IFRS 7, Amendments to the Contracts Referencing Nature-dependent Electricity. On 18 December 2024, the IASB published amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, to help en��es report beter the

financial effects of contracts structured as Power Purchase Agreements (PPAs), so that investors receive clearer informa�on about their financial performance and expected cash flows. The amendments are effec�ve for annual periods beginning on or a�er 1 January 2026. Early adop�on is allowed.

The Company is currently assessing the possible impacts of the new standards included in this sec�on.

2.2 Business sector informa�on

Based on the defini�on provided by standard IFRS 8 an opera�ng segment is a component of an en�ty:

that undertakes a business ac�vity that generates costs and revenues;
the opera�ng results of which are periodically reviewed at the highest decisional/opera�ng level of the en�ty in order to make decisions concerning the resources to allocate to the segment and the measurement of the results;
for which separate accoun�ng informa�on is available.

The business sectors in which the Group operates are determined on the basis of the repor�ng u�lized by top management to make decisions, and they have been iden�fied as the Water-Je�ng sector, which basically includes high and very-high pressure pumps, very high pressure systems, high pressure homogenizers, separators, mixers, agitators, piston pumps, valves, mechanical si�ers, automated milking systems and other machinery, primarily for the food industry, but also for the chemicals, cosme�cs and pharmaceu�cals sectors, as well as the Hydraulic sector, which includes power take-offs, gear pumps, hydraulic cylinders, direc�onal controls, valves, gears and dispersion devices used to spread solid biological fer�lizers, hoses and fi�ngs, right-angle drives, orbital motors, steering systems (hydroguides) and other hydraulic components. Interpump Group S.p.A. operates en�rely in the Water-Je�ng sector, so it was not considered necessary to present the associated sector informa�on.

With the aim of providing more comprehensive disclosure, informa�on is provided for the geographical areas in which the Company operates, namely Italy, Europe (including non-EU European countries and excluding Italy) and the Rest of the World.

2.3 Treatment of foreign currency transac�ons

The func�onal and presenta�on currency adopted by Interpump Group S.p.A. is the euro. Foreign currency transac�ons are translated to euro using the exchange rates in force on the date of the transac�on. Monetary assets and liabili�es are translated at the exchange rate in force on the repor�ng date. Foreign exchange differences arising from the transla�on are recognized in the income statement. Non-monetary assets and liabili�es measured at historical cost are translated at the exchange rates in force on the date of the related transac�ons. Monetary assets and liabili�es stated at fair value are translated to euro at the exchange rate in force on the date in respect of which the rela�ve fair value was determined.

2.4 Property, plant and equipment

i. Recognition and measurement

Property, plant and equipment are measured at the historical cost and stated net of accumulated deprecia�on (see next point iii) and impairment losses (see sec�on 2.7). The cost of goods produced internally includes the cost of raw materials, directly related labor costs, and a por�on of indirect produc�on costs. The cost of assets, whether purchased externally or produced internally, includes the ancillary costs that are directly atributable and necessary for use of the asset and, when they are significant and in the presence of contractual obliga�ons, the current value of the cost es�mated for the dismantling and removal of the related assets.

Financial expenses rela�ng to loans u�lized for the purchase of tangible fixed assets are recorded in the income statement on an accruals basis if they are not specifically allocated to the purchase or construc�on of the asset, otherwise they are capitalized.

Assets held for sale are measured at the lower of the fair value net of ancillary charges to the sale and their book value at the �me of classifica�on of said cap�ons as held for sale.

ii. Subsequent costs

iii. Depreciation

-	Buildings	25 years

Plant and equipment 12.5 years
Industrial and commercial equipment 4 years
Other assets 4-8 years

The es�mated useful lives of assets are reviewed on an annual basis, and any changes in the rates of deprecia�on are applied, where necessary, on a prospec�ve basis.

For assets purchased and/or that became opera�onal in the year, deprecia�on is calculated u�lizing annual rates reduced by 50%. Historically, this method of calcula�on has been representa�ve of the effec�ve use of the assets in ques�on.

Any profits/losses emerging on the derecogni�on of assets, on disposal (from the date on which the purchaser obtains control over them) or when no further economic benefits are expected from their use or disposal (being the difference between their carrying amount and the net considera�on obtained), are recognized in the income statement at that �me.

iv. Leases

Right-of-use assets are measured at cost and stated net of accumulated deprecia�on and impairment. They are also adjusted following remeasurement of the related lease liabili�es. The cost of right-of-use assets comprises the amount of the lease liabili�es recognized, the ini�al direct costs incurred and the lease payments made at or before the start date, net of any and all incen�ves received. Right-of-use assets are depreciated on a straight-line basis from the start date un�l the end of the useful life of the asset, being the end of the usage right (dura�on of the lease contract). The corresponding liability to the lessor is classified among the financial debts.

v. Leasehold improvements

2.5 Goodwill

Goodwill is represented by the merger deficit por�ons paid for this reason and arising from the merger opera�ons.

Goodwill is recorded at cost, net of impairment losses. Goodwill is allocated to a single cash genera�ng unit and is no longer amor�zed as from 1 January 2004. The book value is measured in order to assess the absence of impairment (see sec�on 2.7).

2.6 Other intangible fixed assets

i. Research and development costs

Research costs for the acquisi�on of new technical know-how are charged to the income statement as incurred.

Development costs rela�ng to the crea�on of new products/accessories or new produc�on processes are capitalized if the Company can prove:

the technical feasibility and inten�on of comple�ng the intangible asset in such a way that it is available for use or for sale;
its ability to use or sell the asset;
the forecast volumes and realiza�on values indicate that the costs incurred for development ac�vi�es will generate future economic benefits;
those costs are measurable in a reliable manner;
the resources exist to complete the development project.

The capitalized costs relate to development projects that meet the requirements for deferral. Capitalized development costs are valued at cost, net of accumulated amor�za�on, (see next point v) and impairment (see sec�on 2.7).

ii. Loan ancillary costs

Loan ancillary costs are deducted from the nominal amount of the loan and treated as outlined in sec�on 2.13.

iii. Other intangible fixed assets

Other intangible assets, all having a defined useful life, are measured at cost and recorded net of accumulated amor�za�on (see next point v) and impairment (see sec�on 2.7).

So�ware licenses are amor�zed over their period of u�liza�on (5 years).

The costs incurred internally for the crea�on of trademarks or goodwill are recognized in the income statement when they are incurred.

iv. Subsequent costs

v. Amortization

Amor�za�on is charged to the income statement on a straight-line basis over the es�mated useful lives of the related capitalized assets. The es�mated useful lives of assets are as follows:

-	Patents and trademarks	5-18 years
-	Development costs	5 years
-	So�ware licenses	5 years

The es�mated useful life is reviewed on an annual basis and any changes in the rates are made, where necessary, for future amounts.

2.7 Impairment of assets

The book values of assets, with the excep�on of inventories (see sec�on 2.11), financial assets regulated by IFRS 9, deferred tax assets (see sec�on 2.15), and non-current assets held for sale regulated by IFRS 5, are subject to measurement at the repor�ng date in order to iden�fy the existence of possible indicators of impairment. If the valua�on process iden�fies the presence of such indicators, the presumed recoverable value of the asset is calculated using the methods indicated in the following point (i).

The presumed recovery value of goodwill and intangible assets that have not yet been used is es�mated at intervals of no longer than once a year or more frequently if specific events occur that point to the possible existence of impairment. If the es�mated recoverable value of the asset or its cash genera�ng unit is lower than its net book value, the asset to which it refers is consequently adjusted for impairment loss with entry into the income statement.

Goodwill is systema�cally measured (impairment test) at least once a year or more as prescribed by IAS 36.

i. Calculation of estimated recoverable value

rise to independent cash flows the presumed realiza�on value is determined with reference to the cash genera�ng unit to which the asset belongs.

ii. Reinstatement of impairment losses

An impairment rela�ng to other assets is reinstated if a change has occurred in their es�mated recoverable value.

Impairment is reinstated to the extent of the corresponding book value that would have been determined, net of deprecia�on/amor�za�on, had no impairment loss ever been recognized. Impairment related to goodwill is never reinstated.

2.8 Equity investments

Investments in subsidiaries and associates are measured at cost. Should any impairment of value arise at the repor�ng date in comparison to the value determined according to the above method, the investment in ques�on will be writen down.

2.9 Cash and cash equivalents

2.10 Financial assets (Trade receivables, Other financial assets and Other assets)

On ini�al recogni�on, the classifica�on of financial assets depends on how they will be measured subsequently: at amor�zed cost, at fair value through other components of comprehensive income or at fair value through profit or loss. Again at the �me of ini�al recogni�on, financial assets are classified with reference to the characteris�cs of the related contractual cash flows and the business model used by the Company for their management. With the exclusion of trade receivables that do not contain a significant financing component, the Company ini�ally measures financial assets at their fair value, including transac�on costs in the case of those not measured at fair value through profit and loss. Trade receivables that do not have a significant financial component are measured at their transac�on price, as defined in accordance with IFRS 15.

Financial assets are measured at fair value through other comprehensive income if they are held by the Company both to collect contractual cash flows, represented solely by the payment of principal and interest on the amount of principal to be repaid, and to sell them (Held to Collect and Sell).

In accordance with IFRS 9, commencing on 1 January 2018 the Company adopted a new impairment model for financial assets measured at amor�zed cost or at fair value through other components of comprehensive income, with the excep�on of equity securi�es and assets deriving from customer contracts. This new model is based on determining the expected credit loss (ECL), which replaced the incurred loss model previously envisaged in IAS 39.

The new standard envisages adop�on of the following methodologies: the General deteriora�on method and the Simplified approach. The standard does not define specific criteria for the segmenta�on of customers, leaving en��es free to select the sampling subsets in a manner that ensures consistency with historical experience.

Within the simplified model, an analy�cal approach has been applied in rela�on to trade receivables deemed by management to be individually significant, and for which more detailed informa�on is available about the significant increase in credit risk.

A financial asset (or, where applicable, part of a financial asset or part of a group of similar financial assets) is derecognized (i.e. removed from the statement of financial posi�on) when:

the right to receive cash flows deriving from the asset has expired, or
the Company has transferred the right to receive cash flows deriving from the asset to a third party, or has accepted a contractual obliga�on to pay them over in full and without delay and (a) has transferred substan�ally all the risks and benefits of ownership of the financial asset, or (b) has not transferred or retained substan�ally all the risks and benefits of ownership of the financial asset, but has transferred control over it.

2.11 Inventories

2.12 Share capital and Treasury shares

The price paid to purchase of treasury shares, inclusive of any directly-atributable ancillary charges, is deducted from share capital for the por�on concerning the nominal value of shares and from other shareholders' equity for the remainder. When treasury shares are sold or reissued, the price collected, net of any directly atributable ancillary charges and the associated tax effect, is recorded as share capital for the por�on concerning the nominal value of shares and as shareholders' equity for the surplus.

2.13 Financial liabili�es (Trade payables, Bank debts, Interest-bearing financial debts and Other liabili�es)

A financial liability is derecognized when the underlying obliga�on expires or when the obliga�on specified in the contract is setled, canceled or expires.

Current financial liabili�es include the short-term por�ons of the interest-bearing financial debts, bank and lease payables and other financial liabili�es.

2.14 Liabili�es for employee benefits

i. Defined contribution plans

The Company par�cipates in defined pension plans with public administra�on or private plans on a compulsory, contractual or voluntary basis. The payment of contribu�ons fulfills the Company's obliga�ons towards its employees. The contribu�ons therefore cons�tute costs of the period in which they are due.

ii. Defined benefit plans

Defined benefit plans for employees - disbursed at the �me of termina�on of the period of employment with the Company or therea�er - that include severance indemnity, are calculated separately for each plan, es�ma�ng the amount of the future benefit that the employees have accrued during the year and in previous years by means of actuarial techniques. The resul�ng benefit is discounted to present value and recorded net of the fair value of any related assets. The discount rate at the repor�ng date is calculated as required by IAS 19 with reference to the market yields of high quality corporate bonds. Only the securi�es of corporate issuers with an "AA" ra�ng are considered, on the assump�on that this class iden�fies a high ra�ng level in the context of "Investment Grade" securi�es, with the exclusion, therefore, of higher risk securi�es. Given that IAS 19 does not make explicit reference to a specific business category, the Group has opted for a "Composite" market yield curve that, accordingly, summarizes market condi�ons on the measurement date for the securi�es issued by companies ac�ve in various sectors, including u�li�es, telephony, finance, banking and industrials.

The defined benefit obliga�on is calculated on an annual basis by an independent actuary using the projected unit credit method. If the plan benefits increase, the prior-service por�on of the increase is charged to the income statement on a straight-line basis over the period in which the related rights will be acquired. If the rights are acquired immediately, the increase is recognized immediately in the income statement.

Actuarial profits and losses are recognized in a specific equity reserve on an accrual basis.

Un�l 31 December 2006 the severance indemnity provision (TFR) of Italian companies was considered to be a defined benefits plan. The rules governing the provision were amended by Law no. 296 of 27 December 2006 ("2007 Finance Act") and by subsequent Decrees and Regula�ons enacted in the ini�al months of 2007. In the light of these changes, and in par�cular with reference to companies with at least 50 employees, as is the case of Interpump Group S.p.A., the TFR severance indemnity provision should now be classified as a defined benefits plan exclusively for the por�ons accrued prior to 1 January 2007 (and not yet paid out at the date of the financial statements), while a�er that date TFR should be considered as a defined contribu�ons plan.

iii. Stock options

On the basis of the stock op�on plans currently in existence, certain employees and directors are en�tled to purchase treasury shares from Interpump Group S.p.A. The op�ons are measured at fair value, this being booked to the income statement as an addi�on to the cost of personnel and directors, with a matching entry in the share premium reserve. The fair value is measured at the grant date of the op�on and recorded in the income statement in the period that runs between said date and the date on which the op�ons become exercisable (ves�ng period). The fair value of the op�on is determined using the applicable op�ons measurement method (specifically, the binomial la�ce model), taking account the terms and condi�ons at which the op�ons were granted.

The remunera�on component deriving from stock op�on plans with Interpump Group S.p.A. shares as the underlying, in accordance with the maters envisaged by interpreta�on IFRIC 11, is recognized as a capital grant disbursed to subsidiaries wherein the beneficiaries of the stock op�on plans are employees and consequently recorded as an increase of the rela�ve value of the shareholdings, with a matching entry recorded directly in equity.

2.15 Income taxes

Current taxes are taxes that are expected to be due, calculated by applying to the taxable income the tax rate in force at the repor�ng date and the adjustments to taxes of prior years.

Deferred taxes are calculated using the liability method on the temporary differences between the amount of assets and liabili�es in the financial statements and the corresponding values recognized for tax purposes. Deferred tax liabili�es are recognized in rela�on to all taxable temporary differences, except for:

the deferred tax liabili�es deriving from the ini�al recogni�on of goodwill or an asset or liability in a transac�on that does not represent a business combina�on and, at the �me of the transac�on, does not affect the reported results or taxable income;
reversals of taxable temporary differences, associated with investments in subsidiaries, associates and joint ventures, that can be controlled and that are unlikely to occur in the foreseeable future.

the deferred tax assets linked to deduc�ble temporary differences that derive from the ini�al recogni�on of an asset or liability in a transac�on that does not represent a business combina�on and, at the �me of the transac�on, does not affect the reported results or taxable income;
the deferred tax assets linked to deduc�ble temporary differences associated with investments in subsidiaries, associates and joint ventures, which are only recognized if they are likely to reverse in the foreseeable future and there will be sufficient taxable income for the recovery of such temporary differences. Deferred taxes are calculated in accordance with the envisaged method of transfer of �ming differences, using the tax rate in force at the reference date of years in which the �ming differences arose.

Deferred tax assets are recognized exclusively in the event that it is probable that in future years sufficient taxable incomes will be generated for the realiza�on of said deferred taxes. The carrying amount of deferred tax assets is reviewed at each repor�ng date and reduced to the extent that future taxable income is no longer likely to be sufficient to allow the recovery of such assets, in whole or in part. Any unrecognized deferred tax assets are reviewed at each repor�ng date and recognized to the extent that it has become probable that future taxable income will be sufficient to allow their recovery.

2.16 Provisions for risks and charges

In cases wherein the Company has a legal or substan�al obliga�on resul�ng from a past event, and when it is probable that the loss of economic benefits must be sustained in order to fulfill such an obliga�on, a specific provision for risks and charges is created. If the temporal factor of the envisaged loss of benefits is significant, the amount of the future cash ou�lows is discounted to present values at a rate, gross of taxes, that takes account of the market interest rates and the specific risk of the liability referred to.

2.17 Revenues

i. Revenues from the sale of goods and services

Revenues deriving from contracts with customers are recognized on the basis of the following 5 steps: (i) iden�fica�on of the contract with the customer; (ii) iden�fica�on of the contractual performance obliga�ons to be transferred to the customer in exchange for the transac�on price; (iii) determina�on of the transac�on price; (iv) alloca�on of the transac�on price to the individual performance obliga�ons; (v) recogni�on of the revenue when the associated performance obliga�on is fulfilled. Revenues are recognized at the amount of the considera�on to which the Company considers it is en�tled on sa�sfac�on of the obliga�on, when the customer acquires control over the goods or services transferred. The Company has iden�fied a single revenue stream from the sale of products and spare parts represen�ng the obliga�ons sa�sfied at a given point in �me. Revenues from the sale of products are recognized when the significant risks and benefits associated with control over the goods are transferred to the purchaser. The change of control coincides with the transfer of ownership or possession of the goods to the purchaser and, therefore, generally occurs on shipment or on comple�on of the service.

ii. Dividends

Dividends are recognized in the income statement on the date they became payable, and are classified under ordinary earnings before interest and tax because they are considered to represent the ordinary holding ac�vi�es performed by the Company.

2.18 Costs

i. Lease installments

The principal por�on of lease installments is deducted from the financial payable, while the interest por�on is charged to the income statement.

ii. Financial income and expenses

Financial income and charges are recorded on an accrual basis in accordance with the interest matured on the net value of the rela�ve financial assets and liabili�es, using the effec�ve interest rate. Financial income and charges include foreign exchange gains and losses and the gains and losses on deriva�ve instruments booked to the income statement.

3. Cash and cash equivalents

€/000	31/12/2024	31/12/2023
Cash	11	13
Bank deposits	109,547	88,267
Total	109,558	88,280

Bank deposits include € 337 thousand held in US dollars (\$ 350 thousand).

The Company con�nued its strategy of maintaining immediately available liquidity throughout 2024.

4. Trade receivables

€/000	31/12/2024	31/12/2023
Trade receivables, gross	16,857	17,724
Bad debt provision	(852)	(797)
Trade receivables, net	16,005	16,927

Changes in the bad debt provision were as follows:

€/000	2024	2023
Opening balance	797	720
Provisions in the year	79	82
Releases in the year to cover losses	(24)	(5)
Closing balance	852	797

Provisions in the year are booked under other opera�ng costs.

Receivables denominated in US dollars total € 3,967 thousand (\$ 4,122 thousand). At 31 December 2024 no receivables were hedged against the risk of exchange rate fluctua�ons.

No trade receivables or payables are due beyond twelve months.

Further informa�on is provided in Note 21 - Information on financial risks.

5. Inventories

€/000	31/12/2024	31/12/2023
Raw materials and components	16,819	16,715
Semi-finished products	11,237	11,721
Finished products	1,834	3,407
Total inventories	29,890	31,843

Inventories are stated net of an allowance that has changed as indicated below:

€/000	2024	2023
Opening balance	2,920	2,748
Provisions in the year	568	234
Releases in the year to cover losses	(380)	(62)
Closing balance	3,108	2,920

6. Other current assets

This item comprises:

€/000	31/12/2024	31/12/2023
Price adjustments receivable	1,894	3,335
Other current assets	1,180	2,137
Other receivables	207	175
Accrued income and prepaid expenses	820	424
Total	4,101	6,071

7. Property, plant and equipment

€/000	Land and buildings	Plant and machinery	Equipment	Other assets	Total
At 1 January 2023
Cost	16,436	61,549	22,456	5,120	105,561
Accumulated depreciation	(6,275)	(35,843)	(19,905)	(3,998)	(66,021)
Allowance for impairment	-	(4)	(146)	-	(150)
Net carrying amount	10,161	25,702	2,405	1,122	39,390

Changes in 2023
Opening net carrying amount	10,161	25,702	2,405	1,122	39,390
Additions	137	2,475	712	193	3,517
Recognition of right-to-use assets (IFRS 16)	-	-	-	127	127
Disposals	-	(53)	-	(7)	(60)
Early close-out (IFRS 16)	(49)	-	-	-	(49)
Remeasurement (IFRS 16)	15	-	-	-	15
Reclassifications	17	-	-	(17)	-
Write-downs	-	-	(25)	-	(25)
Capitalized depreciation	(68)	(8)	(6)	(1)	(83)
Depreciation	(844)	(3,258)	(1,054)	(432)	(5,588)
Closing net carrying amount	9,369	24,858	2,032	985	37,244

At 31 December 2023
Cost	15,827	63,913	22,605	5,003	107,348
Accumulated depreciation	(6,458)	(39,051)	(20,402)	(4,018)	(69,929)
Allowance for impairment	-	(4)	(171)	-	(175)
Net carrying amount	9,369	24,858	2,032	985	37,244

355 Separate Financial Statements at 31-12-2024 – Interpump Group S.p.A.

€/000	Land and buildings	Plant and machinery	Equipment	Other assets	Total
Changes in 2024
Opening net carrying amount	9,369	24,858	2,032	985	37,244
Additions	131	3,229	283	102	3,745
Recognition of right-to-use assets (IFRS 16)	-	-	-	265	265
Disposals	-	(15)	(4)	(48)	(67)
Early close-out (IFRS 16)	-	-	-	(27)	(27)
Remeasurement (IFRS 16)	(2)	-	-	6	4
Reclassifications	6	-	-	(6)	-
Capitalized depreciation	(72)	(9)	(5)	(1)	(87)
Depreciation	(832)	(3,326)	(925)	(384)	(5,467)
Closing net carrying amount	8,600	24,737	1,381	892	35,610

At 31 December 2024
Cost	15,278	66,142	21,982	4,850	108,252
Accumulated depreciation	(6,678)	(41,401)	(20,430)	(3,958)	(72,467)
Allowance for impairment	-	(4)	(171)	-	(175)
Net carrying amount	8,600	24,737	1,381	892	35,610

The cost of assets under construc�on, included in the net carrying amounts disclosed in the previous table, is as follows:

€/000	Land and buildings	Plant and machinery	Equipment	Other assets	Total
At 1 January 2023	-	1,460	138	-	1,598
At 31 December 2023	-	970	168	6	1,144
At 31 December 2024	62	2,414	143	26	2,645

The net carrying amount of leased assets is analyzed below:

€/000	Land and buildings	Plant and machinery	Equipment	Other assets	Total
At 31 December 2023	2,037	-	-	307	2,344
At 31 December 2024	1,357	-	-	407	1,764

Deprecia�on of € 4,906 thousand was charged to the cost of sales (€ 4,985 thousand in 2023), € 34 thousand to distribu�on costs (€ 36 thousand in 2023) and € 527 thousand for general and administra�ve costs (€ 567 thousand in 2023).

At 31 December 2024 the Company has contractual commitments for the purchase of tangible fixed assets totaling € 1,719 thousand (€ 1,083 thousand at 31 December 2023).

At 31 December 2024 tangible fixed assets are not burdened by mortgages and/or specific guarantees.

Further informa�on is provided in Notes 28 "Notes to the cash flow statement" and 29 "Commitments".

8. Goodwill

Goodwill is represented by the merger deficit por�ons paid for this reason and arising from the merger opera�ons. Goodwill at 31 December 2024 amounts to € 44,537 thousand (€ 44,537 thousand at 31 December 2023 as well). The value of goodwill is allocated to the sole CGU in which the Company is ac�ve.

The Company carried out an impairment test on 31 December 2024. When reviewing its impairment indicators, the Company considered inter alia its stock market capitaliza�on. In fact, the stock market capitaliza�on of Interpump Group S.p.A. was far higher than the net assets of the Company and the Group, inclusive of goodwill, throughout 2024. The recoverable value iden�fied from the impairment test was determined from the value-in-use calcula�on carried out using the Discounted Cash Flow (DCF) method, net of taxa�on. The projected cash flows used in the DCF calcula�on is determined on the basis of a 5-year business plan that takes account of the various reference scenarios and on the basis of growth forecasts in the various markets. A perpetual growth rate of 1.5% was used for periods a�er 2029. The projected cash flows determined in this manner were reduced by a discount factor in order to take account of the risk that future plans could become imprac�cable. The a�er tax weighted average cost of capital (WACC) was measured at 8.85%. The WACC was 9.13% at 31 December 2023. The sensi�vity analysis required in the joint Bank of Italy, Consob, ISVAP document dated 3 March 2010 was also carried out. Even reducing the projected cash flows of the CGU by 10% would not have led to any impairment, and nor would an 0.5% increase in the cost of capital used to actualize the projected cash flows.

€/000	Product development expenses	Patents trademarks and industrial rights	Other intangible fixed assets	Total
At 1 January 2023
Cost	23,546	149	3,169	26,864
Accumulated amortization	(19,243)	(145)	(2,881)	(22,269)
Allowance for impairment	(1,369)	-	-	(1,369)
Net carrying amount	2,934	4	288	3,226

Changes in 2023
Opening net carrying amount	2,934	4	288	3,226
Increases	501	-	66	567
Write-downs	(87)	-	-	(87)
Amortization	(335)	(1)	(105)	(441)
Closing net carrying amount	3,013	3	249	3,265

At 31 December 2023
Cost	23,960	149	3,235	27,344
Accumulated amortization	(19,578)	(146)	(2,986)	(22,710)
Allowance for impairment	(1,369)	-	-	(1,369)
Net carrying amount	3,013	3	249	3,265

9. Other intangible fixed assets

357 Separate Financial Statements at 31-12-2024 – Interpump Group S.p.A.

€/000	Product development expenses	Patents trademarks and industrial rights	Other intangible fixed assets	Total
Changes in 2024
Opening net carrying amount	3,013	3	249	3,265
Increases	507	-	273	780
Write-downs	(88)	-	-	(88)
Amortization	(374)	-	(131)	(505)
Closing net carrying amount	3,058	3	391	3,452

At 31 December 2024
Cost	24,379	149	3,508	28,036
Accumulated amortization	(19,952)	(146)	(3,117)	(23,215)
Allowance for impairment	(1,369)	-	-	(1,369)
Net carrying amount	3,058	3	391	3,452

Product development costs refer to the cost of developing new products, which is capitalized when the criteria set down in IAS 38 are sa�sfied. The Company writes down any capitalized project costs that are no longer deemed to be recoverable.

The other intangible assets mainly relate to the cost of purchasing licenses and an ERP system.

The cost of assets under construc�on, included in the net carrying amounts disclosed in the previous table, is as follows:

€/000	Product development expenses	Other intangible fixed assets	Total
At 1 January 2023	2,556	92	2,648
At 31 December 2023	2,133	116	2,249
At 31 December 2024	2,208	105	2,313

Amor�za�on of € 505 thousand (€ 441 thousand in 2023) was booked en�rely to general and administra�ve expenses.

10. Investments in subsidiaries

€/000	Balance at 31 December 2023	Increases due to assignment of stock options	Increases / (Decreases)	Impairment	Balance at 31 December 2024
Walvoil S.p.A.	118,172	-	-	-	118,172
Walvoil Fluid Power India Pvt. Ltd.	14	-	-	-	14
NLB Corporation Inc.	62,048	-	-	-	62,048
GP Companies Inc.	8,903	-	-	-	8,903
Interpump Hydraulics S.p.A.	104,258	-	-	-	104,258
Hammelmann GmbH	26,032	-	-	-	26,032
Inoxpa S.A.	93,127	-	-	-	93,127
Reggiana Riduttori S.r.l.	165,226	-	-	-	165,226
Transtecno S.r.l.	57,765	-	31,818	-	89,583
Inoxihp S.r.l.	8,704	-	-	-	8,704
Interpump Piping GS S.r.l.	310	-	-	-	310
SIT S.p.A.	891	-	43	-	934
Tubiflex S.p.A.	34,485	-		-	34,485
Pioli S.r.l.	3,008	-		-	3,008
Servizi Industriali S.r.l.	4,059	-	-	-	4,059
White Drive Motors and Steering Sp. z o.o.	184,698	-	-		184,698
White Drive Motors and Steering GmbH	30,446	-	-	(1,511)	28,935
White Drive Motors and Steering LLC	55,882	-	9,546	-	65,428
IPG Mouldtech India Pvt Ltd.	7,861	-	-	-	7,861
Waikato Holding Limited	33,130	-	(2,730)	(109)	30,291
Hydra Dyne Technology Inc	4,507	-	-	-	4,507
I.mec S.r.l.	14,062	-	-	-	14,062
Alfa Valvole S.r.l.	-	-	45,167	-	45,167
Fair value of the stock options assigned to the employees of subsidiaries	3,371	292	-	-	3,663
Total subsidiaries	1,020,959	292	83,844	(1,620)	1,103,475

The Company acquired an addi�onal 8% of SIT S.p.A. during Q1 2024 and now holds an 88% interest in that company;

The en�re equity interest in Alfa Valvole S.r.l. was acquired from IDEX Corpora�on, a US company, on 3 June 2024. This interna�onal player is posi�oned in the high-end segment of the valves sector, given the quality and services offered to customers in the form of integrated solu�ons for the movement and management of industrial fluids. The principal reference markets comprise water treatment, mining, Oil&Gas, mari�me and rail transporta�on, food processing and pharmaceu�cals. In 2023, the company generated turnover of about € 28 million, with an EBITDA margin of about 26%. The total price of the opera�on was fixed at € 55.2 million; during the year, Alfa Valvole par�ally reimbursed the ini�al investment made by the Company, making a payment of € 10 million.

The put op�on for the remaining 20% interest in Transtecno S.r.l. was exercised during Q2 2024, raising ownership of the company from 80% to 100%.

The increase in the investment in White Drive Motors and Steering LLC reflects the capital increase authorized during the year in order to capitalize the company, which is inves�ng heavily in addi�onal produc�on capacity. The impairment of White Drive Motors and Steering GmbH was due to the alignment of its carrying amount with the corresponding equity value, given the liquida�on process currently under way.

The decrease in the carrying amount of Waikato Holding Limited was due to par�al repayment of the capital employed.

Share-based payment agreements (stock op�on plans) that make equity instruments of the Parent company available to employees of its subsidiaries are recognized in accordance with IFRIC 11. The fair value of the stock op�ons granted to and exercisable by employees of subsidiaries, € 292 thousand, has been added to the value of the investments, with an increase in the share premium reserve as the matching entry. All the equity investments held by Interpump Group S.p.A., with the excep�on of the investment in Sit S.p.A., are considered financial fixed assets from the date of acquisi�on and, therefore, not held-for-sale instruments (as defined in IFRS 9). The dividends credited to the income statement during the year totaled € 108,297 thousand (€ 77,532 thousand in 2023), as analyzed below (amounts shown in €/000):

Subsidiaries	2024	2023
Hammelmann GmbH	30,000	22,500
Walvoil S.p.A.	22,750	16,250
Reggiana Riduttori S.r.l.	20,000	20,000
Inoxpa S.A.	10,000	10,000
Transtecno S.r.l.	8,000	-
GP Companies Inc.	6,545	4,169
Interpump Piping GS S.r.l.	4,000	-
NLB Corporation Inc.	3,730	3,653
I.mec S.r.l.	1,540	-
Servizi Industriali S.r.l.	1,200	960
Inoxihp S.r.l.	527	-
Walvoil Fluid Power Pvt Ltd.	5	-
Total	108,297	77,532

The following breakdown shows the cost of investments in subsidiaries at 31 December 2024, compared with the related por�on of the adjusted shareholders' equity (as described beter below) pertaining to Interpump Group S.p.A.:

€/000	Share capital	Shareholders' equity	Profit (loss)	% held	Carrying amount	Adjusted shareholders' equity	% Adjusted shareholders' equity	Difference adjusted shareholders' equity
Walvoil S.p.A.	7,692	231,948	34,910	65%	118,172	284,897	185,183	67,011
Walvoil Fluid Power India Pvt. Ltd.	4,803	40,432	6,052	-	14	40,432	48	34
NLB Corporation Inc.	12	129,931	7,738	100%	62,048	167,146	167,146	105,098
GP Companies Inc.	1,854	26,678	5,992	100%	8,903	32,731	32,731	23,828
Interpump Hydraulics S.p.A.	2,632	379,382	34,390	100%	104,258	398,373	398,373	294,115
Hammelmann GmbH	25	166,915	49,952	100%	26,032	227,644	227,644	201,612
Inoxpa S.A.	23,000	68,000	12,266	100%	93,127	113,824	113,824	20,697
Reggiana Riduttori S.r.l.	6,000	105,169	19,420	100%	165,226	190,050	190,050	24,824
Transtecno S.r.l.	100	43,248	11,655	100%	89,583	101,305	101,305	11,722
Inoxihp S.r.l.	119	19,516	4,229	53%	8,704	42,084	22,187	13,483
Interpump Piping GS S.r.l.	10	5,940	3,179	100%	310	5,940	5,940	5,630
SIT S.p.A.	105	1,915	(113)	88%	934	1,915	1,685	751
Tubiflex S.p.A.	515	23,179	1,691	100%	34,485	43,272	43,272	8,787
Pioli S.r.l.	10	3,775	161	100%	3,008	5,511	5,511	2,503
Servizi Industriali S.r.l.	100	2,881	1,259	80%	4,059	6,149	4,919	860
White Drive Motors and Steering Sp. z o.o.	33,254	108,492	4,289	100%	184,698	271,360	271,360	86,662
White Drive Motors and Steering GmbH	25	28,996	(1,451)	100%	28,935	28,935	28,935	-
White Drive Motors and Steering LLC	77,466	51,227	(11,753)	100%	65,428	54,871	54,871	(10,557)
IPG Mouldtech India Pvt Ltd.	298	5,368	885	85%	7,861	11,568	9,833	1,972
Waikato Holding Limited	29,480	28,169	(148)	100%	30,291	30,895	30,895	604
Hydra Dyne Technology Inc	80	18,458	438	15%	4,507	30,514	4,574	67
I.mec S.r.l.	100	10,174	2,399	70%	14,062	25,847	18,093	4,031
Alfa Valvole S.r.l.	1,560	17,065	2,693	100%	45,167	50,796	50,796	5,629

Para. 4 of IAS 36 establishes that financial assets classified as subsidiaries in accordance with IAS 27 must be stated at a value that does not exceed their recoverable amount. An asset is stated at more than its recoverable amount if its carrying amount exceeds the amount obtainable from its use or sale; in that case, IAS 36 requires recogni�on of the impairment iden�fied.

In order to iden�fy circumstances that might indicate the impairment of equity investments, management carries out the following procedures every year, or more frequently if necessary:

comparison of the value of equity investments with the corresponding shareholders' equity, suitably adjusted at the repor�ng date by the addi�onal value iden�fied at the �me of acquisi�on and included in the Purchase Price Alloca�on (PPA), as reported in the consolidated financial statements of the Interpump Group;
in the case of nega�ve differen�als, analysis of expected future performance, as reflected in the budgets used for impairment tes�ng purposes when preparing the consolidated financial statements;
where poten�al impairment concerns remain, subjects each investment concerned to impairment tes�ng via the Discounted Cash Flow (DCF) method applied net of taxa�on using the "equity-side" approach, in which its recoverable amount - equal to the Enterprise Value (as determined at a consolidated level via the DCF method using the "asset-side" approach) less the net financial posi�on (usually referred to as the Equity Value) - must be compared with its carrying amount.

No las�ng impairment was iden�fied by the above work in any of the cases examined.

Comparison at the repor�ng date of the carrying amount of each equity investment with its corresponding adjusted equity value, determined as described above, only iden�fied one nega�ve difference in rela�on to the investment in White Drive Motors and Steering LLC.

For that investment, the expecta�ons for future performance reflected in the 2025-2029 business plan (used for the impairment tests carried out for consolida�on purposes) were analyzed, and a specific impairment test was carried out using the same methodologies and parameters as those adopted at Group level. In par�cular, the Discounted Cash Flow (DCF) method was applied net of taxa�on using the "equity-side" approach, where the recoverable amount is deemed equal to the Enterprise Value (as determined at a consolidated level via the DCF method using the "asset-side" approach) less the net financial posi�on (usually referred to as the Equity Value). The value calculated in this way exceeds the carrying amount of the investment reported in the financial statements.

11. Other financial assets

Other financial assets mostly comprise loans granted to subsidiaries.

The following table shows exis�ng financial rela�ons (amounts expressed in €/000):

€/000	Loans granted		Interest income
Subsidiaries	31/12/2024	31/12/2023	2024	2023
IMM Hydraulics S.p.A.	15,000	22,000	927	1,136
Tubiflex S.p.A.	7,500	10,000	402	233
Interpump Hydraulics S.p.A.	8,000	11,000	339	1,107
Muncie Power Inc.	-	8,145	326	484
White Drive Motors and Steering GmbH	4,000	4,000	230	203
Hydra Dyne Technology Inc.	4,154	8,308	130	186
GS-Hydro Korea Ltd	2,100	2,100	63	63

362 Separate Financial Statements at 31-12-2024 – Interpump Group S.p.A.

€/000	Loans granted		Interest income
Subsidiaries	31/12/2024	31/12/2023	2024	2023
Interpump Piping GS S.r.l.	-	1,000	18	113
GS-Hydro UK Ltd	160	390	15	18
Tekno Tubi S.r.l.	-	310	7	54
Inoxihp S.r.l.	-	633	5	19
White Drive Motors and Steering LLC	-	-	-	621
Waikato Holding Limited	-	-	-	333
Transtecno S.r.l.	-	-	-	31
Unidrò Contarini Sarl	-	-	-	1
Total	40,914	67,886	2,462	4,602

In rela�on to the loans granted, € 23,737 thousand are current, while the remaining € 17,177 thousand are considered non-current.

12. Deferred tax assets and liabili�es

The changes during the year in deferred tax assets and liabili�es are analyzed below:

	Deferred tax assets		Deferred tax liabilities
€/000	2024	2023	2024	2023
At 1 January	9,378	7,286	680	706
Recognized in the income statement	(2,194)	2,100	(6)	(26)
Recognized in equity reserves	(13)	14	-	-
Other changes	-	(22)	-	-
At 31 December	7,171	9,378	674	680

Deferred tax assets and liabili�es may be classified in the following cap�ons of the statement of financial posi�on:

	Deferred tax assets		Deferred tax liabilities
€/000	31/12/2024	31/12/2023	31/12/2024	31/12/2023
Property, plant and equipment	52	80	611	613
Intangible fixed assets	3,518	3,518	-	-
Other financial assets	-	148	-	-
Inventories	890	837	-	-
Receivables	58	77	-	-
Dividends receivable	-	-	15	15
Equity investments	441	318	10	10
Liabilities for employee benefits	(529)	(568)	38	39
Provision for risks	1,968	1,968	-	-
Tax losses carried forward	-	2,002	-	-
Shareholders' equity:
- liabilities for employee benefits	655	668	-	-

	Deferred tax assets		Deferred tax liabilities
€/000	31/12/2024	31/12/2023	31/12/2024	31/12/2023
Other	118	330	-	3
Total	7,171	9,378	674	680

Deferred taxes recognized directly in equity are related to remeasurement of liabili�es for employee benefits (TFR) connected to the actuarial component.

No deferred tax liabili�es were recorded on provisions qualifying for tax relief due to the fact that distribu�on is not an�cipated (see Note 19).

13. Interest-bearing financial debts and bank debts

The principal interest-bearing financial debts are all subject to compliance with the following covenants, calculated on the consolidated values:

Net indebtedness / Shareholders' equity;
Net indebtedness / EBITDA;
EBITDA / Financial expenses.

At 31 December 2024 all financial covenants are amply respected.

Interest-bearing financial debts at 31 December 2024 include the bond issued in January 2024 that amounts to € 99,424 thousand. A more complete discussion of this opera�on is available in the "Report on opera�ons" accompanying the Consolidated Annual Financial Report at 31 December 2024.

Interest-bearing financial debts at 31 December 2024 also include lease payables under IFRS 16 of € 1,872 thousand (€ 2,444 thousand in 2023), as analyzed below:

	31 December 2024
€/000	Within 1 year	Between 1 and 5 years	Beyond 5 years	Total	Within 1 year	Between 1 and 5 years	Beyond 5 years	Total
Payment of lease installments	954	1,070	-	2,024	885	1,720	-	2,605
Interest	(95)	(57)	-	(152)	(85)	(76)	-	(161)
Present value of lease payables	859	1,013	-	1,872	800	1,644	-	2,444

Non-current, interest-bearing financial debts fall due as follows:

€/000	31/12/2024	31/12/2023
Between 1 and 2 years	170,184	178,969
Between 2 and 5 years	175,458	220,878
Beyond 5 years	84,424	-
Total	430,066	399,847

The following average interest rates were charged on the interest-bearing financial debts:

364 Separate Financial Statements at 31-12-2024 – Interpump Group S.p.A.

%	31/12/2024	31/12/2023
Bank debts	4.62	3.89
Bonds	4.17	-
Finance leases	4.47	4.04

At 31 December 2024, all bank debts bear interest at floa�ng rates, while the bond bears interest at a fixed rate.

No outstanding loans are backed by guarantees at 31 December 2024 or were backed by guarantees during the year.

The Company has the following lines of credit which were unused at year-end:

€/000	31/12/2024	31/12/2023
Current account overdrafts and export advances	17,100	17,100
Bonds	183,617	-
Total	200,717	17,100

Further informa�on about liquidity and interest-rate risks is provided in Note 21 "Informa�on on financial risks".

Net indebtedness, including payables and commitments, determined in accordance with ESMA guidance 32-382-1138 and included in Consob no�ce no. 5/21, comprises:

€/000	31/12/2024	31/12/2023	01/01/2023
Cash and cash equivalents	109,558	88,280	188,778
Current financial debts (excluding the current portion of non-current financial debts)	(5,447)	(6,042)	(3,367)
Current portion of non-current financial debts	(208,589)	(232,543)	(256,194)
Current net indebtedness	(104,478)	(150,305)	(70,783)
Non-current financial debts	(430,066)	(399,847)	(487,325)
Net financial position	(534,544)	(550,152)	(558,108)
Commitments for the acquisition of investments	-	-	-
Total net indebtedness	(534,544)	(550,152)	(558,108)

14. Trade payables and Other current liabili�es

Trade payables total € 17,594 thousand (€ 14,789 thousand in 2023) and principally comprise amounts payable to suppliers for goods and services.

Other current liabili�es are analyzed below:

€/000	31/12/2024	31/12/2023
Payables to personnel	3,611	3,833
Payables to social security institutions	1,746	1,536
Customer advances	1,401	1,313
Customer credit balance	145	172
Customers for credit notes to issue	47	42
Payables for remuneration of directors/auditors	331	1,130
Other	238	112

€/000	31/12/2024	31/12/2023
Total	7,519	8,138

15. Provisions for risks and charges

€/000	Directors' termination indemnity provision	Agents' termination indemnity provision	Total
Balance at 31 December 2023	8,193	38	8,231
Increase in the year	-	2	2
Surplus released to the income statement	-	-	-
Utilizations in the year	-	-	-
Balance at 31 December 2024	8,193	40	8,233

The principal item relates to the termina�on indemnity provision recorded in favor of the Execu�ve Chairman, founder of the Group, by decision of the Board of Directors on 16 March 2020.

16. Liabili�es for employee benefits

Liabilities for defined benefit plans

The changes in these liabilities are analyzed below:

€/000	2024	2023
Liability at 1 January 2023	3,775	4,138
Amount charged to the income statement in the year	130	117
Recognition in equity of actuarial results	(53)	60
Reclassifications	(56)	(23)
Payments	(423)	(517)
Liability at 31 December 2024	3,373	3,775

The following items were recognized in the income statement:

€/000	2024	2023
Current service cost	-	-
Financial Income / Expenses	130	117
Past service cost	-	-
Total recognized in the income statement	130	117

See the chapter of "Profitability" in the "Report on opera�ons" for an analysis of payroll costs.

The average number of employees broken down by category is as follows:

	2024	2023
Executives	17	16
Managers	14	14
White collar	120	119

	2024	2023
Blue collar	294	304
Fixed-contract personnel	4	2
Total	449	455

The Company has 444 employees at 31 December 2024.

Liabili�es for defined benefit plans (Severance indemnity - TFR) are determined using the following actuarial assump�ons:

	Unit of measurement	2024	2023
Discount rate	%	3.24	3.33
Percentage of employees expected to resign before retirement age (turnover)*	%	7.18	6.69
Annual cost-of-living increase	%	2.0	2.1
Average period of employment	Years	17.61	17.65

* = average annual turnover rate for all causes, in the first ten years following the valuation.

The following table summarizes the sensi�vity analysis carried out on the discount rate, showing the effects (absolute amount) of reasonable changes in the rate at 31 December 2024.

Sensitivity analysis	Sensitivity	TFR €/000
Change in discount rate	+ 0.5%	3,267
Change in discount rate	- 0.5%	3,484

At 31 December 2024, analysis of the yield curve for "AA" securi�es, described above and used for actuarial valua�on purposes, indicates a reduc�on in expected yields over the short term (up to the seventh year) compared with that at 31 December 2023.

This reduc�on is consistent with market sen�ment: the bond markets have been buoyed by significantly lower short-term rates, while long dates are essen�ally stable despite some vola�lity. This reflects the con�nuity of economic growth and enables investors to benefit from good returns. The global economy con�nued to grow during 2024, with moderate expansion in the Eurozone and more sustained growth in the United States. Nevertheless, the situa�on remains influenced by geopoli�cal concerns, such as the Israel-Pales�ne conflict and the economic policies adopted by President Trump, which have fueled uncertain�es in the US economy and, by extension, in the global economy as well. Infla�on has remained moderate and, overall, in line with the targets set by central banks, which steadily eased their restric�ve monetary policies throughout the year.

17. Other non-current liabili�es

The deferred income classified among the non-current liabili�es, € 2,452 thousand at 31 December 2024 (€ 2,300 thousand at 31 December 2023), relates to tax credits for the purchase of non-Industry 4.0 tangible fixed assets (2020 Budget Law - art. 1 of Law 160/2019, as amended by the 2021 Budget Law - art. 1 of Law 178/2020, and extended by art. 1, subsec�on 44, of Budget Law 2022 - Law 234/2021), which are deferred as future income and released to the income statement on an accruals basis, to match the deprecia�on charged on the assisted assets.

18. Share capital

The changes in treasury shares over the past two years were as follows:

	Number
Balance at 1 January 2023	1,987,863
Sale of shares on the exercise of stock options	(79,000)
Balance at 31 December 2023	1,908,863
2024 purchases	250,000
Sale of shares on the exercise of stock options	(20,500)
Balance at 31 December 2024	2,138,363

Taking treasury shares into considera�on, the following changes were recorded in the number of shares in circula�on:

	Number of shares
	2024	2023
Ordinary shares in existence at 1 January	108,879,294	108,879,294
Treasury shares held	(1,908,863)	(1,987,863)
Shares in circulation at 1 January	106,970,431	106,891,431
Treasury shares purchased	(250,000)	-
Treasury shares sold	20,500	79,000
Total shares in circulation at 31 December	106,740,931	106,970,431

The aims iden�fied by the Group in the management of capital are the crea�on of value for all shareholders and suppor�ng development of the group, both through internal means and by means of targeted acquisi�ons. The Group therefore intends to maintain an adequate level of capitaliza�on that, at the same �me, makes it possible to generate a sa�sfactory economic return for shareholders and to guarantee economically effec�ve access to external sources of borrowing. The Group constantly monitors the evolu�on of the debt to equity ra�o and the genera�on of cash through its industrial opera�ons. In order to atain the aforemen�oned goals, the Group constantly monitors the cash flows generated by the business sectors in which it operates, both through improvement or maintenance of profitability, and careful management of working capital and of other expenditure. Capital is construed as both the value contributed by Interpump Group shareholders (share capital and share premium reserve, totaling € 97,894 thousand at 31 December 2024 and € 102,508 thousand at 31 December 2023), and the value generated by Group opera�ons (other reserves and legal reserve, including profit for the year, totaling € 623,200 thousand at 31 December 2024 and € 555,969 thousand at 31 December 2023, excluding the transla�on reserve and the remeasurement reserve for defined benefit plans).

• Treasury shares purchased

The amount of the treasury shares held by Interpump Group S.p.A. is recorded in an equity reserve. The Company purchased 250,000 treasury shares in 2024 (none in 2023) for € 10,337 thousand at an average price of € 41.3496 each.

• Treasury shares sold

In the framework of the execu�on of stock op�on plans, a total of 20,500 op�ons have been exercised resul�ng in the collec�on of € 581 thousand (79,000 op�ons were exercised for € 2,246 thousand in 2023). No treasury shares were divested during 2024 or 2023 in payment for equity investments.

• Stock options

The fair value of the 2022/2024 stock op�on plan was recorded in the 2024 and 2023 financial statements in compliance with IFRS 2. Costs of € 4,970 thousand (€ 4,978 thousand in 2023) rela�ng to this stock op�on plan were therefore recognized in the 2024 income statement, with a matching entry to the share premium reserve. Said costs represent the por�on for the year of the value of the op�ons granted to employees and directors, established at the alloca�on date, corresponding to the value of the services rendered by the later in addi�on to normal remunera�on.

The income statement effects were booked as follows:

€/000	2024	2023
Distribution expenses	25	25
General and administrative expenses	4,945	4,953
Total	4,970	4,978

Changes in the share premium reserve were as follows:

€/000	2024	2023
Share premium reserve at 1 January	46,883	39,348
Increase in the year due to recognizing in the income statement the fair value of stock options assigned	4,970	4,978
Increase in the year due to recognizing in equity the fair value of stock options assigned to the employees of subsidiaries	292	311
Increases on assignment of treasury shares as payment for subsidiaries acquired	-	-
Increases on assignment of treasury shares following the exercise of stock options	581	2,246
Utilization to cover purchase of treasury shares	(10,337)	-
Share premium reserve at 31 December	42,389	46,883

The op�ons granted to the execu�ves concerned were ini�ally classified among the "other beneficiaries".

	Number of options
	2024	2023
Options granted at 1 January	101,276	180,276
Options granted in the year	-	-
Options exercised in the year	(20,500)	(79,000)
Options canceled in the year	-	-
Total options granted at 31 December	80,776	101,276

The changes in op�ons in 2024 and 2023 were as follows:

The Shareholders' Mee�ng held on 29 April 2022 approved a new stock op�on plan, known as the "Interpump Incentive Plan 2022-2024", which envisages gran�ng a maximum of 2,250,000 op�ons at an exercise price of Euro 38.6496 each and, for op�ons granted a�er 29 April 2023, at the official price quoted on the Italian Stock Exchange on the day prior to the grant date. The mee�ng of the Board of Directors held on the same date granted 1,620,000 op�ons to Fulvio Mon�pò, the Execu�ve Chairman. On, respec�vely, 23 May 2022, 20 October 2022 and 28 April 2023, a further 288,000 (of which 45,000 to Chief Execu�ve Officer Fabio Marasi), 6,000 and 35,000 (including 15,000 to Chief Execu�ve Officer Fabio Marasi) op�ons were granted to other beneficiaries (including those granted to Key Management Personnel, as iden�fied at the above-men�oned Board mee�ng held on 18 March 2024). Overall, a total of 1,949,000 op�ons have therefore been granted. The op�ons can be exercised between 30 June 2025 and 31 December 2028. A total of 21,200 op�ons were canceled in 2024 (2,000 op�ons canceled in 2023).

The changes in op�ons in 2024 and 2023 were as follows:

	Number of options
	2024	2023
Number of rights granted at 1 January	1,940,000	1,907,000
Number of rights granted	-	35,000
Number of shares purchased	-	-
Number of rights canceled	(21,200)	(2,000)
Total number of rights not yet exercised at 31 December	1,918,800	1,940,000

The fair value of the stock op�ons and the actuarial assump�ons u�lized in the binomial la�ce model are as follows:

2019-2021 Plan

First grant	Unit of measurement
Shares granted	no.	2,218,500
Grant date		28 June 2019
Exercise price		28.4952
Vesting date		1 July 2022
Fair value per option at the grant date	€	4.562
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	30
Expected average duration of the plan life	years	4.76
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Euro swap rates at 28 July 2019)	%	-0.0182

Second grant	Unit of measurement
Shares granted	no.	20,000
Grant date		3 June 2020
Exercise price		27.9868
Vesting date		1 July 2022
Fair value per option at the grant date	€	5.226
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	30
Expected average duration of the plan life	years	3.83
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Euro swap rates at 3 July 2020)	%	0.1557

2022-2024 Plan

First grant	Unit of measurement
Shares granted	no.	1,620,000
Grant date		29 April 2022
Exercise price		38.6496
Vesting date		30 June 2025
Fair value per option at the grant date	€	8.4601
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	31
Expected average duration of the plan life	years	4.93
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Eur Composite AA rates at 29 July 2022)	%	1.5540

Second grant	Unit of measurement
Shares granted	no.	288,000
Grant date		23 May 2022
Exercise price		38.6496
Vesting date		30 June 2025
Fair value per option at the grant date	€	8.8040
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	31
Expected average duration of the plan life	years	4.86
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Eur Composite AA rates at 23 May 2022)	%	1.6911

Third grant	Unit of measurement
Shares granted	no.	6,000
Grant date		20 October 2022
Exercise price		38.6496
Vesting date		30 June 2025
Fair value per option at the grant date	€	8.7606
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	34
Expected average duration of the plan life	years	4.45
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Eur Composite AA rates at 20 October 2022)	%	3.5668

372 Separate Financial Statements at 31-12-2024 – Interpump Group S.p.A.

Fourth grant	Unit of measurement
Shares granted	no.	35,000
Grant date		28 April 2023
Exercise price		38.6496
Vesting date		30 June 2025
Fair value per option at the grant date	€	16.011
Expected volatility (weighted average of volatility values used to build the binomial lattice model)	%	34
Expected average duration of the plan life	years	3.93
Expected dividends (compared with share value)	%	1.00
Risk-free interest rate (calculated by linear interpolation of Eur Composite AA rates at 28 July 2023)	%	3.5748

19. Reserves

• Reserve from remeasurement of defined benefit plans

Includes the actuarial component of defined benefit plans (TFR).

• Classification of net equity depending on possibility of utilization

					Summary of utilizations over the past three years
€/000	Amount	Possibility of utilization	Available portion	Tax payable in the event of distribution	to cover losses	for other reasons
Share capital
Subscribed and fully paid-up share capital	56,617	B	-	-	-	-
Nominal value of treasury stock in the portfolio	(1,112)	-	-	-	-	-
Total share capital	55,505

Capital reserves
Legal reserve	6,860	B	-	-	-	-
Share premium reserve	-	A, B, C	-	-	-	33,575
Total capital reserves	6,860		-

Profit reserves
Legal reserve	4,463	B	-	-	-	-
Share premium reserve	42,389	A, B, C	38,725	1,232	-	2,387
Extraordinary reserve	508,642	A, B, C	506,486	7,164	-	-
Reserve for share capital reduction	1,112	-	-	-	-	-
First Time Adoption Reserve	(82)	-	-	-	-	-
Merger surplus	863	A, B, C	698	-	-	-
Remeasurement reserve for defined benefit plans	(2,074)	-	-	-	-	-
Profit for the year	101,342	A, B, C	101,342	-	-	-
Total profit reserves	656,655		647,251

Reserve for treasury shares held	83,576	-	-	-	-	105,130
Treasury shares	(83,576)	-	-	-	-	-

Non-distributable portion*			(3,452)
Remaining distributable portion			643,799
A: for capital increase		B: for coverage of losses		C: for	distribution to
shareholders

*= represents the non-distributable portion destined to cover deferred costs that have not yet been amortized.

The share premium reserve includes € 12,987 thousand subject to the deferral of taxa�on since, for tax purposes, it was formed from the revalua�on reserves pursuant to Law 342/2000 and Law 266/2005.

The extraordinary reserve includes € 33,089 thousand subject to the deferral of taxa�on following the recogni�on for tax purposes of the net carrying amount of the goodwill recorded in the financial statements at 31 December 2019 pursuant to art. 110, subsec�on 8-(2), of Decree 104/2020, as amended by art. 1, subsec�on 83, of Law 178 dated 30 December 2020.

On the basis of tax legisla�on the reserves and profits are freely distributable and do not atract tax even in the case of distribu�on, on the condi�on that the reserves and residual profits exceed the nega�ve components of income ascribed exclusively to the tax return; otherwise, distributed reserves and profits are subject to tax in the measure in which the residual reserves and profits are lower than the nega�ve components of income that have been ascribed exclusively to the tax return. This condi�on is sa�sfied at 31 December 2024, hence no taxes would be payable in the event of distribu�on of the Company's en�re profit for the year and all available reserves, beyond those already indicated in the prior statement.

	2024				2023
€/000	Pre-tax amount	Taxation	Amount net of taxes	Pre-tax amount	Taxation	Amount net of taxes
Remeasurement of defined benefit plans	53	(12)	41	(60)	14	(46)
Total	53	(12)	41	(60)	14	(46)

• Breakdown of components recorded directly in equity

20. Informa�on on financial assets and liabili�es

Financial assets and liabili�es, broken down by the categories iden�fied by IFRS 7, are summarized in the following tables:

	Financial assets at 31/12/2024			Financial liabilities at 31/12/2024
€/000		At fair value through profit and loss	Measured at amortized cost	At fair value through other comprehensive income	Measured at amortized cost	Total
	Initially	Subsequently
Trade receivables	-	-	16,005	-	-	16,005
Dividends receivable			1,280			1,280
Other current assets	-	-	2,101	-	-	2,101
Other current financial assets	-	-	23,737	-	-	23,737
Other non-current financial assets	-	-	17,177	-	-	17,177
Trade payables	-	-	-	-	(17,594)	(17,594)
Current, interest bearing financial debts	-	-	-	-	(214,036)	(214,036)
Other current liabilities	-	-	-	-	(7,519)	(7,519)
Non-current, interest bearing financial debts	-	-	-	-	(430,066)	(430,066)
Total	-	-	60,300	-	(669,215)	(608,915)

	Financial assets at 31/12/2023				Financial liabilities at 31/12/2023
€/000		At fair value through profit and loss	Measured at amortized cost	At fair value through other comprehensive income	Measured at amortized cost	Total
	Initially	Subsequently
Trade receivables	-	-	16,927	-	-	16,927
Dividends receivable			1,280			1,280
Other current assets	-	-	3,510	-	-	3,510
Other current financial assets	-	-	29,101	-	-	29,101
Other non-current financial assets	-	-	38,785	-	-	38,785
Trade payables	-	-	-	-	(14,789)	(14,789)
Current, interest bearing financial debts	-	-	-	-	(238,585)	(238,585)
Other current liabilities	-	-	-	-	(8,138)	(8,138)
Non-current, interest bearing financial debts	-	-	-	-	(399,847)	(399,847)
Total	-	-	89,603	-	(661,359)	(571,756)

The financial assets measured at amor�zed cost generated revenues and costs. Revenues comprise exchange gains of € 827 thousand (€ 175 thousand in 2023). Costs, on the other hand, refer to exchange

losses of € 209 thousand (€ 1,263 thousand in 2023) and to bad debts for € 79 thousand (€ 82 thousand in 2023) classified under other opera�ng costs.

Financial assets and liabili�es measured at amor�zed cost generated interest income of € 2,462 thousand (€ 4,602 thousand in 2023), interest expense of € 30,391 thousand (€ 28,065 thousand in 2023) and interest expense on lease payables of € 95 thousand (€ 113 thousand in 2023); in addi�on, general and administra�ve expenses include commission amounts and bank charges of € 70 thousand (€ 79 thousand in 2023).

21. Informa�on on financial risks

The Company is exposed to financial risks associated with its ac�vi�es:

market risks (mainly related to currency exchange rates and interest rates) since the Company does business interna�onally and is exposed to the exchange risk deriving from exposure to the US dollar;
credit risk connected with business rela�ons with customers;
liquidity risk, with special reference to the availability of financial resources and access to the lending market and financial instruments in general;
price risk in rela�on to metal price fluctua�ons that cons�tute a significant por�on of the raw materials purchase price.

The Company is not exposed to significant concentra�ons of risk.

The Company constantly monitors the financial risks to which it is exposed in such a way as to make an advance assessment of poten�al nega�ve effects and take appropriate ac�ons to mi�gate them.

With specific reference to the direct and indirect risks deriving from the macroeconomic environment and the Russia-Ukraine conflict, the exposure of the Company remains limited - as already stated in the Board of Directors' Report and confirmed by the economic results achieved in recent years.

The following sec�on contains reference qualita�ve and quan�ta�ve indica�ons regarding the uncertainty of these risks for Interpump Group S.p.A.

21.1 Exchange risk

The Company is exposed to risks arising from fluctua�ons in currency exchange rates, which may affect economic results. Specifically, it clarifies that:

• for revenues denominated in currencies other than the currencies in which the respec�ve costs are denominated, exchange rate fluctua�ons can impact on the Company's opera�ng profit.

In 2024 the total amount of cash flow exposed directly to exchange risks was approximately 28% of Company revenues (about 24% in 2023), none of which is hedged against the risk of exchange-rate fluctua�ons.

The principal exchange rates to which the Company is exposed are EUR/USD in rela�on to sales in dollars of high pressure pumps in North America through GP Companies Inc., which is located in this market, and in direct rela�on to an important US customer. The Company also bills in USD to its other US subsidiary, NLB Corpora�on Inc.

The Interpump Group has adopted a policy of hedging commercial transac�ons denominated in foreign currency in the framework of which the most effec�ve deriva�ve instruments for the achievement of the preset goals have been iden�fied and the rela�ve responsibili�es, du�es and system of delega�ons have been defined.

In rela�on to the dollar exposure on recurring sales in the American market, Company policy is not to hedge those foreign currency transac�ons, while in rela�on to non-recurring sales in the US market (in terms of their amount or frequency), it is Company policy to arrange hedges only when deemed appropriate.

Again in rela�on to commercial ac�vi�es, the Company may be in a posi�on wherein it holds commercial receivables denominated in currencies other than the account currency. Fluctua�ons in exchange rates can therefore result in the realiza�on or assessment of posi�ve or nega�ve exchange differences.
In rela�on to the financial exposures, wherever the monetary ou�lows are denominated in a currency other than the account currency, fluctua�on of the exchange rates can impact the net profits of the Company nega�vely. No intercompany loans were granted in currencies other than the Euro during 2024, while collec�ons totaled € 8.5 million. At 31 December 2024, there are no loans granted in currencies other than the func�onal currency of the Company.

The nature and structure of the exposure to exchange risk and the related hedging policies were substan�ally unchanged in 2024 and 2023.

21.2 Exchange risk sensi�vity analysis

The poten�al profit deriving from the change in the fair value of financial assets and liabili�es caused by a hypothe�cal and immediate increase in the value of the euro of 10% with respect to the US dollar would be about € 388 thousand (€ 1,141 thousand in 2023).

21.3 Interest-rate risk

It is currently Company policy not to arrange hedges, in view of the short average dura�on of the exis�ng bank debts (around 3.5 years). At 31 December 2024, financial debts totaling € 99.4 million bear interest at fixed rates, while the remainder bear interest at floa�ng rates.

At 31 December 2024, liquid funds totaling € 30 million are unrestricted and earn interest at fixed rates, while the remainder earn interest at floa�ng rates.

In addi�on, in 2024 and in prior years the Company granted loans to subsidiaries totaling € 40.9 million (€ 67.9 million at 31 December 2023). As described in Note 11, these loans were all granted at floa�ng rates, with the excep�on of those made to GS-Hydro Korea Ltd, Tubiflex S.p.A., and Hydra Dyne Technology Inc.

378 Separate Financial Statements at 31-12-2024 – Interpump Group S.p.A.

21.4 Sensi�vity analysis related to interest-rate risk

The effects of a hypothe�cal and immediate upward varia�on in interest rates of 50 basis points would subject Interpump Group S.p.A. to higher financial expenses, net of the increase in financial income, totaling € 2,168 thousand (€ 2,157 thousand in 2023). It is reasonable to assume that a 50 basis points decrease in interest rates would produce an equivalent effect, although this �me in terms of lower financial expenses.

21.5 Credit risk

The maximum theore�cal credit risk exposure of the Company at 31 December 2024 and 2023 is represented by the accoun�ng value of the financial assets recorded in the financial statements.

Historically the Company has not suffered any significant losses on receivables. This is because the Company generally allows extended payments only to its long-term customers, whose solvency and economic stability are known. In contrast, a�er having passed an ini�al credit ra�ng analysis, new customers are required to make payments in advance or to open a leter of credit for amounts due.

At 31 December 2024, Loans and Receivables from financial ac�vi�es total € 60,300 thousand (€ 89,603 thousand at 31 December 2023), and include € 852 thousand for writen down receivables (€ 797 thousand at 31 December 2023); amounts overdue by less than three months are € 2,209 thousand (€ 2,538 thousand at 31 December 2023), while those overdue beyond three months total € 151 thousand (€ 286 thousand at 31 December 2023).

The Company is not exposed to any significant concentra�ons of revenues. In fact, the top customer in terms of revenues is part of the Interpump Group and accounted for about 22% of total revenues in 2024 (21% in 2023). The top customer outside the Group accounted for approximately 3% of revenues in 2024 (3% in 2023 as well) while, in total, the top 10 customers a�er the first intercompany customer accounted for 21% of revenues (20% in 2023).

21.6 Liquidity risk

The liquidity risk can arise if it becomes impossible to obtain, at acceptable economic condi�ons, the financial resources needed for the Company's business opera�ons. The two main factors that define the Company's liquidity situa�on are the resources generated by or used in business ac�vi�es and investment, and the characteris�cs of expiry and renewal of debt or liquidity of financial investments and the rela�ve market condi�ons.

The Company has adopted a series of policies and processes aimed at op�mizing the management of resources in order to reduce the liquidity risk:

reten�on of an appropriate level of cash on hand;
diversifica�on of the banks with which the Company operates;
access to adequate lines of credit;

nego�a�on of covenants at a consolidated level;
monitoring of the prospec�ve condi�ons of liquidity in rela�on to the corporate process.

The maturity characteris�cs of interest bearing financial debts and bank debts are described in Note 13. Together with the resources generated by opera�ng and financing ac�vi�es, as well as from the collec�on of dividends from affiliates, management considers that the funds and lines of credit currently available, or at an advanced stage of nego�a�on, will enable the Company to meet the requirements deriving from inves�ng ac�vi�es, the management of working capital and the setlement of payables as they fall due, while also suppor�ng the pursuit of a growth strategy that includes targeted acquisi�ons capable of crea�ng value for the shareholders. Liquid funds at 31 December 2024 total € 109.6 million. These funds, together with the cash generated in the manner described above, are definitely factors that reduce the exposure of the Company to liquidity risk. The decision to maintain a high level of cash was adopted in order to minimize the liquidity risk, which is considered important given the current state of uncertainty of the economy, and to pick up on any acquisi�on opportuni�es that may arise.

21.7 Price risk

Interpump Group S.p.A. is exposed to risks deriving from price fluctua�ons of metals, which may affect economic results and profitability. Specifically, the purchase cost of metals accounted for about 25% of the purchase cost of the Company's raw materials, semi-finished products and finished products (24% in 2023). The main metals u�lized by the Company include brass, aluminum, stainless steel and steel.

Company policy is to transfer the cost of stocking materials to suppliers; in this scenario the risk is hedged by means of orders for specific periods and quan��es agreed at a fixed price; at 31 December 2024 signed commitments are in place covering 85% of the projected 2025 consump�on of brass (100% at 31 December 2023), 48% of the projected 2025 aluminum consump�on (36% at 31 December 2023), 41% of the projected 2025 steel consump�on (88% at 31 December 2023), 41% of the projected 2025 stainless steel consump�on (25% at 31 December 2023) and none of the projected 2025 copper consump�on (also none at 31 December 2023). In addi�on, at 31 December 2024 stocks covered about 37% of forecast steel consump�on of (71% at 31 December 2023), about 31% of brass consump�on (39% at 31 December 2023), about 30% of stainless steel consump�on (58% at 31 December 2023) and about 17% of aluminum consump�on (40% at 31 December 2023).

The prices for non-energy raw materials have remained high with respect to the pre-Covid period, despite the prolonged global economic slowdown, with fluctua�ons during the year depending on the commodity concerned. On the one hand, steel prices tended towards stability following the decline in 2023 while, on the other, aluminum and brass prices rose, except in the summer months. Copper prices rose strongly in 2024, once again reaching the peaks recorded in 2022. The prices of energy raw materials trended upwards at year end: in par�cular, methane gas closed the final quarter no�ceably higher, albeit under control, than in the same period of the prior year.

In terms of procurement, the principal issues encountered during 2022 are now in the past, but with certain warning signs for specific types of steel and aluminum. Accordingly, the Company has maintained focus on the organiza�on of processes, accompanied by constant monitoring of the supply chain, some�mes deciding to purchase larger quan��es or making stand-by arrangements, in order to guarantee the availability of the materials needed for produc�on purposes.

21.8 Climate change risk

22. Revenues

The following table analyzes net revenues by geographical area:

€/000	2024	2023
Italy	23,391	24,210
Europe (Italy excluded)	33,073	36,780
Rest of the World	59,057	56,234
Total	115,521	117,224

Details of revenues in each invoicing currency are provided below:

€/000	2024	2023
Euro	83,519	88,551
USD	31,975	28,644
GBP	27	29
Total	115,521	117,224

Revenues in USD refer primarily to invoices issued to the US subsidiaries GP Companies Inc. and NLB Corpora�on Inc.

23. Other net revenues

Other opera�ng income is analyzed as follows:

€/000	2024	2023
Capital gains on the sale of tangible assets	38	18
Income from rent/royalties	410	435
Revenues from consultancy	10	10
Sale of scrap	125	116
Reimbursement of expenses	899	886
Release of excess provisions	-	4
Refunds from insurance	4	5
Other	6,209	3,124
Total	7,695	4,598

Other opera�ng income principally includes reimbursements linked to the purchase of investments, as envisaged in the related contracts.

24. Costs by nature

€/000	2024	2023
Consumption of raw materials and components	37,108	37,191
Personnel and temporary staff	29,642	30,068
Services	16,817	16,086
Depreciation and amortization of tangible and intangible fixed assets (Notes 7 and 9)	5,972	6,029
Directors' and statutory auditors' remuneration	7,247	7,840
Hire purchase and leasing charges	301	253
Provisions and impairment of tangible and intangible fixed assets (Notes 7, 9 and 15)	89	185
Other operating costs	6,879	5,493
Total cost of sales, distribution costs, general and administrative expenses, other operating costs and impairment losses on tangible and intangible fixed assets	104,055	103,145

The emoluments of the Directors and Statutory Auditors of Interpump Group S.p.A. in 2024 were, respec�vely, € 7,142 thousand and € 105 thousand and they include remunera�on resolved by the Shareholders' Mee�ng, the remunera�on established by the Board of Directors for directors vested with special offices, including bonuses and the remunera�ve component deriving from stock op�on plans represented by the fair value of the op�ons calculated at the �me of their alloca�on, for the current por�on.

Other opera�ng costs mainly include other industrial costs, such as consumables, small tools and ancillary items, and other general and administra�ve expenses.

25. Financial income and expenses

€/000	2024	2023
Financial income
Interest income from liquid funds	2,902	2,143
Interest income from financial assets (intercompany loans)	2,462	4,602
Other financial income	1	1
Exchange gains	867	238
Total	6,232	6,984

€/000	2024	2023
Financial expenses
Interest expense on bank loans	26,752	28,254
Interest expense on bond	3,912	-
Interest expense on lease payables (IFRS 16)	95	113
Other financial expenses	165	145
Foreign exchange losses	209	1,263
Total	31,133	29,775

The increases in interest income and expense were mainly atributable to the rise in official interest rates during the year.

26. Income taxes

The reconcilia�on of taxes calculated on the basis of the nominal rates in force and the effec�ve tax burden is a follows:

€/000	2024	2023
IRES
Profit before taxes from the income statement	100,939	68,474
Theoretical taxes at nominal rate (24%)	24,225	16,434
Lower taxes for non-taxable dividends	(24,563)	(17,575)
Higher taxes due to non-deductible adjustments to the value of investments	376	1,187
Lower taxes due to IRAP deduction relating to expenses for employees and similar	(28)	(76)
Lower taxes due to IRAP deduction on interest expenses	(3)	(12)
Lower taxes due to super and hyper depreciation	(597)	(614)
Lower taxes resulting from Economic Growth Assistance (ACE)	-	(891)
Higher (Lower) taxes due to tax benefit of franking goodwill	(164)	(164)
Taxes for prior financial years	-	(5,458)
Other	224	(35)
Total IRES	(530)	(7,204)

383 Separate Financial Statements at 31-12-2024 – Interpump Group S.p.A.

€/000	2024	2023
IRAP (regional tax)
Profit before taxes from the income statement	100,939	68,474
Theoretical taxes at nominal rate (4.65%)	4,694	3,184
Lower taxes for non-taxable dividends	(5,036)	(3,605)
Higher (Lower) taxes due to tax benefit of franking goodwill	(32)	(32)
Higher taxes for non-deductible payroll costs	21	37
Higher taxes for non-deductible directors' emoluments	316	344
Higher (Lower) taxes due to non-deductible financial expenses	34	106
Taxes for prior financial years	1	(637)
Higher taxes due to non-deductible adjustments to the value of investments	73	230
Other	56	(3)
Total IRAP	127	(376)

Total income taxes recognized in the income statement	(403)	(7,580)

Taxes recognized in the income statement can be broken down as follows:

€/000	2024	2023
Current taxes	2,592	(641)
Current taxes for prior financial years	(1)	6,095
Deferred taxes	(2,188)	2,126
Total taxes	403	7,580

The deferred taxes recognized in the income statement are analyzed as follows:

€/000	2024	2023
Deferred tax assets generated in the year	1,044	3,061
Deferred tax liabilities generated in the year	(906)	(566)
Deferred tax assets reversed to the income statement	(3,238)	(961)
Deferred tax liabilities reversed to the income statement	912	592
Total deferred taxes	(2,188)	2,126

During 2024, the Company confirmed once again the domes�c tax group elec�on made together with Interpump Piping S.r.l. that, from the 2024 tax year, also includes Walvoil S.p.A. This expansion of the perimeter has had a posi�ve effect on the current tax charge for the year, given the immediate possibility to realize tax assets held by the Company that were only par�ally recognized in the deferred tax calcula�on.

By comparison, taxes in the prior year were mainly influenced by the reversal of earlier tax provisions, € 6.1 million, a�er receiving a favorable response from the Tax Authori�es to a ques�on posed by the Company during 2023.

Given the size thresholds envisaged in the regula�ons, the mul�na�onal group to which the Company belongs is subject to applica�on of the Global Minimum Tax (Pillar II) regula�on from FY2024. In this regard and with specific reference to Italian law, the Group has iden�fied the existence of at least one of the three CbCR Safe Habors for the year ended 31 December 2024 and, accordingly, the Company has not recorded any na�onal minimum tax charge. See Note 26 to the consolidated financial statements for a full discussion of the topic at Group level.

27. Earnings per share

Basic earnings per share

Earnings per share are calculated on the basis of profit for the year divided by the weighted average number of ordinary shares during the year as follows:

	2024	2023
Profit for the year attributable to shareholders (€/000)	101,342	76,054
Average number of shares in circulation	106,961,468	106,939,951
Basic earnings per share for the year (€)	0.948	0.711

Diluted earnings per share

Diluted earnings per share are calculated on the basis of diluted profit of the year atributable to the Parent company's shareholders, divided by the weighted average number of ordinary shares in circula�on adjusted by the number of poten�ally dilu�ve ordinary shares. The calcula�on is as follows:

	2024	2023
Profit for the year attributable to shareholders (€/000)	101,342	76,054
Average number of shares in circulation	106,961,468	106,939,951
Number of potential shares for stock option plans (*)	188,423	374,316
Average number of shares (diluted)	107,104,891	107,314,267
Earnings per diluted share at 31 December (Euro)	0.946	0.709

A dividend for 2024 of € 0.32 (€ 0.32 in 2023) was allocated to each outstanding share.

28. Notes to the cash flow statement

28.1 Property, plant and equipment

In 2024 the Company purchased property, plant and equipment totaling € 3,745 thousand (€ 3,517 thousand in 2023). This expenditure involved the payment of € 3,619 thousand, inclusive of the payment of past debts for the same purpose and net of payables deferred to the following year (€ 4,427 thousand in 2023).

28.2 Cash and cash equivalents

This item can be broken down as follows:

€/000	31/12/2024	31/12/2023	01/01/2023
Cash and cash equivalents as per the consolidated statement of financial position	109,558	88,280	188,778
Bank debts (for current account overdrafts, subject-to collection advances and accrued interest)	(4,588)	(5,242)	(2,519)
Cash and cash equivalents as per the consolidated cash flow statement	104,970	83,038	186,259

28.3 Net financial posi�on and cash flow statement

For the amount and details of the main components of the net financial posi�on and the changes in 2024 and 2023, see the "Cash flow" sec�on of the "Report on opera�ons" presented together with the separate financial statements at 31 December 2024 of Interpump Group S.p.A.

29. Commitments

The Company has commitments to purchase tangible fixed assets totaling € 1,719 thousand (€ 1,083 thousand at 31 December 2023), but no commitments for intangible fixed assets (none at 31 December 2023 either).

The Company has also received guarantees for the purchase of equity investments totaling € 4,400 thousand (€ 9,400 thousand at 31 December 2023) and has given secured guarantees to third par�es totaling € 274 thousand and to consolidated companies totaling € 350 thousand (respec�vely € 16,889 thousand, of which €16,859 thousand closed out by the date of approval of the financial statements for the prior year, and € 1,850 thousand at 31 December 2023).

30. Transac�ons with related par�es

With regard to transac�ons with Group companies, please see sec�ons 3 and 4 of the "Report on opera�ons" accompanying the financial statements of Interpump Group S.p.A. at 31 December 2024.

The above transac�ons were carried out on arm's-length condi�ons.

31. Events occurring a�er the close of the year

No atypical or unusual transac�ons have been carried out subsequent to 31 December 2024 that would call for changes to these separate financial statements.

See the "Report on opera�ons" accompanying the Consolidated Annual Financial Report at 31 December 2024 for informa�on about subsequent events rela�ng to the Group.

32. Proposal to the Shareholders' Mee�ng

The profit for the year was € 101,341,740. We propose:

alloca�on of the net profit for the year to the Extraordinary Reserve, since the legal reserve has already reached the limit of one-fi�h of the subscribed and paid-up share capital;
par�al distribu�on of the Extraordinary Reserve formed from profits, by declaring a dividend of € 0.33 for each share outstanding including the right envisaged in art. 2357-(3) subsec�on 2, of the Italian Civil Code.

Annex 1: Atesta�on of the separate financial statements pursuant to art. 81- (3) of Consob regula�on no. 11971 of 14 May 1999, as amended

1. The undersigned, Fulvio Mon�pò and Mauro Barani, respec�vely Execu�ve Chairman and Manager responsible for dra�ing the accoun�ng documents of Interpump Group S.p.A., taking account also of the provisions of art. 154-(2), subsec�ons 3 and 4 of Decree 58 dated 24 February 1998, atest to:
2. adequacy in rela�on to the characteris�cs of the business and
3. effec�ve applica�on of the administra�ve and accoun�ng procedures for forma�on of the financial statements during 2024.
1. We further confirm that the separate financial statements of Interpump Group S.p.A. for the year ended 31 December 2024, repor�ng total assets of € 1,403,730,647, net profit of € 101,341,740 and shareholders' equity of € 719,020,483:
2. a. correspond to the results of the company books and accoun�ng entries;
3. b. were prepared in compliance with the interna�onal accoun�ng standards approved by the European Commission further to the enforcement of Ruling (CE) no. 1606/2002 of the European Parliament and the European Council of 19 July 2002, and the provisions issued in implementa�on of art. 9 of Italian legisla�ve decree 38/2005 and the contents are suitable for providing a truthful and fair representa�on of the equity, economic and financial situa�on of the Company;
4. c. include the Board of Directors' Report, which contains a reliable analysis of performance and results and the situa�on of the issuer together with a descrip�on of the main risks and uncertain�es to which it is exposed.

Sant'Ilario d'Enza (RE), 21 March 2025

Fulvio Mon�pò Mauro Barani

Execu�ve Chairman Manager responsible for dra�ing the company's accoun�ng documents

Independent Auditors' Report on the separate financial statements of

-

interpumpgroup.it

395 Draft Separate Financial Statements at 31-12-2024 – Interpump Group S.p.A.

END

AI Terminal

Interpump Group

4294_ip_2025-05-09_14c317e3-52fd-4c14-825d-8d33387b9bab.pdf

CONTENTS

COMPOSITION OF CORPORATE BODIES

FINANCIAL HIGHLIGHTS OF THE INTERPUMP GROUP

KEY EVENTS IN 2024

Net profit totaled € 228.5 million in 2024 (€ 277.5 million in 2023), reflec�ng a decline of 17.7%.

ALTERNATE PERFORMANCE MEASURES

CONSOLIDATED INCOME STATEMENT

1. REVENUES

2. PROFITABILITY

CASH FLOW

GROUP STATEMENT OF FINANCIAL POSITION

3. CAPITAL EXPENDITURE

4. RESEARCH, DEVELOPMENT AND DESIGN WORK

5. SUSTAINABILITY AND GROUP VALUES

5.1 Code of Ethics

5.2 Global Compliance Program

5.3 Organiza�on, Management and Control Model (231 Model)

5.4 Management systems

6. EXPOSURE TO RISKS AND UNCERTAINTIES AND FINANCIAL RISK FACTORS

6.1 Market risks

6.1.1 Exchange rate risk

6.1.2 Interest-rate risk

6.2 Credit risk

6.3 Liquidity risk

6.4 Price and cash flow risk

6.5 Climate risks

7. CORPORATE GOVERNANCE

8. STOCK OPTION PLANS

The beneficiaries of the rights were:

9. RELATIONS WITH GROUP COMPANIES AND TRANSACTIONS WITH RELATED PARTIES

10. TREASURY SHARES

11. RECONCILIATION WITH THE FINANCIAL STATEMENTS OF THE PARENT COMPANY

12. GROUP COMPANIES

13. EVENTS OCCURRING AFTER THE CLOSE OF THE YEAR AND BUSINESS OUTLOOK

14. OTHER INFORMATION

Sustainability Repor�ng – CSRD

1. ESRS 2 – GENERAL DISCLOSURES

1.1 PREPARATION CRITERIA

1.1.1 Disclosure requirement BP-1: General basis for preparation of sustainability reports

1.1.2 Disclosure requirement BP-2: Disclosures in relation to specific circumstances

1.2 Governance

1.2.1 Disclosure requirement GOV-1: The role of the administrative, management, and supervisory bodies

1.2.2 Disclosure requirement GOV-2: Information provided to and sustainability matters addressed by the undertaking's administrative, management, and supervisory bodies

1.2.3 Disclosure requirement GOV-3: Integration of sustainability-related performance in incentive schemes

Fixed component

Variable component

1.2.4 Disclosure requirement GOV-4 – Statement on due diligence

1.2.5 Disclosure requirement GOV-5 – Risk management and internal controls over sustainability reporting

1.3 Strategy

1.3.1 Disclosure requirement SBM-1: Strategy, business model, and value chain

The value chain of the Interpump Group

1.3.2 Disclosure requirement SBM-2: Interests and views of stakeholders

1.3.3 Disclosure requirement SBM-3: Material impacts, risks, and opportunities and their interaction with strategy and business model

S1 – Own workforce – Impacts (4)

1.4 Management of Impacts, Risks, and Opportuni�es

1.4.1 Disclosure requirement IRO-1: Description of the process to identify and assess material impacts, risks, and opportunities

Impact Materiality

Phase 1 - Understanding the context in which the Interpump Group operates: ac�vi�es, business rela�onships, and geographies

Phase 2 - Iden�fica�on of the actual and poten�al impacts of the Group, including via dialog with the stakeholders

Phase 3 - Assessment and ranking of the materiality of the impacts iden�fied

Financial Materiality

Definition of material sustainability topics

1.4.2 Disclosure requirement IRO-2: Disclosure requirements in ESRS covered by the undertaking's sustainability report

2. ENVIRONMENTAL INFORMATION

2.1 DISCLOSURE UNDER THE TAXONOMY REGULATION

2.1.1 Introduction

2.2 Assessment of compliance with the Regula�on

2.2.1 Eligibility analysis

1.2 - Manufacture of electrical and electronic equipment (CE)

3.9 Manufacture of iron and steel (CCM)

5.1 - Repair, refurbishment, and remanufacturing (CE)

5.2 Sale of spare parts (CE)

7.1 Construc�on of new buildings (CCM/CE)

7.2 Renova�on of exis�ng buildings (CCA/CE)

7.6 - Installa�on, maintenance and repair of renewable energy technologies (CCM)

Other eligible ac�vi�es in the construc�on and real estate category

8.1 Data processing, hos�ng, and related ac�vi�es (CCM)