Sabaf — Investor Presentation 2026

Jan 20, 2026

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FINANCIAL PRESENTATION

Sabaf | 21st January 2026

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Table of contents

• I. COMPANY PROFILE
• II. LATEST STRATEGIC MOVES
• III. FINANCIAL PERFORMANCE
• IV. SUSTAINABILITY

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COMPANY PROFILE

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Sabaf Group: product range evolution in 4 Business Units

GAS

• Standard Burners
• Special Burners
• Professional Burners
• Oven and Grill Burners
• Gas Valves
• Gas Oven Thermostats
• Microswitches & Accessories

ELECTRONICS

• Cooker Hoods
• Ovens
• Cookers and hobs
• Vitroceramic hobs control cards
• Refrigerators/freezers
• Other products

HINGES

• Ovens
• Dishwashers
• Washing machines
• Refrigerators
• Special applications
• Small compartments
• Catering appliances

INDUCTION Components for induction cookers and hobs Inductor Cooling system Touch control Power board

User interface

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Sabaf Group: evolution

5 acquisitions in the last 8 years 3 greenfield plants in the last 3 years

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Sabaf Group: leading producer of components for household appliances and company evolution in 4 Business Units

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▪ 2018: 7 production plants

▪ 2024: 15 production plants

▪ 1,759 employees at 31 December 2025

SABAF TURKEY (2 PLANTS)

(280 employees)

Burners, valves, hinges and Electronics

OKIDA ELEKTRONIK

(184 employees)

Electronics for household appliances

SABAF APPLIANCE

COMPONENTS (KUNSHAN)

(9 employees)

Wok burners

SABAF INDIA

(57 employees)

Valves and burners

SABAF S.P.A. (529 employees) Valves and thermostats Standard burners Special burners ARC S.R.L. (20 employees) Professional burners

FARINGOSI-HINGES S.R.L.

(44 employees)

Oven hinges

Dishwasher hinges

CMI ITALY (2 PLANTS)

(132 employees)

Oven hinges

Dishwasher hinges

PGA (39 employees)

Electronics for household appliances

MANSFIELD (180 employees)

Oven hinges

Washing machines hinges

Refrigerators hinges

SABAF MEXICO (74 employees) Burners

Special burners

CMI POLAND (80 employees)

Dishwasher hinges

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Why investing in Sabaf

Strategy for value creation

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Sabaf Group

Main shareholders

Pietro Iotti, Sabaf CEO, owns 2.24% of voting rights

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LATEST STRATEGIC MOVES

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Latest strategic moves

SABAF INDIA 2022

SABAF MEXICO 2023

MANSFIELD ACQUISITION 2023

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Sabaf India

Sales start	2Q 2023
Investment	€6.4 mln
Division	Gas:production of valves and burners for the domestic market
Production capacity	€6 mln (scalable)

Market characterized by:

• strong growth
• customization
• competitive price requests

During 2025 the entire production process of valves was complete

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Sabaf Mexico

Sales start	1H 2024
Investment	€14 mln
Division	Gas: production of burners for NA market
Production capacity	€13 mln (scalable)

start of sales to Mabe July 2024 start of sales to Whirlpool

Fast production ramp-up

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Mansfield

Acquisition	July 2023
Share acquired	51% of share capital
Enterprise value	USD 21 mln
Division	Hinges

MEC is a leading North American manufacturer of hinges for household appliances (mainly ovens, washing machines and refrigerators), designed and manufactured to meet the high-quality levels and demanding standards required by the US market

• Smooth transition from previous ownership to the management
• Visible synergies, for which implementation is ongoing, even thanks to very positive relationships with local management
• Ongoing automation in order to improve productivity

MEC is delivering strong results with growing profitability Despite market weakness, profitability is steadily improving and strategic opportunities are emerging, supported by the US manufacturing footprint

Further growth expected in 2026 : relevant additional sales from new projects with major multinational groups

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FINANCIAL PERFORMANCE

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COMPETITIVE LANDSCAPE

Progressive intensification of competition at a global level

• Greater penetration of Turkish and Chinese players in the European market through M&A deals and takeovers of European companies (i.e. Candy, Whirlpool Europe, Gorenje, Teka)
• Strengthening of Chinese exports to Europe and Western markets, also following the reallocation of trade flows after the introduction of U.S. tariffs
• Competition on finished product prices

REFERENCE MARKET

Western customers facing a period of difficulty

• European demand in the home appliances market remains about 11% below 2019 levels
• Efforts in passing cost increases downstream

Sabaf Group Response

• Diversification of the product range
• Manufacturing and commercial internationalization across markets
• Strong focus on innovation and development of new projects
• Direct manufacturing presence in the USA (MEC in Ohio)
• Actions on costs
• Flexibility to respond to rapid changes
• Search for external growth opportunities, including in sectors other than home appliances, targeting higher margins

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2025 | Market trends

Europe

• Slightly weaker market, with increased competitive pressure
• Consumers shifted to lower price points driven by geopolitical and economic uncertainty

Quarterly industry shipments in Europe

Source: Electrolux 3Q 2025 presentation

North America

• Inflation concerns related to tariffs, weighed on consumer confidence
• High promotional activity
• Preference for lower price points

Quarterly industry shipments in U.S.

Source: Electrolux 3Q 2025 presentation

• Latin America: slightly positive, gradual slowdown in growth rates
• Asia: slightly down compared to 2024
• Middle East and Africa affected by the geopolitical picture

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Yearly adjusted1 revenues and EBITDA

Mln €

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Adjusted income statement1 – 9 months 2025

€ x 000	9 MONTHS	S 2025	9 MONTH	2024	Δ %9M 25 - 9M 24
Revenue Other income Total operating revenue and income	213,8237,921221,744	100% 3.7%	212,3127,653219,965	1 00%3.6%	+0.7%		+1.6% at constant exchange rates
Consumption Personnel costs Other operating costs EBITDA	(98,177)(54,351)(37,890)31,326	(45.9%)(25.4%)(17.7%)14.7%	(99,076)(51,364)(37,380)32,145	(46.7%)(24.2%)(17.6%)15.1%	-2.5%
Depreciation Gain/losses on fixed assets Write-downs/write-backs of non-current assets EBIT	(15,241)118(106)16,097	(7.1%)0.1%(0.0%)7.5%	(14,273)90(8)17,954	(6.7%)0.0%(0.0%)8.5%	-10.3%		To an one of the manifely and of the same of
Non financial expense Exchange rate gains and losses EBT	(6,187)1,96511,875	(2.9%)0.9%5.6%	(1,294)58417,244	(0.6%)0.3%8.1%			In view of the positive performance of MEC, the value of the put option granted to the minority shareholders for the 49% stake was adjusted as at 30 September 2025.
Income taxes NET PROFIT FOR THE PERIOD	(1,402)10,473	(0.7%)4.9%	(3,960)13,284	(1.9%)6.3 %	-21.2%		The related financial liability (now €14 mln) increased by €2.6 mln, resulting from the net effect of
Minority interests PROFIT ATTRIBUTABLE TO THE GROUP	1,2719,202	0.6%4.3%	72712,557	0.3%5.9%	-26.7%		financial expenses (€4.1 mln) foreign exchange gains (€1.5 mln)

<sup>1Adjusted income statement: results exclude the impact of the application of IAS 29 (Financial Reporting in Hyperinflationary Economies) This representation allows a better understanding of the Group's performance and of its comparison with previous periods.

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Adjusted sales by market

€ x 000

	9 MONTHS 2025	9 MONTHS 2024	Δ
Europe (excluding Turkey)	61,981	60,489	+2.5%
Turkey	52,122	55,024	-5.3%
North America	49,404	45,414	+8.8%
South America	28,360	27,316	+3.8%
Africa and Middle East	9,180	12,037	-23.7%
Asia and Oceania	12,776	12,032	+6.2%
Total	213,823	212,312	+0.7 %

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Adjusted sales by product

€ x 000

	9MONTHS2025	9MONTHS2024	∆
Gasparts	127545,	126107,	+11%
Hinges	68174,	65467,	+41%
Electroniccomponents	17879,	20338,	1%-12
Induction	225	400	8%-43
Total	213823,	212312,	7%+0

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Balance Sheet - Reported

€000x	30/09/2025	31/12/2024	30/09/2024
Fixedassets	169756,	177663,	177042,
Inventories	64800,	63132,	65023,
Tradereceivables	70670,	64837,	69674,
Taxreceivables	9580,	9909,	8689,
Otherreceivablescurrent	3223,	4322,	3920,
Tradepayables	(43730),	(41681),	(46382),
payablesTax	(6023),	(4794),	(4390),
Otherpayables	(17377),	(17478),	(17578),
Networkingcapital	81143,	78247,	78956,
Provisionsforrisksandseveranceindemnity	(8461),	(8285),	(8918),
CapitalEmployed	242438,	247625,	247080,
EquitydebtNet	158630,83808,	173744,73881,	170092,76988,
Sourcesoffinance	242438,	247625,	247080,

At 30 September 2025, the impact of the net working capital on revenue was 28.7% compared to 27.7% at 30 September 2024 and 27.4% at the end of 2024

Net financial debt at 30 September 2025 was €79.4 mln (€73.9 mln at 31 December 2024) and includes

• €14 mln related to the recognition of the put option granted to MEC minorities
• and the financial liabilities of €5.6 mln recognised in accordance with IFRS 16

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Change in consolidated net financial position

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Major new projects 2026

The Group continues its growth path and the expansion of market share through the development of strategic projects with key customers and M&A opportunities. These initiatives strengthen our competitive position and generate sustainable value.

Division	SOP	New projectsNo.	CustomersNo.	Expected Turnover(mainly additional)€x 000
	2025 (Rampup 2026)	9	9	5.701
Gas	2026	13	14	5.457
	Total Gas	22	23	11.158
Hinges	2026	6	5	2.643
	2025 (Rampup 2026)	7	7	1.285
Electronics	2026	6	6	918
	Total	13	13	2.203
Total Sabaf Group		41	41	16.004

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SUSTAINABILITY

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Solar power plant

• Total CapEx: approximately €2.4 mln
• Will enable the production of electricity using solar photovoltaic technology, significantly contributing to the goal of climate change mitigation
• Allows self-production of an estimated amount equal to 10-15% of the site's current energy consumption
• Emissions reduction: ~ 10-15% (Scope 2 emissions from purchased and consumed electricity)
• Saving: ~ € 0.5 mln / year
• The solar power plant was completed in June 2025

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Sabaf: a sustainable business

Sustainability in the Business plan 2024 - 2026

Sabaf's strategy and governance model are aimed towards ensuring long-term sustainable growth.

For Sabaf, sustainability is primarily based on sharing values with its stakeholders; compliance with common values increases mutual trust and encourages knowledge development

SABAF GROUP VISION

We believe in a world in which all people's basic needs, such as home, food and reliable energy, are fulfilled in an environmentally sustainable way.

We promote a company that improves the quality of the environment and the communities where we live and work

Eco-efficiency and Emissions into the

atmosphere

Development of resources and skills

Area

Hours of training per capita

KPI

CO2 emissions/Revenue

Health and safety

Injuries indicator

SDGs

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ESG Performance - Corporate Governance

Remuneration policy

LONG - TERM INCENTIVE PLAN

2024 - 2026

Linked to the economicfinancial and sustainability objectives set out in the 2024- 2026 Business plan

Definition of SUSTAINABILITY TARGETS:

• With reference to the issues highlighted in the materiality analysis
• Fully in line with best practices and Corporate Governance Code

MATERIAL TOPIC	KPI	% ON LTI
Emissions into theatmosphere	Implementation of the ESGinvestment plan (1,500 t CO2reduction)	10%
Development ofresources and skills	Hours of training per capita	5%
Health and safety ofpersonnel	Indicator of injuries	5%
Impact of on LTI plan	20%

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Environmental impact of different cooking fuels 1/3

About 30% of people on our planet, i.e. 2.5 billion people, are still relies on solid biomass fuels for cooking (wood, charcoal, animal dung, crop residues)

This population is mainly concentrated in Sub-Saharan Africa, where the unavailability of clean fuels affects 82% of the population, but significant percentages characterize also Central Asia, India, China, South-East Asia and Latin America

In addition to being harmful to the environment, the pollution produced by traditional fuels has important consequences on the health of users and families

5.5 billion people use fossil fuels (mainly natural gas and LPG) or electricity for cooking

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Environmental impact of different cooking fuels 2/3

Environmental impact of different cooking fuels1

The environmental impact was measured using a scientific standard method (the ReCiPE 2016), which is based on 3 impact categories:

• damage to human health
• damage to ecosystem quality
• damage to resource availability

The environmental impact was highest in the case of coal cooking appliances (112) and lowest for LPG and methane cooking appliances (5 and 5.2 respectively).

Electric cooking appliances, with an impact of 9, highlighted an environmental impact equal to 180% of that deriving from gas hobs

Cooking through a gas hob instead of using firewood as cooking fuel, reduces the environmental impact by 80%

1 https://www.itjfs.com/index.php/ijfs/article/view/2170

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Environmental impact of different cooking fuels 3/3

From the perspective of sustainable development, the reduction of the environmental impact resulting from cooking food will necessarily have to go through a dual strategy

Promote access to energy sources with lower impact for the population that still uses solid fuels

Favor electric cooking only where and when the energy production mix is characterized by a predominant component of green energy

An induction hob causes lower CO2 emissions than a gas hob only if the electricity is produced with a % of renewable sources (and/or nuclear energy) higher than 70%

The Sabaf Group pursue a business development path consistent with the ecological transition plans:

• Sabaf is investing to promote diffusion of gas cooking appliances in emerging countries, replacing traditional cooking methods with much higher environmental impact
• At the same time, Sabaf is investing to enter the sector of induction cooking, the most efficient form of electric cooking, which is constantly growing in the European market, although such trend has slowed down in the last 3 years

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A possible revolution - Hydrogen burners

The Sabaf Group actively takes part in research projects aimed at evaluating the feasibility of replacing natural gas (methane) with hydrogen as a source for gas cooking appliances

Burners operating with 100% hydrogen: laboratory tests and prototypes have confirmed the technical feasibility of these products

The possibility to use hydrogen on a large scale as a fuel has still to overcome important technological challenges, both in terms of its production and distribution

A possible solution in a relatively short time is the use of a mix of methane and hydrogen, through the existing distribution network

Hy4Heat project, promoted by the British government, concluded in 2022 with positive results

Pilot project in collaboration with the Colombian client Industrias Haceb → European Union Sustainability certification LCBA (Low Carbon and Circular Economy Business Action)

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ATTACHMENTS

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Income statement reconciliation reported – adjusted¹ - 9 months 2025

	YoY
€ x 000	9 MONTHS 2025		9 MONTHS 2024		Δ %6M25 - 6M24
Revenue	212,302	100.0%	213,875	100.0%	-0.7%
Hyperinflation - Turkey	1,521		(1,563)
Adjusted revenue	213,823	100.0%	212,312	100.0%	+0.7%
EBITDA	30,425	14.3%	32,901	15.4%	-7.5%
Hyperinflation - Turkey	901		(756)
Adjusted EBITDA	31,326	14.7%	32,145	15.1%	-2.5%
EBIT	11,896	5.6%	16,118	7.5%	-26.2%
Hyperinflation - Turkey	4,201		1,836
Adjusted EBIT	16,097	7.5%	17,954	8.5%	-10.3%
Net result	7,377	3.5%	9,560	4.5%	-22.8%
Hyperinflation - Turkey	1,825		2,997

9,202

12,557

5.9%

-26.7%

Adjusted Net result

Reported results

Adjusted results

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DISCLAIMER

Certain information included in this document is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially.

The Company's business is in the domestic appliance industry and its outlook is predominantly based on its interpretation of what it considers to be the key economic factors affecting this business. Forward-looking statements with regard to the Group's business involve a number of important factors that are subject to change, including: the many interrelated factors that affect consumer confidence and worldwide demand for durable goods; general economic conditions in the Group's markets; actions of competitors; commodity prices; interest rates and currency exchange rates; political and civil unrest; and other risks and uncertainties.

Pursuant to Article 154/2, paragraph 2 of the Italian Consolidated Finance Act (Testo Unico della Finanza), the company's Financial Reporting Officer Gianluca Beschi declares that the financial disclosure contained in this financial presentation corresponds to the company's records, books and accounting entries.

For further information, please contact

Gianluca Beschi gianluca.beschi@sabaf.it Elena Gironi elena.gironi@sabaf.it