Sit — Earnings Release 2025

May 9, 2025

Q1 2025 – Results presentation

May 9, 2025

Highlights

• Q1 consolidated revenues are €70,1 +1,5% vs Q1 2024
• Q1 Divisional sales:
  • Heating & Ventilation accounts €50,1 showing an increase of 4,7% vs PY
  • Metering at €18,4 is -10,8% with Smart Gas Metering at -15,4% and Water metering at -2,4% vs PY
• Both Divisions show strong order portfolio supporting positive outlook for following months
• Q1 EBITDA adjusted of €7,4 at 10,6% of revenues (+94,7% vs PY) confirms beneficial impact of Heating & Ventilation volumes and consolidation of cost efficiencies
• Q1 accounts a positive EBIT adjusted for €1,0 underlining a turnaround in operating performance
• Net debt at €147,2 vs € 161,1 of PY highlights focus on deleverage with significant contribution from NTWC management (from 31,2% of revenues of PY to current 23,6%)

Key financial results

€M, unless otherwise stated	Q1 25	%	Q1 24	%	Chg. YoY
Revenues	70,1	100,0%	69,0	100,0%	1,5%
EBIT	(0,8)	-1,2%	(0,5)	-0,7%	(65,2%)
Net financial (charges)/income	(1,4)		(1,8)
Net forex (charges)/income	0,2		0,2
EBT	(2,1)	-3,0%	(2,1)	-3,0%	(2,0%)
Taxes	(0,8)		0,2
Net income	(2,9)	-4,1%	(1,8)	-2,7%	(56,0%)
Cash flow from operations	2,0		(7,6)
NTWC	67,0		86,5
Net financial debt	147,2		161,1

EBITDA adjusted	7,4	10,6%	3,8	5,5%	94,7%
EBIT adjusted	1,0	1,5%	(3,0)	-4,4%	134,5%
Net income adjusted	(1,5)	(2,2%)	(3,6)	(5,2%)	57,3%

• Divisional trends:
  • Heating & Ventilation: +4,7%
  • Metering: -10,8%
• Reported financials reflect ongoing reorganization activities which account one-off costs for €1,9M
• Cash flow from operations is positive for €2,0 accounting significant improvement vs PY
• NTWC of €67,0 (23,6% of revenues) vs € 86,5 of PY (31,2%)
• Net financial debt stands at €147,2 vs €161,1 of PY

• Q1 25 EBITDA adjusted and EBIT adjusted highlights operating performance turnaround

Consolidated revenues

Breakdown by Division

€M , unless otherwise stated	Q1 25	%	Q1 24	%	Chg . YoY
Ventilation Heating &	50 1 ,	71 5% ,	47 9 ,	69 3% ,	4 7% ,
Metering	18 4 ,	26 3% ,	20 7 ,	29 9% ,	(10 8%) ,
Total business sales	68,5	97,8%	68,5	99,3%	0,0%
Other revenues	1 5 ,	2 2% ,	0 5 ,	0 7% ,	198 6% ,
Total revenues	70,1	100,0%	69,0	100,0%	1,5%

Breakdown by geography

, unless otherwise stated €M	Q1 25	%	Q1 24	%	Chg . YoY
Italy	22	31	23	33	(5
	0	4%	3	7%	6%)
	,	,	,	,	,
(excuding	28	40	29	43	(4
Italy)	6	8%	9	3%	3%)
Europe	,	,	,	,	,
America	14	19	10	14	36
	0	9%	2	8%	6%
	,	,	,	,	,
Asia/Pacific	5	9%	5	2%	(2
	5	7	7	8	4%)
	,	,	,	,	,
Total revenues	70,1	100,0%	69,0	100,0%	1,5%

Consolidated revenue bridge (€m)

Heating & Ventilation sales

Q1 Heating & Ventilation sales by geography

€M , unless otherwise stated	Q1 25	%	Q1 24	%	Chg . YoY
Italy	10	2%	9	2%	7%
	6	21	2	19	15
	,	,	,	,	,
(excuding	21	42	22	47	(7
Italy)	2	2%	9	8%	5%)
Europe	,	,	,	,	,
America	12	25	9	20	31
	9	7%	8	4%	4%
	,	,	,	,	,
Asia/Pacific	5	10	6	12	(9
	5	9%	0	6%	5%)
	,	,	,	,	,
Total business sales	50,1	100,0%	47,9	100,0%	4,7%

Heating & Ventilation weekly order portfolio trend

Divisional sales up 4,7%, forex impact not material

• Italy accounts 15,7% increase confirming positive trend of the last quarters of PY. All product families involved, especially ventilation for Direct Heating applications
• Europe down 7,5% vs PY. Performance is impacted by specific customers and Central Heating applications, with Turkey decrease above average. Central Europe markets are up 10,7% thanks to electronics, while UK is in line with PY
• America. Q1 sales are up €3,0M, +31,4% due to both Central Heating and Direct Heating application. Forex impact not material
• Asia/Pacific slowed down vs PY mainly due to China only partially offset by other markets
• Q1 order intake shows a significantly improved trend vs PY (+15≈20% on average) and underlines positive outlook for following months

Metering sales

Q1 Smart Gas Metering

€M , unless otherwise stated	Q1 25	%	Q1 24	%	Chg . YoY
Residential	10 1 ,	89 0% ,	11 0 ,	82 0% ,	(8 3%) ,
Commercial & Industrial	1 2 ,	10 3% ,	2 4 ,	17 7% ,	(50 8%) ,
Other	0 1 ,	0 7% ,	0 0 ,	0 3% ,	-
Total business sales	11,3	100,0%	13,4	100,0%	(15 ,4%)

Q1 25 Smart Gas Metering are 94% in Italy vs 99% of PY

Q1 Water Metering

€M , unless otherwise stated	Q1 25	%	Q1 24	%	Chg . YoY
finished	3	48	2	38	21
Water	5	5%	8	9%	6%
meters,	,	,	,	,	,
Water	3	46	4	55	(18
meter	3	2%	0	4%	5%)
parts	,	,	,	,	,
Other	0	3%	0	7%	(10
	4	5	4	5	0%)
	,	,	,	,	,
Total business sales	7,1	100,0%	7,3	100,0%	(2 ,4%)

Net trade working capital

, unless otherwise stated €M	2025 03	2024 12	YTD change	2024 03	2023 12	YTD change	YoY change
Inventory	77 5 ,	72 3 ,	5 2 ,	90 9 ,	83 3 ,	7 5 ,	(13 4) ,
receivables Accounts	57 2 ,	60 3 ,	(3 1) ,	63 3 ,	63 5 ,	(0 2) ,	(6 1) ,
payables Accounts	(67 8) ,	(66 9) ,	(0 8) ,	(67 7) ,	(66 9) ,	(0 8) ,	(0 1) ,
Trade Working Capital Net	67 0 ,	65 6 ,	1 3 ,	86 5 ,	79 9 ,	6 6 ,	(19 5) ,
NTWC/Revenues	23 6% ,	21 9% ,	1 7% ,	31 2% ,	24 5% ,	6 7% ,	-7 7% ,

YTD reported Q1 25 NTWC: +€1,3 Non recourse factoring 0,8 3,9 (3,2) 4,2 4,7 (0,5) (3,5)

• Inventory increase (+€5,2) reflects seasonality in H&V and order book in the Metering business Accounts receivables adjusted 58,0 64,2 (6,2) 67,5 68,1 -0,6 (9,6)
• Account Receivables decrease highlights EoP cash management focus AR adjusted/Revenues 20,4% 21,4% -1,0% 24,4% 20,9% 3,5% -4,0%

YOY change in NTWC: reduction for €19,5 highlights focus on cash through higher efficiency and structural changes WC management Accounts payables adjusted (65,8) (63,7) (2,1) (63,9) (60,3) (3,6) (1,9) AP adjusted/Revenues 23,2% 21,3% 1,9% 23,1% 18,5% 4,6% 0,1%

Capex account payables (2,0) (3,2) 1,2 (3,8) (6,6) 2,8 1,9

Net Trade Working Capital adjusted 69,7 72,7 (3,1) 94,5 91,1 3,4 (24,8) NTWC adjusted/Revenues 24,5% 24,3% 0,2% 34,1% 27,9% 6,2% -9,6%

Cash flow and net debt

Change in net debt

€M, unless otherwise stated	Q1 25	Q1 24
Current cash flow	6,0	4,0
Change in NTWC	(0,3)	(6,0)
Inventory	(5,5)	(7,0)
Accounts Receivables	3,0	0,4
Accounts Payables	2,1	0,5
Other working capital	(1,2)	(1,1)
Capex, net	(2,4)	(4,4)
Cash flow from operations	2,0	(7,6)
Financial charges	(1,7)	(2,3)
IFRS 16 - Leases	(0,3)	(0,1)
Other	(1,3)	2,6
Change in net debt	(1,4)	(7,4)
Net debt - BoP	145,9	153,7
Net debt - EoP	147,2	161,1

• Current cash flow benefits from operating performance improvement
• NTWC shows significant improvementsupporting inventory seasonality
• Capex Q1 is in line as planned, full year outlook confirmed
• Cash flow from operations is positive for €2,0M

Net financial position

€M, unless otherwise stated	31/03/2025	31/12/2024	31/03/2024**
(Cash & cash equivalents)	(11,9)	(14,0)	(11,3)
Current debt, net	24,2	23,8	32,3
Non debt current	121,7	121,8	127,8
MTM derivatives & M&A debt	1,9	2,6	(0,6)
IFRS - Leases 16	11,3	11,7	12,8
Net debt - EoP	147,2	145,9	161,1

• ** Net Debt pro-forma includes bank agreements executed in April 2024
• Net Debt/EBITDA Adj LTM: 4,7x vs 5,3x vs 6,6x of PY

Final comments and FY outlook

FY outlook is confirmed as provided in previous reporting session for FY 24 accounts:

• Expected high single-digit revenue growth primarily driven by market share expansion and share of wallet increase
• Revenue growth based on existing customer agreements whose financial effects are expected to materialize in the second half of the year
• Product range diversification within the Heating & Ventilation segment is expected to gradually contribute to top-line growth
• Carry over of new industrial footprint and additional initiatives already started in 2025 will further optimize cost base
• EBITDA margin adjusted expected to return to double-digit levels supporting a reduction in Net debt

Guidance does not factor in the impact of recent tariff developments or any potential future adjustments

Regulatory statement

The manager responsible for the preparation of the company's accounts, Paul Fogolin, hereby declares, as per article 154 bis, paragraph 2, of the "Testo Unico della Finanza", that all information related to the company's accounts contained in this presentation are fairly representing the accounts and the books of the company.

Paul Fogolin Chief Financial Officer paul.fogolin@sitgroup.it

Investor Relations Mara Di Giorgio +39 335 773 7417 investorrelations@sitgroup.it

Disclaimer

This presentation has been prepared by SIT S.p.A. only for information purposes and for the presentation of the Group's results and strategies.

For further details on the SIT Group, reference should be made to publicly available information.

Since at the moment there is no existing reliable market research which provide the required level of detail, nor any official data, the statements of key information, the assessments concerning the positioning of SIT Group and the assessments regarding the market and the market segments of the reference market are based exclusively on assessments carried out by SIT's management, in accordance to its own knowledge of the market and its analysis of the data gathered. For such reason, these statements and assessments may not be updated and/or may also be quite approximate. Due to the lack of reliable and standardized data and of market data provided by third parties, these assessments are necessarily subjective and are provided, unless otherwise specified, by SIT on the basis of the analysis of the data it, as a company, has gathered. These evaluations and the performance of the industries in which SIT operates could prove to be different from those assumed due to the known and unknown risks, the uncertainties and other causes.

Statements contained in this presentation, particularly those regarding any SIT Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties.

Any reference to past performance of the SIT Group shall not be taken as an indication of future performance.

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