Sit — Interim / Quarterly Report 2026

May 7, 2026

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Informazione Regolamentata n. 20105-7-2026	Data/Ora Inizio Diffusione 7 Maggio 2026 12:04:41	Euronext Milan

Societa': SIT

Utenza - referente: SITN03 - Vettoretti Egidio

Tipologia: REGEM

Data/Ora Ricezione: 7 Maggio 2026 12:04:41

Oggetto: SIT S.p.a. 2026 Q1 – Results presentation

Testo del comunicato

Vedi allegato

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sdr storage

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SIT

2026 Q1 – Results presentation

May 7, 2026

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Highlights

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sdr storage

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• Q1 consolidated revenues are at €72,4 +3,3% vs PY, +4,9% at same forex
• Heating & Ventilation accounts €50,9 with a 1,5% increase vs PY
• Metering at €20,0 is +8,3% vs PY, with Gas metering performing +5,8% and Water metering at +12,3% vs PY
• Q1 EBITDA of €8,4 (+50,6% vs PY) at 11,6% of revenues
• Q1 EBIT of €2,4 at 3,4% of revenues vs operating loss of PY
• Q1 Net Income for €0,6
• Net debt at €139,2 in line with end of FY25 vs €147,2 of Q1 PY

€ millions, unless otherwise stated

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solv storage

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Key financial results

€M, unless otherwise stated	Q1 26	%	Q1 25	%	Chg. YoY
Revenues	72,4	100,0%	70,1	100,0%	3,3%
EBITDA	8,4	11,6%	5,6	8,0%	50,6%
D&A, impairment of assets	6,0		6,4
EBIT	2,4	3,4%	(0,8)	(1,2%)	399,8%
Net financial (charges)/income	(1,6)		(1,4)
Net forex (charges)/income	0,3		0,2
EBT	1,2	1,6%	(2,1)	(3,0%)	156,4%
Taxes	(0,6)		(0,8)
Net income	0,6	0,8%	(2,9)	(4,1%)	119,4%
Cash flow from operations	1,4		2,0
NTWC	71,5		67,0
Net financial debt	139,2		147,2
EBITDA adj	8,8	12,1%	7,4	10,6%	18,0%
EBIT adj	2,8	3,9%	1,0	1,5%	169,5%
Net income adj	0,8	1,1%	(1,5)	(2,2%)	153,7%

Adjustments are for one-off items mostly related to severance

• Q1 consolidated revenues account +3,3%
• Divisional trends:
• Heating & Ventilation: +1,5%, 3,7% at same forex
• Metering: +8,3%
• Cash flow from operations of €1,4M after capex for €2,4M

• NTWC at 24,4% of revenues vs 23,6% of PY

• Last Twelve Months (LTM) EBITDA adj of €44,0 at 13,7%
  underscores structural turnaround in place

LTM

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adv storage
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Consolidated revenues – Q1

Breakdown by Division

£M, unless otherwise stated	Q1 26	%	Q1 25	%	Chg. YoY
Heating & Ventilation	50,9	70,3%	50,1	71,5%	1,5%
Metering	20,0	27,6%	18,4	26,3%	8,3%
Total business sales	70,8	97,9%	68,5	97,8%	3,3%
Other revenues	1,5	2,1%	1,5	2,2%	2,4%
Total revenues	72,4	100,0%	70,1	100,0%	3,3%

Breakdown by geography

£M, unless otherwise stated	Q1 26	%	Q1 25	%	Chg. YoY
Italy	21,5	29,8%	22,0	31,4%	(1,9%)
Europe (excuding Italy)	32,7	45,2%	28,6	40,8%	14,4%
America	13,4	18,6%	14,0	19,9%	(3,7%)
Asia/Pacific	4,6	6,4%	5,5	7,9%	(16,0%)
Total revenues	72,4	100,0%	70,1	100,0%	3,3%

Consolidated revenue bridge (£M)

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Divisional sales

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Heating & Ventilation

EM, unless otherwise stated	Q1 26	%	Q1 25	%	Chg. YoY
Italy	10,0	19,6%	10,6	21,2%	(6,1%)
Europe (excuding Italy)	24,7	48,5%	21,2	42,2%	16,5%
America	11,7	23,1%	12,9	25,7%	(8,7%)
Asia/Pacific	4,5	8,8%	5,5	10,9%	(18,2%)
Total business sales	50,9	100,0%	50,1	100,0%	1,5%

Smart Gas Metering

EM, unless otherwise stated	Q1 26	%	Q1 25	%	Chg. YoY
Residential	9,2	76,7%	10,1	89,0%	(8,8%)
Commercial & Industrial	2,7	22,6%	1,2	10,3%	132,3%
Other	0,1	0,7%	0,1	0,7%	1,0%
Total business sales	12,0	100,0%	11,3	100,0%	5,8%

Q1 Smart Gas Metering are 92% in Italy vs 94% of PY

Heating & Ventilation divisional sales:

• Q1 up +1,5%, 3,7% at same forex
• Italy Q1 accounts -6,1% vs PY mainly in Central Heating with Direct Heating and Ventilation positive
• Europe, strong Q1 increase +16,5% impacted by improvement in Turkey and Central Europe markets with UK in line with PY
• America, at same forex sales in line with PY
• Asia/Pacific still weak

Water Metering

EM, unless otherwise stated	Q1 26	%	Q1 25	%	Chg. YoY
Water meters, finished	4,2	52,9%	3,5	48,5%	22,4%
Water meter parts	3,3	41,2%	3,3	46,2%	0,0%
Other	0,5	5,9%	0,4	5,3%	26,2%
Total business sales	8,0	100,0%	7,1	100,0%	12,3%

Q1 Water Metering are 26% in Portugal, 30% in Spain, 28% Rest of Europe, 14% America

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solv storage

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Net trade working capital

EM, unless otherwise stated	2026.03	2025.12	YTD change	2025.03	2024.12	YTD change	YoY change
Inventory	84,0	76,1	7,8	77,5	72,3	5,2	6,5
Accounts receivables	57,9	62,3	(4,4)	57,2	60,3	(3,1)	0,7
Accounts payables	(70,3)	(65,9)	(4,4)	(67,8)	(66,9)	(0,8)	(2,6)
Net Trade Working Capital	71,5	72,5	-1,0	67,0	65,6	1,3	4,6
NTWC/Revenues	24,4%	22,7%	1,7%	23,6%	21,9%	1,7%	0,8%

YoY reported NTWC: +€4,6, +0,8% on Revenues

• Inventory in Heating & Ventilation building seasonality and increase in order intake
• Inventory in Metering is consistent with order book and sales forecast
• Account Receivables and Account payables are in line with volume effect

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adv storage
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Cash flow and Net debt

Change in net debt

€M, unless otherwise stated	Q1 26	Q1 25
Current cash flow	8,6	6,0
Change in NTWC	0,3	(0,3)
Inventory	(7,6)	(5,5)
Accounts Receivables	3,6	3,0
Accounts Payables	4,3	2,1
Other working capital	(4,9)	(1,2)
Capex, net	(2,5)	(2,4)
Cash flow from operations	1,4	2,0
Financial charges	(1,7)	(1,7)
IFRS 16 - Leases	(0,0)	(0,3)
Other	0,4	(1,3)
Change in net debt	0,1	(1,4)
Net debt - BoP	139,3	145,9
Net debt - EoP	139,2	147,2

• Current cash flow improves by €2,6M vs PY (from €6,0M to €8,6M)
• Change in NTWC reflects normalization of operations
• Other working capital increase for VAT and change in provisions
• Capex for €2,5M in line with PY

Net financial position

€M, unless otherwise stated	31/03/2026	31/12/2025	31/03/2025
(Cash & cash equivalents)	(10,4)	(11,6)	(11,9)
Current debt, net	37,7	37,3	24,2
Non current debt	102,7	102,7	121,7
MTM derivatives & M&A debt	0,5	1,6	1,9
IFRS 16 - Leases	8,7	9,3	11,3
Net debt - EoP	139,2	139,3	147,2

• Net Debt/EBITDA Adj: 3,2x vs 3,3x vs 4,7x of previous year

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emarket

and storage

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SIT: FY outlook reaffirmed amid market volatility

We confirm the business scenario view provided at 25FY results presentation released on April 15

Moreover, inflationary pressure is becoming evident in relevant markets with possible impact on demand

2026 SIT outlook maintained:

• Consolidated sales expected to increase low single digit
• Profitability will benefit from improved operating leverage supporting growth in earnings
• Net income expected to rise significantly
• Positive cash generation will determine a further reduction in Net Debt

Long term impact of the USA-Iran war, including potential risks to supply chains

and energy prices, have not been incorporated in this outlook

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emarket

and storage

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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

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DISCLAIMER

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service

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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.

This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

By attending or reading this presentation you agree to be bound by the foregoing terms.

S

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Fine Comunicato n.20105-7-2026	Numero di Pagine: 12