Somec SPA

Investor Presentation • Sep 25, 2025

H1 2025 RESULTS

25 September 2025

TODAY SPEAKERS

Oscar Marchetto Chairman and CEO

Alessandro Zanchetta Chief Corporate Officer

Daniel Bicciato Group CFO

1. H1 2025 FINANCIAL RESULTS 2. Q&A

ANNEX

H1 2025 FINANCIAL HIGHLIGHTS: STRONG MARGIN RECOVERY ACROSS THE ENTIRE P&L

NAVAL SECTOR & REFITTING ACTIVITY BOOSTING IMPROVEMENTS ACROSS DIVISIONS

SOMEC, ONE OF THE WORLD'S LEADING EXPERTS IN THE CONSTRUCTION OF COMPLEX TURNKEY PROJECTS HAS THREE KEY MACRO SEGMENTS

CONSISTENT AND SUSTAINABLE TOP-LINE PROGRESSION REACHING € 192.7 MILLION

REVENUES UP 3.9%, DRIVEN BY THE STRONG PERFORMANCE OF MESTIERI & TALENTA DIVISION

EXCELLENT IMPROVEMENT OF MARGINALITY, EBITDA + 24.1%, EBIT +230.8%

STRONG RESULTS SUPPORTED BY NAVAL DIVISION, HIGHER REFITTING VOLUMES AND RIORGANIZATION

7

€m/

ORDER BACKLOG AS OF 15 JULY 2025

CAPTURING OPPORTUNITIES IN FAST-GROWING MARKETS WITH STRONG MOMENTUM

* h f gu c ud € 110 m d u c d 14 Ju y 2025

+57 €m Orders secured after 15 July 2025

• Around 100 €m orders secured and announced in the first semester of 2025.
• Orders in naval glazing ensure long-term visibility and strengthen the market leadership.
• Agreements confirmed for over 57 million euro after July15, 2025 in naval glazing business thanks to the competitive solutions developed by Horizons business unit over 30 years of recognized expertise in complex and customized projects.

HORIZONS PROFITABILITY STRENGTH OFFSET BY MODEST REVENUES DECLINE

REVENUES OF THE DIVISION €m -3.5% vs H1 2024

EBITDA AND EBITDA MARGIN OF THE DIVISION €m/

• Stable division revenues reflect different project timing, with robust backlog and proven service quality.

• EBITDA increased from 9.2 €m to 10.9 €m, driven by higher-value refitting projects.
• EBITDA margin at a solid 9.4%, up 170 basis points.

TALENTA REVENUES EXPANSION WITH EBITDA BROADLY UNCHANGED

REVENUES OF THE DIVISION €m EBITDA AND EBITDA MARGIN OF THE DIVISION €m/ -2.2% YoY EBITDA Margin 8.0% EBITDA Margin 7.4% 5.7% YoY •

Talenta posts healthy revenue expansion

• EBITDA almost in line due to the integration of production plants

MESTIERI ROBUST REVENUES GROWTH COUPLED WITH EBITDA DOUBLING

REVENUES OF THE DIVISION €m EBITDA AND EBITDA MARGIN OF THE DIVISION €m/ EBITDA Margin 3.5% EBITDA Margin 5.8% + 25.3% YoY + 107.7% YoY

• Mestieri achieves robust top-line growth driven by naval projects

• EBITDA up by 108%, over two times higher

CONSOLIDATED NET RESULT 2025 RETURNS TO POSITIVE TERRITORY

PROFITABILITY RESTORED: EXECUTION HIGHLIGHTS BENEFITS OF REORGANIZATION

CONSOLIDATED NET RESULT €m

"People are the greatest asset in a company. h c u u v cu m ' v c d the constant enhancement of performances are the bj c v ch d by w k g m."

Oscar Marchetto

NET FINANCIAL POSITION ON THE RIGHT TRACK

DEBT PROFILE HEADING IN THE RIGHT DIRECTION

• Net Financial Position (pre-IFRS 16) at €40.4m as of June 30, 2025, slightly up vs. Dec 2024 (€36.1m) but significantly down vs. June 2024 (€57.7m), driven by temporary working capital increase
• Reduction of financial leverage remains a strategic priority for the Group

CASH FLOW €m

• Improved cash flow performance driven by tighter operational discipline.
• EBITDA to cash conversion in the semester was affected by a temporary delay in collections.
• Disciplined investment approach enhancing cash flow generation.

FOCUS ON MARINE & CRUISE INDUSTRY

37 MILLION PASSENGERS GLOBALLY IN 2025

Consistent Growth in Passenger Volume.

The cruise industry is expected to exceed 37 million passengers globally in 2025 (+7% compared to 2024) and 42 million passengers are forecast to sail in 2028.

BIG DRYDOCK PROGRAMS

2025 will see various cruise ships undergoing significant refurbishments with the return of big drydock programs.

ECO-FRIENDLY SHIPS AND PERSONALIZED TRAVEL EXPERIENCES

Top companies like Royal Caribbean, Carnival Corporation, and Norwegian Cruise Line Holdings are spearheading Innovation with eco-friendly ships and personalized travel experiences.

The luxury cruise travel market has tripled since 2010.

The cruise industry increasingly requires ships with innovative, personalized interior solutions that enhance onboard comfort and luxury. This trend is driving companies to develop high-value-added materials, designs, and technologies.

EVOLVING LUXURY

Investments in boutiques and flagship stores with high aesthetic and technological standards are enhancing customer experiences.

The professional kitchen sector is growing and evolving rapidly due to technological innovation, sustainability, and the increasing demand for high-quality catering. This market includes equipment and solutions for restaurants, hotels, catering services, canteens, food trucks, and cruise ships. The global commercial kitchen appliances market was valued at USD 98.34 billion in 2024 and is projected to grow at a CAGR of 7.3% from 2025 to 2030.

CAGR INTERIOR DESIGN SECTOR RETAIL 4.5 %

Growth of turnkey contracting in both public and private building: the interior design market is experiencing significant growth at a CAGR of 4.5% between 2024 and 2029, due the increase in construction, as more buildings are being constructed and renovated, rising demand for integrated solutions that reduce execution time while ensuring quality and cohesive design.

Sources

Bain-Altagamma Luxury Goods Worldwide Market Study, 2025 Technavio, Interior Design Services Market Analysis, 2025 Grand View Research, Commercial Kitchen Appliances Market, 2025

1. H1 2025 FINANCIAL RESULTS 2. Q&A

ANNEX

1. H1 2025 FINANCIAL RESULTS 2. Q&A

H1 2025 CONSOLIDATED INCOME STATEMENT

RECLASSIFIED

'000 Eu	30.06.2025	%	30.06.2024	%	∆	∆ %
Revenues from contracts with customers	191,661	99.4%	183,914	99.1%	7,747	4.2%
Other revenues and income	1,063	0.6%	1,650	0.9%	(587)	-35.6%
Revenues	192,724	100.0%	185,564	100.0%	7,160	3.9%
Materials, services and other costs	(140,312)	-72.8%	(138,903)	-74.9%	(1,409)	1.0%
Personnel costs	(36,582)	-19.0%	(33,910)	-18.3%	(2,672)	7.9%
Operating costs	(176,894)	-91.8%	(172,813)	-93.1%	(4,081)	2.4%
EBITDA	15,830	8.2%	12,751	6.9%	3,079	24.1%
Depreciation and amortisation	(7,656)	-4.0%	(10,280)	-5.5%	2,624	-25.5%
EBIT	8,174	4.2%	2,471	1.3%	5,703	230.8%
Net financial income (expenses)	(4,143)	-2.1%	(2,060)	-1.1%	(2,083)	101.1%
Net results from associate companies	6	0.0%	48	0.0%	(42)	-87.5%
EBT	4,037	2.1%	459	0.2%	3,578	779.5%
Income taxes	(2,001)	-1.0%	(1,682)	-0.9%	(319)	19.0%
Consolidated Net Result	2,036	1.1%	(1,223)	-0.7%	3,259	-266.5%
Non-controlling interests	406	0.2%	918	0.5%	(512)	-55.8%
Group Net Result	1,630	0.8%	(2,141)	-1.2%	3,771	-176.1%

H1 2025 CONSOLIDATED BALANCE SHEET

RECLASSIFIED

'000 Eu	30.06.2025	31.12.2024
Intangible assets	42,593	46,012
of which Goodwill	32,244	33,063
Tangible assets	18,047	18,012
Right-of-use assets	27,233	21,933
Investments in associates	296	289
Non-current financial assets	335	326
Other non-current assets and liabilities	(1,505)	(1,630)
Employee benefits	(5,768)	(5,884)
Net fixed assets	81,231	79,058
Trade receivables	73,836	79,671
Inventory and payments on account	21,761	19,897
Contract work in progress	26,572	24,939
Liabilities for contract work in progress and customer advances	(40,335)	(45,645)
Trade payables	(78,696)	(79,994)
Provisions for risk and charges	(1,148)	(1,095)
Other current assets and liabilities	1,068	(562)
Net working capital	3,058	(2,789)
Net invested capital	84,289	76,269
Group equity	(20,628)	(13,680)
Non-controlling interest in equity	(1,867)	(4,011)
Net financial position	(61,794)	(58,578)
Sources of funding	(84,289)	(76,269)

H1 2025 CONSOLIDATED NET FINANCIAL POSITION

'000	Eu	30 06 2025	31 12 2024
A	Cash and cash equivalents	48	65
B	Bank deposits	31 485 ,	47 413 ,
C	(A+B) Total liquidity	31 533 ,	47 478 ,
D	Current financial assets	24 177 ,	28 149 ,
E	Current bank debt	(31 941) ,	(43 302) ,
F	Current of portion long-term debt	(6 923) ,	(45 567) ,
G	Other financial liabilities current	(6 214) ,	(3 755) ,
H	Current financial position (E+F+G)	(45 078) ,	(92 624) ,
I	Current net financial position (C+D+H)	10 632 ,	(16 997) ,
J	financial Non-current assets	194	320
K	Non-current bank debt	(42 380) ,	(7 324) ,
L	Other non-current financial liabilities	(8 882) ,	(12 129) ,
M	financial (J+K+L) Non-current position	(51 068) ,	(19 133) ,
N	Net financial position before IFRS 16 (I+M)	(40 436) ,	(36 130) ,
O	IFRS 16 – Lease impact	(21 358) ,	(22 448) ,
	Current portion	(5 398) ,	(4 712) ,
	Non-Current portion	(15 960) ,	(17 736) ,
P	Net financial position (N+O IFRS 16 impact)	(61 794) ,	(58 578) ,

H1 2025 CONSOLIDATED CASH FLOW STATEMENT

RECLASSIFIED

'000 Eu	30.06.2025	30.06.2024
Cash flows from operating activities	9,107	15,833
Cash flows from investing activities	(3,571)	(2,299)
Free Cash Flow	5,536	13,534
Cash flows from financing activities	(19,490)	(13,853)
Effect of exchange rate changes on cash and cash equivalents	(1,991)	510
Net cash flow	(15,945)	191
Cash and cash equivalents at the beginning of the period	47,478	46,962
Cash and cash equivalents at the end of the period	31,533	47,153

DISCLAIMER AND NOTES

h d cum h b p p d by SO EC S.p.A. ( h 'C mp y') y f h pu p f h p .

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CONTACTS

Investor Relations somec@twin.services investorrelations@somecgroup.com

''

(…) The truth is that the technical, industrial and craft expertise of our people, and the freedom with which everyone in the Group can be innovative, give us the energy to pursue our dream to become the hub of Italian construction quality.

"

OSCAR MARCHETTO CHAIRMAN & CEO