Technogym

Investor Presentation • Jul 31, 2025

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H1 2025 Results

MAIN COLORS SECONDARY COLORS Technogym Investor Relations

Cesena, Italy – July 31st, 2025

Strictly private & confidential

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Speakers

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Nerio Alessandri Founder, Chairman & CEO

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William Marabini Chief Financial Officer

Michele Bertacco Investor Relations Director

Disclaimer

MAIN COLORS SECONDARY COLORS This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person.

This presentation might contain certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Technogym S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Technogym S.p.A. to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Technogym S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

Any reference to past performance or trends or activities of the Technogym Group shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy Technogym's securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto or constitute a recommendation regarding the securities of Technogym.

Technogym's securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

William Marabini, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the accounting information contained herein correspond to document results ,books and accounting records.

Some figures related to previous periods were reclassified for a better representation of balance sheet and the profit and loss statements.

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R: 0 G: 0 B: 0

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Agenda

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Technogym statement

Nerio Alessandri

Latest events

Michele Bertacco

William Marabini

Q&A All

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MAIN COLORS SECONDARY COLORS

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R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

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Nerio Alessandri

Technogym Founder and CEO key comments

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"Following a strong 2024, Technogym continued to grow in the first half of 2025.

Wellness, health, and the pursuit of healthy longevity have become increasingly central priorities for people as well as for governments.

We look to the future with confidence. Technogym remains committed to creating long-term value for all stakeholders and contributing to healthy longevity across the globe"

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LATEST EVENTS

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Technogym launches HealthnessTM

Cesena, February 15th

After 40 years of Wellness, Technogym launches Healthness.

Healthness represents preventive healthcare, to improve physical performance and ensure healthy longevity.

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R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

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"The Art of Wellness" Book by Assouline

New York, March 7th

Technogym, in partnership with the prestigious publishing house Assouline, presents the book "The Art of Wellness"

This photographic volume celebrates technogym's design and the vision of the brand that has transformed the functional concept of fitness into an emotional experience by making its products genuine works of art and leveraging science and digital innovation.

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R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

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"The Art of Wellness" Exhibition

Milano Design Week

Technogym kicked off Milan Design Week 2025 with an unforgettable event to inaugurate the Art of Wellness - an exhibition celebrating the evolution of wellness design.

From the ancient pommel horse and early exercise bikes to today's AI-powered Technogym ecosystem, equipment, digital services, and on-demand training.

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R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

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Salone del Mobile Milano, April 7-13

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R: 223 G: 229 B: 239

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

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FIBO exibition Cologne, April 10th-13th

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R: 223 G: 229 B: 239

Base colors R: 255 G: 250 B: 204

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R: 255 G: 226 B: 0

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R: 127 G: 115 B: 0

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Rimini Wellness exibition Rimini, May 29 – June 1

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Base colors R: 255 G: 250 B: 204

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R: 255 G: 226 B: 0

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R: 127 G: 115 B: 0

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Pure Strength Launch

Rimini Wellness

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PURE STRENGTH is the new platform dedicated to strength training, designed to meet the needs of various communities, from bodybuilding to functional fitness.

At the core of the offering is the iconic plate-loaded equipment line, designed to deliver maximum biomechanical effectiveness and to target all muscle groups safely and efficiently. The system is completed by a full range of products — including weight plates, barbells, kettlebells other accessories for a comprehensive and professional workout.

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1000 Miglia at Technogym Village Cesena, June 19th

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R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

R: 242 G: 242 B: 242

R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

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R: 223 G: 229 B: 239

Ibiza and Waterfront Porto Cervo

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Temporary store

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Technogym x F1

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Formula 1® chooses Technogym's gym equipment and wellness program

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New Technogym Reform: the Pilates Revolution

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MAIN COLORS SECONDARY COLORS

Base colors

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R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

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R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

R: 0 G: 0 B: 0

Base colors

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

New ARTIS LUXURY product line

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R: 191 G: 191 B: 191

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R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

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R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

Selection – new 5 models

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R: 255 G: 226 B: 0

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R: 127 G: 115 B: 0

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R: 191 G: 191 B: 191

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R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

R: 0 G: 0 B: 0

Base colors

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

H1 FINANCIALS

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R: 127 G: 115 B: 0

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R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

2025 H1 Strong increase in profitability

Strictly private & confidential 23

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R: 191 G: 191 B: 191

R: 242 G: 242 B: 242

R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

R: 0 G: 0 B: 0

Base colors

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

Revenue growth +14.1%

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R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

R: 242 G: 242 B: 242

R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

Up everywhere

402.1 EUROPE 213.4 +15.4% (EXCL. ITA) (46.5%) 184.9 (46.0%) 77.0 AMERICAS* +20.2% 64.1 (16.8%) (15.9%) 60.9 MEIA 54.4 +12.0% (13.3%) (13.5%) 59.7 58.4 APAC +2.4% (13.0%) (14.5%) 47.7 40.4 ITA +18.2% (10.4%) (10.1%) H1 2024 H1 2025	+14.1%	458.8	2025 vs Y-1

Base colors

* includes North America and Latam

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

Growth of both BtoB and BtoC

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R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

R: 242 G: 242 B: 242

R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

R: 242 G: 242 B: 242

R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

R: 0 G: 0 B: 0

Strong increase by Field Sales and Retail

* includes E-Commerce and Teleselling channels

Statutory Profit & Loss H1 2025

€ millions	H1 2025	% on sales	H1 2024	% on sales	Var.	Var. %		Comments
Total Revenue	458.8		402.1		56.7	14.1%
Cost of raw, ancillary and consumable materials and goods for resale	(140.3)	(30.6%)	(129.7)	(32.3%)	(10.6)	8.2%	▪	Revenue grew +14.1% to 458.8 m€ (+14.4% at
of which (cost) non recurrent	0.0		0.0		0.0			constant F/X), mainly driven by volumes growth and
Service, Rentals and leases	(126.8)	(27.6%)	(111.3)	(27.7%)	(15.5)	14.0%		product mix improvement;
of which (cost) non recurrent	(0.2)		(0.6)		0.4
Personnel cost	(106.2)	(23.1%)	(92.4)	(23.0%)	(13.8)	15.0%
of which (cost) non recurrent	(2.0)		(0.4)		(1.6)		▪	Cost reduction on raw materials, components and
Depreciations, amortisations and write-downs	(26.5)	(5.8%)	(25.0)	(6.2%)	(1.5)	6.0%		international transport; investments in marketing, retail
of which (cost) non recurrent	(0.0)		(0.0)		0.0			(temporary store), new offices (Us)
Provision for risk and charges	(1.8)	(0.4%)	(1.8)	(0.5%)	0.0	(1.5%)
of which (cost) non recurrent	(0.0)		(0.3)		0.2
Other operations cost	(3.2)	(0.7%)	(3.2)	(0.8%)	(0.1)	2.2%	▪	Personnel costs growth aimed at investing in
of which (cost) non recurrent	(0.4)		(0.1)		(0.3)			salesforce, operations, and new skills connected to
Share of result in investments consolidated at equity method	0.0	0.0%	0.1	0.0%	(0.0)	(55.8%)		our digital ecosystem;
of which (cost) non recurrent	0.0		0.0		0.0
Net operating income	54.0	11.8%	38.9	9.7%	15.1	38.9%	▪	EBITDA adjusted at 18.5%, growing from 16.6%
Financial income and (expenses) and from investments	1.3	0.3%	2.4	0.6%	(1.1)	(46.2%)		previous year (+27.2%).
Profit (loss) before tax	55.3	12.0%	41.2	10.3%	14.0	34.0%
Taxes of which (cost) non recurrent	(13.9) (0.2)	(3.0%)	(10.9) 0.0	(2.7%)	(3.0) (0.2)	28.0%
Profit (loss)	41.3	9.0%	30.4	7.6%	11.0	36.1%
Profit (loss) for the year of minority interests	(0.5)	(0.1%)	0.8	0.2%	(1.3)	h.v.
Profit (loss) attributable to owners of the parent	40.8	8.9%	31.1	7.7%	9.7	31.1%
Adjusted EBIT	56.6	12.3%	40.2	10.0%	16.4	40.9%
Adjusted EBITDA	-2.6 84.8	18.5%	-1.1 66.7	16.6%	18.1	27.2%
Profit (loss) adjusted	43.6	9.5%	32.5	8.1%	11.2	34.4%

Base colors

Comments

• Revenue grew +14.1% to 458.8 m€ (+14.4% at constant F/X), mainly driven by volumes growth and product mix improvement;
• Cost reduction on raw materials, components and international transport; investments in marketing, retail (temporary store), new offices (Us)
• Personnel costs growth aimed at investing in salesforce, operations, and new skills connected to our digital ecosystem;
• EBITDA adjusted at 18.5%, growing from 16.6% previous year (+27.2%).

Base colors

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

Trade working capital

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

R: 242 G: 242 B: 242

R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

Capex: Investing in Digital, R&D, Retail

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

R: 242 G: 242 B: 242

R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

R: 0 G: 0 B: 0

Base colors

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

Improvement in Free Cash Flow recurring before taxes

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

R: 242 G: 242 B: 242

R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

R: 0 G: 0 B: 0

Base colors

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

Net Financial Position

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

R: 242 G: 242 B: 242

R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

R: 0 G: 0 B: 0

Base colors

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

Net Financial Position walk

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

R: 242 G: 242 B: 242

R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

Balance Sheet June 2025

€ millions		H1 2025	% on sales	FY 2024	% on sales	Var. %
Inventories		130.4	13.6%	110.9	12.3%	17.6%
Trade receivables		98.8	10.3%	132.8	14.7%	(25.6%)
Trade payables		(181.0)	(18.9%)	(179.1)	(19.9%)	1.1%
Trade Working Capital		48.2	5.0%	64.6	7.2%	(25.5%)
Other current assets/(liabilities)		(81.7)	(8.5%)	(83.6)	(9.3%)	(2.3%)
Current tax liabilities		(17.1)	(1.8%)	(15.4)	(1.7%)	10.8%
Provisions		(25.7)	(2.7%)	(28.2)	(3.1%)	(8.8%)
Net Working Capital		(76.3)	(8.0%)	(62.7)	(7.0%)	21.9%
Property, plant and equipment		185.0	40.3%	178.0	19.8%	3.9%
Intangible assets		49.4	10.8%	51.9	5.8%	(4.8%)
Goodwill		0.9	0.2%	1.0	0.1%	(9.0%)
Investments in joint ventures		2.1	0.5%	1.2	0.1%	70.4%
Employee benefit obligations		(3.4)	(0.8%)	(2.5)	(0.3%)	37.7%
Other non current asset and (liabilities)		21.9	4.8%	59.7	6.6%	(63.3%)
Net Fixed Capital		255.9	26.7%	289.4	32.1%	(11.6%)
Net Invested Capital		179.6	18.7%	226.7	25.2%	(20.8%)
Shareholders' Equity		263.7	57.5%	386.8	42.9%	(31.8%)
Net financial position adj for Trade pay due > 12m *		(84.1)	(8.8%)	(160.1)	(17.8%)	(47.5%)
Total Source of Funding		179.6	18.7%	226.7	25.2%	(20.8%)
(132.8 m€) excluding	NFP (Cash) IFRS16			NFP (Cash) (207.2 m€) excluding IFRS16

* Balance sheet net financial position adj for Trade pay due > 12m excludes all the trade payables that will be due after 12 months from the date of reporting, according to ESMA guidelines on 4th March 2021

Base colors

R: 221 G: 218 B: 206

R: 182 G: 182 B: 173

R: 146 G: 146 B: 140

R: 111 G: 141 B: 185

R: 76 G: 108 B: 156

R: 54 G: 77 B: 110

R: 157 G: 177 B: 207

R: 195 G: 207 B: 225

R: 223 G: 229 B: 239

MAIN COLORS SECONDARY COLORS

Base colors R: 255 G: 250 B: 204

R: 255 G: 240 B: 102

R: 255 G: 226 B: 0

R: 191 G: 173 B: 0

R: 127 G: 115 B: 0

R: 80 G: 72 B: 0

R: 191 G: 191 B: 191

R: 242 G: 242 B: 242

R: 216 G: 216 B: 216

R: 71 G: 71 B: 71

R: 143 G: 143 B: 143

R: 0 G: 0 B: 0

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