Slides
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SECOND QUARTER AND FIRST HALF 2026 RESULTS 29th JULY 2026
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2 Highlights Financials AGENDA Outlook Appendix
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3 • Strong Q2 organic growth led by heating, especially heat pumps • Water heating grew across geographies, with an improving trend in North America • Lennox JV progressing very well 691 €M +5.2% YoY organic1 Net Revenues Adj. EBIT • Margin expansion thanks to operating leverage, pricing and cost efficiencies • Continued investment for growth 39 €M 5.7% margin2 vs. 4.8% in Q2’25 • Free cash flow reflected business seasonalityFree Cash Flow -8 €M vs. 3 €M in Q2’25 • FY 2026 guidance confirmed • Riello consolidated from July 1st, 2026; expected 190-200 €M incremental net revenue in H2 2026 Guidance 1. At constant exchange rates and on a like-for-like basis. 2. 5.8% EBIT Adj. margin at like-for-like perimeter, excluding minor acquisitions in Combustion Technologies and Components. Q2 STRONG ORGANIC GROWTH AND MARGIN EXPANSION. FY GUIDANCE CONFIRMED
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4 4 1. Pro-forma FY2025. Riello consolidated from July 1st 2026. Revenues 2,707 ~400 ~3,107 EBITDA Adj. [margin] 317 [11.7%] ~35 [8.8%] ~352 [11.3%] EBIT Adj. [margin] 193 [7.1%] ~18 [4.5%] ~211 [6.8%] # plants2 32 5 37 # people 10.8K ~1.2K ~12k New perimeter1 + ARISTON GROUP + RIELLO: KEY FIGURES FY 2025 PRO-FORMA = €M
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5 BALANCED EXPOSURE TO BOTH CLIMATE COMFORT AND WATER HEATING MARKETS FY 2025 PRO-FORMA NET REVENUES INCLUDING RIELLO GROUP Climate comfort Water Heating THERMAL COMFORT DIVISION COMBUSTION TECHNOLOGIES DIVISION Residential heat-recovery ventilation Air Handling units Services & Parts COMPONENTS DIVISION Heat Pumps Gas storage & instant SolarElectric storage & instant Heating Hybrid systems Heating Heat Pumps Heating Boilers Air Conditioning ~87% ~3% ~3.1€BN REVENUES FY 2025 ~10%
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6 RIELLO CLOSING COMPLETED. VALUE CREATION ACTIVITIES STARTED Technology Leveraging Ariston Group’s advanced platforms in renewables and high efficiency solutions, electronics and connectivity Sourcing & Logistics Optimizing procurement across common categories and leveraging increased scale in logistics Product Portfolio Enhancing through Riello’s commercial & industrial boilers and combustion technologies Digital & ICT Leveraging Ariston Group’s digital capabilities and go-to-market tools €25m EBITDA run-rate synergies from 2030 • Closing completed on July 1st, 2026 • Value creation workstreams started, well-defined execution plan Value creation levers
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7 • Historical trend: +4% volume growth, replacement market, with a shift to higher efficiency and renewable solutions. Exceptional peak in 2023, driven by HHP incentives and fear of gas boiler ban in 2024 (non materialized) • H1 2026: approved heat pump incentives were +40% in H1 2026 YoY , accelerating to +54% YoY in Q22 and +64% in May • Latest updates3: o Building Modernization Act (GModG) approved on July 10th 2026, removing 65% renewable-heating mandate on new installations o Confirmed BEG incentives for HHP until 2029, with updated criteria, from July 21st, 2026: - Eligible cost cap from 30k€ to 28k€, then decreasing - 20% climate-speed bonus to be gradually reduced - Max allowed incentive up to 80% for low income (previously 70%) o New 15% "Made with Europe" incentive from Q1’27, details under definition www.kfw.de 1. Germany represents circa 20% of 2025 Ariston Group revenues. 2. Source: BDH. Number of incentives approval includes air-to-air HP. Q2 2026 includes only April and May data. 3. Reform summary is non-exhaustive. Refer to German Government (www.bundesregierung.de) and Kreditanstalt für Wiederaufbau (www.kfw.de) publications for complete details. 400 600 800 1,000 1,200 1,400 200 2011 2015 2019 2022 2023 20252024 +4% +34% -46% -12% GERMANY: HEAT PUMP INCENTIVES +64% IN MAY. INCENTIVES EXTENDED UNTIL 2029, UPDATED CRITERIA Germany1 example: heating generators market, ‘000 pcs Gas & Oil, solid fuel Heat Pump Quarterly avg. of HHP incentive approvals2 (‘000) 4 10 14 2421 20 24 3127 33 Q1 Q2 Q3 Q4 2024 2025 2026
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8 Highlights Financials AGENDA Outlook Appendix
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9 Q2 STRONG ORGANIC GROWTH ACROSS ALL BUSINESS LINES NET REVENUES, €M Q2 2025 Organic FX Perimeter variation Q2 2026 644 5.2% 0.6% 1.6% 691 Heating: strong organic growth across geographies and product categories Water heating: organically up in all regions, especially in North America Services and Parts: continued positive trend FX: positive contribution from Mexico, Australia and Switzerland while negative in US Perimeter variation: minor acquisitions in Combustion Technologies and Components +7.4% H1 2025 Organic FX Perimeter1 variation H1 2026 1,292 2.4% -0.2% 2.1% 1,347 +4.3% Q2 H1 Q2 comments 1. Includes Russia contribution in Q1.
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10 ORGANIC GROWTH IN ALL REGIONS NET REVENUES, €M Share of net revenues, % H1 2026 Europe Asia Pacific & MEA Americas 74% 17% 9% 930 995 2025 2026 +7.0% 471 510 2025 2026 +8.3% Q2 comments: Q2 H1 Q2 H1 Strong organic growth in most countries – Germany continued growth in heat pumps Ariston Group overperformed the market Positive organic growth excluding Middle East conflict headwind Strong organic performance in both Water Heating and Heating FX tailwind in Mexico Q2 H1 234 226 2025 2026 -3.5% 116 117 2025 2026 +0.7% 57 65 2025 2026 +13.6% 128 127 2025 2026 -0.7%
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11 MARGIN IMPROVED THANKS TO PROFITABLE GROWTH €M, % OF NET REVENUES Adj. EBIT 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 2025 2026 66 5.1% 74 5.5% +11.7% +0.4 p.p. 0 10 20 30 40 2025 2026 31 4.8% 39 5.7%1 +28.3% +0.9 p.p. Q2 H1 • Margin improvement thanks to operating leverage, pricing and cost efficiencies − Continued investment in digital, go-to-market and R&D − Middle East costs headwinds • Trajectory in line with historical seasonality • Reported EBIT at 36 €M; main adjustments: − Net impact of right-sizing initiatives, including gains on real estate disposals − PPA amortization Q2 comments 1. 5.8% EBIT Adj. margin at like-for-like perimeter, excluding minor acquisitions in Combustion Technologies and Components.
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12 FREE CASH FLOW PERFORMANCE IN LINE WITH HISTORICAL SEASONALITY • FCF in line with business seasonality • Stable NWC at optimized level to support business growth and client level of service • CapEx increased in line with announced investment plan Net Working Capital, % of rolling net revenues €M Mar 31, 2026 Jun 30, 2026 430 15.6% 442 15.9% +0.3 p.p. Free Cash Flow +0.5 p.p. like-for-like2 Q2 comments -14 -77 -80 -60 -40 -20 0 20 40 2025 2026 Q2 H1 3 -8 2025 2026 Mar 31, 2025 Jun 30, 20251 371 14.1% 403 15.1% +1.0 p.p. 1. Main perimeter variation: Russia reconsolidated since April 2025. 2. Perimeter variation: minor acquisitions in Combustion Technologies and Components.
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13 1. Adj. Net debt/(Cash) / Adj. EBITDA. NET DEBT INCREASE REFLECTING SEASONALITY €M -77 -34 -37 Adj. net cash/(Debt) 31 Dec 2025 FCF Cash outflow for acquisitions -16 Financial, FX charges and others Dividends -3 Buyback 6 Non-cash items Adj. net cash/(Debt) 30 Jun 2026 -542 -702 MtM, IFRS16 variation and exchange rate effect on the Net Financial Indebtedness Leverage1 1.7x 2.2x
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14 • New financing for Riello acquisition • Average non-current bank debt maturity at c. 3.5 years, with ~90% of maturities in 2028-2032 • Limited exposure to inflation: >50% of long-term debt at fixed rates or hedged • Additional ~1 €BN committed unused credit lines to fuel organic & inorganic growth 1. Adj. Net Financial Indebtedness is the sum of liquidity, debt and adjustments (put & call options, escrow accounts and positive MtM). Full details in appendix. LONG-DATED DEBT PROFILE WITH SIGNIFICANT FINANCIAL FLEXIBILITY €M 221 250 559 -901 -824 30 Jun 2025 31 Dec 2025 30 Jun 2026 Liquidity Debt -1,273 Adj. Net Financial Indebtedness1 -542 -702-654
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15 Highlights Financials AGENDA Outlook Appendix
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16 Top line • Organic revenues1 growth between +1% and +4% YoY Profitability • Adj. EBIT between 7% and 8% thanks to continued cost efficiencies and operating leverage, while increasing investments in go-to- market, new products, digitalization and R&D to fuel growth Middle East • Headwinds being managed at current intensity level Cash Flow • Capex between 5.0% and 5.5% on revenues to fuel growth • Cash flow generation concentrated in Q4, in line with historical seasonality M&A • Continuous assessment of strategic M&A and bolt-on options • Riello consolidated from July 1st, 2026; expected 190-200 €M incremental net revenue in H2 2026 2026 GUIDANCE 1. Organic growth defined on a like-for-like basis, at constant FX. Focus on growth, while investing in strategic initiatives.
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Q&A Session
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18 Highlights Financials AGENDA Outlook Appendix
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19 19 Net revenues €M 497 2001 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1,987 2,379 3,092 2,633 2,707 CAGR 2001-25: c.7% Note: figures adjusted for non-recurring events or transactions, restructuring or employment termination agreements, other events not representative of normal business operations. financial figures from 2001 to 2017 are reported according to Italian GAAP and therefore not fully comparable with figures since 2018. Figures are accounted under the IFRS9, IFRS5 and IFRS16. 2020 adj. EBITDA net of €5M Covid-19 cost, that are recasted to recurring operations. EBITDA 2001 not adjusted. STORY OF SOLID AND CONTINUOUS GROWTH, ORGANIC AND INORGANIC IPO
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20 20 2014 A CCESS TO N EW MARK ETS / TECH NO LO GI ES F LEXI BLE ACQ U I SI TI O N STRU CTU RE S OLI D SYNERGI ES EXECU TI O N KEY DRIVERS OF VALUE CREATION 2021 2022 201920172016 Multi-brand Service Platform 2015 Condensing Boiler Market WHE Specialty Stainless Steel 2023 LAST >10-YEAR M&A TRACKRECORD 2024 Solar WH in Israel HPWH in Australia High End WHB Platform 2025 2026 Components add-on Components add-on WHE plant in Egypt
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21 OUR GLOBAL PRESENCE >12k employees Markets of distribution>170 R&D Centers 34 Countries of direct presence40 Production sites 37 PRO-FORMA INCLUDING RIELLO GROUP
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22 DISTRIBUTION CHANNELS: MAINLY B2B2C End-User Sanitary Wholesaler Installers Distributor Re-sellers/Installers Modern Trade E-Commerce (marketplace) • Quality of the relationship • Ease of installation and maintenance • Training • Pre-sales and after-sales support • High efficiency of the product range • Useful digital services Installers priorities Installers Projects Note: chart is illustrative and not exhaustive.
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23 CURRENT REGULATION IN THE EUROPEAN HEATING MARKET: SUMMARY OF OUR MAIN COUNTRIES EU: Energy Performance of Buildings Directive (EPBD) Stop incentives for «stand-alone boilers powered by fossil fuels» from 2025. Push towards decarbonisation technologies, reduction of energy consumption of existing building stock. Phase-out of fossil fuels used in boilers by 2040. Incentives / ban presence Replacement Technology-neutral approach following July 2026 reform. Maintained incentives for HHP until 2029 Incentives for Heating Heat Pumps and Water Heating Heat Pumps, Hybrids included. No incentives for gas boilers New Buildings Technology-neutral approach following July 2026 reform Heat Pumps are mandated both for Heating and Water Heating. Stand-alone gas boilers not allowed Incentives structure1 Up to 80% reimbursement, max €28k expenditure, with further gradual reduction planned Up to 50% tax deduction spread over 10 years, subject to income eligibility Depending on type, Canton, rated power and system Income-based incentives for EU/EEA- approved HHP www.bundesregierung.de www.kfw.de 1. Reform summary is non-exhaustive. Refer to German Government (www.bundesregierung.de) and Kreditanstalt für Wiederaufbau (www.kfw.de), Italian Ministry of Environment and Energy Security - MASE (mase.gov.it); Swiss Federal Office of Energy - SFOE/BFE (bfe.admin.ch), French Ministry for Ecological Transition (ecologie.gouv.fr), European Commission (energy.ec.europa.eu) publications for complete details.
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24 Economic rights - % 1. Including 544,937 ordinary shares held directly by Mr. Paolo Merloni. SHAREHOLDERS AND VOTING RIGHTS AS OF 30 JUNE 2026 Share capital: 372.6mln shares Voting rights 125.5 Ordinary listed shares 22.1 Ordinary non-listed shares 225.0 Multiple voting non-listed shares 17.0% 15.4%61.4% Merloni Holding Spa 2.1% Amaranta Srl Centrotec SE 4.1% Treasury shares Market1 % stake 79.6% 10.9% Merloni Holding Spa Amaranta Srl 3.3% Centrotec SE 6.2% Market1 • Merloni Holding Spa: 198.0mln • Amaranta Srl: 27.0mln Voting rights - % 58.9% 8.0% 11.1% 20.7% Merloni Holding Spa Amaranta Srl Centrotec SE 1.4%Treasury shares Market1 N. of shares - mln • Centrotec SE: 22.1mln
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25 ESG RATINGS: IMPROVEMENT CONTINUED IN 2026 WITH UPGRADE TO ‘A’ FROM MSCI Silver Medal Score: 68/100 2023 2024 Bronze Medal Score: 57/100 B Household Durable sector BBB Building Products sector Science Based Targets initiative validated4 the “Road to 100” decarbonization 2030 targets (Scope 1, Scope 2, Scope 3 emission reduction targets) 1.The EcoVadis assessment evaluates a company on 21 sustainability criteria in four core areas: Environment, Labor & Human Rights, Ethics and Sustainable Procurement. 2.The S&P Global ESG Score measures a company’s performance on and management of material ESG risks, opportunities, and impacts informed by a combination of company disclosures, media and stakeholder analysis, modeling approaches, and in-depth company engagement via the S&P Global Corporate Sustainability Assessment (CSA). The Corporate Sustainability Assessment includes 62 industry-specific questionaries. 3.MSCI ESG Research provides ESG Ratings on global public and a few private companies on a scale of AAA (leader) to CCC (laggard), according to exposure to industry-specific ESG risks and the ability to manage those risks relative to peers. 4.In 2024. ESG ratings Emission targets approval 2025 Above median: 3.66 Electrical equipment peer group Leading: 4.17 Electrical equipment peer group Leading: 4.63 Electrical equipment peer group Silver Medal Score: 73/100 Global CSA Score 46/100 Building Products Global CSA Score 27/100 Household Durable Global CSA Score 39/100 Building Products 2026 Improved 2 3 Improved Improved Improved Improved A Building Products sector Improved 1
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26 NET REVENUES BY DIVISION €M Share of net revenues, % H1 2026 2025 2026 1,203 1,239 +2.9% 42 57 2025 2026 +34.5% 24 27 2025 2026 +12.6% Thermal Comfort Combustion TechnologiesComponents 599 636 2025 2026 +6.2% 21 29 2025 2026 +37.2% 46 52 2025 2026 +12.4% Q2 H1 Q2 H1Q2 H1 92% 4%4%
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27 LIKE-FOR-LIKE KEY FINANCIALS SINCE 2024 €M 1. Excluding contribution from perimeter variation vs. Y-1. 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Reported net revenues 653 621 632 727 648 644 668 747 656 691 Like-for-like net revenues1 635 612 632 727 648 624 647 729 640 681 Like-for-like Adj. EBIT1 30 27 40 63 35 31 48 79 34 40
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28 HISTORICAL QUARTERLY GROWTH BY REGION NET REVENUES, YOY % CHG., PRO-FORMA ADJUSTED 2021 2022 20231 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Europe +6.6% +18.1% +17.5% +18.2% +15.3% +14.1% +16.2% +59.6% +50.8% +46.7% +38.5% +48.5% Asia Pacific & MEA +5.6% +20.3% +54.0% +52.3% +48.5% +18.0% +40.6% -1.4% +3.6% -1.7% -4.4% -1.1% Americas +16.1% +24.9% +15.5% +17.7% -5.1% +5.1% +7.4% -4.9% -22.2% -4.5% -3.9% -8.6% Total Group +7.6% +19.4% +23.8% +24.3% +18.7% +13.6% +19.7% +37.6% +31.5% +28.9% +23.1% +30.0% o/w organic +5.9% +19.9% +14.5% +12.6% +6.4% +4.2% +9.1% +7.0% +3.5% -1.4% -3.2% +2.5% In the table above, contribution from Ariston Thermo Rus LLC was excluded starting from Q2 onwards (and from the corresponding 2023 figures for comparison) until Q1 2026. 2024 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Europe -18.2% -20.3% -17.1% -10.1% -16.4% +2.1% +3.2% +4.8% +2.2% +3.0% +3.9% +8.3% Asia Pacific & MEA -4.5% -11.8% -7.4% +3.9% -4.9% +3.4% +0.0% -0.5% -6.3% -1.2% -7.7% +0.7% Americas 4.1% +5.0% -7.6% -6.3% -1.8% +0.2% -0.6% -3.4% +3.9% +0.3% -12.3% +13.6% Total Group -14.0% -17.0% -14.4% -7.3% -13.1% +2.1% +2.2% +2.9% +0.7% +1.9% +0.0% +7.4% o/w organic -13.6% -16.8% -13.7% -6.8% -12.7% +2.4% +3.6% +4.2% +2.1% +3.0% -0.3% +5.2% Ariston Thermo Rus LLC included in the table above as per the reported figures Note: Ariston Thermo Rus LLC was deconsolidated from end-April in 2024 and reconsolidated since end-March 2025. 1. Organic growth calculated pro-forma including Wolf-Brink in 2022 given the relevant magnitude of the acquisition.
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29 HISTORICAL ORGANIC GROWTH 1. Organic growth excludes change of perimeter vs Y-1. and FX effects. 2. Organic growth calculated pro-forma including Wolf-Brink in 2022 given the relevant magnitude of the acquisition. NET REVENUES ORGANIC1 GROWTH YOY , % FY 2021 FY 2022 FY 20232 FY 2024 FY 2025 H1 2026 19.9% 9.1% 2.5% -12.7% 3.0% 2.4%
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30 HISTORICAL SEASONALITY Demand for heating-related products concentrated toward 2H Operating leverage gives margins an even more pronounced seasonality The last quarter of the year usually generates >100% of yearly FCF Q1 Q2 Q3 Q4 Average 2017-25 Q1 Q2 Q3 Q4 Average 2017-25 Net revenues Adj. EBIT Cumulated FCF Quarterly weight on FY Quarterly weight on FY Quarterly trend Q1 1H 9M FY Average 2017-25
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31 INCOME STATEMENT: LIKE-FOR-LIKE 4 €M Q2 2026 Q2 2025 % change Net revenue 681.3 643.6 +5.9% EBITDA 71.4 95.7 -25.3% % margin 10.5% 14.9% Adjusted EBITDA 68.3 60.4 +13.1% % margin 10.0% 9.4% EBIT 37.6 60.9 -38.2% % margin 5.5% 9.5% Adjusted EBIT 39.6 30.8 +28.9% % margin 5.8% 4.8% 1. Like-for-Like: excluding minor acquisitions in Combustion Technologies and Components.
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32 1. Main adjustments on H1 2025 EBITDA: reconsolidation of Ariston Thermo Rus LLC: -40€M, to be considered as an extraordinary item. INCOME STATEMENT: REPORTED 4 €M H1 2026 H1 2025 % change Net revenue 1,347.3 1,291.8 4.3% EBITDA 134.6 158.1 -14.9% % margin 10.0% 12.2% Adjusted EBITDA 133.5 124.5 7.2% % margin 9.9% 9.6% EBIT 64.4 89.2 -27.8% % margin 4.8% 6.9% Adjusted EBIT 73.5 65.9 11.7% % margin 5.5% 5.1% Net financial charges (17.5) (17.9) Income/(losses) from associates 0.5 (3.6) Profit before tax 47.3 67.7 Taxes (11.8) (8.6) Reported net profit 35.5 58.7 Adjusted net profit 41.7 38.6 1
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33 1. The change in net working capital excludes (i) the NWC effect from the initial consolidation of acquired entities (since only the NWC movement from the acquisition date to period-end generates cash, i.e. the opening NWC at acquisition is a balance sheet effect, not a cash flow item); and (ii) FX translation effects, which by nature never generate a cash flow on any balance sheet item. 2. Excludes MtM derivatives impact. RECLASSIFIED CASH FLOW STATEMENT €M H1 2026 H1 2025 Change EBITDA 134.6 158.1 (23.5) Tax paid (25.0) (21.7) (3.3) Provisions and other changes from operating activities (12.0) (51.1) 39.1 Change in working capital1 (110.3) (43.5) (66.8) Operating Cash Flow (12.7) 41.8 (54.5) CapEx (43.8) (38.1) (5.7) IFRS16 lease payments (20.3) (18.7) (1.6) Other changes2 (0.3) 0.9 (1.2) Free Cash Flow (77.1) (14.1) (63.0)
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34 Note: Positive figures represent net cash. NET FINANCIAL INDEBTEDNESS 4 30/06/2026 31/12/2025 30/06/2025 Liquidity 558.9 249.9 221.4 minus: Current financial indebtedness (230.4) (86.4) (153.1) minus: Non-current financial indebtedness (1,043.0) (737.2) (748.1) Net Financial Indebtedness (ESMA guidelines) (714.5) (573.7) (679.8) Adjustments: Put & call options, escrow accounts and positive MtM 12.1 31.7 26.0 Adjusted Net Financial Indebtedness (previous calculation method) (702.4) (542.0) (653.7) €M
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35 DISCLAIMER This document contains forward-looking statements that relate to future events and future operating, economic and financial results of Ariston Group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances. Actual results may differ materially from those reflected in forward-looking statements due to a variety of factors, most of which are outside of the Group’s control, including the direct and indirect consequences resulting from the ongoing developments in Ukraine and Russia.
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THANK YOU Investor Relations contacts +39 02 8567 2317 investor.relations@ariston.com