Slides
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THIRD QUARTER AND NINE MONTHS 2026 RESULTS 4th NOVEMBER 2026
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2 Highlights Financials AGENDA Outlook Appendix
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3 • Strong heating business growth in Europe, driven by heat pumps • Intensified headwinds in Middle East, weak water heating in Americas 778 €M +16.4% YoY reported +0.6% YoY organic1 Net Revenues Adj. EBIT • Margin almost stable YoY despite accelerated inflationary pressure on costs52 €M 6.9% LfL margin2 vs. 7.2% in Q3’25 • Working capital increase driven by safety stock to support heat pumps demand and manage refrigerants transition, new plants ramp-up and weak sales in AMEA (Gulf conflict) and Americas Free Cash Flow -11 €M vs. 15 €M in Q3’25 • FY 2026 guidance: organic revenue expected between +1% and +2%, Adj. EBIT margin around 7% • Riello: expected 190÷200 €M net revenue in H2 2026 Guidance 1. At constant exchange rates and on a LfL (like-for-like) basis (excluding Riello, Mutosi and minor acquisitions in Combustion Technologies and Components). 2. Adj. EBIT margin reported 6.6%. SOLID GROWTH IN EUROPE, HEADWINDS IN ROW DUE TO A TOUGHER THAN EXPECTED CONTEXT. FY GUIDANCE UPDATED • Riello integration progressing well across key value creation workstreams • Mutosi acquisition closed on Sep 4th, 2026, enteringVietnam’s fast-growing water purification market • Further improvements in ESG ratings Highlights
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4 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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5 • Historical trend: +4% volume growth, replacement market, with a shift to higher efficiency and renewable solutions. Exceptional peak in 2023, driven by HP incentives and fear of gas boiler ban in 2024 (non materialized) • 9M 2026: approved heat pump incentives +58% in 9M 2026 YoY , accelerating +74% in Q32 • Current regulation3: o Building Modernization Act (GModG) approved on July 10th, 2026, removing 65% renewable- heating mandate on new installations o Confirmed BEG incentives for HP 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 mid-2027, 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. 3. Reform summary is non-exhaustive. Refer to German Government (www.bundesregierung.de) and Kreditanstalt für Wiederaufbau (www.kfw.de) publications for complete details. 4. BDH forecast published on August 11, 2026. 400 600 200 800 1,000 1,200 1,400 2023 202520242022 2026E2015 20192011 +4% +34% -46% -12% GERMANY: APPROVED INCENTIVES FOR HP AT +58% YTD, ACCELERATING IN Q3 Germany1 example: heating generators market, ‘000 pcs Gas & Oil, solid fuel Heat Pump Quarterly avg. of HP incentive approvals2, ‘000/month 4 10 14 2421 20 24 31 27 35 41 Q1 Q2 Q3 Q4 2024 2025 2026 4
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6 ESG RATINGS: CONTINUED POSITIVE TREND 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 2 3 Improved absolute score A Building Products sector Improved 1 Global CSA Score 49/100 Building Products Bronze Medal Score: 74/100 A Building Products sector
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7 Highlights Financials AGENDA Outlook Appendix
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8 Q3 ORGANIC GROWTH DRIVEN BY HEAT PUMPS, RIELLO CONSOLIDATION SINCE Q3 NET REVENUES, €M Q3 2025 Organic FX Perimeter variation Q3 2026 668 0.6% 0.9% 14.9% 778 Heating: heat pumps continued to grow, mainly in Germany; weak gas boiler market Water heating: headwind in Middle East (war), weak performance in Americas, overall stable in other markets Services and Parts: continued solid growth Components and Combustion Technologies divisions: positively growing FX: major positive contribution from US, Mexico, Australia and Israel Perimeter variation: Riello, Mutosi and minor acquisitions in Combustion Technologies and Components +16.4% 9M 2025 Organic FX Perimeter variation1 9M 2026 1,960 1.8% 0.2% 6.4% 2,125 +8.4% Q3 9M Q3 comments 1. Includes Russia consolidation in Q1; Riello, Mutosi and minor acquisitions in Combustion Technologies and Components.
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9 MID-SINGLE-DIGIT ORGANIC GROWTH IN EUROPE NET REVENUES, €M Share of net revenues, % 9M 2026 Europe Asia Pacific & MEA Americas 74% 17% 9% 2025 95 2026 1,565 1,410 +10.9% 481 2025 71 2026 570 +18.6% Q3 comments: Q3 9M Q3 9M Mid-single-digit organic growth driven by Germany, continued growth in heat pumps Weak gas boiler market Intensifying headwinds in the Middle East due to the external context Negative organic growth Strong Heating development in North America Weak Water Heating Negative organic growth Q3 9M 362 2025 16 2026 362 0.0% 128 2025 15 2026 136 +6.5% 60 2025 13 2026 71 +19.2% 188 2025 15 2026 198 +5.6% Perimeter variation
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10 1. Including Riello, Mutosi and minor acquisitions in Combustion Technologies and Components. 2. Includes Russia consolidation in Q1; Riello, Mutosi and minor acquisitions in Combustion Technologies and Components 9M PROFITABILITY SLIGHTLY IMPROVING, DESPITE COSTS PRESSURE ACCELERATION IN Q3 €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 5.8% 114 5.9%2 125 0 20 40 60 2025 2026 7.2% 48 6.6%1 52 Q3 9M • Significant input and logistics costs inflation • Additional pricing and cost mitigation actions ongoing • Continued transformation programs in digital, go- to-market and R&D • Reported EBIT at 39 €M; main adjustments: − PPA amortization − M&A and Riello integration costs Q3 comments 6.9% Like-for-Like 6.0% Like-for-Like
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11 FREE CASH FLOW REFLECTING HIGHER WORKING CAPITAL • Inventory level increase driven by: − Safety stock to support heat pumps demand and manage refrigerants transition − New plants ramp-up (Albacina AI-enabled plant in Italy and Niš in Serbia) − Weaker than expected sales in AMEA (Gulf conflict) and Americas • On Riello perimeter: − Higher NWC level − Cash absorption in Q3, in line with its historical seasonality Net Working Capital, % of rolling net revenues €M Jun 30, 2026 Sep 30, 2026 442 15.9% 558 17.4% +1.5 p.p. Free Cash Flow +1.0 p.p. like-for-like1 Q3 comments 1 -88 -100 -80 -60 -40 -20 0 20 40 2025 2026 Q3 9M 15 -11 2025 2026 Jun 30, 2025 Sep 30, 2025 403 15.1% 422 15.5% +0.4 p.p. 1. Perimeter variation: Riello, Mutosi and other minor acquisitions in Combustion Technologies and Components. Delta perimeter 16.5%15.7%
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12 €M -88 FCF -371 Cash outflow for acquisitions -34 Financial, FX charges and others -37 Dividends -3 Buyback 16 Adj. net cash/(Debt) 30 Sept 2026 Non-cash items -542 -1,060 Adj. net cash/(Debt) 31 Dec 2025 MtM, IFRS16 variation and exchange rate effect on the Net Financial Indebtedness Pro-forma Leverage1 1.7x 2.9x NET DEBT RISE REFLECTING ACQUISITIONS AND FREE CASH FLOW 1. Adj. Net debt/(Cash) / Adj. EBITDA (including Riello on a full-year basis).
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13 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. • New financing for Riello acquisition • Q3 debt refinancing completed on improved terms – average non-current bank debt maturity at c. 3.8 years, with ~80% of maturities in 2029-2032 • 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 LONG-DATED DEBT PROFILE WITH SIGNIFICANT FINANCIAL FLEXIBILITY €M 220 250 216 -893 -824 30 Sep 2025 31 Dec 2025 -1,297 30 Sep 2026 Liquidity Debt Adj. Net Financial Indebtedness1 -542 -1,060-650
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14 Highlights Financials AGENDA Outlook Appendix
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15 1. Organic growth defined on a like-for-like basis, at constant FX. 2. Adj. Net debt/(Cash) / Adj. EBITDA (including Riello on a full-year basis). Top line • Organic revenues1 growth between +1% and +2% YoY (previously between +1% and +4%) Profitability • Adj. EBIT margin around 7% Like-for-Like (previously between 7% and 8%), reflecting the increased inflationary pressure on costs observed in Q3, ongoing headwinds in Middle East and time needed for the new pricing actions Cash Flow • FY CapEx around 5% on revenues (previously between 5.0% and 5.5%). CapEx optimized in Q4 with positive cash impact in 2027 • 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 net revenue in H2 2026 − Expected end of year Ariston Group pro-forma leverage around 2.8-2.9x2 2026 GUIDANCE
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Q&A Session
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17 Highlights Financials AGENDA Outlook Appendix
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18 1. Heating, Ventilation, Air Handling, Air Conditioning, Parts & Services. 2. 2014-2025 period. OUR EQUITY STORY: CHAMPION OF THERMAL COMFORT Well-balanced capital allocation ➢ Leading player in M&A ➢ 2025-26 CapEx peak to drive future growth ➢ Dividend policy designed to fairly distribute returns to shareholders Driving profitability and cash flow ➢ Solid profitability levels– average of ~9% adj. EBIT margin2, with peaks up to 10+% ➢ Reliable cash conversion– average of ~90% FCF/Adjusted Net Profit ratio2 Champion of Thermal Comfort, with solid growth ➢ Global reference player in Water Heating and Combustion Technologies ➢ Leading European Climate Comfort1 player ➢ Leading market position in 40+ countries worldwide • Large position in Germany and Italy ➢ Our focus on residential market • Demand driven by replacement in Europe/Americas and penetration in Asia Pacific & MEA ➢ Growing exposure to commercial and industrial market thanks to Riello (acquisition 2026), Wolf Air Handling (acquisition 2023) ➢ Key strengths to win competition: 95+ years of heritage, high quality, innovation and strong relationship with installers ➢ Historical annual growth rate of 7% recorded from 2001 to 2025
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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. 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 Water Heating Specialty Stainless Steel 2023 LAST >10-YEAR M&A TRACKRECORD 2024 Renewables Water Heating High End Wall Hung Boiler Platform 2025 2026 Components add-on Components add-on Water Heating plant in Egypt Water treatment market entry
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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 H1 2026 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 Incentives for Heating Heat Pumps and Water Heating Heat Pumps, Hybrids1 included. No incentives for gas boilers New Buildings Technology-neutral approach under 2026 heating law GModG Heat Pumps are de facto 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- assembled 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. Hybrids are no longer incentivised in France.
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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 SEPTEMBER 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 Merloni Holding Spa 2.1% Amaranta Srl Centrotec SE 4.1% Treasury shares Market1 17.0% 15.4%61.4% % stake Merloni Holding Spa Amaranta Srl 3.3% Centrotec SE 6.2% Market1 79.6% 10.9% • Merloni Holding Spa: 198.0mln • Amaranta Srl: 27.0mln Voting rights - % Merloni Holding Spa Amaranta Srl Centrotec SE 1.4%Treasury shares Market1 58.9% 8.0% 11.1% 20.7% N. of shares - mln • Centrotec SE: 22.1mln
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25 NET REVENUES BY DIVISION €M Share of net revenues, % 9M 2026 1,827 2025 2026 1,916 55 +4.9% 64 67 2025 2026 132 n.m. 23 26 2025 2026 +11.7% Thermal Comfort Combustion TechnologiesComponents 623 2025 2026 677 47 +8.6% 22 53 2025 2026 74 n.m. 69 2025 2026 78 5 +12.2% Q3 9M Q3 9MQ3 9M 90% 6%4%
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26 LIKE-FOR-LIKE KEY FINANCIALS 2025-2026 €M 1. Excluding contribution from perimeter variation vs. Y-1. 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Reported net revenues 648 644 668 747 656 691 778 Like-for-like net revenues1 648 624 647 729 640 681 678 Like-for-like Adj. EBIT1 35 31 48 79 34 40 47
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27 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 Q32 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% +18.6% 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% +6.5% 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% +19.2% 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% +16.4% 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% +0.6% 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. 2. Includes the impact of Riello acquisition
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28 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. HISTORICAL ORGANIC GROWTH NET REVENUES ORGANIC1 GROWTH YOY , % FY 2021 FY 2022 FY 20232 FY 2024 FY 2025 9M 2026 19.9% 9.1% 2.5% -12.7% 3.0% 1.8%
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29 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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30 Q3 INCOME STATEMENT: LIKE-FOR-LIKE 4 €M Q3 2026 Q3 2025 % change Net revenue 678.3 668.3 +1.5% EBITDA 71.5 70.1 +2.0% % margin 10.5% 10.5% Adjusted EBITDA 79.2 77.7 +1.9% % margin 11.7% 11.6% EBIT 34.3 35.6 -3.5% % margin 5.1% 5.3% Adjusted EBIT 47.1 48.2 -2.3% % margin 6.9% 7.2% 1. Like-for-Like: excluding Riello, Mutosi and minor acquisitions in Combustion Technologies and Components.
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31 1. Main adjustments on 9M 2025 EBITDA: reconsolidation of Ariston Thermo Rus LLC -40€M. 9M INCOME STATEMENT: REPORTED 4 €M 9M 2026 9M 2025 % change Net revenue 2,125.0 1,960.1 +8.4% EBITDA 213.7 228.2 -6.4% % margin 10.1% 11.6% Adjusted EBITDA 220.3 202.2 +8.9% % margin 10.4% 10.3% EBIT 103.2 124.8 -17.3% % margin 4.9% 6.4% Adjusted EBIT 125.1 114.1 +9.6% % margin 5.9% 5.8% Net financial charges (37.6) (26.3) Income/(losses) from associates 0.3 (3.7) Profit before tax 65.8 94.8 1
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32 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 9M 2026 9M 2025 Change EBITDA 213.7 228.2 (14.6) Tax paid (35.9) (27.7) (8.1) Provisions and other changes from operating activities (8.7) (35.1) 26.4 Change in working capital1 (149.3) (62.3) (86.9) Operating Cash Flow 19.8 103.1 (83.2) CapEx (72.1) (73.6) 1.5 IFRS16 lease payments (32.0) (28.4) (3.6) Other changes2 (3.8) 0.1 (3.9) Free Cash Flow (88.0) 1.2 (89.2)
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33 Note: Positive figures represent net cash. NET FINANCIAL INDEBTEDNESS 4 30/09/2026 31/12/2025 30/09/2025 Liquidity 216.0 249.9 219.8 minus: Current financial indebtedness (250.5) (86.4) (60.9) minus: Non-current financial indebtedness (1,046.9) (737.2) (831.7) Net Financial Indebtedness (ESMA guidelines) (1,081.4) (573.7) (672.7) Adjustments: Put & call options, escrow accounts and positive MtM 21.8 31.7 23.0 Adjusted Net Financial Indebtedness (previous calculation method) (1,059.6) (542.0) (649.7) €M
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34 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