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11 SEPT 2026 FINANCIAL RESULTS H1 2026
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FIERE – EVENTI – MAGAZINE | H1 2026 Maximizing brand awareness in H1 with targeted editorial features and international trade show participation.
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OUR CORE BUSINESS Leading supplier of cooling and refrigeration systems for vehicles, hotels, cruise ships and outdoor travel experiences. 3 OEM AUTOMOTIVE LEISURE TIME COMP . & SP HOSPITALITY COOLING APPL. OEM
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FINANCIAL RESULTS
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H1 2026 FINANCIAL RESULTS 5 H1 2026 H1 2025 H1 2026 vs H1 2025 TOTAL REVENUES (€mln) 118.2 108.1 +9.4% SALES OF PRODUCTS (€mln) 116.1 105.1 10.4% EBITDA ADJ (€mln) Margin (%) 13.8 11.6% 13.5 12.5% +1.6% EBIT ADJ (€mln) Margin (%) 9.1 7.7% 10.1 9.3% -10.0% NET PROFIT ADJ (€mln) Margin (%) 6.1 5.2% 6.6 6.1% -7.8% NET FINANCIAL POSITION (€mln) (19.1) (28.0) +8.9
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GROUP STRUCTURE
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GROUP STRUCTURE (*) data updated to June 30, 2026 (**) Acquisition of the remaining 50%of the share capital on June 13, 2025 (***) Establishedon July 30th, 2025
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SALES BREAKDOWN
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H1 2026 SALES COMMENTS : o The M&A Contribution is related to the acquisition of the remaining 50% of Indel Marine and its subsidiary Indel B USA, which was completed in mid-2025 and became effective on July 1, 2025. 9 (€ mln) +10.4% 116.1 105.1 H1 2025 FX Effect M&A Contribution Organic Growth H1 2026 +7.0% +3.9% -0.5%
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H1 2026 SALES BY CHANNEL 116.1 105.1 49.6 2.5 52.1 40.0 6.4 46.4 15.5 2.1 17.6 H1 2025 OEM AM Others H1 2026 +10.4% +5% + 16 % +13% % Changes H1 2026 – H1 2025 10 OEM Aftermarket Others (€ mln)
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H1 2026 SALES BY MARKET 116.1 105.1 65.7 6.0 71.7 11.3 6.0 17.312.7 0.8 13.59.2 -0.7 8.5 6.2 -1.1 5.1 H1 2025 Automotive Leisure Comp. & SP Hospitality Cooling Appl. H1 2026 11 +9% +52% +7% % Changes H1 2026 – H1 2025 Automotive Leisure Components Hospitality Cooling Appliances - 8% - 17% (€ mln) + 10.4 %
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57.3 9.1 66.4 30.0 -1.4 28.6 15.4 2.4 17.82.4 0.9 3.3 H1 2025 Europe (excl. Italy) Italy Americas RoW H1 2026 H1 2026 SALES BY REGION 116.1 105.1 +16% - 5% +16% % Changes H1 2026 – H1 2025 Europe (excl. IT) Italy Americas Row +38% (€ mln) +10.4% 12
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SALES - BREAKDOWN 62%11% 12% 9% 6% Automotive Leisure Components&SP Hospitality Cooling Appl. By Market 54% 29% 15% 2% Europe (excl. Italy) Italy Americas RoW By Region 15% 38% 47% Others AM OEM By Channel 62%15% 12% 7% 4% Automotive Leisure Components&SP Hospitality Cooling Appl. By Market 57%25% 15% 3% Europe (excl. Italy) Italy Americas RoW By Region 15% 40% 45% Others AM OEM By Channel H1 2025 H1 2026 13
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FINANCIALS ANALYSIS
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HEAL THY PROFITABILITY +9.4% ● 108.1 118.2 H1 2025 H1 2026 Total Revenues Adj. ● = yoy % chg +12.5% ● Ebitda Adj. + 11.6 % ● 12.7 13.4 0.8 0.4 H1 2025 H1 2026 13.5 13.8 +6.1% ● Net Profit Adj. +5.2% ● 6.6 6.1 H1 2025 H1 2026 ● = % margin on revenues adj. = Earnings from associates adj. ● = % margin on revenues adj. 15 (€ mln)
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COST STRUCTURE 108.1Total Revenues Adj. ● = % of total revenues adj. 118.2 (€ mln) 95.3 Total Costs Adj. 104.9 58.9 62.3 21.9 24.3 13.4 17.61.1 0.7 Others Service costs Personnel costs Product material costs H1 2025 H 1 2026 0.8Earnings from Associates Adj. 0.4 13.5Ebitda Adj. 13.8 12.4% ● 20.3 % ● 54.5% ● 0.6 % ● 14.9% ● 20.6% ● 52.7 % ● +12.5% +11.6% 16 1.0% ●
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CAPEX Cash Conversion ● = Cash conversion % (€ mln) = Ebitda Adj. = Capex 13.5 23.7 13.8 2.3 4.0 1.7 H1 2025 FY 2025 H1 2026 17 83 % ● 88% ● 83% ●
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NET OPERATING WORKING CAPITAL 41 % ● ● = Net op.WC / LTM Revenues 38 % ● DOI = Account Receivables = Account Payables 50.4 41.2 56.3 73.7 62.2 72.7 -40.7 -27.2 -46.8 H1 2025 FY 2025 H1 2026 83.4 82.2 76.2 178 (86) 103 DSO DPO DOI DSO DPO = Inventory 18 DOI DSO DPO 37 % ● 177 (73) 69 181 (80) 92 (€ mln)
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NET FINANCIAL POSITION (€ mln) = Cash and Cash Equivalent = Short Term Borrowings = Long Term Borrowings COMMENTS : o Short term borrowings and long term borrowings includes debt related to IFRS16, corresponding to the obligation to make lease payment, for Euro 3.9 million. o New loans of approximately Euro 4 million to cover the cash outflow of approximately Euro 3.3 million for the payment of a dividend of Euro 0.60 per share, to be paid in June 2026, as well as capital expenditures (Capex) of approximately Euro 1.7 million. 31.9 29.4 21.8 -25.0 -20.8 -20.9 -34.9 -25.7 -20.0 H1 2025 FY 2025 H1 2026 -28.0 -19.1-17.1 19
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APPENDIX
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(€m) H1 2026 H1 2025 Total core revenues 117.3 106.4 Others 0.9 1.7 Total revenues 118.2 108.1 Total revenues adjusted 118.2 108.0 Product material cost (63.4) (58.9) Service costs (17.6) (13.6) Personnel costs (24.4) (22.1) Other operating costs (0.7) (1.1) Earnings from associates 0.4 14.8 EDITDA 12.5 27.2 EDITDA margin (%) 10.5% 25.1% EDITDA adjusted 13.8 13.5 EDITDA adjusted margin (%) 11.6% 12.5% (€m) H1 2026 H1 2025 Depreciations & Amortizations (4.7) (3.5) EBIT 7.8 23.7 EBIT margin (%) 6.6% 21.9% EBIT adjusted 9.1 10.1 EBIT adjusted margin (%) 7.7% 9.3% Financial charges (0.5) (0.7) Investement income - - EBT 7.3 23.0 Taxes (2.2) (2.6) Net Income 5.1 20.4 Net Income margin (%) 4.3% 18.8% Net Income adjusted 6.1 6.6 Net income adjusted margin (%) 5.2% 6.1% CONSOLIDATED INCOME STATEMENT
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(€m) H1 2026 H1 2025 Liabilities and shareholders’ equity shareholders’ equity Share capital 5.8 5.8 Reserves 131.1 113.9 Net income 5.1 20.4 Total Shareholders’ equity 142.0 140.1 Non-current liabilities Funds 3.1 2.9 Employee benefits 1.8 1.8 Non-current financial liabilities 20.1 34.9 Deferred tax liabilities 7.3 3.2 Total non-current liabilities 32.3 42.8 Current liabilities Account payables 46.8 40.7 Tax liabilities 1.2 0.8 Current financial liabilities 20.9 25.0 Others 12.2 11.6 Total current liabilities 81.1 78.1 Total liabilities and Shareholders’ equity 255.4 261.0 CONSOLIDATED BALANCE SHEET (€m) H1 2026 H1 2025 Assets Non-current assets Goodwill 18.3 33.7 Intangible assets 25.8 9.5 Tangible assets 46.6 48.6 Right of use 3.7 4.0 Investments accounted for using the equity method 2.3 3.6 Other participations 0.1 0.1 Others 2.9 1.6 Total non current assets 99.7 101.1 Current assets Inventory 72.7 73.7 Client receivables 56.3 50.5 Cash & cash equivalents 21.8 31.7 Income tax assets 0.5 0.3 Current financial assets - 0.1 Others 4.4 3.6 Total current assets 155.7 159.9 Total assets 255.4 261.0
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CONSOLIDATED CASH FLOW STATEMENT (€m) H1 2026 H1 2025 Profit before tax 7.3 23.0 Adjustments for: Depreciations, Amortization & Provisions (incl. Inventory write-off) 5.3 3.6 Earnings from associates (0.4) (0.8) Financial charges 0.5 0.7 Investement income - - Gain on revaluation at fair value of joint venture participation after acquisition of control - (14.0) Net exchange differences (0.1) 0.1 Other non-monetary components - (0.1) Net cash generated from operating activities before changes in working capital 12.6 12.5 Change in working capital (7.3) (9.2) - Client receivables and other assets (15.8) (13.3) - Inventory (11.0) (1.2) - Account payables and other liabilities 19.5 5.3 Tax paid (1.3) (0.9) Financial charges paid (0.5) (0.4) Use of funds (0.3) (0.4) Realized net exchange differences - (0.2) Net cash generated from operating activities (A) 3.2 1.4 (€m) H1 2026 H1 2025 Net investments in tangible and intangible assets (1.7) (2.2) Net investments in participations - - Financial cash for the year for acquisitions of subsidiaries - (11.1) Dividend received 0.2 0.2 Net cash used in investing activities (B) (1.5) (13.1) New loans 4.0 43.8 Loans repayments (10.9) (12.5) Changes in shareholders' equity - - Dividends paid (3.3) (4.3) Buy-back (0.2) (0.2) Minority shareholder transactions - - Changes in right-of-use liabilities (0.5) (0.4) Change in other financial assets 0.4 - Change in other financial liabilities 1.2 0.9 Net cash generated/(used) in financing activities (C) (9.3) 27.3 Net increase/(decrease) in cash and cash equivalents (A)+(B)+(C) (7.6) 15.6 Net increase/(decrease) in cash and cash equivalents (A)+(B)+(C) 29.4 16.2 Cash and cash equivalents at the beginning of the year 0.1 (0.1) Exchange gains/(losses) on cash and cash equivalents 21.9 37.7
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SHAREHOLDING INFORMATION Shareholding Structure (situation updated as of September 9th, 2026) 24 AMP Fin. 68.33%Praude Asset Management Limited 5.05% Buy-back 10.59% Market 16.03%
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CONTACTS Investor Relations Officer: Elisabetta Benazzi T: +39 0541 848784 e-mail: investor.relations@indelb.com Advisor of Investor Relations and Media Relations: POLYTEMS HIR S.r.l. Bianca Fersini Mastelloni T: +39 349 3856585 e-mail: b.fersini@polytemshir.it Paolo Santagostino T: +39 349 3856585 e-mail: p.santagostino@polytemshir.it On the web: www.indelbgroup.com
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UPCOMING EVENTS October 23rd, 2026 meeting of the BoD for report not subject to audit on consolidated sales revenues generated as of September 30th, 2026.
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PRODUCT HIGHLIGHT CELEBRATING EXCELLENCE: Red Dot Design Award 2023. Fridom minibar has been honored with this esteemed recognition, showcasing its exceptional design and functionality. This achievement highlights our commitment to delivering superior guest experiences through innovative design and attention to detail. Winning the Red Dot Design award elevates the profile of our minibars, enhancing their reputation as a symbol of excellence. It reinforces our brand's image as a leader in hospitality and design innovation, attracting more customers and driving business growth. Design by Massimo Mussapi
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PRODUCT UPDATE POWERING PROGRESS EMBRACING NATURE PRODUCT UPDATE | March 2024 The Plein-Aircon 12V has been honored with the prestigious iF Design Award for 2024. This recognition marks a significant milestone in our commitment to delivering cutting-edge solutions that redefine the outdoor experience. The Plein-Aircon 12V stands out with its original lines and remarkable efficiency, setting a new standard in industrial design. Designed specifically for vans and motorhomes, this DC air conditioning system offers unparalleled comfort and convenience for outdoor enthusiasts seeking the perfect adventure. This revolutionary product addresses the increasing demand for adequate climate control in outdoor settings, providing a solution that is both efficient and eco-friendly. Crafted entirely in Italy, the Plein-Aircon 12V embodies a modern and refined design aesthetic, reflecting our dedication to quality and innovation. CELEBRATING EXCELLENCE: iF Design Award 2024. PLEIN-AIRCON 12V
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DISCLAIMER This document (the Document), which has been drawn up by Indel B S.p.A. (Indel B), is strictly private and confidential and should not be circulated to third parties without the prior written consent of Indel B. The Document is furnished for information purposes only without any claims to being exhaustive. Indel B accepts no responsibility for the correctness, accuracy and/or completeness of the information contained herein. The Document was prepared exclusively in order to present H1 2026 Financial Results. Neither the Document nor any of its contents may be used for any other purpose without the prior written consent of Indel B. This Document in no way constitutes a proposal to execute a contract, a solicitation/public offer, advice or recommendation to purchase or sell any financial instrument. The Document does not represent an outright offer or a commitment on the part of Indel B to subscribe for a financial instrument of any kind. Neither Indel B nor its Group nor any of their directors, general management, staff and advisors may in any way be held responsible for any direct and/or indirect damages that may be suffered by third parties who relied on the statements made in or omitted from the Document. All liability deriving directly or indirectly from use of the Document is hereby expressly disclaimed. 30