Slides
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H1-2026 RESULTS 4th September 2026
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Economics •Sales of products increased by 10.5% in H1-26, mainly thanks to volume(+8.7%) and prices (+1.8%) •Order book reached ȶ 333.3 million, up +48% YoY, +10.8% sequentially. •Adjusted EBITDA margin at 16.4% (vs 15.6% in Q2-25) +80 bps •Executive Summary Growth (+10.5%) Continues Above M/LT Guidance Record Order Backlog in Q2-26 + € 100 M Hyperscaler Contract Signed on April 26 2 Financial •Leverage improved at 0.7x (vs 1.2x in H1-25) •Cash flow from operation at ȶ 39.8 M, 12.2 % of sales (vs ȶ 30.3 M in H1-25) +31% YoY •LTM adjusted net cash generation: ȶ51.5 million Strategy •Well-Diversified Order Book Across Applications •First large order from hyperscaler granted on April 26 •Ongoing consolidation of operational improvements to enhance profitability. •New plant in US operational
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•Guidance Updated M/LT Guidance 3 ChangeM/LT Guidance September 2026 M/LT Guidance October 2022KPI UpgradedLDDHSDSales growth organic Upgraded15%-17%14%-15%Adjusted EBITDA margin Confirmed Mid-teens, excluding extraordinary fluctuations Mid Double Digit (net of extraordinary fluctuation) Trade NWC on sales Increased to support growthȶ 30-35 m p.a.ȶ 20/30 m p.aGrowth Capex Updated22%-23%20-21%Tax rate
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€ millions H1-25 H1-26 Q2-25 Q2-26 2025 FY LTM Sales 294,7 325,1 159,4 171,7 605,4 635,8 Growth % -0,6% 10,3% 3,2% 7,7% 2,8% 8,2% EBITDA adjusted 43,1 49,6 24,8 28,2 88,7 95,3 EBITDA % 14,6% 15,3% 15,6% 16,4% 14,7% 15,0% Net income adjusted 22,6 27,7 12,9 16,6 47,5 52,5 % of sales 7,7% 8,5% 8,1% 9,7% 7,8% 8,3% Net financial debt 96,4 67,7 96,4 67,7 72,7 67,7 NFD / EBITDA LTM 1,2x 0,7x 0,8x 0,7x •Total sales of products in H1-26 rose by 10.5% (+11.0% at constant FX) mainly thanks to volume(+8.7%) and prices (+1.8%) •Strong volume increase in Q1-26, volumes and prices increase in Q2-26 •Continued consolidation of operational improvements to further enhance profitability: + 80 bps in Q2-26 YoY •Leverage (NFD/EBITDA) improved to 0.7x, compared to 1.2x in H1-25 •Financial Highlights Further EBITDA and NFD improvements 4(1) Net income adjusted considers NRI, the depreciation of “purchase price allocation” (resulting from M&A transactions concluded in past years) and unrealized FX intercompany
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•Revenues Breakdown Amid Volatile Markets, Benefits from Diversification in Applications (1) Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided (2) Source: management analysis of consolidated results as of 30/06/2026 5 Products € 000 H1 25 % H1 26 % ∆ % Heat Exchangers 144,6 49,1% 156,2 48,0% 8,0% Air Cooled Equipment 139,7 47,4% 159,4 49,0% 14,1% Glass Doors 6,3 2,1% 5,4 1,7% -14,2% Total sales of products 290,6 98,6% 321,0 98,7% 10,5% Other revenues 4,1 1,4% 4,1 1,3% 0,4% Total sales 294,7 100,0% 325,1 100,0% 10,3% Applications € 000 H1 25 % H1 26 % ∆ % Refrigeration 144,0 48,9% 146,5 45,1% 1,8% Air Conditioning 65,4 22,2% 92,8 28,5% 41,9% Special Applications 47,6 16,1% 39,7 12,2% -16,6% Industrial cooling 33,7 11,4% 42,1 12,9% 25,0% Total sales of products 290,6 98,6% 321,0 98,7% 10,5% Other revenues 4,1 1,4% 4,1 1,3% 0,4% Total sales 294,7 100,0% 325,1 100,0% 10,3%
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•Sales by application and market Growth Momentum Accelerates in Q2–26 6 Components: + 10.4% in Q2-26 YoY •Further recovery in heat pump heat exchangers •Temporary Softness in Home Appliances and Mobile Applications as forecasted Cooling systems: +6.1 % in Q2-26 YoY, but strong order book •Q2-26 closed with the highest order book value in the history for cooling systems •Improving trend in commercial refrigeration (+9.0% in Q2) (including components) •Strong growth in order intake and backlog driven mainly by power generation, data center and USA. By geography: •72.5% of sales in EU (including Italy) •USA represents 5.8% (+92% YoY) of products sales and China 1.7% (+17% YoY) High customer diversification : •Largest customer : 7.1% of total sales (temporary increase) •Largest 10 customers: 30.8% of total sales RoW 27.5% Italy 18.3% EU 54.2%
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•The agreement covers the delivery of high-efficiency cooling systems designed to support next-generation data centre architecture, including high-density and AI-driven workloads •The total potential value of the agreement is estimated in the range of over ȶ 100 million for the first two years, subject to project execution and customer call-offs •Values for following years will be confirmed in due course •It confirms the strength of the positioning in mission-critical cooling applications and our ability to support customers in the transition toward more energy-efficient and sustainable data centre infrastructures € 100 M Multi Year Contract with Hyperscaler Signed in April 2026 7
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•H1-26 EBITDA adjusted Bridge Analysis Margin and EBITDA Impact from Increased Volumes and Prices •In Q2-26 EBITDA adj margin at 16.4% (vs 15.6% in Q2-25) +80 bps •In Q2-26 prices increases (ȶ4.8 M) more than off- set higher operating costs (ȶ 4.1 M) •EBITDA adjusted increased by 15.1% YoY •In Q2-26 NRI due mainly to start-up costs of the air- cooled business in USA (ȶ 0.2 M) (1) Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided (2) Source: management analysis of consolidated results as of 30/06/2026 8 +15.1%
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€ millions H1-25 H1-26 2023 2024 2025 EBITDA reported 42,2 48,5 78,8 82,5 87,2 Non recurring items 0,9 1,1 1,3 0,0 1,5 EBITDA Adjusted 43,1 49,6 80,1 82,5 88,7 % of sales 14,6% 15,3% 13,0% 14,0% 14,7% EBIT reported 26,9 33,9 46,4 50,6 56,4 Depreciation on PPA 2,0 1,9 4,7 4,1 3,9 NRI 0,9 1,1 1,3 0,0 1,5 EBIT adjusted 29,8 36,9 52,4 54,6 61,8 % of sales 10,1% 11,4% 8,5% 9,3% 10,2% Net income reported 17,0 27,2 31,4 35,8 39,9 Depreciation on PPA net of tax 1,5 1,5 3,7 3,1 3,0 NRI net of tax 0,9 0,9 0,9 1,5 Unrealized intercompany FX (gain) /losses 2,0 (0,7) (1,0) 2,3 Put & call on Refrion and NRI tax items 0,0 1,6 Gain on shareholding net of tax (0,8) 0,0 0,0 0,0 Fair value of derivatives net of depr cost 1,1 (0,4) 4,7 0,7 0,8 Net income adjusted 22,6 27,7 40,7 40,2 47,5 % of sales 7,7% 8,5% 6,6% 6,8% 7,8% •H1-26 EBIT adjusted =11.4% on sales vs 10.1% in H1-25 •EBITDA, EBIT and Net Income Adjusted Multi-Year Track Record of Consistent Profitability Growth 9 •Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided •Source: management analysis of consolidated results as of 30/06/2026 •Adjusted net income and adjusted EBIT consider the depreciation of "purchase price allocation" (resulting from M&A transactions concluded in past years) and intercompany unrealized FX. •H1-26 Net Income Adjusted = 8.5% on sales vs 7.7 % in H1-25 •Q2-26 EBITDA adjusted = 16.4% on sales vs 15.6% in Q2-25 +80 bps
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•Positive contribution from net financial results to Group profitability in H1-26 •Entirely medium-term maturities •Average duration of 3.83 years (vs 3.94 years in FY25) •No refinancing cliffs (no bullet maturities) •70.7% of debt currently hedged (vs. 76.4% in FY25) •Impact of IFRS on Interest Costs Strong Financial Management Enhancing Net Profitability 10 € millions H1-25 H1-26 2024 2025 Cash interest cost (6,8) (7,5) (13,8) (13,8) Cash interest income 6,4 6,2 9,5 13,1 Net realized FX gain (cost) 2,0 (0,2) (0,2) 3,5 Net cash financial costs (A) 1,6 (1,4) (4,5) 2,8 Derivatives fair value (1,6) 1,6 (5,1) (0,5) Amortization costs 0,2 (1,1) 4,1 (0,5) Unrealized FX gain (loss) (4,4) 1,9 2,9 (5,6) IFRS related financial charges (B) (5,9) 2,5 1,9 (6,6) NRI: call option Refrion (C) 0,0 (0,9) 0,0 Reported net financial charges (cost) (A+B+C) (4,3) 1,1 (3,5) (3,8) •Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided •Source: management analysis of consolidated results as of 30/06/2026
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•Net Income Adjusted Bridge Analysis Net Income +23%, Driven by EBITDA Growth and Taxes 11(1) Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided (2) Source: management analysis of consolidated results as of 30/06/2026 +23%
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•Trade Net Working Capital Seasonal Increase of TNWC + Effect of Sales Trend 12 •Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided •Source: management analysis of consolidated results as of 30/06/2026 •Accounts payable include advances from customers € Millions Stock 112,6 69 110,7 66 146,6 83 A/receivable 121,6 75 122,0 73 145,8 83 Working capital 234,3 232,7 292,4 A/payable 131,8 131 126,6 119 174,3 147 Net working capital 102,5 63 106,1 63 118,0 67 % on net sales LTM 17,4% 17,5% 18,6% 30/06/2026 Days31/12/2025 Days30/06/2025 Days
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•Accelerated capex program above maintenance level •In 2022 and 2023 temporary working capital increase due to higher safety stock of raw materials •Normalization of TNWC already started in 2023 •Extraordinary level in LTM up to December 2019 due to working capital reduction •Net cash generation adjusted Track Record of Consistent Net Cash Generation 13 LTM net cash generation adjusted 2018 – 2025(€ M) •Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided •Source: management analysis of consolidated results as of 30/06/2026 Net cash / (net debt) € m Net financial position as of June 25 ( 96,4) Net financial position as of June 26 ( 67,7) Delta in net financial position 28,7 28,7 + Dividends paid 11,8 + Accelerated capex program 10,8 + Change of IFRS 16 impact ( 0,5) Non recurring items (net) 0,7 = Total normalized net cash flow 51,5
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•The net financial position as of June 2026 decreased by ȶ28.7 million compared to June 2025 •In H1-26 cash flow from operation equal to ȶ 39.8 M (12.2 % of sales) vs ȶ 30.3 M (10.3% of sales) in H1-25 •LTM net cash generation adjusted equal to ȶ 51.5 M •EBITDA cash conversion at 82% •Balance Sheet and Capital Allocation Strong Balance Sheet Supporting Future Growth 14•Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided •Source: management analysis of consolidated results as of 30/06/2026
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Key Takeaways and Strategic Priorities 15 •Data Centers: €100m hyperscaler contract awarded in April 2026, on top of a well-diversified order book •Continued focus on automation, process efficiency and cost reduction •Ongoing supply chain optimization to address geopolitical uncertainty Strategy •Medium- to long-term growth supported by strong secular trends across multiple, largely uncorrelated applications •Strong demand for power-generation worldwide, partially related to DC •Nuclear application projects underway Markets •Ongoing pursuit of M&A opportunities with solid strategic fitM&A •Prioritizing cost efficiency and margin improvement •Emphasis on deleveraging and extending average debt maturity •Strong focus on net cash generation Financials
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16 Annexes
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•Income Statement as of 30/06/2026 17 (1) Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided (2) Source: management analysis of consolidated results as of 30/06/2026 Consolidated Profit & Loss Reclassified (000 Euro) Sales and operating income 294.708 100,0% 325.144 100,0% 10,3% Purchases of materials (153.623) -52,1% (195.712) -60,2% Inventory increase (decrease) 12.450 4,2% 36.009 11,1% Services (37.828) -12,8% (39.411) -12,1% Labour cost (71.666) -24,3% (76.400) -23,5% Other operating costs (1.852) -0,6% (1.096) -0,3% Total operating costs (252.519) -85,7% (276.610) -85,1% 9,5% EBITDA 42.189 14,3% 48.534 14,9% 15,0% Depreciation (15.342) -5,2% (14.495) -4,5% Gain (loss) of non current assets 72 0,0% (143) 0,0% EBIT 26.919 9,1% 33.896 10,4% 25,9% Net financial charges (4.266) -1,4% 1.090 0,3% Capital gain on shareholding 0 0,0% 832 0,3% EBT 22.653 7,7% 35.818 11,0% 58,1% Income taxes (5.627) -1,9% (8.589) -2,6% Net income 17.026 5,8% 27.229 8,4% 59,9% Minority interest 748 776 Group net income 16.278 5,5% 26.453 8,1% 62,5% Delta %H1-25 % H1-26 %
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•Balance Sheet as of 30/06/2026 18 (1) Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided (2) Source: management analysis of consolidated results as of 30/06/2026 Consolidated Balance Sheet Reclassified (000 Euro) Net intangible assets 84.455 82.001 80.092 Net tangible assets 215.139 221.746 217.179 Pre-paid taxes 13.566 12.878 13.188 Financial assets 626 619 275 Non current assets (A) 313.786 87,4% 317.244 89,0% 310.734 84,7% Inventory 112.648 110.731 146.602 A/receivable 121.631 121.986 145.779 Other receivables and current assets 14.254 11.314 14.510 Current assets (B) 248.533 244.031 306.891 A/payable 131.807 126.588 174.341 Contractual liabilities 4.649 Other payable and current liabilities 46.074 51.486 46.929 Current liabilities (C) 177.881 178.074 225.919 Working capital (D=B-C) 70.652 19,7% 65.957 18,5% 80.972 22,1% Personnel provisions 5.361 5.237 4.758 Deferred taxes 13.279 12.664 11.772 Risk provisions 6.580 8.898 8.493 Long term liabilities (E) 25.220 7,0% 26.799 7,5% 25.023 6,8% Group net worth 256.195 276.589 291.977 Minority interest 6.618 7.098 7.035 Total group net worth 262.813 73,2% 283.687 79,6% 299.012 81,5% M/L term net financial position 304.926 343.994 321.830 Short term net financial position (208.521) (271.279) (254.159) Net financial position 96.405 26,8% 72.715 20,4% 67.671 18,5% 30/06/2026 % net invested capital 366.683 100,0% 366.683 100,0% 30/06/2025 % net invested capital 359.218 100,0% 359.218 100,0%Net worth and net financial position Net invested capital (A+D-E) 31/12/2025 % net invested capital 356.402 100,0% 356.402 100,0%
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Short company profile Short company profile
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LU.VE: a Lucky Venture We are LUVE, the HVAC&R company that changed the cooling industry through our innovations. We continue to shape the future of the cooling industry with performing and customer-oriented solutions. Our areas of expertise range from refrigeration, industrial cooling, air conditioning, data center & power gen cooling, OEM components and glass doors. 20
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COMPANIES ARE WOMEN, MEN AND IDEAS (Iginio Liberali, LUVE Founder) 21
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Our headquarters 2 2 Business Highlights Type of CustomerApplications% of Sales (1)ProductsBusiness Unit OEM •Refrigeration (food cold chain) •Commercial air conditioning and ventilation •Special applications (whitegoods, “mobile applications” etc.) 48% Heat exchangers Business Unit Components OEMRefrigeration (food cold chain)2%Glass doors for refrigerated display cabinets Distributors / Installers / OEM / EPC / End users Contractors / End users •Refrigeration (food cold chain) •Commercial air conditioning and ventilation •Industrial process cooling •Power Generation •Data centers 50% Air-cooled equipment Business Unit Cooling Systems (1) FY 2025 data on total sales of product
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23 Global leader in air heat exchangers and cooling solutions Technology-intensive, non-commoditized industrial niche with high barriers to entry •3rd largest air heat exchanger manufacturer globally and 2nd largest in Europe •Mission-critical products •Low incidence on customers’ total system costs •Highly diversified customer base, with no single customer >6% of revenues, supporting a strong bargaining position •Strong pricing power and high customer stickiness
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Diversification in Applications to Avoid Cyclicality Refrigeration (Commercial / Industrial) Commercial and industrial refrigeration, All fresh conservation, Freezing processes, Foodstuff processes, Storage & Logistics, Seasoning, Display case units, Cabinet units, Dispenser units, Ice makers, OEM Air conditioning HVAC for buildings and industry units, Transport, Heat pumps, Telecommunications Industrial Cooling - Energy & Power - Data Centers Energy production, Nuclear, Chemical cooling, Engine cooling – Heat rejection in data centers 24
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Refrigeration and storage of products Refrigeration and conservation of fresh and packaged food and flowers, Foodstuff processes, Storage & Logistics, Seasoning 2 5
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Food preservation and freezing Perishable food blast freezing, Display case units, Cabinet units, Dispenser units, Ice makers 2 6
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HVAC&R HVAC&R of supermarkets and shopping centres, district heating, buildings and industry units, Transport, Heat pumps, Telecommunications. 2 7
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Industrial processes cooling Chemicals & Pharmaceuticals, Plastic molding, Waste treatment and industrial applications 2 8
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Energy & Power cooling Power generation, Hydrogen, Oil & Gas, Steel-making, mining, Chemical cooling, Engine cooling, Nuclear 2 9
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Data Centers & Big Data Cooling Chemicals & Pharmaceuticals, Plastic molding, Waste treatment and industrial applications 3 0
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Main Technology Options for DC Cooling Air cooling of datacenter room with chiller and dry coolers Direct liquid cooling of datacenter with dry coolers Immersions cooling of datacenter with dry coolers 31
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LU-VE Products in Data Center 32
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OEM Heat Exchangers Counters, display cabinets, air conditioning, home appliances, heat exchangers for Hotels- Restaurants-Catering equipment, transportation, train and mobile air conditioning and refrigeration. 3 3
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Glass doors for refrigerated cabinets Glass doors for positive and negative temperatures refrigerated cabinets. 3 4
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Decarbonization Electrification (heat pumps / district heating) Digitalization (data centers, IOT) Food safety Global warming Regulations (F-gas etc.) Safety in supply chains Seculars Trends Increase the Addressable Market 35 Urbanization & consumer habits Air treatment & ventilation Industrial Cooling and Processes Cold chain and refrigeration Data Center cooling
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Diversification in Product Applications to Avoid Cyclicality 36 Diversified applications, segments and markets with uncorrelated business cycles Focus on markets with expected high potential growth Business growth sustained by megatrends
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20 Production facilities in 9 countries 35 Sales companies in 23 countries 1 mln. Sqm surface, including 3600 Dedicated to R&D 4000 Qualified collaborators More than In Italy 1200 Production facility Sales company •Our Global Presence RoW 26.5% Italy 19.3% EU 54.2% Breakdown of sales by geographical area (2025) 38
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Strategy 39 Geographical focus for growth •USA •Asia •Developing countries Disciplined M&A activity (industrial focus and valuation) Reduce risk profile through: •Widening product applications in uncorrelated sectors •Increasing internationalization Create sustainable competitive advantage through: •Product focus and innovation •Technology enhancements •Production plants efficiency and flexibility •First mover in "green tech" Strategic Product Diversification Through Adjacent M&A
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•Guidance Previous vs Updated M/LT Guidance 40 ChangeM/LT Guidance September 2026 M/LT Guidance October 2022KPI UpgradedLDDHSDSales growth organic Upgraded15%-17%14%-15%Adjusted EBITDA margin Confirmed Mid-teens, excluding extraordinary fluctuations Mid Double Digit (net of extraordinary fluctuation) Trade NWC on sales Increased to support growthȶ 30-35 m p.a.ȶ 20/30 m p.aGrowth Capex Updated22%-23%20-21%Tax rate
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•NFD/EBITDA <2 •Growth capex •Steady / smooth dividend policy •M&A: up to 3x leverage if required by strategic M&A (dry ę㳶ºĜǺɗȶŽƀŻûɌħĜƺħ¶º¯ħ°ę°Îħňș 41 LU-VE’s Capital Allocation
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Pillars of a Sustainable Competitive Advantage 42 LU-VE business modelSources •Patent and tech innovation •Leadership in R&D: laboratories / CFD / nanotechnologies / IOT Technological Advantage •Market leadership: ca. 50% (1) of sales are in market segments where Lu-Ve is market leader •Production plants in LCC: Poland, India, China, Russia and Czech Republic •The highest level of capex in the sector to increase productivity, automation, product quality Cost advantage •Co-design with clients •Long term customer cooperation: customers with more than 5 years of business relationship represent 65/70% of total sales •Lu-Ve supplies performance critical components, but with limited cost incidence vs customers machineries/installations total costs Switching costs •One of the 3 largest worldwide producers of air heat exchangers •Leader in Europe in heat exchangerEfficient scale •Lu-Ve customers benefit from Lu-Ve experience in thousand of applications fields of air heat exchangers, helping them to identify specific solutions for their refrigeration/cooling problemsNetwork effect
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Metal Price Impact on Profitability 43 (1) Impact: high Low Metal fluctuation managementMetal influence on product priceMain applicationSale contract •Price adjusted through formulas linked to metal publicly available quotation (average last quarter / half a year) •Profitability protection through systematic physical hedging (short order-to-delivery cycle) Mechanical price adjustment through formulas linked to the metal publicly available quotation Mainly in the Components SBUFrame contracts •Pricing locked-in at order intake •Profitability protection through systematic physical hedging (long order- to-delivery cycle) Technology and design are the main elements of the solution offered Lower impact by metal price Project driven orders (mainly cooling system SBU: industrial application, power gen etc.) Predetermine d delivery date •Pricing managed through price lists, thus leading to some delay •Competitive pressure may impact on the delay of price adjustment •Hedging based on forecasted volumes rather than orders Higher impact of metal pricesProducts sold by catalogs with zero or limited customizationStandard products Impact Impact Impact Impact ImpactImpact
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The Pricing Power in 2021 44 H1 + H2 2021
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The Pricing Power in 2022 EBITDA FY 2022 vs 2021 + 29.6% •EBITDA adjusted grew by 29.6% thanks to volumes increase and pricing power •In 2022, non-recurring items are M&A transaction costs and extraordinary bonuses to employees (no adjustments in 2021) 45 (1) Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided (2) Source: management analysis of consolidated results as of 31/12/2022
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Our innovations 1967 first company in the world to introduce the internal turbulator* 1988 first company in the world to introduce the Hitec-Turbocoil fin turbulator 2002 first company in the world to introduce the EC fan 2004 first CO2 transcritical installation in Europe 2010 first private test facility in EU for CO2 heat exchangers test 2011 introducing RefrionTube oval tube technology 2012 introducing Minichannel for low charge refrigerant applications 2014 introducing the Whisperer silencer 2017 Emeritus adiabatic system 2020 first company in the world to achieve Eurovent certification for CO2 units •Innovation 46
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R&D for air heat exchangers NATURAL REFRIGERANTS REFRIGERANT VOLUME ENERGY EFFICIENCY INCREASED CAPACITY ENERGY SAVING MINIMIZED REFRIGERANT CHARGE REDUCED NOISE LEVEL MANAGE AND CONTROL CO2 EQUATOR REDRAWING REDUCED WATER CONSUMPTION FLEXIBILITY REDUCED FOOTPRINT AND WEIGHT CORROSION RESISTANCE REDUCED MAINTENANCE COSTS INCREASED RELIABILITY 47
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o 4 private laboratories o Climatic chamber for performance testing of the largest dry coolers o Close cooperation with 30 Universities o 2020: First company in Europe to achieve the important “Certify all” certification of EUROVENT •Innovation LUVE R&D Labs 48
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PLAIR software to calculate performance in heat exchangers, for all refrigerants including CO2. PLAIR performs highly reliable calculations tested in LUVE laboratories •Innovation LU-VE Product Selection Software Yourname@yourcompany.com 49
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Actual results: 2015 – 2025Strategic targets identified since 2015 5/6% p.a.Organic growth (CAGR) 10-17% on salesStrict controlNWC ȶ 140 MGrowth Capex TotalOrganicCAGR 11.0%8.1%Sales 13.0%10.3%EBITDA Performance since IPO (2015) 50 5 new plants: Poland, China and USA Doubled plant in India Asia - USAGeographic expansion 4 strategic acquisitions ȶ 129 m investedAcquisitions
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LU-VE was founded in October 1985 METALLUVE was later absorbed into LU-VE in 2016 LU-VE Changshu was substituted by LU-VE Tianmen in 2018 Tecnair was sold in 2022 LU-VE SPA, SEST ITA, Air Hex Alonte merged into LU-VE SPA in 2024 Track Record of Profitable Organic Growth and Acquisitions 51 2025 Turnover € 605 M
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52 Financial Hi •All data in ȶ millions •(1) 2014-2025 based on IFRS – 2009-2013 based on ITA GAAP •(2) Adjustments to exclude non-recurring items Turnover 2009-2025 EBITDA ADJ (2) 2009-2025 CAGR +7.5% Net Cash Generation ADJ (2) 2013-2025Net Income reported 2009-2025 AVG = €24.2M Financial Highlights CAGR +11% since IPO
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53 Resilient Business Model and Improving Profitability Since H2 2019, dilutive effect on margin percentage due to lower ęĜăÄÎħ¯ÎõÎħňăÄ>-eȘɗżŽƀ¯ęĠș In 2020 impact of Covid and lockdown In H1-20, volumes decreased by 10.4% LFL due to lockdown In 2021, volumes increased by 14.7% In 2022, volumes increased by 8.9% In H2-22 impact on profitability due to safety stock Effect on metal inflation margin 90 bps in 2021 and 160 bps in 2022 On 2023 cost saving program started in H2 with first results already achieved Strong trend of profitability improvement in 2024 and 2025 Further profitability improvement in H1-26 1) All data in € million 2) H1 2016 proforma to include Spirotech which has been acquired in October 2016 3) ZHT is consolidated since H2 2018 4) AL Air is consolidated since 1st of May 2019 5) Refrion consolidated since 1 st of April 2022 – Tecnair deconsolidated since 1St of April 2022
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Shareholders Structure (1)(2) 54 44.3% 12.5% 43.2% (1) Fully diluted – post warrant conversion at end of May 2017 (2) Updated as of as July 7, 2026, (3) Based on number of shares (4) Thanks to the Enhanced Increased Voting Rights Mechanism as of July 7, 2026, Finami owns 61,4% of voting rights and G4 owns 17,3% of voting rights (5) Treasury shares as of as of April 28 th , 2026: 0,13% of share capital (3)(4) (3) (4) (3) On May 29, 2025, the Board of Directors approved a proposal to strengthen increased voting rights, and on July 1, 2025, the Shareholders' Meeting approved the corresponding resolution. No shareholder exercised the right of withdrawal.
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•LU-VE presence on the Italian Stock Exchange 55 AIM 9th July 2015 MTA 21st June 2017 MID Cap index 19th September 2022 STAR segment 21st September 2022
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56 ESG
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LU-VE Group Approach to ESG Topics “LU-VE is the embodiment of the principle that companies are women, men and ideas. Grey matter for a greener world has been our commitment right from the beginning. We have been the first in the sector to use “green” technology/solutions, LCC/LCA Life Cycle Costing/ Assessment, to maximize energy saving, minimize refrigerant charge, reduce noise level reduce footprint and weight.” Iginio Liberali, Founder of LU-VE Group The European Directive 2014/95/UE requires the preparation of a Consolidated Non-Financial Statement outlining the Group’s ESG commitments and results, in response to stakeholders ’ expectations addressed through a structured and ongoing engagement process. The integration of sustainability into the company strategy is supported by a top management ESG awareness project aimed at engaging all key players in defining and developing the Group’s sustainability strategy . European Commission introduced the Regulation 2020/852 - EU Taxonomy Regulation, a unified classification for economic activities considered environmentally sustainable. LU-VE Group identifies eligible activities with respect to the "Climate Change Mitigation" objective. LU-VE Group set up a corporate Sustainability Steering Committee , responsible to share the progress of the Group’s sustainability performance, to discuss strategic lines of action, and to define the new LU-VE Group Sustainability Plan. LU-VE Group implemented for the first year the actions defined in the LU-VE Group Sustainability Plan, achieving all the targets defined for 2023. LU-VE Group adopts the new European Sustainability Reporting Standard, as defined by CSRD – Corporate Sustainability Reporting Directive. LU-VE Group integrates sustainability disclosure within the Integrated Annual Report , enhancing the transparency and quality of information. LU-VE Group has been updated the new 2026–2029 Sustainability Plan , which has been fully integrated into the Industrial Plan approved by the Board of Directors in February 2026. The Group participated for the second year in the 2025 disclosure of CDP - Carbon Disclosure Project -, and for the first time publicly disclosed its score of C, corresponding to the “Awareness ” level, in the Climate Change and Water Security categories. Green Deal – Horizon, Kigali Amendment IPPC, Sixth Assessment Report2015 Paris Agreement Global Scenario 2019 LU-VE IS ESTABLISHED 198 5 SUSTAINABILITY REPORTING 2017 SUSTAINABILITY STRATEGY 2020 EU TAXONOMY REGULATION 2021 30th UN climate change conference (COP30) 2022 SUSTAINABILITY GOVERNANCE & SUSTAINABILITY PLAN Global Scenario 20252023 TARGETS SUSTAINABILITY STATEMENT 2024 INTEGRATED SUSTAINABILITY PLAN 57
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58 The Sustainability Governance In 2022 LU-VE Group set up a corporate Sustainability Steering Committee : this is where the strategic lines will be plotted and the progress of our performance will be evaluated. The new figure of Group General Manager (GM), introduced in 2023, has been also involved in the Corporate Sustainability Steering Committee which is regularly attended by CEO, CSDO, GM, CFLO, Investor Relation and Sustainability Office.
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59 The Sustainability Plan The 2025 was the third year of implementation of LU-VE Group’s 2023-2025 Sustainability Plan. It was prepared by the Corporate Sustainability Steering Committee, reviewed by the Control and Risk Committee, and approved by the Board of Directors in February 2023. All 2025 targets were met, except for two accident-related ones due to site-specific and hard-to-predict factors. The Sustainability Plan was later updated, becoming an integral part of the 2026–2029 Industrial Plan, approved by the Board of Directors in February 2026. 2026-2029 INDUSTRIAL PLAN 2023-2025 SUSTAINABILITY PLANSUSTAINABILITY AREAS AND KEY INDICATORS TARGET 2029 TARGET 2028 TARGET 2027 TARGET 2026 TARGET 2025202520242023 >64%>62%>60%>58%>56%58%56%54%Turnover from products designed with high efficiency motor and/or natural refrigerant fluids (% of total turnover)Integrated sustainability of the business plan and innovative products >76%>75%>74%>73%>71%72%70%67%Relevant suppliers who completed the Supplier Form (% of total relevant suppliers) 3330252015171110Supplier audits (no.) -52.3%-48.3%-44.2%-40.1%-19%-36%-15%-6.39%Scope 1 and Scope 2 greenhouse gas emissions reduction (% of baseline 2022) Climate neutrality >90%>90%>88%85%>80%97%87%74%Employees assessed in the Performance Management process (% of total eligible employees) High engagement <=2.80<=3.20<=3.55<=3.89<=3.254.823.653.08Accident frequency index <=0.08<=0.11<=0.14<=0.16<=0.120.180,120.09Accident gravity index 9.00 >3.50 >550 >8.50 3.50 550 >8.50 >3.40 >500 8.50 >3.30 500 ---- NEW INDICATORS: Average training per capita Online Academy Training: average training per capita Online Academy Training: number of active employees
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60 In 2025, increase in turnover from sustainable products Over time, the refrigeration sector has identified increasingly sustainable natural refrigerants such as carbon dioxide (CO 2), ammonia (NH 3), propane (R290) and water (H2O), which are characterized by: - Zero or very low Global Warming Potential (GWP) values - Zero Ozone Depletion Potential (ODP) values. - PFAS free. GWP is an indicator that quantifies the impact of a greenhouse gas on global warming. The ODP indicates the ability of a substance to damage the atmospheric ozone layer. PFAS are known as “forever chemicals” — substances that never break down, because they do not degrade in the environment or in the human body, accumulating over time and causing serious risks (cancer, hormonal and immune damage) to human health and the ecosystem. One of the targets of the Sustainability Plan is to increase turnover from products that use natural refrigerants and/or high energy-efficient motors, i.e. with a lower emission impact (with reference to the Scope 3 category 11 emissions of the GHG Protocol). The target includes: >56% revenues from sales of products using natural refrigerants and/or high energy-efficient motors by the end of 2025; >58% revenues from sales of products using natural refrigerants and/or high energy-efficient motors by the end of 2026. Fans with high-efficiency motors (electronic “EC” motors) represent one of the main innovations of recent years and mark an important step towards achieving ventilated heat exchangers with improved efficiency and minimal energy consumption for ventilation. At the end of 2025, the target of >56% was achieved, reaching 58%
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Climate change mitigation targets Considering climate targets, LU-VE Group: A. Reduced its greenhouse gas emissions (Scope 1 and Scope 2 according to the Market-based methodology) by 36%, considering the 2022 baseline . Achievement of the target - defined through science-based methodology - was possible mainly through the use of electric energy from renewable sources certified through Guarantees of Origin or produced through on-site photovoltaic plants, as well as through energy efficiency initiatives. B. Pledged to establish a plan to reduce Scope 3 greenhouse gas emissions by the end of 2026. In addition, for the second consecutive year, in the FY2025 Consolidated Sustainability Statement (Integrated Annual Report), the Group is reporting data on its Scope 3 emissions. The Scope 3 emissions categories most relevant for LU-VE Group are related to clients' use of products (cat. 11 of GHG Protocol) and materials purchased (cat. 1 of GHG Protocol). As part of the 2026-2029 Industrial Plan , LU-VE Group has planned investments (CAPEX) with the aim of mitigating impacts from climate change mitigation and adaptation with a total value of ȶ10.3 million .
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62 Solutions for decarbonization and energy transition LU-VE promotes solutions to support decarbonization: - heat pumps for domestic and industrial use, also contributing to the development of the new heat pump range for one of Europe’s leading players in domestic heating applications; - wind turbine cooling systems - high-voltage electrification systems to support European electrification plans, which are key for the energy transition ; - charging stations for electric vehicles , especially fast charging stations, which require a heat exchanger to cool the unit; - retrofitting of refrigerated counters that reduce energy impacts at points of sale/supermarkets, through the installation of glass doors and LED lighting systems, starting in the European market. This was made possible through the development of a dedicated service department in 2024. In the area of decarbonization solutions, an agreement has been signed to supply emergency generator cooling systems for the Hinkley Point C nuclear power station in Somerset, England.
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63 EU Taxonomy and the eligible activities of the LU-VE Group LU-VE Group’s eligible activities to the EU Taxonomy, because of its contribution to the objectives: «Climate Change Mitigation» (CCM) - Delegated Regulations (EU) 2021/2139 and (EU) 2023/2485 «Transition to a circular economy» (CE) - Delegated Regulation (EU) 2023/2486: 202320242025KPI 34.7%36.4%33.5%Turnover 29.3% 40.9% 64.9%CAPEX 36.4%36.4%30.3%OPEX •Manufacture of electrical and electronic equipment - CE 1.2 - new activity •Manufacture of energy efficiency equipment for buildings - CCM 3.5 •Manufacture of other low carbon technologies- CCM 3.6 •Transport by motorbikes, passenger cars and light commercial vehicles - CCM 6.5 •Constructions of new buildings – CCM/CE 7.1 •Renovation of existing buildings –CCM/CE 7.2 •Installation, maintenance and repair of energy efficiency equipment - CCM 7.3 •Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)– CCM 7.4 -new activity LU-VE Group – Proportion of Eligibility
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64 Climate Risks analysis for the Industrial Plan 2026-2029 •The various types of risk - market, technological, legal/policy and reputation - have been evaluated according to their potential impact on the business and the Group’s ability to cope with them over time. As an example, market risks related to increases in production and transport costs , due to specific market conditions and the introduction of new regulations (such as Carbon Border Adjustment Mechanism at European level) have been assessed, as well as the demand for products with less emission impact also due to the tightening of regulations and directives aligned to climate policies, such as the F-Gas Regulation and Energy Performance Building Directive. PHYSICAL CLIMATE RISKS ANALYSIS TRANSITION CLIMATE RISKS - Analysis update •LU-VE Group already required a risk assessment for its production facilities in 2022. This analysis is considered up- to-date and also applicable for the financial year 2025 as it is based on IPCC (Intergovernmental Panel on Climate Change) scenarios, categories of physical climate risks, calculation methodologies and time horizons still in line with the state of the art and the context in which the Group operates. •The different future scenarios were based on internationally recognized climate models based on greenhouse gas concentration pathways (Representative Concentration Pathways - RPC) developed by the IPCC with particular reference to the RCP 2.6 and RCP 4.5 scenarios . Considering the time frame, the simulations were performed with a horizon up to 2035. •The analysis showed that the risks that will have the greatest influence on the Group are temperature variability , intense precipitation and precipitation variability . Vice versa, the exposure to certain other risks, e.g. drought and fire risk, are not expected to be material to the Group’s operating assets.
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65 Sustainability rating: transparent information for stakeholders In order to ensure transparency and share detailed information on sustainability topics with customers and investors, LU-VE underwent an EcoVadis assessment and responded to the CDP Climate Change and CDP Water Security questionnaires. CDP (Carbon Disclosure Project) is a global non-profit organization that promotes the disclosure of environmental topics by companies, financial markets, cities, states and regions, with the aim of managing their impact. In 2025, LU-VE reached a score of C , corresponding to the “Awareness” level, in the Climate Change and Water Security categories. In July 2026, the LU-VE Group has received a new recognition from EcoVadis, achieving the Silver Medal for the first time. This result represents a significant step forward in its sustainability journey, following the three Bronze Medals received since 2021. EcoVadis medals and badges are awarded to companies that have completed the assessment process and proven that they have a robust management system in place to address the sustainability criteria defined by the rating methodology. Additional information from ECOVADIS.COM Additional information from CDP.COM
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66 Commitments: United Nations Global Compact Starting in 2026 , the LU-VE Group official commitment to the United Nations Global Compact was formalized, with the aim of strengthening its strategy and operational activities in line with its Ten Universal Principles, which address human rights, labour, the environment, and anti-corruption.
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67 Sustainability Ambassadors’ Journey: leverage our sustainability culture The “Sustainability Ambassadors’ Journey“, our initiative launched globally in 2023 to increase sustainability awareness within the LU-VE Group and accelerate sustainable change within the company, is continuing in 2025. Among the various spontaneous applications received, a total of 80 employees were selected from different companies within the Group and from various departments and functions. The training, discussion, and dialogue activities covered five main areas: climate crisis, energy market, human rights, circular economy, and sustainability communication. At the end of the first phase, the "Sustainability Ambassadors’ Journey" continued with two main modules: i) through the Climate Fresk Path , employees can participate in an intensive training to become certified Climate Fresk facilitators, with the aim of guiding their colleagues in workshops on climate change and its social impacts; ii) by participating in the Sustainability Lab , employees joined workgroups to generate ideas and proposals for sustainability projects to be developed within the company. During 2025 , a pilot phase of the Cimate Fresk workshop was launched: colleagues certified as Climate Fresk facilitators conducted 9 workshops at company sites, involving and training 56 employees on the topics of climate change and its environmental and social impacts. In the first half of 2026 , colleagues conducted 14 workshops , involving a total of 100 employees .
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68 Decarbonization and heat pumps •Heat pumps are a decisive element for achieving the goal of zero “net carbon emissions” •LU-VE Group has designed special products to make the best use of heat sources for heat pumps: thus supporting this market which in 2022 recorded a strong growth •LU-VE Group conducted an experimental campaign in 2022 on a variety of aeraulic layouts of a plant in Denmark and contributed to the development of a new configuration of coolers capable of reducing the energy consumption of the heat exchanger by up to 21%. •The full results were presented during the “Gustav Lorenzen ” international conference, the most important on natural refrigerant fluids. Heat pumps allow heat to be extracted from a natural source (air, water or ground) and make it available at the desired temperature. They also allow recovery of the residual heat, which can then be used for heating to increase the system’s efficiency •LU-VE Group made R&D activities on seeking solutions capable of reducing the load of specific refrigerant fluids for the use of R290 when presenting the 4mm diameter tube at Chillventa 2022. •This innovation endows LU-VE Group products with the highest performance in terms of both yield and sustainability. •The Group is also investigating solutions that incorporate aluminum tubes. HEAT PUMPS FOR DISTRICT HEATING HEAT PUMPS FOR RESIDENTIAL USE
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69 M&A
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Four acquisitions completed Sales acquired: € 145 m Amount invested: € 129 m Average EBITDA multiple paid = 7.0x ACC Wanbao asset deal M&A activity (2015- 2022) 70
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Refrion (Italy) (2022) Main financial terms •Acquisition completed on 30th of March 2022 •Acquisition of 75%, plus put&call on the remaining 25% within 5 years •Cash out at closing equal to € 8.1 M •EBITDA multiple = 7,35x average 2020/2021 adjusted EBITDA (gross of sales on non-operating assets) •Remaining 25% acquired in 2024 for a value of € 7.4 M •Financial highlights 2021: •Sales = € 26 M •EBITDA = € 2.7 M Strategic rationale •Refrion specializes in the production and marketing of air heat exchangers with adiabatic technology, which enables reductions to be made in energy consumption, water consumption, and noise emissions •Technology of heat exchangers with oval tubes •Limited customer overlapping •Heat exchangers for nuclear plants •One of the largest climatic test chambers in Europe 71
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ACC (Italy) (2022) 72 •Transaction completed on 29th of July 2022 •Contracting of selected assets and employees of former ACC under receivership (based on Belluno – Italy) •Total capex on the site up to € 9 M in 3 years •Hiring a certain number of former blue collars of ACC, benefitting from subsidies from the Italian government •Access to modern industrial plant at cheap conditions (40.000 sqm) •Hiring skilled people at reduced costs •Opportunity of rationalization of logistic activities of the nearby plant of LU-VE Strategic rationaleMain financial terms
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•Main financial terms 73 Tecnair LV (Italy) (2022) - Divestiture •Transaction completed on 21st of March 2022 •Sale to Systemair of the entire participation (80%) in Tecnair LV •Transfer of all the employees •Cash-in at closing € 12,9 M •EBITDA multiple = 12,5x 2021 adjusted EBITDA •Financial highlights 2021: •Sales = € 12,0 M •EBITDA = € 1,2 M •Strategic rationale •Limited integration with the LUVE Group •Product range in competition with large customers of LUVE •Technological developments toward outdoor machines for data centers •Limited growth in the last years •Strategic long term supply agreement of components with Systemair
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74 Acquisition of Alfa Laval Air Heat Exchanger Business: Overview (2019) On December 12th, 2018, Lu-Ve signed a binding contract to acquire 100% of Alfa Laval Air Heat Exchanger division (“AL Air”) of Alfa Laval Group. The acquisition was completed on April 30th, 2019 (1) Purchase price paid at closing amounted to €43.6m. An additional payment of €7.5m was made on April 30th, 2020. 6.5x Adj. EBITDA multiple over the period 2018-2019 Final price agreed on February 4th, 2020 AL Air manufactures air-cooled products for industrial process cooling, refrigeration and HVAC applications In the two-year period 2018-19, AL Air reported ca. €100m sales and an EBITDA margin of 8.0% with a Sales CAGR of 8.9% over the last 3-year period AL Air brings to Lu-Ve Group: World class customers in Europe, US and India 3 state-of-the-art manufacturing plants in Italy, Finland and India with ≈400 people An ideal base to expand (i) market presence in the industrial cooling and refrigeration segment in Europe and (ii) production in India 1) Subject to 2018 EBITDA review and post closing adjustments
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75 Acquisition of Alfa Laval Air Heat Exchanger Business: Rationale (2019) Becoming the third largest player in the world in the air-cooled products Strengthening market position in Europe in industrial cooling business unit, achieving a leading position Enlargement of product applications (engine cooling, power converter and process cooling) Limited customers overlapping Strong management team with international experience Expansion in the Indian market related to the cold chain infrastructure Opportunities of synergies as result of plant specialization, marketing efforts and costs rationalization
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On June 26, 2018, LUVE completed the acquisition of Zyklus Heat Transfer Inc (ZHT), based in Jacksonville (Texas) Luve acquired 100% ZHT is specialized on heat exchanger for the US market Mr. Zachary Riddleseperger – founder and 100% owner – remains as VP Operation Three years earn-out scheme based on EBITDA 2017 turnover: USD 10.3 M Average growth rate previous two years: 12% 2017 adjusted EBITDA: USD 1.7 M (16.5%) At December 2017 adjusted net financial debt was USD 3,4 M Price paid for 100%: USD 10 M 2017 EBITDA multiple paid: 7,9x 76 ZHT (USA) (2018)
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77 •Binding contract to acquire 95% of Spirotech signed on 18/9/2016 •Spirotech is a leading and fast-growing Indian producer of heat exchanger for HVAC industry, home appliances and transportation: •turnover of € 21 millions with an average EBITDA margin > 20% •doubled the turnover during the last 5 years •world class customers in Europe, US and India •strong management team with international experience •state of the art manufacturing plant with expansion opportunities •Ideal base to expand production in India, to benefit from long term trend in creation and expansion of cold chain in India and Asia •Total consideration : •7,3x FY16 EBITDA •Strategic rationale of the acquisition: •Expansion of Spirotech customer basis thanks to LUVE sales network •Expansion in the Indian market with LUVE products related to the cold chain infrastructure •Transfer of customers/products from other Group European plants based on logistic and technological evaluation •Expansion in Middle East due do the logistic advantage Spirotech (India) (2016)
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78 Disclaimer •This presentation has been prepared by LU-VE S.p.A. for information purposes only and for use in presentations of the Group’s results and strategies. •For further details on the LU-VE Group, reference should be made to publicly available information. •Statements contained in this presentation, particularly the ones regarding any LU-VE Group possible or assumed future performance, are or may be forward looking statements and in this respect, they involve some risks and uncertainties: actual results may differ materially from such statements, as they relate to future events and circumstances, many of which are outside the control of the LU-VE Group. •Any reference to past performance of the LU-VE Group shall not be taken as an indication of future performance. •This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. •By attending and/or reading this presentation you agree to be bound by the foregoing terms. •The information contained and the opinions expressed in this document have not been independently verified. •The information set out in this document are provided as of the date indicated herein and LU-VE Group assumes no obligation to update such information. •The Manager in charge of the Company’s financial reports, Eligio Macchi, declares, pursuant to paragraph 2 of Article 154-bis of Italy's Consolidated Law on Finance, that the accounting information contained in this document corresponds to the documented results, books and accounting records .
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