Slides
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1 1 9M 2025 Results October 27, 2025 Olivier PROUST – CFO Maria Beatrice DE MINICIS – Head of Planning and Control
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2 2 • 9M 2025 Results • A resilient business model and a Sustainable Transformation • Market Outlook 2025 AGENDA
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3 Revenues at €744.9m Vs 766.7 in 9M 24 • Contribution margin € 223.7m vs € 224.8m in 9M 24 (up from 29.3% to 30.0%) • EBITDA excluding non-recurring: € 106.5 m vs € 101.0m in 9M 2024 • Fixed costs decreasing vs 9M 2024 in % and value EBITDA at € 103.1m vs €96.7m in 9M 24 EBIT • € 48.5m vs € 38.0m in 9M 2024 (excluding non-recurring € 51.9m vs € 42.3m) thanks to the recovery of Suspensions margin FCF1 at € 15.0m vs €19.8m in 9M 24 Net debt end of September 2025 at € 13.9m vs a Net debt end December 2024 of € 9.5m (€ 16.1m end of September 2024, after the sale of Filtration and the payment of extraordinary dividends) NFP at € 13.9m vs € debt of 9.5m Dic ‘24 Net income of operating activities at € 29.9m vs € 15.1m in 9M 24Net Income • -0.1% at constant exchange (-2.8% at current), mainly reflecting the decline in Europe. 1. FCF and Net debt excluding IFRS 16 9M 2025: FINANCIAL HIGHLIGHTS Free Cash Flow positive at € 15.0m, vs €19.8m in 9M 24 despite higher investment in new products and 9M 24 benefiting of the collection, before the sale, of the intercompany debts of Filtration (€ 13.1m)
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4 • -0.1% at constant exchange mainly reflecting the decline in Europe (-6.4%), a result affected by a difficult market (-1.9% passenger cars) and the decrease in the Heavy-Duty segment • North America overperforming the market • Cina and South America up in a growing market • India down due to product mix Source: Sogefi and S&P Global (IHS) data. Passenger cars and Light commercial vehicles only. 9M 2025: SALES BY GEOGRAPHY €m 9M 24 9M 25 change constant exchange rates reference market production performance vs market (bps) weight based on 9M 25 Europe 27 426.2 398.8 -6.4% -6.3% -1.9% -440 53.5% North America 162.0 166.5 2.8% 7.5% -1.4% 890 22.4% South America 85.3 82.1 -3.8% 7.2% 4.4% 279 11.0% Cina 82.1 87.1 6.1% 9.4% 11.9% -250 11.7% India 13.1 11.2 -14.4% -8.4% 4.3% -1273 1.5% Intercompany (2.0) (0.8) Total 766.7 744.9 -2.8% -0.1% 3.8% -391 100.0%
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5 9M 2025: SALES BY BUSINESS UNIT • Suspensions reflecting the difficult market in Europe • Air and Cooling with better-than-market performance especially in Nord America, China and South America €m 9M 24 9M 25 change constant exchange rates change Air&Cooling 342.9 339.8 -0.9% 1.9% Suspensions 424.8 405.1 -4.6% -2.0% Intercompany (1.0) 0.0 Total 766.7 744.9 -2.8% -0.1%
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6 9M 2024 9M 2025 OUR CUSTOMERS (% of sales) Chinese OEMs gaining shares
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7 (**) Exchange rate impact net of Argentinian inflation (*) Variances calculated at stable FX 9M 2025: EBIT PERFORMANCE BREAKDOWN VS 9M 24 5.5% on sales 7.0% on sales 6.5% on sales 5.0% on sales
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8 €m 9M 2024 % 9M 2025 % REVENUES 766.7 100.0% 744.9 100.0% CONTRIBUTION MARGIN 224.8 29.3% 223.7 30.0% Gross Fixed Costs 128.9 16.8% 122.4 16.4% Restructuring 3.3 0.4% 0.9 0.1% Exchange Differences 1.4 0.2% 1.8 0.2% EBITDA 96.7 12.6% 103.1 13.8% EBITDA excluding non-recurring 101.0 13.2% 106.5 14.3% D&A 58.7 7.7% 54.9 7.4% Write downs 0.0 0.0% -0.4 -0.1% EBIT 38.0 5.0% 48.5 6.5% EBIT excluding non-recurring 42.3 5.5% 51.9 7.0% Financial results 11.7 1.5% 7.4 1.0% Income Tax 11.2 1.5% 11.2 1.5% NET INCOME OF OPERATING ACTIVITIES 15.1 2.0% 29.9 4.0% Minority Interest -2.0 -0.3% -2.4 -0.3% Net income from discontinued operations 136.4 0.5 NET INCOME 149.5 19.5% 28.1 3.8% Higher contribution margin in % thanks to slight decrease in raw material costs Up in % and absolute value In 2024 includes Filtration disposal Fixed costs down in % and absolute value . Flat taxes as 2024 included non-recurring Cash Interests down from € 10.7m to € 4.7m 9M 2025 : P&L Up in % and absolute value
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9 FCF and Net debt excluding IFRS 16 9M 2025 : FREE CASH FLOW NEW PERIMETER The reduction is due to the collection in 9M 24, before the sale, of the intercompany debts of Filtration (€ 13.1m) Higher capex for new product After the dividends payment Stable use of factoring (€ 48.8m at the end of 2024) €m 9M 2024 9M 2025 FUNDS PROVIDED BY OPERATIONS 64.6 79.3 Working Capital -1.4 -9.0 Capex (Tangible, Intangibles & IFRS15) -45.0 -51.8 Others 1.6 -3.5 FREE CASH FLOW (NET) EX DISPOSAL 19.8 15.0 NET DEBT 16.1 13.9 FACTORING 52.0 48.7
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10 SALES (€m) • EBITDA growth in absolute value and in % • 9M 2025 contribution margin up in % (from 28.9% to 30.7%) thanks to reduction in raw materials prices compensating higher energy costs • Margin improvements thanks to the actions implemented in Europe (concentration of production capacity after footprint optimization and Romania with a positive EBIT) EBITDA (€m) excluding non-recurring • 2025 down 2.0% at constant (-4.6% at current exchange and net of Argentina’s inflation) with Passenger Cars more resilient (-2.0%, in line with market) while Heavy-Duty experienced a further decline (-15.3%) due to market and customer mix • Sales up in China (+7.5% at constant exchange) thanks to ramp up of new products also supplied to local players • In South America up 7.2% at constant exchange while in India down due to a different product mix 10.1% 12.4%EBITDA Margin 9M 2025: SUSPENSIONS
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11 • In 9M 2025 -0.9% at current exchange (+1.9% at constant exchange), thanks to China (up 11.4% at constant) while Europe down 8.0% due to a declining market and customer mix • In North America sales up 7.5% at constant exchange, better than the market • The contribution margin/sales ratio slightly down from 30.0% to 29.0%, reflecting light increase in raw material and energy costs, and changing production mix in NAFTA 18.8% 17.2%EBITDA Margin EBITDA (€m) excluding non-recurring SALES (€m) 9M 2025: AIR&COOLING
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12 Figures as of September 30th 2025 9M 2025: DEBT PROFILE • Marketable Securities & Financial assets : € 7m • RCF lines renegotiated and extended: € 130m, maturing in 2028
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13 13 A Resilient Business Model and a Sustainable Transformation 02
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A&C BL :is committed to developing a business portfolio of new products for purely electric vehicles: ✓ Air & Cooling concluded an agreement with a leading North American manufacturer for the supply of cooling plates for 100% electric vehicles ✓ Secured multiple new orders in China for hybrid or electric platforms and signed a direct agreement with a major battery manufacturer for an innovative product called "battery cooling stripes" In addition to this, a leading European manufacturer needed to replace a supplier for some components on some combustion engines already in production and selected Sogefi as its supplier Suspensions BL (not impacted by the EV transition) in 9M 2025 reached a very significant level of new orders: ✓ Most of the new orders were made in Europe in the Passenger Cars and LCV segments, for the supply of stabilizer bars, and in the Heavy Duty segment, which after a critical evolution in 2024 is showing a orders recovery in 2025, in particular the performance was driven by the extension for a further 5 years of supplies for a major manufacturer of heavy commercial vehicles (leaf springs and stabilizers) and by the acquisition of new orders in non-automotive sectors (Defense and Railway applications) 70% of the awards related to E-mobility 66%* of the awards related to E-mobility 9M 2025: NEW CONTRACTS 70% E-MOBILITY * * Excluding Heavy Duty .
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15 Direct impacts: ✓Air & Cooling achieved €214 million revenues in the USMCA area in 2024, selling components produced in Canada and Mexico mainly to General Motors, Ford, and Stellantis, of which 55% were destined for customers’ production plants in Canada and Mexico, and 45% imported by customers in the United States ✓ It is estimated that approximately 70% of revenues from components exported to the US are related to USMCA-compliant products and, therefore, based on current forecasts, are not subject to duties ✓ Since Sogefi does not directly export to the United States, leaving this task to its customers, and does not produce in the USA, and is therefore not subject to import duties on materials and components applied there, no significant direct impacts from the new duties are expected at present. ✓ Regarding procurement, since Canada has introduced counter-tariffs on steel products, Sogefi's production operations in Canada are experiencing an increase in the costs of steel components purchased from US suppliers, which, however, is not currently significant. Therefore, the direct impacts of the duties on Sogefi are currently insignificant. ✓ In the medium term, Sogefi could be exposed to a risk of loss of competitiveness compared to competitors located in the USA, due to the duties that North American customers will have to pay on products purchased from Sogefi in Canada and Mexico; this risk could be mitigated, if not offset, by the increases in production costs that competitors in the US could suffer due to duties on imported raw materials and components 2025: MANAGEMENT EXPECTATIONS ON DUTIES
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16 Higher than pre- covid level in 2025 thanks to growth in China and India MARKET OUTLOOK Expecting a weak Q4 2025 in China €m Europe 27 -1.9% -1.6% -2.1% -19.4% -1.8% North America -1.4% -4.0% -2.0% -7.2% -2.6% South America 4.4% 12.6% 6.6% -1.1% 5.5% China 11.9% -4.8% 6.6% 30.2% -1.1% India 4.3% 7.3% 5.0% 41.5% 6.8% Total 3.8% -2.8% 2.0% 2.7% -0.5% FY 2026 vs FY 2025FY 2025 vs FY 20199M 2025 vs 9M 2024 Q4 2025 vs Q4 2024 FY 2025 vs FY 2024 S&P Global (IHS) Oct 2025 Low decline expected in 2026
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17 • Visibility regarding the automotive market's performance in the coming months is severely impacted by the uncertainties surrounding the geopolitical and economic context. • The latest estimate from S&P Global (IHS) predicts that, after the decline recorded in 2024 (-1.1%), global auto production will experience a slight growth (+2.0%); by geographic area, further declines in production are expected in Europe and NAFTA, by 2%, and growth of 6.0% in China, 5% in India, and 6.6% in South America. • As regards raw material and energy prices, following generally favorable trends in 2024 which continued through the first nine months of 2025 (except for energy), there is still a risk of increased volatility depending on the impact of US tariffs on the supply chain. • Sogefi, for 2025, currently confirms the forecast of a low-single digit revenues decline at constant exchange rates and a slightly higher EBIT margin compared to that recorded in the 2024 financial year, excluding any non-recurring charges and new events/circumstances that could negatively impact the automotive market. Specifically, the forecasts may not fully capture the effects of tariffs on the global economy, international trade, and automotive production, as a greater decline in volumes than currently expected cannot be ruled out in the coming months, particularly in Europe. MARKET OUTLOOK
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18 Olivier Proust, Sogefi Group CFO Stefano Canu, Investor Relations Tel: +39 02 46750214 Fax: +39 02 43511348 Mail: ir@sogefigroup.com CONTACTS
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19 • This document has been prepared by SOGEFI S.p.A. for information purposes only and for use in presentations of the Group’s results and strategies. • For further details on the SOGEFI Group. reference should be made to publicly available information. including the Annual Report. the Semi-Annual and Quarterly Reports. • Statements contained in this document. particularly the ones regarding any SOGEFI Group possible or assumed future performance are or may be forward looking statements and in this respect they involve some risks and uncertainties. • Any reference to past performance of the SOGEFI 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. DISCLAIMER
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20 20 APPENDIX
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21 €m Q3 2024 % Q3 2025 % REVENUES 242.6 100.0% 236.4 100.0% CONTRIBUTION MARGIN 72.9 30.1% 71.2 30.1% Gross Fixed Costs 40.7 16.8% 39.3 16.6% Restructuring 1.8 0.7% 0.5 0.2% EBITDA 29.8 12.3% 33.6 14.2% EBITDA excluding non-recurring 33.2 13.7% 33.5 14.2% D&A 19.5 8.0% 17.8 7.5% Write downs 0.0 0.0% 0.0 0.0% EBIT 10.2 4.2% 15.8 6.7% EBIT excluding non-recurring 13.6 5.6% 15.7 6.6% Financial results 2.6 1.1% 1.7 0.7% Income Tax 3.2 1.3% 4.0 1.7% Minority Interest 0.6 0.2% 0.8 0.3% NET INCOME OF OPERATING ACTIVITIES 4.3 1.8% 10.2 4.3% Net income from discontinued operations - - NET INCOME 3.7 1.5% 9.4 4.0% Higher contribution margin in % Up 9.3% Up 15.4% Fixed costs down in % and value . +2.2% at constant exchange
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22 22 I Quarterly Non-Recurring/Operating € Q1 2024 Total +0.1m +0.7m Exchange differences - 0.4 one-off Suspension restructuring - 0.2m Others Q2 2024 Total -1.0m +0.2m Exchange differences -2.2m one-off Suspension restructuring +1.0m Others Q3 2024 Total -3.4m -2.2m Exchange differences -1.1m one-off Suspension restructuring -0.1m Others Q4 2024 Total -1.1m +1.8m Exchange differences -1.6m one-off Suspension restructuring -1.3m Others Q1 2025 Total -1.7m - 0.7m Exchange differences - 0.4 one-off Suspension restructuring - 0.6m Others Q2 2025 Total -1.8m - 0.8m Exchange differences - 0.3 one-off Suspension restructuring - 0.7m Others Q3 2025 Total +0.1m - 0.3m Exchange differences - 0.4m one-off Suspension restructuring + 0.8m Others
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23 Environment, Social and Governance