Earnings release
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1 PRESS RELEASE RESULTS IN THE FIRST NINE MONTHS OF 2026 Revenues: € 732.8 million, +1.2% compared with the first 9 months of 2025 Adjusted EBIT*: € 51.6 million (€ 49.8 million in the first nine months of 2025) Net profit € 33.6 million (€ 28.1 million in the first nine months of 2025) Free cash flow: € 18.5 million; € 15.0 million before IFRS16 Net financial position positive at € 18.3 million, thanks to free cash flow and the € 21 million proceeds from the sale of Precision Springs Main results (in €m)* First nine months 2026 2025 REVENUE 732.8 724.1 Adjusted EBITDA** 111.8 103.3 Adjusted EBIT* 51.6 49.8 EBITDA 107.0 99.8 EBIT 46.8 46.3 Profit (loss) for the period 33.6 28.1 Net financial position at 30.09 before IFRS 16 +18.3 (13.9) *Adjusted EBIT is calculated by adding back to EBIT the item "Restructuring costs” and the items "Losses (gains) on disposals", "Exchange differences (gains) and losses" and "Other non- operating costs (income)" (with the exception of impairment losses/reversals of impairment losses on tangible and intangible assets included therein) as reported in the "Consolidated Income Statement”). ** EBITDA is calculated by adding the item "Depreciation and amortisation" to the item "EBIT" and the amount of impairment losses/reversals of impairment on tangible and intangible assets (amounting to €-0.9 million as at 30 September 2026, vs. €+0.4 million in the same period in 2025) included in the item "Other non- operating expenses (income)" in the "Consolidated Income Statement". Adjusted EBITDA is calculated by adding back to EBITDA the items "Restructuring costs", "Losses (gains) on disposals", "Exchange differences (gains) and losses" and "Other non- operating costs (income)" (with the exception of impairment losses/reversal of impairment losses on tangible and intangible assets included therein, that had already been added to EBITDA) as reported in the "Consolidated Income Statement". Adjusted EBITDA therefore represents gross operating profit before all non-recurring results.
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2 Milan, 26 October 2026 - The Board of Directors of Sogefi S.p.A. , chaired by Monica Mondardini, convened today to approve the Group's interim management report as of 30 September 2026. Sogefi, a member of the CIR Group, ranks among the world's leading manufacturers of automotive components, specializing in the Air and Cooling, and Suspension business sectors. MARKET PERFORMANCE In the first nine months of 2026, global automobile production recorded a 0.7% decline compared to the corresponding period of 2025. This was mainly attributable to performance in China, which fell by 5.5% due to a significant contraction in the domestic market that was only partially offset by robust export growth. The trend was also negative in North America, which saw a decrease of 1.8%. In Europe, however, production remained at the same levels as in the first nine months of 2025, buoyed by growth in new car registrations, up 5.3% in the first 8 months of 2026, which enabled production volumes to be maintained despite the increase in the share of imported cars out of total sales. Among the main automotive production markets, growth was recorded only in South America, Japan, and especially India, which saw a +15.6% increase. Global production of Heavy Duty Vehicles in the first nine months of 2026 recorded a 5% increase compared with the corresponding period in 2025. In Europe, following the sharp decline of the past two years, production is showing a slight recovery (+2.2%). Positive trends were also recorded in China (+6.8%) and North America (+6.5%), while production in South America bucked the trend, falling by 11.6%. Turning to the outlook for the full financial year 2026, S&P Global forecasts a slowdown in output in the fourth quarter across both sectors: - The Passenger Cars sector is expected to see a 4.2% fall in production in the fourth quarter, leading to a 1.7% decline for the year as a whole, with China at - 6.4%, North America at -1.9% and Europe at -0.6%. Conversely, the full-year forecasts for India, South America and Japan remain positive (+11.4%, +4.5% and +2.3%, respectively), despite the slowdown also expected in these markets in the fourth quarter; - The Heavy Duty Vehicles sector is expected to post a weak fourth quarter and, for the full financial year, growth of 2.3%, compared with +5% in the first nine months of the year. The slight recovery in European production (+1.6%) and the increase in North America (+11.2%) are expected to be confirmed. Conversely, the outlook is negative for China, where a significant trend reversal is anticipated, as well as for South America. These forecasts are made against a background of great uncertainty, due in particular to the situation in the Middle East and its impact on the macroeconomic scenario. SOGEFI'S PERFORMANCE IN THE FIRST NINE MONTHS OF 2026: A SUMMARY At the end of July 2026, the Group sold its precision springs manufacturing business, “Precision Springs” , a non- core business, on the basis of a Net Enterprise Value of € 21 million. The proceeds from the transaction have enabled Sogefi to further strengthen its financial position during a phase of investments aimed at rationalizing its production footprint in Europe and expanding in core markets. This focus is particularly directed toward the Air and Cooling division's product range for electric vehicles, as well as the development of that division's manufacturing activities in India.
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3 In view of the above, the figures relating to Precision Springs are reported in accordance with IFRS5, i.e. by recognising only the net result of the operation under the heading ‘profit/(loss) from discontinued operations, net of tax effects’, and this applies to 2025 as well. The operating data presented below pertain to the scope of ongoing operations, while the net profit (loss) and Free cash flow are presented for both ongoing operations and those held for sale. In the first nine months of 2026, Sogefi recorded a 1.2% increase in revenue compared with the first nine months of 2025 (+0.7% at constant exchange rates), an 8.2% increase in Adjusted EBITDA and a net profit of € 33.6 million ; the key performance indicators are set out below. - Adjusted EBITDA : € 111.8 million compared to € 103.3 million in the corresponding period of 2025, representing 15.3% of revenues compared to 14.3% in the first nine months of 2025; - Adjusted EBIT: € 51.6 million compared to € 49.8 million in the same period of 2025, representing 7.0% of revenue compared to 6.9% in the first nine months of 2025; - EBITDA €107.0 million compared to €99.8 million in the first nine months of 2025, representing 14.6% of revenue compared to 13.8% in 2025; - EBIT: € 46.8 million compared to € 46.3 million in the first nine months of 2025, stably representing 6.4% of revenue in both 9-month periods; - net profit from continuing operations: € 27.9 million, in line with the first nine months of 2025; - net profit: € 33.6 million compared to € 28.1 million in the first nine months of 2025; - Free Cash Flow from operating activities (FCF) prior to IFRS 16 and dividends: € 18.5 million compared to € 15.0 million in 2025; - Net Financial Position prior to IFRS 16 as of 30 September 2026: positive at € 18.3 million, compared to net debt of € 19.2 million at the end of 2025, thanks to operating FCF and the € 21 million inflow from the sale of Precision Springs; including liabilities for right-of- use assets, net debt stood at € 23.2 million, compared to € 56.3 million as of 31 December 2025. RESULTS IN THE FIRST NINE MONTHS OF 2026 In the first nine months of 2026, the Group recorded revenue of € 732.8 million, up 1.2% compared with the same period of the previous financial year. Revenues by geographical area Revenues by geographical area 9M 2026 (in €m) 9M 2025 (in €m) Var. % Var. % at constant exchange rates Market (var.%) Europe 394.5 377.9 4.4 4.8 0.0 North America 169.6 166.5 1.8 5.2 (1.8) South America 85.9 82.1 4.6 (9.1) 6.0 India 11.8 11.2 5.1 18.5 15.6 China 73.7 87.1 (15.3) (16.8) (5.5) Other (2.7) (0.7) TOTAL 732.8 724.1 1.2 0.7 (0.7) Turnover grew in all geographical areas, with the sole exception of China: +4.4% in Europe (the Group’s largest market, accounting for 54% of total revenue for the first nine months of
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4 2026), +1.8% in North America (the Group’s second -largest market, accounting for 23% of total revenue), +4.6% in South America and +5.1% in India. China bucked the trend, with revenues down by 15.3%, reflecting the market decline ( -5.5%), the negative tren d in production volumes in China among European and North American customers, and the delay in the start of new supply contracts – including those with Chinese customers – due to unfavourable conditions in the domestic market. At constant exchange rates, growth stood at 0.7%, with very strong performance in Europe (+4.8%), North America (+5.2%) and India (+18.5%). In South America, production volumes fell by 1%, whilst the revenue figure at constant exchange rates, net of inflation in Argentina (-9.1%), is influenced by the mismatch between inflation and the devaluation of the Argentine peso and does not reflect volume trends. Revenues by business sector Revenue trends by business sector 9M 2026 (in €m) 9M 2025 (in €m) Var. % % Var. at constant Suspension 379.5 383.7 (1.1) (3.8) Air and Cooling 353.8 339.8 4.1 6.0 Intercompany elimination (0.5) 0.6 TOTAL 732.8 724.1 1.2 0.7 The Suspensions segment recorded a drop in revenues of 1.1% (-3.8% at constant exchange rates). In Europe, which accounts for 66% of operations, revenue fell marginally compared with the first nine months of 2025 (-0.9%), with the Passenger Cars sector down by 2.0% and the Heavy Duty vehicles sector up by 1.8%, driven by defence and rail way. Revenue rose in India and South America, whilst in China it fell by 14.9%. The Air and Cooling sector reported revenue growth of 4.1% (+6% at constant exchange rates); North America, which accounts for 48% of revenue, recorded a revenue increase of 1.8% (5.2% at constant exchange rates), whilst Europe (representing 41% of revenue) posted a 14.9% increase; China, by contrast, declined by -15.3%. Adjusted EBITDA amounted to € 111.8 million, up 8.2% compared to € 103.3 million in the first nine months of 2025; the EBITDA margin rose to 15.3% of revenue for the first nine months of 2026, compared to 14.3% in the same period of 2025. The contribution margin increased from 29.5% in the first nine months of 2025 to 30.4%, reflecting careful management of pricing and procurement against a backdrop of high inflation in energy and raw material costs since the second quarter of the year. Fixed operating costs are in line with 2025 levels, and their ratio to revenue has improved marginally compared with the first nine months of 2025 (15.1% versus 15.2%). Adjusted EBIT was € 51.6 million, up 3.6% compared to € 49.8 million in the first nine months of 2025, accounting for 7.0% of revenue compared to 6.9% in the first nine months of 2025. The increase in Adjusted EBIT was more moderate than that of Adjusted EBITDA due to higher depreciation and amortization. This was driven partly by recent investments, particularly in the Air and Cooling sector, and partly by non-recurring economic factors (higher tooling sales and the write-off of a new project in China due to the unfavourable market environment). Non-recurring charges totalled € 4.8 million, compared with € 3.5 million in the first nine months of 2025. EBITDA, including non-recurring charges, amounted to € 107.0 million, +7.2% compared to € 99.8 million in the first nine months of 2025, with an EBITDA margin at 14.6% compared to
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5 13.8% in the corresponding period of 2025. EBIT, including non-recurring charges, amounted to € 46.8 million, compared to €46.3 million in 2025, with an EBIT margin of 6.4%, in line with that of the first nine months of 2025. Total financial expenses fell to € 6.5 million, compared with € 7.4 million in the first nine months of 2025, thanks to the reduction in debt (it should be noted that financial expenses also include adjustments arising from the application of IAS 29 – hyperinflation – in Argentina). Tax expense amounted to € 12.4 million, compared to €10.6 million in the first nine months of 2025, reflecting higher profit before tax as well as € 0.9 million in one-off charges. The net income from operating activities was positive at € 27.9 million virtually unchanged from the net income of € 28.3 million for the same period of the previous year. The net profit from “discontinued operations” amounted to € 7.8 million (€ 2.2 million in the first nine months of 2025) and includes the net profit of Precision Springs up to the date of the sale, the capital gain realised, as well as the tax charges arising from the transaction and the costs incurred in finalising it. The Group recorded a net profit of € 33.6 million, higher than that of the same period of the previous financial year (€ 28.1 million). Free Cash Flow from operating activities , excluding liabilities for right -of-use assets, amounted to € 18.5 million compared to € 15.0 million in the corresponding period of 2025; including liabilities for right-of-use assets, FCF was € 14.1 million, compared to € 21.6 million in the first nine months of 2025. The reduction is due to the recognition of new liabilities for right-of-use assets (in accordance with IFRS 16) resulting from the renewal of certain lease agreements. Free Cash Flow from discontinued operations (Precision Springs), amounted to € 21 million . Net Financial Position at the end of September 2026, excluding liabilities for right -of-use assets, was positive at € 18.3 million, compared to net debt of € 19.2 million as of 31 December 2025; including liabilities for right-of-use assets, it was negative at € 23.2 million, compared to € 56.3 million at the end of December 2025. As of 30 September 2026, consolidated equity amounted to € 320.6 million, compared to € 274.6 million as of 31 December 2025, primarily reflecting the profit for the period and the positive impact on equity from exchange rate developments recorded since the beginning of the financial year. SUMMARY OF RESULTS FOR Q3 2026 In the third quarter of 2026, the Sogefi Group reported revenues of € 240.3 million, up 4.8% on a reported basis and 1.2% at constant exchange rates. Revenue performance was positive in Europe (+3.3%), North America (+17.0%), South America (+11.4%) and India (+14.1%); China, on the other hand, recorded a sharp decline (-19.4%). The Air and Cooling business reported growth of 11.9%, while Suspensions recorded a decline of 1.4%. EBITDA stood at € 37.5 million, up from the third quarter of 2025 (€ 32.1 million), thanks to a slight increase in the contribution margin and the lower impact of fixed costs, which remained broadly constant whilst revenue rose. EBIT was positive at €14.3 million, compared to €14.6 million in the third quarter of 2025; EBIT does not reflect the significant increase in EBITDA due to higher depreciation and amortisation recorded in the quarter compared with the same period in 2025, attributable in part to increased investment in development over recent years, and partly to non -
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6 recurring factors (higher sales of tooling and the discontinuation of a project in China). Net profit amounted to €14.9 million, compared to €9.4 million in the third quarter, including the capital gain from the disposal of Precision Springs. SIGNIFICANT EVENTS AFTER 30 SEPTEMBER 2026 There are no significant events occurring after 30 September 2026 that could have an impact on financial reporting as at 30 September 2026. BUSINESS OUTLOOK Visibility on automotive market performance in the coming months remains significantly limited by the uncertainties affecting the geopolitical context, especially the Middle East situation and its impact on inflation, international trade, the supply chain, economic growth and the evolution of demand. S&P Global forecasts that global car production for the full year 2026 will decline by 1.7%, with production down by 0.6% in Europe and by 1.9% in the NAFTA region, and a more pronounced decrease of 6.4% in China. On the other hand, a growth of 11.4% is expected in India, and 4.5% in South America. Global Heavy Duty production is expected to grow by 2.3%, with European production also showing a slight recovery. With regard to commodity and energy prices, significant increases and greater volatility have been recorded, following the escalation of the conflict in the Middle East. Sogefi, taking into account the performance over the first nine months and the market scenario for the fourth quarter of 2026, confirms its forecast of a low -single digit revenue decline (around -1/2%) and expects an Adjusted EBIT substantially stable compared to that recorded in the 2025 financial year. These forecasts are formulated in a context of significant uncertainty on the evolution of the geopolitical and macroeconomic scenario worldwide and the consequent impacts in terms of production costs and demand, thus not excluding scenarios of temporary drop in industrial margins and/or reduced demand.
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7 The executive responsible for preparing the company's financial reports, Maria Beatrice De Minicis, declares, pursuant to Article 154 -bis(2) of the Consolidated Finance Act (TUF), that the accounting figures contained in this press release correspond to the results documented in the Company’s accounts and general ledger. *** Contacts: Press Office Sogefi Investor Relations Dini Romiti Consulting tel.: +39 02 467501 Angelo Lupoli e-mail: ir@sogefigroup.com alupoli@dr-cons.it www.sogefigroup.com tel.: + 39 349 5314521 The press release can be found at http://www.sogefigroup.com/it/area-stampa/index.html Below are the main results of the Sogefi Group's income statement and statement of financial position at 30 September 2026. It should be noted that these figures have not been audited by the auditors. ***
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8 SOGEFI GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION (in millions of €) ASSETS 09.30.2026 12.31.2025 CURRENT ASSETS Cash and cash equivalents 55.0 54.4 Other financial assets 4.4 7.6 Inventories 86.3 84.3 Trade receivables 89.3 78.5 Other receivables 6.9 4.1 Tax receivables 21.7 22.1 Other assets 4.0 2.1 TOTAL CURRENT ASSETS 267.6 253.1 NON-CURRENT ASSETS Land 2.4 3.7 Property, plant and equipment 274.0 280.7 Other tangible fixed assets 4.2 3.7 Rights of use 37.8 33.7 Intangible assets 100.1 101.3 Other financial assets 0.4 0.7 Other receivables 3.4 4.1 Deferred tax assets 24.9 25.7 TOTAL NON-CURRENT ASSETS 447.2 453.6 TOTAL ASSETS 714.8 706.7
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9 EQUITY LIABILITIES 09.30.2026 12.31.2025 CURRENT LIABILITIES Bank overdrafts and short-term loans 3.5 1.3 Current portion of medium/long-term financial debts and other loans 2.5 45.4 Short-term financial debts for rights of use 9.7 8.4 Trade and other payables 188.6 185.8 Tax payables 6.9 7.1 Other current liabilities 18.4 18.0 Current provisions 25.2 25.3 TOTAL CURRENT LIABILITIES 254.8 291.3 NON-CURRENT LIABILITIES Financial debts to bank 29.7 29.6 Non current portion of medium/long-term financial debts and other loans 5.8 5.6 Medium/long-term financial debts for right of use 31.7 28.7 Non-current provisions 12.7 13.6 Other payables 31.3 33.8 Deferred tax liabilities 16.2 17.1 TOTAL NON-CURRENT LIABILITIES 127.4 128.4 SHAREHOLDERS' EQUITY Share capital 62.5 62.5 Reserves and retained earnings (accumulated losses) 224.5 201.8 Group net result for the period 33.6 10.3 TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE HOLDING COMPANY 320.6 274.6 Non-controlling interests 12.0 12.4 TOTAL SHAREHOLDERS' EQUITY 332.6 287.0 TOTAL LIABILITIES AND EQUITY 714.8 706.7 (in millions of Euro) Balance at December 31, 2025 Dividends Currency translation differences Other changes Net result for the period Balance at September 30, 2026 0.0 33.6 320.6 12.0 332.6 2.1 non-controlling interests equity shareholders' 4.4 Consolidated Capital and r eser ves Total Group and equity - Group pertaining to shareholders' non-controlling 35.7 8.3 (2.8) (2.8) 274.6 12.4 4.1 0.3 287.0 8.3(0.0)
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10 CONSOLIDATED INCOME STATEMENT CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE THIRD QUARTER 2026 Amount % Amount % Amount % Sales revenues 732.8 100.0 724.1 100.0 8.7 1.2 Variable cost of sales 510.1 69.6 510.3 70.5 (0.2) (0.0) CONTRIBUTION MARGIN 222.7 30.4 213.8 29.5 8.9 4.1 Manufacturing and R&D overheads 63.2 8.6 63.3 8.7 (0.1) (0.2) Depreciation and amortization 59.2 8.1 53.9 7.5 5.4 9.9 Distribution and sales fixed expenses 10.4 1.4 10.7 1.5 (0.2) (3.1) Administrative and general expenses 37.3 5.1 36.4 5.0 0.9 2.3 Restructuring costs 1.3 0.2 2.2 0.3 (0.9) (41.3) Losses (gains) on disposal (0.1) - - - (0.1) - Exchange (gains) losses (0.5) (0.1) 1.0 0.1 (1.5) (153.0) Other non-operating expenses (income) 5.1 0.7 - - 5.1 - EBIT 46.8 6.4 46.3 6.4 0.5 1.2 Financial expenses 7.8 1.1 9.4 1.3 (1.4) (15.4) Financial (income) (1.3) (0.2) (2.0) (0.3) 0.6 (31.5) RESULT BEFORE TAXES 40.3 5.5 38.9 5.4 1.4 3.5 Income taxes 12.4 1.7 10.6 1.5 1.8 16.8 NET INCOME (LOSS) OF OPERATING ACTIVITIES 27.9 3.8 28.3 3.9 (0.4) (1.5) Net income (loss) from discontinued operations, net of tax effects 7.8 1.1 2.2 0.3 5.6 255.4 NET RESULT INCLUDING THIRD PARTY 35.7 4.9 30.5 4.2 5.2 16.9 Loss (Income) attributable to non-controlling interests (2.1) (0.3) (2.4) (0.3) 0.3 14.2 GROUP NET RESULT 33.6 4.6 28.1 3.9 5.5 19.6 (*) The figures as of September 30, 2026, relating to "Asset for sale", have been reclassified following the application of IFRS 5 "Non-current asset held for sale and discontinued operations" to the line "Net income (loss) from discontinued operations, net of tax effects". (in millions of Euro) Variation Period 01.01 – 09.30.2026 Period 01.01 – 09.30.2025 (*) Amount % Amount % Amount % Sales revenues 240.3 100.0 229.3 100.0 11.0 4.8 Variable cost of sales 166.2 69.1 161.4 70.4 4.8 2.9 CONTRIBUTION MARGIN 74.1 30.9 67.9 29.6 6.2 9.2 Manufacturing and R&D overheads 20.8 8.7 20.7 9.0 0.1 0.4 Depreciation and amortization 22.1 9.2 17.4 7.6 4.7 27.0 Distribution and sales fixed expenses 3.3 1.4 3.3 1.4 - 0.8 Administrative and general expenses 12.1 4.9 11.6 5.1 0.5 4.8 Restructuring costs 0.8 0.3 0.6 0.3 0.2 31.7 Losses (gains) on disposal (0.1) (0.1) - - (0.1) - Exchange (gains) losses (0.1) - 0.3 0.1 (0.4) (134.3) Other non-operating expenses (income) 0.9 0.5 (0.6) (0.3) 1.5 254.3 EBIT 14.3 6.0 14.6 6.4 (0.3) (2.1) Financial expenses 2.3 1.0 2.3 1.0 0.0 0.1 Financial (income) (0.4) (0.2) (0.7) (0.3) 0.3 (40.5) RESULT BEFORE TAXES 12.4 5.2 13.0 5.7 (0.6) (4.7) Income taxes 3.5 1.4 3.7 1.6 (0.3) (6.3) NET INCOME (LOSS) OF OPERATING ACTIVITIES 8.9 3.8 9.3 4.1 (0.4) (4.7) Net income (loss) from discontinued operations, net of tax effects 6.7 2.7 0.9 0.3 5.8 - NET RESULT INCLUDING THIRD PARTY 15.6 6.5 10.2 4.4 5.4 53.7 Loss (Income) attributable to non-controlling interests (0.7) (0.3) (0.8) (0.3) 0.1 (14.3) GROUP NET RESULT 14.9 6.2 9.4 4.1 5.5 59.5 (in millions of Euro) Period Period 07.01 – 09.30.2026 07.01 – 09.30.2025 (*) Variation (*) The values for Q3 2025, relating to "Asset for sale", have been reclassified following the application of IFRS 5 "Non-current asset held for sale and discontinued operations" to the line "Net income (loss) from discontinued operations, net of tax effects".
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11 CONSOLIDATED NET FINANCIAL POSITION CONSOLIDATED CASH FLOW STATEMENT (in millions of Euro) 09.30.2026 12.31.2025 A. Cash 55.0 54.4 B. Cash equivalent - - C. Other current financial assets 4.4 7.6 D. Liquidity (A) + (B) + (C) 59.4 62.0 E. Current Financial Debt (including debt instruments, but excluding current portion of non-current financial debt) 3.6 1.3 F. Current portion of non-current financial debt 12.2 53.8 G. Current financial indebtedness (E) + (F) 15.8 55.1 H. Net current financial indebtedness (G) - (D) (43.6) (6.9) I. Non-current financial debt (excluding the current portion and debt instruments) 67.2 63.9 J. Debt instruments - - K. Non-current trade and other payables - - L. Non-current financial indebtedness (I) + (J) + (K) 67.2 63.9 M. Total Financial indebtedness (H) + (L) 23.6 57.0 Other non current financial assets 0.4 0.7 Financial indebtedness net, including other non current financial assets (as Net Financial Position reported in Consolidated Cash Flow Statement) 23.2 56.3 (in millions of Euro) 09.30.2026 09. 30.2025 SELF-FINANCING 84.3 82. 5 Change in net working capital (13.5) ( 7.5) Other medium/long-term assets/liabilities (0.8) ( 0.5) CASH FLOW GENERATED BY OPERATIONS 70.0 74. 5 Net decrease from sales of fixed assets 0.2 0. 2 TOTAL SOURCES 70.2 74. 7 TOTAL APPLICATION OF FUNDS 56.7 52. 0 Exchange differences on assets/liabilities and equity 0.6 ( 1.1) FREE CASH FLOW of operating activities 14.1 21. 6 FREE CASH FLOW from discontinued operations 21.5 ( 1.5) TOTAL FREE CASH FLOW 35.6 20. 0 Dividends paid by subsidiaries to non-controlling interests (2.8) ( 17.9) Change in fair value derivative instruments 0.3 - CHANGES IN SHAREHOLDERS' EQUITY (2.5) ( 17.9) Change in net financial position 33.1 2 .2 Opening net financial position (56.3) ( 55.0) CLOSING NET FINANCIAL POSITION (23.2) ( 52.8)