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Teleborsa : distribution and commercial use strictly prohibited emarket sdir storage CERTIFIED Jit SIT 2026 H1 - Results presentation August 5 , 2026
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Highlights 2 € millions, unless otherwise stated • Refinancing transaction for €100 provides new debt structure to support working capital and business plan acceleration -12,3 81,5 48,1 Reported -45,4 127,5 35,1 Pro-forma 125,8 125,8 (Cash & cash equivalents) Non current debt IFRS 16 - Leases Current debt, net • H1 consolidated revenues are at €150,8, -1,9% vs PY – Heating & Ventilation accounts €105,0 at -1,6% vs PY . Positive performance in European markets – Metering at €43,1 is -1,6% vs PY . The performance is influenced by the procurement decisions of Smart Gas Metering key customer which significantly drives timing and revenue recognition • H1 operating margins improve vs PY with EBITDA at €17,1 (11,4% of revenues, +1,6% vs PY) and EBIT at €5,4, 42,3% vs PY) • H1 Net Income at €0,8 vs loss of PY (€0,7) • Net debt at €125,8 improves vs end of FY25 (€139,3) and vs PY (€150,8) Net debt at 30/6/26 Reported vs Pro-forma
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Key financial results 3 • H1 consolidated revenues account -1,9% • Divisional trends: – Heating & Ventilation: -1,6%, in line wit PY at same fx – Metering: -1,6% • EBITDA improves by 1,6% vs PY, accounting 11,4% on revenues. • H1 26 includes MBO accrual after 2y without, underpinning turnaround in operating performance • EBIT benefits from different capex mix and reduction in restructuring, accounting 3,6% on revenues • Positive net income vs loss in PY • Strong improvement in NTWC at 22% of revenues vs 25% of PY directly impacting cash generation • Cash flow from operations at €15,9 vs €1,3 of PY • Net debt reduction landing at €125,8 vs 150,8 of PY €M, unless otherwise stated H1 26 % H1 25 % Chg. YoY Revenues 150,8 100,0% 153,7 100,0% (1,9%) EBITDA 17,1 11,4% 16,9 11,0% 1,6% D&A, impairment of assets 11,8 13,1 EBIT 5,4 3,6% 3,8 2,5% 42,3% Net financial (charges)/income (3,0) (2,8) Net forex (charges)/income 0,6 0,3 EBT 2,7 1,8% 1,3 0,9% 97,2% Taxes (1,8) (2,0) Net income 0,8 0,6% (0,7) (0,5%) 220,1% Cash flow from operations 15,9 1,3 NTWC 67,2 77,3 Net financial debt 125,8 150,8
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Consolidated revenues – H1 4 Breakdown by Division Breakdown by geography Consolidated revenue bridge (€M) H1 25 Vol/Mix -0,8 Prices -1,3 Forex H1 26 153,7 150,8 -0,8 €M, unless otherwise stated H1 26 % H1 25 % Chg. YoY Heating & Ventilation 105,0 69,7% 106,7 69,4% (1,6%) Metering 43,1 28,6% 43,8 28,5% (1,6%) Total business sales 148,2 98,3% 150,5 97,9% (1,6%) Other revenues 2,6 1,7% 3,2 2,1% (18,2%) Total revenues 150,8 100,0% 153,7 100,0% (1,9%) €M, unless otherwise stated H1 26 % H1 25 % Chg. YoY Italy 44,9 29,8% 50,9 33,1% (11,8%) Europe (excuding Italy) 66,5 44,1% 60,9 39,6% 9,3% America 28,2 18,7% 29,1 18,9% (3,1%) Asia/Pacific 11,2 7,4% 12,8 8,3% (12,9%) Total revenues 150,8 100,0% 153,7 100,0% (1,9%)
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Consolidated revenues – Q2 5 Breakdown by Division Breakdown by geography Consolidated revenue bridge (€M) Q2 2025 Vol/Mix -0,6 Prices -0,2 Forex Q2 2026 83,6 78,4 -4,4 €M, unless otherwise stated Q2 26 % Q2 25 % Chg. YoY Heating & Ventilation 54,2 69,1% 56,6 67,7% (4,3%) Metering 23,2 29,6% 25,4 30,4% (8,7%) Total business sales 77,4 98,7% 82,0 98,0% (5,6%) Other revenues 1,0 1,3% 1,7 2,0% (36,9%) Total revenues 78,4 100,0% 83,6 100,0% (6,3%) €M, unless otherwise stated Q2 26 % Q2 25 % Chg. YoY Italy 23,4 29,8% 28,9 34,6% (19,3%) Europe (excuding Italy) 33,8 43,1% 32,3 38,6% 4,7% America 14,7 18,8% 15,1 18,1% (2,6%) Asia/Pacific 6,5 8,3% 7,3 8,7% (10,6%) Total revenues 78,4 100,0% 83,6 100,0% (6,3%)
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Heating & Ventilation sales 6 Q2 sales by geography H1 sales by geography Divisional sales: – Q2 -4,3%, (-3,9% at same forex) – H1 -1,6%, ( in line with PY at same forex) • Italy Q2 accounts -12,7% vs PY mainly in Central Heating due to weak market demand bringing H1 at -9,4%. Direct Heating and Ventilation are positive • Europe, Q2 increase +6,4% brings H1 to double digit growth (+11,2%). Performance was driven by improvement in Turkey. Central Europe markets also positive while UK is down due to slowdown in Q2 in specific product line. • America. H1 sales are down 6,5%, -1,7% at same forex due to Central Heating and Storage Water Heating, while Direct Heating is in single digit growth • Asia/Pacific is down ≈20%. China is confirming weak market also in H1, Australia is penalized by regulatory changes €M, unless otherwise stated Q2 26 % Q2 25 % Chg. YoY Italy 9,7 17,9% 11,1 19,7% (12,7%) Europe (excuding Italy) 24,9 46,0% 23,4 41,3% 6,4% America 13,4 24,7% 14,0 24,7% (4,5%) Asia/Pacific 6,2 11,4% 8,1 14,3% (23,1%) Total business sales 54,2 100,0% 56,6 100,0% (4,3%) €M, unless otherwise stated H1 26 % H1 25 % Chg. YoY Italy 19,7 18,8% 21,8 20,4% (9,4%) Europe (excuding Italy) 49,6 47,2% 44,6 41,8% 11,2% America 25,1 23,9% 26,9 25,2% (6,5%) Asia/Pacific 10,7 10,2% 13,5 12,7% (21,1%) Total business sales 105,0 100,0% 106,7 100,0% (1,6%)
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Metering sales 7 Q2 Smart Gas Metering H1 Smart Gas Metering H1 Water Metering Q2 Water Metering H1 26 Smart Gas Metering are 93% in Italy vs 96% of PY H1 26 Water Metering are 25% in Portugal, 31% in Spain, 29% Rest of Europe, 13% America €M, unless otherwise stated H1 26 % H1 25 % Chg. YoY Residential 19,0 73,2% 24,8 86,7% (23,2%) Commercial & Industrial 6,8 26,2% 3,6 12,7% 86,9% Other 0,1 0,5% 0,2 0,5% (9,8%) Total business sales 26,0 100,0% 28,6 100,0% (9,1%) €M, unless otherwise stated H1 26 % H1 25 % Chg. YoY Water meters, finished 9,9 57,6% 7,7 50,5% 28,3% Water meter parts 6,5 38,1% 6,7 44,2% (2,9%) Other 0,7 4,3% 0,8 5,3% (8,0%) Total business sales 17,2 100,0% 15,2 100,0% 12,6% €M, unless otherwise stated Q2 26 % Q2 25 % Chg. YoY Residential 9,9 70,3% 14,7 85,2% (33,0%) Commercial & Industrial 4,1 29,3% 2,5 14,3% 65,6% Other 0,1 0,4% 0,1 0,4% (22,5%) Total business sales 14,0 100,0% 17,3 100,0% (18,8%) €M, unless otherwise stated Q2 26 % Q2 25 % Chg. YoY Water meters, finished 5,7 61,7% 4,3 52,3% 33,1% Water meter parts 3,2 35,4% 3,4 42,4% (5,8%) Other 0,3 2,9% 0,4 5,3% (38,0%) Total business sales 9,2 100,0% 8,1 100,0% 12,9%
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Net trade working capital 8 Material improvement of YoY reported NTWC: -€10,0, -2,8% on Revenues • Inventory in Heating & Ventilation confirms seasonality and increase in order intake in accordance with FY expectations • Inventory in Metering is consistent with order book and sales forecast • Focused management of Account Receivables and Account payables provide EoP significant improvement €M, unless otherwise stated 2026.06 2025.12 YTD change 2025.06 2024.12 YTD change YoY change Inventory 82,7 76,1 6,5 79,8 72,3 7,5 2,9 Accounts receivables 59,8 62,3 (2,4) 67,8 60,3 7,5 (8,0) Accounts payables (75,3) (65,9) (9,4) (70,3) (66,9) (3,4) (5,0) Net Trade Working Capital 67,2 72,5 -5,3 77,3 65,6 11,6 (10,0) NTWC/Revenues 22,1% 22,7% -0,6% 24,9% 21,9% 3,0% -2,8% Non recourse factoring 4,3 4,5 (0,2) 3,9 3,9 (0,0) 0,4 Accounts receivables adjusted 64,1 66,8 (2,7) 71,7 64,2 7,5 (7,6) AR adjusted/Revenues 21,1% 20,9% 0,2% 23,1% 21,4% 1,7% -2,0% Capex account payables (1,9) (2,8) 0,9 (0,9) (3,2) 2,4 (1,1) Accounts payables adjusted (73,4) (63,1) (10,2) (69,5) (63,7) (5,8) (3,9) AP adjusted/Revenues 24,1% 19,8% 4,3% 22,4% 21,3% 1,1% 1,7% Net Trade Working Capital adjusted 73,5 79,8 (6,4) 82,0 72,7 9,3 (8,5) NTWC adjusted/Revenues 24,2% 25,0% -0,9% 26,5% 24,3% 2,2% -2,3%
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9 Cash flow and Net debt Change in net debt Net financial position and pro-forma impact of new debt facility • Current cash flow in line with PY (€17.8M) • Change in NTWC significantly improves generating €5,9M thanks to AR and AP management; inventory in line with seasonality stock building • Capex for €5,6M in line with project pipeline • Material improvement in YTD cash flow from operations at €15,9M • Net Debt/EBITDA Adj: 3,2x vs 3,2x vs 4,2x of previous year €M, unless otherwise stated 30/06/2026 Pro-forma 30/06/2026 Reported 31/12/2025 30/06/2025 (Cash & cash equivalents) (45,4) (12,3) (11,6) (8,9) Current debt, net 35,7 48,7 37,3 35,0 Non current debt 127,5 81,5 102,7 112,2 MTM derivatives & M&A debt 0,3 0,3 1,6 1,9 IFRS 16 - Leases 7,7 7,7 9,3 10,5 Net debt - EoP 125,8 125,8 139,3 150,8 €M, unless otherwise stated H1 26 H1 25 Current cash flow 17,8 17,3 Change in NTWC 5,9 (10,3) Inventory (5,8) (7,7) Accounts Receivables 2,9 (7,7) Accounts Payables 8,8 5,1 Other working capital (2,1) (2,1) Capex, net (5,6) (3,6) Cash flow from operations 15,9 1,3 Financial charges (3,3) (3,4) IFRS 16 - Leases 0,2 (0,6) Other 0,6 (2,3) Change in net debt 13,5 (5,0) Net debt - BoP 139,3 145,9 Net debt - EoP 125,8 150,8
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Final comments and FY outlook 10 SIT confirms its full-year 2026 outlook, in line with the guidance previously provided: • FY 26: Consolidated sales expected to increase low single digit – H2 sales confirmed to grow mid single digit compared to same period 2025, supported by Heating & Ventilation Q3 visibility and business seasonality and Metering trend in line with Q2 • Profitability will benefit from improved operating leverage supporting growth in earnings – H1 cost base remained well controlled providing a solid foundation for further margin expansion • Management therefore confirms the profitability and strong improvement in earnings outlook • FY positive cash generation will determine reduction in Net Debt expected in range of € 130 million Long term impact of the USA-Iran war, including potential risks to supply chains and energy prices, have not been incorporated in this outlook
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Regulatory statement The manager responsible for the preparation of the company's accounts, Paul Fogolin, hereby declares, as per article 154- bis, paragraph 2, of the "Testo Unico della Finanza", that all information related to the company's accounts contained in this presentation are fairly representing the accounts and the books of the company. Paul Fogolin Chief Financial Officer paul.fogolin@sitgroup.it Investor Relations Mara Di Giorgio +39 335 773 7417 investorrelations@sitgroup.it
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Disclaimer This presentation has been prepared by SIT S.p.A. only for information purposes and for the presentation of the Group’s results and strategies. For further details on the SIT Group, reference should be made to publicly available information. Since at the moment there is no existing reliable market research which provide the required level of detail, nor any official data, the statements of key information, the assessments concerning the positioning of SIT Group and the assessments regarding the market and the market segments of the reference market are based exclusively on assessments carried out by SIT’s management, in accordance to its own knowledge of the market and its analysis of the data gathered. For such reason, these statements and assessments may not be updated and/or may also be quite approximate. Due to the lack of reliable and standardized data and of market data provided by third parties, these assessments are necessarily subjective and are provided, unless otherwise specified, by SIT on the basis of the analysis of the data it, as a company, has gathered. These evaluations and the performance of the industries in which SIT operates could prove to be different from those assumed due to the known and unknown risks, the uncertainties and other causes. Statements contained in this presentation, particularly those regarding any SIT 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 SIT 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 or reading this presentation you agree to be bound by the foregoing terms.