Slides
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2026 9M – Results presentation November 4, 2026
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Highlights 2 € millions, unless otherwise stated • 9M consolidated revenues are at €225,8, -5,1% vs PY – Heating & Ventilation accounts €158,3 at -3,9% vs PY . Positive performance in European markets – Metering at €63,6 is -6,8% vs PY . The performance is influenced by the procurement decisions of Smart Gas Metering key customer which significantly drives timing and revenue recognition. • 9M consolidated EBITDA at €25,7 (11,4% of revenues) is lower than PY (€28,6, 12,0%) due to sales volumes and unfavorable mix with operating margins also impacted by external factors increasing production costs, only partially offset by efficiencies • Net Income at €1,8 vs €1,6 of PY • Net debt at €137,6 improves vs end of FY25 (€139,3) and vs PY (€141,9). As expected, timing effects in NTWC explain increase vs H1 (€125,8)
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Key financial results 3 • 9M consolidated revenues account -5,1% • Divisional trends: – Heating & Ventilation: -3,9% – Metering: -6,8% • EBITDA margin at 11,4% in line with FY 25 and previous quarters 2026 in a challenging business environment • EBIT benefits from different capex mix and reduction in restructuring, accounting 3,7% on revenues • Net income improves by €1M vs previous quarter • Cash flow from operations at €6,6 after increase in capex (€10,4 vs €5,6 at H1) • NTWC at 25,8% of revenues vs 22,7% of PY • Net debt landing at €137,6 vs €139,3 BoP vs 150,8 of PY €M, unless otherwise stated 9M 26 % 9M 25 % Chg. YoY Revenues 225,8 100,0% 238,0 100,0% (5,1%) EBITDA 25,7 11,4% 28,6 12,0% (9,9%) D&A, impairment of assets 17,4 19,6 EBIT 8,3 3,7% 9,0 3,8% (7,3%) Net financial (charges)/income (5,4) (4,4) Net forex (charges)/income 1,0 0,4 EBT 3,7 1,6% 5,0 2,1% (25,4%) Taxes (1,9) (3,4) Net income 1,8 0,8% 1,6 0,7% 10,0% Cash flow from operations 6,6 11,9 NTWC 78,0 72,1 Net financial debt 137,6 141,9
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Consolidated revenues – 9M 4 Breakdown by Division Breakdown by geography Consolidated revenue bridge (€M) 0,2 9M 25 -11,8 Vol/Mix Prices -0,6 Forex 9M 26 238,0 225,8 €M, unless otherwise stated 9M 26 % 9M 25 % Chg. YoY Heating & Ventilation 158,3 70,1% 164,8 69,2% (3,9%) Metering 63,6 28,2% 68,2 28,7% (6,8%) Total business sales 221,9 98,3% 233,0 97,9% (4,8%) Other revenues 3,9 1,7% 5,0 2,1% (21,8%) Total revenues 225,8 100,0% 238,0 100,0% (5,1%) €M, unless otherwise stated 9M 26 % 9M 25 % Chg. YoY Italy 65,3 28,9% 75,3 31,6% (13,4%) Europe (excuding Italy) 101,5 44,9% 95,7 40,2% 6,0% America 42,8 19,0% 46,4 19,5% (7,8%) Asia/Pacific 16,3 7,2% 20,6 8,6% (20,9%) Total revenues 225,8 100,0% 238,0 100,0% (5,1%)
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Consolidated revenues – Q3 5 Breakdown by Division Breakdown by geography Consolidated revenue bridge (€M) Q3 25 -11,0 Vol/Mix 1,0 Prices 0,7 Forex Q3 26 84,3 75,0 €M, unless otherwise stated Q3 26 % Q3 25 % Chg. YoY Heating & Ventilation 53,3 71,0% 58,1 68,9% (8,3%) Metering 20,4 27,2% 24,4 28,9% (16,2%) Total business sales 73,7 98,3% 82,5 97,9% (10,6%) Other revenues 1,3 1,7% 1,8 2,1% (28,2%) Total revenues 75,0 100,0% 84,3 100,0% (11,0%) €M, unless otherwise stated Q3 26 % Q3 25 % Chg. YoY Italy 20,4 27,1% 24,4 29,0% (16,6%) Europe (excuding Italy) 35,0 46,6% 34,8 41,3% 0,4% America 14,6 19,5% 17,3 20,5% (15,6%) Asia/Pacific 5,1 6,8% 7,7 9,2% (34,1%) Total revenues 75,0 100,0% 84,3 100,0% (11,0%)
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Heating & Ventilation sales 6 Q3 sales by geography 9M sales by geography Divisional sales: – Q3 -8,3%, 9M -3,9%, – Forex effect not material • Italy Q3 accounts +3,5% vs PY thanks to Direct Heating applications and Ventilation products; YtD performance improves accounting -5,7% vs -9,4% at H1 in a persisting weak market environment • Europe continues to perform positively vs PY with Q3 at +2,8% bringing 9M at +8,2%. Performance was driven by improvement in Turkey. Central Europe markets are flat in Q3, still positive in the 9M while UK is down due to slowdown in specific product line. • America. 9M sales are down 9,3%, -7,3% at same forex due to Central Heating and Storage Water Heating, while Direct Heating is in single digit growth • Asia/Pacific is down ≈30%. China is confirming weak market also in 9M, Australia is penalized by regulatory changes €M, unless otherwise stated Q3 26 % Q3 25 % Chg. YoY Italy 9,1 17,0% 8,8 15,1% 3,5% Europe (excuding Italy) 26,0 48,9% 25,3 43,6% 2,8% America 13,4 25,1% 15,6 26,8% (14,2%) Asia/Pacific 4,8 9,0% 8,4 14,5% (42,9%) Total business sales 53,3 100,0% 58,1 100,0% (8,3%) €M, unless otherwise stated 9M 26 % 9M 25 % Chg. YoY Italy 28,8 18,2% 30,5 18,5% (5,7%) Europe (excuding Italy) 75,6 47,7% 69,9 42,4% 8,2% America 38,5 24,3% 42,4 25,7% (9,3%) Asia/Pacific 15,5 9,8% 22,0 13,3% (29,5%) Total business sales 158,3 100,0% 164,8 100,0% (3,9%)
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Metering sales 7 Q3 Smart Gas Metering 9M Smart Gas Metering 9M Water Metering Q3 Water Metering 9M 26 Smart Gas Metering are 89% in Italy, 7% Greece, 4% UK 9M 26 Water Metering are 23% in Portugal, 29% in Spain, 33% Rest of Europe, 13% America €M, unless otherwise stated 9M 26 % 9M 25 % Chg. YoY Residential 27,6 72,4% 37,4 84,0% (26,2%) Commercial & Industrial 10,3 27,0% 6,9 15,5% 49,0% Other 0,2 0,7% 0,2 0,5% 15,5% Total business sales 38,2 100,0% 44,5 100,0% (14,3%) €M, unless otherwise stated 9M 26 % 9M 25 % Chg. YoY Water meters, finished 15,0 59,2% 13,0 55,0% 15,5% Water meter parts 9,2 36,3% 9,5 40,1% (2,9%) Other 1,2 4,5% 1,2 4,9% (0,6%) Total business sales 25,4 100,0% 23,7 100,0% 7,3% €M, unless otherwise stated Q3 26 % Q3 25 % Chg. YoY Residential 8,6 70,5% 12,6 79,1% (32,0%) Commercial & Industrial 3,5 28,6% 3,3 20,5% 6,7% Other 0,1 0,9% 0,1 0,4% 81,0% Total business sales 12,2 100,0% 15,9 100,0% (23,6%) €M, unless otherwise stated Q3 26 % Q3 25 % Chg. YoY Water meters, finished 5,2 62,5% 5,3 63,0% (3,0%) Water meter parts 2,7 32,5% 2,8 32,7% (2,8%) Other 0,4 5,1% 0,4 4,3% 15,7% Total business sales 8,3 100,0% 8,5 100,0% (2,1%)
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Net trade working capital 8 €M, unless otherwise stated 2026.09 2025.12 YTD change 2025.09 2024.12 YTD change YoY change Inventory 79,8 76,1 3,7 81,4 72,3 9,1 (1,5) Accounts receivables 60,0 62,3 (2,3) 63,1 60,3 2,8 (3,1) Accounts payables (61,9) (65,9) 4,0 (72,4) (66,9) (5,5) 10,5 Net Trade Working Capital 78,0 72,5 5,5 72,1 65,6 6,5 5,9 NTWC/Revenues 25,8% 22,7% 3,1% 22,7% 21,9% 0,7% 3,2% YoY reported NTWC is +€5,9, +3,2% on Revenues mainly due to AR and AP timing trends • Inventory in Heating & Ventilation in line with seasonality and order intake in accordance with expectations • Inventory in Metering is consistent with order book and sales forecast
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9 Cash flow and Net debt Change in net debt Net financial position • Change in NTWC absorbs €5,1M in line with seasonality expectations • Current cash flow reflects slowdown in EBITDA vs PY • Capex for €10,1M includes Conthidra acquisition and planned product development • YTD cash flow from operations at €6,6M and net cash flow at €1,7M • Net Debt/EBITDA Adj: 3,7x vs 3,3x vs 3,4x of previous year €M, unless otherwise stated 30/09/2026 31/12/2025 30/09/2025 (Cash & cash equivalents) (24,4) (11,6) (14,6) Current debt, net 25,1 37,3 32,7 Non current debt 129,3 102,7 112,2 MTM derivatives & M&A debt 0,6 1,6 1,8 IFRS 16 - Leases 7,1 9,3 9,8 Net debt - EoP 137,6 139,3 141,9 €M, unless otherwise stated 9M 26 9M 25 Current cash flow 27,2 29,9 Change in NTWC (5,1) (4,5) Inventory (3,4) (9,1) Accounts Receivables 2,5 (2,8) Accounts Payables (4,2) 7,4 Other working capital (5,3) (6,6) Capex, net (10,1) (6,9) Cash flow from operations 6,6 11,9 Financial charges (5,3) (5,6) IFRS 16 - Leases 0,2 (0,5) Other 0,2 (1,9) Change in net debt 1,7 4,0 Net debt - BoP 139,3 145,9 Net debt - EoP 137,6 141,9
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Updated FY expectations 10 SIT outlines its updated FY 2026 expectations, reflecting a challenging market environment and a continuing focus on profitability and financial sustainability: • 9M 2026 impacted by weak market demand and significant customer-driven postponements of orders and invoicing, with a slight recovery expected in Q4 versus Q3 2026. • Ongoing cost discipline are expected to support margin resilience, with FY 2026 EBITDA margin expected to remain broadly in line with 9M 2026 levels. • Management targets a positive net result for FY 2026. • Net Debt expected to be in the range of € 130 - 135 million.
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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.