Elica S.p.A._H1 2026 Results Presentation

H1 2026 Results

July 30

th

, 2026

ANALYST PRESENTATION

Agenda

H1 26 Highlights .01

Industry Trend

.02

Sales Dynamics

.03

Financial Review

.04

Closing

Remarks

.

055 .06

H1 2026 Results 2

Annex:

Financial Highlights

H1 Highlights

01 H1 2026 Results

Highlights 2026

4

Brand

resilient

but

persistent

OEM

Americas

weakness

▪

Cooking

:

Strong

branded

sales

growth

in

North

America

and

resilient

performance

in

EMEA,

despite

geopolitical

uncertainty

,

confirm

the

effectiveness

of the

Group’s

strategy

and

partially

offset

weak

market

demand

and

customer

destocking

in OEM

Americas

.

▪

Motors

:

phase

-

out of

the

ovens

and

ventilation

businesses

impacting

volumes

,

with

limited

effects

on

profitability

Resilient

Margins

Despite

Lower

Volumes

▪

Operating

margins

remained

broadly

resilient

despite

lower

volumes

,

supported

by

disciplined

cost management, industrial

flexibility

, and

ongoing

actions to

align

production

capacity

with

current

demand

levels

.

Investments and

seasonality

shape

net

debt

▪ Net

financial

position

at

62,7 M

€,

mainly

reflecting

Capex dynamics

▪

Leverage

at

2.7x

▪ New 120 M € financing agreement (

signed

at the end of June 2026)

confirming

strong support from the

Group’s

banking partners for our

growth

Margins

remain

resilient

, while macro concerns persist -

16,5 M

€ -

6,9%

( -

5,8%

organic

)

112,3 M

€

NET SALES

YoY CHANGE

2,7 M

€

2,4%

EBIT ADJ

+0,6 M

€

+0,6

pts

YoY CHANGE

-

8,9 M

€ -

7,4%

( -

6,9%

organic

) NFP

-

8,8 M

€

YoY CHANGE

(62,7) M

€ Leverage Adj: 2,7x

223,5 M

€

NET SALES

YoY CHANGE

3,2 M

€

1,4%

EBIT ADJ

-

M €

+0,1

pts

YoY CHANGE

Q2 H1

H1 2026 Results

Industry Trend

02 H1 2026 Results

Europe:

Industry Shipments & Value Change % vs LY 6 Market Size (2025):

6,4 M

units

Kitchen hoods &

Aspiration hobs

2025

2026

Market Size (2025):

2,7 B

€ Kitchen hoods &

Aspiration hobs

-8% -6%

-4% -2%

0% 2%

4% 6%

8%

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Apr/May '26

Volume

Value

-8% -6%

-4% -2%

0% 2%

4% 6%

8%

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Apr/May '26

EUROPE 22

-

SOURCE: GFK, ELICA GROUP ESTIMATES.

North America:

Industry Shipments

Volume Data Change % vs LY

-20%

-15%

-10%

-5% 0%

5% 10%

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Apr/May '26

7

Ventilation

SOURCE AHAM (Association of Home Appliance Manufacturers)

H1 2026

Results•

From H2 2025 ventilation sell -

in units declined

double

-

digit

• 2026 started with the same negative trend with the decline most pronounced

from

February on

• An uncertain environment and renewed inflation pressures weighed on consumer confidence.

Home Appliance Manufacturers are consequently undertaking destocking actions

Motors

Heating

: Industry

Shipments

Source: EHI

– European Heating Industry, only domestic boilers Countries: Germany, Italy, Netherlands, UK, France, Spain, Poland, Belgium 0 200 400 600 800

1000

1200

1400

Q1 '25

Q2 '25

Q3 '25

Q4 '25

Q1 '26

8

vs PY

+21%

+31%

+27%

Thousand Units

+23%

+15%

Boiler

Heat pump

0 200

400 600

800

1000

1200

1400

Q1 '25

Q2 '25

Q3 '25

Q4 '25

Q1 '26

vs PY

-

12% -

% -

16% -

10% -

10% Gas condensing, Gas Non

condensing

and Biomass Boilers

Sales Dynamics

03 H1 2026 Results

Sales Key Drivers 10 H1 2026 Results

121,2

Q2 2025

Net Sales

Organic

Currency

Q2 2026

Net Sales

112,3

-

8,3 -

0,6 M

€ -

6,9%

-

0,5 %

-

8,9 M

€ -

7,4 %

▪ OEM America destocking and FX negatively impact Cooking sales.

▪

Brand Sales

Americas and

EMEA

positive contribution vs LY ▪

Demand

weakness

still persisting

in both Cooking and

Motor

s business, the last also impacted by phase -

out Q2

H1

240,0

H1 2025

Net Sales

Organic

Currency

H1 2026

Net Sales

223,5

-

14,0

-

2,5 M

€ -

5,8%

-

1,1 %

-

16,5

M € -

6,9 %

Sales by Business 11 H1 2026 Results Q2

H1 2025

54,6

185,4

240,0

Currency

-

-

% -

2,5 -

1,4%

-

2,5 -

1,1%

ORGANIC Growth

-

6,5 -

11,9%

-

7,5 -

4,0%

-

14,0

-

5,8%

YoY Change

-

6,5 -

12,0%

-

10,0

-

5,4%

-

16,5

-

6,9%

H1 2026

48,0

175,4

223,5

H1 21%

79%

Motors

Cooking

Motors

Cooking

Q2 2025

27,0

94,2

121,2

Currency

-

-

% -

0,6 -

0,7%

-

0,6 -

0,5%

ORGANIC Growth

-

3,8 -

14,0%

-

4,5 -

4,8%

-

8,3 -

6,8%

YoY Change

-

3,8 -

14,0%

-

5,1 -

5,5%

-

8,9 -

7,4%

Q2 2026

23,2

89,1

112,3

21% 79%

Motors

Cooking

Motors

Cooking

Cooking Sales by

Region

12

Q2 2025

19,8

66,6

7,9

94,2

Currency

-

0,1 -

0,6%

+0,2

+0,3%

-

0,7 -

8,9%

-

0,6 -

0,7%

ORGANIC

Growth

-

4,2 -

21,4%

+0,8

+1,1%

-

1,0 -

13,3%

-

4,5 -

4,8%

YoY

Change

-

4,4 -

22,0%

+1,0

+1,4%

-

1,7 -

22,2%

-

5,1 -

5,5%

Q2 2026

15,4

67,5

6,1

89,1

Americas

Emea

Asia

17% 76%

7%

Americas

EMEA

Asia

Q2 H1

H1 2025

38,8

130,8

15,8

185,4

Currency

-

1,3 -

3,4%

+0,3

+0,2%

-

1,5 -

9,5%

-

2.5 -

1,4%

ORGANIC

Growth

-

7,6 -

19,6%

+1,7

+1,3%

-

1,6 -

10,3%

-

7,5 -

4,0%

YoY

Change

-

8,9 -

23,1%

+2,1

+1,6%

-

3,1 -

19,8%

-

10,0

-

5,4%

H1 2026

29,9

132,9

12,7

175,4

Americas

Emea

Asia

17% 76%

7%

Americas

EMEA

Asia

H1 2026 Results

Cooking

Cooking

Cooking Sales by Brand 13

H1 2025

63,0

122,4

185,4

Currency

-

0,6 -

0.9%

-

1.9 -

1.6%

-

2.5 -

1,4%

ORGANIC

Growth

-

6,6 -

10,4%

-

0.9 -

0.7%

-

7,5 -

4,0%

YoY Change

-

7,2 -

11,4%

-

2,8 -

2,3%

-

10,0

-

5,4%

H1 2026

55,9

119,6

175,4

32% 68%

OEM

Brand

OEM

Brand

Q2 2025

31,8

62,4

94,2

Currency

-

+0,1%

-

0,7 -

1,1%

-

0,6 -

0,7%

ORGANIC

Growth

-

3,5 -

10,9%

-

1,0 -

1,7%

-

4,5 -

4,8%

YoY Change

-

3,4 -

10,8%

-

1,7 -

2,7%

-

5,1 -

5,5%

Q2 2026

28,3

60,7

89,1

32% 68%

OEM

Brand

OEM

Brand

Q2 H1

Cooking

Cooking

H1 2026 Results 13

-4,3111

+0,7109

H1 2025 Cooker Hoods Asp. Hobs Ind. Hobs LHOV Range CookersFridges Wine Cooler Ovens Outdoor

CookingH1 202695100105110115120

From the Ventilation Leader towards a Brand Cooking company… H1 2026 BRAND Sales* Worldwide

VENTILATION

70% 23%

Cooker Hoods

Asp. Hobs

109 M

€~

7% (8 M

€)

H1 2026 BRAND

SALES BY PRODUCT

*

Finished

Product

only

+1,1 M

€ H1 2026 Results

VARIANCE VS H1 2025

14

Americas Sales Highlights Brand sales continues the Double -

digit growth thanks the new distribution strategy implemented in the region with new product launches and a wider product range:

15 H1 2026 Results Americas Cooking Sales €M

H1 2026

VAR vs 2025

Organic Growth*

BRAND

13,3

+0,7

+4%

+1,4

+11%

* Excluding FX 55% 45% OEM

Brand

Hobs: Standard

and Aspirations

WINE COOLER

FRIDGE

RANGE COOKERS

OUTDOOR COOKING

NEW

Financial Review

H1 2026 Results 04

H1 2026 Results €M

H1 2026

H1 2025

VAR

% VAR

NET SALES

223,5

240,0

(16,5)

(6,9)%

ADJUSTED EBITDA

14,5

14,9

(0,4)

(2,5)%

% NET SALES

6,5%

6,2%

+30 bps

ADJUSTED EBIT

3,2 3,2

-

-

%

% NET SALES

1,4%

1,3%

+10 bps

REPORTED EBIT

(0,4)

1,7

(2,1)

n.a.

% NET SALES

-

0,2%

0,7%

-

90 bps

PBT

(4,4)

(1,9)

(2,5)

n.a.

% NET SALES

-

1,9%

-

0,8%

-

90 bps

NET PROFIT

(5,1)

(2,5)

(2,5)

n.a.

% NET SALES

-

2,3%

-

1,1%

-

120 bps

GROUP NET PROFIT

(5,8)

(3,4)

(2,4)

n.a.

% NET SALES

-

2,6%

-

1,4%

-

160 bps

17 H1

VOLUME

-

-

PRICE / MIX

+

INVESTMENT COOKING

TRANSFORMATION

-

INFLATION/COST TAKEOUT

+++

CURRENCY

-

D&A

ADJ EBIT

-

NRI --

FINANCIAL COSTS

-

COMBINED TAX RATE

-

NET PROFIT

-

2,4

CHANGES vs. PRIOR YEAR

H1 2026

Results

Net Financial Position 18

H1 2026

Results▪5M€Opening Balance delta driven bystrategic project carried on LY(Steel, Motor plant, China, Share Buyback) ▪

Operating

FCF was

affected

by the

acceleration

of

strategic

investments

supporting

cost

competitiveness

and the

Cooking

transformation

,

together

with

a

slightly

lower

EBITDA,

while

working

capital

remained

supportive

.

•

1,2M

€ positive M&A Impact:

•+ 2,2M€ Elica BP India cash -in •-1,0M€ last tranche China cash -out 86 91 95 95 87 93 97 Dec ' 24

Mar '25

June '25

Sept '25

Dec '25

Mar '26

June '26

Inventory Trend

€M

H1 2026

H1 2025

% VAR

OPENING NFP

(68,8)

(57,0)

(11,8)

IFRS 16 EFFECT

16,6

10,2

6,4

OPENING NFP

-

Net of IFRS 16

(52,2)

(46,8)

(5,4)

OPERATING CASH FLOW

6,8 7,2

(0,4)

(*) CAPEX

(8,0)

(4,6)

(3,4)

TAXES

(1,3)

(0,9)

(0,5)

OPERATING FCF

(2,5)

1,7

(4,2)

% SALES

-

0,6%

0,4%

BUY BACK

0,0

(0,5)

0,5

NET M&A CASH OUTFLOW

1,2 0,0

1,2

DIVIDEND & FINANCIAL ITEMS

(4,2)

(4,2)

(0,0)

OTHER NRI

(5,0)

(4,2)

(0,7)

(8,0)

(8,9)

0,9

CLOSING NFP

-

Net of IFRS 16

(62,7)

(53,9)

(8,8)

LEVERAGE

-

(NFP/EBITDA)

2,7*

2,1

* NFP/EBITDA

Adj

CLOSING REMARKS

05

20▪

EMEA:

sales almost aligned with prior year in spite of the geopolitical situation and the consumer sentiment that remains low ▪ Americas: Positive brand sales dynamics in North America combined with s ignificant pressure from OEM business , with double -

digit decline driven by a sharp market downturn, uncertainty and destocking ▪

Margin protected

despite volume drop thanks to flexibility, capacity re -

sizing and cost containment

initiatives

H1 Highlights & Take -

Aways

▪ Aspirations Hobs combined with new Cooking Products and Direct Distribution delivering Growth ▪

Persistent uncertainty

, particularly on the North American OEM channel driven by negative market demand ▪ Focus on Margins leveraging cost discipline and a flexible production footprint ▪ Raw material, energy costs and tariffs remain under close monitoring, to allow for a prompt reaction (including price increas e) to any potential inflation dynamics ▪ Sustainable debt profile focusing on NWC management and Capex priorities

2026 FY

Preliminary Expectations

Closing Remarks

Our Mid

-

Term Vision

21

OUR STRENGTHS

> 500 M

€

REVENUES

> 6%

ADJ EBIT

< 0,5 x

LEVERAGE

Group

DISCIPLINED

01

Strong Brand

Reputation

, Long

term

Customer Trust & Salesforce GEO

presence

02 Innovative Products (Design & Technology) 03

Flexible

Industrial Footprint (IT, PL, MEX) 04 Re -

Sized Cost Base & Successful Cost Reduction Track Record

Annex:

Financial Highlights

22 H1 2026 Results 0 6

Consolidated Income Statement 23 €M

H1 2026

H1 2025

%

NET SALES

223,5

240,0

(6,9)%

EBITDA Adj

14,5

14,9

(2,5)%

%

6,5%

6,2%

+30 bps

EBITDA

10,9

13,5

(19,7)%

%

4,9%

5,6%

-

80 bps

EBIT

(0,4)

1,7 n.a

%

(0,2%)

0,7%

-

90 bps

Net Result

(5,1)

(2,5)

n.a %

(2,3)%

(1,1)%

-

120 bps

EPS*

-

Euro cents

(9,88)

(5,68)

n.a

* EPS is calculated by dividing the Net Result pertaining to the Group by the number of ordinary shares outstanding, excluding treasury shares at the same data.

Net Working Capital 24 €M

H1 2026

FY 2025 Δ

Trade receivables

44,6

39,4

5,2 % on annualized sales

10,0%

8,5%

+150 bps

Inventories

97,2

86,7

10,5

% on annualized sales

21,7%

18,8%

+290 bps

Trade payables

(141,1)

(129,2)

-

11,9

% on annualized sales

(31,6)%

(28,1)%

-

350 bps

Managerial Working Capital 0,6

(3,2)

3,7 % on annualized sales

0,1%

(0,7)%

+80 bps

Short term assets & liabilities

(2,1)

(5,3)

3,1 % on annualized sales

(0,5)%

(1,1)%

+60 bps

Net Working Capital

(1,6)

(8,4)

6,8 % on annualized sales

(0,4)%

(1,8)%

+140 bps

Consolidated Cash Flow 25 €M

H1 2026

H1 2025

Operating Cash Flow 2,2 5,9

Capex

(8,0)

(4,6)

Cash Flow from Financial Activities

(5,1)

(8,1)

Net Financial Position

(10,9)

(6,8)

Consolidated B/S

26

H1 2026

H1 2025

H1 2026

H1 2025

Net Operating Fixed Assets

198,9

194,4

Net Financial Position *

79,8

69,8

Net Working Capital

(1,6)

6,6

Group Equity

115,5

125,7

Minorities

6,2 6,0

Net Financial Asset 4,1 0,5 Total Shareholders’ Equity

121,6

131,7

Net Capital Employed

201,5

201,5

Total Sources

201,5

201,5

* Including IFRS 16 effect .

Non Recurring

items & Minorities 27 €M

MINORTY

SHARES

Q2 2026

H1 2026

MINORTY

SHARES

Q2 2025

H1 2025

ARIAFINA

49% 0,4

0,7 49%

0,4 0,8

Total MINORITIES

0,4 0,7

0,4 0,8

Minorities

€M

Q2 2026

H1 2026

Q2 2025

H1 2025

RESTRUCTURING SG&A

(1,2)

(3,5)*

(0,6)

(0,7)

OTHERS

-

(0,2)

(0,6)

(0,8)

Total Non

-

Recurring Items

(1,2)

(3,7)

(1,2)

(1,5)

Non Recurring

items

*

OUT OF WHICH (1,4) M

€ RELATED TO FORMER CEO TRANSACTION AGREEMENT

Disclaimer

This

presentation

may

contain

forwards

-

looking

information

and

statements

about

Elica

S .

p .

A .

and its

Group

.

Forward

-

looking

statements

are

statements

that

are not

historical

facts

.

These

statements

include

financial

projections

and

estimates

and

their

underlying

assumptions,

statements

regarding

plans,

objectives

and

expectations

with

respect

to

future

operations,

products

and

services,

and

statements

regarding

future

performance

.

Although

the

management

of

Elica

S .

p .

A .

believes

that

the

expectations

reflected

in

such

forward

-

looking

statements

are

reasonable,

investors

and

holders

of

Elica

are

cautioned

that

forward

-

looking

information

and

statements

are

subject

to

various

risk

and

uncertainties,

many

of

which

are

difficult

to

predict

and

generally

beyond

the

control

of

Elica

S .

p .

A .;

that

could

cause

actual

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and

developments

to

differ

materially

from

those

expressed

in, or

implied

or

projected

by, the

forward

-

looking

statements

.

These

risks

and

uncertainties

include,

but are

not

limited

to,

those

contained

in

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law,

Elica

S .

p .

A .

does

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obligation

to

update

any

forward

-

looking

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or

statements

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you