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
results
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
this
presentation
.
Except
as
required
by
applicable
law,
Elica
S .
p .
A .
does
not
undertake
any
obligation
to
update
any
forward
-
looking
information
or
statements
Thank
you