Emak S.p.A. • Via Fermi, 4 • 42011 Bagnolo in Piano (Reggio Emilia) ITALY Tel. +39 0522 956611 • Fax +39 0522 951555 • www.emakgroup.com Share Capital Euro 42,623,057.10 fully paid • Companies Register No. 00130010358 R.E.A. 107563 • Register A.E.E. IT08020000000632 • Register RENAP PFU250100397SR Batteries and Accumulators Register IT09060P00000161• Statistical Code (Meccanografico) RE 005145 VAT No. 00130010358 • Tax Code 00130010358
Translation from the Italian original which remains the definitive version
HALF YEAR REPORT AT 30 JUNE 2026
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 2
Contents
Organisational chart of Emak Group as at 30 June 2026 ................................ ................................ ................. 3 Corporate Bodies of Emak S.p.A. ................................ ................................ ................................ ...................... 4 Main shareholders of Emak S.p.A. ................................ ................................ ................................ .................... 5 Emak Group Profile ................................ ................................ ................................ ................................ ........... 5 Intermediate Directors Report at 30 June 2026 ................................ ................................ ............................ 7 Main strategic lines of action ................................ ................................ ................................ ............................. 8 Policy of analysis and management of risks related to the Group's business ................................ .................. 8 1. Financial highlights – Emak Group ................................ ................................ ................................ ..... 13 2. Information about the current geopolitical context ................................ ................................ .............. 14 3. Scope of consolidation ................................ ................................ ................................ ....................... 14 4. Economic and financial results of Emak Group ................................ ................................ .................. 15 5. Related parties transactions ................................ ................................ ................................ ............... 21 6. Plan to purchase Emak S.p.A. shares ................................ ................................ ................................ 21 7. Disputes ................................ ................................ ................................ ................................ .............. 21 8. Foreseeable business outlook ................................ ................................ ................................ ............ 22 9. Significant events occurring during the period and positions or transactions arising from atypical and unusual, significant and non -recurring transactions ................................ ................................ ........................ 22 10. Subsequent events ................................ ................................ ................................ ............................. 22 11. Other information ................................ ................................ ................................ ................................ 22 12. Reconciliation between equity and net profit of the Parent Emak and consolidated equity and net profit of the Parent Emak and consolidated equity and net profit ................................ ................................ ............. 22 Emak Group - Condensed consolidated half year report at 30 June 2026 ................................ .............. 25 Consolidated income statement and consolidated statement of other comprehensive income ..................... 26 Statement of consolidated financial position ................................ ................................ ................................ ... 27 Statement of changes in consolidated equity ................................ ................................ ................................ .. 28 Consolidated Cash Flow Statement ................................ ................................ ................................ ................ 29 Explanatory notes to the condensed consolidated financial statements for the half -year of Emak Group ..... 30 Declaration on the consolidated half year report in accordance whit Article 154 -bis, paragraph 5 of Legislative Decree no. 58/1998 (Consolidated Law on Finance) ................................ ................................ ...................... 59 Auditor’s review report on the half year condensed consolidated financial statement ................................ .... 60
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 3 Organisational chart of Emak Group as at 30 June 2026
• Valley Industries LLP is consolidated at 100% as a result of the "Put and Call Option Agreement" that governs the purchase of the remaining 6% .
• Comet do Brasil Industria e Comercio de Equipamentos Ltda is owned for 99.63% by Comet S.p.A. and 0.37% by P.T.C.
S.r.l.
• Emak do Brasil is owned for 99.99% by Emak S.p.A. and 0.01% by Comet do Brasil Industria e Comercio de Equipamentos Ltda.
• Lavorwash Brasil Ind. Ltda is owned for 99.99% by Lavorwash S.p.A. and 0.01% by Comet do Brasil Industria e Comercio de Equipamentos Ltda.
• S.I.Agro Mexico is owned for 97% by Comet S.p.A. and 3% by P.T.C. S.r.l.
• Agres Sistemas Eletrônicos S.A. is consolidated at 100% as a result of the "Put and Call Option Agreement" that governs the purchase of the remaining 4.5%.
• Poli S.r.l. is consolidated at 100% as a result of the "Put and Call Option Agreement" that governs the purchase of the remaining 20%.
• Ptc Waterblasting LLC has ceased its operational activity .
100% 100% 100%
100%
83.33%
90% 100% 100% 100% 94% 100% 100% 100% 51% 100% 100% 100%
100% 100%
100%
100% 100%
51%
100% 100%
95.5%
100%
80% 100% 100% 24% 100% 100%
98.92%
100% 100% 51% 100% 100% 100%
100% 100%
100%Emak Uk Ltd.
UK Emak Suministros Espana SA
SPAIN
Emak France SAS
FRANCE
Victus -Emak Sp. Z.o.o.
POLAND
Epicenter LLC
UKRAINE
Emak Do Brasil Industria Ltda
BRAZIL
Jiangmen Emak Outdoor Power Equipment Co.Ltd.
CHINA
Jiangmen Autech Equipment
Co. Ltd
CHINAComet S.p.A.
ITALY
Comet Usa Inc.
U.S.A.
Valley Industries
LLP U.S.A.
Comet France SAS
FRANCE
PTC S.r.l.
ITALY
Si.Agro Mexico
MEXICO
Comet do Brasil Industria e Comercio de Equipamentos Ltda
BRAZILPTC Waterblasting
LLC U.S.A.
Poli S.r.l.
ITALY
Lavorwash S.p.A.
ITALY
Lavorwash France SAS FRANCETecomec S.r.l.
ITALY
Speed France SAS
FRANCE
Speed North
America Inc.
U.S.A.
Speed Line South Africa (pty) Ltd.
SOUTH AFRICA
Speed South
America SPA
CHILE
Ningbo Tecomec
Manufacturing Co. Ltd.
CHINA
Spraycom Comercio de Pecas Para Agricoltura S.A.
BRAZIL
Agres Sistemas Eletrònicos S.A.
BRAZIL
Markusson Professional
Grinders AB
SWEDENSabart S.r.l.
ITALYEMAK S.p.A.
Lavorwash Polska SP.
Zoo
POLAND
Lavorwash Iberica S.L.
SPAINLavorwash GB Ltd.
UK Lavorwash Brasil Ind. Ltda
BRAZIL
Yong Kang Lavorwash Equipment Co.Ltd.
CHINA
Yong Kang Lavorwash Trading Co.Ltd.
CHINATailong (Zhuhai) Machinery Manufacturing Equipment Ltd.
CHINATrebol Maquinaria y Suministros S.A.
SPAIN
Raw Power S.r.l.
ITALYPNR Italia S.r.l.
ITALY
PNR America Inc.
U.S.A.PNR Nordic AB
SWEDEN
PNR Central Europe GmbH
GERMANY
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 4 Corporate Bodies of Emak S.p.A.
The Ordinary General Meeting of the Shareholders of the Parent, Emak S.p.A. on 29 April 2025 appointed the Board of Directors and the Board of Statutory Auditors for the financial years 2025 -2027 and at the same time, it assigned the mandate for the statut ory audit of accounts for the nine -year period 2025 -2033 and the limited assurance engagement on the consolidated sustainability statement for the 2025 -2027 financial years .
Board of Directors Non-executive Chairman Massimo Livatino Deputy Chairman and Chief Executive Officer Luigi Bartoli Executive Director Cristian Becchi Independent Directors Silvia Grappi
Elena Iotti
Valeria Venturelli
Non-executive Directors Francesca Baldi
Ariello Bartoli
Paola Becchi
Giuliano Ferrari
Marzia Salsapariglia
Vilmo Spaggiari
Paolo Zambelli
Risk Control and Sustainability Committee; Remuneration Committee, Related Party Transactions Committee,
Nomination Committee
Chairman Elena Iotti Members Valeria Venturelli
Silvia Grappi
Manager in charge of preparing the accounting statements Roberto Bertuzzi
General Manager Giovanni Pinzuti
Supervisory Body as per Legislative Decree 231/01 Chairman Sara Mandelli Acting member Marianna Grazioli
Board of Statutory Auditors Chairman Stefano Montanari Standing auditors Roberta Labanti
Riccardo Moratti
Alternate auditors Rossana Rinaldi
Luigi Gesaldi
Independent Auditor KPMG S.p.A.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 5 Main shareholders of Emak S.p.A.
The share capital of Emak S.p.A. (hereinafter the “Pa rent” or “Emak”) is represented by 163,934,835 shares with a par value of 0.26 euros per share.
The Parent has been listed on the Milan Stock Exchange since June 25, 1998. Since September 2001 the stock has been included in the Euronext Segment of Equities with High Requirements (STAR).
At the closing date of 30 June 2026, on the basis of notifications received pursuant to Article 120 of Legislative Decree 58/1998, only Yama S.p.A., with 69.600%, is the owner of a stake of more than 5% of the share capital.
Emak Group Profile
Emak is a Group active in the gardening and forestry, agriculture, washing and industrial markets. The Group operates through three divisions (Outdoor Power Equipment, Pumps & Water Jetting, Components & Accessories) specialized in offering specific soluti ons for the best satisfaction of customers and users, united by knowledge of the sectors and reference markets, the sharing of know -how and the exploitation of organizational efficiencies along the entire value chain.
In general, the Group's business is influenced by the seasonality of demand. Sales of products for gardening, agriculture and cleaning are concentrated in the first half of the year, a period in which green care, land processing and outdoor cleaning activi ties are carried out. On the other hand, the demand for industrial products is less seasonal, due to the diversity of the target sectors and the multiple applications for which they are intended. The three segments enable the group to diversify risk and to seize more opportunities with a view to long -term sustainable growth. The meeting point of the three businesses is the pooling of knowledge of the markets, distribution channels and technologies that characterize the outlet sectors of the Group's activiti es: green care, agriculture, washing.
Outdoor Power Equipment (3 3% of the Group's total sales at 30 June 2026) The Outdoor Power Equipment segment includes the development, manufacturing, and marketing of products for gardening, forestry, and small agricultural machinery, such as brush cutters, lawnmowers, tractors, chainsaws, and tillers. The Group is one of the m ain players in the European market, where it operates with commercial subsidiaries in the main markets, supported by a vast network of independent importers in the remaining ones. Globally, the Group relies on a network of 150 distributors in over 115 coun tries. In consideration of the technical content of the products, sales are mainly carried out through the network of specialized distributors, characterized by high pre - and after -sales service, while the large distribution channel is approached only in s ome countries. Online sales take place through a dedicated proprietary portal, agreements with sector marketplaces and platforms developed by its network of distributors.
The Group distributes its products under the main brands Oleo -Mac, Efco, Bertolini, Nibbi, and, limited to the French market, Staub. The Group's offer is mainly aimed at private users and, to a lesser extent, professionals.
In this sector, the Group focuse s its resources on product innovation (electrification and development of clean engines, safety, comfort) and process innovation, on strengthening its market position and on penetrating new high-potential markets.
The sector's demand is generally linked to economic trends and the level of users’ disposable income. Finally, sales trend is influenced by weather conditions: during the year, in fact, the business has a seasonality that is strongly unbalanced on the firs t half of the year, so a spring season with a more or less favourable weather can lead to different demand trends for green care products .
Pumps & Water Jetting (39% of the Group's total sales at 30 June 2026) The Pumps & Water Jetting segment includes the development, manufacturing, and marketing of three product lines: (i ) agriculture (about 40% of the segment's revenue), with a complete range of centrifugal pumps, diaphragm pumps, piston pumps, sprayers and products for spraying and weeding activities; (ii) industry (about 19% of the segment's revenue), with a full range of low, high, and ultra -high pressure piston pumps (up to 2,800 bar), hydrodynamic units (so -called plants), accessories for water blasting and urban cleaning machines;
(iii) washing or cleaning (about 41% of the segment's revenue), with a complete offer o f pressure washers, from domestic to professional use, floor scrubber -dryers, sweepers, and vacuum cleaners. The Group markets its products under the brands Comet, HPP, Lemasa, PTC Waterjetting Equipment, PTC Urban Cleaning Equipment, Lavor, Poli, Valley, and Bestway. Product distribution takes place through its commercial subsidiaries and independent distributors in over 130 countries worldwide. The type of customer and sales channe l varies depending on the products: the agriculture line is sold to manufacturers of spraying and
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 6 weeding machines, directly to end users (mainly farmers), or through a network of specialized dealers and importers; the industry range is sold to manufacturers of pressure washers and hydrodynamic units, to contractors/users of the complete system, or thr ough specialized dealers; the cleaning line is sold through specialized dealers, organized large distribution, online, and to contractors.
In this sector, the Group focuses its activities on product innovation, the expansion of its offer both in terms of products and sectors of use, as well as the maximization of synergies from acquisitions completed over the years.
The demand for agricultural and industrial products is generally linked to the performance of the various sectors/application fields; the demand for cleaning products is mainly related to the economic cycle, people's disposable income, and the increase in hygiene standards.
Components & Accessories (28% of the Group's total sales at 30 June 2026) The Components & Accessories segment includes the development, manufacturing, and marketing of products for the outdoor power equipment sector (accounting for about 5 4% of the segment's revenue), agriculture (about 1 7% of the segment's revenue), and cleaning (about 29% of the segment's revenue). Among the wide range of products offered, the most representative are trimmer lines and heads (which together form the cutting system); chain sharpeners for chainsaws; guns, va lves, and nozzles for pressure washers, industrial cleaning, and car wash; products and solutions for precision farming. In this segment, the Group operates partly through its brands Tecomec, Speed, Geoline, Agres, Mecline, Markusson, Sabart, Trebol , and PNR, and partly by providing products under third -party brands. The Group serves the main manufacturers of green care, agriculture, and cleaning machines through a network of specialized distributors and has established relationships with the main la rge-scale distribution chains.
In this sector, the Group focuses its resources on product innovation, strengthening partnerships with key manufacturers, and expanding its offer.
The demand for products in this segment follows the dynamics of the other businesses in which the Group operates. In the outdoor power equipment world, weather and the disposable income of end users can influence machine sales and their use, contributing t o the sale of both original equipment and spare parts. In the agriculture and industrial cleaning sectors, the trend of raw materials, government policies and the general economic context can influence the investment levels of market operators .
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 7
Intermediate Directors Report at 30 June 2026
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 8 Main strategic lines of action
The main goal of the Emak Group is the creation of value for its stakeholders, through sustainable growth .
The Group's strategy is based on four pillars :
- Innovation, understood as both product and process innovation. In a dynamic and competitive scenario like the one in which it operates, the Group pays great attention to the development of its product range, both in terms of expansion and evolution. Resear ch and development activities also aim to achieve product performance that, while maintaining the desired quality standards, is not disconnected from the environmental impacts of the product: this goal is pursued through the development of new technologies (electrification), the reduction of emissions from internal combustion engines and the use of recycled materials. Another line of development is the expansion of applications and sectors for the use of its products (e.g., industrial pumps in agriculture). Regarding processes, the directions of innovation concern methodological research and digitalization aimed at improving the efficiency of internal processes ;
- Distribution, understood on the one hand as strengthening its position within the distribution network, and on the other as increasing business in high -potential markets to achieve a proper balance of distribution in different geographical areas ;
- Efficiency, understood as the continuous improvement of its processes and the management of its activities, aimed at generating resources to be allocated to the Group's development initiatives in the medium to long term ;
- Acquisitions, understood as growth through external lines, to strengthen the most profitable businesses, increase the weight of sectors characterized by greater resilience and stability in the medium to long term, rebalance the weight of reference markets geographically and finally to acquire new skills and complete product ranges .
Policy of analysis and management of risks related to the Group's business
The Group and its subsidiaries have an internal control system that is considered by the Board of Directors of Emak S.p.A. to be appropriate for the size and nature of the activity carried out, suitable for effectively overseeing the main risk areas typica l of the activity, aimed at contributing to the sustainable success of the Group .
In fact, as part of the formalization of strategic plans, the Board of Directors of Emak takes into consideration the nature and level of risk compatible with the strategic objectives of the Group and, in this regard, has adopted a system of internal contr ol consisting of the set of rules, resources, processes and procedures that aim to ensure:
- the containment of risk within the limits compatible with sustainable management of the business activity;
- the safeguarding of the value of the assets;
- the effectiveness and efficiency of business processes;
- the reliability and security of company information and IT procedures;
- the compliance of company operations with the law, policies, regulations and internal procedures .
Consequently, within the Group the following have been defined:
- the behaviours to keep;
- the assignment and separation of duties;
- the organizational dependencies;
- the responsibilities and levels of autonomy;
- the operating instructions;
- the controls to be applied within the activities .
As part of its industrial activity, the Group is exposed to a series of risks, the identification, assessment and management of which are assigned to Managing Directors, also in their role of Executives Directors appointed pursuant to the self -regulatory C orporate Governance Code of Borsa Italiana S.p.A., to business area managers and the Risk Control and Sustainability Committee .
The Directors responsible for the internal control system oversee the risk management process by implementing the guidelines defined by the Board of Directors in relation to risk management and by verifying its adequacy .
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 9 In order to prevent and manage the most significant risks of a strategic nature, of Compliance and of accuracy of financial information, the Group has tools for mapping and managing the various types of risks, also through an assessment of the economic and financial impacts and the probability of occurrence .
As part of this process, different types of risk are classified on the basis of the assessment of their impact on the achievement of the strategic objectives, that is to say, on the basis of the consequences that the occurrence of the risk may have in term s of compromised operating or financial performance, or of compliance with laws and/or regulations.
On the website www.emakgroup.com is published The Corporate Governance report prepared in accordance with the provisions of Art. 123 -bis, Legislative Decree 58/98 which analytically describes the corporate governance structure of the group and the practices applied in terms of the Interna l Control System and risk management.
In relation to the main risks, highlighted below, the Group constantly pays attention to and monitors the situations and developments in macroeconomic, market and demand trends in order to be able to implement the necessary and timely strategic assessments .
The following are the risks considered significant and related to the Group's activities , for specific risks related to sustainability issues, please refer to the dedicated reporting section of the annual financial report as of 31 December 2025.
Competition and market trends The Group operates on a global scale, in sectors characterized by a high level of competition and in which sales are concentrated mainly in mature markets with moderate or low rates of growth in demand.
Performances are closely correlated to factors such as the level of prices, product quality, trademarks and technology, which define the competitive positioning of operators on the market. The competitive position of the Group, which compares with global p layers that often have greater financial resources as well as greater diversification in terms of geography, makes particularly significant the exposure to risks typically associated with market competitiveness.
The Group mitigates the country risk by adopting a business diversification policy by product and geographic area, such as to allow risk balancing.
The Group also constantly monitors the positioning of its competitors in order to intercept any impacts on its commercial offer.
In order to reduce the risk of saturation of the segments / markets in which it operates, the Group is progressively expanding its product range .
Risks associated with consumer purchasing behavior Over the last few years, trends have emerged such as for example e -commerce and technologies which could have, in the medium to long term, a significant impact on the market in which the Group operates. The ability to grasp the emerging expectations and ne eds of consumers is therefore an essential element for maintaining the Group's competitive position.
The Group seeks to capture emerging market trends to renew its range of products and adapt its value proposition based on consumer purchasing behaviour .
Geopolitical risk and international expansion strategy The Group operates in an increasingly complex international context, in which local tensions and conflicts cause effects at global level, increasingly influencing the economic performance of companies. In addition, the Group’s strategies, aimed at increasi ng business also in emerging countries, more subject to sudden socio -
economic and regulatory changes (e.g., tariffs), could influence results in a more significant way compared to the past. For further information, please refer to the following paragraph “ Information about the current geopolitical context”.
The most recent macroeconomic evolutions affecting the current geopolitical context has had and will have significant repercussions on the variables that determine the performances of businesses, notably the prices of raw materials, transportation costs, e nergy costs, exchange rates, consumption trends, inflation rate trends and, consequently, interest rates, making the indicators and fundamentals of the economy increasingly volatile and unpredictable; some markets (Russia and Belarus) are subject to econom ic sanctions that limit their access to the global market.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 10 Emak constantly monitors the evolution of the socio -political situation of the various countries in which it operates, seeking to diversify end markets and supply markets, adopting operating flexibility solutions (adequate inventories, adjustment of sales prices, etc.) aimed at promptly dealing with very rapid and unexpected changes in contexts.
The Group, in the context of external growth, implements and coordinates M&A activities in all respects in order to mitigate the risks.
Demand variability following weather conditions Weather conditions may impact on the sales of certain product families. Generally, weather conditions characterized by drought can cause contractions in the sale of gardening products such as lawnmowers and garden tractors, while winters with mild climate adversely affect sales of chainsaws. The Group is able to respond quickly to changes in demand by leveraging on flexible production .
Technological products evolution The Group operates in sectors where product innovation represents an important driver for the maintenance and growth of its market share.
The Group actively monitors regulatory requirements introduced in outlet countries in order to anticipate technological innovations and place compliant products on the market.
The Group responds to this risk with continuous investment in research and development and in the use of appropriate skills in order to continue to offer innovative and competitive products and adapt supply to the current and future needs of the market .
Customers performances
The Group’s results are influenced by the actions of a number of large customers, with which there are no agreements involving minimum purchase quantities. As a result, the demand of such customers for fixed volumes of products cannot be guaranteed and it is impossible to rule out that a loss of important customers or the reduction of orders made by them could have negative effects on the Group’s economic and financial results.
Over the last few years, the Group has increasingly implemented a policy of diversifying customers .
Raw material and components price trend The Group’s economic results are influenced by the trend in the price of raw materials and components. The main raw materials used are copper, steel, aluminium, and plastic materials. Their prices can fluctuate significantly during the year since they are linked to official commodity prices on the reference markets.
The Group does not use raw material hedging instruments but mitigates risk through supply contracts with short - term defined conditions while medium -term fluctuations are managed through adjustments to selling prices .
Risks associated with the supply chain and the availability of raw materials A delay/blocking of deliveries or problems relating to quality with respect to a supplier can adversely affect the production of finished products. Although the Group does not use raw materials which are difficult to obtain and has always managed to ensure a supply of adequate quantity and quality, it is not possible to exclude that the occurrence of possible further supply tensions could lead to procurement difficulties. The Group adopts a strategy of supply diversification including by geographical area o f procurement, specifically with the aim of minimizing the risks linked to a potential unavailability of raw materials in the times required by production.
In addition, the Group has created a system for monitoring the economic -financial performance of suppliers in order to mitigate the risks inherent in any supply interruptions and has set up a management of relations with suppliers that guarantee supply fle xibility and quality in line with the Group’s policies .
Environment, Health and Safety management The Group is exposed to risks associated with health and safety at work and the environment, which could involve the occurrence work -related accidents and illness, environmental pollution phenomena or failure to comply with specific legal regulations. The risks associated with such phenomena may lead to penal or administrative sanctions or fines against the Group. The Group manages these types of risks through a system of procedures aimed at the systematic control of risk factors as well as to their reducti on within acceptable limits. All this is organized by implementing different management systems required by the standards of different countries and international standards of reference .
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 11 Risks associated with dependence on key figures The Group’s results also depend on the ability of its management, which has a decisive role for the Group’s development and which boasts significant experience in the sector. Should the relationship in force with a number of these professional figures be i nterrupted without a timely and suitable replacement, the Group’s competitive capacity and its relative growth prospects could be affected.
The Group has an operating and management structure able to ensure business continuity, also through the adoption of retention plans for key professional figures, as well as initiatives aimed at developing skills and retaining talent.
Liability to customers and third parties The Group is exposed to potential liability risks towards customers or third parties in relation to product liability due to possible design and/or manufacturing defects in the Group’s products, also attributable to third parties such as suppliers and asse mblers. Moreover, in the event that products are defective or do not meet technical and legal specifications, the Group, also by order of control authorities, could be obliged to withdraw such products from the market. In order to manage and reduce these risks, the Group has entered into a master Group insurance coverage that minimizes risks only to insurance deductibles .
Risks associated with the recoverability of assets, in particular goodwill As part of the development strategy, the Group has implemented acquisitions of companies that have enabled it to increase its presence on the market and seize growth opportunities. With reference to these investments, specified in the financial statements as goodwill, there is no guarantee that the Group will be able to reach the benefits initially expected from these operations. The Group continuously monitors the performance against the expected plans, putting in place the necessary corrective actions if there are unfavourable trends which, when assessing the congruity of the values recorded in the financial statements, lead to significant changes in the expected cash flows used for the impairment tests .
Tax risk management The Group operates in many countries and the tax management of each company is subject to complex national and international tax regulations that may change over time.
Compliance with the tax regulations of subsidiaries is harmonized with the Group's tax strategy through coordination and validation activities, which is expressed in homogeneously approaching, while taking into account local particularities, issues such as tax consolidation, facilitations for research and development, transfer pricing, the various forms of public incentives for businesses, as well as the choices relating to the management of any tax disputes.
In addition, the Group, with particular reference to its Italian subsidiaries, has also defined a tax risk control system coordinated with the provisions of Law 262/05 and Legislative Decree 231/01, to monitor activities with potential tax impacts on the m ain business processes and on the Group's results .
Information Technology
For several years, the Group has automated through its IT systems most of the operational processes to support its business, continuing a progressive and constant digitalization process, in response to the exponential technological evolution underway. IT s ystems malfunction and crashes can have a direct impact on most business processes.
In the current economic and social context the risks of cyber security are increasing, especially because of cyber attacks.
If successful, such attacks could adversely impact the Group's business operations, financial condition or reputation. Also due to the recent investment of the Group in new and updated information systems, the Group has started the necessary activities to keep the systems protected and to guarantee their recovery following emergencies, as well as an adequate data storage capacity; furthermore, activities were started on the enhancement of skills in the field of IT security, as well as awareness and training on information security. In parallel with the provisions of the European Regulation (GDPR), the Group constantly monitors the protection of rights in relation to the personal data processed .
The recent and rapid evolution of AI (Artificial Intelligence) technologies raises the issue of their impact on company business models and operational processes, with a general effect on competitiveness and efficiency.
The Group closely monitors the techn ology's evolution and continually evaluates its applications within its business model, in order to implement initiatives aimed at capitalizing on the related opportunities .
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 12
Financial risks
In the ordinary performance of its operating activities, the Group is exposed to various risks of a financial nature. For detailed analysis, reference should be made to the appropriate section of the notes to annual financial statements as of 31 December 2 025 in which the disclosures as per IFRS no. 7 are set out.
Risk management process
With the aim of reducing the financial impact of any harmful event, Emak has arranged to transfer residual risks to the insurance market, when insurable .
In this sense, Emak, as part of its risk management, has taken steps to customize insurance coverage in order to significantly reduce exposure, particularly with regard to possible damages arising from the manufacturing and marketing of products. All compa nies of the Group are today insured, with policies of international programs such as Liability, Property all risks, D&O, Crime, EPL and “legal protection”, against major risks considered as strategic, such as: product liability and product recall, general civil liability, legal fees, certain catastrophic events and related business interruption. Other insurance coverage has been taken out at the local level in order to respond to regulatory requirements or specific regulations .
The analysis and insurance transfer of the risks to which the Group is exposed is carried out in collaboration with a high standing insurance broker who, through an international network, is also able to assess the adequacy of the management of the Group's insurance programs on a global scale .
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 13 1. Financial highlights – Emak Group
Income statement (€/000)
Y 2025 2 Q 2026 2 Q 2025 I H 2026 I H 2025
612,494 Revenue 167,531 177,090 344,262 369,419 67,566 EBITDA before non-recurring income/expenses (*) 20,144 25,390 43,196 51,872
66,799 EBITDA (*) 19,695 25,326 42,626 51,782
34,403 EBIT 11,465 17,409 26,439 35,744
14,176 Net profit 6,121 8,895 16,184 20,105 Investment and free cash flow (€/000)
Y 2025 2 Q 2026 2 Q 2025 I H 2026 I H 2025
15,587 Investment in property, plant and equipment 3,506 3,026 6,808 7,026 4,941 Investment in intangible assets 1,566 1,206 2,686 2,256 46,572 Free cash flow from operations (*) 14,351 16,812 32,371 36,143 Statement of financial position (€/000) 31.12.2025 30.06.2026 30.06.2025 475,997 Net capital employed (*) 508,206 505,719 (194,370) Net financial debt (*) (208,699) (219,338) 281,627 Total equity 299,507 286,381
Other statistics
Y 2025 2 Q 2026 2 Q 2025 I H 2026 I H 2025
10.9% EBITDA / Revenue (%) 11.8% 14.3% 12.4% 14.0% 5.6% EBIT/ Revenue (%) 6.8% 9.8% 7.7% 9.7% 2.3% Net profit / Revenue (%) 3.7% 5.0% 4.7% 5.4% 7.2% EBIT / Net capital employed (%) 5.2% 7.1% 0.69 Net financial debt / Equity 0.70 0.77 2,504 Number of employees at period end 2,463 2,537 Share information and prices 31.12.2025 30.06.2026 30.06.2025 0.083 Earnings per share (€) 0.097 0.121 1.70 Equity per share (€) (*) 1.81 1.73 0.92 Official price (€) 0.86 0.87 1.04 Maximum share price in period (€) 0.98 0.96 0.73 Minimum share price in period (€) 0.82 0.73 151 Stockmarket capitalization (€ / million) 141 142 162,837,602 Average number of outstanding shares 162,837,602 162,837,602 163,934,835 Number of shares comprising share capital 163,934,835 163,934,835 0.286 Free cash flow from operations per share (€) (*) 0.199 0.222 0.030 Dividend per share (€) - -
(*) See section "definitions of alternative performance indicators"
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 14 2. Information about the current geopolitical context In an international context characterised by growing economic and political uncertainty , the Group has continued to closely monitor geopolitical developments and promptly manage the related risks, adopting measures aimed at safeguarding regular business operations and achieving its strategic objectives .
Russia -Ukraine conflict The ongoing conflict between Russia and Ukraine has had a significant impact on the economic and social systems of the countries involved, with indirect effects on the global economy.
The Group operates in Ukraine mainly through the subsidiary Epicenter Llc , while it distributes its products, in compliance with the international regulations, through independent customers in Russia and Belarus .
Epicenter Llc, a gardening machinery distribution company, located in Kiev and 100% controlled by Emak S.p.A., since the beginning of the hostilities, has implemented all necessary measures to safeguard employee safety, integrity of product inventory and e nsure business continuity .
The subsidiary, which has approximately 20 employees, generated a turnover of € 2.4 million in the first half of 2026 (€ 3.6 million in 2025), entirely produced in the domestic market.
The local management continues to monitor the evolution of the context to guarantee the continuity of the business under the safest condition.
Net of the subsidiary’s activities, the Ukrainian market represents a marginal incidence for the Group, with sales in the first half of 2026 amounting to approximately € 556 thousand and an immaterial commercial exposure. Revenue achieved in the Russian an d Belarusian markets represents 0.2% of the total turnover (0.2% in 2025) with a commercial exposure equal to zero.
Trade tensions and tariffs During the first half of 2026, trade tensions related to protectionist policies persisted, particularly with regard to trade flows between the United States, Europe and China.
The Group maintains ongoing monitoring of developments in the regulatory and tariff framework and promptly implements any necessary adjustments to its commercial and operational strategies. Based on the measures communicated to date, the information availa ble and the expected scenarios, the direct impact of tariffs on the Group’s financial performance is not considered significant for the achievement of its medium -term objectives, although it represents an additional element of uncertainty and operational c omplexity in the short term .
Global Logistics – Red Sea Area and Middle East During the first half of 2026, geopolitical tensions in the Red Sea, the Middle East and the Persian Gulf continued to affect major international shipping routes. The worsening of the conflict between the United States and Iran contributed to maintaining a high level of operational uncertainty, delaying the normalisation of trade flows and increasing pressure on logistics costs.
This context was primarily reflected in higher ocean freight rates and the introduction of Emergency Fuel Surcharges by shipping lines, affecting both contracted volumes and the spot market, the latter being more exposed to freight rate volatility. Higher energy costs also resulted in increased fuel surcharges for international road and air transport, while the impact on domestic transport operations was largely mitigated through contractual arrangements.
Although the affected areas do not represent direct sourcing or end markets for the Group, it continues to closely monitor its supply chain and implement mitigation measures, including long -term transportation agreements, the diversification of routes and carriers, and the use of digital shipment tracking tools, with the aim of ensuring operational continuity and limiting the associated economic impact.
3. Scope of consolidation
Compared to 31 December 2025 and 30 June 2025 there are no changes in the scope of consolidation .
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 15 4. Economic and financial results of Emak Group
Comments on economic figures
Revenue
In the first half of 2026, the Group achieved a consolidated turnover of € 344,262 thousand, compared to € 369,419 thousand of the same period last year, a decrease of 6.8%. This reduction is due to a decline in organic sales for 5.8% and to the exchange losses for 1%.
The turnover for the second quarter amounts to € 167,531 thousand against € 177,090 thousand in the second quarter of 202 5, a decrease of 5.4%.
During the first half of 2026, the Group operated in a difficult market conditions, characterised by particularly unfavourable weather conditions and a still uncertain international scenario, also affected by ongoing trade and tariff tensions. These factor s had a particularly adverse impact on the gardening and more hobby -oriented cleaning sector s, where demand is highly seasonal and was further affected by a generally cautious approach to consumer spending on end -user products.
EBITDA
In the first half of 2026, EBITDA amounts to € 42,626 thousand ( 12.4% of revenue) compared to € 51,782 thousand ( 14% of revenue) for the corresponding semester of the previous year.
During the first half of 2026, non -recurring expenses for € 570 thousand (€ 136 thousand in the first half of 2025) were recorded while there is no non-recurring income (€ 46 thousand in the first half of 2025). EBITDA before non -recurring expenses and income amounts to € 43,196 thousand and equal to 1 2.5% of revenue (€ 51,872 thousand equal to 1 4% of revenue in the same period last year).
The positive effect resulting from the application of the IFRS 16 principle on EBITDA for the first half of 2026 is € 5,743 thousand, against € 5,417 thousand of the first half of 2025.
EBITDA for the period was primarily affected by the negative impact resulting from lower sales volumes compared with the corresponding period of 2025. The benefits arising from the initiatives implemented to contain operating costs only partially offset th e decline in revenue. In addition, unfavourable foreign exchange movements and changes in raw material and component costs further adversely affected the profitability of the period.
Personnel costs decreased compared to the first half of 2025 for € 445 thousand due to the lower use of temporary workers, as a result of the contraction in the production volumes. The average number of resources employed by the Group, also considering temporary workers employed in the period, was equal to 2,649 (2,763 in the first ha lf of 2025).
EBIT
Operating profit for the first half of 2026 is € 26,439 thousand with an incidence of 7.7% on revenue, compared to € 35,744 thousand (9.7% of revenue) for the corresponding period of the previous year.
Amortisation, depreciation and impairment losses are € 16,187 thousand, compared to € 16,038 thousand on 30 June 2025.
Non-annualized operating profit as a percentage of net capital employed is 5.2% compared to 7.1% of the same period of the previous year.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 16
Net profit
Net profit for the first half of 2026 is equal to € 16,184 thousand, against € 20,105 thousand for the same period last year.
Financial expenses decreased to € 6,114 thousand (€ 6,705 thousand for the same period last year) mainly as a result of lower market interest rates .
Financial income increased to € 1,245 thousand (€ 724 thousand for the same period last year), mainly due to the positive effect of the derived instruments for hedging interest rate risk.
Exchange losses came to € 107 thousand (exchange losses of € 2,572 thousand in the first half of 2025).
The item “Profit (loss) from equity investment”, equal to 0 (compared to a negative value of € 2 thousand for the same period last year), relates to the valuation according to the equity method of the investment in the associate Raw Power S.r.l.
The effective tax rate is equal to 24.6%, decreasing compared to 26.1% of the same period last year. The reduction on the tax rate reflect s the greater contribution of specific favourable tax effects recognised by certain Group companies to consolidated profit before tax.
Comment to consolidated statement of financial position
Net non -current assets
During first half of 2026 the Group invested € 9,494 thousand in property, plant and equipment and intangible assets, as follows :
31.12.2025 €/000 30.06.2026 30.06.2025 220,512 Net non-current assets (*) 220,426 221,506 255,485 Net working capital (*) 287,780 284,213 475,997 Total net capital employed (*) 508,206 505,719 277,472 Equity pertaining to the owners of the parent 294,762 281,767 4,155 Non-controlling interests 4,745 4,614 (194,370) Net financial debt (*) (208,699) (219,338) (*) See section "Definitions of alternative performance indicators" €/000 30.06.2026 30.06.2025 Technological innovation of products 2,856 2,508 Production capacity and process innovation 3,914 3,789 Computer network system 1,495 1,442 Industrial buildings 735 922 Other investments 494 621 Total 9,494 9,282
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 17 Investments broken down by geographical area are as follows:
Net working capital
Net working capital at 30 June 2026 amounted to € 287, 780 thousand, compared to € 255,485 thousand at 31 December 2025 and € 284,213 thousand at 30 June 2025.
The following table shows the change in net working capital in the first half of 2026 compared with the previous
year:
Net working capital at 30 June 2026 increased compared with both 30 June 2025 and 31 December 2025. The change compared with the year -end reflects the usual seasonality of the business, while the increase compared with the corresponding period of the previ ous year was mainly attributable to higher inventory levels, due to sales being lower than expected, resulting in a slower reduction of inventories, which were also maintained at higher levels to better support the distribution network. As a result, the ra tio of net working capital to revenue increased.
Net financial debt
Net financial debt amounts to € 208,699 thousand at 30 June 2026, compared to € 219,338 thousand at 30 June 2025 and € 194,370 thousand at 31 December 2025.
The following table shows the movements in the net financial debt of the first half :
€/000 30.06.2026 30.06.2025 Italy 4,390 6,460 Europe 2,312 721 Americas 1,580 1,358 Rest of the world 1,212 743 Total 9,494 9,282
€/000 1H 2026 1H 2025
Net working capital at 01 January 255,485 260,283 Increase/(decrease) in inventories 1,137 (20,789) Increase/(decrease) in trade receivables 37,765 36,250 (Increase)/decrease in trade payables (38) 14,767 Change in scope of consolidation - 26 Other changes (6,569) (6,324) Net working capital at 30 June 287,780 284,213
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 18
Cash flow from operations, excluding changes in operating assets and liabilities, amounted to € 32,371 thousand, compared to € 36,097 thousand for the same period last year. Cash flow from operations is positive for € 3,018 thousand compared to € 5,241 tho usand in the same period of the previous year.
Details of the net financial debt is analysed as follows :
Net financial debt at 30 June 2026 includes discounted financial liabilities related to the payment of future rental and rent payments, in application of IFRS 16 standard, equal to overall € 38,054 thousand, of which € 9,541 thousand falling due within 12 months. At 31 December 2025 they amounted to a total of € 40,728 thousand, of which € 9,503 thousand falling due within 12 months.
Current financial indebtedness mainly consists of:
- account payables and self -liquidating accounts;
- loan repayments falling due by 30 June 2027;
Opening Net financial debt (194,370) (209,959) Net profit 16,184 20,105 Amortisation, depreciation and impairment losses 16,187 16,038 Reversal of profits from acquisition - (46) Cash flow from operations, excluding changes in operating assets and liabilities32,371 36,097 Changes in operating assets and liabilities (29,353) (30,856) Cash flow from operations 3,018 5,241 Changes in investments and disinvestments (9,037) (8,422) Changes in rights-of-use assets - IFRS 16 (1,480) (4,296) Dividends cash out (4,896) (4,204) Other equity changes - (3) Changes from exchange rates and translation reserve (1,934) 2,284 Change in scope of consolidation - 21 Closing Net financial debt (208,699) (219,338)€/000 1H 2025 1H 2026 A.Cash 62,861 71,147 71,085 B.Cash equivalents - - -
C.Other current financial assets 816 176 185 D.Liquidity (A+B+C) 63,677 71,323 71,270 E.Current financial debt (18,761) (17,100) (20,081) F.Current portion of non-current financial debt (73,739) (76,445) (65,186) G.Current financial indebtedness (E + F) (92,500) (93,545) (85,267) H.Net current financial indebtedness (G - D) (28,823) (22,222) (13,997) I.Non-current financial debt (181,533) (173,840) (206,612) J.Debt instruments - - -
K.Non-current trade and other payables - - -
L.Non-current financial indebtedness (I + J + K) (181,533) (173,840) (206,612) M.Total financial indebtedness (H + L) (ESMA) (210,356) (196,062) (220,609) N.Non-current financial assets 1,657 1,692 1,271 O.Net financial debt (M-N) (208,699) (194,370) (219,338) Effect IFRS 16 38,054 40,728 42,802 Net financial debt without effect IFRS 16 (170,645) (153,642) (176,536)(€/000) 30.06.2026 31.12.2025 30.06.2025
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 19
- amounts due to other providers of finance falling due by 30 June 2027;
- liabilities for purchase of equity investments in the amount of € 2,926 thousand.
Financial liabilities for the purchase of the remaining non -controlling interests subject to Put & Call Options are equal to € 2,926 thousand and are entirely classified as current. These liabilities refer to the following
companies:
- Poli S.r.l. for an amount of € 1,610 thousand;
- Valley LLP for an amount of € 1,039 thousand;
- Agres for an amount of € 277 thousand.
Equity
Total equity is equal to € 299,507 thousand at 30 June 2026 against € 281,627 thousand at 31 December 2025.
Highlights of the consolidated financial statement for the first half 2026 broken down by operating
segment
Comments on interim results by operating segment
The table below shows the breakdown of “Revenue – third parties” in the first six months of 2026 and the second quarter 2026 by business sector and geographical area, compared with the same period last year.
€/000 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 Revenue - third parties 113,118 124,007 135,330 140,119 95,814 105,293 344,262 369,419 Intersegment revenue 329 240 1,153 1,192 5,646 5,805 (7,128) (7,237) Total revenue 113,447 124,247 136,483 141,311 101,460 111,098 (7,128) (7,237) 344,262 369,419 Ebitda (*) 10,016 12,589 16,823 18,454 17,243 21,536 (1,456) (797) 42,626 51,782 Ebitda/Total Revenue % 8.8% 10.1% 12.3% 13.1% 17.0% 19.4% 12.4% 14.0% Ebitda before non-recurring expenses (*) 10,016 12,589 17,075 18,454 17,561 21,626 (1,456) (797) 43,196 51,872 Ebitda before non-recurring expenses/Total Revenue % 8.8% 10.1% 12.5% 13.1% 17.3% 19.5% 12.5% 14.0% Operating profit 5,967 8,441 10,732 12,427 11,196 15,673 (1,456) (797) 26,439 35,744 Operating profit/Total Revenue % 5.3% 6.8% 7.9% 8.8% 11.0% 14.1% 7.7% 9.7% Net financial expenses (1) (4,976) (8,555) Profit before taxes 21,463 27,189 Income taxes (5,279) (7,084) Net profit 16,184 20,105 Net profit/Total Revenue% 4.7% 5.4% (1) Net financial expenses includes the amount of Financial income and expenses, Exchange gains and losses and the amount of the Income from equity investment STATEMENT OF FINANCIAL POSITION 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Net financial debt (*) 17,645 13,849 135,995 131,310 55,059 49,211 0 0 208,699 194,370 Equity 189,110 184,826 97,022 88,493 91,910 86,589 (78,535) (78,281) 299,507 281,627 Total Equity and Net financial debt 206,755 198,675 233,017 219,803 146,969 135,800 (78,535) (78,281) 508,206 475,997 Net non-current assets (2) (*) 122,240 122,678 102,657 103,825 70,680 69,245 (75,151) (75,236) 220,426 220,512 Net working capital (*) 84,515 75,997 130,360 115,978 76,289 66,555 (3,384) (3,045) 287,780 255,485 Total net capital employed (*) 206,755 198,675 233,017 219,803 146,969 135,800 (78,535) (78,281) 508,206 475,997 (2) Net non-current assets of the Outdoor Power Equipment area includes the amount of Equity investments in subsidiaries for € 76,074 thousand OTHER STATISTICS 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Number of employees at period end 703 722 945 957 806 816 9 9 2,463 2,504 OTHER INFORMATION 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 Amortisation, depreciation and impairment losses 4,049 4,148 6,091 6,027 6,047 5,863 16,187 16,038 Investment in property, plant and equipment and in intangible assets 3,399 3,505 1,950 2,074 4,145 3,703 9,494 9,282 (*) See section "Definitions of alternative performance indicators" OUTDOOR POWER
EQUIPMENT PUMPS & WATER
JETTING COMPONENTS &
ACCESSORIESOther not allocated /
NettingConsolidated
€/000 1H 2026 1H 2025 Var. % 1H 2026 1H 2025 Var. % 1H 2026 1H 2025 Var. % 1H 2026 1H 2025 Var. % Europe 101,268 109,141 (7.2) 55,413 60,072 (7.8) 57,551 61,424 (6.3) 214,232 230,637 (7.1) Americas 2,757 3,058 (9.8) 63,769 65,617 (2.8) 25,912 30,852 (16.0) 92,438 99,527 (7.1) Rest of the world 9,093 11,808 (23.0) 16,148 14,430 11.9 12,351 13,017 (5.1) 37,592 39,255 (4.2) Total 113,118 124,007 (8.8) 135,330 140,119 (3.4) 95,814 105,293 (9.0) 344,262 369,419 (6.8)OUTDOOR POWER EQUIPMENTPUMPS &
WATER JETTINGCOMPONENTS & ACCESSORIES CONSOLIDATED
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 20
Outdoor Power Equipment
Segment revenue declined by 8.8% compared with the corresponding period of the previous year. Following a first quarter characterised by a cautious approach by the distribution network towards inventory build -up, the second quarter affected by significantly higher temperatures and a sharp reduction in rainfall, resulting in lower levels of outdoor and gardening activities; these conditions adversely affected sales of both finished products and spare parts.
The decline affected all markets; against a backdrop of specific situations impacted by the geopolitical context, such as the United States, Latin America, the Gulf countries, China, Russia and Belarus, the adverse weather conditions in Europe also affecte d markets that had shown stronger performance in the first quarter, particularly Italy and France.
EBITDA, amounting to € 10,016 thousand, decreased compared to € 12,589 thousand at 30 June 2025, affected by lower sales, while the measures taken to contain operating costs, together with the favourable impact of exchange rates and lower logistics costs, partially offset the decline in volumes.
Net financial debt, amounting to € 17,645 thousand, increased slightly compared to 31 December 2025, mainly due to the typical seasonal dynamics of net working capital.
Pumps & Water Jetting
Segment revenue decreased by 3.4% compared with the first half of 2025.
The decline in revenue was mainly attributable to the cleaning sector and the negative foreign exchange effect recorded in the Americas area. A widespread decline was reported across the European markets, with the exception of Spain, which continued to outperform, as well as in South America. Growth in the Rest of th e World area was supported by positive performances in China, Japan and Oceania. In contrast to the overall market trend, the agriculture sector recorded growth, supported by solid performances in the United States, Spain, Australia and Italy.
EBITDA, amounting to € 16,823 thousand, decreased compared to € 18,454 thousand at 30 June 2025. The result reflects contrasting dynamics: on the one hand, the reduction in volumes adversely affected operating profit; on the other, an improved sales mix, o riented towards higher -margin products and markets, helped to partially mitigate the negative impact on the margin.
Net financial debt amounting to € 135,995 thousand, increasing compared to 31 December 2025, the increase was primarily attributable to higher inventory levels, only partially offset by cash flow from operations.
Component s & Accessori es
Segment revenue decreased by 9% compared with the corresponding period of the previous year.
In the European area, sales declined, mainly due to lower activity levels in the gardening sector, affecting both trimmer lines and related accessories. By contrast, sales in the agriculture market showed positive performance.
The decline was particularly marked in the Americas area; this trend reflects weak demand in the North American market, as well as the persistent weakness of the Brazilian agricultural market, which negatively affected the performance of the companies oper ating in South America.
Revenue in the Rest of the World area recorded a decline, mainly attributable to the reduction in sales of gardening products. This trend was partially offset by the growth in sales in the Chinese market of the agriculture division.
€/000 2Q 2026 2Q 2025 Var. % 2Q 2026 2Q 2025 Var. % 2Q 2026 2Q 2025 Var. % 2Q 2026 2Q 2025 Var. % Europe 43,648 49,653 (12.1) 26,762 28,871 (7.3) 29,381 31,228 (5.9) 99,791 109,752 (9.1) Americas 1,331 1,002 32.8 31,675 33,058 (4.2) 14,762 15,709 (6.0) 47,768 49,769 (4.0) Rest of the world 5,374 4,915 9.3 8,438 6,719 25.6 6,160 5,935 3.8 19,972 17,569 13.7
Total 50,353 55,570 (9.4) 66,875 68,648 (2.6) 50,303 52,872 (4.9) 167,531 177,090 (5.4)OUTDOOR POWER EQUIPMENTPUMPS &
WATER JETTINGCOMPONENTS & ACCESSORIES CONSOLIDATED
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 21 EBITDA for the first half of 2026 amounting to € 17,243 thousand, compared to € 21,536 thousand in the corresponding period of the previous year. The reduction in the operating profit was mainly attributable to the contraction in sales volumes.
Net financial debt amounting to € 55,059 thousand, increasing compared to 31 December 2025, mainly attributable to the increase in net working capital associated with the normal seasonality of the business.
5. Related parties transactions
Emak S.p.A. is controlled by Yama S.p.A., which holds 69.6% of its share capital and which, as a non -financial holding company, is at the head of a larger group of companies mainly operating in the production of machinery and equipment for agriculture and gardening and of components for motors, and in real estate.
With these companies there are limited supply and industrial services dealings, as well as industrial surfaces rental services of and financial services deriving from the equity investment of a few Italian companies in the Group, including Emak S.p.A., in the tax consolidation headed by Yama S.p.A.
There have been collaboration relationships for consultancy services of a technological nature linked to the development of new electrical products with the company Raw Power S.r.l.
A further area of relationships with "other related parties" is derived from the performance of professional services for legal and fiscal nature, provided by entities subject to significant influence by a non -executive director .
All of the above dealings, of a normal and recurring nature, falling within the ordinary exercise of industrial activity, constitute the predominant part of activities carried out in the period by the Group with related parties.
The transactions in questio n are all regulated under current market conditions, in compliance with framework resolutions approved periodically by the Board of Directors. Reference can be made to the notes to the consolidated financial statements at paragraph 36.
During the year, non -recurring transactions with related parties have n’t been carried out. If transactions of this nature had taken place, enforcement procedures approved by the Board of Directors would have been applied, most recently with its resolution of 12 May 2021 .
* * * * * * *
The determination of the remuneration of Directors and Statutory Auditors and Managers with strategic responsibility in the Parent occurs as part of the governance framework illustrated to the Shareholders and to the public through the report as per art. 1 23-ter of Leg. Dec. 58/98, available on the site www.emakgroup.it.
Given the conditions, Emak S.p.A. makes use of the procedural simplifications provided for in paragraphs 1 and 3, lett . b), in art. 13 of CONSOB Resolution no. 17221 of March 12, 2010 and related amendments and additions. The remuneration of Directors and Statutory Auditors and Managers with strategic responsibilities in the subsidiaries are also established based on adeq uate protection procedures, that provide for the Parent to perform control and harmonization activities .
6. Plan to purchase Emak S.p.A. shares
At 31 December 2025 , the Parent held 1,097,233 treasury shares in portfolio for an equivalent value of € 2,835 thousand.
During the first half 2026 and until the date of approval by the Board of Directors of this report , there were no changes in the consistency of the portfolio of treasury shares, leaving the balances at the beginning of the year unchanged.
7. Disputes
There were no disputes in progress that might lead to liabilities in the financial statements other than those already described in note 34 of the condensed consolidated half -year financial statements, to which reference is made.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 22 8. Foreseeable business outlook
The performance in the first half of 2026 confirms the persistence of a market scenario characterised by a high level of uncertainty and still weak demand, particularly in the gardening and more hobby -oriented cleaning sectors, where visibility on the development of the season and year -end results remains limited. In this context, the Group continues to closely monitor developments in its reference markets and to pursue initiatives aimed at safeguarding profitability, through co st control, process optimisation and the restoration of net working capital to more appropriate levels.
While elements of volatility related to the international macroeconomic and geopolitical environment remain, management believes that the initiatives implemented may contribute to a partial recovery in sales volumes during the second half of the year .
Management therefore remains focused on a prudent approach, while maintaining its focus on medium to long-term strategic objectives and value creation for stakeholders, through a continuous ability to adapt to market conditions.
9. Significant events occurring during the period and positions or transactions arising from atypical and unusual, significant and non -recurring transactions
The significant events that occurred during the period and positions or transactions arising from atypical and unusual, significant and non -recurring transactions are set out in notes 5 and 7 of condensed consolidated half-year financial statements.
10. Subsequent events
No significant events have occurred since the reporting date of 30 June 2026.
11. Other information
Significant operations: derogation from disclosure obligations The Parent has resolved to make use, with effect from 31 January 2013, of the right to derogate from the obligation to publish the informative documents prescribed in the event of significant merger, demerger, share capital increase through the transfer of goods in kind, acquisition and disposal operations, pursuant to art. 70, paragraph 8, and art. 71, paragraph 1 -bis of Consob Issuers Regulations, approved with resolution no. 11971 of 14/5/1999 and subsequent modifications and integrations.
12. Reconciliation between equity and net profit of the Parent Emak and consolidated equity and net
profit
In accordance with the Consob Communication dated July 28, 2006, the following table provides a reconciliation between net profit for the first half 2026 and equity at 30 June 2026 of the Group (portion attributable to the owners of the Parent), with the corresponding values of the Parent Emak S.p.A.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 23
Bagnolo in Piano (RE), 7 August 2026
On behalf of the Board of Directors
The Chairman
Massimo Livatino
€/000Equity at
30.06.2026Net profit for
the period
ended
30.06.2026Equity at
30.06.2025Net profit for
the period
ended
30.06.2025
Equity and Net profit of Emak S.p.A. 155,213 8,712 153,470 6,105 Equity and Net profit of consolidated subsidiaries 382,899 21,219 370,753 29,365 Derecognition of the carrying amount of equity investments (227,888) (283) (227,900) (240) Elimination of dividends - (12,584) - (15,677) Elimination of intergroup profits (10,717) (880) (9,946) 554 Equity investments in associates - - 4 (2) Total consolidated financial statements 299,507 16,184 286,381 20,105 Non controlling interests (4,745) (395) (4,614) (457) Equity and Net profit attributable to the owners of the parent294,762 15,789 281,767 19,648
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 24
Definitions of alternative performance indicators
The chart below shows, in accordance with recommendation ESMA/201 5/1415 published on October 5, 2015, the criteria used for the construction of key performance indicators that management considers necessary for monitoring the Group ’s performance .
• EBITDA before non -recurring expenses and income: is obtained by deducting from EBITDA the impact of charges and income for litigation and grants relating to non -core business, expenses related to M&A transactions, and costs for staff reorganization and res tructuring .
• EBITDA: defined as profit/(loss) for the period gross of depreciation of property, plant and equipment, intangible assets and rights -of-use assets, impairment losses on non -current assets, goodwill and equity investments, profit (loss) from equity investme nt, financial income and expenses, exchange gains and losses and income taxes .
• FREE CASH FLOW FROM OPERATIONS: calculated by adding the items "Net profit" plus "Amortisation, depreciation and impairment losses".
• EQUITY PER SHARE: is obtained dividing the item "Equity attributable to the owners of the Parent" by number of outstanding shares at period end .
• NET WORKING CAPITAL: include items “Trade receivables”, “Inventories”, “Other current non -financial assets” net of “Trade payables” and “Other current non -financial liabilities”.
• NET FIXED ASSETS or NET NON -CURRENT ASSETS: include non -financial “Non -current assets” net of non -
financial “Non -current liabilities”.
• NET CAPITAL EMPLOYED: is obtained by adding the "Net working capital" and "Net non -current assets”.
• NET FINANCIAL DEBT: this indicator is calculated by adding to the scheme envisaged by the "Call for attention no.
5/21" of 29 April 2021 issued by Consob, which refers to ESMA guidelines 32 -382-1138 of 4 March 2021, the non -
current financial assets.
It should be noted that alternative performance indicators are not identified as an accounting measure under the International Accounting Standards and, therefore, should not be considered a substitute measure for the evaluation of the performance of the C ompany and the Group. The criterion for determining these indicators applied by the Company and the Group may not be homogeneous with that adopted by other companies in the sector and, therefore, such data may not be comparable .
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 25
Emak Group
Condensed consolidated half year report at 30 June 2026
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 26 Consolidated financial statements
Consolidated income statement and consolidated statement of other comprehensive income
In accordance with the CONSOB resolution no. 15519 of July 27 2006, the effects of transactions with related parties on the c onsolidated income statement are shown in the table and are further described and discussed in note 36.
Thousand of Euro
Year 2025 CONSOLIDATED INCOME STATEMENT Notes 1H 2026 of which,
related parties 1H 2025 of which,
related parties
612,494 Revenue 9 344,262 256 369,419 194 5,050 Other income 9 2,175 1,894 2,075 Change in inventories (2,714) (14,541) (313,047) Costs of raw materials, consumables and goods 10 (175,856) (1,330) (177,197) (1,414) (123,230) Personnel expenses 11 (64,394) (64,839) (116,543) Other operating costs 12 (60,847) (304) (62,954) (296) (32,396) Amortisation, depreciation and impairment losses 13 (16,187) (956) (16,038) (937) 34,403 Operating profit 26,439 35,744 2,359 Financial income 14 1,245 - 724 -
(13,250) Financial expenses 14 (6,114) 136 (6,705) 159 (3,525) Exchange gains and losses 14 (107) (2,572) (6) Profit (loss) from equity investment 14 - (2) 19,981 Profit before taxes 21,463 27,189 (5,805) Income taxes 15 (5,279) (7,084) 14,176 Net profit (A) 16,184 20,105 (668) Non-controlling interests (395) (457) 13,508 Net profit attributable to the owners of the parent 15,789 19,648 0.083 Basic earnings per share 16 0.097 0.121 0.083 Diluted earnings per share 16 0.097 0.121
Year 2025CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE
INCOME Notes 1H 2026 1H 2025
14,176 Net profit (A) 16,184 20,105 (8,284) Traslation gains (losses) 6,592 (9,831) 67 Actuarial gains (losses) (*) - -
(18) Income taxes on OCI (*) - -
(8,235)Total other components to be included in the comprehensive income statement (B)6,592 (9,831) 5,941 Comprehensive income for the period (A)+(B) 22,776 10,274 (654) Non controlling interests (C) (601) (380) 5,287 Comprehensive net profit attributable to the owners of the parent (A)+(B)+(C) 22,175 9,894 (*) Items will not be classified in the consolidated income statement
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 27 Statement of consolidated financial position
In accordance with the CONSOB resolution no. 15519 of July 27 2006, the effects of related party transactions on the financia l position are shown in the table and are further described and discussed in note 36.
Thousand of Euro 31.12.2025 ASSETS Notes 30.06.2026of which, related parties30.06.2025of which,
related parties
Non-current assets
90,314 Property, plant and equipment 17 90,932 89,385 29,412 Intangible assets 18 28,481 30,399 37,991 Right-of-use assets 19 35,100 8,532 40,083 10,257 65,621 Goodwill 20 67,182 9,914 65,573 9,914 7 Equity investments in other companies 21 7 8 800 Equity investments in associates 21 800 804 14,721 Deferred tax assets 30 16,358 13,514 1,692 Other financial assets 22 1,657 - 1,271 -
94 Other assets 24 99 92 240,652 Total non-current assets 240,616 241,129
Current assets
247,295 Inventories 25 248,432 230,984 126,559 Trade and other receivables 24 165,083 2,361 172,094 1,372 7,603 Current tax receivables 30 6,921 6,980 40 Other financial assets 22 268 37 78 74 136 Derivative financial instruments 23 548 107 71,147 Cash and cash equivalents 62,861 71,085 452,780 Total current assets 484,113 481,328
693,432 TOTAL ASSETS 724,729 722,457
31.12.2025 EQUITY AND LIABILITIES Notes 30.06.2026of which,
related parties30.06.2025of which,
related parties
Equity
277,472 Equity pertaining to the owners of the parent 26 294,762 281,767 4,155 Non-controlling interests 4,745 4,614 281,627 Total Equity 299,507 286,381
Non-current liabilities
142,615 Financial liabilities 28 153,020 172,905 31,225 Lease liabilities 29 28,513 7,243 33,707 9,083 8,424 Deferred tax liabilities 30 8,394 8,383 6,371 Employee benefits 31 6,496 6,617 2,762 Provisions for risks and charges 32 2,811 2,711 891 Other liabilities 33 832 641 192,288 Total non-current liabilities 200,066 224,964
Current liabilities
118,031 Trade and other payables 27 124,043 5,769 117,120 3,693 5,612 Current tax liabilities 30 6,190 6,544 83,380 Financial liabilities 28 81,639 74,542 9,503 Lease liabilities 29 9,541 1,989 9,095 1,900 662 Derivative financial instruments 23 1,320 1,630 2,329 Provisions for risks and charges 32 2,423 2,181 219,517 Total current liabilities 225,156 211,112
693,432 TOTAL EQUITY AND LIABILITIES 724,729 722,457
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 28 Statement of changes in consolidated equity
Legal
reserveRevaluation
reserveTranslation
reserveReserve
IAS 19Other
reservesRetained
earningsNet profit
for the
period
Balance at 31.12.2024 42,623 41,513 (2,835) 5,491 4,353 (3,157) (948) 38,081 145,071 5,755 275,947 4,367 280,314 Profit allocation and dividend distribution 321 2,021 (658) (5,755) (4,071) (1,002) (5,073) Other changes 309 309 136 445 Net profit for the period (8,269) 49 13,507 5,287 654 5,941 Balance at 31.12.2025 42,623 41,513 (2,835) 5,812 4,353 (11,426) (899) 40,102 144,722 13,507 277,472 4,155 281,627 Profit allocation and dividend distribution 200 54 8,368 (13,507) (4,885) (11) (4,896) Other changes - - -
Net profit for the period 6,386 15,789 22,175 601 22,776 Balance at 30.06.2026 42,623 41,513 (2,835) 6,012 4,353 (5,040) (899) 40,156 153,090 15,789 294,762 4,745 299,507 Thousand of EuroSHARE
CAPITALSHARE
PREMIUMTOTALOTHER RESERVES RETAINED EARNINGS
TOTAL
GROUPNON-
CONTROLLING
INTERESTSTreasury
Shares
Legal
reserveRevaluation
reserveTranslation
reserveReserve
IAS 19Other
reservesRetained
earningsNet profit
for the
period
Balance at 31.12.2024 42,623 41,513 (2,835) 5,491 4,353 (3,157) (948) 38,081 145,071 5,755 275,947 4,367 280,314 Profit allocation and dividend distribution 321 2,021 (658) (5,755) (4,071) (133) (4,204) Other changes (3) (3) - (3) Net profit for the period (9,754) 19,648 9,894 380 10,274 Balance at 30.06.2025 42,623 41,513 (2,835) 5,812 4,353 (12,911) (948) 40,102 144,410 19,648 281,767 4,614 286,381 Thousand of EuroSHARE
CAPITALSHARE
PREMIUMTOTALOTHER RESERVES RETAINED EARNINGS
TOTAL
GROUP NON-
CONTROLLING
INTERESTSTreasury
Shares
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 29 Consolidated Cash Flow Statement
In accordance with the CONSOB resolution no. 15519 of July 27 2006, the effects of transactions with related parties on the c onsolidated cash flow statement are shown in the section Other information.
31.12.2025 ( €/000 ) Notes 30.06.2026 30.06.2025 Cash flow from operations 14,176 Net profit for the period 16,184 20,105 32,396 Amortisation, depreciation and impairment losses 13 16,187 16,038 (36)Financial expenses from discounting of debts and other income/expenses from non-monetary transactions2 (37) 6 Profit (loss) from equity investment 14 - 2 104 Financial (income)/ Expenses from adjustment of estimated liabilities for outstanding commitment associates' shares14 (63) 62 (151) Capital (gains)/losses on disposal of property, plant and equipment (108) (11) 6,212 Decreases/(increases) in trade and other receivables (37,318) (37,682) (1,854) Decreases/(increases) in inventories 2,876 13,997 (7,096) (Decreases)/increases in trade and other payables 4,960 (6,999) (163) Change in employee benefits 125 82 (52)(Decreases)/increases in provisions for risks and charges 111 (243) (80)Change in derivative financial instruments 240 913 43,462 Cash flow from operations 3,196 6,227 Cash flow from investing activities (19,584) Change in property, plant and equipment and intangible assets (9,144) (8,435) (504) (Increases) and decreases in securities and financial assets (169) (130) 151 Proceeds from disposal of property, plant and equipment and other changes 108 11 21 Change in scope of consolidation - 21 (19,916) Cash flow from investing activities (9,205) (8,533) Cash flow from financing activities 494 Other changes in equity - (3) (4,665) Change in short and long-term loans and borrowings 4,770 14,384 (9,213) Lease liabilities refund (4,790) (4,463) (5,073) Dividends paid (4,896) (4,204) (18,457) Cash flow from financing activities (4,916) 5,714 5,089 Total cash flow from operations, investing and financing activities (10,925) 3,408 (282) Effect of changes from exchange rates and translation reserve (436) (1,075)
4,807 INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (11,361) 2,333
65,053 OPENING CASH AND CASH EQUIVALENTS 69,860 65,053
69,860 CLOSING CASH AND CASH EQUIVALENTS 58,499 67,386
ADDITIONAL INFORMATION ON THE CASH FLOW STATEMENT
31.12.2025 ( €/000 ) 30.06.2026 30.06.2025
RECONCILIATION OF CASH AND CASH EQUIVALENTS
65,053 Opening cash and cash equivalents, detailed as follows: 69,860 65,053 69,174 Cash and cash equivalents 71,147 69,174 (4,121) Overdrafts (1,287) (4,121) 69,860 Closing cash and cash equivalents, detailed as follows: 58,499 67,386 71,147 Cash and cash equivalents 62,861 71,085 (1,287) Overdrafts (4,362) (3,699)
Other information:
957 Change in trade and other receivables - related parties (1,355) 591 1,640 Change in trade and other payables - related parties 2,453 2,017 37 Change in financial assets - related parties - -
(2,186) Lease liabilities refund - related parties (1,111) (1,090)
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 30 Explanatory notes to the condensed consolidated financial statements for the half -year of Emak Group
Contents
1. General information 2. Summary of principal accounting policies 3. Capital and Financial risk management 4. Key accounting estimates and assumptions and disclosure of contingent assets and liabilities 5. Significant non -recurring events and transactions 6. Segment information 7. Balances arising from atypical and unusual transactions 8. Net financial debt 9. Revenue and other income 10. Costs of raw materials, consumables and goods 11. Personnel expenses 12. Other operating costs 13. Amortisation, depreciation and impairment losses 14. Financial income and expenses, exchange gains and losses and Profit (loss) from equity investment 15. Income taxes 16. Earnings per share 17. Property, plant and equipment 18. Intangible assets 19. Right -of-use assets
20. Goodwill
21. Equity investments in other companies and Equity investments in associates 22. Other financial assets 23. Derivative financial instruments 24. Trade and other receivables
25. Inventories
26. Equity
27. Trade and other payables 28. Financial liabilities 29. Lease liabilities 30. Tax assets and liabilities 31. Employee benefits 32. Provisions for risks and charges 33. Other non -current liabilities 34. Contingent liabilities
35. Commitments
36. Related party transactions 37. Subsequent events
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 31 1. General information
Emak S.p.A. (hereinafter "Emak" or the "Parent") is a joint -stock company, with registered offices in Via Fermi, 4 in Bagnolo in Piano (RE). It is listed on the Italian stock market (MTA) on the EURONEXT STAR segment.
Emak S.p.A. is controlled by Yama S.p.A., a non -financial holding company, which holds the majority of its capital and appoints, in accordance with law and statute, the majority of the members of its governing bodies.
Emak S.p.A., nonetheless, is not subje ct to management or coordination on the part of Yama S.p.A., and its Board of Directors makes its own strategic and operating choices in complete autonomy. Yama S.p.A.
prepares the consolidated financial statements for the largest group of companies of whi ch the Parent forms part. Such consolidated financial statements will be made available in accordance with current regulations.
Values shown in these notes are in thousands of euros, unless otherwise stated.
The Board of Directors of Emak S.p.A. on 7 August 2026 approved the half year report at 30 June 2026 and ordered its immediate notification under Art. 154 -ter, paragraph 1 -ter TUF, to the Board of Statutory Auditors and to the Independent Auditor in order for them to carry out their relative duties.
The half year report at 30 June 2026 is subject to a limited audit by KPMG S.p.A. This audit is significantly less extensive than that of a complete audit carried out according to established auditing standards.
1.1 Information about the current geopolitical context
Please refer to chapter 2 of the interim Directors’ report.
2. Summary of principal accounting policies
The main accounting policies used for preparing the condensed consolidated half -year financial statements are in line, except as specified below, with those applied for the annual consolidated financial statements at 31 December 2025 and are briefly discussed below.
2.1 Basis of preparation
The condensed consolidated half -year report of the Group at 30 June 2026 has been drawn -up in compliance with the IFRS’s issued by the International Accounting Standards Board and adopted by the European Union and has been prepared in accordance with the I AS 34 accounting standard (Interim Financial Reporting), with art. 154 -ter (financial reports) of the Consolidated Finance Act and with Consob regulations and resolutions in force. The same accounting principles used in preparing the consolidated financial statements at 31 December 2025 were applied. "IFRS" also includes all val id International Accounting Standards ("IAS") still in force, as well as all interpretations of the International Financial Reporting Standards Interpretations Committee (IFRS IC, formerly "IFRIC"), previously known as the Standing Interpretations Committe e ("SIC"). For this purpose, the financial statements of consolidated subsidiaries were reclassified and adjusted.
There are also the explanatory notes according to the disclosures required by IAS 34 with the supplementary information considered useful for a clearer understanding of the condensed consolidated financial statements.
The condensed consolidated financial s tatements at 30 June 2026 should be read in conjunction with the annual financial statements at 31 December 2025.
In accordance with IAS 1, the Directors confirm that, given the economic outlook, the capital and the Group's financial position, it operates as a going concern.
As partial exception to the provisions of IAS 34, these condensed consolidated financial statements provide detailed as opposed to summary schedules in order to provide a better and clearer view of the economic -
financial and financial dynamics during the p eriod.
The financial statements used at 30 June 2026 are consistent with those in place for the annual financial statements at 31 December 2025.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 32 In accordance with the requirements established by IFRS, the condensed consolidated half -year report is constituted by the following reports and documents :
1. Statement of consolidated financial position: based on the distinction between current and non -current assets and current and non -current liabilities ;
2. Consolidated income statement and consolidated statement of other comprehensive income :
classification of items of income and expense according to their nature and showing the operating profit that does not include the effects of exchange differences and profit (loss) from equity investment, as per the accounting policy historically adopted by the Group;
3. Consolidated cash flow statement: based on a presentation of cash flows using the indirect method ;
4. Statement of changes in consolidated equity ;
5. Notes to the condensed consolidated financial statements for the half -year.
The condensed consolidated financial statements presents annual data for comparative purposes in the previous year in order to provide adequate information, in consideration of the seasonality of the business of the Group as well as the values of the compa ratives of the same period of the previous year are also shown.
Indeed, the Group carries out an activity that is affected by the non perfect homogeneity of the flow of revenues and expenses during the year, showing a concentration of volumes mainly in the first half of each year.
The preparation of financial statements in conformity with IFRS requires the use of estimates by the Directors.
The areas involving a higher degree of judgment or complexity and areas where assumptions and estimates could have a significant impact on the c onsolidated financial statements are discussed in note 4.
It is also to be noted that some valuation procedures have minimal impact on the financial statements, are generally carried out completely only in the preparation of annual financial statements, when all necessary information are available, except in case s where there are indications that an immediate assessment of any impairment is required.
Given their limited materiality even the actuarial valuations for the calculation of provisions for employee benefits, as well as the adjustment to the most recent estimates, based on the updated long -term plans, of the payables for the purchase of the res idual minority shareholdings if based on prospective economic -financial parameters, are normally processed on the occasion of the annual financial statement, except in specific cases where more significant effects are expected.
Current and deferred tax is recognised based on tax rates in force at the date of the half year report.
2.2 Basis of consolidation
Subsidiaries
The consolidated financial statements of the Emak Group include the financial statements of Emak S.p.A. and the Italian and foreign companies over which Emak exercises direct or indirect control by governing their financial and operating policies and recei ving the related benefits, according to the criteria established by IFRS 10.
The acquisition of subsidiaries is accounted for using the acquisition method, except for those acquired in 2011 from the Parent Yama S.p.A. The cost of acquisition initially corresponds to the fair value of the assets acquired, the financial instruments i ssued and the liabilities at the date of acquisition. The excess of the cost of acquisition over the group's share of the fair value of the net identifiable assets acquired is recognised as goodwill.
If the cost of acquisition is lower, the difference is directly expensed to income. The financial statements of subsidiaries are included in the consolidated financial statements starting from the date of taking control to when such control ceases to exist . Non -controlling interests and the amount of profit or loss for the period attributable to non -controlling interest is shown separately in the consolidated statement of financial position and consolidated income statement.
Subsidiaries are consolidated line -by-line from the date that the Group obtains control.
In business combinations carried out in steps, with the presence of previous parent -subsidiary relationship, full consolidation takes place from the date of acquisition of control and on the same date the remeasurement at fair value of the previously held investment takes place.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 33 It should be noted that :
- the subsidiary Valley LLP, an investee of Comet Usa Inc with a share of 94%, is consolidated at 100% as a result of the "Put and Call Option Agreement" which regulates the acquisition of the remaining 6% held by a company linked to the current CEO of the subsidiary ;
- Agres Sistemas Eletr ônicos S.A., an investee of Tecomec S.r.l., with a share of 95.5%, is consolidated at 100% on the basis of the "Put and Call Option Agreement" which regulates the purchase of the remaining
4.5%;
- Poli S.r.l., an investee of Comet S.p.A., with a share of 80%, is consolidated at 100% on the basis of the "Put and Call Option Agreement" which regulates the purchase of the remaining 20%.
Intercompany transactions
Transactions, balances and unrealized profits relating to transactions between Group companies are eliminated.
Unrealized losses are similarly eliminated, unless the transaction involves a loss in value of the asset transferred.
The financial statements of the enterprises included in the scope of consolidation have been suitably adjusted, where necessary, to align them with the accounting principles adopted by the Group.
Associates
Associates are companies in which the Group exercises significant influence, as defined by IAS 28 -
Investments in Associates and Joint Ventures, but not control over financial and operating policies.
Investments in associates are accounted for with the equity method starting from the date the significant influence begins, up to when such influence ceases to exist.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 34 Scope of consolidation
The scope of consolidation at 30 June 2026 include the following companies consolidated using the full consolidation method :
(1) Poli S.r.l. is consolidated at 100% as a result of the "Put and Call Option Agreement" which regulates the acquisition of the remaining 20%.
(2) Valley Industries LLP is consolidated at 100% as a result of the "Put and Call Option Agreement" which regulates the acquisition of the remaining 6%.
(3) Agres Sistemas Eletrônicos S.A. is consolidated at 100% as a result of the "Put and Call Option Agreement" which regulates the acquisition of the remaining 4.5%.
Compared to 31 December 2025 and 30 June 2025 there are no changes in the scope of consolidation.
Name Head office Share capital Currency % consolidated Held by% of equity
investment
Parent
Emak S.p.A. Bagnolo in Piano - RE (I) 42,623,057 €
Italy
Comet S.p.A. Reggio Emilia (I) 2,600,000 € 100.00 Emak S.p.A. 100.00 PTC S.r.l. Rubiera - RE (I) 55,556 € 100.00 Comet S.p.A. 100.00 Sabart S.r.l. Reggio Emilia (I) 1,900,000 € 100.00 Emak S.p.A. 100.00 Tecomec S.r.l. Reggio Emilia (I) 1,580,000 € 100.00 Emak S.p.A. 100.00 Lavorwash S.p.A. Pegognaga - MN (I) 3,186,161 € 98.92 Comet S.p.A. 98.92 Poli S.r.l. (1) Colorno - PR (I) 60,000 € 100.00 Comet S.p.A. 80.00 Pnr Italia S.r.l. Voghera - PV (I) 1,000,000 € 100.00 Tecomec S.r.l. 100.00
Europe
Emak Suministros Espana SA Getafe - Madrid (E) 270,459 € 90.00 Emak S.p.A. 90.00 Comet France SAS Wolfisheim (F) 320,000 € 100.00 Comet S.p.A. 100.00 Emak France SAS Rixheim (F) 2,000,000 € 100.00 Emak S.p.A. 100.00 Emak U.K. Ltd Burntwood (UK) 342,090 GBP 100.00 Emak S.p.A. 100.00 Epicenter LLC Kiev (UA) 19,026,200 UAH 100.00 Emak S.p.A. 100.00 Speed France SAS Arnas (F) 300,000 € 100.00 Tecomec S.r.l. 100.00 Victus-Emak Sp. Z o.o. Poznan (PL) 10,168,000 PLN 100.00 Emak S.p.A. 100.00 Lavorwash France S.A.S Wolfisheim (F) 37,000 € 98.92 Lavorwash S.p.A. 100.00 Lavorwash GB Ltd St. Helens Merseyside (UK) 900,000 GBP 98.92 Lavorwash S.p.A. 100.00 Lavorwash Polska SP.ZOO Bydgoszcz (PL) 163,500 PLN 98.92 Lavorwash S.p.A. 100.00 Lavorwash Iberica S.L. Tarragona (E) 80,000 € 98.92 Lavorwash S.p.A. 100.00 Markusson Professional Grinders AB Rimbo (SE) 50,000 SEK 100.00 Tecomec S.r.l. 100.00 Trebol Maquinaria y Suministros S.A. A Coruña (E) 75,000 € 83.33 Sabart S.r.l. 83.33 PNR Central Europe GmbH Freilassing (D) 25,000 € 100.00 Pnr Italia S.r.l. 100.00 PNR Nordic AB Stockolm (SE) 400,000 SEK 100.00Markusson Professional Grinders AB 100.00
America
Comet Usa Inc Bloomington - Minnesota (USA) 231,090 USD 100.00 Comet S.p.A. 100.00 51,777,052 Comet S.p.A. 99.63
PTC S.r.l. 0.37
27,241,557 Emak S.p.A. 99.99 Comet do Brasil LTDA 0.01 PTC Waterblasting LLC Bloomington - Minnesota (USA) 285,000 USD 100.00 Comet Usa Inc 100.00 1,000,000 Comet S.p.A. 97.00
PTC S.r.l. 3.00
Speed South America S.p.A. Quilicura - Santiago (RCH) 906,215,860 CLP 100.00 Speed France SAS 100.00 Valley Industries LLP (2) Paynesville - Minnesota (USA) - USD 100.00 Comet Usa Inc 94.00 Speed North America Inc. Wooster - Ohio (USA) 10 USD 100.00 Speed France SAS 100.00 34,245,535 Lavorwash S.p.A. 99.99 Comet do Brasil LTDA 0.01 Spraycom comercio de pecas para agricoltura S.A.Catanduva (BR) 533,410 BRL 51.00 Tecomec S.r.l. 51.00 Agres Sistemas Eletr ônicos S.A. (3) Uberaba (BR) 2,224,787 BRL 100.00 Tecomec S.r.l. 95.50 PNR America Inc. Wilmington - Delaware (USA) 1,000 USD 51.00 Pnr Italia S.r.l. 51.00 Rest of the world Jiangmen Emak Outdoor Power Equipment Co.Ltd Jiangmen (RPC) 20,425,994 RMB 100.00 Emak S.p.A. 100.00 Ningbo Tecomec Manufacturing Co. Ltd Ningbo City (RPC) 8,029,494 RMB 100.00 Tecomec S.r.l. 100.00 Tai Long (Zhuhai) Machinery Manufacturing Ltd Zhuhai (RPC) 16,353,001 RMB 100.00 Emak S.p.A. 100.00 Speed Line South Africa Ltd Pietermaritzburg (ZA) 100 ZAR 51.00 Speed France SAS 51.00 Yongkang Lavorwash Equipment Co. Ltd Yongkang City (RPC) 63,016,019 RMB 98.92 Lavorwash S.p.A. 100.00 Yongkang Lavorwash Trading Co. Ltd Yongkang City (RPC) 3,930,579 RMB 98.92 Lavorwash S.p.A. 100.00 Jiangmen Autech Equipment Co. Ltd Jiangmen (RPC) 5,106,499 RMB 100.00 Emak S.p.A. 100.00BRL 100.00Comet do Brasil Industria e Comercio de Equipamentos LtdaIndaiatuba (BR) BRL S.I. Agro Mexico Guadalajara (MEX) MXN100.00 Emak do Brasil Industria LTDA Ribeirao Preto (BR)
100.00
Lavorwash Brasil Ind. Ltda Indaiatuba (BR) BRL 98.92
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 35 The associated company Raw Power S.r.l., with headquarters in Reggio Emilia (Italy) and share capital of € 75,292, is 24% held by Emak S.p.A. and consolidated starting from the first quarter of 2023 with the equity method.
2.3 Translation differences
Functional currency and presentation currency Transactions included in the financial statements of each group company are recorded using the currency of the primary economic environment in which the company operates (functional currency). The consolidated financial statements are presented in euro, th e functional and presentation currency of the Parent .
Transactions and balances Transactions in foreign currencies are translated at the exchange rates at the dates of the transactions. Gains and losses arising from foreign exchange receipts and payments in foreign currency and from the translation at year end exchange rates of moneta ry assets and liabilities denominated in foreign currencies are recognised in income.
Consolidation of foreign companies financial statements The financial statements of all Group companies with functional currency different from the presentation currency of the consolidated financial statements are translated as follows:
(i) assets and liabilities are translated at the closing rate on the statement of financial position date;
(ii) income and expenses are translated at the average rate for the period;
(iii) all translation differences are recognised as a separate reserve under equity ("translation reserve");
(iv) the other residual transactions are recorded at the specific exchange rate of the transaction.
The main exchange rates used for the translation in euro of the financial statements expressed in foreign currencies are the following :
2.4 Description of accounting policies applied to individual items
Details of the accounting policies applied to individual items within the financial statements can be found in sections from 2.4 to 2.28 of the explanatory notes to the consolidated financial statements at 31 December 2025 .
2.5 Changes in accounting standards and new accounting standards
IFRS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS APPLICABLE SINCE 1
JANUARY 2026
The following IFRS accounting standards, amendments and interpretations were first adopted by the Group starting 1 January 2026:
31.12.2025 Amount of foreign currency for 1 Euro Average 1H 2026 30.06.2026 Average 1H 2025 30.06.2025 0.87 GB Pounds (UK) 0.87 0.86 0.84 0.86 8.23 Renminbi (China) 8.01 7.73 7.92 8.40 1.18 Dollar (Usa) 1.17 1.14 1.09 1.17 4.22 Zloty (Poland) 4.24 4.30 4.23 4.24 19.44 Rand (South Africa) 19.14 18.65 20.08 20.84 49.79 Hryvnia (Ukraine) 51.07 51.03 45.48 48.99 6.44 Real (Brazil) 6.01 5.90 6.29 6.44 21.12 Mexican Pesos (Mexico) 20.38 19.90 21.80 22.09 1,058.13 Chilean Pesos (Chile) 1,041.57 1,050.74 1,043.28 1,100.97 10.82 Swedish krona (Sweden) 10.79 11.09 11.10 11.15
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 36 • On 30 May 2024, the IASB published the document " Amendments to the Classification and Measurement of Financial Instruments —Amendments to IFRS 9 and IFRS 7 ". The document clarifies certain problematic aspects that emerged from the post -implementation review of IFRS 9, including the accounting treatment of financial assets whose returns vary upon the achievement of ESG objectives (i.e., green bonds). Specific ally, the amendments aim to:
o clarify the classification of financial assets with variable returns linked to environmental, social, and corporate governance (ESG) objectives and the criteria to be used for the SPPI test assessment;
o determine that the settlement date for liabilities settled through electronic payment systems is the date on which the liability is extinguished. However, an entity is permitted to adopt an accounting policy to derecognize a financial liability before deli vering cash on the settlement date under certain specific conditions.
With these amendments, the IASB has also introduced additional disclosure requirements, particularly concerning investments in equity instruments designated at FVOCI.
The amendments came into effect on 1 January 2026. The adoption of this amendment did not lead any effects on the Group's consolidated financial statements.
• On 18 July 2024, the IASB published a document titled " Annual Improvements Volume 11 ." The document includes clarifications, simplifications, corrections, and changes aimed at improving the consistency of various IFRS Accounting Standards. The amended standards are:
o IFRS 1 First -time Adoption of International Financial Reporting Standards;
o IFRS 7 Financial Instruments: Disclosures and the related implementation guidelines for IFRS 7;
o IFRS 9 Financial Instruments;
o IFRS 10 Consolidated Financial Statements; and o IAS 7 Statement of Cash Flows.
The amendments came into effect on 1 January 2026. The adoption of this amendment did not lead any effects on the Group's consolidated financial statements.
• On 18 December 2024, the IASB published an amendment titled " Contracts Referencing Nature -
dependent Electricity – Amendment to IFRS 9 and IFRS 7 ". The document aims to support entities in reporting the financial effects of contracts for purchasing electricity generated from renewable sources (often structured as Power Purchase Agreements). Based on these contracts, the amount of electricity genera ted and purchased can vary due to uncontrollable factors such as weather conditions.
The IASB has made targeted amendments to IFRS 9 and IFRS 7. The amendments include:
o A clarification regarding the application of "own use" requirements to this type of contract;
o Criteria to allow the accounting of these contracts as hedging instruments; and o New disclosure requirements to enable financial statement users to understand the impact of these contracts on an entity's financial performance and cash flows.
The amendments came into effect on 1 January 2026. The adoption of this amendment did not lead any effects on the Group's consolidated financial statements.
ACCOUNTING STANDARD, AMENDMENTS AND INTERPRETATIONS ENDORSED BY THE
EUROPEAN UNION, BUT NOT YET MANDATORILY APPLICABLE AND NOT ADOPTED EARLY BY
THE GROUP ON 30 JUNE 2026
The following accounting standards, amendments, and interpretations of IFRS have completed the endorsement process necessary for the adoption of the amendments and the principles described below but are not yet mandatorily applicable and have not been adopted early by the Group as of 30 June 2026 :
• On 9 April 2024, the IASB published a new standard, IFRS 18 Presentation and Disclosure in Financial Statements , which will replace IAS 1 Presentation of Financial Statements . The new standard aims to improve the presentation of the financial statements , with particular reference to the income statement format. Specifically, the new standard requires:
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 37 o classifying revenues and expenses into three new categories (operating section, investing section, and financing section), in addition to the existing categories of taxes and discontinued operations in the income statement;
o presenting two new subtotals, operating profit and earnings before interest and taxes (EBIT).
The new standard also:
o requires more information on performance indicators defined by management;
o introduces new criteria for the aggregation and disaggregation of information; and, o introduces some changes to the cash flow statement format, including the requirement to use operating profit as the starting point for presenting the cash flow statement prepared using the indirect method, and the elimination of certain existing classifica tion options (such as interest paid, interest received, dividends paid, and dividends received).
The new standard will come into effect on 1 January 2027, but earlier application is permitted. The Directors are currently assessing the potential impacts of introducing this new standard on the Group's consolidated financial statements.
ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS - INTERNATIONAL
FINANCIAL REPORTING STANDARDS NOT YET ENDORSED BY THE EUROPEAN UNION
At the reference date of this document, the competent bodies of the European Union have not yet completed the approval process necessary for the adoption of the amendments and principles described below.
• On 9 May 2024, the IASB published a new standard, IFRS 19 Subsidiaries without Public Accountability: Disclosures . The new standard introduces certain simplifications regarding the disclosures required by other IAS -IFRS standards. This standard can be applied by an entity that meets the following main criteria:
o it is a subsidiary;
o it has not issued, and is not in the process of issuing, equity or debt instruments in a public
market;
o it has a parent that prepares consolidated financial statements in accordance with IFRS.
The new standard will come into effect on 1 January 2027, but earlier application is permitted. The Directors expect that the adoption of this new standard will not have any impact on the Group's consolidated financial statements.
• On 13 November 2025, the International Accounting Standards Board (IASB) published an amendment titled “Translation to a Hyperinflation Presentation Currency – Amendments to IAS 21”.
The amendment provides that:
o for an entity whose functional currency is not hyperinflationary and whose presentation currency is hyperinflationary, all amounts in the financial statements (including comparative information) shall be translated using the closing rate at the most recent reporting date;
o for an entity whose functional and presentation currencies are hyperinflationary and which holds a foreign operation whose functional currency is not hyperinflationary, the comparative information relating to the foreign operation included in previously is sued financial statements shall be restated by applying the general price index in accordance with paragraph 34 of IAS 29, and the current amounts of the foreign operation (excluding comparatives) shall be translated at the closing rate at the most recent reporting date of the statement of financial position. The amendment also requires disclosure of the application of the changes and, where relevant, summarised financial information relating to foreign operations affected by the translation method adopted.
The amendment will be effective from 1 January 2027, with earlier application permitted. The Directors do not expect a significant impact on the Group's consolidated financial statements from the adoption of this amendment.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 38
• On 27 May 2026, the IASB published a new standard IFRS 20 Regulatory Assets and Regulatory Liabilities . This standard applies to activities subject to rate regulation and aims to reflect the effects of timing differences between the provision of regulated goods or services and the related recovery through regulated tariffs.
This standard can be applied by an entity that meets the following main criteria:
o It is subject to specific rate regulation mechanisms under which a regulatory authority determines the tariffs to be charged and the timing of the recovery or refund of the related
amounts;
o it operates in regulated sectors, such as energy, gas, water, utilities and infrastructure;
o the regulatory framework gives rise to timing differences between income and expenses recognised in accordance with IFRS and the amounts that will be recovered from, or returned to, customers through future regulated tariffs.
The new standard will be effective from 1 January 2029, with earlier application permitted. The Directors expect that the adoption of this new standard will not have any impact on the Group's consolidated financial statements.
• On 26 June 2026, the IASB published an amendment titled “ Amendments to the fair value option for investments in associates and joint ventures (Amendments to IAS 28) ”. The document sets out which entities are permitted to apply the fair value option when accounting for investments in associates and joint ventures. The amendments, which primarily affect paragraphs 18 and 19 of IAS 28, clarify that the concept of ‘simil ar entities’ also includes entities whose principal business activity is investing in specific assets in accordance with the requirements of IFRS 18. The main effect of the amendments to IAS 28 is to extend the availability of the fair value option to a br oader range of entities, thereby enhancing consistency in the presentation, within the statement of profit or loss, of the results arising from such investments.
The amendment will be effective from 1 January 2027, with earlier application permitted. The Directors do not expect a significant impact on the Group's consolidated financial statements from the adoption of this amendment.
3. Capital and financial risk management
The Group's objectives for managing capital are :
a) to safeguard the ability to continue operating as a going concern ;
b) to provide an adequate return for shareholders .
Details can be found in the explanatory notes to the consolidated financial statements at 31 December 2025.
The Group is exposed to a variety of financial risks associated with its business activities :
- market risks, with particular reference to exchange and interest rates and market price, since the Group operates at an international level in different currencies and uses financial instruments that generate
interest;
- credit risk, regarding both normal commercial relations and to financing activities ;
- liquidity risk, with particular reference to the availability of financial resources and access to the credit market .
The Group constantly monitors the financial risks to which it is exposed, so as to minimize the potential negative effects on financial results.
The Group's exposure to financial risks has not undergone significant changes compared to 31 December 2025.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 39 4. Key accounting estimates and assumptions and disclosure of contingent assets and liabilities
In preparing these condensed consolidated financial statements for the half -year, the company’s management was required to make estimates and assumptions about the future that affect the application of the Group’s accounting principles and the amounts of a ssets, liabilities, costs, and revenue recognised in the financial statements. However, it should be noted that, as these are estimates, the actual results may differ from those presented in this report.
The significant judgments made by management in applying the Group’s accounting principles and the main sources of estimation uncertainty remain unchanged from those described in the most recent annual financial statements.
4.1 Fair value measurement
Various accounting standards and certain disclosure requirements require the Group to assess the fair value of financial and non -financial assets and liabilities.
With regard to fair value measurement, the Group has an established control framework in place, which involves both external consultants and internal staff who report directly to the CFO and the Manager in charge of preparing corporate accounting statement s, who are generally responsible for all significant fair value measurements, including those classified as Level 3.
The team regularly reviews unobservable market inputs, although the Group relies, whenever possible, on observable market data when measuring the fair value of an asset or liability. When third -party information is used to determine fair value, the team as sesses and documents the evidence provided by such third parties to support the conclusion that the valuations comply with IFRS requirements, including the appropriate level in the fair value hierarchy to which the valuation should be assigned.
Fair values are categorized within a hierarchy based on the inputs used in the valuation techniques, as outlined
below:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (prices) or indirectly (derived from prices); and • Level 3: inputs for the asset or liability that are not based on observable market data.
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, the entire valuation is classified in the same level of the hierarchy as the lowest level input that is significant to the overa ll measurement.
The Group recognizes transfers between the different levels of the fair value hierarchy at the end of the year in which the transfer occurred. During the first half of 2026, there were no transfers between the different levels of fair value.
The following table presents, for each financial asset and liability, the carrying amount and the fair value, including the corresponding level within the fair value hierarchy. Information on the fair value of financial assets and liabilities not measured at fair value is excluded when the carrying amount represents a reasonable approximation of fair value.
The table below shows the balances as at 30 June 2026 and 31 December 2025 :
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 40
Financial Instruments Measured at Fair Value
Foreign exchange hedging derivatives not in Hedge Accounting : fair value is determined using the forward pricing technique, based on figures provided by third -party counterparties at the end of the period.
Interest rate hedging derivatives not in Hedge Accounting : fair value is determined using swap model techniques, based on figures provided by third -party counterparties at the end of the period.
Equity instruments : these are minor investments measured based on the financial information available to management of the Group.
Consideration for options on non -controlling interests : the valuation technique used is the discounted cash flow model. This technique considers the present value of estimated payments, discounted using a rate that reflects the associated risk. The estimate of payments generally uses, among the main input data, €/000 at 30.06.2026 NoteFair value –
derivative
instruments FVTPLFinancial assets
measured at
amortized costOther financial
liabilities at
amortized costTotal Level 1 Level 2 Level 3 Total Financial assets measured at fair value Interest rate hedging derivatives not in Hedge Accounting 23 324 - - - 324 - 324 - 324 Foreign exchange hedging derivatives not in Hedge Accounting 23 224 - - - 224 - 224 - 224 Equity instruments 21 - 7 - - 7 - - 7 7 Total 548 7 - - 555 - 548 7 555 Financial assets not measured at fair value Trade receivables * 24 - - 154,046 - 154,046 - - - -
Guarantee deposits and cautions security 22 - - 1,419 - 1,419 - - - -
Other financial receivables 22 - - 506 - 506 - - - -
Cash and cash equivalents - - 62,861 - 62,861 - - - -
Total - - 218,832 - 218,832 - - - -
Financial liabilities measured at fair value Interest rate hedging derivatives not in Hedge Accounting 23 (226) - - - (226) - (226) - (226) Foreign exchange hedging derivatives not in Hedge Accounting 23 (1,094) - - - (1,094) - (1,094) - (1,094) Potential consideration for options on non-controlling interests 28 - (2,926) - - (2,926) - - (2,926) (2,926) Total (1,320) (2,926) - - (4,246) - (1,320) (2,926) (4,246) Financial liabilities not measured at fair value Overdrafts 28 - - - (4,362) (4,362) - - - -
Bank loans 28 - - - (227,371) (227,371) - - - -
Trade payables ** 27 - - - (92,047) (92,047) - - - -
Total - - - (323,780) (323,780) - - - -
* Other non-financial assets (such as other receivables and accrued income and prepaid expenses) are excluded ** Other non-financial liabilities (liabilities to employees and social security institutions, customer advances and accrued expenses, other liabilities and deferred income) are excluded €/000 at 31.12.2025Fair value –
derivative
instruments FVTPLFinancial assets
measured at
amortized costOther financial
liabilities at
amortized costTotal Level 1 Level 2 Level 3 Total Financial assets measured at fair value Interest rate hedging derivatives not in Hedge Accounting 79 - - - 79 - 79 - 79 Foreign exchange hedging derivatives not in Hedge Accounting 57 - - - 57 - 57 - 57 Equity instruments - 7 - - 7 - - 7 7 Total 136 7 - - 143 - 136 7 143 Financial assets not measured at fair value Trade receivables * - - 116,544 - 116,544 - - - -
Guarantee deposits and cautions security - - 1,231 - 1,231 - - - -
Other financial receivables - - 501 - 501 - - - -
Cash and cash equivalents - - 71,147 - 71,147 - - - -
Total - - 189,423 - 189,423 - - - -
Financial liabilities measured at fair value Interest rate hedging derivatives not in Hedge Accounting (556) - - - (556) - (556) - (556) Foreign exchange hedging derivatives not in Hedge Accounting (106) - - - (106) - (106) - (106) Potential consideration for options on non-controlling interests - (4,522) - - (4,522) - - (4,522) (4,522) Total (662) (4,522) - - (5,184) - (662) (4,522) (5,184) Financial liabilities not measured at fair value Overdrafts - - - (1,287) (1,287) - - - -
Bank loans - - - (220,186) (220,186) - - - -
Trade payables ** - - - (92,006) (92,006) - - - -
Total - - - (313,479) (313,479) - - - -
* Other non-financial assets (such as other receivables and accrued income and prepaid expenses) are excluded ** Other non-financial liabilities (liabilities to employees and social security institutions, customer advances and accrued expenses, other liabilities and deferred income) are excluded
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 41 EBITDA, net financial debt and net working capital of the subsidiaries for which Put & Call options on non -
controlling interests are in place .
5. Significant non -recurring events and transactions
Exercise of the Put & Call option for the remaining 19% share of Markusson Professional Grinders AB On 31 March 2026, following a resolution of its Board of Directors, the subsidiary Tecomec S.r.l. exercised the call option to acquire the remaining 19% share in Markusson Professional Grinders AB, as provided for under the agreement entered into in 2020. As a result, the Group's equity investment in the Swedish company increased to 100%.
The consideration for the transaction amounted to SEK 15,006 thousand, equivalent to € 1,372 thousand.
Transfer of the Shares in PNR Nordic In April 2026, PNR Italia S.r.l., a wholly owned subsidiary of Tecomec S.r.l., completed the transfer of its entire 100% shareholding in the Swedish company PNR Nordic AB to Markusson AB, a Swedish company also wholly owned by Tecomec S.r.l., for a conside ration of € 160 thousand, corresponding to the carrying amount of the investment.
The transaction was carried out in anticipation of the planned short -term merger of Markusson AB and PNR Nordic AB, with the aim of strengthening the Group’s position in the Swedish market and enhancing its competitiveness and local presence. The initiativ e forms part of a broader strategy focused on streamlining operations and maximising synergies among the Group’s companies.
6. Segment information
IFRS 8 provides for information to be given for certain items in the financial statements on the basis of the operating segments of the Group.
An operating segment is a component of a company:
a) that carries on business activities generating costs and revenue;
b) whose operating results are reviewed on a periodic basis at the highest executive levels for the purpose of taking decisions about resources to be allocated to the segment and for the evaluation of results;
c) for which separate reporting information is available.
IFRS 8 is based on the so -called “Management approach”, which defines sectors exclusively on the basis of the internal organizational and reporting structure used to assess performance and allocate resources.
According to these definitions, the operating segments of Emak Group are represented by three Divisions/ Business Units with which develops, manufactures and distributes its range of products:
• Outdoor Power Equipment (products for gardening, forestry and small agricultural equipment, such as brushcutters, lawnmowers, garden tractors, chainsaws, tillers and walking tractors);
• Pumps & Water Jetting (membrane pumps for the agricultural sector - spraying and weeding - piston pumps for the industrial sector, pressure washers, hydrodynamic units and urban cleaning machines);
• Components & Accessories (line and heads for brushcutters , cables for agricultural applications, chainsaw accessories, guns, nozzles and valves for high pressure washers and agricultural applications, precision farming such as sensors and computers, technical seats and spare parts for tractors).
The Directors separately observe the results by business segment in order to make decisions about resource allocation and performance verification.
The performance of the segment is evaluated on the basis of the measured result that is consistent with the result of the consolidated financial statements.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 42 Below are the main economic and financial data broken down by operating segment :
For the comments on the economic and financial data, reference should be made to chapter 4 of the Directors’ Report .
7. Balances arising from atypical and unusual transactions
No events/operations as per Consob Communication DEM/6064293 of 28 July 2006 have been recorded during the first half of 2026. As indicated in this Communication “atypical and/or unusual transaction are considered as transaction that, due to their signific ance/materiality, the nature of the counterparties, the object of the transaction, the means for determining the transfer price and the time of the event (near the close of the period), may give rise to doubts with regards to: the correctness/completeness of the information in the financial statements, conflicts of interest, the protection of company assets, the safeguarding of non -controlling interests”.
8. Net financial debt
The table below shows the details of net financial debt, which includes net financial indebtedness determined according to ESMA criteria (based on the format required by Consob communication no. 5/21 of 29 April 2021):
€/000 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 Revenue - third parties 113,118 124,007 135,330 140,119 95,814 105,293 344,262 369,419 Intersegment revenue 329 240 1,153 1,192 5,646 5,805 (7,128) (7,237) Total revenue 113,447 124,247 136,483 141,311 101,460 111,098 (7,128) (7,237) 344,262 369,419 Ebitda (*) 10,016 12,589 16,823 18,454 17,243 21,536 (1,456) (797) 42,626 51,782 Ebitda/Total Revenue % 8.8% 10.1% 12.3% 13.1% 17.0% 19.4% 12.4% 14.0% Ebitda before non-recurring expenses (*) 10,016 12,589 17,075 18,454 17,561 21,626 (1,456) (797) 43,196 51,872 Ebitda before non-recurring expenses/Total Revenue % 8.8% 10.1% 12.5% 13.1% 17.3% 19.5% 12.5% 14.0% Operating profit 5,967 8,441 10,732 12,427 11,196 15,673 (1,456) (797) 26,439 35,744 Operating profit/Total Revenue % 5.3% 6.8% 7.9% 8.8% 11.0% 14.1% 7.7% 9.7% Net financial expenses (1) (4,976) (8,555) Profit before taxes 21,463 27,189 Income taxes (5,279) (7,084) Net profit 16,184 20,105 Net profit/Total Revenue% 4.7% 5.4% (1) Net financial expenses includes the amount of Financial income and expenses, Exchange gains and losses and the amount of the Income from equity investment STATEMENT OF FINANCIAL POSITION 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Net financial debt (*) 17,645 13,849 135,995 131,310 55,059 49,211 0 0 208,699 194,370 Equity 189,110 184,826 97,022 88,493 91,910 86,589 (78,535) (78,281) 299,507 281,627 Total Equity and Net financial debt 206,755 198,675 233,017 219,803 146,969 135,800 (78,535) (78,281) 508,206 475,997 Net non-current assets (2) (*) 122,240 122,678 102,657 103,825 70,680 69,245 (75,151) (75,236) 220,426 220,512 Net working capital (*) 84,515 75,997 130,360 115,978 76,289 66,555 (3,384) (3,045) 287,780 255,485 Total net capital employed (*) 206,755 198,675 233,017 219,803 146,969 135,800 (78,535) (78,281) 508,206 475,997 (2) Net non-current assets of the Outdoor Power Equipment area includes the amount of Equity investments in subsidiaries for € 76,074 thousand OTHER STATISTICS 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Number of employees at period end 703 722 945 957 806 816 9 9 2,463 2,504 OTHER INFORMATION 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 30.06.2026 30.06.2025 Amortisation, depreciation and impairment losses 4,049 4,148 6,091 6,027 6,047 5,863 16,187 16,038 Investment in property, plant and equipment and in intangible assets 3,399 3,505 1,950 2,074 4,145 3,703 9,494 9,282 (*) See section "Definitions of alternative performance indicators" OUTDOOR POWER
EQUIPMENT PUMPS & WATER
JETTING COMPONENTS &
ACCESSORIESOther not allocated /
NettingConsolidated
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 43
Net financial debt at 30 June 2026, includes € 2,926 thousand (€ 4,522 thousand at 31 December 2025 ), referring to payables for the purchase of the remaining non-controlling interest subject to Put & Call Options.
These debts refer to the current portion of the purchase of investments in the following companies:
- Agres for an amount of € 277 thousand (€ 277 thousand at 31 December 2025);
- Valley LLP for an amount of € 1,039 thousand (€ 919 thousand at 31 December 2025);
- Poli S.r.l. for an amount of € 1,610 thousand (€ 1,610 thousand at 31 December 2025).
Net financial debt at 30 June 2026 , includes, in the items referring to “Financial debt”, financial liabilities for € 38,054 thousand (€ 40,728 thousand at 31 December 2025 ) of which € 9,541 thousand as a current portion (€ 9,503 thousand at 31 December 2025 ), deriving from the application of IFRS 16 - Leas ing.
Net financial debt also includes lease liabilities to related parties for an amount of € 9,232 thousand, of which € 1,989 thousand current and attributable to the application of the IFRS 16 to the rental contracts that some Group companies enter into with the associate Yama Immobiliare S.r.l.
Financial receivables mainly include deposits to guarantee potential liabilities. Other current financial assets mainly relate to the fair value of derivative financial instruments.
For the purposes of the debt declaration pursuant to Consob Communication no. 5/21 of April 29, 2021, there is no indirect debt or debt subject to conditions that has not been directly recognised in the condensed consolidated financial statements for the half -year, nor are there any significant differences with reference to the obligations arising and registered but whose final amount has not still been determined with certainty .
9. Revenue and other income
Details of “Revenue” are as follows :
A.Cash 62,861 71,147 71,085 B.Cash equivalents - - -
C.Other current financial assets 816 176 185 D.Liquidity (A+B+C) 63,677 71,323 71,270 E.Current financial debt (18,761) (17,100) (20,081) F.Current portion of non-current financial debt (73,739) (76,445) (65,186) G.Current financial indebtedness (E + F) (92,500) (93,545) (85,267) H.Net current financial indebtedness (G - D) (28,823) (22,222) (13,997) I.Non-current financial debt (181,533) (173,840) (206,612) J.Debt instruments - - -
K.Non-current trade and other payables - - -
L.Non-current financial indebtedness (I + J + K) (181,533) (173,840) (206,612) M.Total financial indebtedness (H + L) (ESMA) (210,356) (196,062) (220,609) N.Non-current financial assets 1,657 1,692 1,271 O.Net financial debt (M-N) (208,699) (194,370) (219,338) Effect IFRS 16 38,054 40,728 42,802 Net financial debt without effect IFRS 16 (170,645) (153,642) (176,536)(€/000) 30.06.2026 31.12.2025 30.06.2025
€/000 1 H 2026 1 H 2025
Revenue (net of discounts and rebates) 342,760 368,053 Revenue from recharged transport costs 2,972 3,116 Returns (1,470) (1,750) Total 344,262 369,419
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 44 The decrease in "Revenue" compared to the corresponding period of the previous year is mainly due to the organic decrease in sales across all the markets in which the Group operates.
Other income is analysed as follows :
The item “ Grants related to income and assets ” mainly includes tax credits and other accruals for non -
repayable grants for R&D and investment projects.
10. Cost of raw materials, consumables and goods
The cost of raw materials, consumables and goods is analysed as follows:
The amount recognised under the item “Raw materials, semi -finished products and goods” remained substantially in line with the corresponding period of the previous financial year, also as a result of higher inventory levels.
11. Personnel expenses
Details of these costs are as follows :
Personnel expenses decreased compared to the same period of the previous year due to the lower use of temporary workers, as a result of the contraction in the production volumes.
During the first half of 2026, personnel expenses for € 1,062 thousand were capitalized under intangible assets (€ 939 thousand at 30 June 2025), referring to the costs for the development of new products.
€/000 1 H 2026 1 H 2025
Grants related to income and assets 551 610 Rental income 317 349 Recovery of other costs 210 258 Advertising reimbursement 22 88 Capital gains on property, plant and equipment 114 48 Insurance refunds 139 10 Other income 822 531 Total 2,175 1,894
€/000 1 H 2026 1 H 2025
Raw materials, semi-finished products and goods 173,807 174,805 Other purchases 2,090 2,443 Development costs capitalized (41) (51) Total 175,856 177,197
€/000 1 H 2026 1 H 2025
Wages and salaries 45,225 44,351 Social security charges 13,433 12,960 Post-employment benefits 1,848 1,718 Other costs 1,536 1,436 Directors' emoluments 498 665 Temporary staff 2,916 4,648 Development costs capitalized (1,062) (939) Total 64,394 64,839
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 45 12. Other operating costs
Details of these costs are as follows :
The decrease in transportation costs is mainly attributable to lower volumes and a decrease in import duties.
13. Amortisation, depreciation and impairment losses
Details of these amounts are as follows :
The amortizat ion and depreciation at 30 June 2026 amounted to € 16,187 thousand .
The item “Amortization right -of-use assets” includes the depreciation of right -of-use assets recognised among non-current assets in application of IFRS 16 - Leas ing. Depreciation is calculated based on the duration of the contracts, taking into account the reasonableness of the probable renewals where they are contractually provided for.
€/000 1 H 2026 1 H 2025
Subcontract work 7,433 7,785 Maintenance 5,162 4,633 Trasportation and duties 17,186 18,195 Advertising and promotion 2,972 3,633 Commissions 4,579 5,176 Travel 1,968 2,143 Consulting fees 3,414 3,374 Other services 12,661 12,647 Development costs capitalized (51) (13) Services 55,324 57,573 Rents, rentals and the use of third-party assets 2,702 2,752 Increases in provisions 319 251 Other operating costs 2,502 2,378 Total 60,847 62,954
€/000 1 H 2026 1 H 2025
Amortisation of intangible assets (note 18) 3,632 3,764 Depreciation of property, plant and equipment (note 17) 7,581 7,590 Amortisation right-of-use assets (note 19) 4,974 4,684 Total 16,187 16,038
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 46 14. Financial income and expenses, exchange gains and losses and profit (loss) from equity
investment
“Financial income ” is analysed as follows :
The item “Cash management interest” mainly refers to interest accrued on cash investment operations.
The “Financial income of debt adjustment estimate for purchase commitment of remaining shares of subsidiaries” refers to the remaining shares of the company Markusson for € 152 thousand at 30 June 2026 .
With reference to the income from fair value adjustments and fixing of derivative instruments, please refer to paragraph 23 of these Explanatory Notes.
“Financial expenses” are analysed as follows :
The “Financial charges of debt adjustment estimate for purchase commitment of remaining shares of subsidiaries”, equal to € 89 thousand at 30 June 2026 (€ 62 thousand at 30 June 2025), refers to the adjustment estimate of the debt for the purchase of the remaining shares of Valley Industries LLP subject to Put & Call option for the purchase of the remaining 6% of the company.
The reduction in the “interest on non -current bank loan and borrowings” is related to the decrease in interest rates .
The “Financial expenses from discounting debts” refers to the implicit interest deriving from the discounting of debts.
The item “Financial expenses from lea sing” refers to interest on financial liabilities recorded in accordance with accounting standard IFRS 16 – Leas ing.
Reference should be made to Note 23 for more details on interest rate hedging derivatives risk .
Details of “ exchange gains and losses” are as follows :
€/000 1 H 2026 1 H 2025
Cash management interest 351 315 Income from adjustment to fair value and fixing of derived instruments for hedging interest rate risk571 193 Financial income of debt adjustment estimate for purchase commitment of remaining shares of subsidiaries 152 -
Other financial income 171 216 Financial income 1,245 724
€/000 1 H 2026 1 H 2025
Interest on non-current bank loans and borrowings 4,250 4,595 Financial expenses from leasing 877 892 Interest on current bank loans and borrowings 377 458 Costs from adjustment to fair value and fixing of derived instruments for hedging interest rate risk176 194 Financial charges of debt adjustment estimate for purchase commitment of remaining shares of subsidiaries 89 62 Financial expenses from P&C discounting debts 2 9 Financial expenses for post-employment benefits 63 75 Other financial expenses 280 420 Financial expenses 6,114 6,705
€/000 1 H 2026 1 H 2025
Gain / (Loss) on exchange differences on trade transactions (696) (367) Gain / (Loss) on exchange differences on trade transactions adjustments (261) 462 Gain / (Loss) on exchange differences on financial transactions and hedging derivatives 850 (2,667) Exchange gains and losses (107) (2,572)
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 47 Net exchange losses for the first half of 2026 came to € 107 thousand against a negative value of € 2,572 thousand for the same period of last year.
The item “ Profit (loss) from equity investment ”, equal to 0 (compared to a negative value of € 2 thousand for the same period last year), relates to the valuation according to the equity method of the investment in the associated company Raw Power S.r.l.
15. Income taxes
The estimated tax charge for the first half of 2026 of current, deferred tax assets and liabilities amounted to € 5,279 thousand (€ 7,084 thousand in the corresponding period of the previous year) equal to an effective tax rate of 24.6%, a decrease compare d to tax rate of 26.1% for the same period of the previous year, mainly attributable to the greater contribution of specific favourable tax effects recognised by certain Group companies to consolidated profit before tax.
16. Earnings per share
“Basic" earnings per share are calculated by dividing the net profit for the period attributable to the owners of the Parent by the weighted average number of ordinary shares outstanding during the period, excluding the average number of ordinary shares pu rchased or held by the Parent as treasury shares (Note 39). The Parent has only ordinary shares outstanding .
Diluted earnings per share are the same as basic earnings per share .
17. Property, plant and equipment
Changes in property, plant and equipment are shown below :
1H 2026 1H 2025
Net profit attributable to holders of ordinary shares in the parent (€/000) 15,789 19,648 Weighted average number of ordinary shares outstanding 162,837,602 162,837,602 Basic earnings per share (€) 0.097 0.121
€/000 31.12.2025Increase/
(Depreciation)Decrease ReclassificationExchange
difference30.06.2026
Land and buildings 62,530 202 1,091 63,823 Accumulated depreciation (30,767) (868) (454) (32,089) Land and buildings 31,763 (666) - - 637 31,734 Plant and machinery 158,426 1,471 (2,302) 1,568 1,842 161,005 Accumulated depreciation (120,561) (3,818) 2,302 - (1,361) (123,438) Plant and machinery 37,865 (2,347) - 1,568 481 37,567 Other assets 154,122 2,316 (262) 417 1,293 157,886 Accumulated depreciation (136,625) (2,895) 233 4 (1,024) (140,307) Other assets 17,497 (579) (29) 421 269 17,579 Advances and fixed assets in progress3,189 2,819 - (1,989) 33 4,052 Cost 378,267 6,808 (2,564) (4) 4,259 386,766
Accumulated depreciation
(note 13)(287,953) (7,581) 2,535 4 (2,839) (295,834) Carrying amount 90,314 (773) (29) - 1,420 90,932
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 48 Increases refer mainly to investments:
1. in equipment for the development of new products and new technologies;
2. in renewal projects of the IT system;
3. in the upgrading and modernization of production lines;
4. in the upgrading of production systems and infrastructures;
5. in the cyclical renewal of production and industrial equipment .
18. Intangible assets
Intangible assets report the following changes :
The increase in the semester mainly refers to the investments for the development of new products and for the adoption of software related to greater efficiency and safety of processes .
19. Right -of-use assets
The movement of the item "Right -of-use assets" is set out below :
The increases for the first half of 2026 are mainly related to the signing of new leas e contracts for buildings owned by third parties, renewed in the current year, for identical underlying assets .
20. Goodwill
The goodwill of € 67,182 thousand reported at 30 June 2026 is detailed below :
€/000 31.12.2025 Increases Amortisation DecreasesExchange
differenceReclassification 30.06.2026
Development costs 5,079 1,162 (857) - 121 2 5,507 Patents and software 2,746 1,301 (989) - 56 19 3,133 Concessions, licences and trademarks 6,038 11 (507) - 162 - 5,704 Other intangible assets 14,664 41 (1,279) - 51 - 13,477 Advances and fixed assets in progress 885 171 - (346) (29) (21) 660 Carrying amount (note 13) 29,412 2,686 (3,632) (346) 361 - 28,481 €/000 31.12.2025 Increases Amortisation DecreasesExchange
difference30.06.2026
Right-of-use assets - buildings 35,262 840 (4,206) (115) 564 32,345 Right-of-use assets - other assets 2,729 770 (768) (15) 39 2,755 Carrying amount (note 13) 37,991 1,610 (4,974) (130) 603 35,100
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 49
For the purposes of preparing the half -year financial report, Management verified the presence of any indicators that could lead to the presumption of an impairment in the value of the registered goodwill.
The analysis took into consideration external and internal factors and in particular evaluated the deviations of the actual data at June 2026 compared to the budget data as well as the level of headroom of the impairment tests carried out at 31 December 20 25.
As a result of the analyses carried out and taking into account: i ) the analyses conducted on the actual results as of 30 June 2026 compared to the budget data, ii) the trend of market interest rates, and iii) the levels of headroom of the impairments carried out as of 31 December 2025, the Directors identified, in respect of the Lavorwash and Agres CGUs only, the need to update the underlying business plans and perform an impairment test in order to assess the recoverability of the related goodwill as at 30 June 2026. The impairment test was carried out using the same methodologies adopted at 31 December 2025. In particular, the recoverable amount of the relevant Cash -Generating Units (CGUs) was determined using the Discounted Cash Flow method.
The business plans, methodologies and results of the "impairment test" as illustrated above have been approved by the Board of Directors on 7 August 2026, with the agreement of Risk Control and Sustainability Committee . The multi -year financial business plans have also been subject to approval by the respective Boards of Directors of the sub -holdings to which Lavorwash and Agres CGUs belongs.
The more relevant factors in the estimate of future cash flows are attributable to the intrinsic difficulty in the formulation of future forecasts, to the feasibility of market strategies in highly competitive contexts, and to macroeconomic and geo -politic al risks connected to geographical areas in which the Emak Group operates.
Management has taken account in its business strategies of climate -related transitions risks and opportunities that could most significantly influence future cash flows, dividing them into the following main aspects:
- Regulatory evolution of products;
- Evolution of consumer preferences;
- Energy supply -chains.
The discount rate used to discount the expected cash flows has been established by single CGU. This rate (WACC) reflects the current market assessments of the time value of money over the period considered and the specific risks of Emak Group companies and of the reference sectors .
In order to carry out the impairment test s on the recoverability of goodwill values for Lavorwash and Agres CGUs, the Discounted cash flow has been calculated on the basis of the following assumptions:
- the cash flows used has been extracted from the five -year business plan of the relevant CGUs, approved by the respective Board of Directors of the sub -holding to which the CGUs belong, that represent management’s best estimate in relation to the future ope rating performances of single entities in the period;
- these cash flows refer to reference units in their current state and exclude any transactions of a non -
recurring nature and/or transactions not yet defined at the closing date ;
- The expected future cash flows have been forecast in the currencies in which they will be generated;
Cash Generating
Unit (CGU)Country Description 31.12.2025Exchange
differences30.06.2026
Victus Poland Goodwill recorded in Victus IT 5,766 (100) 5,666 Tecomec Italy Goodwill recorded in Tecomec S.r.l. 3,708 - 3,708 Speed France France Goodwill recorded in Speed France 2,854 - 2,854 Comet Italy Goodwill recorded in Comet S.p.A. 2,279 - 2,279 PTC Italy Goodwill recorded in PTC 3,210 - 3,210 Valley USA Goodwill recorded in Valley LLP, A1 and Bestway 12,927 405 13,332 S.I.Agro Mexico Mexico Goodwill recorded in S.I.Agro Mexico 634 - 634 Comet do Brasil Brazil Goodwill Lemasa LTDA recorded in Comet do Brasil 8,820 701 9,521 Lavorwash Italy Goodwill recorded in Lavorwash Group 13,076 - 13,076 Markusson Sweden Goodwill recorded in Markusson 1,629 (40) 1,589 Agres Brazil Goodwill recorded in Agres 6,750 595 7,345 Poli Italy Goodwill recorded in Poli 1,815 - 1,815 Trebol Spain Goodwill recorded in Trebol 1,191 - 1,191 PNR Italy Goodwill recorded in PNR Group 962 - 962 Total 65,621 1,561 67,182
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 50
- The expected future cash flows refer to a period of 4.5 years and include a normalized terminal value used to express a synthetic estimate of future results beyond the timeframe explicitly considered;
- The WACC used to discount future cash flows are calculated on the basis of the following assumptions :
• the cost of debt reflects a cost of debt at market values, determined as the sum of the Eurirs rate with a maturity of 10 years with an average yield in the 6 months to 30 June 2026 to which is added a spread determined on the basis of the actual cost of debt relating to the Group's
current loans;
• the cost of equity capital, estimated using a Capital Asset Pricing Model (CAPM) approach, reflects the average 10 -year (risk free ) Government Bond yield in the 6 months to 30 June 2026 increased by a premium for market risk and weighted by an industry -specific levered beta. The cost also includes a size premium reflecting the additional risk, over and above that derived from the CAPM , required for equity investments in companies of comparable size to the Emak Group.
A WACC of 8.6% was applied for the Lavorwash CGU (8.6% at 31 December 2025) and 12.2% for the Agres CGU (11.3% at 31 December 2025). The terminal value was determined on the basis of a long -term growth rate (g) equal to the long -term inflation of the country in which each CGU operates (source International Monetary Fund) ; equal to 2% (unchanged compared to 31 December 2025) for the Lavorwash CGU and to 3% (2.9% at 31 December 2025) for Agres CGU.
The impairment tests did not identify any impairment losses.
In addition to the above, it should be noted that, also on the basis of the indications contained in the joint document issued by the Bank of Italy, Consob and Isvap (supervisory body for private insurance) no. 4 of 3 March 2010, the Group has drawn up sen sitivity analyses on the results of impairment tests carried out as at 30 June 2026 with respect to variations in the underlying assumptions effecting the estimation of the use value of the various CGUs, considering alternative scenarios: (i ) a positive variation in relative terms of the WACC of 5%, (ii) a negative variation of 50 bps of the long -term growth rate (“g”), (iii) a negative variation of 5% in cash flows for each year of the plan. These analyses indicated that, should any of the a bove scenarios occur, the recoverable value of both CGUs subject to impairment testing as at 30 June 2026 could fall below their carrying amount, indicating the potential existence of impairment losses. The Group will continue to monitor developments in th e underlying assumptions and the related headroom.
For the Group’s remaining CGUs, no impairment indicators were identified that would have required an impairment test to be carried out as at 30 June 2026.
It is also reported that the persistence of uncertainty on the financial markets has confirmed the performance of the Emak share with a market capitalization level lower than the Group's equity as at 30 June 2026. The Directors, taking into account the siz e of the headroom of the so -called impairment test of "second level" carried out in preparing the financial statements as at 31 December 2025, and the expected trends did not identify the presence of indicators such as to activate the impairment test proce dures for the purpose of assessing the recoverability of the value of the consolidated net invested capital as at 30 June 2026.
21. Equity investments in other companies and Equity investments in associates
The item " Equity investments in other companies " amounts to € 7 thousand; risks and benefits associated with the possession of the investment are negligible .
The item " Equity investment in associates ", amounting to € 800 thousand, refers to the value of the share pertaining to the Group in associates obtained with the application of the equity method.
In particular, the item refers to the company Raw Power S.r.l., an associate acquired on 22 February 2023.
The value of the equity investments in associates recorded under the consolidated income statement item “Profit (loss) from equity investment" is equal to 0 at 30 June 2026.
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 51 22. Other financial assets
Other financial assets amount to € 1,657 thousand (€ 1,692 thousand at 31 December 2025), which is non -
current portion, and € 268 thousand (€ 40 thousand at 31 December 2025) as current portion and refer mainly to:
- an amount of € 846 thousand relating to guarantee deposits (€ 633 thousand at 31 December 2025) , entered under the non -current assets;
- an amount of € 573 thousand relating to sureties (€ 598 thousand at 31 December 2025), recorded under non -current assets;
- € 445 thousand relating to the receivable arising from the disposal of 49% in PNR America, of which € 223 thousand under non -current assets with collection deferred for up to twenty -four months and € 222 thousand under current assets;
- an amount of € 37 thousand (€ 37 thousand at 31 December 2025) as a current portion corresponding to the receivable due from the Parent Yama S.p.A. by way of a capital replenishment made to the Group for expenses incurred by a number of companies and relat ing to the period on which Yama S.p.A. exercised control over them.
23. Derivative financial instruments
The financial statements values relate to changes in the fair value of financial instruments for:
- hedging purchases and sales in foreign currency;
- hedging the risk of changes in interest rates.
All derivative financial instruments belonging to this heading are valued at fair value at the second hierarchical level: the estimate of their fair value has been carried out using variables other than prices quoted in active markets and which are observa ble (on the market) either directly (prices) or indirectly (derived from prices).
In the case in point, the fair value recorded is equal to the “mark to market” estimation provided by the reference banks, which represents the current market value of each contract calculated at the reporting date of the financial statements .
Accounting for the instruments shown in the following table, is at fair value. According to the IFRS principles these effects were accounted in the income statement of the current year .
The present value of these contracts at 30 June 2026 is shown as follows :
€/000 30.06.2026 31.12.2025 Positive fair value assessment exchange rate hedge and options 224 57 Positive fair value assessment IRS and interest rate options 324 79 Total derivative financial instrument assets 548 136 Negative fair value assessment exchange rate hedge and options 1,094 106 Negative fair value assessment IRS and interest rate options 226 556 Total derivative financial instrument liabilities 1,320 662
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 52
24. Trade and other receivables
Details of these amounts are as follows :
The change in trade receivables is attributable to the well -known seasonal effects .
The creditworthiness of customers is confirmed at good levels of reliability .
The item " Other receivables ", for the current portion, includes :
- an amount of € 2,460 thousand as advances to suppliers for the supply of goods (€ 2,146 thousand at 31 December 2025);
- an amount of € 2,105 thousand (€ 630 thousand at 31 December 2025), for receivables of certain Group companies towards the Parent Yama S.p.A., emerging from the relationships that govern the tax consolidation in which they participate.
All non -current receivables mature within five years. There are no trade receivables maturing beyond one year .
25. Inventories
Inventories are detailed as follows :
Inventories at 30 June 2026 are stated net of allowance for inventories write -down amounting to € 16,216 thousand (€ 16,424 thousand at 31 December 2025) intended to align the obsolete and slow moving items to their estimated realizable value.
The allowance for inventories write -down is an estimate of the loss in value expected by the Group, calculated on the basis of past experience, historic trends and market expectations.
26. Equity
Share capital
Share capital is fully paid up at 30 June 2026 and amounts to € 42,623 thousand, remaining stable during the period , and it is represented by 163,934,835 ordinary shares of par value € 0.26 each.
All shares have been fully paid.
€/000 30.06.2026 31.12.2025 Trade receivables 159,155 121,427 Provision for doubtful accounts (5,365) (5,259) Net trade receivables 153,790 116,168 Trade receivables from related parties (note 36) 256 376 Prepaid expenses and accrued income 4,525 4,205 Other receivables 6,512 5,810 Total current portion 165,083 126,559 Other non current receivables 99 94 Total non-current portion 99 94 €/000 30.06.2026 31.12.2025 Raw, ancillary and consumable materials 80,205 73,983 Work in progress and semi-finished products 31,994 30,098 Finished products and goods 136,233 143,214 Total 248,432 247,295
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 53
Treasury shares
Total value of treasury shares held at 30 June 2026 amounts to € 2,835 and has not undergone any changes compared to the previous year.
Dividends
On 21 April 2026 the Shareholders’ Meeting of Emak S.p.A. resolved to allocate the profit for the year 2025 for € 200 thousand to the legal reserve for € 54 thousand to the extraordinary reserve and for a total of € 4,885 thousand as a dividend to sharehol ders (0.023 euros per share) also through use of the retained earnings reserve.
Share premium reserve At 30 June 2026, the share premium reserve amounts to € 41,513 thousand, and consists of premiums on subsequently issued shares.
The reserve is shown net of progress charges related to the capital increase amounted to € 1,598 thousand and adjusted for the related tax effect of € 501 thousand.
Legal reserve
The legal reserve at 30 June 2026 of € 6,012 thousand (€ 5,812 thousand at 31 December 2025).
Revaluation reserve
At 30 June 2026 the revaluation reserve includes the reserves deriving from the revaluation as per Law 72/83 for € 371 thousand, as per Law 413/91 for € 767 thousand and as per Law 104/2020 for € 3,215 thousand.
Translation reserve
At 30 June 2026 the Group’s reserve for translation differences, negative for € 5,040 thousand, is entirely attributable to the differences generated from the translation of balances into the Group’s reporting currency.
The reserve recorded a positive adjustment of € 6,386 thousand mainly due to the performance of the US dollar, renminbi and Brazilian real.
IAS 19 Reserve At 30 June 2026 the IAS 19 reserve is equal a negative amount of € 899 thousand, for the actuarial valuation differences of post -employment benefits to employees.
Other reserves
At 30 June 2026 the Other reserves include :
- the extraordinary reserve, amounts to € 36,344 thousand, inclusive of all allocations of earnings in prior
years;
- the reserves qualifying for tax relief for € 129 thousand and refer to tax provisions for grants and donations ;
- the reserves for merger surpluses for € 3,561 thousand ;
- the reserves from capital grants deriving from the merger of Bertolini S.p.A. for € 122 thousand.
27. Trade and other payables
Details of trade and other payables are set out below :
€/000 30.06.2026 31.12.2025 Trade payables 91,374 90,954 Payables due to related parties (note 36) 673 1,052 Payables due to staff and social security institutions 18,771 16,130 Advances from customers 2,383 1,964 Accrued expenses and deferred income 3,980 3,642 Other payables 6,862 4,289 Total current portion 124,043 118,031
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 54 The item “ Trade payables ” includes € 302 thousand related to the residual portion of the current payable for the acquisition by the subsidiary Speed France of a technology and systems for the production of polyester monofilaments and cables for agricultural applications which too k place in 2020.
The item “ Other payables ” includes € 5,096 thousand, compared to € 2,264 thousand at 31 December 2025, for current IRES tax liabilities recorded by some companies of the Group towards the Parent Yama S.p.A. and arising from the rules governing the tax consolidation in which they participate.
28. Financial liabilities
Current financial liabilities are detailed as follows :
The item “ Liabilities for purchase of equity investments ” includes:
- € 1,039 thousand (€ 919 thousand at 31 December 2025) refers to the debt towards the transferor shareholder of the company Valley Industries LLP for the purchase of the remaining 6% subject to the "Put & Call Option without expiry date;
- € 1,610 thousand ( € 1,610 thousand at 31 December 2025) , relates to the discounted debt for the purchase price portion of 20% of Poli S.r.l. shares and governed by the "Put and Call option" contract to be exercised between 2024 and 2026 ;
- € 277 thousand (€ 277 thousand at 31 December 2025) , relates to the discounted debt for the purchase price portion of 4.5% of Agres Sistemas Eletrônicos shares and governed by the "Put and Call option" contract exercisable from 1 January 2026.
Non-current financial liabilities are detailed as follows :
As at 30 June 2026, bank loans due after 5 years amount to a € 121 thousand.
Some non -current loans are subjected to financial Covenants verified, mainly, on the basis of the consolidated ratios Nfp/Ebitda and Nfp /Equity consolidated at year -end; no constraint of compliance with financial covenant applies to 30 June 2026.
On the basis of the business plans prepared by the Management as well as the forecast results, compliance with the covenants is expected at 31 December 2026, date of verification of such restrictions.
29. Lease liabilities
The item “ Lease liabilities ” which totals € 38,054 thousand (€ 40,728 thousand at 31 December 2025) , of which € 28,513 thousand (€ 31,225 thousand at 31 December 2025) as non -current portion and € 9,541 thousand (€ 9,503 thousand at 31 December 2025) as current portion, refers to financial liabilities recorded in €/000 30.06.2026 31.12.2025 Bank loans 73,712 76,524 Overdrafts 4,362 1,287 Liabilities for purchase of equity investments 2,926 4,522 Financial accrued expenses 358 414 Other loans 281 633 Total current portion 81,639 83,380 €/000 30.06.2026 31.12.2025 Bank loans 153,020 142,615 Total non-current portion 153,020 142,615
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 55 application of the IFRS 16 accounting standard – Leasing. These liabilities are equal to the present value of the future lease payments provided by the contracts.
At 30 June 2026 the lease liabilities due beyond 5 years amount to € 4,234 thousand (€ 5,485 thousand at 31 December 2025) .
30. Tax assets and liabilities
Deferred tax assets are detailed below :
The item "Deferred tax assets on tax realignments and revaluations" includes deferred tax assets recognised against the recognition of future tax benefits deriving from revaluation and realignment of the civil and fiscal values carried out by some companie s of the Group during 2020 and 2021.
Deferred tax liabilities are detailed below :
The “other deferred tax liabilities” refer mainly to revenues already accounted for, which will reverse and become taxable in future period .
Current tax receivables amount at 30 June 2026 to € 6,921 thousand, against € 7,603 thousand at 31 December 2025 , and refer to VAT credits, surplus payments on account of direct tax and other tax credits.
Current tax liabilities amount to € 6,190 thousand at 30 June 2026 , compared with € 5,612 thousand a year earlier, and they refer to payables for direct tax for the period, VAT and withholding taxes.
The main Italian companies of the Group participate with the Parent Yama S.p.A. in the tax consolidation pursuant to articles 117 and following of the Presidential Decree n. 917/1986 : the positions for current IRES taxes of these companies are recorded under the item “other current payables” and “other current receivables”.
31. Employee benefits
The item “Employee benefits” equal to € 6,496 thousand (€ 6,371 thousand at 31 December 2025), refer principally to the discounted liability for post-employment benefits payable at the end of an employee’s working life, amounting to € 5,931 thousand.
The main economic financial assumptions used to calculate the fund are unchanged compared to those used at the close of 31 December 2025 .
€/000 30.06.2026 31.12.2025 Deferred tax on deferred deductible costs 1,174 1,125 Deferred tax on reversal of unrealized intercompany gains 4,022 3,686 Deferred tax on allowance for inventory write-down 3,093 3,090 Deferred tax on losses in past financial periods 3,335 2,345 Deferred tax on provisions for doubtful accounts 516 518 Deferred tax on right of use IFRS 16 677 642 Deferred tax asset on on unrealized exchange differences 554 518 Deferred tax on tax realignment and revaluations 1,370 1,163 Other deferred tax assets 1,617 1,634 Total 16,358 14,721 €/000 30.06.2026 31.12.2025 Deferred tax on property ex IAS 17 74 76 Deferred tax on depreciations 6,044 6,079 Other deferred tax liabilities 2,276 2,269 Total 8,394 8,424
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 56 32. Provisions for risks and charges
Movements in these provisions are detailed below :
The provision for agents’ termination indemnity is calculated on the basis of agency relationships in force at the close of the financial year, it refers to the probable indemnity which will have to be paid to the agents at the termination of relationship. The year allocation of € 114 thousand, was recorded under the provisions in the item "Other operating expenses" in the consolidated income statement.
The other non -current provisions refer to € 34 thousand, for legal claims costs provisioned in respect of the conduct of tax disputes pertaining to the Group, based on the opinions received and the information currently available, does not expect to mobili ze additional funds to incumbent liabilities.
The product warranty provision refers to future costs for repairs on warranty which will be incurred for products sold covered by the legal and/or contractual warranty period; the allocation is based on estimates extrapolated from the historic trend.
The item “Other provisions”, for the current portion, refers to the best possible estimate of probable liabilities relating to :
- future costs to be incurred for the restoration activities of the industrial area of the former headquarters of the company Tailong (Zhuhai) Machinery Manufacturing Equipment Ltd, equal to € 484 thousand (€ 455 thousand at 31 December 2025) . The change in this provision during the first half 2026 was exclusively related to foreign exchange translation effects;
- future costs for € 154 thousand allocated during the previous year in relation to a dispute with a
supplier;
- future costs related to commercial disputes for € 80 thousand entirely allocated during the first half of
2026;
- future costs for € 90 thousand (€ 29 thousand at 31 December 2025) accrued in relation to a tax dispute and used during the first half 2026 for € 61 thousand;
- accruals of € 100 thousand (€ 141 thousand at 31 December 2025) for some disputes and litigation of a different nature.
The Group, on the basis of the information currently available, does not believe it will allocate further provisions for contingent liabilities.
33. Other non -current liabilities
The item “Other non -current liabilities” mainly includes :
• for € 324 thousand (€ 336 thousand at 31 December 2025), the deferred income pertaining to future years relating to capital grants received pursuant to Law 488/92 by Comag S.r.l., now merged into Emak S.p.A .
• other deferrals related to the correct accrual accounting of received grants for € 479 thousand.
€/000 31.12.2025 Increase DecreaseExchange
differences30.06.2026
Provisions for agents' termination indemnity 2,729 114 (66) - 2,777 Other provisions 33 - - 1 34 Total non-current portion 2,762 114 (66) 1 2,811 Provisions for products warranties 1,506 15 (4) (2) 1,515 Other provisions 823 190 (139) 34 908 Total current portion 2,329 205 (143) 32 2,423
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 57 34. Contingent liabilities
At 30 June 2026, the Group has not further significant outstanding disputes in addition to those already discussed in these notes.
35. Commitments
Non-current assets purchases The Group has commitments for the purchase of non -current assets not accounted for in the financial statements as of 30 June 2026 for an amount equal to € 1,972 thousand.
These commitments mainly refer to the purchase of equipment.
36. Related party transactions
The transactions entered into with related parties by the Group in the first half of 2026 mainly relate to three different types of usual nature relations, within the ordinary course of business, adjusted to normal market conditions .
It is in first place for the exchange of goods and provision of services of industrial and real estate activities , responding to a stringent production logic and purpose, carried out with the Parent Yama S.p.A. and with certain of its subsidiaries. On one side, among the companies under the direct control of Yama S.p.A., some have provided during the year to the Emak Group components, materials of production, as well as the lease of industrial surfaces. In particular, significant amounts of right -of-use assets, equal to € 8,532 thousand, lease liabilities equal to € 9,232 thousand, amortisation, depreciation, and impa irment losses equal to € 956 thousand, and financial expenses, equal to € 136 thousand, derive from the passive real estate lease relationships with the associate Yama Immobiliare S.r.l., in compliance with the IFRS accounting standard. 16, properly identified in the financial statements.
On the other hand, certain companies of Yama Group bought from the Group products for the completion of their respective range of commercial offer.
Secondly, relations of a tax nature and usual character arise from the participation of the Parent Emak S.p.A.
and of the subsidiaries Comet S.p.A., Tecomec S.r.l., Sabart S.r.l., P.T.C. S.r.l., Lavorwash S.p.A., Poli S.r.l.
and PNR Italia S.r.l. to the tax consolidation regime under Articles. 117 et seq., Tax Code, in place with Yama S.p.A., as consolidating company. The criteria and procedures for the settlement of such t ransactions are established and formalized in agreements of consolidation, based on the principle of equal treatment between participants.
For some years there have been collaboration relationships for consultancy services of a technological nature linked to the development of new electrical products with the subsidiary Raw Power S.r.l. Following the purchase of 24% of the share which took pl ace in the first half of 2023, the transactions with this company are qualified as related party transactions.
A further area of relationships with "other related parties" is derived from the performance of professional services for legal and fiscal nature, provided by entities subject to significant influence by a non -executive director .
The nature and extent of the usual and commercial operations described above is shown in the following two tables .
Sale of goods and services, trade and other receivables and financial asset :
€/000 RevenueTrade
receivablesOther
receivables for
tax consolidationTotal trade and
other
receivablesCurrent financial
assetsNon-current
financial assets
Euro Reflex D.o.o. 256 256 - 256 - -
Yama S.p.A. - - 2,105 2,105 37 -
Total (notes 22 and 24) 256 256 2,105 2,361 37 -
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 58 Purchase of goods and services, trade and other payables :
The amount of balances with related parties, relating to tax consolidation relationships, are shown in notes 24 and 27 .
With regard to values that arose in previous years from transactions with related parties, it should be noted that the assets still exhibit goodwill equal to € 9,914 thousand (unchanged compared to 31 December 2025).
These values derive from the so -called Greenfield operation through which the Group, on 23 December 2011, acquired from the Parent Yama S.p.A. the whole control of the Tecomec Group, of the Comet Group, of Sabart S.r.l.
***************
As regards relations with the Parent’s corporate bodies, the accrued payments at 30 June 2026 are as follows :
• Board of Directors for € 217 thousand (included in Personnel expenses);
• Statutory Auditors for € 40 thousand (included in Cost of services).
37. Subsequent events
For a description of subsequent events, please refer to Note 10 of the Directors report .
€/000Costs of raw
materials and
consumablesOther
operating costsTrade
payablesOther payables
for tax
consolidationTotal trade and
other payablesFinancial
expensesCurrent lease
liabilitiesNon-current
lease liabilities
Euro Reflex D.o.o. 914 21 159 - 159 - - -
Garmec S.r.l. 364 - 259 - 259 - - -
Selettra S.r.l. 52 - 54 - 54 - - -
Yama Immobiliare S.r.l. - - 2 - 2 136 1,989 7,243 Yama S.p.A. - - - 5,096 5,096 - - -
Raw Power S.r.l. - 58 37 - 37 - - -
Other related parties - 225 162 - 162 - - -
Total (note 27) 1,330 304 673 5,096 5,769 136 1,989 7,243
Emak Group –Condensed consolidated h alf year report at 30/06/202 6 59 Declaration on the consolidated half year report in accordance whit Article 154 -bis, paragraph 5 of Legislative Decree no. 58/1998 (Consolidated Law on Finance)
1. We, the undersigned, Cristian Becchi, as Chief Executive Officer for finance and control, and Roberto Bertuzzi, as the Manager in charge of preparing the accounting statements of the company Emak S.p.A.
affirm, taking account of the provisions of art. 154 -bis, paragraphs 3 and 4, of legislative decree 24 February 1998, n. 58 :
• the suitability, with reference to the nature of the company, and
• the effective application ,
of administrative and accounting procedures for the preparation of the half year financial statements for the financial period 1 January 2026 - 30 June 2026 .
No significant elements have emerged .
2. It is hereby declared, moreover, that :
2.1 The condensed consolidated half -year accounts :
a) have been drawn up in compliance with applicable international accounting principles recognised by the European Community in accordance with (EC) regulation no. 1606/2002 issued by the European Parliament and Council on 19 July 2002 ;
b) correspond to the accounting records and entries ;
c) are appropriate for giving a true and fair view of the assets, liabilities, economic and financial situation of the issuer and of the companies included in the consolidation .
2.2 The Directors’ Report contains a reliable analysis of operating trends and results, as well as of the current situation of the issuer and of the entities included in the consolidation, together with a description of the main risks and uncertainties to which they are exposed.
Data: 7 August 2026
The Chief Executive Officer for finance and control
Cristian Becchi
The Manager in charge of preparing the accounting statements