Interpump Group S.p.a. · MIL:IP
Interpump — Q2 2025 Earnings Presentation
48 slides from Interpump's earnings presentation, Aug 6, 2025
Slide 1: Interpump Group 2Q2025 Financial Results
INTERPUMP GROUP 2Q2025 Financial Results - 6th August 2025
Slide 2: Index
INDEX ▪• KEY KEY HIGHLIGHTS HIGHLIGHTS ▪ 2Q2025 FINANCIAL RESULTS • 4Q-2023 PRELIMINARY FINANCIAL RESULTS ▪ GROUP SUSTAINABILITY PATH ▪ GROUP APPROACH TO M&A • GROUP SUSTAINABILITY PATH ▪ OUTLOOK ▪• ANNEX OUTLOOK • ANNEX 1
Slide 3: Group – Growth After Six Consecutive Declines
2Q2025 GROUP – GROWTH AFTER SIX CONSECUTIVE DECLINES ▪ 2Q2025: the first quarter of growth after six GROUP 2020-2025 ORGANIC SALES EVOLUTION by QUARTER consecutive quarters of decline 50% ‒ Organic sales: +1% 40% • Acceleration of Water Jetting growth 30% COVID Post COVID and early signs of Hydrauli
Slide 4: Key Highlights / 2Q2025 Financial Results
2Q2025 ▪ KEY HIGHLIGHTS ▪ 2Q2025 FINANCIAL RESULTS 3
Slide 5: Group – Growth Outpacing Normalisation
2Q2025 GROUP – GROWTH OUTPACING NORMALISATION ▪ 2Q2025 – Sales: Water Jetting growth stronger than Hydraulics normalisation – Profitability: effective minimisation of negative flow through, benefits of sales sequential improvement and “US tariffs” tailored countermeasures – NFP: management of sales
Slide 6: Divisions – Growth Outpacing Normalisation
2Q2025 DIVISIONS – GROWTH OUTPACING NORMALISATION ▪ Hydraulics – Sales: early signs of improvement – EBITDA: ongoing margin protection, profitability down by 9% compared to a sales decline of around 7% ▪ Water-Jetting – Sales: important additional development steps in “shipyard&marine” market applic
Slide 7: Sales – Growth and Improvement
2Q2025 SALES – GROWTH AND IMPROVEMENT ▪ 2Q2025: first quarter of growth after six consecutive 2Q2025 GROUP SALES EVOLUTION quarters of decline – Hydraulics: organic decreased halved compared 700 +1.0% 1Q2025, -7.0% versus -14.5% 650 € 555m 600 € 550m +1.0% +2.3% -2.3% – Water Jetting: organic growth
Slide 8: Sales – Growth and Improvement (1H2025)
2Q2025 SALES – GROWTH AND IMPROVEMENT 1H2025 GROUP SALES EVOLUTION 1,500 -1.7% 1,400 1,300 1,200 € 1.096m -3.5% +2.7% -0.9% € 1.077m 1,100 1,000 900 800 700 600 500 2024 ORGANIC PERIMETERS FX 2025 1H2025 HYDRAULICS SALES EVOLUTION 1H2025 WATER JETTING SALES EVOLUTION -9.8% +17.6% 900 850 500 800 € 7
Slide 9: Water Jetting China Expansion – Flow Process Vertical
2Q2025 SALES – WATER JETTING CHINA EXPANSION – «FLOW PROCESS» VERTICAL ▪ In Spring 2024 Group concluded an agreement for a chemical industry project dedicated to the production of low-density polyethylene entailing the supply of many Hampro high-pressure pump units ▪ Quality and reliability are the
Slide 10: Water Jetting China Expansion – Process Pumps Vertical
2Q2025 SALES – WATER JETTING CHINA EXPANSION – «PROCESS PUMPS» VERTICAL ▪ Last April Group signed an agreement with for nearly 100 ultra-high-pressure water jet systems and ship cleaning equipment’s – Group customer is one of China’s leading private shipyards with its four-dock, sixteen-berth shipya
Slide 11: EBITDA – Ongoing Adjustment to Market Conditions
2Q2025 EBITDA – ONGOING ADJUSTEMENT TO MARKET CONDITIONS 30.0% 1H2025 EBITDA EVOLUTION (1-2) 28.0% (% on Net Sales) 26.0% 24.0% 23.0% 23.2% 23.2% 22.0% 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 1H2024 Purchase Labour Other 1H2025 Perimeters 1H2025 operating constant changes and costs perimeters FX impact
Slide 12: NFP – Capex Normalisation Versus Sales Recovery Impact
2Q2025 NFP – CAPEX NORMALISATION VERSUS SALES RECOVERY IMPACT ▪ NFP of € 397m compared to € 409m as of December 2024(1) NFP EVOLUTION (1) 500 (€ m) 480 ▪ FCF: € 76m, effective margin protection and CAPEX 460 440 normalisation mitigated TWC absorption 420 € 409m € 76m € 16m € 3m € 4m € 397m 400 – 1H2
Slide 13: NFP – Capex – Last Important Project
2Q2025 NFP – CAPEX – LAST IMPORTANT PROJECT ▪ New Interpump Hydraulics headquarter – 62,000sq. metres, of which almost 24,000sq. covered, a total area increase of around 30% – Best environmental standards ▪ Transfer process is nearing completion – Following the registered office relocation a few day
Slide 14: NFP – Acquisition – Another Perfect Fit
2Q2025 NFP – ACQUISITION – ANOTHER «PERFECT FIT» ▪ Padoan – Specialised in the production and sale of oil, diesel and combined tanks for industrial vehicles and machinery – 2024: approximately € 15m of sales, more than 17% of EBITDA margin ▪ Another “perfect fit” – Extension of product range – Syner
Slide 15: Group Sustainability Path
2Q2025 ▪ KEY HIGHLIGHTS ▪ 2Q2025 FINANCIAL RESULTS ▪ GROUP SUSTAINABILITY PATH 14
Slide 16: 2025 Actions
2Q2025 2025 ACTIONS ▪ Activities are progressing according to the established schedule ▪ Due to their inherent nature, results will be assessable only at the end of the reporting period 2023-2025 ESG JOURNEY 2025 ACTIONS UPDATINGS E.2 (1) Carbon intensity reduction E.3 (1) Increase of renewable ener
Slide 17: Group Approach to M&A
2Q2025 ▪ KEY HIGHLIGHTS ▪ 2Q2025 FINANCIAL RESULTS ▪ GROUP SUSTAINABILITY PATH ▪ GROUP APPROACH TO M&A 16
Slide 18: 1996-2024 Capital Allocation
2Q2025 ▪GROUP APPROACH TO M&A – 1996-2024 CAPITAL ALLOCATION ▪ Since IPO in 1996 Group generated around € 3b (1) 1997-2024 OPERATING CASH FLOW EVOLUTION of Operating Cash Flow 1997-2024: € 2.9bn C.A.G.R.: +10% ▪ Almost 80% of the resources were reinvested 500 to pursue development and operational ex
Slide 19: 1996-2024 Capital Allocation – Diversification
2Q2025 ▪GROUP APPROACH TO M&A – 1996-2024 CAPITAL ALLOCATION ▪ “Diversification” is the ultimate target of Group development strategy – Proper management of “business risk” • Volatility reduction through multiple cycles exposure • Effective reaction to unexpected swings ▪ Almost 30 year of diversifi
Slide 20: 1996-2024 Group Evolution
2Q2025 ▪GROUP APPROACH TO M&A – 1996-2024 GROUP EVOLUTION GROUP SALES BREAKDOWN GROUP SALES BREAKDOWN GROUP SALES BREAKDOWN by DIVISION by GEOGRAPHY by APPLICATION (2) 1997 € 221m € 221m € 221m (1) € 395m € 395m 2007 € 395m 2024 € 2.078m € 2.078m € 2.078m 9% 100% 11% 52% 28% EARTH MOVING MACHINE CON
Slide 21: Group Evolution – Milestones
INTERPUMP GROUP FOUNDATION 2Q2025 ▪GROUP APPROACH TO M&A – 1996-2024 GROUP EVOLUTION – MILESTONES WATER JETTING (1) (1) «FLOW PROCESSING» VERTICAL «PRESSURE PUMP» VERTICAL From 2015 onwards: 2004: From 1998 onwards Bertoli, Inoxpa, Mariotti & Pecini Consumer-oriented cleaning General Pump, Hammelman
Slide 22: The Strategy – The Perfect Fit
2Q2025 ▪GROUP APPROACH TO M&A – THE STRATEGY – «THE PERFECT FIT» ▪ Enabling Group diversification strategy – By division – By geography – By market application ▪ Technological excellence – Distinctive and unique products or production processes ▪ Managerial excellence – Entrepreneurial approach – Ca
Slide 23: The Strategy – The Perfect Fit
2Q2025 ▪GROUP APPROACH TO M&A – THE STRATEGY – «THE PERFECT FIT» AND ▪ Well-run, privately owned companies preferred ▪ No turnaround or restructuring stories ▪ Activities consistent from an industrial and commercial standpoint with those already present in the Group 22
Slide 24: The Acquisition Process
2Q2025 ▪GROUP APPROACH TO M&A – THE ACQUISITION PROCESS ▪ Actors involved – Group: M&A managerial committee and industrial specialists • M&A managerial committee: Executive Chairman, CEO, CFO, General Counsel • Industrial specialists: members of the Operational Coordination Committee – External advi
Slide 25: The Acquisition Process
2Q2025 ▪GROUP APPROACH TO M&A – THE ACQUISITION PROCESS – Management • Entrepreneurial approach • Capability to adapt to Group decentralised operational business model ▪ Evaluation process – Multiples, EV/EBITDA – Compliance with Group M&A guidelines • Profitability: no structural reduction of Group
Slide 26: The Integration Process
2Q2025 ▪GROUP APPROACH TO M&A – THE INTEGRATION PROCESS ▪ Soft integration – Supporting companies to naturally evolve, not to become another Interpump – Executive managers confirmed – Processes and IT systems not replaced but connected with Group ones – Brands, supply chains and sales network preser
Slide 27: A Comparison
2Q2025 ▪GROUP APPROACH TO M&A – A COMPARISON TRADITIONAL APPROACH PRIVATE EQUITY APPROACH INTERPUMP APPROACH Standardisation, restructuring PURPUSE Reselling at profit Development in continuity and integration as branch New shape and life, Joint effort to target VALUE PROPOSITION with a new structur
Slide 28: Water Jetting – Flow Processing
2Q2025 ▪GROUP APPROACH TO M&A – WATER JETTING – FLOW PROCESSING ▪ Entrance and development in Flow Processing, key technologies to address F&B, pharma and cosmetics sector applications ‒ 2015: Bertoli(1) ‒ 2017: Inoxpa(2) and Mariotti & Pecini(3) ‒ 2023: I.Mec(4) and Waikato(5) ‒ 2024: PP China & YR
Slide 29: Hydraulics – Power Transmission
2Q2025 ▪GROUP APPROACH TO M&A – HYDRAULICS – POWER TRANSMISSION ▪ Entrance and development in Power Transmission business ‒ 2019: Reggiana Riduttori(1) and afterwards Transtecno(2) ‒ 2020: DZ Transmission(3) ‒ 2021: Berma(4) ‒ 2022: Draintech(5) ▪ In 4 years, Group became one of the most important p
Slide 30: Hydraulics – Power Transmission
2Q2025 ▪GROUP APPROACH TO M&A – HYDRAULICS – POWER TRANSMISSION 29
Slide 31: Most Recent Deals (2022-23)
2Q2025 ▪GROUP APPROACH TO M&A – MOST RECENT DEALS 2022-25 INTERPUMP GROUP ACQUISITIONS FINANCIAL DATA (1) % of PRICE GROUP ACQUIRED COMPANIES Additional HOLDING PAID DIVISION Sales EBITDA Information 2022 DRAINTECH 11 April € 4m 20% - 80% € 2.6m Hydraulics Italy EUROFLUID 20 October € 28m 20% - 80%
Slide 32: Most Recent Deals (2024-25)
2Q2025 ▪GROUP APPROACH TO M&A – MOST RECENT DEALS 2024-25 INTERPUMP GROUP ACQUISITIONS FINANCIAL DATA (1) % of PRICE GROUP ACQUIRED COMPANIES EBITDA Additional HOLDING PAID DIVISION Sales Margin Information 2024 PP CHINA 60% 9 April YRP FLOW TECNOLOGY € 10m 10% - € 2.9m Water Jetting 60% China ALLTU
Slide 33: Outlook
2Q2025 ▪ KEY HIGHLIGHTS ▪ 2Q2025 FINANCIAL RESULTS ▪ GROUP SUSTAINABILITY PATH ▪ GROUP APPROACH TO M&A ▪ OUTLOOK 32
Slide 34: Guidance Range Confirmed
2Q2025 GUIDANCE RANGE CONFIRMED ▪ July evolution(1) consistent with previous months evolution ▪ Local production and tailored countermeasures allowed Group to minimise “US tariffs” impact in 2Q2025 – Group will maintain actions which protected profitability and is ready to evaluate additional medium
Slide 35: Disclaimer
2Q2025 ▪• KEY HIGHLIGHTS DISCLAIMER ▪• 2Q2025 4Q-2023FINANCIAL DETAILS RESULTS ▪ GROUP SUSTAINABILITY PATH • 2023 ESG ACTIONS ▪ GROUP APPROACH TO M&A ▪ OUTLOOK ▪ ANNEX 34
Slide 36: Annex
ANNEX ▪ DISCLAIMER 35
Slide 37: Annex Disclaimer – Performance Indicators
ANNEX DISCLAIMER − PERFORMANCE INDICATORS The Group uses several alternative measures that are not identified as accounting parameters in the framework of the IFRS standards in order to allow the trend of economic operations and the Group's financial position to be better evaluated. Such indicators
Slide 38: Annex Disclaimer – Performance Indicators
ANNEX DISCLAIMER − PERFORMANCE INDICATORS ▪ Organic: at constant perimeter and FX ▪ Return on capital employed (ROCE): EBIT / Capital employed; ▪ Return on equity (ROE): Net profit / Shareholders' equity; ▪ Trade Working Capital = NWC with “Trade Payable” net of CAPEX Trade Payable The Group's incom
Slide 39: Annex Disclaimer – Forward Looking Statements
ANNEX DISCLAIMER – FORWARD LOOKING STATEMENTS This document has been prepared by Interpump Group S.p.A for not constitute an offer to sell or a solicitation to buy or subscribe to use during meetings with investors and financial analysts and is Company shares. Neither this document nor a portion the
Slide 40: Annex – 2Q-1H2025 Details
ANNEX ▪ DISCLAIMER ▪ 2Q-1H2025 DETAILS 39
Slide 41: Sales Details – Organic Evolution – Group
ANNEX SALES DETAILS – ORGANIC EVOLUTION – GROUP GROUP 2020-2025 ORGANIC GROWTH EVOLUTION by QUARTER 2020: -12.6% - 2021: +20.1% - 2022: +13.7% - 2023: +6.9% - 2024: -9.0% - 2025YTD: -3.5% 50% 40% 39.4% 30% 17.9% 18.7% 20% 15.7% 14.2% 10% 11.6% 14% 9.1% 12.6% 12.5% 4.0% 1.0% 0% -7.8% -3.4% -10% -1.7%
Slide 42: Sales Details – Organic Evolution – Divisions
ANNEX SALES DETAILS – ORGANIC EVOLUTION – DIVISIONS HYDRAULICS 2020-2025 ORGANIC SALES EVOLUTION by QUARTER 2020: -13.6% - 2021: +22.8% - 2022: +15.9% - 2023: +5.9% - 2024: -14.0% - 2025YTD: -10.8% 60% 50% 47.2% 40% 30% 16.2% 17.8% 19.5% 20% 20.9% 16.2% 13.4% 15.6% 10% 11.1% 8.6% 4.2% 0% 2.3% -6.0%
Slide 43: Acquisition Details
ANNEX ACQUISITION DETAILS 2024-25 INTERPUMP GROUP ACQUISITIONS FINANCIAL DATA (1) % of PRICE GROUP ACQUIRED COMPANIES EBITDA Additional HOLDING PAID DIVISION Sales Margin Information 2025 PADOAN 16 June € 15m 17% - 65% € 16m Hydraulics Italy (1) 2024 Reported for Padoan 42
Slide 44: Annex – 2024 Details
ANNEX ▪ DISCLAIMER ▪ 2Q-1H2025 DETAILS ▪ 2024 DETAILS 43
Slide 45: Sales Breakdown – Group
ANNEX SALES DETAILS – SALES BREAKDOWN (1) – GROUP GROUP 2024 sales: € 2.078m OTHERS: 1% EARTH MOVING MACHINE: 6% PACIFIC AREA: 13% GENERIC DEALERS: 16% CONSTRUCTION: 8% REST of THE WORLD: 9% CLEANING: 5% AGRICOLTURE: 8% GENERIC EUROPE: 50% CONTRACTORS: 4% OTHER INDUSTRIAL LIFT: 6% SECTOR: 8% STEEL A
Slide 46: Sales Breakdown – Hydraulics
ANNEX SALES DETAILS – SALES BREAKDOWN (1) – HYDRAULIC HYDRAULICS 2024 sales: € 1.407m OTHERS: 1% PACIFIC AREA: 10% EARTH MOVING MACHINE: 10% GENERIC DEALERS: 17% REST of THE WORLD: 10% CONSTRUCTION: 8% OTHER INDUSTRIAL SECTOR: 9% AGRICOLTURE: 12% FOOD&BEVERAGE: 1% ENERGY&UTILITIES: 1% MINING: 1% SHI
Slide 47: Sales Breakdown – Water Jetting
ANNEX SALES DETAILS – SALES BREAKDOWN (1) – WATER JETTING WATER JETTING 2024 sales: € 671m OTHERS: 1% PACIFIC AREA: 17% CONSTRUCTION: 7% GENERIC DEALERS: 13% ADAPTORS INDUSTRIAL VEHICLES: 4% AUTOMOTIVE: 4% REST of THE WORLD: 10% SHIPYARD-MARINE: 5% CLEANING: 14% OIL&GAS: 5% ENERGY&UTILITIES: 2% GENE
Slide 48: Mauro Barani
The Manager in charge of preparing the company’s financial reports declares - pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance - that the accounting information contained in this presentation corresponds to the document results, books and accounting records. S.Ilario d’E