Elica S.p.a. · MIL:ELC
Elica — 9M 2025 Earnings Presentation
38 slides from Elica's earnings presentation, Oct 30, 2025
Slide 1: Q3 & 9M 2025 Results - Analyst Presentation
Q3 & 9M 2025 Results October 30 th , 2025 ANALYST PRESENTATION
Slide 2: Agenda
Agenda Q3 & 9M 2025 Highlights Industry Trend Sales Dynamics .01 .02 .03 Financial Review Closing Remarks Change for the Better: .04 .05 5 & Outlook .06 Competitive Dynamics & Elica Group Challenges Q3 & 9M 2025 Results 2
Slide 3: Highlights Q3
Highlights Q3 Revenues Growth acceleration in both divisions NET SALES YoY CHANGE Positive Dynamics, while business environment remains uncertain 109,5 M € +5,3 M € ▪ Cooking Division +4 ,0 % : Brand sales further growth in North America (+ 11% ) and +5,1% (+6,3% organic) EU (+ 4% ), with a positive
Slide 4: Highlights 9M
Highlights 9M Encouraging progression in Sales, Margins & Net Debt in line with project execution NET SALES YoY CHANGE - 9% - 4% - 1% - 2% +1% +1% +5% Delta vs PY 349,5 M € +7,9 M € 117 120 111 119 121 110 +2,3% (+2,9% organic) 104 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 EBIT ADJ YoY CHANGE
Slide 5: Industry Trend
02 Industry Trend Q3 & 9M 2025 Results
Slide 6: Europe: Industry Shipments
Europe: Industry Shipments Volume Data Change % vs LY Jul Aug Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2025 2% 0% -2% -4% Kitchen hoods -6% -8% Market Size (2024): -10% 5,6 M units -12% 2023 2024 2025 Jul Aug Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2
Slide 7: Europe: Persisting promotional environment
Europe: Persisting promotional environment Average Market Price still under pressure in both product categories Extractor hobs Kitchen hoods Delta vs LY Delta vs LY - 1,2% +3,5% - 1,5% - 3,2% - 3,6% - 3,8% - 2,0% - 2,6% - 5,7% - 5,2% - 4,6% - 7,4% - 2,4% - 4,7% - 5,4% - 5,2% - 6,0% - 6,7% - 5,9% - 4
Slide 8: North America: Industry Shipments
North America: Industry Shipments Volume Data Change % vs LY Ventilation Cooking (*) FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 FY 2023 FY 2024 Q1 2025 Q2 2025 Q3 2025 10% 10% 5% 5% 0% 0% -5% -5% -10% -10% -15% -15% -20% -20% -25% -25% (*) Cooking Excluding Microwaves SOURCE AHAM (Association of Home A
Slide 9: Motor Division: Heating Industry Trend
Motor Division: Heating Industry Trend Boilers Sales in Europe Thousand Units 1400 1200 1000 800 600 400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 '22 '22 '22 '22 '23 '23 '23 '23 '24 '24 '24 '24 '25 '25 - 14% - 22% - 10% - 5% - 2% - 14% Var. vs LY Source: EHI – European Heating Industry Countries: G
Slide 10: Heat Pumps sales recovery
Heat Pumps sales recovery Despite policy uncertainty and reduced incentives, the heat pump market is showing a slight yet uneven recovery this year : +9 % on average in the first six months of 2025 , compared to the same period in 2024 . +9% 980 The sector continues to face challenges that discourag
Slide 11: Sales Dynamics
03 Sales Dynamics Q3 & 9M 2025 Results
Slide 12: Sales Key Drivers & Business Overview
Sales Key Drivers & Business Overview Q3 9M +7,9 M€ + 2,3 % +10,0 - 1,9 349,5 +5,3 M € +5,1 % - 0,6% 341,6 +6,6 - 1,3 +2,9% 109,5 104,2 +6,3% - 1,3% M€ M€ Organic Currency Q3 2025 9M 2024 9M 2025 Q3 2024 Organic Currency Net Sales Net Sales Net Sales Net Sales Q3 2025 Results improved again for thre
Slide 13: Sales by Business
Sales by Business Q3 9M 23% 23% Motors Motors Cooking Cooking 77% 77% Motors Cooking Motors Cooking Q3 2024 23,8 83,8 109,5 9M 2024 76,6 265,0 341,6 Currency -0,0 -1,3 - 1,3 Currency -0,0 -1,9 - 1,9 -0,0% -1,6% -1,3% -0,0% -0,7% -0,6% ORGANIC Growth +1,9 +4,7 +6,6 ORGANIC Growth +3,7 +6,2 +9,9 +8,0%
Slide 14: Cooking Sales by Region
Cooking Sales by Region Q3 9M 8% 8% 21% 21% Americas Americas EMEA EMEA Asia Asia 71% 71% Americas Emea Asia Americas Emea Asia Q3 2024 16,1 57,9 6,4 80,4 9M 2024 51,4 194,7 18,9 265,0 Currency -1,0 +0,1 -0,4 -1,3 Currency -2,1 +0,4 -0,2 -1,9 -6,4% +0,1% -5,6% -1,6% -4,2% +0,2% - 1,3% -0,7% ORGANIC
Slide 15: Cooking Sales by Brand
Cooking Sales by Brand Q3 9M OEM 41% 42% OEM Own Brand Own Brand 59% 58% OEM Own Brand Cooking OEM Own Brand Cooking Q3 2024 33,5 47,0 80,4 9M 2024 111,6 153,4 265,0 Currency -0,7 -0,7 -1,3 Currency -1,5 -0,4 -1,9 -2,1% -1,3% -1,6% -1,4% -0,3% -0,7% ORGANIC Growth +2,0 +2,7 +4,7 ORGANIC Growth +3,0
Slide 16: Cooking & Built-In Sales Growth
Cooking & Built - In Sales Growth 9M 2025 Brand Sales Variance vs. 9M 2024 COOKING & BUILT - IN RANGE Finished Product only, brand sales includes private labels Direction is Right: REVENUE SHARE COOKING & BUILT - IN RANGE 2023 - 2025 Cooking & BI → Constant growth in our Brand Revenue share 6,5% → 9
Slide 17: Increasing Media & Trade Presence
Increasing Media & Trade Presence North America Küchenmeile Elica CLUB Kitchen & Sound Branded content Guide L’Espresso Alessandro Borghese Cairo RCS Media Mix New Show Room in San Francisco 17
Slide 18: Q3 & 9M Financial Review
04 Q3 & 9M Financial Review Q3 & 9M 2025 Results
Slide 19: Q3 & 9M '25 Results
Q3 & 9M ‘25 Results Q3 9M CHANGES vs. PRIOR YEAR €M Q3 2025 Q3 2024 % VAR 9M 2025 9M 2024 % VAR Q3 9M NET SALES 109,5 104,2 +5,1% 349,5 341,6 +2,3% VOLUME + + PRICE / MIX -- -- ADJUSTED EBITDA 7,0 7,9 (11,1)% 21,9 24,6 (11,0)% INVESTMENT COOKING TRANSFORMATION -- -- % NET SALES 6,4% 7,6% -120 bps 6,
Slide 20: Net Financial Position
Net Financial Position €M 9M 2025 9M 2024 VAR ▪ 5M€ Opening Balance delta driven by Share Buyback program. OPENING NFP (57,0) (53,4) (3,6) ▪ Operating FCF slightly negative vs. 2024, partially offset by IFRS 16 EFFECT 10,2 12,1 (1,9) CAPEX optimization. OPENING NFP - Net of IFRS 16 (46,8) (41,3) (5,
Slide 21: Closing Remarks & Outlook
05 Closing Remarks & Outlook Q3 & 9M 2025 Results 22
Slide 22: Closing Remarks & Outlook
Closing Remarks & Outlook ▪ 9M Highlights & Take - Aways ▪ Encouraging Dynamics in an uncertain business environment: aggressive competition & persisting promo environment in EU. ▪ Increasing contribution from new cooking range incremental sales and direct distribution in North America . ▪ Closing o
Slide 23: Change for the Better
06 Change for the Better Competitive Dynamics & Elica Group Challenges Q3 & 9M 2025 Results
Slide 24: Driving Transformation in a Perma-Crisis scenario
Driving Transformation in a “ Perma - Crisis ” scenario BUSINESS ENVIRONMENT … SECTOR DYNAMICS “Run for Volumes” resulting MDA Market: in a Never -Ending Promo ▪ Demand remains @ lowest level in 10 years → “Food Fight” environment ▪ Price Erosion continues → a never -ending Promotional environment ▪
Slide 25: Our focus: Build New Distribution Opportunities
Our focus: Build New Distribution Opportunities … SECTOR DYNAMICS Enlarging Distribution & Geo Presence in EU & North America “Run for Volumes” resulting North in a Never - Ending Promo America environment 100% focus on Costs (SKU Cut, Platform Optimization) NO Innovation Europe Lowering Inventories
Slide 26: Our focus: Enlarging our Product Offer
Our focus: Enlarging our Product Offer … SECTOR DYNAMICS Counter - Attack in Europe, while Enlarging Distribution & Geo “Run for Volumes” resulting Europe Japan Steel in a Never -Ending Promo environment 100% focus on Costs (SKU Cut, Platform Optimization) NO Innovation HVAC Agriculture Data Center
Slide 27: Our Opportunity: Solid Debt Profile to accelerate growth
Our Opportunity: Solid Debt Profile to accelerate growth … SECTOR DYNAMICS Space for M&A (Steel) and Investments in Business Development ▪ Low Leverage & Solid Debt Profile “Run for Volumes” resulting in a Never -Ending Promo 1,5 1,5 1,5 1,8 2,0 1,0 1,2 environment 43 47 54 58 45 48 47 100% focus on
Slide 28: Change for the Better
Change for the Better ▪ Industry Still under pressure → Difficult visibility ahead ▪ A long - term & progressively “industry - proof” growth strategy: → New product ranges → Increasing Control of the Distribution → New channels / GEO ▪ Debt profile: → Allowing focus on mid -term projects, distributi
Slide 29: Q&A
Q&A
Slide 30: Our Mid-Term Vision
Our Mid - Term Vision Cooking Motors Upside Potentials Elica Rebranding Group ENLARGED LHOV, Built -in New Range, New EC Motors, ACCRETIVE M&A PRODUCT RANGE New Cooktops for NA Market Heat Pumps, Hydrogen «Boots on the Ground» in HOUSING & REMODELLING WIDER DISTRIBUTION NETWORK North America & Canad
Slide 31: Annex: Financial Highlights
Q3 & 9M 2025 Results Annex: Financial Highlights
Slide 32: Consolidated Income Statement
Consolidated Income Statement Q3 9M €M Q3 2025 Q3 2024 % €M 9M 2025 9M 2024 % Net Sales 109,5 104,2 5,1% Net Sales 349,5 341,6 2,3% EBITDA Adj 7,0 7,9 -11,1% EBITDA Adj 21,9 24,6 -11,0% % 6,4% 7,6% -120 bps % 6,3% 7,2% -90 bps EBITDA 6,4 7,0 -9,6% EBITDA 19,9 22,8 -12,9% % 5,8% 6,8% -90 bps % 5,7% 6
Slide 33: Net Working Capital
Net Working Capital €M 9M 2025 FY 2024 Δ Trade receivables 33.3 34.8 (1.6) % on annualized sales 7.1% 7.7% -60 bps Inventories 94.5 86.1 8.5 % on annualized sales 20.3% 19.0% 130 bps Trade payables (113.6) (112.8) (0.8) % on annualized sales (24.4)% (24.9)% 50 bps Managerial Working Capital 14.2 8.1
Slide 34: Consolidated Cash Flow
Consolidated Cash Flow €M 9M 2025 9M 2024 Operating Cash Flow 12.0 12.5 Capex (7.9) (10.4) Cash Flow from Financial Activities (15.4) (7.6) Net Financial Position (11.3) (5.5) 35
Slide 35: Consolidated B/S
Consolidated B/S 9M 2025 9M 2024 9M 2025 9M 2024 Net Operating Fixed Assets 196.1 183.1 Net Financial Position * 74.7 58.6 Net Working Capital 6.2 16.8 Group Equity 123.0 136.9 Minorities 6.2 5.8 Net Financial Asset 1.6 1.5 Total Shareholders’ Equity 129.2 142.7 Net Capital Employed 203.9 201.3 Tota
Slide 36: Non Recurring items & Minorities
Non Recurring items & Minorities Non Recurring items €M Q3 2025 9M 2025 Q3 2024 9M 2024 Restructuring SG&A (0,1) (0,8) (0,5) (0,6) Patents Settlement (0,3) (0,3) - - Agreement Others (0,2) (1,1) (0,4) (1,2) Total Non Recurring (0,7) (2,2) (0,9) (1,8) Items Minorities €M MINORTY MINORTY Q3 2025 9M 20
Slide 37: Disclaimer
Disclaimer This presentation may contain forwards -looking information and statements about Elica S .p.A . and its Group . Forward -looking statements are statements that are not historical facts . These statements include financial projections and estimates and their underlying assumptions, stateme
Slide 38: Thank you
Thank you =\|(er=