Ariston Holding Nv · MIL:ARIS
Ariston Holding Nv — FY2025 Earnings Presentation
32 slides from Ariston Holding Nv's earnings presentation, Mar 3, 2026
Slide 1: Fourth Quarter and Full-Year 2025 Results
FOURTH QUARTER AND FULL-YEAR 2025 RESULTS 3rd MARCH 2026
Slide 2: Agenda
AGENDA Highlights Financials Outlook Appendix 2
Slide 3: 2025 solid top and bottom-line results, in line with guidance
2025 SOLID TOP AND BOTTOM-LINE RESULTS, IN LINE WITH GUIDANCE Net Revenues Adj. EBIT Free Cash Flow 747 €M 79 €M 123 €M Q4 +2.1% YoY organic1 10.5% margin vs. 63 €M vs. 139 €M in Q4’24 8.7% margin in Q4’24 2,707 €M 193 €M 125 €M 7.1% margin FY +3.0% YoY organic1 vs. 160 €M vs. 152 €M in 2024 6.1% ma
Slide 4: 2025 key achievements: back to growth, progressing on strategic initiatives
2025 KEY ACHIEVEMENTS: BACK TO GROWTH, PROGRESSING ON STRATEGIC INITIATIVES 1 2 3 4 5 PROFITABLE GROWTH CHAMPION OF THERMAL UNIQUELY BALANCED ACROSS GLOBAL FOOTPRINT OF 40+ COMBINING SOLID FINANCIAL COMFORT ACROSS ALL STAGES CLIMATE COMFORT AND COUNTRIES, INTEGRATED ORGANIC EXPANSION PERFORMANCE, LE
Slide 5: 2025 key achievements: strategic partnership and M&A
2025 KEY ACHIEVEMENTS: STRATEGIC PARTNERSHIP AND M&A Ariston-Lennox JV Riello acquisition • Accelerate water heating penetration in North • Become the reference climate comfort player in STRATEGIC Italy, adding well-known Riello and Beretta brands America, Lennox top 3 HVACR distributor with 300+ RA
Slide 6: Balanced exposure to both climate comfort and water heating markets
BALANCED EXPOSURE TO BOTH CLIMATE COMFORT AND WATER HEATING MARKETS FY 2025 THERMAL COMFORT DIVISION Climate comfo rt Water Heating 93% Heating Heating Heating Heat Air ~2.7€BN Boilers Hybrid systems Pumps Conditioning REVENUES FY 2025 Electric Heat Pumps Gas Solar storage & instant storage & instan
Slide 7: Germany: 2025 market volumes at the last 15-year bottom, strong HHP growth
GERMANY: 2025 MARKET VOLUMES AT THE LAST 15-YEAR BOTTOM, STRONG HHP GROWTH Germany1 example: heating generators market, ‘000 pcs Gas & Oil, solid fuel • Historical trend 2013-22: +4% volume growth, replacement market, Heat Pump shift to higher efficiency and renewable solutions +34% • 2023: exceptio
Slide 8: Agenda
AGENDA Highlights Financials Outlook Appendix 8
Slide 9: Four consecutive quarters of organic growth
FOUR CONSECUTIVE QUARTERS OF ORGANIC GROWTH NET REVENUES, €M +2.8% 2.6% 747 Q4 comments 2.1% 727 Q4 -1.8% • Climate comfort: continued growth, thanks to heat pumps recovery in Europe, driven by Germany • Water heating: organically positive, FX headwinds Q4 2024 Organic FX Perimeter Q4 2025 − Europe
Slide 10: Growth driven by Europe and North America, FX headwinds
GROWTH DRIVEN BY EUROPE AND NORTH AMERICA, FX HEADWINDS NET REVENUES, €M Share of net revenues, %, FY 2025 Europe Asia Pacific & MEA Americas1 +3.0% 72% 18% 10% w/o Russia +4.4% 1,859 1,941 +2.2% w/o Russia -1.6% +5.2% 504 496 +0.3% 504 531 -6.3% +3.9% 270 270 143 134 79 82 2024 2025 2024 2025 2024
Slide 11: FY25 margin expanded by 100 bps YoY, Q4 margin at 10.5%
FY25 MARGIN EXPANDED BY 100 BPS YOY, Q4 MARGIN AT 10.5% €M, % OF NET REVENUES Adj. EBIT Q4 comments +20.3% 193 • +180 bps, four quarter of YoY margin improvement 7.1% 1.0 • Efficiency plan execution and operating leverage more than offsetting 160 0.9 6.1% investments for growth in go-to-market, digi
Slide 12: Cash generation thanks to organic growth and efficiency gains
CASH GENERATION THANKS TO ORGANIC GROWTH AND EFFICIENCY GAINS €M Free Cash Flow Q4 comments • NWC 1.9 p.p. YoY improved Like-for-Like, maintained discipline; Q4 improved by 3.7 p.p. vs. Q3 in line with seasonality 152 160 • CapEx increased YoY as planned mainly for new plants in Serbia and 139 Albac
Slide 13: Leverage improved to 1.7x
LEVERAGE IMPROVED TO 1.7X €M Non-cash items include: MtM, IFRS16 variation and exchange rate effect on the Net Financial Indebtedness -32 125 -30 -29 -1 4 -542 -579 Adj. Net FCF Cash outflow Financial, FX Distribution to Buyback Non-cash items Adj. Net 2 Cash/(Debt) for acquisitions charges and othe
Slide 14: Solid net financial position
SOLID NET FINANCIAL POSITION €M 31 Dec 2025, comments Liquidity 357 250 • Non-current bank debt duration to 3.5 years: ‒ >80% of maturities in 2028-2032 • Limited sensitivity to inflation: >55% of long-term debt -824 at fixed-rate or hedged Debt -960 • Funding sources optimized 31 Dec 2024 31 Dec 20
Slide 15: 2026 dividend proposal
2026 DIVIDEND PROPOSAL 4 2026 dividend proposal: 33% on 2025 adjusted net profit1 Group Net Profit 112.9 €M Payout ratio 33% Dividend proposal 37 €M Per Share 10 € cents Payment date May 20, 2026 Ex-date May 18, 2026 1. Due to the Ariston Thermo Rus LLC reconsolidation effect, Ariston Group will bas
Slide 16: Agenda
AGENDA Highlights Financials Outlook Appendix 16
Slide 17: 2026 guidance
2026 GUIDANCE Focus on growth, while investing in strategic initiatives Top line • Organic revenues1 growth between +1% and +4% YoY Profitability • Adj. EBIT between 7% and 8% thanks to continued cost efficiencies and operating leverage, while increasing investments in go-to-market, new products, di
Slide 18: Q&A Session
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Slide 19: Agenda
AGENDA Highlights Financials Outlook Appendix 19
Slide 20: Our global presence: at home around the world
OUR GLOBAL PRESENCE: AT HOME AROUND THE WORLD FY 2025 FY 2025 >10k employees NET REVENUES 18% ASIA/PACIFIC & MEA 72% EUROPE Countries of 41 direct presence >170 Markets of distribution 10% 32 Production sites in 18 Countries AMERICAS 31 R&D Centers in 15 Countries 20
Slide 21: Current regulation in the European heating market
CURRENT REGULATION IN THE EUROPEAN HEATING MARKET: SUMMARY OF OUR MAIN COUNTRIES EU: Energy Performance of Buildings Directive (EPBD): Stop incentives for «stand-alone boilers powered by fossil fuels» from 2025. Push towards decarbonisation technologies, reduction of energy consumption of existing b
Slide 22: ESG ratings: strong improvements in 2025
ESG RATINGS: STRONG IMPROVEMENTS IN 2025 2023 2024 2025 Trend 1 Bronze Medal Silver Medal Silver Medal Score: 57/100 Score: 68/100 Score: 73/100 Improved 2 Global CSA Score Global CSA Score Global CSA Score 27/100 39/100 46/100 Improved ESG Household Durable Building Products Building Products ratin
Slide 23: Net revenues by division
NET REVENUES BY DIVISION Share of net revenues, NET REVENUES1, €M %, FY 2025 Thermal Burners (Combustion Comfort Components Technologies) +2.4% 93% 4% 3% 2,464 2,523 +1.9% 683 696 +19.2% +1.0% +35.0% 79 94 +2.9% 89 90 18 25 25 26 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 Q4 FY Q4 F
Slide 24: Net revenues and Adj. EBIT by quarter in the last years
NET REVENUES AND ADJ. EBIT BY QUARTER IN THE LAST 2 YEARS €M 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Reported net revenues 653 621 632 727 648 644 668 747 1 Like-for-like net revenues 635 612 632 727 648 624 647 729 Adj. EBIT 30 27 40 63 35 31 48 79 1. Excluding Ariston Thermo Rus LLC, DDR Heating and ZRE
Slide 25: Historical quarterly growth by region
HISTORICAL QUARTERLY GROWTH BY REGION NET REVENUES, YOY 2021 2022 20232 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Europe +6.6% +18.1% +17.5% +18.2% +15.3% +14.1% +16.2% +59.6% +50.8% +46.7% +38.5% +48.5% Asia Pacific & MEA +5.6% +20.3% +54.0% +52.3% +48.5% +18.0% +40.6% -1.4% +3.6% -1.7% -4.4% -1.1% Ameri
Slide 26: Historical seasonality
HISTORICAL SEASONALITY Net revenues Adj. EBIT Cumulated FCF Quarterly weight on FY Quarterly weight on FY Quarterly trend Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1H 9M FY Average 2017-25 Average 2017-25 Average 2017-25 Demand for heating-related products Operating leverage gives margins an The last quarter of th
Slide 27: Q4 income statement: like-for-like
Q4 INCOME STATEMENT: LIKE-FOR-LIKE €M 4 Q4 2025 Q4 2024 % change Net revenue 728.5 726.7 0.2% EBITDA 86.8 71.1 22.1% % margin 11.9% 9.8% Adjusted EBITDA 106.4 94.8 12.2% % margin 14.6% 13.0% EBIT 52.0 33.7 54.4% % margin 7.1% 4.6% Adjusted EBIT 76.7 63.4 20.9% % margin 10.5% 8.7% Note: Ariston Therm
Slide 28: FY income statement: reported
FY INCOME STATEMENT: REPORTED €M 4 FY 2025 FY 2024 % change Net revenue 2,707.1 2,632.7 2.8% EBITDA 317.0 203.0 56.2% % margin 11.7% 7.7% • Reported figures: Ariston Thermo Rus LLC deconsolidated from end-April in 2024 and Adjusted EBITDA 311.2 276.3 12.6% reconsolidated from end-March in 2025 % mar
Slide 29: Reclassified FY cash flow statement
RECLASSIFIED FY CASH FLOW STATEMENT €M FY 2025 FY 2024 Change EBITDA 317.0 203.0 114.1 • Higher cash absorption from Net Working Capital vs. FY 2024 Tax paid (33.8) (51.2) 17.4 • EBITDA improvement • Higher CapEx vs. FY 2024, in line with our Provisions and other changes from operating activities (2
Slide 30: Net financial indebtedness
NET FINANCIAL INDEBTEDNESS €M 4 31/12/2025 31/12/2024 Liquidity 249.9 357.1 • Non-current bank debt duration extended to 3.5 years (from 3.7 years as of September 30th): minus: Current financial indebtedness (86.4) (148.2) ‒ >80% of maturities in 2028-2032 minus: Non-current financial indebtedness (
Slide 31: Disclaimer
DISCLAIMER This document contains forward-looking statements that relate to future events and future operating, economic and financial results of Ariston Group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circums
Slide 32: Thank you
THANK YOU Investor Relations contacts +39 02 8567 2317 investor.relations@ariston.com