Franchi Umberto Marmi Spa · MIL:FUM
Franchi Umberto Marmi Spa — Investor Presentation (May 2026)
40 slides from Franchi Umberto Marmi Spa's investor presentation, May 2026
Slide 1: Franchi Umberto Marmi Investor Presentation
Franchi Umberto Marmi Investor Presentation ISMO MILANO 2026 May 2026 1
Slide 2: Notice to Recipient
Notice to Recipient The information contained in this documentation has been prepared by Franchi Umberto Marmi S.p.A. (the “Company”) and its consolidated subsidiaries (together, the "Group") for the sole purpose of the presentation made to you concerning the Company. This presentation and the infor
Slide 3: Top Management
Top Management • 35 years with FUM Alberto Franchi • Director from 1988 to 1991 Chairman & CEO • Chairman and CEO since 1990 • 7 years with FUM Marco Nannini • 30+ years functions Controller with FUMin various companies Bernarda Franchi CFO • In FUM sincefor Responsible 1991 financial management of
Slide 4: Company at glance
Company at glance 2025 financials International leader of high-quality marble Luxury product portfolio Gioia Headquarter Statuario Calacatta €78.6m (3.8%) Venato Total consolidated revenue(1) Consolidated rev. YoY ‘24-’25 Carrara Following acquisition of IGFC in 2021, FUM secured privileged €20.8m 2
Slide 5: The Group structure
The Group structure(1) Joint operation Ingegner Giulio Faggioni 50% 49% FUM Australia Pty Ltd. S.C.A.R.L. 51% 40% Recovery Stone S.r.l. Marmoles Man S.r.l. Consolidation Perimeter 50% 33.3% Escavazione Calacatta Escavazione La Gioia S.r.l. Bondielli S.r.l. 25% 25% Marmi Pregiati Carrara Artana Marmi
Slide 6: From the quarry to the end customer
From the quarry to the end customer Scope of activity of FUM TRADING OF BLOCKS MARBLE PURCHASE OF BROKERS & END CONSUMERS EXTRACTION BLOCKS DEALERS Minority interest offering a privileged access for FUM TRANSFORMATION TRADE OF INTO SLABS SLABS 6
Slide 7: Holistic luxury positioning
Holistic luxury positioning FUM portfolio focuses on the highest quality marble … Only extracted in the mountains above Carrara by a handful of quarries, FUM has a privileged access to 25-30% of total Calacatta and +61% Calacatta Statuario production of FUM Sales(1) Unique Italian heritage FUM’s sup
Slide 8: A best in class quality and diversified product offering
A best in class quality and diversified product offering Hi o gh q li uality marble portfo Calacatta Statuario Gioia Venato Venatino Others High-end High-end Medium-end Medium-end Medium / Low-end 3,077€/ton(1) 3,707€/ton(1) 537€/ton(1) 897€/ton(1) 947€/ton(1) Revenue share: Revenue share: Revenue s
Slide 9: FUM's Global Presence
FUM’s Global Presence Asia (21.1%) North America (18.2%) €76.1m 2025 Total Revenue(1) EMEA Australia (46.7%) (11.8%) Africa South (1.8%) America (0.3%) 86% of revenues generated Top 10 countries by revenue size in 2025 from top 3 countries FUM marbles reach FUM’s recurrent dealers 450+ clients and 2
Slide 10: Privileged procurement process while remaining flexible
Privileged procurement process while remaining flexible FUM suppliers by source in 2025(1) Key advantages of diversified suppliers Only minority interest for diversification purpose Quarries in which FUM owns an interest FUM enjoys privileged marble supply through: 34% • Long-term preferential contr
Slide 11: Marble market overview
4 Marble market overview marmi
Slide 12: FUM's total addressable market
FUM’s total addressable market Total Addressable Market Carrara best in class marble Carrara marble has the highest quality worldwide because of its ~€20.0bn (1) unique physical characteristics: 99% CaCO3 with distinctive grain type Global marble market +4.3% CAGR ‘25-’33 ~€2.2bn (2) Market dynamics
Slide 13: Compelling financial performance
5.2 Compelling financial performance 13
Slide 14: Key 2025 results: resiliency and strong cash generation
Key 2025 results: resiliency and strong cash generation • Total Revenues 2025: €78.6m with a strong growth in Revenues in Q4, +11% YoY. Excellent trend in Asia confirmed, while Europe still weak • EBITDA to €20.8m; EBITDA Margin at 27.4%; Profit for the year equal to €8.5m - margin on Revenues of 11
Slide 15: Historical top-line results
Historical top-line results Total Revenue(1) (in €m) Total revenue grew over the 2023- 2025 period with a CAGR of 2.6%, +9.4% (3.8)% reaching €78.6m in 2025 The consolidated growth was also driven by the results obtained by two different acquired companies, with the aim of expanding into new activit
Slide 16: Historical margins results
Historical margins results EBITDA(1) (in €m) 32.3% 31.6% 27.4% Strong margins even during contraction period thanks to luxury positioning and technology expertise Additional increase in marginality thanks to better product mix (higher quota of the highest marble quality) 23.9 25.3 20.8 Further boost
Slide 17: Capital expenditure and strong cash generation
Capital expenditure and strong cash generation Capital expenditure(1) Cash conversion ratio(3) (in €m) 2.8% 8.1% 3.6% 87% 87% 6,6 3,1 2,8 74% (2) (2) FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 % of Total revenue Source (s): Company’s annual reports Note(s): (1) Consolidated data; (2) FY23 norma
Slide 18: Net Income, Dividend Pay-out, NFP
Net Income, Dividend Pay-out, NFP Net income(1) NFP(1) (in €m) 29.4 40.0% 29.2% - 17.1 33.7 17.4% 13.8% 10.9% 13.9 16.4 9.4 41.4 32.9 25.1 13.0 11.3 (13.1) 8.5 (18.1) (29.2) FY 2023 FY2024 FY2025 % of Total revenue FY 2023 FY 2024 FY 2025 % Dividend Pay-out Ratio Cash & Equivalents LT debt ST debt S
Slide 19: Revenues breakdown by geography FY 2024 – FY 2025
Revenues breakdown by geography FY 2024 – FY 2025 FY 2024(1) A FY 2025(2) A Revenues 79.8 76.1 (€/m) • During FY 2025 the company 1,1% 0,6% EMEA 1,8% EMEA 0,3% registered a decrease in 6,9% 11,8% revenues of €3.7 million Asia Asia (-4.7%) Revenues breakdown 19,1% North America North America 18,2% 46
Slide 20: Growth Strategy
3 | Growth Strategy marmi
Slide 21: 3 pillars to grow
3 pillars to grow Market Penetration Market Expansion M&A Capitalizing on the increasingly Exceptional material quality Building on its proven track important US market, FUM aims drives a distinctive and winning record, FUM continues to explore to expand into downstream position across all markets e
Slide 22: Appendix
4 | Appendix marmi
Slide 23: M&A – other results achieved
M&A – other results achieved ➢ At the beginning of 2022 FUM acquired 51% of ➢ In 2023 FUM acquired ~40% of Marmoles Man, ➢ In 2023 FUM acquired ~49% of FUM Australia, Recovery Stone, at that moment still dormant. continuing its strategy of growth by external with the possibility to increase the part
Slide 24: M&A case study - IGFC (2021)
M&A case study - IGFC (2021) In 2021 FUM acquired 50% of IGFC(1), which owns 50% of one the most important quarries producing Statuario and Calacatta in the Apuane district As a result of the deal, FUM has exclusive access to 25% (~10k tons a year) of the production of the two most renowned marble q
Slide 25: A differentiated marketing approach
A differentiated marketing approach Warehouse showrooms Collaborations • FUM collaborates with stone sculptors to exalt Carrara marble and • Headquarters of 60,000m2 where 5 modern warehouses are give its product new dimensions used as showrooms for clients • Build exhibition corners in the most imp
Slide 26: ESG Considerations
ESG Considerations FUM’s environmental impact Energy intensive Risk of landslides Transformation process from fine debris produced by block cutting - 76% greenhouse gas emissions than average ceramics producer(2) ✓ FUM’s slabs have lower environmental ✓ FUM imposed to its suppliers to work impact on
Slide 27: High end marble benefiting from attractive growth drivers
High end marble benefiting from attractive growth drivers Growing UHNWI group Sustained demand for Italian quality products +27%(2) expected UHNWI population growth +3.3%(4) — ’22-’25 expected CAGR for the luxury Italian for 2025 vs. 2020 segment • UHNWI have a large portion of their wealth in • Ita
Slide 28: Flexible block trade
Flexible block trade FUM, thanks to its experience and know-how, operates with bespoke contract with its dealers and brokers across all geographies This allows the company to offer maximum flexibility to its customers on timing and size, but also price negotiation Such flexibility is necessary for a
Slide 29: Positioned at the top of the Italian's most premium district
Positioned at the top of the Italian’s most premium district Raw marble average selling price per geography • The Carrara district’s marble is world- renowned for its superior quality and (€/ton) Statuario Calacatta unique elegant classic look 3,702 • Carrara marble experienced significant premiumis
Slide 30: Technology to maximise block value
Technology to maximise block value DAMAGED WASHED AND KEPT UNDER REINFORCED BLOCKS SLABS READY FOR BLOCKS COVERED WITH PRESSURE FOR 24H CUT INTO SLABS PROCESSING SALE RESIN UNDER VACUUM FUM leverages its cutting-edge technology to enhance its value proposition for slabs Ability to market increased v
Slide 31: Logistical process
Logistical process Extraction Storage Shipment • Carried out through trusted and long-term relationships third part shippers • Material is transferred to the warehouse of the Issuer • Slabs are stored in same storage until the day of the by trucks shipment • Deliveries within Italy are predominantly
Slide 32: Transformation using advanced technologies
Transformation using advanced technologies • Each block goes through internal and external damage assessment 1 Reinforcement • Damaged blocks undergo a thorough under vacuum Recovery Stone reinforcement process (“Risanamento”) acquisition (2021) • Marble blocks are cut in the FUM sawmill located in
Slide 33: Management Organisational Structure
Management Organisational Structure Board of Directors Bernarda Maurizia Alberto Paolo Marco Roberto Franchi Gualtiero Gianluca Andrea Davide Maurizo Leto Franchi Orlando Galatieri Lettieri Vice Vanelli Cedro Franchi Giovanetti Saravini Di Priolo Chairman & Daviddi di Genola Independent Chairman CEO
Slide 34: Regulatory framework
Regulatory framework Quarries, qualify as a property (bene estimato), and/or concession: Renewal of authorization (art. 38 of the Tuscany Regional Law No. 35/2015) Property (bene estimato) Concession Owners of authorizations(2) on concessions can apply for an extension of maximum of 25 years if: • A
Slide 35: Contractual Agreements with Suppliers
Contractual Agreements with Suppliers CONTRACTUAL AGREEMENT Procurement of marble is regulated by 10-year contracts (rolling renewals for Extracting Companies additional 5/10 years) expiring in 2029 allowing FUM: in which FUM directly owns a non- controlling interest • Right to buy a pre-determined
Slide 36: Mix of property and concession – Gioia Pianello example
Mix of property and concession – Gioia Pianello example Gioia Pianello example case • Gioia Pianello quarry is a combination of private property (bene estimato) and concession area • The area has an approximate 50/50 split between two categories • Example highlights how extraction process can become
Slide 37: Key investment highlights
Key investment highlights Compelling financial performance Luxury positioning translates into best-in-class margins and stable cash flow generation, enabling significant headroom to create value for shareholders 1 Marble market overview Solid demand for Italian marble, stimulated by its higher produ
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Slide 39: FUM strengthens its commitment to education with the launch of the FUM Academy
FUM strengthens its commitment to education with the launch of the FUM Academy Bernarda Franchi, vice president and CEO of Franchi Umberto Marmi commented: "Generating culture is also at the core of doing business. The inauguration of the FUM Academy represents a key milestone in our growth strategy
Slide 40: via Del Bravo 14/16 Carrara (MS)
via Del Bravo 14 /16 Carrara (MS) t. +39 0585 70057 www.fum.it
Franchi Umberto Marmi — Investor Presentation (May 2026) on 6ix