3 March 2026
Ariston Group: 2025 Full Year and Q4 Results FY ORGANIC1 GROWTH AT +3% AND Adj. EBIT +20.6%, MARGIN AT 7.1% FOR THE FY AND 10.5% IN Q4FY Net revenue at €2,707m, up 3.0% organically1YoY, and €747m in Q4, up 2.1% organically1YoY thanks to strong performance in Europe, especially of heating heat pumps in Germany
- FY Adjusted EBIT at €193m, with 7.1% margin on Net Revenue (+100 bps YoY). Adjusted EBIT at €79m in Q4 (€63m in Q4'24), with 10.5% margin (+180 bps YoY), in line with historical seasonality, driven by operating leverage and efficiency initiatives, while accelerating investments in go-to-market, new products, digitalization and R&D
- FY Free cash flow at €125m (€152m in 2024), reflecting a higher level of investment in strategic initiatives to fuel growth and competitiveness
- Net debt2 at €574m, improved compared with €603m at 2024 year-end, thanks to free cash flow generation and including dividend payment, cash-out for acquisitions and buyback
- Proposed dividend of 10 eurocent per share, amounting to 33% of adjusted net profit 2026 GUIDANCE3
2026 Net revenues between +1% and +4% organically4 YoY, thanks to continuous recovery of European heating demand, water heating steady performance and a diversified product portfolio
- 2026 adjusted EBIT margin between 7% and 8%, thanks to cost efficiencies and operating leverage, while increasing investments in go-to-market, new products, digitalization and R&D to fuel growth
1At constant exchange rates and "Like-for-Like" (i.e. Ariston Thermo Rus LLC excluded from 2024 and
2025 figures; and excluding DDR Heating and Z.R.E. acquisitions from 2025 figures).
2Calculated according to ESMA 32-382-1138 guidelines.
3The 2026 guidance does not incorporate potential disruptions arising from recent geopolitical developments involving the Middle East, nor any related second-order effects on demand across our key markets.
4At 2025 perimeter and constant exchange rates.
pursue opportunities with a strong strategic fit to further reinforce our Group global position in sustainable climate and water comfort".
Maurizio Brusadelli, Chief Executive Officer, commented: "In 2025 the market showed signs of recovery, supported by growth in renewable technologies in Germany. Our solid position in this key market allowed us to fully capture the expansion of heat pumps, while our comprehensive portfolio and disciplined execution delivered a strong full year performance, overperforming the market. Looking ahead, we are positive on 2026, supported by the gradual recovery of European heating demand and by the solid foundations we have built through continued investment in our products, organization and digital capabilities".The Board of Directors of Ariston Holding N.V. (MTA/EXM; Bloomberg ticker: ARIS IM) met today and approved the annual results for the full year ending on 31 December 2025.
FY AND Q4 2025 CONSOLIDATED RESULTS Net revenue amounted to 2,707.1 million euro, an increase of 2.8% compared to the 2,632.7 million euro registered in FY 2024. This result includes organic growth of +3.0%, partially offset by a negative foreign exchange effect of -1.4%.The following tables show the split of Net revenue by division and by geographic area:
o/w perimeter
variation
€M | FY 2025 | FY 2024 | Change |
Thermal Comfort 2,522.8 2,464.4 +2.4% 52.0
Combustion Technologies (Burners) | 90.1 | 89.3 | +1.0% | - | |
Components5 | 94.2 | 79.1 | +19.2% | 8.3 | |
Total | 2,707.1 | 2,632.7 | +2.8% | 60.3 | |
€M | FY 2025 | FY 2024 | Change | o/w perimeter variation | |
Europe6 | 1,940.8 | 1,858.8 | +4.4% | 55.8 | |
Asia/Pacific & MEA | 496.0 | 504.3 | -1.6% | - | |
Americas7 | 270.3 | 269.6 | +0.3% | 4.5 | |
Total | 2,707.1 | 2,632.7 | +2.8% | 60.3 |
5Includes the bolt-on acquisitions of DDR Heating (US) and Z.R.E. (Italy) in 2025 figure.
6Includes the impact of the reconsolidation of Ariston Thermo Rus LLC since April 2025.
7Includes the acquisition of DDR Heating (US) in 2025 figure.
o/w perimeter
variation
€M | Q4 2025 | Q4 2024 | Change |
Thermal Comfort 696.1 682.9 +1.9% -
Combustion Technologies (Burners) | 26.1 | 25.3 | +2.9% | - | |
Components4 | 24.9 | 18.5 | +35.1% | 3.5 | |
Total | 747.1 | 726.7 | +2.8% | 3.5 | |
€M | Q4 2025 | Q4 2024 | Change | o/w perimeter variation | |
Europe5 | 530.5 | 504.2 | +5.2% | 2.1 | |
Asia Pacific & MEA | 134.1 | 143.1 | -6.3% | - | |
Americas6 | 82.5 | 79.4 | +3.9% | 1.4 | |
Total | 747.1 | 726.7 | +2.8% | 3.5 |
These margins are also presented in an adjusted form which is more suitable to appreciate the trend of the normal business operations, with the exclusion of costs or revenues not representative of them; the main adjustments for the period are the neutralisation of i) the positive impact from the reconsolidation of the Russian subsidiary ("Ariston Thermo Rus LLC"), and ii) the negative impact of the PPA amortization related to past acquisitions, the strategic multi-year reorganization program and M&A expenses.
Adjusted EBITDA totaled 311.2 million euro, with a 11.5% margin on net revenue, compared to276.3 million euro (10.5% margin) in 2024.
Adjusted EBIT amounted to 192.8 million euro, compared with 160.2 million euro in 2024, with 7.1% margin on net revenue, from 6.1% in 2024. The improvement was led by the execution of our efficiency initiatives and the positive impact of operating leverage, which more than offset the accelerated investments for growth in go-to-market, digital and R&D. The Group Net profit was equal to 132.4 million euro, compared with 2.5 million euro in 2024, while the Group adjusted Net profit was 112.9 million euro, from 89.0 million euro in 2024.The Group adjusted Net profit is the result for the period attributable to the Group before adjustments on operating and financial income (expense), before the relevant taxation effect and before other positive/negative tax adjustments for the period.
Free cash flow reached 125 million euro in 2025, compared to 152 million euro in the previous year - when it benefitted from an exceptional net working capital reduction - thanks to profitable growth resulting in higher EBITDA contribution, continuous improvement in net working capital management, which more than offset higher CapEx in 2025 (141 million euro compared to 116 million euro in 2024), as planned. Net Financial Indebtedness on 31 December 2025 (calculated according to ESMA 32-382-1138 guidelines) decreased to 573.7 million euro from 602.7 million euro at 31 December 2024, thanks to cash flow generation partially offset by acquisitions, distribution payment, financial charges and buyback.For comparative purposes, applying the calculation method used before the adoption of ESMA guidelines, Net Financial Indebtedness went from 579.1 to 542.0 million euro. The main differences are ESMA's inclusion - among liabilities - of put & call options related to acquisitions, and the neutralization of positive mark-to-market derivatives.
DIVIDEND PROPOSALThe Board of Directors will propose to the general meeting a dividend of 10 eurocent per share, representing a 33% payout ratio on 2025 adj. Net profit.
The dividend, if approved by the general meeting, will be paid on 20 May 2026, with 19 May 2026 as the record date, and 18 May 2026 as the ex-dividend date.
For fiscal purposes where relevant, the dividend will be drawn from 2025 net profit.
OTHER RESOLUTIONS OF THE BOARD OF DIRECTORS Annual General Meeting. The Board of Directors resolved to call the Annual General Meeting on 5 May 2026 to approve the 2025 Annual Report including, inter alia, the financial statements for the year ended 31 December 2025, the CSRD report, the corporate governance report and the remuneration report. Binding nomination of directors. The Board of Directors also resolved to submit to the general meeting a binding nomination of both executive and non-executive directors following the end of office term of some of the current directors. The Board proposed to reappoint Maurizio Brusadelli as Executive Director, and Katja Gerber, Laurent Jacquemin and Francesca Merloni as non-executive directors. The Board includes Paolo Merloni as executive director, Antonia Di Bella, Roberto Guidetti, Guido Krass, Ignazio Rocco di Torrepadula, Marinella Soldi and Enrico Vita as non-executive directors, whose term does not expire in 2026. 2026 Share Units plan. The Board of Directors resolved to propose to the general meeting to approve the 2026 Share Unit Plan that includes the 2026 Long-Term Incentive Plan and the 2026 Extraordinary Award Plan. The plan foresees the granting of a maximum of 14 million euro to selected beneficiaries. The relevant bodies will be authorized to implement the Long-Term Incentive plan until 31 December 2026 and the Extraordinary Award Plan until the day prior to the general meeting to be held in 2027. ANNUAL REPORT AND ANALYST PRESENTATIONThe annual report 2025 (including, inter alia, the Corporate Governance Report, the Report of the Non-Executive Directors, the Statement of Responsibilities for the Annual Report, the Remuneration Report, and the Independent Auditor's Report) is available at the corporate offices of the Company in Milan, Via Broletto 44, at the authorized repository www.1info.it and on www.aristongroup.com in the "Investors" section.
The annual report has been prepared in accordance with the Dutch Civil Code and the applicable International Financial Reporting Standards (IFRS).
The Q4 and FY 2025 Results analyst presentation, which includes the management's guidance for 2026, will be made available at the authorized repository https://www.1info.it and on https://www.aristongroup.com in the "Investors" section.
A conference call dedicated to financial analysts and investment professionals will be held today at 15:00 CET; you can join it here: Registration | FY 2025 Results
The Board of Directors is responsible for preparing the 2025 financial results, the full year consolidated financial statements and the Company-only financial statements at 31 December 2025, in accordance with the Dutch Financial Supervision Act and the applicable International Financial Reporting Standards (IFRS).
Alternative Performance Measures (APMs)This document contains certain financial performance measures that are not defined in IFRS standards (non-GAAP measures). These measures comply with the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA') in its communication ESMA/2015/1415. For a full presentation and discussion of alternative performance measures, please refer to chapter 4.11 "Definition and reconciliation of the Alternative Performance Measures (APMs or non GAAP measures) to GAAP measures" in the annual report.
Investor Relations CONTACTShttps://www.aristongroup.com
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Media Relations Barabino & Partners barabino.ariston@barabino.it DisclaimerThis announcement may contain certain forward-looking statements, estimates and forecasts reflecting management's current views with respect to certain future events. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Group's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Group operates or intends to operate. Forward-looking information is based on information available to the Group as of today and is based on certain key assumptions; as such, forward-looking statements speak only as of the date of this announcement. No assurance can be given that such future results will be achieved; actual events may materially differ as a result of risks and uncertainties faced by the Group, which could cause actual result to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. Except as required by applicable laws and regulations, the Group expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based; the Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document, and in any related oral presentation, including responses to