Riello group acquisition

Analyst Presentation December 17th, 2025

‌Transaction highlights

TRANSACTION PERIMETER

• Ariston Holding N.V. signed a binding agreement for the acquisition of Riello Group1

• Parent company Carrier Global Corporation will transfer 100% of Riello Group1to Ariston Holding N.V.

in exchange for a consideration of 289 €M2(Enterprise Value)

STRATEGIC RATIONALE & VALUE CREATION

• Become the reference climate comfort player in Italy, adding well-known Riello and Beretta brands

• Strengthen Ariston global position as a combustion technology specialist

• Rise Ariston exposure to Commercial & Industrial segments, and presence in North America

• Significant value creation potential

• Highly EPS accretive including synergies

FINANCING

• The acquisition will be financed with own funds with payment to be settled at closing

• Leverage post-acquisition3expected below 2.5x (NFP/EBITDA)

APPROVAL & TIMING

• Expected closing within H1 2026, subject to customary closing conditions

1. Riello includes Riello Group S.p.A. and Riello America LLC;

2. 340 million USD, 15th December 2025 exchange rate (1.175 USD/Eur);

3. Pro-forma leverage 2025E on NFP Adjusted (consistent with pre-ESMA calculation method). Based on FY2025 analysts' consensus. 2

2 well-known brands added to Ariston's portfolio:

• Riello: direct-to-installer approach, leveraging on unique network in Italy of 160+ highly loyal mono-brand agents

• Beretta: indirect approach via wholesaler, capillary presence in Northern Italy

‌ Strategic Rationale

Climate Comfort: strengthening role in Italy, thanks to complementary sales channels, geographical presence and extensive service coverage

Combustion technologies (burners): enhanced position as a global reference expert across a wide range of applications. Combustion technologies, based on biofuel and hydrogen blending, are the only solution to decarbonize high-temperature applications

Commercial & Industrial: expanding exposure to C&I, broadening the range of boilers (e.g., industrial boilers) and

combustion technologies (e.g., commercial and industrial heating) solutions

North America: strengthen presence in US and Canada

‌Riello Group - Overview

Key financials, 2025E Solutions portfolio1

Climate comfort Combustion technologies

Net revenues

~400 €MLN

47%

53%

Solutions

• Boilers

• Heat pumps

• Air conditioning

  ( B u r n e rs)

• Multi-fuels (conventional, bio,

  37%

  63%

  hydrogen blending)

  • Low and ultra-low NOx

  • Tailor made process solutions

Italy

RoW

Services & Spare parts

Main markets:

• North America

• UK & Ireland

Adj. EBITDA

~35 €MLN

8.8% margin

Adj. EBIT estimate

~18 €MLN

4.5% margin

Applications range: residential, commercial, industrial

1. Based on FY24A figures. 4

‌Manufacturing and R&D footprint

Mississauga

Tailored residential and commercial combustion technologies

Legnago (VR)

1

North America

Volpago (TV)

Italy 3

Lecco (CO)

1 Poland

Torun (RUG)

China 1

Shanghai

4 COUNTRIES WITH MANUFACTURING AND R&D CAPABILITIES

Residential, Commercial & Industrial combustion technologies

Commercial & Industrial boilers and tanks

R&D global hub

Electric motors & controls, Small scale burners Laboratories

‌Multiple levers of value creation

Technology

Sourcing & Logistics

Complementary

product portfolio

Others

• Riello benefit from Ariston's

  • Renewable and high efficiency product platforms for climate comfort and hot water

  • Electronics and connectivity

• Sourcing on common categories

• Logistics leveraging increased scale

• Ariston benefits from Riello's:

  • Commercial and industrial boilers

  • Combustion technology solutions

• Digital & ICT

Expected ~25 €M/year EBITDA impact run-rate (by year 4 post closing)

~5x 2026E Adj. EBITDA multiple including run-rate synergies

High-teens 2026E Adj. EPS accretive including run-rate synergies

Adj. EPS accretive

by year 2 post closing

Investor Relations contacts:

investor.relations@ariston.com