Cembre S.p.a. MIL:CMB

Cembre S p A : INTERIM REPORT 2025 1ST QUARTER

Published

Source: MarketScreener

I N T E R I M

R E P O R T

2025 FIRST QUARTER



Cembre S.p.A.

Head Office: Via Serenissima 9, Brescia, Italy Share Capital: EUR 8,840,000 (fully paid-up).

Registration no: 00541390175 (Commercial Register of Brescia)

This document contains translations of the Interim Report drawn up in the Italian language

Contents

Corporate Boards and Independent Auditors 2

Group Structure 3

Interim Report on Operations 4

Subsequent events 8

Outlook 8

Attachment 1 to the Interim Report on Operations 9

Comparative Consolidated Income Statement 9

Consolidated Financial Statements at March 31, 2025 10

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position - Assets 11

Consolidated Statement of Financial Position - Liabilities and Shareholders' Equity 12

Consolidated Cash Flow Statement 13

Statement of Changes in the Consolidated Shareholders' Equity 15

Notes to the accounts 16

Accounting principles, form and content of the Financial Statements, estimates 16

Translation of financial statements expressed in currencies other than the euro 17

‌Corporate Boards and Independent Auditors‌ Board of Directors

Giovanni Rosani Chairman and Managing Director

Aldo Bottini Bongrani Deputy Chairman

Anna Maria Onofri Director

Sara Rosani Director

Felice Albertazzi Director

Franco Celli Director

Paola Carrara Independent Director

Elisabetta Ceretti Independent Director

Board of Statutory Auditors

Stefano Colpani Chairman

Riccardo Astori Auditor

Rosanna Angela Pilenga Auditor

Maria Grazia Lizzini Substitute Auditor

Alessandra Biggi Substitute Auditor

Independent Auditors

EY S.p.A.

‌Group Structure‌

100%

Cembre Ltd

(UK)

100%

Cembre Sarl

(France)

100%

Cembre SLU

(Spain)

100%

Cembre GmbH

(Germany)

100%

Cembre Inc.

(USA)

100%

Cembre Electrical

Connections Shanghai Ltd

(China)

100%

Cembre BV

(Netherlands)

Cembre S.p.A.

(Italy)

Manufacturing and distribution companies

Distribution companies

‌Interim Report on Operations‌

In the first quarter of 2025, consolidated revenues stood at €60,006 thousand, marking an increase of 2.3% compared to €58,654 thousand recorded in the first three months of 2024.

Consolidated sales by geographical area show a decrease in the Italian market of 6.5% compared to the first quarter of 2024, and amount €25.3 million; revenues in other European markets amount to €29.0 million and increased by 9.9% compared to the first quarter of 2024; finally, non-European sales amounted to €5.7 million, marking a growth of 9.5%. In the 1st Quarter of 2025, 42.1% of Group sales were represented by Italy (as compared with 46.1% in the first three months of 2024), 48.3% by the rest of Europe (45.0% in the first three months of 2024), and the remaining 9.6% by the rest of the World (8.9% in the 1st Quarter of 2024).

The summary table of sales by geographical area is reported below:

(euro '000)

1st Quarter

2025

1st Quarter

2024

Change

1st Quarter

2023

1st Quarter

2022

1st Quarter

2021

Italy

25,288

27,038

-6.5%

24,777

21,433

15,697

Rest of Europe

28,987

26,381

9.9%

27,098

22,240

18,812

Rest of the World

5,731

5,235

9.5%

5,914

4,974

3,758

Total

60,006

58,654

2.3%

57,789

48,647

38,267

(euro '000)

1st Quarter 2025

1st Quarter 2024

Change

1st Quarter 2023

1st Quarter 2022

1st Quarter 2021

Cembre S.p.A.

30,682

32,972

-6.9%

30,402

27,187

20,194

Cembre Ltd. (UK)

8,012

6,755

18.6%

6,735

6,130

5,162

Cembre S.a.r.l. (F)

4,492

4,151

8.2%

3,765

2,796

2,907

Cembre S.L.U. (E)

6,282

5,485

14.5%

5,699

3,985

3,234

Cembre GmbH (D)

6,189

5,855

5.7%

7,195

5,407

4,498

Cembre Inc. (USA)

3,443

3,436

0.2%

3,993

3,142

2,272

Cembre Bv. (NL)

673

-

n.a.

-

-

-

Revenues from sales and services in the first three months of 2025 by Group company (net of intragroup sales):

Cembre El. Conn. Shanghai Ltd (CN)

233

-

n.a.

-

-

-

Total

60,006

58,654

2.3%

57,789

48,647

38,267

Sales revenues (pre-consolidation)

(euro '000)

1st Quarter 2025

1st Quarter 2024

Change

1st Quarter 2023

1st Quarter 2022

1st Quarter 2021

Cembre S.p.A.

45,617

47,802

-4.6%

44,487

37,543

28,662

Cembre Ltd. (UK)

8,762

7,399

18.4%

7,211

6,745

5,453

Cembre S.a.r.l. (F)

4,492

4,177

7.5%

3,789

2,894

2,965

Cembre S.L.U. (E)

6,290

5,490

14.6%

5,710

3,987

3,241

Cembre GmbH (D)

6,236

5,883

6.0%

7,256

5,429

4,537

Cembre Inc. (USA)

3,492

3,437

1.6%

3,999

3,144

2,281

Cembre BV (NL)

673

-

n.a.

-

-

-

Cembre El.Conn. Shanghai Ltd (CN)

233

-

n.a.

-

-

-

In the first three months of 2025, Group companies reported the following pre-consolidated sales revenues and results:

Pre-tax result (pre-consolidation)

(euro '000)

1st Quarter 2025

1st Quarter 2024

Change

1st Quarter 2023

1st Quarter 2022

1st Quarter 2021

Cembre S.p.A.

15,995

14,177

12.8%

15,523

12,427

8,439

Cembre Ltd. (UK)

1,080

502

115.3%

811

801

727

Cembre S.a.r.l. (F)

24

145

-83.4%

151

93

169

Cembre S.L.U. (E)

864

698

23.8%

855

611

270

Cembre GmbH (D)

678

(99)

n.a.

771

442

182

Cembre Inc. (USA)

447

(130)

n.a.

358

317

88

Cembre BV (NL)

187

-

n.a.

-

-

-

Cembre El.Conn. Shanghai Ltd (CN)

(25)

-

n.a.

-

-

-

For a more direct evaluation of the effect of foreign exchange translations, we include below sales figures and pre-tax result figures of the companies operating outside the euro area in the respective currency.

Currency

Sales revenues (pre-consolidation)

(euro '000)

1st Quarter 2025

1st Quarter 2024

Change

1st Quarter 2023

1st Quarter 2022

1st Quarter 2021

Cembre Ltd. (UK)

Gbp

7,323

6,335

15.6%

6,368

5,641

4,766

Cembre Inc. (USA)

US$

3,675

3,732

-1.5%

4,291

3,526

2,478

Cembre El.Conn. Shanghai Ltd (CN)

Rmb

1,781

-

n.a.

-

-

-

Currency

Pre-tax result (pre-consolidation)

(euro '000)

1st Quarter 2025

1st Quarter 2024

Change

1st Quarter 2023

1st Quarter 2022

1st Quarter 2021

Cembre Ltd. (UK)

Gbp

903

430

110.2%

716

670

635

Cembre Inc. (USA)

US$

470

(141)

n.a.

385

356

106

Cembre El.Conn. Shanghai Ltd (CN)

Rmb

(194)

-

n.a.

-

-

-

To provide a better understanding of the Company's financial performance for the first three months of 2025, a Reclassified Consolidated Income Statement for the same period and the corresponding period in 2024 showing percentage changes is enclosed as Attachment 1.

Consolidated gross operating profit for the first quarter of 2025 amounted to

€19,572 thousand, corresponding to a 32.6% margin on sales, up by 18.5% on

€16,521 thousand reported in the first three months of 2024 (28.2% margin on sales). The incidence of the cost of goods sold declined, while the weight of the cost for services slightly rose during the period. Personnel costs in absolute terms increased by 3.8% compared to the first quarter of 2024, mainly as a result of the increase in the average number of Group workers from 885 in the first quarter of 2024 to 926 in the first quarter of 2025. Personnel costs as a percentage of turnover slightly increased from 26.1% to 26.5%.

The consolidated operating profit for the first quarter of 2025 amounted to €16,138 thousand, corresponding to a 26.9% margin on sales, up by 21.3% on €13,299 thousand reported in the first three months of 2024 (22.7% margin on sales).

Consolidated profit before taxes for the first three months of 2025 amounted to

€16,223 thousand, representing a 27.0% margin on sales, up by 20.5% on the profit before taxes reported in the first quarter of 2024, amounting to €13,462 thousand and corresponding to a 23.0% margin on sales.

Consolidated net profit for the period increased by 22.4% compared to 2024 from

€9,715 thousand, representing 16.6% of sales, to €11,895 thousand, representing 19.8% of sales.

The net financial position as at March 31, 2025 is composed as follows:

(euro '000)

03/31/2025

12/31/2024

03/31/2024

A

Cash

9

9

9

B

Bank deposits

15,000

13,462

12,815

C

Other financial assets

-

-

8,000

D

Cash and cash equivalents (A+B+C)

15,009

13,471

20,824

E

Current bank payables

(85)

(3,080)

(102)

F

Current financial leasing liabilities

(2,039)

(2,191)

(1,848)

G

Current financial indebtedness (E+F)

(2,124)

(5,271)

(1,950)

H

Net current financial position (G+D)

12,885

8,200

18,874

I

Non-current bank payables

-

-

-

J

Non-current financial leasing liabilities

(5,802)

(6,213)

(4,493)

K

Non-current financial indebtedness (I+J)

(5,802)

(6,213)

(4,493)

L

Net financial position (H+K)

7,083

1,987

14,381

The net financial position as at March 31, 2025, amounting to a positive €7.1 million, was up compared to December 31, 2024, when it amounted to €2.0 million.

The net financial position at March 31, 2024 was a positive €14.4 million.

Investments made by the Group in the first quarter of the current year totalled €5.4 million in property, plant and equipment (€6.1 million in the first three months of 2024) and €0.3 million in intangible fixed assets (€0.3 million in the first three months of 2024).

‌Subsequent events‌

No event having significant effects on the Group's operations and results occurred after the close of the period.

‌Outlook‌

In consideration of the uncertainty of the current economic situation, with persistent geopolitical tensions, making forecasts is extremely difficult.

Nevertheless, in light of the positive results achieved in the first quarter, it is estimated that the Cembre Group's consolidated revenues will grow and the consolidated economic result will be positive in 2025.

‌Attachment 1 to the Interim Report on Operations‌ ‌Comparative Consolidated Income Statement‌

1st Quarter

2025

%

1st Quarter

2024

%

Change

(euro '000)

100%

100.0%

Revenue from contracts with

customers

60,006

58,654

2.3%

Other revenues

372

152

144.7%

Total Revenues

60,378

58,806

2.7%

Cost for materials and goods

(20,201)

-33.7%

(20,420)

-34.8%

-1.1%

Change in inventories

3,007

5.0%

962

1.6%

Cost of sales

(17,194)

-28.7%

(19,458)

-33.2%

-11.6%

Cost for services received

(7,430)

-12.4%

(7,090)

-12.1%

4.8%

Lease and rental costs

(128)

-0.2%

(135)

-0.2%

-5.2%

Personnel costs

(15,904)

-26.5%

(15,317)

-26.1%

3.8%

Other operating costs

(443)

-0.7%

(420)

-0.7%

5.5%

Increase in assets due to internal construction

322

0.5%

248

0.4%

29.8%

Write-down of receivables

(1)

0.0%

(106)

-0.2%

-99.1%

Accruals to provisions for risks and charges

(28)

0.0%

(7)

0.0%

300%

Gross operating profit

19,572

32.6%

16,521

28.2%

18.5%

Property, plant and equipment depreciation

(2,537)

-4.2%

(2,426)

-4.1%

4.6%

Intangible assets amortization

(289)

-0.5%

(281)

-0.5%

2.8%

Depreciation of right of use assets

(608)

-1.0%

(515)

-0.9%

18.1%

Operating profit

16,138

26.9%

13,299

22.7%

21.3%

Financial income

227

0.4%

150

0.3%

Financial expenses

(87)

-0.1%

(51)

-0.1%

70.6%

Foreign exchange gains (losses)

(55)

-0.1%

64

0.1%

-185.9%

Profit before taxes

16,223

27.0%

13,462

23.0%

20.5%

Income taxes

(4,328)

-7.2%

(3,747)

-6.4%

15.5%

Net profit for the period

11,895

19.8%

9,715

16.6%

22.4%

‌Consolidated Financial Statements at March 31, 2025 ‌Consolidated Statement of Comprehensive Income‌

1st Quarter

2025

1st Quarter

2024

(euro '000)

Revenue from contracts with customers

60,006

58,654

Other revenues

372

152

Total Revenues

60,378

58,806

Cost for materials and goods

(20,201)

(20,420)

Change in inventories

3,007

962

Cost for services received

(7,430)

(7,090)

Lease and rental costs

(128)

(135)

Personnel costs

(15,904)

(15,317)

Other operating costs

(443)

(420)

Increase in assets due to internal construction

322

248

Write-down of receivables

(1)

(106)

Accruals to provisions for risks and charges

(28)

(7)

Gross operating profit

19,572

16,521

Property, plant and equipment depreciation

(2,537)

(2,426)

Intangible assets amortization

(289)

(281)

Depreciation of right of use assets

(608)

(515)

Operating profit

16,138

13,299

Financial income

227

150

Financial expenses

(87)

(51)

Foreign exchange gains (losses)

(55)

64

Profit before taxes

16,223

13,462

Income taxes

(4,328)

(3,747)

Net profit for the period

11,895

9,715

Elements that may be reclassified to the profit and loss

(530)

455

Conversion differences include in equity

Comprehensive income

11,365

10,170

‌Consolidated Statement of Financial Position - Assets‌

ASSETS

03.31.2025

12.31.2024

(euro '000)

NON-CURRENT ASSETS

Property, plant and equipment

111,425

108,632

Investment property

678

688

Intangible assets

4,937

4,901

Goodwill

4,608

4,608

Right of use assets

7,632

8,204

Other investments

5

5

Other non-current assets

162

178

Deferred tax assets

3,490

3,616

TOTAL NON-CURRENT ASSETS

132,937

130,832

CURRENT ASSETS

Inventories

76,186

73,791

Trade receivables

51,874

46,182

Other financial assets

-

-

Tax receivables

2,317

5,771

Other current assets

2,355

1,118

Cash and cash equivalents

15,009

13,471

TOTAL CURRENT ASSETS

147,741

140,333

NON-CURRENT ASSETS AVAILABLE FOR SALE

-

-

TOTAL ASSETS

280,678

271,165

‌Consolidated Statement of Financial Position - Liabilities and Shareholders' Equity‌

LIABILITIES AND SHAREHOLDERS' EQUITY

03.31.2025

12.31.2024

(euro '000)

SHAREHOLDERS' EQUITY

Capital stock

8,840

8,840

Reserves

210,184

168,313

Net profit

11,895

42,590

TOTAL SHAREHOLDERS' EQUITY

230,919

219,743

NON-CURRENT LIABILITIES

Non-current financial liabilities

5,802

6,213

Employee Termination Indemnity and other personnel benefits

1,607

1,617

Provisions for risks and charges

421

376

Deferred tax liabilities

4,028

4,015

TOTAL NON-CURRENT LIABILITIES

11,858

12,221

CURRENT LIABILITIES

Current financial liabilities

2,124

5,271

Trade payables

22,548

19,877

Tax payables

1,704

1,227

Other payables

11,525

12,826

TOTAL CURRENT LIABILITIES

37,901

39,201

LIABILITIES ON ASSETS HELD FOR DISPOSAL

-

-

TOTAL LIABILITIES

49,759

51,422

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

280,678

271,165

‌Consolidated Cash Flow Statement‌

1st Quarter 2025

1st Quarter 2024

(euro '000)

A) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

13,471

20,882

B) CASH FLOW FROM OPERATING ACTIVITIES

Net profit for the period

11,895

9,715

Income taxes

4,328

3,747

Financial charges/(Financial profits)

(140)

(99)

(Gains)/Losses on disposal of assets

(66)

(33)

Depreciation, amortization and write-downs

3,434

3,221

Net change in Employee Termination Indemnity

(11)

(19)

Net change in provisions for risks and charges

45

(478)

Stock options plan IFRS2 remeasurement

(189)

18

Operating profit (loss) before changes in working capital

19,297

16,072

(Increase) Decrease in trade receivables

(5,692)

(13,499)

(Increase) Decrease in inventories

(2,395)

(1,450)

Increase (Decrease) in trade payables

2,671

3,340

Increase (Decrease) other components of working capital

(2,937)

(1,541)

(Increase) Decrease in working capital

(8,353)

(13,150)

Other changes

126

(247)

Interest received/(Interest paid)

140

99

(Paid income taxes)

-

(339)

NET CASH FLOW GENERATED BY (USED IN) OPERATING ACTIVITIES

11,210

2,435

C) CASH FLOW FROM INVESTING ACTIVITIES

Investment in fixed assets:

- intangible

(324)

(311)

- tangible

(5,417)

(6,072)

Proceeds from disposal of tangible, intangible, available-for-sale fixed assets:

- intangible

-

-

- tangible

70

50

- financial

17

(21)

NET CASH FLOW GENERATED BY (USED IN) INVESTING ACTIVITIES

(5,654)

(6,354)

D) CASH FLOW FROM FINANCING ACTIVITIES

(Increase) Decrease in other financial assets

-

(4,000)

(Increase) Decrease in bank debts

(2,995)

(26)

Repayment of leasing liabilities

(597)

(503)

NET CASH FLOW GENERATED BY (USED IN) FINANCING ACTIVITIES

(3,592)

(4,529)

E) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (B+C+D)

1,964

(8,447)

F) Foreign exchange conversion differences

(425)

390

G) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+E+F)

15,009

12,824

Of which: assets held for disposal

-

-

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

15,009

12,824

(continued)

(continued from previous page)

1st Quarter 2025

1st Quarter 2024

(euro '000)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

15,009

12,824

Other financial assets

-

8,000

Current financial liabilities

(2,124)

(1,950)

Non-current financial liabilities

(5,802)

(4,493)

NET CONSOLIDATED FINANCIAL POSITION

7,083

14,381

BREAKDOWN OF CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

Cash

9

9

Bank deposits

15,000

12,815

15,009

12,824

‌Statement of Changes in the Consolidated Shareholders' Equity‌

(euro '000)

Balance at December 31, 2024

Allocation of profits to reserves

Valuation of stock option plan - IFRS2

Other changes

Comprehensi ve Income for the

period

Balance at March 31,

2025

Share capital

8,840

8,840

Share premium reserve

12,245

12,245

Legal reserve

1,768

1,768

Reserve for Treasury Shares

(3,512)

(3,512)

Suspended-tax reserves

585

585

Other suspended-tax reserves

68

68

Retained earnings reserve

31,678

6,025

37,703

Conversion differences

41

13

(530)

(476)

Extraordinary reserve

116,752

(648)

116,104

First time application of IAS/IFRS

reserve

3,715

3,715

Discounting of employee termination indemnities

388

388

Merger differences

4,397

4,397

Stock options reserve

189

(189)

-

Retained earnings

-

37,200

37,200

Net profit

42,590

(42,590)

11,895

11,895

Total Shareholders' Equity

219,743

-

(189)

11,365

230,919

(euro '000)

Balance at December 31, 2023

Allocation of profits to reserves

Valuation of stock option plan - IFRS2

Other changes

Comprehensi ve Income for the

period

Balance at March 31,

2024

Share capital

8,840

8,840

Share premium reserve

12,245

12,245

Legal reserve

1,768

1,768

Reserve for Treasury Shares

(3,844)

(3,844)

Suspended-tax reserves

585

585

Other suspended-tax reserves

68

68

Retained earnings reserve

30,526

1,466

31,992

Conversion differences

(1,400)

45

455

(900)

Extraordinary reserve

107,358

7

107,365

First time application of IAS/IFRS reserve

3,715

3,715

Discounting of employee termination

indemnities

347

347

Merger differences

4,397

4,397

Stock options reserve

286

11

297

Retained earnings

-

39,317

39,317

Net profit

40,828

(40,828)

9,715

9,715

Total Shareholders' Equity

205,719

-

18

10,170

215,907

‌Notes to the accounts‌ ‌Accounting principles, form and content of the Financial Statements, estimates‌

The Interim Report on Operations of the Cembre Group at March 31, 2025 was prepared in compliance with article 2.2.3, paragraph 3 of the "Rules for Markets organised and managed by Borsa Italiana S.p.A." and aims to provide a general description of the financial position and the economic performance of the Company and its subsidiaries in the period, in addition to reporting important events occurred and operations carried out and their effect on the financial position of the Company and its subsidiaries.

All the information required by IAS 34 is not provided in this document.

The consolidation principles and measurement criteria adopted conform to the international accounting standards (IAS/IFRS) and are consistent with those adopted to draft the financial statements of the Group for the year ended as at December 31, 2024.

The Group's financial statements include those as at March 31, 2025 of Cembre

S.p.A. (Parent Company) and the following companies:

Share owned by the

Group March 31, 2025

Share owned by the

Group March 31, 2024

Cembre Ltd. (UK)

100%

100%

Cembre S.a.r.l. (France)

100%

100%

Cembre S.L.U. (Spain)

100%

100%

Cembre GmbH (Germany)

100%

100%

Cembre Inc. (USA)

100%

100%

Cembre Bv (NL)

100%

n.a.

Cembre El. Conn. Shanghai Ltd (CN)

100%

n.a.

The Parent Company has control of the above companies pursuant to Article 2359 of the Italian Civil Code.

On September 4, 2024, Cembre Electrical Connections Shanghai Ltd (share capital of €1 million) was established and on September 13, 2024 Cembre B.V. was established (share capital of €300 thousand), based in Eindhoven in the Netherlands. It is specified that the share capital of Cembre Electrical Connections Shanghai Limited was subscribed for €1 million but only €500 thousand was paid up.

The criteria used in the preparation of the financial statements were applied consistently within the Group. Where necessary, financial data were adjusted and reclassified. In compliance with IAS 1, in the financial statements costs were classified by nature.

Amounts are expressed in thousands of Euro.

The Interim Report was prepared according to the "separation of periods method", based on which the reference period is considered an autonomous financial year. The income statement for the quarter thus reflects the income components relating to the period based on the accrual method.

Bonuses recognised to customers at the end of the period were estimated based on past sales and their expected future performance.

‌Translation of financial statements expressed in currencies other‌ than the euro

The functional and reporting currency of the Group is the euro.

Currency

Exchange rate at March 31, 2025

Average exchange rate 2025

British pound

0.8354

0.8357

US dollar

1.0815

1.0523

Chinese Renminbi

7.8442

7.6551

Exchange rates applied in the translation of financial statements of subsidiaries are shown in the table below (expressed in currency/€).

Brescia, May 14, 2025

For the Board of Directors

of the Parent Company Cembre S.p.A.

The Chairman and Managing Director Giovanni Rosani



DECLARATION

pursuant to art 154-bis, Paragraph 2 of Legislative Decree 58 dated Feb. 24, 1998 "Consolidated Law on financial intermediation regulations" and subsequent integrations and updatings

Re: 2025 first Quarter Interim Report

The undersigned,

Claudio Bornati, Manager responsible for preparing the Cembre S.p.A. financial reports

DECLARES

pursuant to Paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the financial disclosure contained in the 2025 first Quarter Interim Report corresponds to

the document results, books and accounting records.

Brescia, May 14, 2025

Signed by: Claudio Bornati Manager in charge of drafting the accounts of Cembre S.p.A.





CEMBRE SpA

Via Serenissima, 9 • 25135 Brescia ITALY Ph +39 030 3692.1 • Fax +39 030 3365766

https://www.cembre.com • [email protected]