November 12th 2025
9M & Q3 2025 Results
In this presentation:
"Adjusted" stands for before non recurring items and cost of the share-based incentive plans
"Constant exchange rates" means excluding the effects of exchange rates' variations and of hedging derivatives;
"pro-forma" means including the consolidation of La Marzocco for 9 months in 9M 2024;
"ForEx" or "FX" stand for Foreign Exchange Rates;
"M" stands for million and "bn" stands for billion;
"Q3" stands for third quarter (July 1st- September 30th);
"9M" stands for nine months (January 1st- September 30th);
"NWC" stands for Net Working Capital;
"Capex" stands for capital expenditures, i.e. investments in fixed assets;
"FCF" stands for free cash flow before dividends and M&A;
"Professional division" means the business combination between La Marzocco & Eversys;
"Household division" includes the business not part of the professional division.
DéLonghi Group
9M & Q3 2025 Results
YoY % growth reported - Household division
+7%
+4%
+6%
+High-single%
CAGR
Last 2Y
2%
7%
7%
6%
(*)
12%
5%
7%
Q1 Q2 Q3 Q4
(*) Q4 '25 extrapolated from Group's guidance
Household division positive growth momentum continuous, backed by new product lunches and renewed commitment in media & communication investments
5
9M & Q3 2025 Results
ca.
US mitigation plan
Tariff impact has been limited in the first 9 months of FY 25 thanks to the mitigation plan in place:
Inventory build-up in early 2025
Unlocking higher flexibility through supply chain reorganization
Implementation of price increases starting from H2 2025
Expected net impact on Ebitda Adjusted in FY 25 of €M ca.15 already incorporated in FY guidance
US sourcing expo. (%)
South East Asia Europe China
Other
Total
6 Data based on management accounts
DéLonghi Group
9M & Q3 2025 Results
DéLonghi Group
Solid performance sustained by the positive momentum for household & acceleration of professional coffee
Profitability rose by 70bps vs 9M24 thanks to both household & professional division growth
Improving net financial position notwithstanding ca. €M 252 of dividends distribution & buyback over last 9m
Solid free cash flow generation in the 12m notwithstanding higher level of inventory expected to normalize in Q4
9M & Q3 2025 Results
+29.2% pro-forma
Professional Coffee
Up double digit
9M & Q3 2025 Results
Home Coffee
Nutrition
Other
Up high single
digit
Down low-mid
single digit
Up low teens
Europe
Up high single digit to low teens
America
Up high single digit
APAC
Up mid teens
MEIA
Up mid teens
9M & Q3 2025 Results
9M & Q3 2025 Results
In the quarter:
the net industrial margin stood at €M 461.6, equal to 52.6% of revenues compared to 51.6% in 2024;
adjusted Ebitda amounted to €M 148.8, or 17.0% of revenues, improving by 70 bps vs 2024, thanks to the stronger contribution of the professional division.
9M & Q3 2025 Results
Among others:
Higher labour and logistic costs
US duties
9M & Q3 2025 Results
Among others:
Higher labour and logisitc costs
US duties
Higher media & advertising
9M & Q3 2025 Results
In September 2025, the Group's Net Cash Position stood at € 308.7 million, an improvement compared to € 266.1 million in September 2024;
In the first 9m, cash flow before dividends, buybacks and acquisitions was negative for
€82.2 million, mainly due to the effect of the cash absorption related to the increase in inventory (absorbing € 288.1 million in cash), which peaks in Q3 following the ordinary seasonality of the business;
With regards to cash generation, the cash flow before dividends, buybacks and acquisitions was € 298.3 million in the 12 months.
9M & Q3 2025 Results
NET CASH FLOW (9 MONTHS)
DéLonghi Group
389
643
(71)
(50)
(82)
309
NFP @ 31Dec24 | Cash flow | Cash flow | Capex | Other | FCF before dividends, | Dividends, buyback | NFP @ 30Sep25 |
from current operations | from NWC | buyback and M&A | & M&A |
9M & Q3 2025 Results
NET CASH FLOW (12 MONTHS)
DéLonghi Group
266.053
(6.541)
298
308.663
NFP @ 30Sep24 | Cash flow | Cash flow | Capex | Other | FCF before dividends, | Dividends, buyback | NFP @ 30Sep25 |
from current operations | from NWC | buyback and M&A | & M&A |
Household business growth, capitalizing on positive market developments and driving categories expansion through product innovation and A&P investments
Professional coffee expansion, continuous structural market growth, targeted luxury home partnership, together with two months of perimeter expansion
Volume expansion coupled with a better mix
▪
Perimeter expansion with two additional
months of La Marzocco consolidation
Continuous investments in A&P supportive of growth, optimising the incidence on revenues
▪
▪
Negative impact of tariffs on the US market
Controlled Opex increase to strengthen
organizational structure
Investor Relations:
Samuele Chiodetto, Sara Mazzocato
T: +39 0422 413 1
e-mail: investor.re!ationsOdelonghigroup.com
Media relations:T: +39 0422 413 1
e-mail: media.relations@delonghigroup.com
On the web:www.de!onghigroup.com