Indel B S.p.a.MIL: INDB

FY 2025 Consolidated Financial Results Presentation

· Issued by Indel B S.p.a.

FINANCIAL RESULTS

10 APRIL 2026



WHAT WE DO

We sell systems and solutions

for mobile cooling and refrigeration to top quality customers granting

AUTOMOTIVE HOSPITALITY LEISURE TIME COOLING APPLIANCES



people comfort, leisure and satisfaction.

FY 2025 RESULTS HIGHLIGHTS



FY 2025 FY 2024 2025 vs 2024

TOTAL REVENUES (€mln)

207.4

203.5

+1.9%

SALES OF PRODUCTS (€mln)

201.5

196.6

+2.5%

EBITDA ADJ (€mln)

Margin (%)

23.7

11.4%

22.7

11.2%

+4.5%

EBIT ADJ (€mln)

Margin (%)

16.0

7.7%

16.4

8.0%

-2.4%

NET PROFIT ADJ (€mln)

Margin (%)

10.2

4.9%

11.6

5.7%

-12.0%

NET FINANCIAL POSITION (€mln)

(17.1)

(10.3)

(6.8)

GROUP STRUCTURE



FY 2025 SALES

(€ mln)

+2.5%

196.6

+3.5% 201.5

-0.5%

-0.5%

FY 2024 Translation FX Organic M&A FY 2025

FY 2025 SALES BY CHANNEL

+2.5%



(€ mln)

% Changes FY 2025 - FY 2024

-9%



+18% +6%

196.6 201.5

27.4

29.0

67.9

79.8

101.3

92.7

11.9

1.6

101.3

92.7 79.8

67.9

27.4

29.0

-8.6

FY 2024 OEM AM Others FY 2025

OEM AM Others

FY 2025 SALES BY MARKET

-10.1%

(€ mln)

+2.5%



-2%



+34%

% Changes FY 2025 - FY 2024

-4%



+4% +17%

196.9

9.4 15.2

25.0

19.7

201.5

10.9 15.8

24.1

26.4

19.7

26.4

25.0 24.1

15.2 15.8

9.4

10.9

127.3 124.3

127.3

124.3

-3.0

6.7

-0.9

0.6

1.5

Automotive Leisure Comp. & SP Hospitality Cooling Appl.

FY 2024 Automotive Leisure Comp. & SP Hospitality Cooling

Appl.

FY 2024

FY 2025 SALES BY REGION

(€ mln)

% Changes FY 2025 - FY 2024

+2.5%



-4%



+5% +5% +8%

196.6

5.0

30.2

201.5

5.4

31.7

55.3

53.2

55.3

53.2

30.2

31.7

5.0 5.4

106.1

111.2

106.1

111.2

5.1

-2.1

1.5

0.4

Europe (Excl. Italy) Italy Americas RoW

FY 2024 Europe (excl. Italy Americas RoW FY 2025

Italy)

SALES - BREAKDOWN BY CHANNEL

Others 14%

Others 14%

OEM 52%

FY 2024

AM 34%

OEM 46%

FY 2025

AM 40%

SALES - BREAKDOWN BY MARKET

Hospitality

8%

Cooling Appl.

5%

Hospitality 8%

Cooling Appl.

5%

Components&SP 12%

Components&SP 12%

Leisure 10%

FY 2024

Automotive 65%

Leisure 13%

FY 2025

Automotive 62%

SALES - BREAKDOWN BY REGION

RoW

3%

RoW 3%

FY 2024

Americas

15%

Americas 16%

Italy 28%

Europe (excl. Italy) 54%

Italy

26%

FY 2025

Europe (excl. Italy) 55%

SALES - BREAKDOWN

FY 2024

14%

52%

34%

By Channel

Others

AM

OEM

8%

5%

12%

10%

65%

3%

15%

54%

28%

By Market

Automotive

Leisure

Components&SP

Hospitality

Cooling Appl.

By Region

Europe (excl. Italy)

Italy

Americas

RoW

FY 2025

14%

46%

40%

By Channel

Others

AM

OEM

8%

5%

12%

13%

62%

3%

16%

55%

26%

By Market

Automotive

Leisure

Components&SP

Hospitality

Cooling Appl.

By Region

Europe (excl. Italy)

Italy

Americas

RoW

HEALTHY PROFITABILITY

(€ mln)



Total Revenues Adj.



● = yoy % chg

Ebitda Adj.



● = % margin on revenues adj.



= Earnings from associates adj.

Net Profit Adj.



● = % margin on revenues adj.

+1.9% ●

+11.2% ●

+11.4% ●

+5.7% ●

+4.9% ●



22.7 23.7

207.4

203.5

22.5

20.3

2.4

1.2

11.6

10.2

FY 2024 FY 2025

FY 2024 FY 2025

FY 2024 FY 2025

COST STRUCTURE



(€ mln)

FY 2024



FY 2025

Total Revenues Adj.



203.5



207.4

Total Costs Adj.



183.1



184.9



● = % of total revenues adj.

1.9

27.5

0.9% ●

13.5% ●

1.8

27.2

0.8% ●

13.1% ●

39.9

19.6% ●

42.5

20.5% ●

113.8

55.9% ●

113.4

54.7% ●



Others

Service costs

Personnel costs

Product material costs

Earnings from Associates Adj.

FY 2024



2.4

FY 2025



1.2

Ebitda Adj.



22.7



+11.2%



23.7



+11.4%

CAPEX

(€ mln)



61% ●



83% ●



Cash Conversion



● = Cash conversion %

=

=



23.7

22.7

8.8

4.0

Ebitda Adj. Capex

FY 2024 FY 2025

NET OPERATING WORKING CAPITAL

(€ mln)



32% ●



37% ●



Net operating working capital



● = Net op.WC / LTM Revenues

64.8 76.2

=

=

=



41.2

35.0

-35.0

--27.2

64.8

62.2

Inventory

Account Receivables Account Payables

FY 2024

FY 2025

186

DOI

177

DOI

(64)

DSO

(73)

DSO

89

DPO

69

DPO

NET FINANCIAL POSITION

(€ mln)



FY 2024 FY 2025

COMMENTS:

=

=

=



Cash and Cash Equivalent Short Term Borrowings Long Term Borrowings

-25.7

-10.3

-10.3

29.4

16.3

-16.3

-20.8

-17.1

  • Short term borrowings and long term borrowings includes debt related to IFRS16, corresponding to the obligation to make lease payment, for Euro 3.5 million.

  • The new capital was primarily used to finance the acquisition of the remaining 50% of Indel Webasto Marine S.r.l.'s share capital, which was completed on 13 June 2025. It was also used to pay dividends of 0.80 euros per share, for Euro 4.2 million in total.



APPENDIX

CONSOLIDATED INCOME STATEMENT

(€m) FY 2025 FY 2024

(€m) FY 2025 FY 2024

Total core revenues

Others

204.9

2.5

199.6

3.9

Total revenues

207.4

203.5

Total revenues adjusted

207.4

203.5

Product material cost

(115.5)

(113.8)

Service costs

(27.9)

(28.0)

Personnel costs

(42.8)

(40.1)

Other operating costs

(1.8)

(1.9)

Earnings from associates (included capital gain from the revaluation at fair value of investment in joint venture following the acquisition of control)

13.4

2.0

EDITDA

33.0

21.7

EDITDA margin (%)

15.9%

10.7%

EDITDA adjusted

23.7

22.7

EDITDA adjusted margin (%)

11.4%

11.2%

Depreciations & Amortizations

(7.8)

(6.3)

EBIT

25.3

15.4

EBIT margin (%)

12.2%

7.6%

EBIT adjusted

16.0

16.4

EBIT adjusted margin (%)

Financial charges Investement income

7.7%

(1.5)

-

8.0%

(0.6)

-

EBT

23.7

14.8

Taxes

(3.4)

(3.9)

Net Income

20.3

10.8

Net Income margin (%)

9.8%

5.3%

Net Income adjusted

10.2

11.6

Net income adjusted margin (%)

4.9%

5.7%

CONSOLIDATED BALANCE SHEET

(€m) FY 2025 FY 2024

(€m) FY 2025 FY 2024

Assets

Non-current assets

Goodwill Intangible assets Tangible assets Right of use

Investments accounted for using the equity method Other participations

Others

18.3

26.6

47.6

3.5

1.7

0.1

2.4

7.1

9.9

48.4

2.9

12.8

0.1

1.6

Total non current assets

Current assets

100.1

82.8

Inventory

Client receivables

Cash & cash equivalents Income tax assets Current financial assets

Others

62.2

41.2

29.4

0.8

0.0

3.6

64.8

35.0

16.2

1.3

0.1

3.6

Total current assets

137.2

121.0

Total assets

237.3

203.8

Liabilities and shareholders' equity

shareholders' equity

Share capital

5.8

5.8

Reserves

113.3

107.9

Net income

20.3

10.8

Total Shareholders' equity

139.5

124.5

Non-current liabilities

Funds

2.9

3.0

Employee benefits

1.8

1.5

Non-current financial liabilities

25.7

10.3

Deferred tax liabilities

8.0

3.2

Total non-current liabilities

38.4

18.0

Current liabilities

Account payables

27.2

35.0

Tax liabilities

0.4

-

Current financial liabilities

20.8

16.3

Others

11.0

10.0

Total current liabilities

59.4

61.3

Total liabilities and Shareholders' equity

237.3

203.8

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