IP - 3Q2025 Financial Report - 15 November 2025

Contents

Composition of corporate bodies 7

Interpump Group Organization Chart at 30 September 2025 9

Interim Report on Operations 11

Directors' remarks on performance in the first nine months of 2025 13

Alternate performance measures 14

Consolidated income statement for the first nine months 15

Significant events in the first nine months 16

Revenues 19

Profitability 20

Cash flows 22

Capital expenditure 23

Intercompany relations and related party transactions 24

Changes in Group structure during the first nine months of 2025 24

Events occurring after the close of 9M 2025 25

Directors' remarks on performance in Q3 2025 27

Q3 consolidated income statement 29

Revenues 30

Profitability 31

Business outlook 32

Financial statements and notes 33

Consolidated statement of financial position 35

Consolidated income statement for the first nine months 37

Comprehensive consolidated income statement for the first nine months 38

Consolidated cash flow statement for the first nine months 39

Consolidated statement of changes in shareholders' equity 41

Q3 consolidated income statement 42

Q3 comprehensive consolidated income statement 43

Notes to the consolidated financial statements 44

General information 44

Basis of preparation 44

Accounting standards 45

Notes to the consolidated financial statements at 30 September 2025 47

1. Consolidation perimeter and goodwill 48

2. Business sector information 54

3. Business combinations 61

4. Inventories and detail of changes in the Allowance for inventories 69

5. Property, plant and equipment 69

6. Assets held for sale 69

7. Shareholders' equity 70

8. Financial income and expenses 72

9. Earnings per share 73

10. Transactions with related parties 74

11. Disputes, Contingent liabilities and Contingent assets 76

This document can be accessed on the Internet at: https://www.interpumpgroup.it

Registered office in S. Ilario d'Enza (Reggio Emilia), Via Enrico Fermi 25 Paid-up Share Capital: Euro 56,617,232.88

Reggio Emilia Companies Register - Tax Code 11666900151

Board of Directors Fulvio Montipò Executive Chairman

Giovanni Tamburi (b) Deputy Chairman

Fabio Marasi (d) Chief Executive Officer

Antonia Di Bella (a) (c) Independent Director

Nicolò Dubini (a) (c) Independent Director

Marcello Margotto (b) Independent Director

Lead Independent Director Federica Menichetti (a) (b) (c) Independent Director Roberta Pierantoni Independent Director

Rita Rolli (d) Independent Director

Anna Chiara Svelto (d) Independent Director

Independent Auditors PricewaterhouseCoopers S.p.A.

1. Member of the Control and Risks Committee

2. Member of the Remuneration Committee and the Nomination Committee

3. Member of the Related Party Transactions Committee

4. Member of the Sustainability Committee

‌Interim Report on Operations

‌Directors' remarks on performance in the first nine months of 2025

‌Alternate performance measures

The Group uses several alternate measures that are not identified as accounting parameters in the IFRS, to allow better evaluation of the trend of economic operations and the Group's financial position. Such indicators are also tools that assist the directors in identifying operating trends and in making decisions on investments, resource allocation and other business matters. Therefore, the measurement criterion applied by the Group may differ from the criteria adopted by other groups and hence may not be comparable with them. Such alternate performance indicators are based exclusively on historical Group data and measured in conformity with the Guidelines on Alternative Performance Measures issued by ESMA/2015/1415 and adopted by Consob with communication no. 92543 of 3 December 2015. These indicators refer only to performance in the period illustrated in this Interim Report on Operations and the comparative periods, and not to expected performance, and must not be taken to replace the indicators required by the reference accounting standards (IFRS). Finally, these alternate indicators are processed consistently, using the same definitions and presentations for all periods for which financial information is included in this Interim Report on Operations.

The performance indicators used by the Group are defined as follows:

• Earnings/(Losses) before interest and tax (EBIT): Revenues plus Other operating income less Operating costs (Cost of sales, Distribution costs, General and administrative expenses, and Other operating costs);
• Earnings/(Losses) before interest, tax, depreciation and amortization (EBITDA): EBIT plus depreciation, amortization, writedowns and provisions;
• Net financial position: the sum of Financial debts and Bank debts less Cash and cash equivalents;
• Net indebtedness: calculated as the sum of the net financial position and debts for the acquisition of equity investments;
• Capital expenditure (CAPEX): the sum of investments in tangible and intangible fixed assets, net of divestments;
• Free cash flow: the cash flow available for the Group, defined as the difference between the cash flow from operating activities and the cash flow invested in tangible and intangible fixed assets;
• Capital employed: calculated as the sum of shareholders' equity and net financial position, including debts for the acquisition of equity investments;
• Return on capital employed (ROCE): EBIT / Capital employed;
• Return on equity (ROE): Net profit / Shareholders' equity.

  The Group's income statement is prepared by functional area (also called the "cost of sales" method). This format is deemed to be more representative than its "type of expense" counterpart, which is nevertheless included in the notes to the Annual Financial Report. The chosen format is consistent with internal reporting and the business management processes adopted.

  In order to enhance comparability with the economic and financial data reported in the prior period, certain economic information is provided both at constant perimeter (consolidation perimeter for the prior period, including companies acquired in the prior period for the same number of months, while excluding new acquisitions in the current period) and net of exchange differences (constant perimeter, applying the spot and average rates used in the prior period). The cash flow statement was prepared using the indirect method.

  ‌Consolidated income statement for the first nine months

  (€/000)	2025	2024
  Revenues	1,576,130	1,588,509
  Cost of sales	(1,009,068)	(1,033,365)
  Gross profit	567,062	555,144
  % of revenues	36.0%	34.9%
  Other net revenues	30,221	25,934
  Distribution expenses	(140,710)	(129,083)
  General and administrative expenses	(179,004)	(169,453)
  Other operating costs	(7,387)	(4,870)
  EBIT	270,182	277,672
  % of revenues	17.1%	17.5%
  Financial income	19,944	18,851
  Financial expenses	(47,607)	(47,813)
  Equity method contribution	321	225
  Profit for the period before taxes	242,840	248,935
  Income taxes	(70,547)	(68,549)
  Consolidated profit for the period	172,293	180,386
  % of revenues	10.9%	11.4%
  Attributable to:
  Shareholders of Parent	171,293	179,304
  Minority shareholders of subsidiaries	1,000	1,082
  Consolidated profit for the period	172,293	180,386
  EBITDA	364,258	363,509
  % of revenues	23.1%	22.9%
  Shareholders' equity	2,063,724	1,943,866
  Net financial position	317,612	441,065
  Debts for the acquisition of equity investments	68,123	46,014
  Capital employed	2,449,459	2,430,945
  Unannualized ROCE	11.0%	11.4%
  Unannualized ROE	8.3%	9.3%
  Basic earnings per share	1.609	1.676

  ‌Significant events in the first nine months

  The first nine months of 2025 saw continued global economic instability. The geopolitical tensions, caused by a multitude of ongoing conflicts and compounded by the trade tariff hikes, albeit mitigated by recent agreements, have further heightened concerns about the prospects for growth. The revised IMF estimates indicate a 3.2% rise in global GDP in 2025 (3.1% in 2026). These statistics are influenced by the worldwide slowdown in trade, mainly due to the recent imposition of customs barriers, as well as by the weight of political uncertainties on investment.

  These estimates may be further constrained by the direct and indirect effects of evolving trade policies, which could dampen the prospects for the global economy over the medium term.

  Inflation is easing in the world's leading economies, except in the United States, where the new tariffs have raised the cost of imports. Worldwide, the rate of inflation is expected to fall to 4.2% in 2025 and to 3.7% in 2026 (source: IMF).

  Given this decline, the principal central banks held interest rates steady during Q3 2025 in order to support economic growth. The United States again provided the exception, with the Fed making two consecutive rate cuts (25 basis points each) in September and October, amid growing concerns about a slowdown in the jobs market.

  The macroeconomic parameters available for the leading economies indicate as follows:

• In the Euro Area, economic growth in Q1 2025 exceeded expectations (+0.3%). This dynamic benefited from advance shipments to the United States in order to beat the tariff increases. Activity weakened during Q2, given lower demand from the USA and significant uncertainties about trade policies. In Q3, despite the increase in tariffs on Euro area exports to the USA, the new trade agreement between the United States and the EU helped to ease policy uncertainties. Following the reductions in reference rates implemented from June 2024, the impact of monetary policy on economic growth has waned gradually throughout 2025. Euro area inflation should remain stable at around 2%, before easing to 1.7% in 2026 and rising again to 1.9% in 2027. According to the latest macroeconomic projections, the EU economy should expand by 1.2% in 2025. Growth of 1% is expected in 2026, while the forecast for 2027 is unchanged at 1.3%. This scenario reflects an improving picture, given the easing of trade policy uncertainties with respect to earlier projections (source: European Central Bank).

• In the United States, economic activity declined during Q1 2025 (-0.6%), after three years of robust expansion. US imports spiked strongly at the start of the year, since purchases from abroad were brought forward to avoid the expected tariff increases (which subsequently came into force on 2 April). The resulting acceleration in international trade was however just a transitory phenomenon. GDP growth recovered in Q2 (+3.8%) and another moderate rise is forecast for Q3, since the effects of the tariff increases are still limited. The unemployment rate remains above 4%, resulting in heightened concern about the jobs market. As a consequence, the Federal Reserve decided to cut its reference rates at both the September and October meetings, lowering them to 3.75-4%. The latest estimates indicate a decline in GDP growth from 2.8% in 2024 to 2% in 2025 and 2.1% in 2026 (source: Bank of Italy - OECD - Fed).

  • In China, business growth was stable in early 2025, albeit continuing to reflect the weakness of internal demand and the crisis in the real estate market. Exports weakened during Q2, especially to the United States in view of the escalation in tariff-related trade tensions. The announced hikes were later suspended temporarily until the end of October, when the United States and China reached an initial agreement on multiple trade topics, including

tariff reductions. Despite the smaller contribution from exports to the USA, the increased exports to Asia, Latin America and Europe resulted in GDP growth of 5.2% in Q2, with a forecast of 4.8% for 2025 overall and 4.2% in 2026. Responding to the slowdown in domestic demand and in order to stimulate growth, the government has introduced a number of programs to boost household consumption and support the service sector (source: ISTAT/OECD/IMF).

In early July, the US government threat to raise the tariff on imports from Europe to 30% on 1 August caused consternation. The US administration had already announced on 2 April 2025 a drastic increase in tariffs on imports from almost every country, based on the size of their trade surpluses with the United States. Additionally, the depreciation of the dollar against the Euro (losing about 13% of its value since the start of 2025), has acted as an extra implicit tariff and made operating conditions more complex for European exporters. On 27 July 2025, the European Commission reached a framework agreement with the US government that fixes the standard tariff at 15%, as a replacement for those set earlier. Nevertheless, this is 13 percentage points higher than the effective rate in force at the end of 2024. In turn, the European Union scrapped the retaliatory measures already approved, agreeing to eliminate the tariffs on intermediate goods imported from the USA, facilitate access to certain US agricultural exports that meet EU standards, and acquire US energy products totaling about USD 750 billion during the period through 2028. Implementation of this agreement is partially clouded by uncertainties linked both to the need for approval from the European institutions, and to the risk of differences in interpretation.

The tightening of customs policies during the first nine months of 2025 has resulted in higher tariffs for certain categories of goods sold by the Group. That said, the percentage of Group turnover exported to the North American area is limited; in fact, the Group already has significant production facilities in the United States to support local demand, and these are not affected by the trade policies described above. Additionally, the Group has also taken countermeasures designed to absorb the tariff increases, while continuing to assess the developments arising from any new trade agreements.

Against this background, which remains critical and marked by multiple disruptions, the Interpump Group still managed to generate results in 9M 2025 that were broadly in line with those achieved in the same period of 2024, remaining positive in terms of revenues, margins and cash generation.

Revenues reached € 1,576.1 million, down by 0.8% compared to the first nine months of 2024, when they totaled € 1,588.5 million. Analysis by business sector shows that revenues in the Hydraulic sector were 6.0% lower than in the first nine months of 2024, while those in the Water-Jetting sector were 10.7% ahead.

EBITDA was € 364.3 million (23.1% of revenues). EBITDA in the first nine months of 2024 amounted to

€ 363.5 million (22.9% of revenues).

Despite pursuing major investment plans, the Group generated free cash flow of about € 162.7 million in the first nine months of 2025, compared with € 156.9 million in the same period of 2024.

The net financial position (NFP) totals € 317.6 million (€ 441.1 million at 30 September 2024), primarily after paying dividends of € 35.5 million, purchasing treasury shares for € 16.6 million, and making net investments of € 16.5 million to acquire equity investments and residual minority interests.

Net profit was € 172.3 million in the first nine months of 2025 (€ 180.4 million in the same period of 2024), down by 4.5%.

The limited exposure to countries involved in the military conflict in Ukraine is confirmed. Specifically, the Interpump Group earned revenues of € 14.8 million from customers in Russia, Belarus and Ukraine during the first nine months of 2025 (€ 12.7 million in the same period of 2024), with outstanding receivables at 30 September 2025 of € 1.5 million (€ 2.3 million at the end of the comparative period).

With regard to the purchase of treasury shares:

• The treasury share purchase program was completed on 9 April 2025. Announced to the market on 24 March 2025, following authorization at the Shareholders' Meeting held on 26 April 2024, this program resulted in the purchase of 250,000 treasury shares at an average price of

  € 31.8391 each, with a total outlay of € 8 million.

• On 29 April 2025, the Shareholders' Meeting authorized the purchase of a maximum number of treasury shares not exceeding 10% of the share capital of the parent company. In the context of that authorization, on 16 May 2025 a mandate was granted for the purchase of 250,000 treasury shares between 19 May and 18 August 2025. This purchase was completed prior to 30 June 2025 at an average price of € 34.5371 each, with a total outlay of € 8.6 million.

  The dual purpose of these programs was to guarantee not only implementation of the share-based incentive plans arranged in favor of the directors, employees and key collaborators of the Group, but also the disposal and/or exchange of treasury shares, in the context of acquisitions and/or agreements with strategic partners that support the development of the Group.

  Since 31 December 2024, the consolidation perimeter of the Water-Jetting sector has changed as follows:

• Hammelmann Endüstri Pompaları A.Ş., a newly-formed company, was consolidated for the first time from 1 January 2025;

• Alfa OBL America Inc., a newly-formed company, was consolidated for the first time from 1 May 2025;

• During Q2 2025, the Group acquired Nuova S.M. S.r.l., a company active in the processing and finishing of metals that has been consolidated using the equity method from June 2025;

• Lastly, during Q2 2025 the Group exercised the option to purchase 10% of Servizi Industriali

  S.r.l. from the minority quotaholders, raising the percentage ownership from 80% to 90%.

  Since 31 December 2024, the consolidation perimeter of the Hydraulic sector has changed as follows:

• North American Manufacturing Inc. was absorbed by Muncie Inc. with effect from 1 January 2025;

• Innovativ Gummi Tech Srl was absorbed by I.M.M. Hydraulics Spa with effect from 1 January 2025;

• Interpump Hydraulics Middle East FZE was put into liquidation on 14 April 2025;

• During Q2 2025 the Group acquired the final 0.23% minority interest in Interpump Hydraulics France S.a.r.L and now holds the entire equity interest in that company;

• Lastly, the newly-acquired Padoan Group has been consolidated from 1 July 2025.

‌Revenues

Revenues totaled € 1,576.1 million in the first nine months of 2025, down by 0.8% compared with € 1,588.5 million in the same period of 2024 (-3.3% at constant perimeter and -1.7% also net of exchange differences).

Revenues by business sector and geographical area were as follows:

The changes at constant perimeter are as follows: 2025/2024 percentage changes

‌Profitability

The cost of sales accounted for 64.0% of revenues (65.1% in the first nine months of 2024). Production costs totaled € 426.6 million (€ 421.9 million in the first nine months of 2024, which however did not include the costs of the companies acquired subsequently) and accounted for 27.1% of revenues (26.6% in the same period of 2024).

The cost of raw materials and components sourced on the market, including changes in inventories, was € 582.5 million (€ 611.5 million in the same period of 2024, which however did not include the costs of the companies acquired subsequently). The incidence of purchase costs, including changes in inventories, was 37.0% compared with 38.5% in same period of 2024.

Distribution costs were 7.2% higher than in the first nine months of 2024 at constant perimeter (+8.9% net also of exchange differences), with an incidence on revenues of 7.2% compared with 8.1% in the same period of 2024.

Again at constant perimeter, general and administrative expenses were 3.2% higher than in the first nine months of 2024 (+4.6% net also of exchange differences), with an incidence on revenues of 11.4% compared with 10.7% in the same period of 2024.

Total payroll costs were € 366.5 million (€ 354.8 million in the first nine months of 2024, which however did not include the costs of the companies acquired subsequently).

At constant perimeter, payroll costs amounted to € 359.7 million, up by 1.4% due to a 2.1% increase in per capita cost, as partially offset by a reduction of 70.0 in the average number of employees.

The total number of Group employees averaged 9,417 in the first nine months of 2025 (9,246 at constant perimeter) compared to 9,316 in the same period of 2024. The increase in the average headcount during the first nine months of 2025 can be broken down as follows: +34 in Europe, -133 in the US and

+200 in the Rest of the World. In addition, the Group employed 1,593 temporary workers during the period (1,547 in 9M 2024) at a cost of € 20.9 million (€ 22.6 million in the same period of 2024).

EBITDA amounted to € 364.3 million (23.1% of revenues) compared to € 363.5 million in the first nine months of 2024 (22.9% of revenues). The following table sets out EBITDA by business sector:

* Total revenues include those relating to other Group companies in the other sector, while the revenues analyzed previously are exclusively those external to the Group (see note 2 in the explanatory notes). Accordingly, for consistency, the percentage is calculated on total revenues rather than on those reported previously.

EBIT was € 270.2 million (17.1% of revenues) compared with € 277.7 million in the first nine months of 2024 (17.5% of revenues), reflecting a decrease of 2.7 percentage points.

The tax rate for the period was 29.1% (27.5% in the first nine months of 2024).

Net profit was € 172.3 million in the first nine months of 2025 (€ 180.4 million in the same period of 2024), down by 4.5%.

Basic earnings per share declined from € 1.676 in the first 9 months of 2024 to € 1.609 in the current period.

Capital employed has decreased from € 2,495.5 million at 31 December 2024 to € 2,449.5 million at 30 September 2025.

Unannualized ROCE was 11.0% (11.4% in the first nine months of 2024). Unannualized ROE was 8.3% (9.3% in the first nine months of 2024).

‌Cash flows

The change in net indebtedness breaks down as follows:

Net liquidity generated by operations totaled € 285.0 million (€ 259.0 million in the first nine months of 2024), an increase of 10.1%. Free cash flow increased to about € 162.7 million in the first nine months of 2025 (€ 156.9 million in same period of 2024), despite the continued implementation of investment plans and a slight increase in working capital absorption.

Net indebtedness, including payables and commitments, determined in accordance with ESMA guidance 32-382-1138 and included in Consob notice no. 5/21, comprises:

‌Capital expenditure

Expenditure on property, plant and equipment totaled € 97.2 million, of which € 7.5 million via the acquisition of equity investments (€ 111.2 million in the first nine months of 2024, of which € 5.2 million via the acquisition of equity investments). Additions during the period are analyzed in the following table:

The increases in 2025 include € 25.5 million invested in land and buildings (€ 44 million in the first nine months of 2024).

The difference with respect to the capital expenditure reported in the cash flow statement is due to the timing of payments.

Increases in intangible fixed assets amounted to € 6.9 million (€ 13.5 million in the first nine months of 2024), of which € 0.6 million through acquisition of the equity investment in the Padoan Group (€ 7 million in the same period of 2024).

‌Intercompany relations and related party transactions

In compliance with the provisions of the Consob regulation adopted with resolution no. 17221 of 12 March 2010, as amended, Interpump Group S.p.A. has adopted the procedure that regulates related party transactions. This procedure was approved for the first time by the Board of Directors on 10 November 2010 and has been continuously updated in accordance with the regulatory provisions in force time by time and adapted to reflect current practices. In particular, on 28 June 2021 the Board of Directors approved a new version that takes account of the effects of Italian Legislative Decree 49/2019, which transposed into Italian law the provisions of Directive (EU) 2017/828 ("Shareholders' Rights II") with regard to related parties, as well as the related amendments made by CONSOB on 10 December 2020 to the Issuers' Regulation and the Regulation governing Related Party Transactions. Lastly, on 4 August 2023 the Board of Directors approved a new version of the procedure that reflects the latest regulatory changes, of a minor nature, made since the amendments mentioned above. The new version can be found in the Corporate Governance section of the Interpump website (https://www.interpumpgroup.it).

Information on transactions with related parties is given in Note 10 of the Interim Report on Operations at 30 September 2025. Overall, no atypical or unusual transactions were carried out with related parties during the first nine months of 2025, and the transactions that did take place were completed on an arm's-length basis.

‌Changes in Group structure during the first nine months of 2025

As described earlier, the consolidation perimeter has changed as follows since 31 December 2024:

Water-Jetting sector

• Hammelmann Endüstri Pompaları A.Ş., a newly-formed company, was consolidated for the first time from 1 January 2025;

• Alfa OBL America Inc., a newly-formed company, was consolidated for the first time from 1 May 2025.

• During Q2 2025, the Group acquired Nuova S.M. S.r.l. which has been consolidated using the equity method from June 2025.

• Lastly, during Q2 2025 the Group exercised the option to purchase 10% of Servizi Industriali

  S.r.l. from the minority quotaholders, raising the percentage ownership from 80% to 90%.

  Hydraulic sector

• North American Manufacturing Inc. was absorbed by Muncie Inc. with effect from 1 January 2025;

• Innovativ Gummi Tech Srl was absorbed by I.M.M. Hydraulics Spa with effect from 1 January 2025;

• Interpump Hydraulics Middle East FZE was put into liquidation on 14 April 2025;

• During Q2 2025 the Group acquired the final 0.23% minority interest in Interpump Hydraulics France S.a.r.L and now holds the entire equity interest in that company;

• Lastly, the newly-acquired Padoan Group has been consolidated from 1 July 2025.

‌Events occurring after the close of 9M 2025

On 24 October 2025 Interpump Group announced the acquisition, through its subsidiary Hidrover Ltda, of the entire share capital of Tutto Hidráulicos Ltda, a company specialized in the hydraulic cylinder sector.

Founded in 2008 and headquartered in Caxias do Sul (Brazil), Tutto Hidraulicos employs over 110 people. The company is expected to close fiscal year 2025 with revenues of approximately €12 million and an EBITDA margin of around 24%. Tutto Hidráulicos has been valued at approximately €12 million.

Interpump Group entered the hydraulic cylinder sector in 2008 through the acquisitions of Contarini, Modenflex, Cover, Panni Oleodinamica, and HS Penta, all operating in the same industry but with diferent and therefore complementary specializations. In 2019, the acquisition of the Canadian company Hydra Dyne Tech marked another step in the internationalization process, which continued less than a year ago with the acquisition of the Brazilian company Hidrover.

On 4 November 2025, Interpump Group announces the acquisition, through its subsidiary Reggiana Riduttori S.r.l., of 70% of the share capital of Borghi Assali S.r.l., a company specialized in the design and manufacturing of hydraulic and electric steering axles for industrial vehicles.

Founded in 1971 and headquartered in Bomporto (MO, Italy), the company closed fiscal year 2024 with revenues exceeding € 12 million and an EBITDA margin of approximately 15%. Borghi Assali has been valued at around € 8 million for 100%2 of its share capital. The transaction includes defined "put & call" mechanisms, allowing Interpump Group to acquire the remaining shares starting from October 2030.

The current owners will continue to manage the company in line with the Group's philosophy. Borghi Assali's operations are a perfect fit within the power transmission sector: axles are complementary products to gearboxes and expand product range.

No atypical or unusual transactions have been carried out subsequent to 30 September 2025 that would call for changes to the consolidated financial statements at 30 September 2025.

‌Directors' remarks on performance in Q3 2025

‌Q3 consolidated income statement

‌Revenues

Revenues in Q3 2025 totaled € 499.2 million, up by 1.3% compared with € 492.8 million in Q3 2024 (-0.7% at constant perimeter and +2.3% also net of exchange differences).

Net sales in Q3 are analyzed below by business sector and geographical area:

The changes at constant perimeter are as follows:

2025/2024 percentage changes

At constant perimeter and exchange rates, the Hydraulic sector achieved organic growth of 3.4%, while the Water-Jetting sector grew by 0.2%.