IP - 4Q-2025 Preliminary Financial Results presentation - 13 February 2026

INTERPUMP GROUP 4Q-2024 PRELIMINARY FINANCIAL RESULTS 13rdFebruary 2026

• KEY HIGHLIGHTS
• 4Q-2025 PRELIMINARY FINANCIAL RESULTS
• GROUP SUSTAINABILITY PATH
• 2026 OUTLOOK
• 2026-2028 EXPECTATION
• ANNEX

  For Group accounting definitions see please slides 35-36 of the Annex part

  
  
  
  
  
• KEY HIGHLIGHTS

  GROUP 2020-2025 ORGANIC SALES

  EVOLUTION by QUARTER

  GROUP 2020-2025 ORGANIC SALES

  EVOLUTION by QUARTER

• 2025: the new Group cash record

  ‒ Organic sales: -0.7%

  COVID

  impact

  Post COVID

  normalisation

  • Hydraulics: on a recovery path

  • Water Jetting: another strong year

    - Cash generation: € 220m

• 2026 outlook

  • Sales: between -2% and +3% on organic basis

  • EBITDA margin: consolidation of excellence

  • Cash generation: aiming for the 3rdconsecutive record

• 2026-2028 expectation

  • Targets

    • Sales: up to € 2.500 in 2028 (1)

    • NFP (2): bringing to zero

  • Guideline: EBITDA margin around 22.5% including possible M&A dilution effect

  1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q22 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q2025 2Q2025 3Q2025 4Q2025

  2020-2025 FCF EVOLUTION

  Million €

220

204

205

2020 2024 2025

(1) Total growth (organic and acquisitions) - (2)EBITDA/NFP (NFP excluding "put&call option value)

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Average 1996-25 FCF/EBITDA conversion: ~50%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

• KEY HIGHLIGHTS
• 4Q-2025 PRELIMINARY FINANCIAL RESULTS

• 2025

  • Sales: benefit of diversification, Water Jetting strength balanced Hydraulics weakness

  • Profitability: diversification, business model flexibility and integration capability stronger than sales decrease

  • NFP: the new Group cash record drove leverage to 0.6x

  			4QUARTER			FULL YEAR
  	Million €		2024	2025		2024	2025
  HYDRAULICS	SALES		316.5	329.4		1,407.5	1,355.0
  	Growth		-13.5%	+4.1%		-13.9%	-3.7%
  	EBITDA		48.4	55.0		279.8	266.2
  	Growth		-31.3%	+13.7%		-24.2%	-4.9%
  	% on net sales (1)		15.2%	16.7%		19.8%	19.6%
  WATER-JETTING	SALES		173.4	165.1		670.9	715.7
  	Growth		+12.7%	-4.8%		+10.8%	+6.7%
  	EBITDA		44.8	42.7		176.8	195.7
  	Growth		+10.1%	-4.6%		+5.4%	+10.7%
  	% on net sales		25.7%	25.7%		26.2%	27.2%

  (1)2025 relevant perimeter changes: Alltube (since May 2024), Alfa Valvole (since June 2024), Hidrover (since December 2024), Padoan (since July 2025), Tutto Hydraulicos and Borghi Assali (since November 2025) and Farma (since December 2025 on a balance sheet asset wise) - (2)Excluding € 85.0m and € 61.1m of subsidiaries purchase commitments in 2025 and 2024 respectively

  
  
  

  DIVISIONS - WATER JETTING STRENGHT SUPPORTED HYDRAULICS RECOVERY

  4Q-2025 RESULTS

• Hydraulics

  • Sales: recovery path after one of the worst period in Group history

  • Profitability: business model flexibility and integration capability allow to minimise operating leverage

• Water-Jetting

  • Sales: post COVID recovery enhanced by exceptional contracts

  • Profitability: overcoming of production inefficiencies and operating leverage

  					4QUARTER			FULL YEAR
  			Million €		2024	2025		2024	2025
  	HYDRAULICS		SALES Growth		316.5 -13.5%	329.4 +4.1%		1,407.5 -13.9%	1,355.0 -3.7%
  			EBITDA Growth % on net sales (1)		48.4 -31.3% 15.2%	55.0 +13.7% 16.7%		279.8 -24.2% 19.8%	266.2 -4.9% 19.6%
  No diluition impact from acquisitions
  	WATER-JETTING		SALES Growth		173.4 +12.7%	165.1 -4.8%		670.9 +10.8%	715.7 +6.7%
  			EBITDA Growth % on net sales		44.8 +10.1% 25.7%	42.7 -4.6% 25.7%		176.8 +5.4% 26.2%	195.7 +10.7% 27.2%

  
  
  

  SALES - RECOVERY STRONGER THAN COMPARISON

  4Q-2025 RESULTS

  4Q2025 GROUP SALES EVOLUTION

• 4Q2025: recovery trend stronger than comparison effect

  +1.0%

− Hydraulics: strengthening of recovery path

− Water Jetting: influence of comparison effect

€ 490m

+2.5%

+2.1% -3.6%

€ 495m

2024 ORGANIC PERIMETERS FX 2025

€ 316m

+4.8%

+3.0% -3.7%

€ 329m

€ 173m -1.8% +0.2% -3.2% € 165m

2024 ORGANIC PERIMETERS FX 2025

2024 ORGANIC PERIMETERS FX 2025

SALES - WATER JETTING STRENGHT BALANCED HYDRAULICS WEAKNESS

4Q-2025 RESULTS

• 2025: Water Jetting strength balanced Hydraulics weakness

  − Hydraulics: acceleration of the recovery path

  − Water Jetting: another strong year

  -0.4%

€ 2.078m

-0.7%

+2.3% -2.0%

€ 2.071m

2024 ORGANIC PERIMETERS FX 2025

€ 1.407m

-4.1%

+2.4% -2.0%

€ 1.355m

€ 671m

+6.3%

+2.4% -2.0%

€ 716m

2024 ORGANIC PERIMETERS FX 2025

2024 ORGANIC PERIMETERS FX 2025

22.0%

22.3%

2024 Purchase Labour Other

2025

Perimeters

2025

changes and

FX impact

Organic

operating

costs

(1) Management controlling system data - (2)In the graph "purchase" is net of "inventories changes" and "total other income"

• Outstanding stability despite huge volatility

  • Complementary nature of two divisions

    2019-2025 SALES GROWTH

  • Increased diversification by division, geography, product and market application

  • Business model and cost structure flexibility

  • Integration capability

  2019-2025 GROUP SALES GROWTH & MARGIN EVOLUTION

29.5%

23.7%

23.7%

24.0%

22.3%

22.7%

23.2%

23.9%

7.0%

7.8%

-0.3%

-5.4%

-7.2%

2019-2025 EBITDA MARGIN

22.0%

2019 2020 2021 2022 2023 2024 2025

• NFP equal to € 291mcompared to € 409m

  of December 2024(1)

• The new cash record: € 220m of FCF

  • TWC (2) : reflecting sales recovery in 2H2025

  • CAPEX (4) : down by around 27% to € 99m

  • Acquisitions: € 52m

  NFP EVOLUTION (1)

  (€ m)

€ 36m € 12m

€ 4m € 6m

€ 291m

€ 52m

€ 409m € 220m

2024

FCF

Acquisition

Dividend

Net Buy-back

Leasing

FX

(3)

2025

€ 30m

€ 71m

€ 99m

€ 20

€ 9 € 220m

EBITDA Change NWC Paid INTEREST Paid TAXES Paid CAPEX Leasing IFRS16 Other

FCF

€ 461m € 12m

(4) (5)

(1) Excluding € 85.0m and € 67.1m of subsidiaries purchase commitments in 2025 and 2024 - (2)Trade Working Capital = NWC with "Trade Payable" net of CAPEX Trade Payable

(3) Principal portion of finance lease installments +/- new leasing contracts arranged +/- remeasurement and early close-out of leasing contracts - (4)"Investment in property, plant & equipment" - "Proceeds from the sales of property, plant & equipment + Investment in other intangible assets" - (5)Principal portion of finance lease installments

• Improvement to be continued

  • Trade receivable and payable evolution consistent with sales evolution

  • Inventory down by around 3% despite 3 acquisitions in the Fourth Quarter

    • Decrease close to 5% at constant perimeters

• Normalisation commitment confirmed

  2019-2025 TRADE WORKING EVOLUTION

  (€ m - % on Net Sales)

2021-22 Average organic

sales evolution: +17.2%

2024 organic sales

evolution: -9%

2021-22 Average organic

sales evolution: +17.2%

2024 organic sales

evolution: -9%

39.5%

38.2%

41.3%

38.0%

40.8%

36.6%

36.8%

85%

73%

76%

83%

81%

82% 80%

52% 53%

59%

53% 48%

45%

47%

-25% -29%

-44%

-36%

-30% -27% -27%

2019 2020 2021 2022 2023 2024 2025

TWC % on Net Sales

2019 2020 2021 2022 2023 2024 2025

NET TRADE RECEIVABLE NET INVENTORIES TRADE PAYABLE

• TWC is a fundamental tool to exploit growth and protect profitability

  • Prompt answer to customers' requests

  • Keep production going

  Usually, meaningful acquisitions originated TWC peaks

• Historical average of around 35-36%, 2021-22 peak driven by extraordinary organic growth and White consolidation

  TWC 2010-2025 EVOLUTION

  (€ m - % on net sales)

• In 2024 Group normalisation slowed down

  by severe sales drops

• In 2025 again on the improvement path to be continued

  2021-23 average TWC/Sales ratio: 38.6%

  40.3%

  38%

  39.6% 38.2%

  41.3%

  38.2%

  40.840%%

  35.8% 36.6%

  36.3%

  36.7%

  37.9%

  32.3% 33.3% 33.4% 34.7%

  2010-19 average TWC/Sales ratio: 35.7%

  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

  TWC % on Net Sales
  
  

• CAPEX

  (1)

  normalisation process almost concluded

  2019-2025 CAPEX EVOLUTION (1)

  (% on total CAPEX)

- After a -20% decrease in 2024, an additional -27%

to € 91

• Last step of 2021-2023 Post COVID plan concluded

  - New Interpump Hydraulic headquarters is fully operational

  6.7%

  6.2%

  5.4%

  5.9%

  4.7%

  4.4%

  7.2%

  2019 2020 2021 2022 2023 2024 2025

  CAPEX % on Net Sales
  
  

  2019-2025 CAPEX BREAKDOWN by DIVISION (2)

  (Total amount - % on total CAPEX)

30%

25%

27% 28%

73 58 99 125 162 129 91 73 58 99 125 162 129 91

71%

67%

74%

78%

14%

2019 2020 2021 2022 2023 2024 2025

HYDRAULICS WATER-JETTING

(1) Cash CAPEX (Investment in property, plant & equipment) - (2)Management estimates

2019 2020 2021 2022 2023 2024 2025

LAND&BUILDING EQUIPMENT, IT & OTHERS

• Group 2021-23 "Post COVID" CAPEX plan

  • 1 destination: the entire Group, both divisions, all geographies and all most important companies

  • 2 phases: first real estate investments and then technologies & equipment

  • 3 goals: "best in class" factories, production capacity increase and production efficiency improvement

• Medium-long term guidance of around 4% CAPEX/Sales ratio confirmed

2021-23 average CAPEX/Sales ratio: 6.7%

7.3%

2010-19 average CAPEX/Sales ratio: 4%

6.7% 6.2%

6.2%

5.4% 5.1%

5.3% 5.4% 4.7%

4% 4.4%

4.4%

3.2%

2.5%

3%

2%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

CAPEX % on Net Sales

(1) Cash CAPEX (Investment in property, plant & equipment)

NLB - New headquarter in Wixom (U.S.A.) Walvoil - Factory extension in Cavriago (Italy)

Inoxpa - New headquarter in Pune (India) Interpump Hydraulics - New headquarter in Sala Bolognese (Italy)

Interpump Group - New robotic assembly island in Sant'Ilario (Italy) Walvoil - Automated warehouse in Cavriago (Italy)

Reggiana Riduttori - VTC series of turning centers in San Polo d'Enza (Italy) Interpump Hydraulics - New machining centre in Sala Bolognese (Italy)

• "Perfect fit" with Group growth and diversification strategy - Diversification by geography

  • Padoan: tank in Europe after America Mobile in U.S.A.

  • Tutto Hydraulicos: another step in Brasil

• Diversification by products

  • Borghi Assali: axles, complementary products to gearboxes

  • Farma: components for tanks

Padoan - Product example

Tutto Hydraulics - Product examples

Borghi Assali - Product example

Farma - Product example

(1) See please slide 43 for additional details on 2025 acquisitions