Lu-ve S.p.a. MIL:LUVE

LU VE S p A : FY 2025 results

Published

Source: MarketScreener

FY 2025 RESULTS

13th March 2026





  • Executive Summary

    Solid Growth in FY25 - Record Order Backlog (+ 34.2% YoY) EBITDA Margin at 14.7%

    Economics

  • Sales of products increased by 10.2% in Q4-25.

  • Total sales for 12M-25 grew by 3.0% (at constant FX: 3.0%) mainly thanks to volumes/mix

  • Order book reached €233.7 million, up +34.2% vs FY24.

  • Record adjusted EBITDA margin at 14.7% (vs 14.0% in FY24)

    Financial

  • Leverage improved at 0.8x (vs 1.2x in FY24)

  • Cash flow from operation at €

    68.7 M, 11.4 % of sales (vs €

    62.2 M in FY24)

  • LTM adjusted net cash generation: €54.5 million (vs

    €56.4 million in FY24)

    Strategy



  • Focus on order intake to drive accelerated growth in 2026

  • Ongoing consolidation of operational improvements to enhance profitability.

  • Growth CapEx in the USA (focused on datacenter and industrial cooling markets) completed

    2



  • Financial Highlights

    Q4 2024

    Q4 2025

    Further EBITDA and NFD improvements

    € millions

    • Strong volume increase in Q4-25 and prices in Q3 more than offset the decline recorded in Q1



      2023 FY

      FY 2024

      FY 2025

      Sales

      150,7

      165,2

      617,3

      589,1

      605,4

      Growth %

      -1,4%

      9,6%

      -0,2%

      -4,6%

      2,8%

      EBITDA adjusted

      18,4

      23,2

      80,1

      82,5

      88,7

      EBITDA %

      12,2%

      14,0%

      13,0%

      14,0%

      14,7%

      Net income adjusted (1)

      9,6

      12,6

      40,7

      41,3

      47,5

      % of sales

      6,4%

      7,6%

      6,6%

      7,0%

      7,8%

      Net financial debt

      126,3

      97,5

      72,7

      NFD / EBITDA LTM

      1,6x

      1,2x

      0,8x

      Net cash from operations

      71,2

      62,2

      68,7

      % of sales

      11,5x

      10,6%

      11,3%

    • Total sales of products in FY25 rose by 3.0%

    • Continued consolidation of operational improvements to further enhance profitability: + 70 bps in FY25 and +180bps in Q4

    • Leverage (NFD/EBITDA) improved to 0.82x, compared to 1.18x in FY24

(1) Net income adjusted considers NRI and the depreciation of "purchase price allocation" resulting from M&A transactions concluded in past years 3



  • Revenues Breakdown

    2024

    %

    2025

    %

    1. Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided

    2. Source: management analysis of consolidated results as of 31/12/2025

    4

    ∆ %

    Applications

    € 000



    Total sales

    589,1

    100,0%

    605,4

    100,0%

    2,8%

    Amid volatile markets, benefits from diversification

    Products

    € 000

    2024

    %

    2025

    %

    ∆ %

    Heat Exchangers



    269,8

    45,8%

    290,0

    47,9%

    7,5%

    Air Cooled Equipment

    296,0

    50,2%

    296,7

    49,0%

    0,2%

    Glass Doors

    15,2

    2,6%

    11,9

    2,0%

    -21,5%

    Total sales of products

    581,0

    98,6%

    598,6

    98,9%

    3,0%

    Other revenues

    8,1

    1,4%

    6,7

    1,1%

    -16,5%

    Total sales

    589,1

    100,0%

    605,4

    100,0%

    2,8%

    Refrigeration



    288,5

    49,0%

    296,7

    49,0%

    2,9%

    Air Conditioning



    133,8

    22,7%

    143,8

    23,8%

    7,5%

    Special Applications



    91,1

    15,4%

    88,6

    14,6%

    -2,7%

    Indus trial cooling

    67,7

    11,5%

    69,5

    11,5%

    2,7%

    Total sales of products

    581,0

    98,6%

    598,6

    98,9%

    3,0%

    Other revenues

    8,1

    1,4%

    6,7

    1,1%

    -16,5%



  • Sales by application and market

    Sequential Growth Momentum Building Through Q2-Q4

    SBU components: + 10.7% in Q425 YoY



    • Good growth in refrigeration and HVAC

    • Continuous signs of recovery in heat pump heat exchangers

    • Temporary Softness in Air Conditioning and Mobile Applications

      SBU cooling systems:+ 9.7% in Q425 YoY





    • Delays in some projects, particularly in the air conditioning and industrial cooling segments

    • Q4-25 closed with the highest order book value in the history of the Business Unit

    • Together with the numerous projects currently under negotiation, this indicates that the SBU is well positioned to achieve continued growth over the coming quarters.

      By geography:

      RoW

      26.5%

      EU

      54.2%

      Italy

      19.3%



    • 73.5% of sales in EU.

    • USA and China represents 3.9% and 1.5% of products sales respectively

      High customer diversification:

    • Largest customer : 5.1% of total sales

    • Largest 10 customers: 29.6% of total sales 5



  • EBITDA adjusted Bridge Analysis

    Margin and EBITDA Impact from Volume and Pricing

    • In Q4-25 EBITDA adj margin at 14.0% (vs 12.2% in Q4-24)



    • FY25: the increase of selling prices more than offset the increase of operating cost

    • In Q2-25 and Q4-25 positive impact of volumes

    • No NRI in FY24. In FY25 NRI due to start-up costs of the air-cooled business in USA

      1. Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided 6

      2. Source: management analysis of consolidated results as of 31/12/2025



  • EBITDA, EBIT and Net Income Adjusted

    € millions

    2021

    2022

    2023

    2024

    2025

    EBITDA reported

    60,8

    75,1

    78,8

    82,5

    87,2

    Non recurring items

    0,0

    3,7

    1,3

    0,0

    1,5

    EBITDA Adjusted

    60,8

    78,8

    80,1

    82,5

    88,7

    % of sales

    12,4%

    12,7%

    13,0%

    14,0%

    14,7%

    Multi-Year Track Record of Consistent Profitability Growth

    • EBITDA adjusted =14.7% on sales



      EBIT reported

      30,6

      42,1

      46,4

      50,6

      56,4

      Depreciation on PPA

      4,2

      4,3

      4,7

      4,1

      3,9

      NRI

      0,0

      3,7

      1,3

      0,0

      1,5

      EBIT adjusted

      34,7

      50,1

      52,4

      54,6

      61,8

      % of sales

      7,1%

      8,1%

      8,5%

      9,3%

      10,2%

      Net income reported

      24,8

      49,1

      31,4

      35,8

      39,9

      Depreciation on PPA net of tax

      3,0

      3,4

      3,7

      3,1

      3,0

      NRI net of tax

      0,0

      3,0

      0,9

      1,5

      Unrealized intercompany FX (gain) /losses

      (1,0)

      2,3

      Put & call on Refrion and NRI tax items

      1,6

      Gain on shareholding net of tax

      0,0

      (9,3)

      0,0

      0,0

      0,0

      Fair value of derivatives net of depr cost

      0,0

      (7,5)

      4,7

      0,7

      0,8

      Net income adjusted

      27,8

      38,6

      40,7

      40,2

      47,5

      % of sales

      5,7%

      6,2%

      6,6%

      6,8%

      7,8%

    • EBIT adjusted =10.2% on sales

    • Net Income Adjusted = 7.8% on sales

7

  • Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided

  • Source: management analysis of consolidated results as of 31/12/2025

  • Adjusted net income and adjusted EBIT consider the depreciation of "purchase price allocation" resulting from M&A transactions concluded in past years.



  • Impact of IFRS on Interest Costs

    Strong Financial Management Enhancing Net Profitability

    € millions

    2023

    2024

    2025

    Cash interest cost

    (11,8)

    (13,8)

    (13,8)

    Cash interest income

    5,5

    9,5

    13,1

    Net realized FX gain (cost)

    2,0

    (0,2)

    3,5

    Net cash financial costs (A)

    (4,3)

    (4,5)

    2,8

    Derivatives fair value

    (7,7)

    (5,1)

    (0,5)

    Amortization costs

    1,5

    4,1

    (0,5)

    Unrealized FX gain (loss)

    0,4

    2,9

    (5,6)

    IFRS related financial charges (B)

    (5,8)

    1,9

    (6,6)

    NRI: call option Refrion (C)

    (0,9)

    0,0

    Reported net financial charges (cost) (A+B+C)

    (10,1)

    (3,5)

    (3,8)

    • Strong increase of cash interest income

    • Positive net realized FX gain



    • Unrealized FX Impact on Long-Term Intercompany Loan (No Expected Cash Effect) due to financing on US capex

    • Entirely medium-term maturities

    • Average duration of 3.94 years (vs 3,7 years in FY24)

    • No refinancing cliffs (no bullet maturities)

    • 76.4% of debt currently hedged (vs. 91.3% in FY24), with hedging coverage expected to rise during 2026

8



  • Net Income Adjusted Bridge Analysis

Adjusted Net Income +17.7% YoY, Driven by EBITDA Growth

+17,7%

  1. Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided 9



  2. Source: management analysis of consolidated results as of 31/12/2025



    • Trade Net Working Capital

      TNWC Back Toward M/LT Guidance

      31/12/2025 Days

      31/12/2024 Days

      31/12/2023 Days

      € Millions

      Stock 110,8 65 101,1 62 110,7 66

      A/receivable 87,8 51 103,0 63 122,0 73

      Working capital 198,6 204,0 232,7

      A/payable 95,7 90 108,3 108 126,6 119

      10



      Net working capital 103,0 60 95,7 59 106,1 63

      % on net sales LTM 16,7% 16,3% 17,5%





    • Net cash generation adjusted

      Track Record of Consistent Net Cash Generation

      Net cash / (net debt) € m

Net financial position as of December 2024

( 97,5)

Net financial position as of December 2025

( 72,7)

Delta in net financial position

24,8

24,8

+ Dividends paid in 2025

10,2

+ Accelerated capex program

18,7

+ Change of IFRS 16 impact

( 0,7)

Non recurring items

1,5

= Total normalized net cash flow

54,5

LTM net cash generation adjusted 2018 - 2025(€ M)

    • Accelerated capex program above maintenance level

    • In 2022 and 2023 temporary working capital increase due to higher safety stock of raw materials



    • Normalization of TNWC already started in 2023



    • Extraordinary level in LTM up to December 2019 due to working capital reduction

      11



  • Balance Sheet and Capital Allocation

    Strong Balance Sheet Supporting Future Growth



    • The net financial position as of December 2025 decreased by €24.8 million compared to December 2024



    • In FY25 cash flow from operation equal to € 68.7 M (11.3 % of sales) vs € 62.2 M (10.6% of sales) in FY24

    • LTM net cash generation adjusted equal to € 54.5 M

    • EBITDA cash conversion at 61%

      12

      • Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided

      • Source: management analysis of consolidated results as of 31/12/2025



  • Closing

    Future Developments and Closing Remarks



    • Strategic focus on Datacenter and Industrial sector projects

    • Emphasis on automation, process efficiency, and cost reduction

    • Ongoing optimization of the supply chain

      Strategy

      Markets

      M&A

      Financials

    • Continued rationalization of the product portfolio

    • Plant expansion in US completed

    • Capital expenditure plans under review in response to market trends

    • Medium to long-term growth supported by strong secular trends

    • Continued robust growth in commercial refrigeration

    • Heat pump market recovering faster than anticipated

    • Nuclear application projects underway;

    • Ongoing pursuit of M&A opportunities with solid strategic alignment

    • Prioritizing cost efficiency and margin improvement

    • Emphasis on deleveraging and extending average debt maturity 13

    • Strong focus on net cash generation

      Annexes



      14





  • Income Statement as of 31/12/2025

    Delta %

    2025 %

    2024 Delta %

    2023 %

    2022 %

    2021 %

    Consolidated Profit & Loss Reclassified (000 Euro)

    Sales and operating income 492.008 100,0% 618.612 100,0% 617.257 100,0% 589.088 100,0% 605.391 100,0% 2,8%

    Purchases of materials (309.733) -63,0% (353.637) -57,2% (302.368) -49,0% (283.969) -48,2% (306.969) -50,7%

    Inventory increase (decrease) 51.931 10,6% 20.450 3,3% (21.440) -3,5% (9.852) -1,7% 10.761 1,8%

    Services (63.148) -12,8% (81.811) -13,2% (80.654) -13,1% (75.542) -12,8% (75.207) -12,4%

    Labour cost (106.683) -21,7% (125.552) -20,3% (129.413) -21,0% (132.532) -22,5% (140.258) -23,2%

    Total operating costs

    (431.167)

    -87,6% (543.477) -87,9% (538.418) -87,2% (506.569) -86,0% (518.150) -85,6%

    2,3%

    Depreciation

    Gain (loss) of non current assets

    (30.140)

    (147)

    -6,1%

    0,0%

    (32.729)

    (310)

    -5,3%

    -0,1%

    (32.371)

    (41)

    -5,2%

    0,0%

    (31.817)

    (150)

    -5,4%

    0,0%

    (30.578)

    (263)

    -5,1%

    0,0%

    Net financial charges

    Capital gain on shareholding

    68

    0,0%

    7.467

    9.473

    1,2%

    1,5%

    (10.057)

    -1,6%

    (3.486)

    -0,6%

    (3.824)

    -0,6%

    Income taxes

    (5.847)

    -1,2%

    (9.971)

    -1,6%

    (5.007)

    -0,8%

    (11.245)

    -1,9%

    (12.782)

    -2,1%

    Minority interest

    1.036

    1.351

    1.618

    1.324

    1.670

    1. Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided

    2. Source: management analysis of consolidated results as of 31/12/2025

    15

    10,5%

6,3%

38.124

11,1%

6,6%

39.794

11,7%

8,7%

52.576

11,6%

9,3%

56.400

34.497 5,9%

29.745 4,8%

47.714 7,7%

35.821 6,1%

31.363 5,1%

49.065 7,9%

24.775 5,0%

Net income

47.066 8,0%

36.370 5,9%

59.036 9,5%

30.622 6,2%

EBT

50.552 8,6%

46.427 7,5%

42.096 6,8%

30.554 6,2%

EBIT

5,7%

87.241 14,4%

82.519 14,0%

78.839 12,8%

75.135 12,1%

60.841 12,4%

EBITDA



Other operating costs (3.534) -0,7% (2.927) -0,5% (4.543) -0,7% (4.674) -0,8% (6.477) -1,1%

Group net income

23.739 4,8%



  1. Due to rounding, numbers

    presented throughout this chart may not add up precisely to the totals provided

  2. Source: management analysis of consolidated results as of 31/12/2025

16



31/12/2022

% net invested

capital

31/12/2023

% net invested

capital

31/12/2024

% net invested

capital

31/12/2025

% net invested

capital

Net intangible assets

Net tangible assets

Pre-paid taxes Financial assets

98.474

189.264

6.992

1.473

92.863

205.412

11.039

969

88.080

213.621

11.227

424

82.001

221.746

12.878

619

Inventory

A/receivable

Other receivables and current assets

134.237

83.265

13.273

110.831

87.790

14.116

101.061

102.961

13.631

110.731

121.986

11.314

A/payable

Other payable and current liabilities

106.587

40.913

95.659

46.577

108.291

44.641

126.588

51.486

Personnel provisions

Deferred taxes Risk provisions

5.299

14.955

5.492

5.363

14.109

5.735

5.390

13.698

6.012

5.237

12.664

8.898

Group net worth

Minority interest

206.748

4.712

223.677

5.554

249.434

6.003

276.589

7.098

M/L term net financial position

Short term net financial position

338.014

(195.742)

264.632

(138.286)

279.756

(182.220)

343.994

(271.279)

100,0%

353.732

Net worth and net financial position

65.957 18,5%

178.074

72.715 20,4%

97.536 27,6%

126.346 35,5%

142.272 40,2%

Net financial position

283.687 79,6%

255.437 72,4%

229.231 64,5%

211.460 59,8%

Total group net worth

356.402 100,0%

352.973 100,0%

355.577 100,0%

353.732 100,0%

Net invested capital (A+D-E)

26.799 7,5%

25.100 7,1%

25.207 7,1%

25.746 7,3%

Long term liabilities (E)

Working capital (D=B-C)

Current liabilities (C)

244.031

217.653

212.737

230.775

Current assets (B)

317.244 89,0%

313.352 88,8%

310.283 87,3%

296.203 83,7%

Non current assets (A)

Consolidated Balance Sheet Reclassified (000 Euro)

  • Balance Sheet as of 31/12/2025

147.500

83.275 23,5%

142.236

70.501 19,8%

152.932

64.721 18,3%

355.577 100,0%

352.973 100,0%

356.402 100,0%

Short company profile

LU.VE:

a Lucky Venture

We are LUVE, the HVAC&R company that changed the cooling industry through our innovations.

We continue to shape the future of the cooling industry with performing and customer-oriented solutions.

Our areas of expertise range from refrigeration, industrial cooling, air conditioning, data center & power gen cooling, OEM components and glass doors.



18



Our headquarters

LU-VE S.p.A.

Uboldo, Italy

3rd largest operator in the world

2nd largest in Europe

in the production of air heat exchangers

1

9





COMPANIES ARE WOMEN, MEN AND IDEAS

(Iginio Liberali, LUVE Founder)

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