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

LU VE S p A : Q3 2025 results

Published

Source: MarketScreener

Q3 2025 results

13th November 2025



Executive Summary - Q3-25

Solid growth in Q3 with Record Order Backlog (+ 38.7% YoY) Best-Ever Q3 EBITDA Margin

Economics

  • Sales of products increased by 3.4% in Q3-25.

  • Total sales for 9M-25 grew by 0.4% (at constant FX:

    +0.4%) mainly thanks to prices

  • Order book reached €238.6 million, up +38.7% vs Q3-24.

  • Record adjusted EBITDA margin at 15.5% (vs 14.9% in Q3-24)

Financials

  • Leverage improved at 1.2x (vs 1,5x in Q3-24)

  • Cash flow from operation

€ 47.8 M, 10.9 % of sales

  • LTM adjusted net cash generation: €51.0 million (vs €72.2 million in Q3-24)

Strategy

  • Focus on order intake to drive accelerated growth in Q4-25 and throughout 2026

  • Ongoing consolidation of operational improvements to enhance profitability.

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



2

€ millions

9m 2024

9m 2025

Q3 2024

Q3 2025

2024 FY

LTM

Sales

438,4

440,2

142,0

145,5

589,1

590,9

Growth %

-5,6%

0,4%

-1,5%

2,5%

-4,6%

-0,1%

EBITDA adjusted

64,1

65,6

21,1

22,5

82,5

83,8

EBITDA %

14,6%

14,9%

14,9%

15,5%

14,0%

14,2%

Net income adjusted

30,7

34,8

10,1

12,2

40,3

44,4

7,0%

7,9%

7,1%

8,4%

6,8%

7,5%

Net financial debt

125,8

103,7

97,5

103,7

NFD / EBITDA LTM

1,54x

1,24x

1,18x

1,24x

  • The volume increase in Q2 and prices in Q3 more than offset the decline recorded in Q1-25

  • Total sales in Q3-25 rose by 2.5% (+3.4% for product sales)

  • Continued consolidation of operational improvements to further enhance profitability:+ 60 bps in q3

  • Leverage (NFD/EBITDA) improved to 1.24x, compared to 1.54x in Q3-24

  • In 9m-25 cash generation from operations amounted to €47.8M (10.9% of sales), versus €51.6M (11.8% of sales) in 9m-24

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

    Q3-25 Financial Highlights

    Q3 Delivers Record Backlog, Best-ever Margins, and Stronger Balance Sheet



    9m-25 - Revenues Breakdown

    Amid volatile markets, benefits from diversification

    9m 2024

    %

    9m 2025

    %

    ∆ %



    Heat Exchangers



    203,9

    46,5%

    216,3

    49,1%

    6,1%

    Air Cooled Equipment



    217,1

    49,5%

    210,1

    47,7%

    -3,2%

    Glass Doors

    11,8 2,7%

    8,9

    2,0%

    -24,5%

    Total sales of products

    432,8 98,7%

    435,3 98,9%

    0,6%

    Other revenues

    5,6

    1,3%

    4,9

    1,1%

    -12,8%

    Total sales

    438,4

    100,0%

    440,2

    100,0%

    0,4%

    Applications

    € 000

    9m 2024

    %

    9m 2025

    %

    ∆ %

    Refrigeration



    215,9

    49,3%

    220,7

    50,1%

    2,2%

    Air Conditioning



    101,6

    23,2%

    99,5

    22,6%

    -2,1%

    Special Applications



    66,8

    15,2%

    68,3

    15,5%

    2,3%

    Industrial cooling

    48,4 11,0%

    46,8

    10,6%

    -3,3%

    Total sales of products

    432,8 98,7%

    435,3 98,9%

    0,6%

    Other revenues

    5,6 1,3%

    4,9 1,1%

    -12,8%

    Products

    € 000

    Total sales

    438,4

    100,0%

    440,2

    100,0%

    0,4%

    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 30/09/25 4

    Sales by application and market

    Benefit of Diversification of Applications Back to Growth in Q2 and Q3 2025

    SBU components: +1.7% in Q3-25 vs 10.2% in Q2-25





    • Good growth in refrigeration and HVAC

    • Continuous signs of recovery in heat pump heat exchangers

    • Negative trend in air conditioning and mobile applications

      SBU cooling systems: +5.0% in Q3-25 vs -1.8% in Q2-25



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

    • Q3-25 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:

      EU 53.5%

      RoW 26.6%

      Italy 19.9%



    • 73.4% of sales in EU.

    • USA and China represents 3.9% and 1.7% of products sales respectively

      High customer diversification:

    • Largest customer : 4.1% of total sales

    • Largest 10 customers: 28.9% of total sales 5

    EBITDA Bridge Analysis 9m-25 vs 9m-24





    • In Q3-25 EBITDA adj margin at 15.5% (vs 14.9% in Q3-24)

    • In 9m-25 the increase of selling prices more than offset the increase of operating cost

    • In Q2-25 and Q3-25 positive impact of volumes

    • No NRI in H1-24. In 9m-25 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

  2. Source: management analysis of consolidated results as of 30/9/2025

    6

    9m 24 9m 25

    € millions

    Minorities

    (1,0) (1,2) (1,3)

    34,5

25,8 27,1

Group net profit

2024

EBITDA reported

64,1

64,4

82,5

NRI

0,0

1,2

0,0

EBITDA adjusted

64,1

65,6

82,5

D&A

23,4

23,1

31,8

EBIT reported

40,5

41,3

50,6

Capital gain

0,0

0,0

0,0

Net financial income (loss)

(5,1)

(4,0)

(3,5)

EBT

35,4

37,3

47,1

Income taxes

(8,6)

(9,0)

(11,2)

9m 2025

  • From EBITDA to Group Net Profit

    EBIT reported

    40,5

    41,3

    50,6

    Depreciation on PPA

    NRI

    3,1

    0,0

    2,9

    1,2

    4,1

    0,0

    EBIT adjusted

    43,6

    45,4

    54,6

    % of sales

    9,9%

    10,3%

    9,3%

  • EBIT adjusted

    =10.3% on sales

    Net income reported

    26,8

    28,3

    35,8

    Depreciation on PPA net of tax

    2,3

    2,2

    3,1

    NRI net of tax

    0,0

    1,2

    1,6

    Unrealized intercompany FX (gain) / losses

    0,2

    2,1

    (1,0)

    Gain on shareholding net of tax

    0,9

    0,7

    Fair value of derivatives net of amort cost

    0,5 0,9

    Net income adjusted

    30,7 34,8

    40,3

    % of sales

    7,0%

    7,9%

    6,8%

  • Net Income Adjusted

= 7.9% on sales

  • 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 30/09/2025

  • Adjusted net income and adjusted EBIT consider the depreciation of "purchase price allocation" resulting from M&A transactions concluded in past 7

    years.

    € millions

    9m-24

    9m-25

    2024

    Cash interest cost

    (10.8)

    (9.9)

    (13.8)

    Cash interest income

    6.9

    9.5

    9.5

    Net realized FX gain (cost)

    0.4

    2.7

    (0.2)

    Net cash financial costs

    (A)

    (3.6)

    2.3

    (4.5)

    Derivatives fair value

    (4.0)

    (1.1)

    (5.1)

    Amortized costs

    3.3

    (0.1)

    4.1

    Unrealized FX gain (loss)

    (0.0)

    (5.1)

    2.9

    IFRS related financial charges

    (B)

    (0.7)

    (6.3)

    1.9

    Put&Call Refrion

    (0.9)

    0.0

    (0.9)

    Reported net financial charges (cost)

    (A+B+C)

    (5.1)

    (4.0)

    (3.5)

    • Strong improvement of net cash interest expense thank to a sharp increase in interest income and decrease of interest costs

    • All financial debt are at medium term. Average duration 3.96 years (3.31 in Q3-24)

    • All loans amortizing, no bullet

    • 85.2% of loans covered by interest rate swaps (91.1% in Q3-24)

      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 30/9/2025

Impact of IFRS on Interest Costs





Net Income Adjusted Bridge Analysis 9m-25 vs 9.m-24: +13.4%

Net income adjusted increased by +13.4%

  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 30/09/2025

9



TNWC back toward M/LT Guidance

Temporary Increase due to Sales Trend

30/09/2025

Days

30/09/2024 Days

31/12/24

Days

€ Millions

Stock 113,7 69 101,1 62 120,3 73

A/receivable 105,3 64 103,0 63 120,8 74

Working capital 218,9 204,0 241,2

A/payable 107,6 109 108,3 108 121,6 117

Net working capital 111,3 68 95,7 59 119,6 73

18,8%

16,3%

20,0%

% on net sales LTM



  • Due to rounding, numbers presented throughout this chart may not add up precisely to the totals provided 10

  • Source: management analysis of consolidated results as of 30/09/2025