Sogefi S.p.a.MIL: SGF

April 24, 2026 – Q1 2026 Results

· Issued by Sogefi S.p.a.
1Q 2026 Results

April 24, 2026

Michele CAVIGIOLI - Head of Finance

1

Maria Beatrice DE MINICIS - Head of Planning and Control



AGENDA

  • Q1 2026 Results
  • A resilient business model and a Sustainable Transformation
  • 2026 Outlook




Q1 2026: FINANCIAL HIGHLIGHTS

Revenues at €250.2m

vs 256.0 in Q1 25



EBITDA at € 36.4m

vs €33.8m in Q1 25

EBIT at € 17.2m



vs € 15.1m in Q1 25

• +0.7% at constant exchange rates (-2.3% at current), growth in Europe, North America and

India offsetting the decline in China and South America

  • EBITDA adjusted (excluding non-recurring items1): € 36.5m vs € 35.9m in Q1 2025

  • Non-recurring items1: -€ 0.1m in Q1 2026 vs -€ 2.0m in Q1 2025, with change mainly related to exchange differences

  • Contribution margin € 75.9m (30.4%) vs € 75.7m (29.6%) in Q1 2025

  • Fixed costs stable vs Q1 2025 in absolute value

  • EBIT adjusted (excluding non-recurring items1) € 17.4m (6.9%) vs € 17.1m (6.7%) in Q1 2025





Net Income € 10.9m

  • Net income of operating activities, including minorities, at € 11.7m vs € 9.8m in Q1 2025

FCF2 at € 14.3m

vs €8.7m in Q1 25

  • Free Cash Flow including IFRS16 positive at € 7.7m vs €11.2m in Q1 2025 (negative IFRS16 impact due to the renewal of one main rental contract)

NFP2 at € 4.8m

vs € 19.2m Dic '25

  • Net debt including IFRS16 at end of March 2026 € 48.6m, vs € 56.3m at end 2025.

Lower use of factoring (- € 10.4m vs. Dic 2025)

Sale of the Precision Springs

business unit

EV € 20,0m

  • Signed a Put Option agreement for the sale of non-core activities in Precision Springs ("PS")

  • PS has 3 plants (France, Netherlands, UK), 2025 revenues of €28.6m and €3.8m EBITDA

  • Transaction is expected to close by Q3 2026.



  1. Non-recurring items include restructuring costs for actions already carried out or provisioned as in progress at the end of the period, gains/losses from divestitures and exchange rates, other non operating

    income/costs, with the exception of write-downs of tangible and intangible assets 3

  2. FCF and Net debt excluding IFRS 16



Q1 2026: SALES BY GEOGRAPHY

€m

Europe 27

Q1 25

138.4

Q1 26

142.7

change

3.2%

constant exchange rates

3.5%

reference market production

-1.2%

performance vs market

4.7%

weight based on Q1 26

57.0%

North America

56.3

52.6

-6.7%

1.0%

-2.0%

3.0%

21.0%

South America

26.5

25.3

-4.4%

-1.9%

3.8%

-5.7%

10.1%

China

30.9

26.4

-14.5%

-9.5%

-9.8%

0.3%

10.6%

India

4.1

4.2

2.4%

19.9%

9.4%

10.5%

1.7%

Intercompany

(0.1)

(1.0)

Total

256.0

250.2

-2.3%

0.7%

-3.4%

4.1%

100.0%

  • Global sales at -2.3% vs Q1 2025, +0.7% at constant FX, vs. -3.4% market production

  • Europe: +3.5%, thanks to the growth of A&C, better than the market (-1.2%)

  • North America: +1.0%, overperforming the market (-2.0%)

  • South America: -1.9%1, lower than market

  • Cina: -9.5%, in line with the market

  • India: +19.9%, overperforming the market

1. at constant FX and excluding Argentina inflation 4

Source: Sogefi and S&P Global (IHS) data. Passenger cars and Light commercial vehicles only.

Q1 2026: SALES BY BUSINESS UNIT

€m

Air&Cooling

Q1 25

117.3

Q1 26

115.4

change

-1.7%

constant exchange rates change

3.1%

Suspensions

138.5

135.3

-2.3%

-0.8%

Intercompany

0.2

(0.5)

Total

256.0

250.2

-2.3%

0.7%

  • Suspensions: -0.8% at constant FX

    • Passenger Cars and Heavy Duty substantially stable in Europe

    • Decline in South America (-1.9%) and China (-9.9%)

    • India up 19.9%

  • Air and Cooling: +3.1% at constant FX

    • better-than-market performance in Europe, +10.4% thanks to

      new projects

    • growth in North America (+1.0%)

    • decrease in China, -9.2%, in line with market

5









Q1 2025

Q1 2026

OUR CUSTOMERS (% of sales)











6



Q1 2026: EBIT PERFORMANCE BREAKDOWN VS Q1 25

5.9%

on sales

6.7%

on sales

6.9%

on sales

6.9%



on sales

(*) Variances calculated at stable FX

(**) Exchange rate impact net of Argentinian inflation 7



. Q1 2026: P&L



€m

Q1 2025

%

REVENUES

256.0

100.0%

CONTRIBUTION MARGIN

75.7

29.6%

Fixed Costs

(39.9)

-15.6%

EBITDA Adjusted

35.9

14.0%

Non Recurring Items

2.0

0.8%

EBITDA

33.8

13.2%

D&A

(18.7)

-7.3%

Write downs

-

0.0%

EBIT

15.1

5.9%

EBIT Adjusted

17.1

6.7%

Financial results

(2.7)

-1.1%

Income Tax

(3.1)

-1.3%

NET INCOME OF OPERATING ACTIVITIES

9.8

3.8%

Minority Interest

Net income from discontinued operations

(0.7)

-

-0.3%

NET INCOME

9.0

3.5%

Q1 2026

%

250.2

100.0%

75.9

30.4%

(39.4)

-15.7%

36.5

14.6%

0.1

0.0%

36.4

14.5%

(19.1)

-7.6%

-

0.0%

17.2

6.9%

17.4

6.9%

(2.4)

-1.0%

(3.0)

-1.2%

11.7

4.7%

(0.8)

-0.3%

-

10.9

4.4%

Higher contribution margin in %, thanks to effective management of pricing and purchasing

Fixed costs stable (slightly down in absolute value)

EBITDA Adjusted growing in % and value

Non-recurring items mainly related to exchange differences

EBIT Adjusted growing in % and value

Of which € 1.5m Cash Interests

Group Net Income up in % and absolute value

(*) For EBITDA/EBIT adjustment definition see appendix 8

Q1 2026: FREE CASH FLOW1



€m

Q1 2025

Q1 2026

FUNDS PROVIDED BY OPERATIONS

25.7

29.2

Working Capital

0.2

-4.6

Capex (Tangible, Intangibles & IFRS15)

-18.3

-13.1

Others

1.1

2.8

FREE CASH FLOW (NET) EX DISPOSAL

8.7

14.3

NET DEBT

0.8

4.8

FACTORING

57.6

54.7

Difference mainly due to lower use of factoring Lower capex due to phasing effect

lower use of factoring (-€ 2.9m)

1. FCF and Net debt excluding IFRS 16; FCF also excludes disposal proceeds, fair value of financial instruments and dividends paid 9



Q1 2026: SUSPENSIONS

SALES (€m)

EBITDA Adjusted (€m)

excluding non-recurring



EBITDA Margin

11.7%

12.9%

  • EBITDA Adjusted growing in absolute value and in %

  • Contribution margin up in % (from 30.0% to 31.4%) and value (+2.1%), thanks to effective management of pricing and purchasing

  • Fixed costs decreasing by 1.0%, allowing to maintain a substantially stable ratio on revenues, thanks to actions implemented in Europe



  • 2025 down -0.8% at constant FX and net of Argentina inflation (-2.3% at current exchange rates)

  • EU Passenger Cars and Heavy-Duty both stable

  • Sales up in India (+19.9% at constant FX)

  • In South America -1.9% at constant FX and net of the effect

    of local inflation

  • China down 9.9% at due constant FX, in line with the market



10





EBITDA Adjusted (€m)

excluding non-recurring



Q1 2026: AIR&COOLING

SALES (€m)





EBITDA Margin

17.1% 16.7%

  • In 2025 +3.1% at constant FX (-1.7% at current)

  • Europe: +10.4% thanks to new projects

  • China: down 9.2% at constant FX, in line with the market

  • North America: +1.0% at constant FX (-6.7% at current

exchange)

  • EBITDA Adjusted slightly down in absolute value and in % due to different production mix in NAFTA

  • Contribution margin slightly up from 28.5% to 29.0%

  • Slight increase in fixed costs and amortization ratios,

linked to the development of new e-mobility products



11





Figures as of March 31st 2026

Q1 2026: : DEBT PROFILE

12

02

A Resilient Business Model and a Sustainable Transformation



Q1 2026: NEW CONTRACTS 47% E-MOBILITY1



A&C is committed to developing a business portfolio of new products for purely electric vehicles, while

49% of the awards related to

E-mobility



continuing to leverage its leadership position on ICE platforms. During 1Q 2026, A&C:

  • was awarded with contract renewals in North America with a leading North American manufacturer

    for the supply of traditional components for both combustion and hybrid engines.

  • New contracts were also awarded in China

  • Concluded a first agreement with major Indian OEM to supply EV cooling plates



    Suspensions (not impacted by the EV transition) in Q1 2026 obtained new business:

    46%* of the awards related to

    E-mobility

  • In passenger cars, mainly for stabilizer bars in China and Europe

  • In the European Heavy-Duty segment

  1. Excluding Heavy Duty



    2026: MANAGEMENT EXPECTATIONS ON TARIFFS

    In Q1 2026 no major changes were recorded in relation to the tariff situation, hence management expectations remain in line with the

    previously released assessment below.

    Air & Cooling achieved €217m revenues of in the USMCA region in 2025, selling components produced in Canada and Mexico primarily to General Motors, Ford, and Stellantis. Of these, 50% were destined to customer production facilities in Canada and Mexico, and 50% were imported by customers in the United States.

    Direct impact of tariffs:

    • Since Sogefi does not directly export to the United States, leaving this task to its customers, and does not produce in the US, thus not being subject to import duties on materials and components there, no significant direct impacts from tariffs are currently being recorded, nor are

      expected based on current regulation

    • Moreover, approximately 70% (in value) of components exported to the US are USMCA-compliant and therefore, based on current regulation,

      are not subject to duties even on Sogefi's customers

    • Regarding procurement, since Canada introduced counter-tariffs on steel products, Sogefi's manufacturing operations in Canada are experiencing an increase in the cost of steel components purchased from US suppliers which, however, is not significant at this time

      Therefore, the direct impact of the tariffs on Sogefi is currently not significant; however, given the high uncertainty on the evolution of the tariff regimes, it cannot be excluded that an impact could arise in the future

      In the medium term, if the tariffs remain in place, Sogefi could also be exposed to:

    • the risk of weaker volumes in USMCA and Europe (exports), due to lower demand as a consequence of higher car costs

    • The risk of increased pressure by OEMs on selling prices

    • the risk of losing competitiveness vs. competitors producing in the US, due to the tariffs that North American customers may have to pay on

      products purchased from Sogefi in Canada and Mexico (this risk could be mitigated, if not offset, by the increases in production costs that US

      competitors could experience due to the tariffs on imported raw materials and components) 15

      03

      2026 Outlook

      16





      2026 OUTLOOK

      • Visibility of the automotive market's performance in the coming months is severely impacted by uncertainties surrounding the geopolitical context, particularly in the Middle East, which could significantly impact macroeconomic trends, particularly inflation, international trade and the supply chain, economic growth, and demand trends.

      • S&P Global's latest estimate predicts that, after the decline in the first quarter of 2026 (-3.4%), global automobile production for the full year 2026 will decline by 1.8%, with a further 2.6% decline in production in Europe and -2.0% in NAFTA. Following significant growth in 2025, China will also experience a 2.4% decline. Growth of 6.0% is expected in India and 2.4% in South America. For Heavy Duty, however, slight growth and a recovery in European production are expected.

      • Regarding raw material and energy prices, significant increases and higher volatility have been recorded

        following the escalation of the conflict in the Middle East.

      • Considering the weight of Europe and North America in its business portfolio and current exchange rates, Sogefi confirms its forecast for 2026, a low/mid-single-digit revenues decline and an Adjusted EBIT margin substantially in line with that recorded in the 2025 financial year, excluding any currently unforeseen non-recurring charges. These forecasts are made in a context of considerable uncertainty regarding the evolution of the global geopolitical and macroeconomic scenario and the resulting impacts on production costs and demand. Therefore, scenarios of reduced demand and/or a temporary decline in industrial margins cannot be ruled out.

17



S&P Global (IHS) March 2026







MARKET OUTLOOK

€m

Europe 27

North America

South America

China

India

Total

Q1 2026 vs

Q1 2025

-1.2%

-2.0%

3.8%

-9.8%

9.4%

-3.4%

Q2 2026 vs

Q2 2025

Q3 2026 vs

Q3 2025

Q4 2026 vs

Q4 2025

-6.2%

-2.0%

-2.0%

-3.6%

-2.4%

0.2%

2.3%

2.2%

1.9%

-0.4%

0.9%

-1.3%

8.8%

8.8%

-2.7%

-1.9%

-0.3%

-1.8%





Expecting a weak Q2 2026 in Europe and North America



FY 2026 vs

FY 2025

FY 2026 vs

FY 2019

-2.6%

-20.4%

-2.0%

-8.3%

2.4%

-2.0%

-2.4%

31.4%

6.0%

54.6%

-1.8%

2.7%

  • Low-single digit decline expected in 2026

  • Higher than pre-covid level in 2026 thanks to China and India

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    CONTACTS

    Michele Cavigioli, Head of Finance Stefano Canu, Investor Relations

    Tel: +39 02 46750214

    Fax: +39 02 43511348

    Mail: ir@sogefigroup.com

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    DISCLAIMER

    • This document has been prepared by SOGEFI S.p.A. for information purposes only and for use in presentations

      of the Group's results and strategies.

    • For further details on the SOGEFI Group, reference should be made to publicly available information, including

      the Annual Report, the Semi-Annual and Quarterly Reports.

    • Statements contained in this document, particularly the ones regarding any SOGEFI Group possible or assumed future performance are or may be forward looking statements and in this respect they involve some risks and uncertainties.

    • Any reference to past performance of the SOGEFI Group shall not be taken as an indication of future performance.

    • This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

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