February 27, 2026 – FY 2025 Results

February 27, 2026

Michele CAVIGIOLI - Head of Finance

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Maria Beatrice DE MINICIS - Head of Planning and Control

AGENDA

• FY 2025 Results
• A resilient business model and a Sustainable Transformation
• 2026 Outlook

EBIT at € 34.5m

vs € 45.7m in FY 2024

FY 2025: FINANCIAL HIGHLIGHTS

Revenues at €984.8m

vs 1,022.3 in FY 24

EBITDA at € 111.4m

vs €125.3m in FY 24

FCF2 at € 12,8m

vs €30.3m in FY 24

NFP2 at € 19.2m

vs € 9.5m Dic '24

Net Income € 10.3m

1. Non-recurring items include restructuring costs for actions already carried out or provisioned as in progress at the end of the year, 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

   
   
   

   FY 2025: SALES BY GEOGRAPHY

   €m Europe 27	FY 24 556.5	FY 25 528.1	change -5.1%	constant exchange rates -4.9%	reference market production -1.2%	performance vs market (bps) -370	weight based on FY 25 53.6%
   North America	214.1	216.6	1.2%	6.9%	-1.0%	790	22.0%
   South America	121.0	110.3	-8.8%	5.7%	1.8%	390	11.2%
   China	115.7	116.5	0.7%	4.9%	10.4%	-550	11.8%
   India	16.7	14.9	-10.9%	-4.1%	7.2%	-1130	1.5%
   Intercompany	(1.7)	(1.7)
   Total	1022.3	984.8	-3.7%	-0.1%	3.7%	-380	100.0%

   • Global sales at -3.7% vs 2024, -0.1% at constant exchange rates

   • Europe: -4.9% due to a difficult market (-1.2%) and the decrease in the Heavy-Duty segment (-10.2%)

   • North America: +6.9%, overperforming the market

   • South America: +5.7%1, overperforming the market

   • Cina: +4.9%, up in a growing market

   • India: -4.1%, down due to the product mix

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

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OUR CUSTOMERS (% of sales)

Chinese OEMs gaining shares

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FY 2025: EBIT PERFORMANCE BREAKDOWN VS FY 24

4.5%

on sales

5.4%

on sales

6.0%

on sales

3.5%

on sales

(*) Variances calculated at stable FX

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

FY 2025: P&L

.

(*) For EBITDA/EBIT adjustment definition see appendix

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

Fixed costs down in absolute value

EBITDA Adjusted growing in % and absolute value

Non-recurring items mainly related to restructuring and exchange differences

EBIT Adjusted growing in % and absolute value

Cash Interests down from € 12.7m to € 6.3m

2024 includes net income of Filtration for 5 months, plus disposal net proceeds

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Higher capex for new product development

Exchange differences and other non-recurring items

Includes, in 2024, the collection, before the sale, of ca. +€ 13m intercompany debts of Filtration2(but excludes filtration disposal proceeds)

(€ 17.9m to Sogefi shareholders in 2025), and…

… lower use of factoring (-€ 4.4m)

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

2. Of which +€ 7.7m in «Others» and +€ 5.3m in Working Capital 9

. Q4 2025: P&L

Sales: +0.4% at constant exchange rates; high FX impact (-6.2% at current FX)

Higher contribution margin in %, thanks to effective

management of pricing and purchasing

Fixed costs down in absolute value; higher in % mainly

due to extraordinary maintenance in Heavy Duty

Maintaining EBITDA Adjusted marginality

EBIT and Net income impacted by high Non-recurring items (mainly restructuring)

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EBITDA Adjusted (€m)

excluding non-recurring

FY 2025: SUSPENSIONS

SALES (€m)

EBITDA Margin

10.0% 11.6%

• EBITDA Adjusted growing in absolute value and in %

• FY 2025 contribution margin up in % (from 28.8% to 30.7%) and value (+1.8%), thanks to reduction in raw materials prices, only partially passed through to customers

• Fixed costs decreasing by 4,3%, allowing to maintain stable the ratio on revenues, thanks to actions implemented in Europe

• 2025 down -0.8% at constant FX (-4.5% at current and net of

  Argentina's inflation)

• EU Passenger Cars more resilient (-1.6%, in line with market); Heavy-Duty further declining (-10.2%) due to market and customer mix

• Sales up in China (+4.2% at constant FX), thanks to ramp up

  of new products, also supplied to local players

• In South America +5.7% at constant FX and neutralizing the effect of local inflation

• India down due to an unfavorable product mix

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EBITDA Adjusted (€m)

excluding non-recurring

FY 2025: AIR&COOLING

SALES (€m)

EBITDA Margin

17.8% 16.7%

• In 2025 +0.9% at constant FX (-2.5% at current)

• North America: +6.9% at constant FX, better than the market

• Europe: -7.6%, due to a declining market and customer mix

• China: up 5.8% at constant FX

• EBITDA Adjusted slightly down in absolute value and in %

• FY 2025 contribution margin from 29.3% to 28.6%, reflecting a light increase in raw material and energy costs, as well as a different production mix in NAFTA, especially in Mexico

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FY 2025: DEBT PROFILE

Figures as of December 31st 2025 13

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FY 2025: NEW CONTRACTS 68% E-MOBILITY1

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

67% of the awards related to

E-mobility

continuing to leverage its leadership position on ICE platforms. During 2025, A&C:

• concluded an agreement with a leading North American manufacturer for the supply of cooling plates for 100% electric vehicles

• secured multiple new orders in China for hybrid or electric platforms and signed a direct agreement

  with a major battery manufacturer for an innovative product called "battery cooling stripes"

• won a new contract in Europe with a North American leader in global power solutions for cooling plates

• secured a supply agreement for ICE components to a leading European manufacturer, for the replacement of a competitor on an ongoing production

  
  
  

  66%* of the awards related to

  E-mobility

  Suspensions (not impacted by the EV transition) in FY 2025 obtained a very significant amount of new business, mostly in Europe:

• in the Passenger Cars and LCV segments, for the supply of stabilizer bars

• in the Heavy-Duty segment, with the extension for further 5 years of leaf springs and stabilizers supplies to a major manufacturer of heavy commercial vehicles, and with the acquisition of new orders in non-automotive sectors (Defense and Railway)

1. Excluding Heavy Duty

   
   
   

   2026: MANAGEMENT EXPECTATIONS ON TARIFFS

   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) 16

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     2026 Outlook

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     2026 OUTLOOK

     • Visibility regarding the automotive market's performance in the coming months is severely impacted by the uncertainties surrounding the geopolitical and economic context and international trade, also in-light of the recent developments regarding tariffs adopted by the American administration.

     • S&P Global's (IHS) latest estimate predicts that, after growth in 2025 (+3.7%), global auto production will decline slightly (-0.4%) in 2026, with a sharp decline in Q1 (-4%) and a subsequent recovery. By geographic area, production is expected to decline further by approximately 2% in Europe and NAFTA, but also, after significant growth in 2025, in China (-1.4%). Growth of 7.8% is expected in India and 5.8% in South America.

     • Regarding raw material and energy prices, after the favorable trends recorded in 2024 and continued throughout 2025 (with the exception of energy), there is a risk of increased volatility based on the impacts of US tariffs on the supply chain.

     • Considering the weight of Europe and North America in its business portfolio and current exchange rates, Sogefi expects a low/mid-single-digit revenues decline for 2026 and an Adjusted EBIT margin substantially in line with that recorded in 2025, excluding any non-recurring charges and new events/circumstances that could negatively impact the automotive market. Specifically, these forecasts are made in a context of significant uncertainty regarding the evolution of the global economy and automotive production, and a greater decline in volumes, than currently expected, cannot be ruled out starting in the coming months.

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S&P Global (IHS) Jan 2026

MARKET OUTLOOK

Expecting a weak

Q1 2026

• Low 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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