SOL S p A : Half-yearly financial report of the SOL Group as at June 30th, 2025

1. Administrative and controlling bodies

2. Directors' Interim Report

10. Condensed half-yearly consolidated financial statements as at June 30, 2025

16. Notes to the financial statements

63. Certification of the Condensed half-yearly consolidated financial statements pursuant to Article 154-bis of Italian Legislative Decree 58/98

BOARD OF DIRECTORS

Chairman and Managing Director

ALDO FUMAGALLI ROMARIO

Deputy Chairman and Managing Director

MARCO ANNONI

Director with special powers

GIOVANNI ANNONI

Director with special powers

GIULIO FUMAGALLI ROMARIO

Director with special powers

ANDREA MONTI

Directors

BOARD OF STATUTORY AUDITORS

FEDERICA ANNONI Chairman

MARGHERITA TRONCONI GIOVANNI MARIA

CRISTINA GRIECO ALESSANDRO ANGELO GAREGNANI

(Independent) Regular auditors

ANNA GERVASONI GIUSEPPE MARINO

(Independent) PAOLA DE MARTINI

ANTONELLA MANSI Alternate Auditors

(Independent) ANNALISA RANDAZZO

ELLI MELETI LUCIA FOTI BELLIGAMBI

(Independent)

FRANCESCO GIAMMARIA

(Independent)

GENERAL MANAGERS

DANIELE FORNI CLAUDIO GARBELLINI

AUDITING COMPANY

EY S.P.A.

Via Meravigli n. 12 20123 Milan

Powers granted to the Directors

(CONSOB Communication No. 97001574 dated February 20, 1997)

To the Chairman and Deputy Chairman: legal representation before third parties and the court; several powers of ordinary administration; joint powers of extraordinary administration, it being understood that for the implementation of the relevant acts the signature of one of the two is sufficient with written authorisation from the other; without prejudice to some specific acts of particular importance that are reserved to the competence of the Board of Directors.

To Directors with special appointments: powers of ordinary administration relevant to Legal and Corporate Business (Giulio Fumagalli Romario) and the Organisation of Information Systems (Giovanni Annoni) with single signature.

This Condensed Half-yearly financial report as at June 30, 2025, was drawn up pursuant to Italian Legislative Decree 58/1998 as amended, as well as with the Issuers' Regulation issued by Consob.

This Condensed half-yearly financial report was prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and approved by the European Union, and was drawn up according to IAS 34 - Interim Financial Reporting, applying the same accounting standards adopted to prepare the consolidated financial statements as at December 31, 2024, with the exception of those illustrated in the Notes to the financial statements.

It has been prepared on a going concern basis in that it has been checked that there are no indicators that the SOL Group will not be able to meet its obligations in the next 12 months.

The Directors' Interim Report and the condensed half-yearly consolidated financial statements include economic and financial indicators used by Management to monitor the Group's economic and financial performance. These indicators are not defined or specified in the applicable financial reporting regulations. As the composition of these measures is not regulated by the reference accounting standards, the calculation criterion used by Management may not be consistent with the criterion used by other groups and may therefore not be comparable. The Alternative Performance Measures are constructed exclusively from the historical accounting data and are determined in accordance with the provisions of the Guidelines on Alternative Performance Measures issued by ESMA on October 5, 2015, (2015/1415) as per CONSOB Communication no. 92543 of December 3, 2015, and ESMA on April 17, 2020, are not audited "ESMA Guidelines on Alternative Performance Measures (APMs)".

The following Alternative Performance Measures are presented in this Management Report:

• Gross Operating Margin (EBITDA): It is the difference between "Revenues", "Total Costs" and "Payroll and related costs" and can be derived directly from the consolidated Income Statement. However, this measure is not defined in IFRS accounting standards; as a result, it may not be homogeneous and therefore not comparable with that of other groups.

• EBITDA margin: It is calculated as the ratio of EBITDA to "Revenues from sales and services".

• Operating result: It represents the "Operating result" that can be derived directly from the Consolidated income statement.

• Operating result margin: It is calculated as the ratio of the Operating result to "Revenues from sales and services".

• Investments: They represent the sum of the investments shown in the explanatory notes to the consolidated financial statements under "Tangible Fixed Assets" less "Other changes" of the item "Other assets under construction and advances.

• Net financial position (net financial indebtedness): It is determined, in accordance with ESMA Guideline 32-382-1138, as the sum of net current borrowing and non-current borrowing, both of which include financial payables arising from lease agreements in accordance with IFRS 16. "Net current borrowing" is the algebraic sum of cash and cash equivalents, current financial assets (such as securities held for trading) and current borrowing.

The SOL Group is mainly engaged in production, applied research and distribution activities pertaining to industrial, pure and medicinal gases, in door-to-door medical care, as well as in the sector for related medical equipment in Europe, Turkey, Morocco, India, Brazil, China, Ecuador and Peru.

The products and services of companies belonging to the Group are used in the chemical, electronics, iron and steel, engineering and foodstuff industries, as well as in sectors such as environmental protection, research and health.

During the first half of 2025, the global economy continued to face a complex environment marked by moderate growth, a slowdown in international trade and uncertain geopolitical developments.

The Eurozone experienced a modest recovery, driven by a gradual decline in inflation and a slight easing of monetary policies, although the industrial sector showed signs of widespread stagnation.

It is reasonable to assume that the general climate of uncertainty will persist in the second half of 2025, albeit with a slight economic recovery.

Net sales achieved by the SOL Group in the first half of 2025 amounted to Euro 874.1 million, up by 12.1% when compared to Euro 779.6 million in the first half of 2024.

On a like-for-like basis, sales increased by 10.5%.

The gross operating margin was Euro 220.8 million, equating to 25.3% of sales, up by 9.7% when compared with the first half of 2024 (Euro 201.3 million, or 25.8% of sales).

The operating result came to Euro 134.9 million, equating to 15.4% of sales, up by 10.4 million compared to the figure for the same period of 2024 (Euro 122.2 million, or 15.7% of sales).

Net profit, net of estimated taxes, amounted to Euro 83.5 million, compared with Euro 74.9 million in the first half of 2024.

Cash flow amounted to Euro 169.8 million, up compared to the first half of 2024 (Euro 154.0 million).

Capital expenditure recorded in the financial statements totalled Euro 116.3 million (Euro 96.1 million in the same period of 2024).

The average number of staff employed as at June 30, 2025, totalled 7,412 (7,015 in the first half of 2024).

The Group's net financial indebtedness was equal to Euro 516.8 million (Euro 439.3 million as at December 31, 2024). Net of payables recognised in application of IFRS16 (Leases), net financial indebtedness was Euro 424.2 million (Euro 356.3 million as at December 31, 2024).

The SOL Group achieved an increase in sales of 12.1% (11.0% on a like-for-like basis and net of exchange rate effects) compared to the first half of 2024.

The half-yearly result was positive both in Italy, where sales grew by 9.7%, and abroad, where there was an increase of 13.7%.

The Technical Gas Division achieved sales of Euro 425.3 million, up 9.5% compared to the first half of 2024, mainly due to higher prices related to increases in the main production and transport costs, as well as inflation, compared to the first half of 2024.

The Home Healthcare Service Division, in which the Group operates through Vivisol, experienced significant organic growth thanks to an increase in new patient prescriptions. Sales for this division amounted to Euro 448.8 million, an increase of 14.7% compared to the same period in 2024.

Compared to the first half of 2024, the Gross Operating Margin increased by 9.7% in absolute terms, representing 25.3% of sales (25.8% as at June 30, 2024), while the operating result increased by 10.4% and amounted to 15.4% of sales (15.7% as at June 30, 2024).

Consolidated net profit amounted to Euro 83.5 million, equal to 9.6% of turnover, up 11.5% compared to Euro 74.9 million as at June 30, 2024. Consolidated operating cash flow increased to Euro 169.8 million, equal to 19.4% of turnover, compared to Euro 154.0 million as at June 30, 2024.

The focus of M&A continued to be on regional development of the offer in relevant markets and consolidation of the market position. During the half-year, the subsidiary Airsol Srl acquired 100% of the share capital of "Freyсо Kohlensäure Service GmbH", a German company involved in the production and distribution of technical gases. Further M&A transactions took place after the end of the first half of 2025, as described in the section "Major events occurred after the end of the first half-year".

Transactions carried out with related parties, including intra-group transactions, cannot be considered as atypical or unusual, as they are part of the normal activities of Group companies. These transactions are settled at arm's length, taking into account the characteristics of the supplied goods and services.

Information on transactions with related parties, including those required by the Consob communication of July 28, 2006, are shown in the Notes to the Financial Statements of this Condensed half-yearly financial report as at June 30, 2025.

Risks related to the general economic trend

The Group performance is affected by the increase or decrease of the gross national product, industrial production, cost of energy products and health expense policies adopted in the different European countries in which the Group works.

The uncertain evolution of geopolitical trends and the introduction of import duties could result in a slowdown in certain industrial sectors in the countries where the SOL Group operates.

Risks related to the Group's results

The SOL Group partially operates in sectors considerably regulated by economic cycles related to the trend in industrial production, such as the steel, metal working, engineering, chemical and glass manufacturing industries. In the case of an extended decline in business, the growth and profitability of the Group could be partially affected.

Moreover, government policies for reducing healthcare expenses could reduce margins in the home-care and medical gas and service sectors.

Risks related to the supply chain

The Group is exposed to the risk of an unintentional and sudden interruption in the supply of a specific good, which may depend on factors exogenous or endogenous to the supplier with whom a supply contract exists.

Therefore, if all or part of the supply under some of the existing production agreements were to cease for any reason, there can be no certainty as to the ability of the remaining producers to absorb the production quota of the defaulting or terminated producer, nor can there be any certainty as to the immediate availability of alternative producers in the market.

To minimise this risk, the Group diversifies its sources of supply where possible and subjects all its suppliers to an assessment of their economic and financial soundness, as well as their ethical and reputational compliance, which is updated regularly in order to avoid relationships with unsuitable parties.

Risks related to fund requirements

The SOL Group carries out activities that involve significant investments primarily aimed at increasing production and sales, modernising plants and maintaining existing assets. The financial requirements are generated through cash flows from operating activities and supplemented by access to new loans.

While operational management is expected to continue generating appropriate financial resources for the regular development of the business and organic growth, the use of new loans for extraordinary activities may have more favourable interest rates and spreads than in the recent past.

Other financial risks

The Group is exposed to financial risks associated with its business operations:

• credit risk in relation to normal trade transactions with customers;

• liquidity risk, with particular reference to the raising of financial resources associated with investments and with the financing of working capital;

• market risks (mainly relating to exchange and interest rates and to commodity costs), in that the Group operates internationally in different currency areas and uses interest-bearing financial instruments.

Credit risk

The granting of credit to end customers is subject to specific assessments by means of structured credit facility systems.

Positions amongst trade receivables (if individually significant) for which objective partial or total non-recoverability is ascertained, are subject to individual write-down. Provisions are made on a collective basis for receivables that are not subject to individual write-down, taking into account the historic experience, the statistical data and, as a result of the introduction of the accounting standard IFRS 9, on the basis of a predictive approach, based on the counterparty's probability of default, the ability to recover in case of loss given default and also of expected future losses.

Liquidity risk

The liquidity risk may arise from the inability to obtain, under good financial conditions, the financial resources necessary for the anticipated investments and the financing of working capital.

The Group has adopted a series of policies and processes aimed at optimising the management of financial resources, reducing liquidity risk, such as the maintenance of an adequate level of available liquidity, the obtaining of appropriate credit facilities and the systematic monitoring of the forecast liquidity conditions, in relation to the corporate planning process.

Management believes that the funds and the credit facilities currently available, in addition to those that will be generated by operating and financing activities, will permit the Group to satisfy its requirements resulting from investment activities, working capital management and debt repayments on their natural maturity dates.

Exchange rate risk and commodity cost risk

In relation to sales activities, the Group companies may find themselves with trade receivables or payables denominated in currencies other than the reporting currency of the company that holds them.

A number of Group subsidiary companies are located in countries outside the Eurozone, in particular Switzerland, Bosnia, Serbia, Albania, North Macedonia, Bulgaria, Hungary, Romania, the UK, Morocco, Poland, Czech Republic, India, Turkey, Brazil, China, Ecuador and Peru. Since the reference currency for the Group is the Euro, the income statements of these companies are translated into Euro using the average exchange rate for the period and, revenues and margins in local currency being equal, changes in interest rates may have an effect on the equivalent value in Euro of revenues, costs and economic results.

Assets and liabilities of the consolidated companies whose reporting currency is not the Euro can adopt equivalent values in Euro that differ depending on the exchange rate trend. As envisaged by the accounting standards adopted, the effects of these changes are booked directly to shareholders' equity, under the item "Other reserves".

Some Group companies purchase electricity that is used for the primary production of technical gasses. The price of electricity is affected by the Euro/dollar exchange rate and by the price trend of energy commodities. The risk related to their fluctuations is mitigated by signing, if possible and convenient, fixed price purchase contracts or with a variation measured over a longer time period. Moreover, almost all long-term technical gas supply contracts to customers are index-linked in such a way as to cover the fluctuation risks shown above.

With regard to the currency weakness involving the Turkish lira, note that Group companies resident in Turkey operate only within the country, but there could be a negative effect on their profitability as a result of the higher cost of products purchased from third countries.

As the conditions were met, IAS 29 - Financial Reporting in Hyperinflationary Economies was applied to the financial statements of Turkish companies as from 2022.

Interest rate risk

The interest rate risk is managed by the Parent Company by centralising most of the medium/long-term debt and by appropriately dividing the loans between fixed rate and floating rate, favouring, when possible and convenient, medium/long-term debt with fixed rates, also through specific Interest Rate Swap agreements.

The Parent Company has stipulated Interest Rate Swap agreements linked to floating rate medium-term loans with the aim of ensuring itself a fixed rate on said loans. The notional value as at June 30, 2025, was Euro 131,428 thousand and the positive fair value was equal to Euro 1,201 thousand.

Risks related to personnel

In various countries in which the Group operates, employees are protected by different laws and/or collective labour contracts that guarantee them the right to be consulted on specific issues - including the downsizing and closing of departments and the reduction of staff numbers - through representations. This could affect the Group's flexibility in strategically redefining its own organisations and activities.

The management of the Group consists of persons of proven expertise who normally have long-standing experience in the sectors in which the Group operates. The replacement of any person in management may require a long period of time.

There are potential risks to the health and safety of workers as well as to compliance with occupational health and safety regulations that are mitigated by the adoption of an integrated management system compliant with ISO 45001.

Risks related to the environment and climate change

The products and the activities of the SOL Group are subject to increasingly complex and strict authorisation and environmental rules and regulations. This concerns manufacturing plants subject to regulations on atmospheric emissions, waste disposal and waste water disposal and the ban on land contamination.

High charges should be shouldered in order to observe such regulations.

During the first few months of 2025, the Group further deepened its previous assessments of the significance of climate change-related risks, both physical and transitional, and their economic/financial implications.

With particular reference to transition risks, which depend on an overall scenario of change in the economic context with a view to limiting the increase in global temperature to 1.5-2°C, as per the agreement signed in Paris, the Board considers that factors related to changes in market demand (increased sensitivity of customers and, more generally, of the Group's stakeholders to sustainability issues), technological evolution (risks related to the necessary technological innovations) and regulatory evolution (i.e. risks arising from legislative or political impositions aimed at triggering change) are of greater importance to the Group.

In this context, in the industrial gas sector, which is characterised by a high energy content in production costs, the Group is constantly monitoring possible regulatory changes in order to meet the expectations of the market and the Group's stakeholders, and has planned investments in photovoltaic and wind power plants in order to increase the share of energy from renewable sources. Although there are currently no circumstances in which the Group's production processes are at risk of becoming obsolete as a result of the transition to a low-carbon economy, the Group intends to reaffirm its commitment to continue with the planned renewal and rationalisation of its plants, taking advantage of the opportunities offered by technological developments to reduce energy consumption and greenhouse gas emissions.

On the other hand, the Group is already active in the home care sector, continuously streamlining equipment and introducing new, less polluting technologies.

The common objective of both activities is to limit the fuel consumption and related greenhouse gas emissions generated directly and indirectly by the Group in connection with transport, which is mainly carried out by third-party suppliers.

It should also be noted that all of the above initiatives to limit energy consumption and emissions, as well as the procurement of energy from renewable sources, are outlined in the Group Sustainability Plan.

With regard to the exposure of tangible assets (plants, buildings) to physical risks related to climate change and the business continuity risk resulting from these factors, the Group considers that the overall risk is medium/low and has not identified any need for urgent action or significant investment.

Please refer to the Consolidated sustainability report prepared as at December 31, 2024, for a more detailed discussion of the initiatives implemented by the Group.

Risks related to IT management and data security

The increasing use of IT tools in the management of company activities and the interconnection of company systems with external IT infrastructures expose these systems to potential risks with regard to the availability, integrity and confidentiality of data, as well as the efficiency of the IT tools themselves.

To ensure effective business continuity, the Group adopted a disaster recovery and business continuity system to ensure immediate replication of the main legacy system workstations.

The choice of these systems to be managed in business continuity was made on the basis of a thorough analysis of the related risk.

Moreover, multiple levels of physical and logical protection, at the level of servers and at the level of clients, ensure the active security of data and business applications.

The SOL Group also has innovative artificial intelligence-based products to protect the digital identity of its employees.

Vulnerability analyses and audits on the security of information systems are periodically carried out by independent technicians to check the adequacy of the company's IT systems.

Finally, with regard to the problem of fraud through the use of IT resources by external parties, all employees are periodically informed and trained on the correct use of the resources and IT applications available to them.

Tax risks

The SOL Group is subject to taxation in Italy and in several other foreign jurisdictions.

The various companies of the Group are subject to the assessment of the income tax returns by the competent tax authorities of the countries in which they operate.

As already occurred in the past, any findings reported in the tax audits are carefully assessed and, when necessary, challenged in the appropriate venues.

At present, a dispute is in progress in Italy for findings - considered groundless - on transfer pricing. The opening of the MAP (Mutual Agreement Procedure) between Italy and four other European countries has been requested and is nearing completion.

However, at Group level, this should not have a significant effect on profitability, given that the level of taxation in the countries involved is very similar.

Risks deriving from the war in Ukraine and in the Middle East crisis

The risks to which the SOL Group is exposed in connection with the war between Russia and Ukraine that broke out in February 2022 and the war in the Middle East in October 2023 are essentially indirect, in that there are no activities carried out directly by subsidiaries in the areas involved.

In fact, the likely negative effects caused by the current conflict on the economic growth of European countries could lead to a lower rate of development of the sales of the SOL Group.

Moreover, the wars contribute to create difficulties in maritime transport and keeping the high volatility of the cost of energy products, which is reflected in the cost of purchasing electricity and fuel; this means the risk of not being able to fully transfer cost increases to the sales prices of technical gases and services on the market, with a consequent negative effect on the Group's margins.

The continuation of the wars is also contributing to the inflationary effects of high energy commodity prices, with the consequent negative impact on investment costs and operating expenses, albeit decreasing in the first few months of the year.

In particular, a significant effect on home care activities is on the supply chain of medical equipment, for which there can be delays and difficulties in deliveries and consequent shortages to meet growing demand, as well as an increase in purchase prices.

Other risks

It is stated that the criminal proceedings (No. 6036/2022 GEN. CRIM. REG. - No. 4500/2022) are still pending before the Court of Palermo involving several natural and legal persons, including two former managers of the Subsidiary Company Vivisol Srl, and the latter pursuant to Italian Legislative Decree 231/2001 - are under investigation for offences provided for and punished by Articles 319 and 321 of the Italian Penal Code, allegedly committed in connection with a tender dating back to 2017 called by the ASP of Palermo and from which, inter alia, no profit was made by the company.

In July 2024, the Public Prosecutors in charge of the investigation requested to the G.U.P. that all the persons under investigation be committed for trial. Subsequently, the ASP of Palermo brought civil action. On June 11, 2025, the Preliminary Hearing Judge (G.U.P.) reserved the right to consider the preliminary objections raised by the Parties and postponed the preliminary hearing to September 17, 2025.

It should also be noted that the Public Prosecutor's Office in Enna has also opened proceedings for the same charges and set the preliminary hearing for October 14, 2025.

As already stated in the press releases issued by the Company at the time to report on the matter, Vivisol reaffirms its stance of non-involvement in the matter and the validity of its Organisation, Management and Control Model, which has been in place since 2006 in accordance with Italian Legislative Decree 231 and maintains its confidence in the judicial system's recognition of its innocence.

The shareholding structure of SOL S.p.A. consists of a controlling shareholder, Gas and Technologies World B.V., (in turn controlled by Stichting Airvision, a Dutch foundation), which holds 59.978 % of the share capital.

Neither Gas and Technologies World B.V. nor Stichting Airvision manage and co-ordinate SOL S.p.A. pursuant to Article 2497 of the Italian Civil Code in that the majority shareholder, the holding company, only asserts the rights and privileges of each shareholder and does not deal with the management of the Company (fully entrusted to the independent decisions of the Board of Directors of SOL S.p.A.).

With reference to the period after June 30, 2025, the Swiss subsidiary Sitex S.A. acquired 100% of the share capital of CSAIR Sàrl, the subsidiary Behringer S.r.l. acquired a 70% stake in the share capital of BERMAN S.r.l., AIRSOL S.r.l., a wholly owned subsidiary of SOL S.p.A., acquired an 80% stake in the share capital of Aenduo S.r.l. and a 20% stake in BIOMETHAN GREEN 1 - SOCIETÀ AGRICOLA S.r.l.

Aldo Fumagalli Romario, Chairman of SOL S.p.A., concluded that, in line with the evolution of the international economic and geopolitical situation, with the trend in energy costs and with the resilience of the European economy and industrial production, the SOL Group will continue its growth path in the second half of 2025 through new investments in production and distribution, considering further acquisition opportunities and developing innovative and diversification projects. We confirm our objective of consolidating the good sales performance of the first half-year and maintaining profitability at good levels throughout the year.

The Chairman of the Board of Directors Aldo Fumagalli Romario

Monza, September 11, 2025

Condensed half-yearly consolidated financial statements as at June 30, 2025

* Data for the second quarter of 2025 and 2024 are not subject to limited audit.

(amounts in thousands of Euro)

(amounts in thousands of Euro)

Share Share premium Legal

capital reserve reserve

Other Total Group Total Total

reserves Net Profit shareholders' minority shareholders'

equity interests equity

(amounts in thousands of Euro)

Share Share premium Legal

capital reserve reserve

Other Total Group Total Total

reserves Net Profit shareholders' minority shareholders'

equity interests equity

These condensed half-yearly consolidated financial statements have been drawn up in accordance with the International Accounting Principles (IFRS) established by the International Accounting Standards Board and approved by the European Union. The IFRS are understood to also be all the international accounting standards reviewed (IAS), all the interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"), previously known as the Standard Interpretations Committee ("SIC").

The Condensed half-yearly consolidated financial statements consist of Consolidated outline accounts accompanied by notes to the financial statements. The income statement has been drawn up with the allocation of the costs by nature; the Balance Sheet has been prepared in accordance with the format that highlights the separation of the "current/non-current" assets and liabilities, while the indirect method was adopted for the statement of cash flows, adjusting the profit for the period of non-monetary components. Statement of changes in shareholders' equity shows comprehensive income (expenses) for the year and other changes in Shareholders' Equity. The condensed half-yearly consolidated financial statements have been prepared on a going concern basis in that the Group's Directors have assessed that, despite the difficult economic and financial context, there are no significant uncertainties (as defined by IAS 1) as to the Company's ability to continue as a going concern.

In preparing these condensed half-yearly consolidated financial statements, drawn up in accordance with IAS 34 -Interim Financial Reporting, the accounting standards, valuation and consolidation criteria applied were those adopted in preparing the consolidated financial statements as at December 31, 2024, to which reference is made for a more extensive discussion. Moreover, this condensed consolidated half-yearly financial report was prepared in accordance with the International Accounting Standards applicable as from January 1, 2025, for which reference should be made to the following paragraph "Accounting standards, amendments and interpretations of the IFRS applied as from January 1, 2025".

The analysis of the income statement and the consolidated statement of financial position and cash flow statement has also been carried out, in accordance with the matters anticipated by IFRS 8, highlighting the contribution of the "Technical gases" and "Home-care service" activity sectors taken as primary sectors and providing the most important data relating to the activities by geographic area, Italy and the Rest of the world, identified as secondary sectors.

All the amounts are expressed in thousands of Euro unless otherwise specified.

The condensed half-yearly consolidated financial statements comprise the financial statements as at June 30, 2025, of the SOL S.p.A. Parent Company and of the following companies, pursuant to Article 38, paragraph 2 of Italian Legislative Decree No. 127/91 as amended by the provisions of Italian legislative decree no. 139 of August 18, 2015 "Implementation of directive 2013/34/EU related to the financial statements, consolidated financial statements and related reports of certain types of companies, amending directive 2006/43/EC and repealing directives 78/660/EEC and 83/349/EEC, for the part related to the regulations of the financial statements and consolidated financial statements".

1. directly or indirectly controlled subsidiaries, consolidated on a line-by-line basis (amounts of share capital expressed in currency units):

   Company name and registered office	Notes		Share capital	Ownership percentage
   				Direct	Indirect	Total
   AIRSOL S.r.l. - Monza		EUR	7,750,000	100.00%		100.00%
   ALLERSHAUSEN CARE GmbH - Neufahrn bei Freising		EUR	25,000		100.00%	100.00%
   BEHRINGER France S.a.r.l. - Saint Andre Lez Lille		EUR	10,000		51.00%	51.00%
   BEHRINGER S.r.l. - Genoa		EUR	102,000	2.00%	49.00%	51.00%
   Bhoruka Specialty Gases Private Limited - Bangalore	1	INR	204,080	51.00%		51.00%
   BiotechSol S.r.l. - Monza		EUR	110,000	51.00%	49.00%	100.00%
   BLA SERVICOS HOSPITALARES LTDA. - San Paolo		BRL	15,708,333		55.50%	55.50%
   C.T.S. S.r.l. - Monza		EUR	156,000	100.00%		100.00%
   Centro Ortopedico Ferranti - Gruppo Vivitop Srl -Palermo		EUR	132,000		33.15%	33.15%
   Cryolab S.r.l. - Rome		EUR	509,021	85.00%		85.00%
   CRYOS S.r.l. - Peveragno		EUR	40,000		100.00%	100.00%
   DIATHEVA S.r.l. - Cartoceto		EUR	260,000	95.00%		95.00%
   Direct Medical Limited Company - Athlone		EUR	100		100.00%	100.00%
   DN GLOBAL HOMECARE LTDA. - Salvador		BRL	3,734,543		74.00%	74.00%
   Dolby Healthcare Limited - Stirling		GBP	300,100		100.00%	100.00%
   Dolby Medical Home Respiratory Care Limited -Stirling		GBP	15,100		100.00%	100.00%
   Energetika Z.J. d.o.o. - Jesenice		EUR	999,602	100.00%		100.00%
   FLOSIT S.A.S. - Casablanca		MAD	12,000,000	99.97%	0.03%	100.00%
   France Oxygene Sarl - Templemars		EUR	1,300,000		100.00%	100.00%
   Freyco Kohlensäure Service GmbH - Gelsenkirchen		EUR	127,823		100.00%	100.00%
   GEBZE GAZ A.S. - Gebze		TRY	48,047,507		85.00%	85.00%
   GLOBAL CARE ASSISTENCIA DOMICILIAR LTDA. - San Paolo		BRL	10,736,528		92.50%	92.50%
   Green ASU Plant Private Limited - Bangalore	2	INR	10,000,000	100.00%		100.00%
   GTH GAZE INDUSTRIALE S.A. - Bucharest		RON	14,228,583	99.99%		99.99%
   GTS Sh.p.K. - Tirana		ALL	292,164,000	100.00%		100.00%
   HYDROENERGY Sh.p.K. - Tirana		ALL	1,444,108,950	96.04%		96.04%
   I.C.O.A. S.r.l. - Vibo Valentia		EUR	45,760	97.60%		97.60%
   Il Point S.r.l. - Verona		EUR	98,800		100.00%	100.00%
   Industrias Criogenica Del Peru S.A.C. - Lima		PEN	1,610,000		50.01%	50.01%
   Intensivpflegedienst Kompass GmbH - Munich		EUR	25,000		100.00%	100.00%
   Irish Oxygen Company Limited - Cork		EUR	697,802		50.01%	50.01%
   ITOP ORTOPEDIE ASSOCIATE Srl - Palestrina		EUR	10,400		51.00%	51.00%
   ITOP SERVIZI Srl - Palestrina		EUR	10,000		51.00%	51.00%
   ITOP SpA Officine Ortopediche - Palestrina		EUR	400,000		51.00%	51.00%
   JML SERVICOS HOSPITALARES LTDA. - San Paolo		BRL	24,797,590		55.50%	55.50%
   KSD KOHLENSAURE-DIENST GmbH - Bretzfeld		EUR	30,000		100.00%	100.00%
   MBAR Assistance Respiratoire S.a.s. - Ballan Mire		EUR	7,622		100.00%	100.00%
   Medair Oxygen Solution S.r.l. - Slatina		RON	600		70.01%	70.01%
   MEDES Srl - Giussago		EUR	10,400	51.00%		51.00%
   MEDSEVEN sp.zo.o. - Osielsko		PLN	646,000		100.00%	100.00%
   Medtek Medizintechnik GmbH - Grunstadt		EUR	85,000		100.00%	100.00%
   MEL a.d. - Trn		BAM	2,005,830	80.00%		80.00%

   Midiperf Sante LR - Vendargues	EUR	21,000		100.00%	100.00%
   Midiperf Sante France SAS - Vendargues	EUR	632,500		100.00%	100.00%
   MTE Medical Technology and Engineering S.r.l. -Surbo	EUR	66,489	75.00%	25.00%	100.00%
   ORTHOHUB Srl - Palestrina	EUR	10,000		51.00%	51.00%
   P PAR PARTICIPACOES LTDA. - San Paolo	BRL	39,450,845		92.50%	92.50%
   p.a.c. Gasservice GmbH - Herne	EUR	52,000		100.00%	100.00%
   PALLMED sp.zo.o. - Bydgoszcz	PLN	800,802		100.00%	100.00%
   Personal Genomics S.r.l. - Verona	EUR	112,149		100.00%	100.00%
   Pielmeier Medizintechnik GmbH - Taufkirchen	EUR	25,000		100.00%	100.00%
   Polar Ice Limited - Portarlington	EUR	3,672		61.00%	61.00%
   POR GROUP Srl - Rome	EUR	30,000		51.00%	51.00%
   Portare Distribuidora de Produtos e Servicos Medico-Hospitalar Ltda. - San Paolo	BRL	2,000,000		92.50%	92.50%
   Profi Gesundheits - Service GmbH - Weiler bei Bingen	EUR	25,000		100.00%	100.00%
   PRONEP LAR INTERNACAO DOMICILIAR S.A. - Rio de Janeiro	BRL	67,918,209		85.00%	85.00%
   PRONEP SAO PAULO - SERVICOS ESPECIALIZADOS DOMICILIARES E HOSPITALARES LTDA. - San Paolo	BRL	1,181,200		85.00%	85.00%
   RESPITEK A.S. - Istanbul	TRY	76,667,653		70.00%	70.00%
   Shanghai BoHao Health Service Co., Ltd. - Shanghai	CNY	10,000,000		59.29%	59.29%
   Shanghai Jiawei Medical Gas Co. Ltd. - Shanghai	CNY	1,000,000		70.00%	70.00%
   Shanghai Mu Kang Medical Device Distribution Service Co. Ltd. - Shanghai	CNY	5,000,000		90.00%	90.00%
   Shanghai Shenwei Medical Gas Co. Ltd - Shanghai	CNY	10,000,000		90.00%	90.00%
   Servicios Integrales de Soporte a la Electromedicina S.L. - Barcelona	EUR	150,000		51.00%	51.00%
   Sisemed Unipessoal Lda. - Lisbon	EUR	3,000		51.00%	51.00%
   SITEX MAD Sa - Plan-les-Ouates	CHF	110,000		100.00%	100.00%
   SITEX SA - Plan-les-Ouates	CHF	400,000		100.00%	100.00%
   SOL B S.r.l. - Lessines	EUR	5,508,625		100.00%	100.00%
   SOL Bulgaria E.A.D. - Sofia	BGN	19,305,720	100.00%		100.00%
   SOL CROATIA d.o.o. - Pula	EUR	2,328,440	100.00%		100.00%
   SOL Deutschland GmbH - Krefeld	EUR	7,000,000		100.00%	100.00%
   SOL France S.a.s. - Eragny	EUR	13,000,000		100.00%	100.00%
   SOL Gas Primari S.r.l. - Monza	EUR	500,000	100.00%		100.00%
   SOL GROUP LAB S.r.l. - Costabissara	EUR	100,000	100.00%		100.00%
   SOL HELLAS S.A. - Maroussi	EUR	12,126,063		99.81%	99.81%
   SOL HUNGARY KFT - Dunaharaszti	HUF	50,020,000		100.00%	100.00%
   SOL Hydropower d.o.o. - Skopje	MKD	2,460,200	100.00%		100.00%
   SOL India Private Limited - Chennai	INR	703,991,650	100.00%		100.00%
   SOL Kohlensaure GmbH & Co. KG - Burgbrohl	EUR	20,000	100.00%		100.00%
   SOL Kohlensaure Verwaltungs GmbH - Burgbrohl	EUR	25,000		100.00%	100.00%
   SOL Kohlensaure Werk GmbH & Co. KG - Burgbrohl	EUR	10,000		100.00%	100.00%
   SOL Nederland B.V. - Tilburg	EUR	2,295,000	100.00%		100.00%
   SOL Real Estate Deutschland GmbH - Neufahrn bei Freising	EUR	25,000		100.00%	100.00%
   SOL SEE d.o.o. - Skopje	MKD	497,554,300	97.16%	2.84%	100.00%
   SOL Slovakia s.r.o. - Bratislava	EUR	75,000		100.00%	100.00%
   SOL Srbija d.o.o. - Nova Pazova	RSD	317,193,834	67.16%	32.84%	100.00%
   SOL T.G. GmbH - Wiener Neustadt	EUR	5,726,728	100.00%		100.00%

   SOL TK A.S. - Istanbul	TRY	331,812,103		100.00%	100.00%
   SoleoMed GmbH - Merklingen	EUR	26,000		80.00%	80.00%
   SOL-K Sh.p.K. - Gracanica	EUR	2,010,000	99.72%	0.28%	100.00%
   SPG - SOL Plin Gorenjska d.o.o. - Jesenice	EUR	8,220,664	54.85%	45.15%	100.00%
   SpitexAloha GmbH - Basel	CHF	20,000		100.00%	100.00%
   SPITEX PERSPECTA AG - Basel	CHF	100,000		100.00%	100.00%
   Sterimed S.r.l. - Surbo	EUR	100,000		100.00%	100.00%
   Swissgas Del Ecuador S.A.S. - Guayaquil	USD	13,200,000		50.01%	50.01%
   T.P.J. d.o.o. - Jesenice	EUR	2,643,487	64.11%	35.89%	100.00%
   TGP A.D. - Petrovo	BAM	1,177,999	61.45%	26.04%	87.49%
   TGS d.o.o. - Skopje	MKD	419,220,422	100.00%		100.00%
   TGT A.D. - Trn	BAM	970,081	75.18%		75.18%
   UNIT CARE SERVICOS MEDICOS LTDA. - San Paolo	BRL	2,084,000		94.75%	94.75%
   VITORIA MEDICINA DOMICILIAR LTDA. - Vitoria	BRL	2,092,845		85.00%	85.00%
   Vivicare GmbH - Neufahrn bei Freising	EUR	25,000		100.00%	100.00%
   Vivicare Holding GmbH - Neufahrn bei Freising	EUR	25,000		100.00%	100.00%
   VIVISOL Adria d.o.o. - Mengeš	EUR	7,500		100.00%	100.00%
   VIVISOL B Srl - Lessines	EUR	162,500	0.08%	99.92%	100.00%
   VIVISOL Brasil Ltda. - San Paolo	BRL	18,159,000		100.00%	100.00%
   Vivisol Calabria S.r.l. - Vibo Valentia	EUR	10,400		98.32%	98.32%
   VIVISOL Czechia s.r.o. - Praga	CZK	100,000		100.00%	100.00%
   VIVISOL Deutschland GmbH - Neufahrn bei Freising	EUR	2,500,000		100.00%	100.00%
   VIVISOL France Sarl - Vaux Le Penil	EUR	3,503,600		100.00%	100.00%
   VIVISOL GULF MEDICAL EQUIPMENT RENTAL L.L.C - Dubai	AED	300,000		100.00%	100.00%
   VIVISOL Heimbehandlungsgeräte GmbH - Vienna	EUR	726,728		100.00%	100.00%
   VIVISOL Hellas S.A. - Athens	EUR	1,879,716		99.95%	99.95%
   VIVISOL Iberica S.L.U. - Arganda del Rey	EUR	5,500,000		100.00%	100.00%
   VIVISOL Intensivservice GmbH - Regensburg	EUR	40,000		100.00%	100.00%
   VIVISOL Napoli S.r.l. - Marcianise	EUR	98,800		87.00%	87.00%
   VIVISOL Nederland B.V. - Tilburg	EUR	500,000	100.00%		100.00%
   VIVISOL Portugal Unipessoal LDA - Condeixa-a-Nova	EUR	100,000		100.00%	100.00%
   VIVISOL Silarus Srl - Battipaglia	EUR	18,200		60.90%	60.90%
   VIVISOL Srl - Monza	EUR	2,600,000	51.00%	49.00%	100.00%
   WIP Weiterbildung in der Pflege GmbH - Neufahrn bei Freising	EUR	25,000		100.00%	100.00%
   WonsakKohlensaure-Service GmbH - Hamburg	EUR	25,000	55.00%		55.00%

   1. The Group's share as at June 30, 2025, includes a 5.40 % equity investment of Simest SpA; under an agreement entered into between Sol SpA and SIMEST SpA on November 25, 2022, SOL SpA is under obligation to repurchase the entire Simest SpA share by November 30, 2030.

   2. The Group's share as at June 30, 2025, includes a 47.44 % equity investment of Simest SpA; under an agreement entered into between Sol SpA and SIMEST SpA on November 25, 2022, SOL SpA is under obligation to repurchase the entire Simest SpA share by November 30, 2030.

2. jointly controlled companies, consolidated by adopting the equity method (amounts of share capital expressed in currency units):

   Company Name and Registered Office

   Share capital

   Ownership

   percentage

   Consorzio EcoDue - Monza	EUR	800,000	50.00%
   CT Biocarbonic GmbH - Zeitz	EUR	50,000	49.80%

3. non-consolidated subsidiary and associated companies, carried at cost (amounts of share capital expressed in currency units):

   Company Name and Registered Office

   Share capital

   Ownership

   percentage

   FLOSIT PHARMA S.A.S. - Casablanca	MAD	5,000,000	100.00%
   GTE sl - Barcelona	EUR	12,020	100.00%
   SOMNOmedics GmbH - Randersacker	EUR	30,000	15.00%
   ZDS JESENICE d.o.o. - Jesenice	EUR	10,000	75.00%

   FLOSIT PHARMA S.A. and G.T.E. Sl were not consolidated in that they were inactive and not relevant for the purposes of giving a true and fair view of the financial position, the results of the operations and the cash flows of the Group.

   The company SOMNOmedics GmbH has not been consolidated since it is a non-controlling interest. ZDS Jesenice d.o.o. was not consolidated since it is administered by a minority shareholder.

4. associated companies, consolidated by adopting the equity method (amounts of share capital expressed in currency units):

Company Name and Registered Office

Share capital

Ownership

percentage

Finally, equity investments in other companies were carried at fair value through profit and loss, as they cannot be included among subsidiary and associated companies.

The scope of consolidation between June 30, 2025, and December 31, 2024, underwent the following changes:

• with the inclusion of Freyco Kohlensäure Service GmbH, acquired in September 2025,

• with the increase in the shareholdings in CRYOS S.r.l. from 85.00% to 100.00%,

• with the increase in the shareholdings in DIATHEVA S.r.l. from 91.68 % to 95.00%,

• with the increase in the shareholdings in IL POINT S.r.l. from 81.00 % to 100.00%,

• with the increase in shareholdings in SOL HELLAS S.A. from 99.76% to 99.81%,

• with the increase in shareholdings in VIVISOL NAPOLI S.r.l. from 81.00% to 87.00%,

• with the decrease in shareholdings in CT Biocarbonic GmbH from 50.00% a 49.80%,

• with the inclusion of Shanghai BoHao Health Service Co., Ltd. following an increase in shareholdings from 49.00% to 84.70%,

• with the exclusion of ANAPNOI MONOPROSOPI IKE, which merged with VIVISOL Hellas S.A. on January 1, 2025.

General principles

Further to the enforcement of Legislative Decree no. 38 of February 28, 2005, implementing in the Italian regulations the European Regulation No. 1606 of July 19, 2002, starting from January 1, 2005, the SOL Group adopted the international accounting standards (IAS/IFRS) issued by the International Accounting Standard Board (IASB), as approved by the European Union.

Use of estimates

The preparation of the financial statements and the related notes in accordance with the IFRS requires management to make estimates and assumptions that have an effect on the values of the financial statement revenues, costs, assets and liabilities and on the disclosures relating to the potential assets and liabilities as of the reporting date.

In general, the use of estimates is particularly relevant for provisions for bad debts, impairment tests, employee benefits, taxation, provisions for risks, determining the lease term.

The SOL Group does not carry on activities characterised by significant seasonal or cyclical changes in total sales for the year.

Income taxes are calculated based on the best estimate of the expected rate for the whole financial year.

Consolidation of foreign companies

All the assets and liabilities of foreign companies denominated in currency other than the Euro that are included within the scope of consolidation are converted using the exchange rates in force at the reporting date (current exchange rate method). Income and costs are translated using the average rate for the year. The exchange differences emerging from the application of this method are classified as an equity account until the equity investment is disposed of.

Goodwill and adjustments to the fair value generated by the acquisition of a foreign company are stated in the relevant currency and translated using the period-end exchange rate.

The exchange rates used for converting the financial statements not expressed in Euro are indicated in the table below:

Hyperinflationary economies

The SOL Group controls companies based in Turkey, a country that has been defined as having high inflation in 2022, as the cumulative inflation rate over the last three years has exceeded 100 %. According to the accounting standard IAS 29 Financial Reporting in Hyperinflationary Economies, the financial statements of Turkish companies must be restated according to specific procedures and a valuation process, in order to eliminate the distorting effects of the loss of the purchasing power of money.

In the income statement, costs and revenues are revalued by applying the change in the general consumer price index. With regard to the balance sheet, monetary items are not revalued as they are already expressed in the current unit of measurement at the end of the reporting period; On the other hand, non-monetary assets and liabilities are revalued from the date of initial recognition to the end of the reporting period.

The financial statements are translated into Euro by applying the period-end exchange rate for both balance sheet and income statement items.

The Group applied the following accounting standards, amendments and interpretations of the IFRS for the first time as from January 1, 2025:

• On August 15, 2023, the IASB published the document called "Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability". The amendments to IAS 21 specify how an entity should consider whether a currency is convertible and how it should determine the spot exchange rate when convertibility is absent. The amendments also require the disclosure of information that enables users of the financial statements to understand how the currency that is not convertible into another currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows. The amendments shall take effect for financial years beginning on or after January 1, 2025. These amendments had no significant impact on the Group's financial statements for the period under review.

  IFRS and IFRIC accounting standards, amendments and Interpretations applicable to financial statements for financial years beginning after January 1, 2025, and/or documents not yet approved by the EU as at June 30, 2025

  At the end of the reporting period, the competent bodies of the European Union have not yet completed the approval process required to adopt the amendments and standards described below:

  • IFRS 18 Presentation and Disclosure in Financial Statements

    On April 9, 2024, the IASB published a new standard IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1 Presentation of Financial Statements. The new standard aims to improve the presentation of the main financial statements and introduces significant changes with regard to the income statement. The new standard will become effective beginning on January 1, 2027, but earlier application is permitted. The directors are currently assessing the possible effects of the introduction of their new standard on the Group's consolidated financial statements.

  • Amendments to the Classification and Measurement of Financial Instruments-Amendments to IFRS 9 and IFRS 7

    On May 30, 2024, the IASB published the document "Amendments to the Classification and Measurement of Financial Instruments-Amendments to IFRS 9 and IFRS 7″. The paper clarifies a number of problematic issues that have emerged from the post-implementation review of IFRS 9, including the accounting treatment of financial assets whose returns vary when ESG objectives are met (i.e. green bonds). With these amendments, the IASB also introduced additional disclosure requirements for investments in equity instruments designated as FVOCI. The amendments will apply as from the financial statements for financial years beginning on or after January 1, 2026. The directors do not expect a significant effect on the Group's consolidated financial statements through the adoption of this amendment.

  • IFRS 19 Subsidiaries without Public Accountability: Disclosures

    In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to reduce their disclosure requirements while continuing to apply the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, an entity must be a subsidiary as defined in IFRS 19 at the end of the financial year, it must not have "public accountability" and it must have a parent company (ultimate or intermediate) that presents consolidated financial statements that are publicly available and prepared in accordance with IFRS accounting standards. IFRS 19 will become effective for financial years beginning on or after January 1, 2027, with early application permitted.

  • Annual improvements Volume 11

The IASB's annual improvement project provides a simplified process for efficiently managing a series of amendments to IFRS. The main objective of the process is to improve the quality of the standards by amending existing IFRSs to clarify guidelines and wording, or to correct relatively minor unintended consequences, conflicts or oversights. The Group will adopt these new standards, amendments and interpretations, based on

the expected date of application, once they have been approved by the European Union. At present, the assessment of the possible effects of introducing these amendments on the consolidated financial statements is being verified.

Reference should be made to the "Operating performance" section and to the analysis of the results by type of business for the relevant comments.

The effect of applying IAS 29 "Financial Reporting in Hyperinflationary Economies" to companies in Turkey was insignificant.

2. Other revenues and income

The item "Other revenues and income" breaks down as follows:

The item "Purchases of materials" includes purchases of gas and materials, electricity, water, diesel and methane for production, subject to price fluctuations in line with market trends.

The item "Services rendered" includes costs of transports, maintenance, third-party services, consultancy and insurances.

The item "Other costs" includes rentals, taxes other than income tax, contingent liabilities and capital losses.

1. Payroll and related costs

   	Balance as at			06.30.2025	189,442
   	Balance as at			06.30.2024	166,890
   	Change				22,552
   The breakdown of the item is as follows:
   Description	06.30.2025	06.30.2024	Change
   Wages and salaries	148,192	131,338	16,854
   Social security charges	39,242	34,027	5,216
   Employee severance indemnities	2,008	1,526	483
   Total	189,442	166,890	22,552

2. Amortisation/depreciations, provisions and write-downs, non-recurring expenses

   Balance as at	06.30.2025	85,915
   Balance as at	06.30.2024	79,142
   Change		6,773

   The breakdown of the item is as follows:
   Description	06.30.2025	06.30.2024	Change
   Depreciation/amortisation	81,842	75,538	6,304
   Provisions and write-downs	4,073	3,604	469
   Total	85,915	79,142	6,773

   The breakdown of the item "Amortisation and depreciation" of intangible and tangible fixed assets and rights of use by asset category is presented below:

   Depreciation of tangible fixed assets and Rights of use

   Description	06.30.2025	06.30.2024	Change
   Land	245	215	30
   Buildings	9,860	9,155	705
   Plant and machinery	11,175	11,616	(441)
   Industrial and commercial equipment	44,272	40,788	3,485
   Other assets	10,986	9,751	1,235
   Total	76,538	71,525	5,013
   The increase in depreciation is linked to investments made during the period, amounting to Euro 116.3 million.
   Depreciation of tangible fixed assets
   Description	06.30.2025	06.30.2024	Change
   Buildings	3,458	3,095	363
   Plant and machinery	11,150	11,596	(446)
   Industrial and commercial equipment	44,246	40,751	3,495
   Other assets	4,997	4,491	505
   Total	63,851	59,934	3,916
   Right-of-use depreciation
   Description	06.30.2025	06.30.2024	Change
   Land	245	215	30
   Buildings	6,402	6,060	342
   Plant and machinery	25	19	5
   Industrial and commercial equipment	26	37	(10)
   Other assets	5,990	5,260	730
   Total	12,688	11,591	1,097
   Amortisation of other intangible fixed assets
   Description		06.30.2025	06.30.2024 Change
   Development costs	844			133	711
   Patents and rights to use patents of others	76			71	5
   Concessions, licences and trademarks	4,030			3,357	673
   Other	353			452	(99)
   Total	5,304			4,013	1,290

   The breakdown of the item "Provisions and write-downs" is as follows:
   Description	30.6.2025	30.6.2024	Change
   Provisions for bad debts	2,677	3,372	(695)
   Provisions for risks	832	232	600
   Write-downs of tangible fixed assets and ROU	564		564
   Total	4,073	3,604	469

3. Financial income / (expenses)

The breakdown of the item "Financial income" is as follows:

For further information on derivatives, see paragraph "Payables and other financial liabilities".

The breakdown of the item "Financial expense" is as follows: