Ariston N : 9M 2022 ANALYST PRESENTATION

2022 FIRST NINE MONTHS RESULTS

November 3rd, 2022

ANALYST PRESENTATION

AGENDA

9M 2022 Results

Centrotec Climate Systems acquisition

History and Strategy

2021 Sustainability update

Disclaimer

This document contains forward-looking statements that relate to future events and future operating, economic and financial results of Ariston Group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances. Actual results may differ materially from those reflected in forward-looking statements due to a variety of factors, most of which are outside of the Group's control, including the direct and indirect consequences resulting from the ongoing developments in Ukraine and Russia.

Changes in sign, or >100% in magnitude are shown as "n.s."

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OUR KEY INVESTMENT THESIS … AND HOW IT PLAYED OUT IN 9M 2022

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CHAMPION OF

SUSTAINABLE

COMFORT ACROSS ALL

STAGES OF THE

ENERGY TRANSITION

• Acceleration of the energy transition and renewal of installed base, especially in Europe, remains the main driver of demand

UNIQUELY BALANCED

COMMITMENT TO

BOTH HOT WATER

AND HEATING

• Increasing synergies

and appeal for fully

sustainable solutions

• Continued strong growth in

heating heat pumps in Europe

GLOBAL FOOTPRINT OF	PROFITABLE GROWTH	SOLID FINANCIAL
40+ MARKETS	COMBINING STEADY	PERFORMANCE AT TOP-
SUPPORTED BY AN	ORGANIC EXPANSION	AND BOTTOM-LINE,
INTEGRATED AND AGILE	WITH PROVEN M&A	LEAN BALANCE SHEET
INDUSTRIAL BACK-END	TRACK RECORD
• Distributed, centrally-managed	• Largest M&A deal in	• Total growth above 22%, o/w
procurement mitigated supply	company history announced	11% organic
chain disruptions	in September	• Q3 margins impacted by spike
• Geographic diversification of
	in energy costs
revenue reduced impact of		• NWC increased in the year to
Russia-Ukraine war

• Hot water: robust performance

in high-potential markets vs.

destocking-driven weakness in

Americas

• Flooding event at two manufacturing plants in September - production suspended for several weeks

protect delivery of growth. Reduction may be slower than expected in some markets (eg. Americas)

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NEW IN Q3 2022

ARISTON AURES WATER-HEATINGPLATFORM FOR ASIA/PACIFIC

• Launch of new platform of electric instant water heaters in Vietnam, August '22
• Complete range for all residential applications (from mechanic to thermostatic temperature control, power range 2.4 - 5.5 kW, from knob to touch display)
• New set of features: most silent pump in the market, high energy-efficient, complete safety package, simple and easy to use

• New iconic aesthetics, Good Design™ awarded

ELCO ULTRA-LOW-NOISEAEROTOP SX HEAT PUMP

• Premium, ultra-low-noiseair-to-water HP launched on central European markets
• Can be installed much closer to buildings compared to traditional models

• Red Dot Design Award winner

ARISTON ONETEAM FOR PROFESSIONALS (B2B DIGITAL ECOSYSTEM)

• Launch of a new digital ecosystem with the goal of attracting, engaging and retaining our key B2B Partners
• The ecosystem is designed with a modular approach allowing for new high-value-added services and a highly personalized user experience
• Available services include product and application catalog with downloadable documentation and schemes,

training hub, media library, and loyalty program

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Q3 2022 & 9M 2022 NET REVENUE BY DIVISION

€M	Q3 2022	Q3 2021	Change		o/w M&A
Thermal Comfort	544.8	456.5	+19.3%	34.1
Burners	24.0	24.4	-1.6%
Components	22.0	16.9	+30.1%
Total	590.8	497.8	+18.7%		34.1

€M	9M 2022	9M 2021	Change		o/w M&A
Thermal Comfort	1,587.1	1,285.2	+23.5%	100.0
Burners	67.8	68.0	-0.2%
Components	70.4	59.1	+19.0%
Total	1,725.3	1,412.3	+22.2%		100.0

K E Y C O M M E N T S

• Thermal comfort: energy transition-related acceleration of sales of heating systems in Europe prevail over weakness of American hot-water markets
• Burners headwinds: regulatory changes in France, weakness in China and missing Russian business
• Components growth driven by pricing and favourable mix
• Growth generally driven by price and mix, in the presence of YoY volume decrease in Q3 (concentrated on Water-Heating, also because of missing production from the flooded plants) against very strong comparables
• Chromagen's integration progressing according to plan (sales above expectations with a low-single-digit margin)

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