Ariston N : PRESENTAZIONE INVESTOR - NOVEMBRE 28, 2023

ARISTON GROUP

INVESTOR

PRESENTATION

November 28th, 2023

TABLE OF CONTENTS

1. ARISTON GROUP OVERVIEW
2. DESCRIPTION OF THE GROUP
3. SUSTAINABILITY
4. FINANCIAL PERFORMANCE
5. OUTLOOK FOR 2023 AND MID TERM GUIDANCE
   APPENDIX

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1. ARISTON GROUP OVERVIEW

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A €3.1B REVENUES GROUP, WITH A GLOBAL PRESENCE

2022 pro-forma

€3.1B REVENUES

PRO-FORMA1

44 : 56

PROPORTION OF RENEWABLE VS. FOSSIL FUEL PRODUCTS IN EUROPE (TARGET: 60 : 40 IN 2025)

2022 pro-forma

€286M ADJ. EBIT

PRO-FORMA1

AND 9.3%1 MARGIN

#28

PRODUCTION SITES AND

#30 R&D CENTERS1

43

COUNTRIES OF DIRECT PRESENCE AND 150+ COUNTRIES SERVED

#18

LARGE M&A AND BOLT ON ACQUISITIONS SINCE 2014

Note: figures adjusted for non recurring events or transactions, restructuring or employment termination agreements, other events not representative of normal business	4
operations. 1Pro-forma figures including Wolf-Brink, consolidated from January 2, 2023.

A GLOBAL COMPANY WITH STRONG LOCAL ROOTS

Aristide Merloni founds the Industrie Merloni in the Marche Region, in Italy, starting the production of weighing scales.

In the Eighties, the company enters the heating sector and sets up up subsidiaries in Eastern Europe and Asia. In the Nineties, it acquires Racold, the largest water heating company in India, and opens its first factory in China.

In 2011, the company confirms its leadership in Switzerland by acquiring Cipag SA and Domotec AG. In 2013, it finalises the acquisition of DhE, an Italian leader in heating components.

The company acquires NTI, among the leaders in the condensing boiler segment in Canada and USA. In the same year, historical Arcevia and Osimo plants win the World Class Manufacturing bronze medal.

The company reaches an agreement with Whirlpool for the reindustrialisation of the Albacina site, to establish a competence centre for renewaables. Brand wise, the Company launches "The Ariston Comfort Challenge", the first Ariston global campaign.

The company celebrates the 90th Anniversary since its foundation.

The company finalizes the acquisition of Chromagen, a leading Israeli water heating player with solid footprint in Australia.

In the Sixties the company starts the production of gas cylinders and electric water heaters. In the Seventies, a period of intense growth, it creates the Ariston brand.

The company pursues a remarkable growth by acquiring historical companies and brands such as Chaffoteaux, ELCO, Cuenod and Ecoflam.

In 2014 the company acquires ATAG, a Dutch high-end brand in the heating industry, and South African water heating player Heat Tech Geysers. In the same year, it inaugurates a new plant in Vietnam. In 2015 it opens a new branch in Indonesia and debuts on the Danish market with the acquisition of Gastech-Energi A/S.

The company establishes a R&D centre dedicated to renewable and high-efficiency solutions nearby the Milan headquarters, in Italy. Investments continue with the acquisition of HTP, a well-established brand on the US, and of Atmor, an Israeli water heating company.

The company signs an agreement of Calorex, a leading company in Mexico that is the authorized licensee of the American Standard brand in the USA. In the same year, its Italian plant in Cerreto D'Esi, receives the World Class Manufacturing (WCM) bronze medal.

The company changes its name to Ariston Group. In the same year, it signs an agreement for the acquisition of Chromagen. It is again in 2021 that Ariston Group lists on Euronext Milan.

2023

The company finalizes the acquisition of CENTROTEC Climate Systems*, pioneer of new-generation high- efficiency heat pumps, successfully operating in domestic ventilation and air- handling and with a solid positioning in Europe.

*CENTROTEC Climate Systems now called Wolf-Brink

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SHAREHOLDING AND SIMPLIFIED ORGANIZATION CHART

MERLONI HOLDING

SPA

Voting rights%	58.4%	73.6%

AMARANTA SRL

8.0%	18.6%

OTHERS / MARKET

33.5%	7.8%

TREASURY SHARES

0.2%	-

Merloni Holding S.p.A. and Amaranta S.r.l. hold respectively 198M and 27M multiple voting shares 1

Ariston Holding NV is listed on Euronext Milan

Stock Exchange since November 2021

ARISTON HOLDING

N.V.

SUBSIDIARIES

SUBSIDIARIES

SUBSIDIARIES

Market Capitalization (29/09/2023): € 2.3B

Stock price (29/09/2023): €6.17

HIGHLY COMMITTED ANCHOR FAMILY SHAREHOLDER

Sums may not add up exactly to 100% due to rounding. Data as of September 29, 2023.	6
1 Multiple voting shares are entitled to 20 votes each

EXPERIENCED TEAM WITH TRACK RECORD IN DELIVERING GROWTH AND PROFITABILITY

PAOLO MERLONI		MAURIZIO BRUSADELLI		UMBERTO G. CROVELLA		CARLO ANDREATINI		PIERLUIGI ASTORINO		SABRINA BAGGIONI
EXECUTIVE CHAIRMAN		CHIEF EXECUTIVE OFFICER		SENIOR EXECUTIVE VP THERMAL COMFORT		EXECUTIVE VP AMERICAS AND EUROPE		CHIEF OPERATING OFFICER		CHIEF DIGITAL AND MARKETING OFFICER

18 EXPERIENCED

TEAM MEMBERS

MARCO CONTI	GIULIANO CONTICINI	COSIMO CORSINI	STEFANO DEMATTÈ	RICCARDO GINI	THOMAS KNEIP
EXECUTIVE VP COMPONENTS DIVISION	EXECUTIVE VP BURNERS DIVISION	CSO AND EXECUTIVE VP ASIA & MEAR	EXECUTIVE VP HEATING BU	CHIEF FINANCIAL OFFICER	EXECUTIVE VP OF WOLF-BRINK

LUCA MEZZOPERA		GABRIELE MONTESI		VITO SARACINO		GIORGIO SCALONI		PATRIZIA VALSESIA		GERDEWAN JACOBS
CHIEF QUALITY AND PARTS & SERVICES OFFICER		EXECUTIVE VP ELCO AND ATAG		CHIEF BUSINESS DEVELOPMENT OFFICER		EXECUTIVE VP WATER HEATING BU		CHIEF PEOPLE OFFICER		EXECUTIVE VP HEATING BU

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3 GLOBAL STRATEGIC BRANDS

STRATEGIC GLOBAL BRANDS

Global expert in heating and water heating, offering a wide range of renewable and energy efficient solutions to provide sustainable comfort to every home.

European heating solutions provider, offering excellent products, tailored systems and first- class service through the entire customers' journey and solution lifecycle.

German heating specialist, providing the indoor climate solution customers need out of a comprehensive portfolio from heating to air handling, pioneer in heat pumps with natural refrigerants.

	STRATEGIC REGIONAL BRANDS	BURNERS & COMPONENTS
Water heating	Heating	Ventilation

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2. DESCRIPTION OF THE GROUP

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KEY PILLARS OF ARISTON STRATEGY

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CHAMPION OF	UNIQUELY BALANCED	GLOBAL FOOTPRINT OF	PROFITABLE GROWTH
SUSTAINABLE	COMMITMENT TO	40+ MARKETS	COMBINING STEADY
COMFORT ACROSS ALL	BOTH HOT WATER	SUPPORTED BY AN	ORGANIC EXPANSION
STAGES OF THE	AND HEATING	INTEGRATED AND AGILE	WITH PROVEN M&A
ENERGY TRANSITION		INDUSTRIAL BACK-END	TRACK RECORD

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