SIT Half-Year Report 2022

SIT S.p.A: growth reported in H1 2022 Consolidated revenues of Euro 195 million Net Profit of Euro 14 million

Market volatility and uncertainty continues

SIT in H1 2022 returned:

• Consolidated revenues of Euro 194.7 million (+2.3% on H1 2021);
• Heating Division sales of Euro 157.8 million (+9.1% on H1 2021);
• Metering Division sales of Euro 34.1 million (-20.9% on H1 2021), including Smart Gas Metering sales of Euro 21.7 million (-34.7%) and Water Metering sales of Euro 12.5 million (+25.2%);
• Consolidated EBITDA of Euro 23.8 million (-17.5% on H1 2021);
• Consolidated net profit of Euro 14.2 million (7.3% margin), +49.4% on H1 2021;
• Net financial position at June 30, 2022 of Euro 122.6 million (Euro 120.9 million in H1 2021).

The impact of volumes is negative for Euro 4.7 million, while the net contribution of prices is positive for Euro 4.1 million, as the increased cost of components and raw materials in the period was transferred to the market. Operating costs increased Euro 6.7 million, particularly due to the impact of logistics and transport costs (increasing by approx. Euro 3.0 million) and increased R&D and production costs. EBITDA benefitted from exchange gains of Euro 1.8 million.