SIT Half-Year Report 2023

SIT, consolidated revenues of Euro 166.9 million in H1 2023.

Highlights

Metering business grows 24% to Euro 42.4 million

SIT in H1 2023 returned:

• Consolidated revenues of Euro 166.9 million (-14.3% on H1 2022);
• Heating & Ventilation Division sales of Euro 123.4 million (-21.8% on H1 2022);
• Metering Division Sales of Euro 42.4 million (+24.1% on H1 2022), including Smart Gas Metering sales of Euro 29.5 million (+36.2%) and Water Metering sales of Euro 12.8 million (+2.9%);
• Consolidated Adjusted EBITDA of Euro 14.5 million (-39.2% on H1 2022);
• Consolidated adjusted net profit of Euro 1.6 million (1.0% margin), compared to Euro 6.2 million in H1 2022 (3.2% margin);
• Write-down of Heating & Ventilation goodwill for Euro 17.0 million based on sector outlook; • Consolidated net result reports a loss of Euro 18.2 million (profit of Euro 14.2 million in H1 2022);
• Operating cash flow of Euro -12.5 million in H1 2023, after investments of Euro 11.3 million; • Net financial position of Euro 146.4 million (Euro 122.6 million at June 30, 2022).