SIT Q1 Report 2023

SIT S.p.A.: Board of Directors

approves Q1 2023 financial results

Smart Gas Metering growth beats expectations, while Group fundamentals remain strong

Highlights

SIT for Q1 2023 reports:

• Consolidated revenues of Euro 83.6 million (-10.9% on Q1 2022);
• Heating Division sales of Euro 62.7 million (-17.6% on Q1 2022);
• Metering Division Sales of Euro 20.4 million (+23.2% on Q1 2022), including Smart Gas Metering sales of Euro 13.7 million (+33.0%) and Water Metering sales of Euro 6.7 million (+7.0%);
• Consolidated EBITDA of Euro 8.3 million (-43.5% on Q1 2022);
• Consolidated adjusted net profit of Euro 1.3 million (1.6% margin), compared to Euro 5.3 million in Q1 2022 (5.6% margin);
• Operating cash flow of Euro -10.3 million, after investments of Euro 5.0 million;
• Net financial position of Euro 143.1 million (Euro 124.8 million in Q1 2022).

The net contribution of prices on EBITDA was positive for Euro 1.3 million. Operating costs increased Euro 0.7 million, due to the rise in processing costs (for approx. Euro 1.2 million), while benefiting for a similar amount from the reduction in logistics and transport costs. R&D and production costs increased. The impact of exchange rates on EBITDA was substantially neutral compared to the first quarter of the previous year.