Thank you. Good afternoon, everybody, and thank you for joining our call today on Indel B first half 2026 financial results.

Before starting the presentation, I need to remind you that this presentation may contain certain statements that are neither reported financial results nor other historical information. Any forward-looking statements are based on Indel B current expectation and projection about future events.

By their nature, forward-looking statements are subject to risk and uncertainties and other factors that could cause result to differ materially from those expressed in or implied by the statements, many of which are beyond the ability of Indel B to control or estimate. Consequently, no forward-looking statement can be guaranteed, and actual future results, performance, or achievements may vary materially from those expressed or implied by such forward-looking statement.

Let me now turn to our CEO, Mr. Luca Bora.

Good afternoon, everyone, and welcome to Indel B first half 2026 results conference call. Let me start by sharing a few comments on the performance of the first half of the year.

Revenues were broadly in line with our expectation, despite a progressively more challenging geopolitical environment and weaker consumer confidence, particularly in the leisure segment. Our diversified business model once again proved effective, allowing us to offset weaker demand in the most affected market through the growth and resilience of the other business segments.

At the same time, the ongoing market environment leaded to a further shift in our sales mix towards automotive, and in particular towards the OEM channel. This mix effect had a negative impact on margins and was one of the main factors affecting profitability in the first half.

Despite this, the group maintained a solid balance sheet and financial position, supported by our continued ability to generate cash. Overall, we believe this results confirm the effectiveness of the actions taken and the resilience of our diversified business model.

On page 5 of the presentation, you can find a summary of Indel B results achieved in the first half 2026. In the period, the total revenues amounted to €118.2 million compared to €108.1 million in the first half 2025, with 9.4% increase at current exchange rates, +10.3% at constant exchange rates.

The sales of products amounted to €116.1 million compared to €105.1 million in the first half 2025, with 10.4% increase at current exchange, +11.3% at constant exchange rates. The EBITDA adjusted amounted to €13.8 million compared to an EBITDA adjusted of €13.5 million in the first half 2025, with an increase of €0.3 million.

EBIT adjusted amounted to €9.1 million compared to an EBIT adjusted of €10.1 million in the first half 2025, with a decrease of €1 million. Net profit adjusted amounted to €6.1 million compared to a net profit adjusted of €6.6 million in the first half 2025, with €0.5 million of decrease.

Net debt position amounted to €19.1 million compared to net debt position of €17.1 million as of 31st December 2025 and €28 [unclear] as of the 28 million as of 30th June 2025. In the next page is showed our group structure.

Indel B, Condor B, Autoclima Group, Indel Marine, and Indel B USA, and Lindel SRL are consolidated line by line, while the results of our joint venture Elber is consolidated under the equity method. The pro quota interest of Indel B in their net income is accounted at EBITDA level.

It should be noted that on June 13, 2025, it was finalized the acquisition of the remaining 50% of the shares capital of Indel Webasto Marine SRL, of which Indel B already owned a 50% stake, bringing Indel B's ownership to 100%. Indel Webasto Marine was then renamed Indel Marine SRL and Indel B USA.

Given the immateriality of the transaction recorded by Indel Marine and its subsidiary Indel B USA from the date of acquisition of the remaining 50% to the end of June, the board of director assumed June 30th, 2025, as the date of first consolidation, using the full consolidation method. Therefore, at the economic level, the results for the first half 2025 of the Indel Marine sub-consolidated entity were accounted for using the equity methods, while the balance sheet totals as of June 30, 2025, were fully consolidated.

On July 28, 2025, the Turkish company Indel B Cusigma was established, 60% owned by Autoclima SpA and the remaining 40% by a local partner. Let's move to page 9, 2026 sales.

Product sales increase from €105.1 million in the first half 2025 to €116.1 million in the first half 2026, up by 10.4%. This is related to for -0.5% to the negative effect of the currency translation of sales, for +3.9% to the organic growth, and for +7% to the contribution of the new companies, Indel Marine and its subsidiary Indel B USA, acquired mid of 2025 with effect from 1st July 2025.

Move now to page 10, sales by distribution channels. In the first half 2026, OEM increased by 4.9% to €52.1 million, contributing to 45% of consolidated sales.

The growth is primarily attributable to the automotive market, thanks to strong sales of air conditioning products by the Autoclima Group, as well as first sign of a recovery in truck sales. Aftermarket channel, generating 40% of total sales, increase by 16% thanks to the contribution effective from 1st July 2025 of sales by Indel Marine and its subsidiary Indel B USA in the leisure market and, in particularly, in the marine sector.

The others, components and spare parts, generating 15% of total sales, booked an increase of 13.4%, driven mainly an increase in components and air conditioning spare parts sales, especially in Italy and Europe. Let's move now to page 11, sales by market.

Automotive increase by 9.2%, generating €71.7 million, equals to 62% of the group's consolidated sales. The increase is primarily linked to original equipment manufacturer products and is attributable to the recovery of truck market and the rise in sales of air conditioning system both in the European market.

Leisure shows an increase of 52%, generating €17.2 million, equals to 15% of the group's consolidated sales. This performance is largely attributable to the contribution starting from July 1st, 2025, of the sales of Indel Marine and its subsidiary Indel B USA, in which Indel B acquired the full ownership on June 30th, 2025.

Within the segment, growth was driven in particularly by marine sector, +49.4%. The RV market also showed a positive trend, with an increase of 55.9%.

The contribution from the two acquired companies amounted to €6.8 million. Components and spare parts showed an increase of 6.6%, generating €13.5 million, equals to 12% of the group consolidated sales.

The increase is mainly due to a positive trend of the sales of components and also of spare parts in air conditioning recorded by Autoclima Group. Hospitality booked a decrease of 8%, generating €8.5 million, equals to 7% of the group consolidated sales.

Both the hotel and cruise sector posted declines of 8.7% and 5.8%, respectively. Cooling appliances showed a decrease of 17.4%, generating €5.1 millions, equals to 4% of the group consolidated sales.

The decrease is due both to the decline in the professional market with regard to sales of milk refrigeration products, -7.9%, and to the decline in home market with regard to sales of wine cellar, -34.4%. Let's move now to page 12, sales by distribution region.

The European market, excluding Italy, our most mature market, booked an increase of 15.8%. The increase is concentrated mostly in the automotive market thanks to strong sales of air conditioning products by the Autoclima Group, as well as the first sign of a recovery in truck sales.

The leisure market also performed well thanks to the contribution of Indel Marine, which was acquired in mid-2025. On a like-for-like basis, the increase in revenues from product sales in Europe, excluding Italy, would have been €5 million, +8.7%, no changes in market share.

Sales in Europe, excluding Italy, contributing to 57% of consolidated sales, equal to €66.4 million. In Italy, sales decreased by 4.8%, contributing around to 25% of the consolidated sales of the group, equals to €28.6 million.

The decline is mainly concentrated in the cooling appliances market due to the decline both the professional and house sector. The Americas booked an increase of 15.6%, contributing around to 15% of consolidated sales of the group, equals to €17.8 million.

This increase is solely attributable to the inclusion, effective July 1st, 2025, of Indel B USA sales in leisure market and, in particular, in the marine sector, which contributed an amount of €3.9 million. Sales in the rest of the world showed an increase of 37.6%, due primarily to the positive performance of the leisure market driven by sales in Oceania from Indel Marine, the company acquired in mid-2025.

Let's move now to page 15, adjusted figures. In this slide, we show adjusted figures.

Full reported figures are in the appendix. In first half of 2025, non-recurring income mainly included a gain of €14 million generated by the fair value revaluation of the 50% stake in Indel Webasto Marine SRL already held by the group and reevaluated in accordance with IFRS 3 in the context of step-up acquisition, following the acquisition of the remaining 50% on June 30th, 2025.

This gain is partially offset by non-recurring expenses exclusively relating to consulting costs and costs relating to long-term incentive plan bonus for executives. In the half year ended of June 30th, 2026, non-recurring expenses amounted to €1.1 million, representing the portion of fair value allocated in accordance with IFRS 3 regarding PPA to the inventory of acquired company Indel Marine SRL for the first half of 2026.

Specifically, this amount reflects the release of the income statement of the inventory revaluation recognized at the time of acquisition for the portion attributable to the first half of 2026. Other non-recurring expenses relate primarily to consulting fees and costs associated with the long-term incentive plan bonus for executives.

In the first half 2026, profitability showed an increase with consolidated EBITDA adjusted equal to €13.8 million, +1.6% compared to €13.5 million in the first half 2025, with an increase of €0.3 million. However, the EBITDA adjusted margin declined from 12.5% of consolidated revenues in the first half 2025 to 11.6% in the first half 2026.

This percentage decrease, despite the increase in revenue, is attributable to a different sales mix that is more heavily weighted toward automotive market, as well as to the greater impact of international logistic costs resulting from geopolitical tension between Iran and the US, and to a lower portion of the results from equity method investments. The group net profit adjusted amounted to €6.1 million, 5.2% on total revenues, compared to a net profit adjusted of €6.6 million, 6.1% on total revenues in the corresponding period of 2025, with a decline of €0.5 million, and is essentially due primarily to the reasons described above.

Move now to page 16, cost structure. Our cost basis is mainly characterized by variable costs.

Fixed costs represent about 31% of our total costs and about 28% of our total revenues. The largest amount of costs refers to raw material and production costs, affected also from tariff.

We have been able to manage these costs to mitigate the impact of labor costs and transportation costs increase, and pressure on prices asked mainly from main OEM automotive customers based on existing contract in place and partially arriving from the customer of our weakest market. Another effect for what concerns difference in production costs with a bit higher fixed cost, it comes from the product mix and from price management according to the different market situations and to each specific customer, based on the rigidity or flexibility of the price and relation in place.

We will continue to work on cost side and on adapting our pricing to compensate or mitigate for the possible increase of costs arriving not only from raw materials, but also from renewal of national labor contract, and especially from sea freight costs, raw material, and US tariff, and all what is related to. Let's move now to page 17, CapEx.

Our business model is lean and flexible. Our CapEx are quite limited, and despite the investment in new production facilities, we still have an interesting cash conversion rate, about 88%.

On top of our normal investment on products and on production process, there are no other significant investment to report. Let's move to page 18, net operating working capital.

As of 30th June 2026, net operating working capital amounted to €82.2 million, 38% of total last 12 months revenues, compared to €76.2 million as of 31st December 2025, 37% of 2025 revenues. The changes in the amount of inventory, account receivable, and account payable amount is mainly due to the consolidation of the Indel Marine and Indel B USA balance, in addition to the seasonality of some of our business.

In any case, the inventory has not slow-moving or obsolescence problems. Move now to page 19, net financial position.

As of 30th June 2026, net debt amounted to €19.1 million compared to net financial debt of €17.1 million as of the end of 2025. The net financial position got worse by €2 million.

I just remember you that the net financial position also includes the debt related to IFRS 16, corresponding to the obligation to make lease payment for €3.9 million. The worsening in the group's financial position is linked to the seasonality of group revenues.

We also note the payment of a dividend of €0.6 per share. A short outlook.

Looking ahead, the second half of 2026 is expected to remain challenging, with continued geopolitical uncertainty and limited visibility on evolution of global markets. However, the automotive market is expected to maintain its positive performance throughout the second half of the year, driven in particular by the North American OE truck segment.

Consequently, the sales mix is projected to remain stable, confirming the significant shift toward the automotive sector already observed in the first half of the year. Compared with the situation at the end of last year, we believe that the group is entering this phase from a position of greater resilience.

Our solid financial structure, low leverage, and strong cash generation provide a sound foundation to manage potential volatility. We will continue to closely monitor the evolution of demand, as well as the broader macroeconomic and geopolitical environment, maintaining the flexibility to adapt our actions where necessary.

At the same time, we remain confident in the group's medium- to long-term prospects. Our focus will continue to be on the development of the automotive, hospitality, and cooling appliances business, while strengthening our international presence and investing in product production capabilities and organizational development.

Overall, while visibility remains limited, we believe that our diversified business model and solid financial position put us in a strong position to navigate the current environment and continue to capture the opportunities ahead. I have now completed my presentation, and I am available for your question on results.

Good afternoon, everybody. Two questions from my side.

The first one, you mentioned the outlook, I was wondering if you can provide some figures about the full year EBITDA that you expect. The second one, if you can elaborate a little bit on the issues that you are facing in terms of mix, I am aware that automotive is seeing a strong tailwind, but I don't know if you are experiencing let's say some difficulties in leisure time or in hospitality, and if you expect them to be present also in the second half of the year.

Thank you for the question. About the outlook of the second half, we said that we believe that the automotive market will continue to performance properly because mainly, as we have several forecast from our main automotive OE customers and all of those forecasts show number that are continue to increase.

Of course, there is anyhow a risk due to the geopolitical situation that something can be even worse tomorrow and then forecast will be revised completely, but today, those forecast are updated on weekly basis and we are still continue to see interesting number for the rest of the year. We do not expect that something will change.

We strongly believe that our sales will continue to perform well on the automotive segment, especially in North America where there is also the EPA 2027 situation. In 2027, during 2027, there will be a new restriction related to the emission of the heavy-duty truck.

This is pushing the fleet to renew the truck now before this new restriction will enter in place. We believe not only that 2026 second half will be good, but due to that, we believe, forecast from customer and also from third data provider show also next year quite interesting.

Then if it will realistic or not, we will know. For what concern also the rest of the automotive, mainly the Autoclima business, this situation of climate change is pushing the business of air conditioning in general.

There are more demand of air conditioning, there are more demand of spare parts for air conditioning, and also this geopolitical critical situation that is pushing the investment on defense is also helping Autoclima, because we do business also in defense in segment providing air conditioning for military Iveco or for the electronics that are installed in military Iveco. Also this specific situation make confident that also that part of the automotive business will continue to perform properly.

For what concern the other market, like leisure and hospitality, especially leisure, we see not a super good, super healthy situation. In both recreation vehicles and also marine they are suffering, both in Europe and in North America.

Most of the RV producer in North America and also in Europe, they are producing not five days a week, but they are reducing the production capacity, working just for three days a week. We do not see a possible change in front of us.

Also the marine segment, we have been just in Cannes Exhibition, there will be then Genoa, then we will go to Tampa at IBEX and then to the other exhibition, we will have a better and more clear situation going forward, but the sign that we are collecting now from the market, from the main operator, are not the best. They are not worsening too much, but also there is no signal that the marine market could recover shortly.

Also a bit of critical situation is also running now not only for small, medium boat of where we are mainly concentrated, but also let's say, some of the producers of the superyacht are facing some difficulties going forward with their order book going to shrinkage a bit compared to the past.

About the figure we expect for the second half, about your research, the same value of turnover, more or less, a little bit less due to the mix about EBITDA, just a little bit less, and a good improvement about the financial position. We think about €10 million.

That's clear. Thanks.

Okay. Thank you for participating to all of you.

I just give you a quick reminder for the next release on October 23rd about the nine months consolidated revenue. If you have any follow-up, do not hesitate to contact me or Mirco Manganello, the CFO of Indel B.

Thank you very much.

Bye-bye.

Bye-bye.