Ariston Holding (ARIS) investor relations material

Executive summary

• Q3 revenue was €778m, up 16.4% reported and 0.6% organically; European heating and heat pumps supported growth, offset by Middle East and Americas weakness.

• 9M revenue reached €2,125m, up 8.4% reported and 1.8% organically.

• FY26 guidance was reduced to 1%–2% organic revenue growth and ~7% like-for-like adjusted EBIT margin amid cost inflation and regional headwinds.

Financial highlights

• Q3 adjusted EBIT was €52m; reported adjusted margin was 6.6% and like-for-like margin 6.9%, versus 7.2% a year earlier.

• Q3 like-for-like revenue was €678.3m, up 1.5%; like-for-like adjusted EBIT was €47.1m, down 2.3%.

• 9M adjusted EBIT was €125.1m, up from €114.1m; adjusted margin was 5.9% versus 5.8%, with like-for-like margin at 6.0%.

• 9M adjusted EBITDA was €220.3m, up from €202.2m; adjusted EBITDA margin was 10.4% versus 10.3%.

• 9M free cash flow was negative €88m versus positive €1.2m; Q3 free cash flow was negative €11m.

Outlook and guidance

• FY26 organic revenue growth guidance was narrowed to 1%–2% from 1%–4%; like-for-like adjusted EBIT margin guidance was lowered to ~7% from 7%–8%.

• Riello is expected to contribute €190m–€200m of H2 2026 net revenue; year-end pro forma leverage is expected at 2.8x–2.9x.

• FY26 CapEx guidance is ~5% of revenue; Q4 spending was optimized, with cash-flow benefits expected in 2027.

• Pricing actions are in the low- to mid-single digits, with benefits expected to flow through gradually and have greater impact in 2027.