Q3-26 RESULTS

THE INTERIM FINANCIAL REPORT AS AT 30 SEPTEMBER 2026

Revenues and order backlog

The third quarter of the year saw a 19.4% increase compared to the third quarter of 2025, with revenue totaling €173,8 million, bringing revenue for the first nine months of the year to €498,9 million a 13.3% increase compared to first nine months in 2025.

At constant exchange rates, the increase in revenue for the first nine months would have been 14.0%.

As of September 30, 2026, the order backlog marked another record exceeding the threshold of €400 million (€402,6 million) and increasing by 68.7% in comparison with September 2025 (+20.8% in comparison with the previous record of June).

It is important to note that the order backlog currently reflects only a limited portion of the €100 million contract with the hyperscaler, as LUVE includes in its order backlog only those orders for which delivery dates have been defined and accepted by the customer. The current record-high order backlog therefore largely reflects demand for the Group’s diversified portfolio of applications.

In addition to this diversified application base, data centers represent another significant growth opportunity.

Product and application segment

Confirming the same trend of the first months of the year, the strong growth and the surge of order backlog are driven, in particular, by three segments

a) “power generation”with important orders, mainly for the American Continent, for cooling the engines related to energy production and electricity distribution;

b) “data center” that showed, further the realization of some big projects in Europe and the acquisition of the first big order in US, the first deliveries related to the multi-year agreement signed in April with one of the biggest global hyperscaler;

c) “heat pump exchanger”segment that highlighted a further demand acceleration for the current year with promising forecasts for the year 2027 too.

Instead, the traditional refrigerationsegment, despite a growing order backlog by almost 30% in comparison with September 2025, is remarking a slightly negative path (-1%), discounting the expected slow start of the year and the late deliveries of some orders in the summer months, although a significant recovery of sales in the segments related to large scale retail trade.

The following table shows the revenue trends by application type for the first nine months of 2026 and 2025, side by side:

Geographic markets

In the first 9 months of 2026, exports accounted for nearly 83% of revenue, thanks to excellent performance, particularly in the Nordic countries, France, and the United States (up 129%, with its share of total revenue rising to 8%).

In the rest of the world, strong growth in Asia (particularly in China) is worth noting, as it offset the negative trend in the Middle East, bringing non-EU revenue to 29.3%.

Turnover concentration

At 30 September 2026, the incidence of turnover related to the first 10 customersaccounted for 32% of total turnover, while, as expected, the importance of the main customer decreased from 8.5% to 6.6%.

Profitability

“ Gross Operating Margin” (EBITDA) amounted to €78,2 million (15.7% of revenues) compared to €64,4 million (14.6% of revenues) in the first 9 months of 2025. The income statement of the first 9 months of 2026 included €1,1 million of not-recurring costs, relating to activities connected with the expansion of the LU-VE US Inc. production plant in Texas (€0.4 million) and to the closure of the plant of Villa Santina in Friuli Venezia-Giulia (€0.7 million) bringing adjusted EBITDA to €79,3 million (15.9% of revenues) with an increase of 20.8% compared to the first 9 months of 2025. In the first 9 months of 2025 not-recurring costs were €1,2 million relating to activities connected with the expansion of the LU-VE US Inc. production plant in Texas. The change in adjusted EBITDA compared to adjusted EBITDA of the first 9 months 2025 (+€13,7 million) was generated by €15,4 million from the higher contribution resulting from the increase in volumes, €21,9 million from the increase in sales prices and net of €23,6 million from the increase in the costs of the primary raw materials and other production costs.

“Net profit for the period” amounted to €43,7 million (8.7% of revenues), compared to €28,3 million in the first 9 months of 2025 (6.4% of revenues). Applying the fiscal effect to the net delta of derivative fair value and amortized cost (negative €0.1 million) and to the transfer, at the end of June, of the 25% (€0.8 million) minority ownership interest in the Serbian company Standard Coil Doo Sabac (ex REFRION Serbia), the net profit of the first 9 months of 2026 (“Net profit adjusted”) would have been €43,9 million (8.8% of revenues, that includes also the not-recurring costs, on which the tax effect was €0.2 million), compared to €30,5 million (6.9% of revenues) as at 30 September 2025. “Net result attributable to the Group” amounted to €42,3 million (8.5% of revenues), compared to €27,1 million in the first 9 months of 2025 (6.2% of revenues).

When including the adjustment related to the amortisation of the “Purchase Price Allocation” and the adjustment related to intercompany unrealised losses/gains on exchange rates, the adjusted net profit was €45,4 million, 9.1% of revenue (€34,8 million in the first nine months of 2025), +30.5% YoY.

Net Working Capital

The Group’s operating working capital (calculated as the sum of inventory and trade receivables, net of trade payables) as of September 30, 2026, amounted to €152,6 million, representing 23.0% of sales over the past 12 months (compared to 119.6 million euros as of September 30, 2025, representing 20.2% of sales over the past 12 months). As of December 31, 2025, the Group’s operating working capital was €106,1 million, representing 17.5% of sales.

Net financial position and cash generation, capex, net cash generation

“Net financial indebtedness” was negative by €85,8 million (€72,7 million as at 31 December 2025) with a difference of €13,1 million, mainly due to €18,5 million in capex, €11,3 million in dividend distributions, €46,5 million in the increase in operating working capital, net of €2,0 million to changes in other payables and receivables, €1,5 to decrease of other financial liabilities (IFRS16) and €59,7 million in positive cash flow from operations.

In comparison with the net financial position as at 30 September 2025 (negative for €103,7 million), it shows an improvement of €17,9 million. In the period from October 1, 2025, to September 30, 2026, cash flow from operations adjusted for non-operating items was €38,3 million.

ESG TOPICS

In the first nine months of 2026, LUVE continued its operations in line with the new 2026–2029 Sustainability Plan , which was approved in February 2026 by the parent company’s Board of Directors. This document updates the previous 2023–2025 Sustainability Plan and is integrated into the 2026–2029 Business Plan.

All 2025 targets were achieved, except for those related to workplace accidents, which were influenced by the specific characteristics of the production sites and by behavioral and occasional factors that are difficult to manage proactively. The key indicators have also been confirmed for the 2026–2029 Business Plan, and the expected target values have been updated accordingly. In addition, new key indicators related to training have been introduced.

Finally, LUVE achieved two significant corporate milestones regarding membership in leading networks and participation in sustainability ratings.

First, effective in 2026, membership in the United Nations Global Compact was formalized with the goal of aligning the Group’s strategy and operations with its Ten Universal Principles, which address human rights, labor, the environment, and the fight against corruption.

The Group has also received another recognition from EcoVadis, earning a Silver Medal for the first time. This achievement represents a significant step forward on its sustainability journey, following the three Bronze Medals it has received since 2021

SIGNIFICANT EVENTS DURING THE PERIOD

On January 26, 2026, LUVE unveiled its new logo , which stems from a desire to ensure the brand is fully aligned with the role the company plays in today’s market and the responsibilities that come with it. The new tagline, “The shape of cooling,” encapsulates LUVE’s approach: designing solutions that combine technology, sustainability, and industrial culture, creating lasting value for customers, the market, employees, and the communities where the company operates.

The signing of a multi-year framework agreement through 2031 with a global “hyperscaler” for the supply of advanced cooling solutions for next-generation data centers—which will host high-density, AI-driven operations— was the most significant event of the first nine months of the year, not only because of the size of the agreement itself but also because of its potential positive impact on the data center segment as a whole, as it grants the Group the status of a qualified supplier in the U.S. market as well, strengthening its position among the leading suppliers of mission-critical cooling components for data center applications.

This agreement has an estimated value of over €100 million for the first two years, subject to project execution and customer requirements, while the value of supplies for subsequent years will be confirmed in due course.

Deliveries began successfully in May, with volumes in line with forecasts.

SIGNIFICANT EVENTS OCCURRING AFTER 30 SEPTEMBER 2026

No significant events have occurred since September 30, 2026, through the date of this press release.

BUSINESS OUTLOOK

Taking in consideration the order backlog, at its highest ever, and the bold acquisition of orders for almost all applications (in particular “power gen”, data center and heat pumps), LUVE confirms the high visibility on its short-term development and the positive trend for both last part of 2026 and beginning of 2027.

The agreement with hyperscaler marks an important step forward for the strategic positioning in the data center application, strengthening the LUVE position among the best suppliers of solutions for cooling this application.

The macroeconomic and geopolitics uncertainties, further the volatility on supply chains, impose a prudent approach.

LUVE will continue to monitor the external environment while maintaining its usual discipline in capital allocation, cost control, working capital management, and overall operational execution, staying on track toward its medium- and long-term goals.

CONFERENCE CALL

The results as of September 30, 2026, will be presented on November 13, 2026, at 3:00 p.m. (CET) during a conference call for the financial community.