Brembo: extraordinary growth in H1 2022: revenues at €1,746.5 million, +28.3% vs H1 2021. EBITDA and EBIT up 13%, net profit at +17.3%.

Stezzano, 28 July 2022

BREMBO: EXTRAORDINARY GROWTH IN H1 2022

REVENUES AT €1,746.5 MILLION, +28.3% VS H1 2021 EBITDA AND EBIT UP 13%

NET PROFIT AT +17.3%

Compared to H1 2021:

• Revenues at €1,746.5 million
  (+28.3%); +19.3% on a like-for-like exchange rate and consolidation basis
• EBITDA at €305.3 million (EBITDA margin: 17.5%); EBIT at €187.5 million (EBIT margin: 10.7%)
• Net investments for the period amounted to €121.6 million
• Net financial debt at €595.1 million (€368.0 million prior to the application of IFRS 16), up €98.2 million compared to 30 June 2021

H1 2022 results:

(€ million)	2022	2021	Change
Revenue	1,746.5	1,360.8	+28.3%
EBITDA	305.3	270.2	+13.0%
% of sales	17.5%	19.9%
EBIT	187.5	165.8	+13.1%
% of sales	10.7%	12.2%
Pre-tax profit	198.2	168.2	+17.8%
% of sales	11.4%	12.4%
Net profit	148.9	126.9	+17.3%
% of sales	8.5%	9.3%
	30.06.22	30.06.21	Change
Net financial	595.1	496.9	+98.2
debt
Net financial debt	368.0	290.2	+77.8
excluding IFRS 16

Brembo Executive Chairman Matteo Tiraboschi stated: "The significant H1 results approved today by the Board of Directors are the outcome of a long-termmethod and strategy adopted by the whole Brembo team, which has shown strong commitment even in such a complex context, thereby ensuring performance continuity in line with the first three months of the year. Our Company continues to focus on providing customers with the utmost service quality and on innovating our solutions. This direction is actually reflected in the recently announced joint venture with a leading group in the production of high-techbraking components - a transaction that strengthens our position in an important segment for us such as the aftermarket.

Although the constantly changing geopolitical and macroeconomic scenario requires us to be cautious, Brembo's solid position, the significant results achieved so far and the encouraging signals we are receiving from our reference market let us look towards the rest of the year with confidence."

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H1 2022 results

Brembo's Board of Directors, chaired by Matteo Tiraboschi, met today and approved the Group's half-year results at 30 June 2022.

In the reporting period, net consolidated revenues amounted to €1,746.5 million, up 28.3% (+23.2% on a like-for-like exchange rate basis) compared to the first half of the previous year.

Following the acquisition of the Spanish J.Juan Group, effective 1 November 2021, the consolidation scope changed; on a like-for-like consolidation basis, the increase was 24.4%. On a like-for-like exchange rate and consolidation basis, revenues rose by 19.3% compared to the same period of the previous year.

In the reporting period, the Group reported a very positive performance across all sectors in which it operates: the car segment rose by 27.6%, motorbike applications by 44.3% (+12.2% on a like-for-like consolidation basis), applications for commercial vehicles by 17.4% and those for racing vehicles by 24.2% compared to the first half of 2021.

At geographical level, sales rose by 15.9% in Italy, by 27.5% in Germany and by 10.1% in France, whereas they declined by 3.4% in the United Kingdom (-4.1% on a like-for-like exchange rate basis). The North American market (USA, Mexico and Canada) grew by 49.8% (+37.4% on a like-for-like exchange rate basis) and the South American market (Brazil and Argentina) increased by 44.9% (+25.4% on a like-for-like exchange rate basis).

India grew by 30.9% (+23.4% on a like-for-like exchange rate basis) and China by 24.6% (+14.0% on a like-for-like exchange rate basis), while Japan decreased by 25.6% (-26.4% on a like-for-like exchange rate basis).

In H1 2022, the cost of sales and other net operating costs amounted to €1,148.5 million, with a 65.8% ratio to sales, up in percentage terms compared to 62.0% for the same period of the previous year (€843.9 million).

Personnel expenses amounted to €301.7 million, with a 17.3% ratio to sales, decreasing compared to the same period of the previous year (18.7% of sales).

At 30 June 2022, workforce numbered 12,797 (of which 628 from the J.Juan Group), compared to 12,656 at 31 March 2022 and 12,225 at 31 December 2021.

EBITDA amounted to €305.3 million (EBITDA margin: 17.5%) compared to €270.2 million

(EBITDA margin: 19.9%) for H1 2021.

EBIT amounted to €187.5 million (EBIT margin: 10.7%) compared to €165.8 million (EBIT

margin: 12.2%) for H1 2021.

Net interest income for the period amounted to €2.9 million (net interest expense of €1.5 million in H1 2021) and included interest expense amounting to €6.0 million (€5.3 million in H1 2021) and net exchange gains of €8.9 million (€3.8 million in H1 2021) . Income from investments was €7.8 million compared to €3.9 million in H1 2021.

Pre-tax profit was €198.2 million compared to €168.2 million for H1 2021.

Based on the tax rates applicable under current tax regulations in force in each country, estimated taxes amounted to €49.0 million (€41.4 million in H1 2021), with a tax rate of 24.7% compared to 24.6% for the same period of the previous year.

The first half of the year ended with a net profit of €148.9 million, up 17.3% compared to the same period of the previous year.

Net financial debt at 30 June 2022 amounted to €595.1 million, up €98.2 million compared to 30 June 2021. Excluding the impact of IFRS 16, net financial debt would be €368.0 million, up €77.8 million compared to 30 June 2021.

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JV agreement signed with Chinese Gold Phoenix to manufacture aftermarket pads

On 25 July, Brembo announced the incorporation of a 50/50 joint venture with Gold Phoenix, aimed at building the first large-scale site to manufacture brake pads for the aftermarket. The agreement is subject to local customary conditions precedent and antitrust approval.

The JV, denominated Shandong BRGP Friction Technology Co., Ltd, will focus on innovative products with premium quality, especially in terms of performance, comfort, durability and sustainability, with a view to anticipating the challenges posed by electrification and autonomous driving.

The JV will start operations at the beginning of 2023 in the city of Jinan, capital of the Shandong province, in eastern China.

As part of the transaction, the two companies will make a total investment of €35 million over the next three years.

Foreseeable Evolution

Our orders backlog for the coming months remains robust, with a good utilisation of production capacity at global level. Barring extraordinary changes in the current geopolitical situation and the macro-economic context, with particular regard to exchange rates and commodity and utilities prices, for FY 2022 the Group expects a second half of the year in line with H1 in terms of revenues and margins, thanks to the past and current long-term strategy adopted.

Pursuant to the applicable legislation in force, Brembo Group's Six Monthly Report at 30 June 2022, as approved by the Board of Directors today, will be made available to the public at the Company's registered office, and on the corporate websitewww.brembo.com, as well as in the authorised central storage mechanism at www.1info.it.

The manager in charge of the Company's financial reports Andrea Pazzi, declares, pursuant to paragraph 2 of Article 154- bis of Italy's Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the documented results, books and accounting records.

Annexed hereto are the Statement of Income, the Statement of Financial Position and the Statement of Cash Flows.

Company contacts:

Laura Panseri	Roberto Cattaneo
Head of Investor Relations	Chief Communication Officer
Ph. [phone]	Ph. [phone]
e-mail:[e-mail]	e-mail:[e-mail]
www.brembo.com
	Daniele Zibetti
	Corporate Media Relations
	Ph. [phone]
	e-mail:[e-mail]
	www.brembo.com

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CONTO ECONOMICO CONSOLIDATO
(in milioni di euro)	30.06.2021	30.06.2020	Variazione	%	II TR. '21	II TR. '20	Variazione	%
Ricavi da contratti con clienti	1.360,8	951,1	409,7	43,1%	685,7	375,2	310,5	82,8%
Altri ricavi e proventi	10,3	8,1	2,2	26,9%	6,5	3,9	2,6	68,2%
Costi per progetti interni capitalizzati	11,5	11,0	0,6	5,2%	4,8	4,9	(0,1)	-1,4%
Costo delle materie prime, materiale di consumo e merci	(608,8)	(431,4)	(177,4)	41,1%	(301,0)	(164,8)	(136,2)	82,6%
Proventi (oneri) da partecipazioni di natura non finanziaria	7,6	1,9	5,8	305,6%	3,5	0,8	2,7	344,2%
Altri costi operativi	(257,0)	(195,4)	(61,6)	31,5%	(134,5)	(86,9)	(47,6)	54,8%
Costi per il personale	(254,3)	(202,1)	(52,2)	25,9%	(130,4)	(91,8)	(38,6)	42,1%
MARGINE OPERATIVO LORDO	270,2	143,3	126,9	88,6%	134,6	41,3	93,3	226,1%
% sui ricavi da contratti con clienti	19,9%	15,1%			19,6%	11,0%
Ammortamenti e svalutazioni	(104,4)	(104,5)	0,1	-0,1%	(52,5)	(52,8)	0,3	-0,6%
MARGINE OPERATIVO NETTO	165,8	38,8	127,0	327,4%	82,1	(11,5)	93,6	-813,8%
% sui ricavi da contratti con clienti	12,2%	4,1%			12,0%	-3,1%
Proventi (oneri) finanziari netti e da partecipazioni	2,4	(14,1)	16,6	-117,3%	5,0	(6,3)	11,3	-180,4%
RISULTATO PRIMA DELLE IMPOSTE	168,2	24,7	143,6	581,7%	87,2	(17,8)	104,9	-590,3%
% sui ricavi da contratti con clienti	12,4%	2,6%			12,7%	-4,7%
Imposte	(41,4)	(4,5)	(36,9)	818,7%	(21,9)	8,5	(30,3)	-358,8%
Risultato derivante dalle attività operative cessate	(0,1)	0,1	(0,2)	-253,2%	(0,1)	(0,1)	0,0	33,3%
RISULTATO PRIMA DEGLI INTERESSI DI TERZI	126,8	20,2	106,6	526,4%	65,2	(9,4)	74,6	-795,4%
% sui ricavi da contratti con clienti	9,3%	2,1%			9,5%	-2,5%
Interessi di terzi	0,2	(0,3)	0,4	-159,1%	0,4	(0,5)	0,8	-184,3%
RISULTATO NETTO DI PERIODO	126,9	20,0	107,0	536,0%	65,6	(9,8)	75,4	-767,4%
% sui ricavi da contratti con clienti	9,3%	2,1%			9,6%	-2,6%
RISULTATO PER AZIONE BASE/DILUITO (in euro)	0,39	0,06			0,20	(0,03)

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SITUAZIONE PATRIMONIALE E FINANZIARIA CONSOLIDATA

		A		B	A-B
(in milioni di euro)	30.06.2021	31.12.2020	Variazione
ATTIVO
ATTIVITA' NON CORRENTI
Immobili, impianti, macchinari e altre attrezzature	998,6	975,8	22,8
Diritto di utilizzo beni in leasing	206,9	207,5	(0,6)
Costi di sviluppo	96,1	92,3	3,8
Avviamento e altre attività immateriali a vita indefinita	105,1	79,9	25,2
Altre attività immateriali	52,6	47,4	5,2
Partecipazioni valutate con il metodo del patrimonio netto	46,6	43,9	2,7
Altre attività finanziarie (tra cui investimenti in altre imprese e strum. fin. derivati)	246,4	217,3	29,1
Crediti e altre attività non correnti	20,8	18,2	2,5
Imposte anticipate		74,0		76,7	(2,7)
TOTALE ATTIVITA' NON CORRENTI	1.847,1	1.759,0	88,1
ATTIVITA' CORRENTI
Rimanenze	450,4	354,9	95,5
Crediti commerciali	492,6	385,4	107,1
Altri crediti e attività correnti	123,7	119,3	4,4
Attività finanziarie correnti e strumenti finanziari derivati	1,3	1,9	(0,6)
Disponibilità liquide e mezzi equivalenti		451,1		551,3	(100,2)
TOTALE ATTIVITA' CORRENTI	1.519,0	1.412,9	106,2
ATTIVITA' DERIVANTI DA ATTIVITA' OPERATIVE CESSATE	0,7	0,9	(0,1)
TOTALE ATTIVO	3.366,9	3.172,7	194,1
PATRIMONIO NETTO E PASSIVO
PATRIMONIO NETTO DI GRUPPO
Capitale sociale	34,7	34,7	0,0
Altre riserve	77,0	37,4	39,6
Utili / (perdite) portati a nuovo	1.331,2	1.241,4	89,9
Risultato netto di periodo		126,9		136,5	(9,6)
TOTALE PATRIMONIO NETTO DI GRUPPO	1.569,9	1.450,1	119,9
TOTALE PATRIMONIO NETTO DI TERZI	31,3	31,0	0,3
TOTALE PATRIMONIO NETTO	1.601,2	1.481,0	120,2
PASSIVITA' NON CORRENTI
Debiti verso banche non correnti	433,4	548,2	(114,8)
Passività per beni in leasing a lungo termine	185,5	187,4	(1,9)
Altre passività finanziarie non correnti e strumenti finanziari derivati	0,7	1,0	(0,2)
Altre passività non correnti	1,9	14,9	(13,0)
Fondi per rischi e oneri non correnti	37,6	43,0	(5,3)
Fondi per benefici ai dipendenti	22,7	26,6	(3,9)
Imposte differite		28,2		26,4	1,7
TOTALE PASSIVITA' NON CORRENTI	710,0	847,5	(137,5)
PASSIVITA' CORRENTI
Debiti verso banche correnti	305,8	176,0	129,8
Passività per beni in leasing a breve termine	21,2	21,5	(0,2)
Altre passività finanziarie correnti e strumenti finanziari derivati	2,6	3,8	(1,2)
Debiti commerciali	542,6	474,9	67,7
Debiti tributari	8,4	7,4	1,0
Fondi per rischi e oneri correnti	0,2	1,9	(1,7)
Altre passività correnti		174,7		158,6	16,1
TOTALE PASSIVITA' CORRENTI	1.055,6	844,1	211,5
PASSIVITA' DERIVANTI DA ATTIVITA' OPERATIVE CESSATE	0,1	0,1	(0,1)
TOTALE PASSIVO	1.765,6	1.691,7	73,9
TOTALE PATRIMONIO NETTO E PASSIVO	3.366,9	3.172,7	194,1	5/8