De' Longhi spa: 2024 Shareholders’ Meeting

Treviso, April 19, 2024

The Annual General Meeting, held today, in ordinary session:

PRESS RELEASE

1. approved the Company's results for year 2023, as per the proposal of the Board of Directors dated March 12, 2024:

In the twelve monthsthe Group achieved:

• revenues of € 3,075.9 million, down by -2.6%(-0.2% at constant fx);
• adjusted1 Ebitda of € 444.2 million, equal to 14.4% of revenues (compared to 11.5% in 2022);
• net profit (attributable to the Group) of € 250.4 million, up by 41.1%;
• positive net financial position of € 662.6 million, a marked improvement of €363.8 million compared to the end of 2022;

1. approved the distribution of a dividend of € 0.67 per share, equal to a total amount of approx. € 101M (according to data available as at today), payable starting from 22 May 2024, with detachment of coupon no. 24 on May 20 and with the so-called record date, pursuant to art. 83-terdecies of Legislative Decree no. 58/98, on May 21, equal to a pay- out ratio of 40% of Group's net income (excluding treasury shares);
2. approved the Remuneration Policy for FY 2024 and expressed its favourable opinion on the Compensation paid during 2023;
3. approved the adoption of a share-based incentive plan concerning the ordinary shares of
   De' Longhi S.p.A called the '2024-2026 Performance Share Plan';
4. renewed the authorisation to purchase and dispose of treasury shares.

In extraordinary session, the Annual General Meeting also approved (i) the proposal to amend Articles 5-bis and 7 of the Articles of Association as well as (ii) the granting of powers to the Board of Directors, pursuant to Article 2443 of the Civil Code, to increase the share capital, pursuant to Article 2349 of the Civil Code, to service the implementation of the '2024-2026 Performance Share Plan'.

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Treviso, April 19, 2024	PRESS RELEASE

2023 ended showing substantially neutral turnover growth in organic terms and a strong recovery in margin in the twelve months.

Revenues fell slightly in the first half of 2023, mainly due to a start to the year conditioned by some transitory and extraordinary factors, such as the challenging comparison with the first quarter of the previous two years, the reduction in the levels of inventories held from distribution and the discontinuity in the mobile air conditioning business on the American market.

From the second quarter, the Group demonstrated a significant progression and expansion of the underlying trends, both in coffee and in the nutrition and food preparation sector, achieving organic growth at a high single digit rate in the second half of the year, confirmed in the fourth quarter.

Over the past year, the Group's margins have steadily improved in comparison to 2022, which had been impacted by inflationary pressures on costs and some production inefficiencies. This margin recovery was facilitated by rigorous investment control and a partial easing of inflationary pressures on some industrial costs (in particular logistics costs), which, combined with effective price management and continuous product mix improvement, contributed to bring the Group's profitability back close to the historical average

The current macroeconomic and geopolitical scenario remains uncertain and variable, however the trends of organic growth improvement highlighted in recent quarters have been supporting to consolidate the phase of progressive post-pandemic normalisation.

In 2023, the Group reported revenues of €3,075.9 million, showing a slight decline compared to the previous year (-2.6%). The currency component subtracted approximately 2.4 percentage points of growth over the twelve months, mainly due to the impacts deriving from the devaluation of some

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Treviso, April 19, 2024

PRESS RELEASE

currencies, the main ones included the American dollar, Yen and Australian dollar.

Revenue growth in the fourth quarter was 4.7%, but would have been around 8% if not for a significant negative impact from the currency component.

Over the twelve months, the geographical evolution was influenced by the weak start to the year, however we observed overall organic growth in every major area during the second part of the year. Specifically, in the fourth quarter the Group experienced a boost in organic growth in key regions, except for the Americas due to specific factors.

In details:

• South-WesternEurope achieved a partial decline in turnover in the twelve months, however, the area showed high-single digit organic growth in the second half of the year and a lift in the Q4 at around 10%; in the last quarter, the major markets experienced strong boost, with Germany and France showing a turnover in the high teens pace;
• North-EasternEurope recorded a substantial positive trend in 2023, with additional progress made in the last few months of the year thanks to a significant expansion of the core product categories in the main markets; specifically, the UK, Benelux, Czech Republic & Slovakia & Hungary showed sustained growth, further accelerating compared to the twelve months;
• the MEIA area achieved organic growth in the low teens during the fourth quarter, however, in the twelve months the area remains in negative territory primarily as a result of challenging macroeconomic conditions;
• in 2023 the result of the Americas area was significantly affected by the impact of the exit from the mobile air conditioning business, net of which the turnover would have been slightly lower than the previous year, due to a negative fourth quarter influenced by a slowdown primarily due to a decline in capsule machines and negative currency impact; coffee makers and nutrition and food preparation business are in positive territory in organic terms in the twelve months;

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PRESS RELEASE

• finally, the Asia Pacific region achieved an expansion in turnover in organic terms over the twelve months, thanks to an acceleration in the second half of the year, which led to mid-single-digit organic growth in the fourth quarter.

Regarding the product segments evolution, the core categories performance improved gradually throughout the year, with organic growth trends considerably picking up in the second half.

In terms of product segments:

• the domestic coffee machine sector highlighted a turnover in line with the previous year, with growth reaching a mid-single-digit rate in the fourth quarter. This was supported specifically by an acceleration at a low teen pace in the full-automatic machines category, thanks to the success of the new products recently launched on the market;
• the nutrition and food preparation segment highlighted positive dynamics in both quarters of the second half of the year, despite finishing the year in negative territory. The growth recover was primarily driven by a significant increase in the personal blenders category;
• with regard to the remaining segments, we highlight a significant expansion of ironing products in the quarter, which brings the home care category (floor-care and ironing) into positive territory in the twelve months; the trend in comfort (portable heating and air conditioning) in 2023 was strongly influenced by the Group's choice to exit the American portable air conditioner market;
• finally, we highlight the significant growth of Eversys' professional coffee machines, which maintained a consistent expansion trend throughout the year, resulting in a turnover growth of more than 30% in the twelve months.

The Group was able to significantly improve its margin profile in 2023, mainly thanks to effective price management, continuous product mix improvement, and a partial easing of inflationary pressures on some product costs.

In the twelve months:

• the net industrial margin stood at €1,504.3 million, which equals 48.9% of revenues, compared to 47.3% in 2022, benefiting from a positive effect of the price mix and an easing of inflationary pressures on product costs;
• adjusted Ebitda was €444.2 million, or 14.4% of revenues, a substantial increase from 2022 (at 11.5%). The constant increase in profitability achieved over the year was additionally contributed by a partial reduction in media and communication ("A&P") investments (down to approximately 12.8% on sales respect to 13.5% on sales in 2022), which were achieved through improved spending effectiveness and more targeted use of assets and channels. Finally, the currency component had a negative impact of about €28 million.
• Ebitda amounted to €437.8 million, or 14.2% of revenues after €5.5 million of non-recurring expenses compared to 8.3 million of non-recurring income in 2022;

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PRESS RELEASE

• operating result (Ebit) stood at €329.6 million, equal to 10.7% of revenues, with a level of depreciation substantially aligned with 2022;
• net profit attributable to the Group amounted to €250.4 million, equal to
  8.1% of revenues (5.6% in 2022). Financial charges decreased to €2.3 million from €25.3 million in 2022 as a result of a productive liquidity investment programme and effective currency management.

After achieving notable cash generation in the fourth quarter, the Group ended the 2023 financial year with a positive Net Financial Position2 of €662.6 million, up €363.8 million over the course of the year.

Similar to this, the Net Position towards banks and other financiers improved significantly over the course of the previous 12 months (+372.2 million), reaching €761.7 million.

During the course of the year, free cash flow before dividends and acquisitions totalled €435.9 million. It is worth noting that the Group was able to generate positive cash flow (before dividends and acquisitions) in every quarter of the year, which is a clear and significant improvement over the discontinuity observed in 2022.

At the level of operating working capital (equivalent to 2% of revenues in the 12 months), we highlight:

• a further reduction in inventory (at the end of the year at €504.7 million) compared to previous years, which now stands at 16.4% of total turnover;
• despite the increase in turnover in the fourth quarter, a nearly unchanged level of trade receivables at year end, showing the increasingly effective management of receivables;
• a significant increase in debts to suppliers compared to 2022; however, it should be noted that last year this item was affected by the slowdown in production in the second half of the year to allow the Group to reduce the level of inventory.

Capital Expenditutures in the twelve months absorbed €132.3 million, a notable decline compared to last year's €156.2 million.

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Treviso, April 19, 2024

PRESS RELEASE

After 31 December 2023 through the date on which this annual report was approved, no events occurred that would have had a significant impact on the financial and economic results recorded, as per IAS 10 - Events after the reporting period.

On February 27th, 2024, De' Longhi Group finalized the closing of the business combination between its subsidiary Eversys S.A. and La Marzocco International LLC, consistent with the announcement made on December 21, 2023.

As a result of the transaction, the De' Longhi Group will own approximately 61.6% of the new entity, alongside minority stakes held by De Longhi Industrial S.A. (26.5% approximately) and the previous minority shareholders of La Marzocco (12%).

As of the date of this Annual Financial Report, the transaction has not yet produced any effect on the De'Longhi Group's consolidated financial statements, with the exception of the accounting of some costs for advisory and consultancy services related to the aggregation.

For any further details and in-depth information, please refer to the press releases published on February 27, 2024 and on December 21, 2023 together with the explanatory document drawn up pursuant to article 5 of the Regulation adopted by Consob with resolution no. 17221 of 12 March 2010 and subsequent amendments available on the Company's website www.delonghigroup.com and on the authorized storage mechanism "1Info" at the address www.1info, within the terms of the law.

The AGM has approved the distribution of a dividend of € 0.67 per share, equal to a total amount of approx. € 101 M (according to data available as at today), payable starting from 22 May 2024, with detachment of coupon no. 24 on May 20 and with the so-called record date, pursuant to art. 83-terdecies of Legislative Decree no. 58/98, on May 21, equal to a pay-out ratio of 40% of Group's net income (excluding treasury shares).

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Treviso, April 19, 2024

PRESS RELEASE

ORDINARY SESSION

ANNUAL REPORT ON THE REMUNERATION POLICY AND COMPENSATION PAID

The Annual General Meeting, having examined the Annual Report on the Remuneration Policy and compensation paid prepared in accordance with the applicable laws and regulations and published on the Company's website www.delonghigroup.com (section 'Governance' - 'Corporate Bodies' - 'Annual General Meeting 2024'), and on the 1Info authorised storage mechanism (www.1info.it), then: (i) approved the '2024 Remuneration Policy' for directors, including the chief executive officer, statutory auditors, general manager and other key managers with strategic responsibilities contained in Section I, in accordance with Article 123-ter(3-bis) of Legislative Decree No. 58/98 and (ii) gave its advisory vote in favour of the 'Compensation paid in 2023' to the aforementioned people, indicated in Section II, in accordance with Article 123-ter(6) of Legislative Decree No. 58/98.

2024-2026 PERFORMANCE SHARE PLAN

The Annual General Meeting approved - pursuant to and for the purposes of Article 114-bis of the Consolidated Law on Finance - the proposal by the Board of Directors, resolved on 12 March 2024, to adopt a share-based incentive plan concerning the ordinary shares of De' Longhi S.p.A., called the '2024- 2026 Performance Share Plan' (the 'Plan'). The Plan is reserved for the Chief Executive Officer and General Manager of the Company, as well as for a limited number of Top Managers in the De' Longhi Group (the 'Beneficiaries') who will be identified by name by the Board of Directors, upon the proposal of the Remuneration and Appointments Committee, having consulted the Board of Statutory Auditors as appropriate.

The purpose of the Plan is the assignment, free of charge, to the Beneficiaries of a maximum total of 1,200,000 rights ('Rights'), each of which entitles the Beneficiary to be allotted, free of charge, 1 (one) Share for each Right assigned, subject to the achievement of certain predetermined performance objectives (measured at the end of the vesting period, linked to the De' Longhi Group's medium/long- term growth in value and profitability), and on the basis of the mechanisms and conditions defined by the Plan. The following will be used to service the Plan: (i) treasury shares held in the Company's portfolio at the allotment date, following purchases made on the market, also to service the Plan, pursuant to Article 2357 of the Civil Code, the provisions of the Consolidated Law on Finance and the Issuers' Regulation; or, if there are not sufficient treasury shares in the Company's portfolio at that date, (ii) shares from the capital increase, free of charge and possibly in multiple tranches, pursuant to Article 2349 of the Civil Code, for a maximum nominal amount of €1,800,000.00, and for a maximum of 1,200,000 shares, for which the Annual General Meeting has granted specific powers to the Board of Directors pursuant to Article 2443 of the Civil Code.

For more information on the Plan, reference is made to the 'Directors' Report on the fourth item on the agenda for the ordinary part' and the enclosed disclosure document on the Plan drafted by the Board of Directors pursuant to Article 84-bis of the Issuers' Regulation, as well as the 'Directors' Report on the second item on the agenda for the extraordinary part', made available to the public at the registered office, on the Company's website (www.delonghigroup.com, 'Governance' - 'Corporate Bodies' - 'Annual General Meeting 2024') and on the 1INFO authorised storage mechanism available at www.1info.it.

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Treviso, April 19, 2024

AUTHORISATION TO PURCHASE AND DISPOSE OF TREASURY SHARES

PRESS RELEASE

The ordinary Annual General Meeting resolved to renew - by revoking the annual general meeting resolution adopted on 21 April 2023 - the authorisation for the purchase and disposal of treasury shares up to a maximum of 14.5 million ordinary shares and, therefore, not exceeding one fifth of the share capital, also taking into account any shares held by the Company and by its subsidiaries. The authorisation was approved, in accordance with current provisions of law, for a maximum of 18 months (and, therefore, until 19 October 2025) and according to the methods, terms and conditions contained in the report on the agenda of the Annual General Meeting presented by the Board of Directors and available on the Company's website www.delonghigroup.com (section 'Governance' - 'Corporate Bodies' - 'Annual General Meeting of 2024'), and on the 1Info authorised storage mechanism (www.1info.it). It should be noted that, as of today, the Company directly owns 287,550 De' Longhi shares while its subsidiaries do not own any.

EXTRAORDINARY SESSION

AMENDMENT TO ARTICLES 5-BIS AND 7 OF THE COMPANY'S ARTICLES OF ASSOCIATION AND GRANTING OF POWERS TO THE BOARD OF DIRECTORS TO INCREASE THE CAPITAL TO SERVICE THE PERFORMANCE SHARE PLAN.

The Annual General Meeting resolved, in the extraordinary session, to amend Articles 5-bis and 7 of the Articles of Association to enable, respectively, (i) the Company to allocate profits and/or profit reserves to employees of the Company or of subsidiaries through the issue of shares pursuant to Article 2349(1) of the Civil Code and (ii) the Board of Directors to designate, from time to time for each AGM, one or more entities to whom those entitled to vote may grant proxy, including on an exclusive basis, provided that this is permitted by the applicable law, including regulations, in force at the time.

Lastly, the Annual General Meeting

• based on the report by the Board of Directors, prepared in accordance with Article 125-ter of Legislative Decree No. 58 of 24 February 1998, as subsequently amended, and Article 72 of Consob Resolution No. 11971 of 14 May 1999, as subsequently amended;
• having regard to the proposals for the adoption of the share-based incentive plan called the '2024-2026
  Performance Share Plan' and the introduction in the Company's Articles of Association of the option to allocate profits and/or profit reserves to employees through the issue of shares reserved to them, pursuant to Article 2349(1) of the Civil Code, as set forth in the fourth item on the agenda of the ordinary session and the first item on the agenda of the extraordinary session, both approved;
  resolved to grant the Board of Directors, pursuant to Article 2443 of the Civil Code, for a period of 5 years starting from the date of resolution by the AGM, the power to increase the share capital, free of charge and in multiple tranches, to service the implementation of the Plan for a maximum amount of €1,800,000.00, by issuing a maximum of 1,200.000 new ordinary shares with a nominal value of €1.50 each, having the same characteristics as those in circulation, with regular dividend rights, by allocating to capital the corresponding amount of profits and/or profit reserves resulting from the last financial statements approved on each occasion, pursuant to Article 2349 of the Civil Code, according to the terms, conditions and procedures set out in the same Plan. The approval of the aforementioned proposal required Article 5-quater of the Articles of Association to be amended and supplemented with the introduction of a new sentence stating the aforementioned power granted to the Board.

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Treviso, April 19, 2024

PRESS RELEASE

On the basis of the resolutions passed in the extraordinary session by the Annual General Meeting, the approved amendments to the Articles of Association shall take effect when the related AGM resolutions are recorded in the Company Register of Treviso-Belluno.

The text of the amended Articles of Association will be made available to the public, within the time limits laid down by the law and by the regulations, at the Company's registered office and on its website www.delonghigroup.com (section 'Governance' - 'Corporate Documents'), as well as on the 1info authorised storage mechanism (www.1info.it).

For any further details on the above amendments to the Articles of Association and on the granting of powers to the Board of Directors, reference is made to the reports on the agenda of the Annual General Meeting presented by the Board of Directors and available on the Company's website www.delonghigroup.com (section 'Governance' - 'Corporate Bodies' - 'Annual General Meeting of 2024'), and on the 1Info authorised storage mechanism (www.1info.it).

The Officer Responsible for Preparing the Company's Financial Report, Stefano Biella, hereby declares, as per article 154 bis, paragraph 2, of the "Testo Unico della Finanza", that all information related to the company's accounts contained in this press release are fairly representing the accounts and the books of the company.

The summary report on the voting and the minutes of the Annual General Meeting will be made available to the public, within the time limits laid down by law and by the regulations, at the Company's registered office and on its website www.delonghigroup.com (section 'Governance' - 'Corporate Bodies' - 'Annual General Meeting 2024'), and on the 1Info authorised storage mechanism (www.1info.it).

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Treviso, April 19, 2024

PRESS RELEASE

Investor Relations:	Media relations:
Samuele Chiodetto	T: [phone]
T: [phone]	e-mail:
e-mail: [e-mail]	[e-mail]

www.delonghigroup.com

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