Press release

The Indel B BoD approves

the consolidated half-year report as at 30 June 2021

Robust revenue growth worldwide

  • Consolidated income: Euro 95.9 million, up 62.2% on the Euro 59.1 million of H1 2020;
  • EBITDA: Euro 22.3 million, up 280.9% on the Euro 5.9 million of H1 2020 with an impact of 23.3% on turnover;
  • Adjusted EBITDA 1: Euro 13.2 million vs Euro 8.0 million of H1 2020;
  • EBIT: Euro 19.4 million, up 439.3% on the Euro 3.6 million of H1 2020, with an impact of 20.2% on turnover
  • Net profit: Euro 16.4 million, up 474.2% on the Euro 2.9 million of H1 2020 , with an impact of 17.2% on turnover;
  • Net financial position as at 30 June 2021 negative for Euro 20.9 million, as compared with Euro 4.6 million as at 31 December 2020 and Euro 14.6 million as at 30 June 2020.

Sant'Agata Feltria (Rimini), 17 September 2021 - Indel B S.p.A. - a company listed on the Borsa Italiana MTA and parent of a group that operates in the manufacture of cooling systems for mobile and mobile living for the automotive, hospitality and leisure time (pleasure boats and recreational vehicles) markets - reports that the Board of Directors met today and approved the consolidated half-yearreport as at 30 June 2021.

Luca Bora - Managing Director of Indel B: "The first half results are certainly very satisfactory and suggest that the impact of Covid on most of the markets in which the Group operates is now behind us. The more than 60% increase in consolidated revenues is a clear sign of the Group's dynamism, the soundness of its actions and the health of its customers and markets. Unfortunately, at the same time it must be pointed out that the shortage in the availability of electronic components, microprocessors and others, remains and is expected to last at least until the first half of next year. Probably, without this problem the sales results would have been even better; in any case the difficulties that are being encountered are currently having the effect of generating a backlog with a delay in deliveries.

Insofar as possible, since there are very different situations, depending on the market and the Customer, an attempt was made to adjust prices in a timely manner to mitigate the effect of raw material costs and sea freight.

In relation to the current situation of orders and forecasts, visibility for the short-term future is certainly positive, and at the same time, also in the medium to long term, we remain confident both on the general trends of the markets in which the Group operates and on the validity of our strategic actions".

1 Total Adjusted revenues and income, EBITDA, Adjusted EBITDA, Adjusted operating profit and Adjusted profit for the year are not accounting measures under the IFRS and therefore should not be considered as substitute measures to those provided by the Company's financial statements for the purpose of assessing the Group's economic performance

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Indel B Spa - Registered, administrative and commercial offices via Sarsinate, 27 - 47866 Sant'Agata Feltria (RN) Italy

Tel. +39 0541 848711 - Fax +39 0541 848741 - info@indelb.com- www.indelbgroup.com

Share capital Euro 5,842,000 fully paid-in - Economic and Administrative Index (REA) RN - 312757 - Companies House - VAT no./tax

code 02037650419 - Code of International Standard Organization IT02037650419

Results of the first half of 2021

During the first six months of 2021, the Indel B Group recorded revenues from sales of Euro 95.9 million, 62.2% up on the same period of 2020 (Euro 59.1 million).

Revenues from sales by market

(in thousands of Euro)

H1 2021

%

H1 2020

%

Change

% change

Automotive

54,340

58%

30,319

55%

24,021

79.2%

Leisure

16,045

17%

7,607

14%

8,438

110.9%

Components & Spare parts

14,068

15%

9,027

16%

5,041

55.9%

Hospitality

5,308

6%

5,681

10%

-373

-6.6%

Cooling Appl.

3,686

4%

2,752

5%

934

33.9%

REVENUES FROM PRODUCT SALES

93,446

100%

55,386

100%

38,060

68.7%

Other Revenues

1,088

1%

1,566

3%

-478

-30.5%

SALES REVENUES

94,534

99%

56,952

96%

37,582

66.0%

Other income

1,346

1%

2,158

4%

-812

-37.6%

TOTAL INCOME

95,880

100%

59,110

100%

36,770

62.2%

In greater detail:

The increase recorded in the first half of 2021, compared to the first half of 2020, from "Revenue from sales of products" was primarily due to the mitigation of the effects of the pandemic and affected almost all of the Company's operating segments and all markets.

In particular, the Automotive sector benefited from the positive cycle that hit the market in the United States and Europe, while the increase in the Leisure sector was mainly driven by the Marine sector

The increase in the Cooling Appliances segment is attributable both to the strength of the Home segment, wine cellars, and to new orders for milk cooling refrigerators.

The Components & Spare parts sector also benefited from the positive cycle that affected the market in general.

The only sector to have recorded a decrease in the first half of 2021, compared to the same period in 2020, is Hospitality which, although particularly affected by the effects of the pandemic, is nevertheless showing greater responsiveness in the second half of the year.

Geographically, the Company's international vocation is confirmed, with about 70% of the Group's "Sales revenues" generated outside Italy and about 20% outside Europe.

The most significant increase (91.9%) was seen in the Americas with revenues of Euro 16.8 million (Euro 8.8 million in the first half of 2020), mainly attributable to the Automotive and Leisure markets, with the proportion of total revenues rising from 15.9% in the first half of 2020 to 18.0% in the second half of 2021.

Significant growth was also recorded in Europe, which remains the Group's largest market, accounting for 49.2% of total revenues, up 74.5% to Euro 45.9 million (Euro 26.3 million in the first half of 2020)

Italy grew by 55.0% to Euro 28.5 million (18.4 million in the first half of 2020) and accounted for 30.5% of total revenues, down from 33.2% in the same period of 2020. The increase is mainly due to sales recorded by the Group on the Automotive, Leisure and Cooling Appliances markets.

Finally, in the Rest of the World, the increase was 13.7% with revenues amounting to Euro 2.2 million, compared to Euro 1.9 million in the same period of 2020, and a margin on total revenues of 2.3%.

Indel B Spa - Registered Office and Corporate Headquarters Via Sarsinate, 27 - 47866 Sant'Agata Feltria (RN) Italy

Tel. +39 0541 848711 - Fax +39 0541 848741 - info@indelb.com- www.indelbgroup.com

Share capital Euro 5,842,000 fully paid-in - Economic and Administrative Index (REA) RN - 312757 - Companies House - VAT no./tax

code 02037650419 - Code of International Standard Organization IT02037650419

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EBITDA

During the first half of 2021, EBITDA is comes to Euro 22.3 million, as compared with the Euro 5.9 million for the first half of 2020 (+280.9%). For the six months ended 30 June 2021 , EBITDA as a percentage of Total Revenue improved to 23.3% compared to 10.1% for the six months ended 30 June 2020. The result, in addition to the growth in sales, was positively affected by the gain on the sale of the investment in Guangdong Iceco Enterprise Co. Ltd. for approximately Euro 9.1 million. Adjusted EBITDA, net of non- recurring items, amounted to Euro 13.2 million (+65.6%) compared to Euro 8.0 million in the six months ended 30 June 2020 and with an impact on Adjusted Total Revenues of 13.9% (13.8% in the second half of 2020).

EBIT

In the period under review, the Operating Result amounted to Euro 19.4 million, an increase of 439.3% compared to Euro 3.6 million in the six months ended 30 June 2020.

EBIT, net of non-recurring charges, amounted to Euro 10.3 million in the first half of 2021 compared to Euro

5.7 million in 2020. Group net result

The Group closes the half-year of 2021 with Net Profit of Euro 16.4 million (474.2%), as compared with the Euro 2.9 million booked at 30 June 2020.

Profit for the year, net of non-recurring items, amounted to Euro 7.8 million for the six months ended 30 June 2021 compared to Euro 5.2 million for the same period in 2020.

Net financial position

Net financial position as at 30 June 2021 records debt of Euro 20.9 million, as compared with a negative result of Euro 4.6 million as at 31 December 2020 and Euro 14.6 million as at 30 June 2020. The result is impacted by the estimated earn-out linked to the Elber performance as well as the application of IFRS 16. The Net Financial Position was also affected by the acquisitions of Electric Station Climatisation SA and SEA S.r.l., which accounted for a total of approximately Euro 8.4 million.

Business Outlook

The first half of 2021 saw an increase in sales in almost all the markets in which the Group operates. These improvements were in some cases very substantial, particularly in the Automotive and Leisure markets. Obviously a positive and important signal for the Group but, at the same time, it has put the production process under great stress. The extremely positive trend in the leisure market continued in the second half of the year, which so far seems to have benefited from the effects of the pandemic and social distancing. This is without doubt due to the change in how people spend their free time and organise their holidays, driving choices towards solutions that can offer a greater guarantee of a certain level of social distancing, such as holidays involving recreational vehicles or private boats.

The positive trend continues in the Automotive and Components & Spare Parts market where orders are very good. The Cooling Appliance market is also continuing to grow, driven both by the current positive momentum in the larger home appliance market and the recovery of the Horeca market in the small refrigerator business for milk preservation.

As far as Hospitality is concerned, although the market is still suffering, at the same time we are starting to see signs of a potential recovery, making us extremely confident for the future, which will however be strongly influenced by the evolution of the Covid-19 pandemic.

The situation is therefore certainly very dynamic in the various markets in which the Company is active in terms of turnover.

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Indel B Spa - Registered, administrative and commercial offices via Sarsinate, 27 - 47866 Sant'Agata Feltria (RN) Italy

Tel. +39 0541 848711 - Fax +39 0541 848741 - info@indelb.com- www.indelbgroup.com

Share capital Euro 5,842,000 fully paid-in - Economic and Administrative Index (REA) RN - 312757 - Companies House - VAT no./tax

code 02037650419 - Code of International Standard Organization IT02037650419

On the other hand, the costs of raw materials and certain components remain very high, continuing the trend of the first half of the year. In addition to the problem of cost, another difficulty stems from availability, see for example the case, which is far from unique, of electronic components and microprocessors.

Even more serious is the situation created at a global level for sea transport both in terms of costs, which have risen almost fivefold since 2020, and in terms of the availability of containers and cargo space on ships, especially on the China-Europe and China-America routes.

Unfortunately, there is only a partial possibility of reversing these costs to customers, depending on the different specific situations of the various markets in which the group is active.

The attention of the Group Management and Directors, depending on the specific situation that is being faced, focused during the first half of 2021 and will continue to do so in the second half, on the control and possible containment of costs and on finding solutions to the current situation of shortage of materials and components (particularly but not only those of an electronic nature) in order to be able to guarantee continuity of production accompanied by an adequate marginality and a capacity for "cash generation" by the group companies.

It will be important, in the months to come, to continue to constantly monitor this situation, in order to be able to adjust, where necessary, the actions already taken to preserve the company's financial health.

In this regard, the starting position is important, with the Group's companies having little debt and strong growth in turnover.

* * *

"The Manager appointed to prepare the company accounting documents, Mirco Manganello, declares in accordance with paragraph 2, Article 154 bis of the Consolidated Finance Act that the accounting disclosure contained in this release coincides with the results of the documents, books and accounting entries".

* * *

This press release is available from the Investor Relations section of the Company website www.indelbgroup.com.

In compliance with the provisions of Consob's Issuers' Regulation, please note that the half-year report as at 30 June 2021 will be made available to the public at the company offices, at Borsa Italiana S.p.A, on the website www.indelbgroup.com, within the legal terms, in the section "Investor Relations/Financial Statements and Reports" and at the storage mechanism "1Info", available for consultation at www.1info.it.

* * *

This press release may contain forward-looking information on future Indel B S.p.A. events and results, based on the current expectations, estimates and projections of the industry in which Indel B works, on events and on the management's current views. By nature, these elements have a component of risk and uncertainty because they depend on the occurrence of future events and on a multiplicity of factors, many of which are beyond the Group's control, including global macroeconomic conditions, changes in business conditions, further deterioration of markets, the impact of competition, political, economic and regulatory developments in Italy.

Indel B Spa - Registered Office and Corporate Headquarters Via Sarsinate, 27 - 47866 Sant'Agata Feltria (RN) Italy

Tel. +39 0541 848711 - Fax +39 0541 848741 - info@indelb.com- www.indelbgroup.com

Share capital Euro 5,842,000 fully paid-in - Economic and Administrative Index (REA) RN - 312757 - Companies House - VAT no./tax

code 02037650419 - Code of International Standard Organization IT02037650419

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__________________________________________________________________________________

CONFERENCE CALL

On 17 September 2021, at 4:00pm CET (3:00pm GMT) (10:00am EST), Indel B will hold a conference call with the financial community, during which the Group's economic-financial results will be discussed. Connect by dialling: Italy +39 02 8058811 / UK +44 121 2818003 / USA +1 718 7058794 - USA Green number: +1 8552656959.

Before the telephone conference, the presentation slides can be downloaded from the Investor Relations page www.indelbgroup.com.

______________________________________________________________________________________

* * *

Indel B S.p.A. is a company listed on the MTA segment of Borsa Italiana (the Italian stock exchange) and is controlled by AMP.FIN S.r.l., in turn held entirely by the Berloni family. Indel B S.p.A. heads an important Group that operates worldwide and has been active for the last 50 years in the mobile cooling sector applicable to the Automotive, Leisure time and Hospitality cooling segments. The Group also operates in mobile climate control, with specific reference to the Automotive market, represented by commercial vehicles, minibuses, ambulances, agricultural and earth-moving machinery, and in the Cooling Appliances sector, which mainly comprises cellars for storing wine and small refrigerators for storing milk. The company has a market cap of approximately Euro 151 million.

Contact details

INDEL B

POLYTEMS HIR

FAST-COM

Financial Controller & IR

IR and Financial Disclosures

Media Relations

Elisabetta Benazzi

Bianca Fersini Mastelloni

Paolo Santagostino

+39 0541 848 784

+39 06.69923324; +39 336742488

+39 349 3856585

elisabetta.benazzi@indelb.com

b.fersini@polytemshir.it

paolo.santagostino@fast-com.it

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Indel B Spa - Registered, administrative and commercial offices via Sarsinate, 27 - 47866 Sant'Agata Feltria (RN) Italy

Tel. +39 0541 848711 - Fax +39 0541 848741 - info@indelb.com- www.indelbgroup.com

Share capital Euro 5,842,000 fully paid-in - Economic and Administrative Index (REA) RN - 312757 - Companies House - VAT no./tax

code 02037650419 - Code of International Standard Organization IT02037650419

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Indel B S.p.A. published this content on 17 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2021 12:01:05 UTC.