News:

SIT unveils the “SmartIO” ultrasonic residential water meter for the European market at Enlit Europe

November 28th, 2023

In Paris the group will present for the first time the new product resulting from the collaboration between the subsidiary JANZ and the technological partner GWF

Padua, November 27, 2023 – JANZ, a SIT company, leader in Water Metering, arrives at Enlit Europe – an event that involves representatives of utilities, network operators, suppliers, consultants, and start-ups from the energy supply chain, both conventional and renewable – with SmartIO, the new smart water meter for residential applications that uses ultrasonic technology and “best in class” measurement capacity, developed in joint venture with GWF.

SmartIO is the answer to a global problem of efficient management of water resources and is part of a sector that is expected to grow in Italy, driven by the replacement of installed meters with smart devices. According to a recent analysis by the MeteRSit (also a SIT company) marketing team, in just one year in Italy in the Water Metering market 29 tenders were announced for a total value of approximately 250 million Euro.

The replacement of mechanical meters with smart devices is not currently mandatory but still important and necessary, given that in Italy around 40% of water waste (double the European percentage) is also caused by an obsolete water network. The Italian NRRP (National Recovery and Resilience Plan) plays a central role in this modernization, with 900 million Euro allocated for projects to reduce leaks in water distribution networks, including digitalization and monitoring of the networks. Equally key to the “smartization” of the network is the use of so-called “ultrasonic” measurement technology. This technology, which is the natural smart static evolution of mechanical water meters, can alone make a decisive contribution to reducing waste, while increasing awareness on the part of the end consumer and allowing energy operators to promptly identify leaks.

SmartIO: the details – SmartIO uses patented, innovative technology and maintains a high level of accuracy (up to R1000) throughout the product lifecycle, with low maintenance costs. Thanks to IoT technology, the meter “integrates” with Janz’s MyWater software, effectively contributing to reducing water waste.

The first target of SmartIO will be utilities, both in the Iberian market and in the Italian market, where it will be marketed through MeteRSit, a SIT company leader in Smart Gas Metering. In addition to these two main markets, SmartIO is also aimed at utilities in other European countries and completes the range of products for Water Metering, which already includes “eRegister”, a fully integrated meter that combines volumetric metrology with communication technology and “add-on radio module” which, applied to traditional JANZ mechanical meters, allows the measurement to be communicated, effectively transforming them into smart meters.

As regards smart gas meters, MeteRSit will present at Enlit Europe the new version of the Thermomassico G4 static meter with double Nb-Iot and 169MHz communication channel, born from the collaboration with a well-known Italian gas distributor.

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Panasonic Industry and SIT join forces for the launch of a new fan for residential heat pumps

November 23rd, 2023

The partnership combines the Japanese quality of Panasonic’s motor with SIT’s ability to engineer complete fan solutions and European-based manufacturing.

Padua, November 23, 2023 – Panasonic, a leading worldwide company in HVAC technologies, and SIT, a multinational group leader in sustainable solutions for the Heating, Ventilation and Metering businesses, are proud to announce their partnership for the launch of a new complete fan solution for residential heat pumps.

The collaboration combines the quality and reliability of Panasonic Industry’s Japanese-engineered motors with SIT’s enhanced fluid dynamics and motor controls experience for the development of a complete fan solution specifically designed for residential heat pumps. The new application – which will be jointly presented to the market starting from the beginning of 2024 – will be adapted to the specific needs of each HP manufacturer to ensure the best performance, minimized noise and low consumption.

The heat pumps market in Europe reached in 2022 1,5 million units growing from about 1 million in 2021. The market is expected to continue the growth trend over the next 5 years at a CAGR of 20% driven by the heating electrification trend sustained by European Commission policies. A new generation of heat pumps is expected to be launched in the European market due to the adoption of the new green “policy” regarding the F-Gas regulations. Moreover, European manufacturers of heat pumps are heavily investing in the development of new products and the localization of their supply chain in Europe.

Federico de’ Stefani, Chairman and CEO of SIT stated: “This agreement is a real milestone for SIT as it accelerates our entry in the heat pump sector, supporting our growth targets in the ventilation market. The ventilation technology, where we plan to realize about 30% of our future revenues, is a key pillar of our transition to non-carbon heating and climate control solutions. Panasonic’s reputation for producing some of the highest quality and reliable motors aligns seamlessly with SIT’s dedication to ensuring successful solutions matching Original Equipment Manufacturers technical needs. By integrating Panasonic’s motors into our appliances, we will offer a best-in-class solution to our present and future customers”.

“We are very proud to enter into this partnership with SIT, as both companies share the goal of providing reliable, sustainable, and state-of-the-art solutions”, says Gerhard Scharf, Division Director at Panasonic Industry Europe. “Besides our well-known compressors and pumps for HVAC applications, Panasonic Industry motors are recognized for their high efficiency and durability. We are therefore delighted to be able to offer this new solution together with such a renowned company as SIT.”

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Water meters: in one year, 29 tenders worth 250 million Euro were announced.

November 20th, 2023

In Italy there are 21 million meters installed of which only 17% are smart.

The data emerge from an analysis by MeteRSit (a SIT company) marketing team which photographed the state of the art of the water meter market in Italy. A sector that could benefit from major support from the Italian National Recovery and Resilience Plan (NRRP).

“Smart” application technology is key to limiting waste. JANZ (Water Metering business unit of SIT group) will launch the “SMARTIO” meter at ENLIT Europe, which will be marketed in Italy by MeteRSIT

Padua, November 20, 2023 – There are 13.5 million water meters in Italy that may be replaced with digitized versions in the coming years. In fact, out of a total of 21 million meters installed in Italy1, only 3.5 million are smart (about 17%), devices that allow obtaining timely data on current water consumption.

The data emerge from a new analysis of the Italian Water Metering market carried out by the MeteRSit marketing team, a subsidiary of SIT group operating in the Metering sector (smart gas meters that also operate with 100% green hydrogen).
In a joint venture with GWF, a Swiss technology partner, MeteRSit together with JANZ – a SIT company specializing in water metering – has developed SMARTIO, a new ultrasonic smart meter for residential applications that will be presented ENLIT Europe (November 28-30).

Water metering in Italy is a sector that is expected to grow, driven by the replacement of installed meters with smart devices. A replacement that currently is not mandatory but nonetheless important and necessary, given that in Italy about 40% of water wastage (double the European percentage) is also caused by an obsolete water network. The Italian National Recovery and Resilience Plan (NRRP) plays a central role in this modernization, with 900 million euro allocated for projects to reduce losses in water distribution networks, including digitization and network monitoring.

The dynamism of the Italian market is also perceived by the number of tenders issued by utilities and public companies to award this type of contract. Data compiled by MeteRSit

1 FigureupdatedtoJuly2023.Ofthe21million,4are”submetering”meters.Sub-meteringisthesecondarymeteringofutilitiesthrougha system that allows an owner, property management company, condominium association, homeowners association, or other multi-tenant property to bill tenants for individual metered utility usage.

reveal that from August 2022 to September 2023, 29 tenders were held to award 2.7 23

million water meters , with a total value of contracts awarded of about 250 million Euro .

Equally key to the “smartization” of the network is the use of the so-called “ultrasonic” metrological technology. This technology, which transforms mechanical water meters into smart ones, can alone halve the percentage of waste rate, while increasing awareness among the end-consumer and allowing energy operators to promptly identify leaks at an early stage.

“To date, only about 20% of Italian users have a smart meter installed, compared to an average of 30% in Europe,” said Gianpaolo Anselmi, Head of SIT’s Water Metering business unit, “according to our estimates, meters installed in Italy have an average age of 25 years, and are therefore ripe for modernization, which can help improve the sustainable management of the resource, along with a civil awareness that is now urgent. In fact, we are among the European countries subject to medium to high water stress, as we use, on average, between 30 and 35% of renewable water resources, compared to the European efficiency target of not extracting more than 20% of available renewable water resources. In this context,” Anselmi underlines, “our roadmap of products for the precise reading of water consumption is structured and ready to respond to the needs of Italian and European markets. That is why the launch of SMARTIO coincides with ENLIT Europe, where we will show for the first time to our customers and partners the ultrasonic water meter for residential applications born from the collaboration between SIT Group and GWF”.

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SIT chooses EcoVadis to consolidate sustainable procurement strategy.

September 14th, 2023

Chiara de’ Stefani (Corporate Sustainability Director): “Our commitment to make the supply chain increasingly sustainable is strengthened.”

EcoVadis will assess the degree of sustainability of SIT’s supply chain. The certification process, in line with the commitment required by the EU to achieve the goals of the United Nations 2030 Agenda, is part of SIT’s Sustainability Plan “Made to Matter”

Padua – Milan, September 13, 2023 – SIT, a multinational company listed on the Euronext Milan segment of the Italian Stock Exchange that creates intelligent solutions for climate control and consumption measurement, has entrusted EcoVadis with assessing the degree of sustainability of its supply chain. Thus continues the pursuit of the objectives included in SIT’s “Made to Matter” sustainability plan; SIT is concretely committed, also thanks to EcoVadis’ evaluation of the supply chain, to improve the degree of sustainability of its entire value chain, a pivotal objective of the “Made by Us” pillar of the sustainability plan dedicated to the creation of long-term sustainable value for all stakeholders.

This is a commitment that SIT makes in compliance with its own ESG policies, but also in coherence with the European Union’s indications, especially in relation to the measurement and reduction of Co2 emissions, in compliance with the goals of the United Nations 2030 Agenda. This is also evidenced by the European Union’s latest regulation in force since last May 17, which formalized the introduction of the CBAM (Carbon Border Adjustment Mechanism), the border tax mechanism for carbon emissions.

It is therefore necessary for companies to find solutions to measure the business conduct of their supply chain and to engage suppliers, increasingly important stakeholders for the company, in a proactive communication and discussion relationship.

The collaboration with EcoVadis has been consolidated with the mapping, onboarding, and assessment of the supply chain, carried out in recent months, with the aim of having 50% of strategic suppliers assessed by 2024 and 75% by 2025, and then expanding the evaluation of all suppliers. Based on the strengths and weaknesses found or potential risks, EcoVadis will suggest improvement actions and interventions to be undertaken on the supply chain. To stimulate commitment, monitor progress, and ensure maximum transparency on the maturity dimension of the supply chain, SIT has established a program of positive incentives for the goals achieved by suppliers. SIT’s sustainable procurement project started from the involvement of the group’s strategic suppliers in a process that includes self-assessment questionnaires defined by EcoVadis following the highest international standards. This process will lead to the adoption of sustainable codes of conduct by the entire supply chain, making the SIT ecosystem a proactive player in the global change towards a more sustainable business.

“In EcoVadis we found the skills, methodology, and technology that could help us make our supply chain sustainable, contributing to the group’s desire to be the main sustainable partner in solutions for climate and energy control and to generate long-term sustainable economic growth.” declared Chiara de’ Stefani, Corporate Sustainability Director of SIT.

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HYBITAT, THE JOINT VENTURE OF E-NOVIA AND SIT FOR THE DEVELOPMENT OF A NEW HYDROGEN GENERATION AND STORAGE SYSTEM FOR RESIDENTIAL USE, IS BORN.

July 10th, 2023

A RESPONSE TO HOUSEHOLDS’ GROWING ENERGY DEMAND ARISING FROM THE EVOLVING DOMESTIC NEEDS AND FROM THE NEW MOBILITY.

The operation forecasts an investment plan of over 13 million Euro. Globally, 100 million photovoltaic1 systems for residential are expected to be installed in 2030, with a penetration rate of storage systems of 29% as early as 2025

Milan-Padua, 10 July 2023 – The companies e-Novia and SIT, listed on Euronext – Borsa Italiana, announce that on July 7, 2023, they established the company Hybitat, which will have the goal of creating an innovative hydrogen generation and storage system for residential use.

The skills of e-Novia in deep-tech technological innovation and the technical/industrial expertise of SIT concerning safety systems for residential heating and climate control represent the companies’ assets at the service of Hybitat in a market segment with great growth potential.

Hybitat’s Board of Directors includes five Directors, amongst which Vincenzo Russi, Chief Executive Officer and Co-founder of e-Novia, and Federico de’ Stefani, Chairman and Chief Executive Officer of SIT. Mario Corsi has been appointed President of Hybitat. Corsi, director at Enel since May 2023, brings to the new company an exceptional vision and expertise in the energy sector. He was previously Chief Executive Officer of ABB Italy from 2015 to 2020, where he was also Chairman of the Board of Directors.

Electricity storage is a crucial element for creating a more sustainable economy. By 2040, the total potential market for Long Duration Energy Storage3 could represent the equivalent of 10% of all electricity consumed, rising from 1.5 to 2.5 TW of global capacity. Additionally, the green hydrogen market is projected to reach $1.4 trillion4 in revenue by 2050, supplying 25% of the world’s energy needs. In Italy alone, as of 2022, 1,221,0455 solar plants were registered, of which more than 86% are residential with a power of less than 12 kW. There were 205,806 new plants built in 2022 against 79,878 new plants in 2021, thus marking an increase of 158%. A growth trend continues to be recorded also in the first quarter of 2023. In fact, 103,000 new systems were installed, recording a growth of 218%6 compared to the same period of 2022. Regarding storage systems combined with photovoltaic systems, there is an increase from a total of 75,4027 in 2021 to 227,477 in 2022, recording a significant growth of 202%.

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CO2, SIT extends the Certification on Product Carbon Footprint (CFP) to MeteRSIT gas meter line

July 5th, 2023

Padua, July 5, 2023 – SIT, a multinational listed on the Euronext Milan segment of Borsa Italiana (Italian Stock Exchange) that creates intelligent solutions for monitoring environmental conditions and measuring consumption, renews its commitment to tracking and managing its CO2 emissions by extending the Product Carbon Footprint Measurement System Certification (CFP Systematic Approach) to an additional product category: the gas meters produced under the brand MeteRSIT. With the certification, SIT is able to calculate the Carbon Footprint of each product throughout its life cycle (from production to disposal in a “cradle-to-grave” logic) in line with the standards of the ISO 14067:2018, as well as reflecting on how the sustainability of the product itself can be improved in a timely and certified manner.

Bureau Veritas Italia, a world leader in inspection, conformity verification and certification services, had already certified SIT’s systematic approach to product life cycle analysis in 2022, inspecting other product lines of the Heating&Ventilation business unit (mechanical controls, fans, electronic controls, sensors and flue gas exhaust kits), which had acquired CFP certification, valid until 2025.

Chiara de’ Stefani, Corporate Sustainability Director of SIT, stated: “We achieve another goal of our “Made to Matter” sustainability plan by expanding the scope of the CFP to include an additional product line of the group. The systematic approach allowed us to calculate emission values related to individual products and, at the same time, carry out scenario simulations on products under development in order to adopt the optimal technical, production and logistical solutions from a Carbon Footprint perspective.”

Maria Teresa Zanellato, Head of Carbon Management of SIT, added: “With this new implementation we extend our ability in measuring Carbon Footprint, which is becoming an increasingly required parameter in all business activities. The lifecycle approach allows us to gain a cross-sectional view and awareness of impacts that opens up new perspectives and interesting synergies within our company and across the company’s boundaries.”

Furthermore, the process becomes an officially recognized tool for SIT to achieve its emission reduction goals, but also available to the business community. Starting from this year, measurement sheets on products are published on the Carbon Footprint Italy website. This ensures greater transparency about the product and its traceability and allows the process to become a tool for sharing best practices in order to improve environmental impact and create inclusive information and culture on sustainability.

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SIT obtains the Certification on Gender Equality

June 19th, 2023

Padua, June 19, 2023 – SIT, a multinational listed on the Euronext Milan segment of Borsa Italiana (Italian Stock Exchange) a multi-national listed on the Euronext Milan segment of the Italian Stock Exchange that creates intelligent solutions for monitoring environmental conditions and measuring consumption, has obtained the Certification on gender equality, pursuant to UNI/PdR 125:2022, issued by the certifying agency Kiwa and supported by Variazioni, a consulting company specialized in innovation projects and Change Management. This certification, which is valid for three years and is subject to annual monitoring, has seen SIT prove virtuous in all six areas that the certification investigates: Culture and Strategy; governance; HR processes; Opportunities for growth and inclusion of women in the company; Remuneration equity by gender and Protection of parenthood and work-life balance.

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SIT is attending the Utility Week Live 2023 exhibition in Birmingham with the Business Units of the Metering Division, MeteRSit and Janz

May 15th, 2023

Padua, May 15, 2023 – SIT, a multinational company listed on the Euronext Milan segment
that creates intelligent solutions for the control of environmental conditions and consumption
measurement, is attending the Utility Week Live 2023 exhibition, from May 16 to 17, 2023,
at the NEC in Birmingham with the Metering’s Business Units MeteRSit and Janz.

Utility Week Live 2023 brings together U.K. utilities as drivers for collaborative innovation to
support more than three thousand of strategic, technical, and operational professionals in
solving the challenges that utilities sector are facing.

In addition, the exhibition will host a packed program of free-to-attend contents which give
access to cutting-edge innovations, ideas and solutions in the world of energy. Specifically,
Utility Week’s Challenge Program includes the following areas:

● Management and distribution of water, energy, gas
● Water, target 2030
● Decarbonization: achieving the carbon neutrality
● End-user awareness
● Maintenance and efficiency of networks
● Data and Digitalization
● Smart and flexible Networks

SIT will be present at the exhibition with its Metering Business Units, MeteRSit, company of
SIT group specialized in smart gas metering, and Janz, a company acquired by SIT in 2020
specialized in water metering. Connectivity, technology and sustainability are the main features
of the 4 water and gas meter solutions that SIT, a leading multinational Heating and Metering
company, will present at Utility Week Live 2023.

In short – SIT will be present at Utility Week Live in Birmingham with the MeteRSit and Janz
teams from May 16 to 17, 2023, at stand E5 at the NEC exhibition center. For more information,
visit the official Utility Week Live website.

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SIT is attending the ISH-CIHE fair in Beijing

May 10th, 2023

Padua, 9 May 2023 – SIT, a multinational listed on the Euronext Milan segment of Borsa Italiana that creates intelligent solutions for climate control and consumption measurement, will participate in the ISH-CIHE fair in Beijing from 11 to 13 May 2023.

The ISH & CIHE international fair importance represents an appointment of international – China International Trade Fair for Heating, Ventilation, Air- Conditioning, Sanitation & Home Comfort Systems -gathers the world’s leading brands within the HVAC and plumbing industry.

ISH China & CIHE also fosters industry development in China that is currently the world’s biggest emerging market.

In short – SIT will be present at ISH-CIHE in Beijing, China, from 11 to 13 May 2023, in Hall E1 at booth 18C. For more information you can visit the official ISH-CIHE website.

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SIT S.p.A., Shareholders’ Meeting approves 2022 Annual Accounts New Board of Directors and Board of Statutory Auditors appointed

May 4th, 2023

● 2022 financial statements and allocation of profit for the year approved;
● Appointment of Chairperson of the Board of Directors Federico de Stefani renewed and
Directors appointed for the 2023, 2024 and 2025 financial years;
● Chairperson and members of the Board of Statutory Auditors for financial years 2023, 2024
and 2025 appointed;
● 2023 Remuneration Policy approved;
● New buy-back plan approved.

Padua, Italy, May 3, 2023 – SIT S.p.A., a company listed on the Euronext Milan segment of Borsa Italiana S.p.A., announces that today’s Shareholders’ Meeting was held in hybrid mode and in a single call, chaired by Federico de Stefani. Among other resolutions, the Shareholders’ Meeting approved the 2022 financial statements and appointed the members of the Board of Directors and Board of Statutory Auditors for the next three-year term. The highlights of the Shareholders’ Meeting follow.

Approval of the separate financial statements at December 31, 2022 – The Shareholders’ Meeting of SIT S.p.A. approved the separate financial statements at December 31, 2022 of SIT S.p.A., which report a net profit of Euro 14.4 million, and noted the consolidated financial statements at December 31, 2022 and the 2022 non-financial report. In 2022, SIT S.p.A. returned:
❖ Consolidated revenues of Euro 393.3 million (+3.4% on 2021);
❖ Heating Division sales of Euro 315.3 million (+5.7% on 2021);
❖ Metering Division sales of Euro 72.5 million (-5.7% on 2021), including Smart Gas Metering sales of Euro
48.4 million (-15.4%) and Water Metering sales of Euro 24.2 million (+22.2%);
❖ Consolidated Adjusted EBITDA of Euro 47.1 million (-8.0% on the previous year), a 12.0% revenue
margin;
❖ Adjusted consolidated net profit of Euro 10.9 million (2.8% margin), compared to Euro 16.3 million in
2021 (4.3% margin);
❖ Operating cash flow of Euro -13.1 million, after investments of Euro 26.9 million;
❖ Net financial position of Euro 130.5 million (Euro 106.7 million at end of 2021).

Further details on the financial results at December 31, 2022 can be found in the Press Release issued on March 21, 2023.

Appointment of Federico de Stefani as Chairperson of the Board of Directors renewed and Board of Directors and Board of Statutory Auditors renewed.
The Shareholders’ Meeting, using the slate voting mechanism, renewed the Board of Directors and Board of Statutory Auditors for the next three-year term (concluding with the Shareholders’ Meeting to approve the financial statements at December 31 ,2025). The following Directors were appointed following the vote:
 Elected from the Majority Slate, submitted by the shareholder Technologies S.a.p.A. of F.D.S. s.s, holding 52.8847% of the voting share capital, which received the favourable vote of 93.87% of the total voting
Allocation of net profit for the year – The Shareholders’ Meeting of SIT S.p.A. resolved to allocate the net profit of Euro 14,385,360.24 to the Extraordinary Reserve.

rights represented at the Shareholders’ Meeting:
1. Federico de Stefani (as Chairperson),
2. Chiara de Stefani,
3. Franco Stevanato,
4. Bettina Campedelli, 5. Carlo Malacarne,
6. Lorenza Morandini.

Elected from the Minority Slate, jointly submitted by shareholders Amber Capital Italia SGR S.p.A. and Giober S.r.l., jointly holding 3.56% of the voting share capital, which received the favourable vote of 6.12% of the total voting rights represented at the Shareholders’ Meeting:
7. Giorgio Martorelli

Directors Franco Stevanato, Bettina Campedelli, Carlo Malacarne, Lorenza Morandini and Giorgio Martorelli have declared that they meet the independence requirements set forth in Article 147-ter, paragraph 4, and Article 148, paragraph 3, of the CFA, as well as Article 2, Recommendation 7 of the Corporate Governance Code. The Board is composed of 5 independent Directors out of a total of 7 members.

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