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SIT S.p.A., 2023 consolidated revenues exceed Euro 326 million

四月 24th, 2024

Highlights

SIT S.p.A., 2023 consolidated revenues exceed Euro 326 million

Vibrant Metering division growth (+22.2%)

In 2023, SIT returned:

● Consolidated revenues of Euro 326.3 million (-17.0% on 2022);
● Heating & Ventilation Division sales of Euro 234.0 million (-25.8% on 2022);
● Metering Division Sales of Euro 88.6 million (+22.2% on the previous year), of which Smart
Gas Metering sales of Euro 60.0 million (+24.0%) and Water Metering sales of Euro 28.6

million (+18.5%);
● Consolidated adjusted EBITDA of Euro 29.0 million (-38.5% on 2022).
● Consolidated adjusted net result reports a loss of Euro 0.3 million (adjusted net profit of
Euro 10.9 million in 2022);
● Heating & Ventilation goodwill write-down of Euro 17.0 million on half-year reporting in
view of sector outlook;
● Consolidated net result reports a loss of Euro 23.4 million (net profit of Euro 11.2 million in
2022);
● Operating cash flow of Euro -14.9 million, after investments of Euro 23.0 million;
● Net Financial Position of Euro 153.7 million, compared to Euro 130.5 million at December
31, 2022.

The Q4 2023 results report:
- ● Consolidated revenues of Euro 84.2 million (-18.2% on Q4 2022);
- ● Heating & Ventilation Division sales of Euro 57.9 million, -28.1% on Q4 2022;
- ● Metering Division Sales of Euro 24.7 million (+16.8% on Q4 2022), including Smart Gas
  Metering sales of Euro 15.5 million (+1.0%) and Water Metering sales of Euro 9.1 million (+58.7%).
  
  The renegotiation with the main lenders has been completed in the context of which the majority shareholder Technologies S.A.P.A. of F.D.S. S.S. provided a shareholder loan of Euro 5 million.

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SIT a MCE Expocomfort con soluzioni per il riscaldamento residenziale elettrico, la ventilazione meccanica e la combustione

三月 11th, 2024

SIT aims to grow in the cooker hoods market with a dedicated joint venture: SIT MBT is born

十二月 14th, 2023

• The European market for cooker hoods (annual installations of about 8 million1 units) is expected to accelerate due to the upgrade of EU energy labels that will take effect January 1, 2025.

• The technological discontinuity will be an opportunity for SIT: all manufacturers of hoods, induction hobs and kitchens will have to adapt their products to comply with the new legislation.

• The production and competence centre of SIT MBT will be in Italy, in the Montecassiano factory in the heart of the hood and kitchen district in the Marche region.

• The operation is strategic for SIT and constitutes a further development in electrification. In fact, SIT plans to realize about 30 percent of future revenues in the Ventilation business.

Padua, December 14, 2023 – SIT continues its strategic development path in electrification. A few weeks after the announcement of the partnership with Panasonic and the entry into the heat pump market, the multinational world leader in Heating & Ventilation has created a Joint Venture dedicated to the cooker hoods market. This is a strategic industrial operation: SIT MBT aims to position itself as a European leader in the design and production of fans for cooker hoods, for induction hobs and pellet stoves through the development of innovative, highly energy efficient products and their customization to the specific needs of customers, thanks to the technological expertise of the Montecassiano centre of excellence.

Objectives – The primary objective of the JV is to promptly seize the opportunities that will emerge in the coming months linked, in particular, to the entry into effect, starting from the beginning of 2025, of the new European legislation on energy labels for cooker hoods and extractor hobs for kitchens. The new company wants to establish itself in the Italian and European market as an independent player with a historic track record, a recognized and reliable management team, an R&D competence centre of excellence and production in Italy, in the Marche region, at the heart of the hoods and kitchens district, in order to give qualified technological support to the most important European manufacturers of cooker hoods and extractor hobs.

Structure – The Joint Venture called “SIT-MBT Srl” will include the spin-off of the SIT SpA business segment dedicated to ventilation and components for hoods and pellets, and 100% of the innovative start-up Motors & Blowers Technology Srl (MBT), based in the province of Ancona, started by Gian Luca Uncini and Riccardo Massili, established and recognized managers with long experience in the Ventilation sector and in particular in the cooker hoods segment. Complets the structure of the JV is

1 2021 figures, source: CSIL 2022, Euromonitor, GFK.

PRESS RELEASE

the presence of Wentelon2, supplier partner of motors for ventilation, which, with its state-of-the- art Chinese factories, will ensure technology and competitiveness for SIT MBT.

SIT MBT will be owned by SIT for 70% and by Wentelon and the managers for the remaining 30%.

In particular, SIT SpA brings to the JV an established business and the group’s historic production plant in Montecassiano (Macerata) which will become the Centre of Excellence of SIT MBT combining design, R&D, innovation and production activities, with an overall team of approximately 35 people. The factory is equipped with tested laboratories, with certified semi- anechoic chamber, already active production lines, technical skills and trained professionals.

Relations with the reference market will be strengthened thanks to the entry of Gian Luca Uncini, who will take on the role of Commercial Director, and Riccardo Massili as Technical Director. Uncini and Massili will manage a structure ready to offer technological innovation and customized products, as well as a lean, responsive and fast organization to quickly adapt to the changing needs of the European market.

Federico de’ Stefani, Chairman and CEO of SIT SpA, stated: “In our strategic plan, an important driver for growth is the entry into the heat pump market and the further development of our position in Ventilation. In just a few weeks, we have achieved these two goals with great satisfaction, first with through the partnership with Panasonic, and now with the SIT MBT operation that I have the pleasure of announcing today. The cooker hoods market represents an important pillar of the group’s diversification within the Ventilation business, which now also has a position at an organizational level, alongside the Heating business, precisely in view of the opportunities it can seize in the short to medium term. Therefore, SIT MBT fits into a well-outlined roadmap whose development stages will contribute to SIT’s future growth”.

Walter Albè, Head of Business Unit Heating & Ventilation of SIT, added: “We are ready to seize the momentum that will arise in the market following the technological discontinuity caused by the transition towards the more stringent energy efficiency requirements defined by the ECOlabelling regulation which will come into force from January 1, 2025. We are already in contact with manufacturers and customers to whom we are presenting the broad portfolio of high-efficiency, custom products we are developing and our dedicated service and support team, which is central to a phase of regulatory and technological change. We are, therefore, presenting ourselves to the market as an independent operator already positioned to be the technological point of reference for industry players”.

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

十一月 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

十一月 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.

十一月 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.

九月 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.

七月 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

七月 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

六月 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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