2023 HALF-YEARLY

F I N A N C I A L R E P O R T

Cembre S.p.A.

Head Office: Via Serenissima 9, Brescia, Italy

Share Capital: EUR 8,840,000 (fully paid-up).

Registration no: 00541390175 (Commercial Register of Brescia)

This document contains translations of the Interim Report drawn up in the Italian language

Contents

CONTENTS

Group Structure

1

Consolidated Interim Report of the Cembre Group for the 1st Half of 2023

2

Attachment 1: Comparative Consolidated Income Statement

16

Attachment 2: Composition of Corporate Boards

17

Condensed Consolidated Interim Financial Statements at June 30, 2023

Consolidated Statement of Financial Position

19

Consolidated Comprehensive Income Statement

20

Consolidated Statement of Cash Flows

21

Statement of Changes in the Consolidated Shareholders' Equity

22

Notes to the Condensed Consolidated Interim Financial Statements

23

Certification of the Condensed Consolidated Interim Financial Statements at June 30,

2023 pursuant to Article 81-ter of CONSOB Regulation no. 11971/99, as amended

and supplemented.

47

Report of the Independent Auditors on the limited audit

48

2023 Half-yearly Financial Report

Cembre Group

Group Structure as at June 30, 2023

Cembre S.p.A.

(Italy)

100%

Cembre Ltd

(UK)

100%

Cembre Sarl

(France)

100%

Cembre España SLU

(Spain)

100%

Cembre GmbH

(Germany)

100%

Cembre Inc.

(US)

Manufacturing and

Distribution companies

distribution companies

2023 Interim Financial Report

Page 1

Cembre Group

Interim report on operations of the Cembre Group for the 1st half of

2023

Operating review

The 1st half of 2023 confirmed the growth of the Cembre Group turnover, with consolidated sales in the second quarter close to €60 million, bringing total Group turnover for the first six months to €117.6 million, marking a 12.7% increase over the 1st half of 2022.

The performance of consolidated sales by geographical areas shows 12.1% growth in the Italian market, with sales equal to €52.0 million. Revenues in the European market (excluding Italy) grew by 14.5% to €53.9 million, while sales in non-European markets recorded an increase of 7.7%, with revenues equal to €11.7 million. In the 1st half of 2023, 44.2% of revenues from sales were represented by Italy (as compared with 44.4% in the 1st half of 2022), 45.9% by the rest of Europe (45.2% in the 1st half of 2022), and the remaining 9.9% by the rest of the World (10.4% in the 1st half of 2022).

The summary table of sales by geographical area is reported below:

(euro '000)

1st half of

1st half of

Change

1st half of

1st half of

1st half of

1st half of

2023

2022

2021

2020

2019

2018

Italy

52,019

46,387

12.1%

36,377

25,398

30,798

31,349

Rest of Europe

53,946

47,127

14.5%

39,567

30,383

35,727

30,718

Rest of the World

11,677

10,845

7.7%

8,603

8,875

10,353

11,228

Total

117,642

104,359

12.7%

84,547

64,656

76,878

73,295

Revenues from sales and services (net of intra-group sales), in thousands of Euros, are

broken down between the various companies as follows:

(euro '000)

1st half of

1st half of

Change

1st half of

1st half of

1st half of

1st half of

2023

2022

2021

2020

2019

2018

Cembre S.p.A.

64,251

59,994

7.1%

46,948

33,279

40,361

40,680

Cembre Ltd. (UK)

13,412

12,251

9.5%

10,983

7,642

10,401

9,320

Cembre S.a.r.l. (F)

7,475

5,772

29.5%

5,956

4,309

5,633

5,270

Cembre España S.L.U. (E)

11,318

8,691

30.2%

6,548

5,495

6,045

5,366

Cembre GmbH (D)

13,519

11,191

20.8%

9,335

7,956

7,689

5,491

Cembre Inc. (USA)

7,667

6,460

18.7%

4,777

5,975

6,749

7,168

Total

117,642

104,359

12.7%

84,547

64,656

76,878

73,295

2023 Interim Financial Report

Page 2

Attachments

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Disclaimer

Cembre S.p.A. published this content on 13 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2023 09:06:02 UTC.