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Management Call · H1 2026 Results SEPTEMBER 30, 2026 GLOBAL LEADER IN MOTORSPORT SAFETY EQUIPMENT — AND BEYOND
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MANAGEMENT CALL · H1 2026 RESULTS AGENDA 2Management Call · H1 2026 Results SPEAKERS Paolo Delprato Chairman and Group CEO Roberto Ferroggiaro Group CFO and Investor Relator Update on Milipol Projects Outlook Q&A Financial results H1 2026 Introduction Paolo Delprato Chairman and Group CEO Paolo Delprato Chairman and Group CEO Group
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INTRODUCTION H1 2026 AT A GLANCE 3 SALES € 46.8 m +19.1% vs H1 25 · +21.2% at constant FX LTM revenues at € 80.6m, an all-time high EBITDA € 10.2 m 21.7% margin vs 21.1% in H1 25 +22.7% YoY · gross margin +€4.7m NET INCOME € 5.9 m 12.7% margin vs € 4.2m in H1 25 +40.1% YoY CASH FLOW F ROM OPERATIONS € 5.1 m vs € 7.6m in H1 25 Seasonal net working capital absorption NET FINANCIAL POSITION € 9.1 m vs € 7.8m at FY25 Capex down to € 3.7m DIVIDEND € 2.6 m 42% payout · € 0.095 per share € 11.4m total distributed over the last 5 years Management Call · H1 2026 Results
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INTRODUCTION 4Management Call · H1 2026 Results H1 2026 STRATEGIC HIGHLIGHTS Operational and commercial milestones New Capacity in Ronco Scrivia and Bahrain Expansion projects are complete — H1 2026 is the first period benefiting from the added production capacity. Middle East Logistics Successfully Rerouted Following the regional conflict that began on 28 February, alternative shipping routes are now fully operational. Two F1 Teams Equipped in 2026 Including Mercedes-AMG PETRONAS F1 Team, currently leading both the Drivers’ and Constructors’ Championships. Zeronoise Technology Strengthening Its Presence in Motorsport Driver’s Eye on track in F1, FE and IndyCar, where a multi-year partnership with Fox Sports is in place. New Facility in Corona, California Supporting the Group’s North American growth strategy. Milipol Projects Progressing as Planned Laying the groundwork for significant growth from 2027.
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FINANCIAL RESULTS H1 2026 results · Revenue, profitability, cash flow and financial position Management Call · H1 2026 Results 3
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FINANCIAL RESULTS H1 2026 REVENUES 6 +19.1% H1 2026 SALES GROWTH +21.2% at constant FX · LTM revenues at €80.6m, an all-time high REVENUES (€M) Q2 2026 revenues reached €22.5m (+20.3%), confirming the growth pace set in Q1 across all product segments. H1 2026 REVENUE BREAKDOWN AND VARIANCE VS H1 2025 BY GEOGRAPHY 62% 28% 10% EMEA +2.3m (+8.5%) AMER +3.8m (+41.4%) APAC +1.4m (+39.8%) BY CHANNEL 56% 27% 17% Dealer +3.4m (+15.2%) Team & Car Man. +2.3m (+22.0%) Other +1.8m (+27.9%) BY PRODUCT 75% 16% 9% Driver's Equipment +5.3m (+17.9%) Car Parts +0.6m (+9.0%) Other +1.6m (+58.2%) Management Call · H1 2026 Results 20.6 24.3 18.7 22.5 H1 2025 H1 2026 Q1 Q2 39.3 46.8
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FINANCIAL RESULTS H1 2026 GROSS PROFIT 7 62.5% GROSS MARGIN Gross profit up +€4.7m (+19.0%) with marginality substantially stable GROSS PROFIT (€M) AND MARGIN (%) 24.6 H1 25 29.2 H1 26 62.5% 62.5% CHANGE IN GROSS PROFIT (€M) 24.6 H1 25 +4.7 Volumes 29.2 H1 26 Growth entirely volume-driven: gross margin stable at 62.5% of revenues, with offsetting effects from positive product mix and pricing net of cost inflation on raw materials. Management Call · H1 2026 Results
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FINANCIAL RESULTS H1 2026 EBITDA 8 21.7% EBITDA MARGIN +22.7% YoY · margin up 60 bps · record H1 in Group history EBITDA (€M) AND MARGIN (%) 8.3 H1 25 10.2 H1 26 21.1% 21.7% CHANGE IN EBITDA (€M) 8.3 H1 25 +4.7 Gross margin -1.7 S&D -1.1 G&A 10.2 H1 26 Growth driven by gross margin expansion on higher volumes, net of higher S&D expenses linked to volume growth and sponsorships, and higher G&A from organizational strengthening started in H2 2025. Management Call · H1 2026 Results
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FINANCIAL RESULTS H1 2026 NET INCOME 9 12.7% NET INCOME MARGIN +40.1% increase · margin up 190 bps to 12.7% of revenues NET INCOME (€M) AND MARGIN (%) 4.2 H1 25 5.9 H1 26 10.8% 12.7% CHANGE IN NET INCOME (€M) 4.2 H1 25 +1.9 EBITDA +0.5 Finance costs -0.6 Depre- ciation -0.1 Tax 5.9 H1 26 Growth driven by higher EBITDA and lower net finance costs, partly offset by higher depreciation following completion of the investment plan. Management Call · H1 2026 Results
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FINANCIAL RESULTS H1 2026 CAPEX AND NET WORKING CAPITAL 10 € 3.7M CAPEX IN H1 2026 Investment plan completed · capex back to recurring levels CAPEX (€M) 2.5 4.3 6.8 H1 25 3.1 0.6 3.7 H1 26 Recurring capex of €3.1m, including new R&D and production equipment, with €0.6m residual on the HQs expansion. NET WORKING CAPITAL (€M) 31.0 13.0 -15.4 FY 25 31.1 17.5 -14.4 H1 26 Inventory Trade receivables Trade payables Net working capital up €5.5m vs FY 2025 on higher trade receivables - mainly due to seasonality - and lower trade payables. Inventory flat, net of lower finished goods and higher raw materials for early procurement ahead of next season's production. Management Call · H1 2026 Results 28.7 34.2 Recurring incl. R&D HQs expansion
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FINANCIAL RESULTS H1 2026 CASH FLOW AND NET FINANCIAL POSITION 11 € 5. 1M CASH FLOW FROM OPERATIONS Net financial position at €9.1m, 0.60x LTM EBITDA CASH FLOW FROM OPERATIONS (€M) 7.6 H1 25 5.1 H1 26 Front-loaded H1 raw material procurement and expected A/R collection support a progressive improvement in cash flow from operations in H2 2026. CHANGE IN NET FINANCIAL POSITION (€M) 7.8 FY 25 -10.2 EBITDA +3.7 Capex +5.5 NWC +2.6 Dividend +0.4 Lease +0.4 Interest -1.2 Other 9.1 H1 26 Net debt at €9.1m after €2.6m dividends and seasonal NWC absorption. Positive figures represent an increase in net debt. Management Call · H1 2026 Results
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UPDATE ON MILIPOL PROJECTS HPS — High Protection System · Defence, law-enforcement and aerospace diversification 12Management Call · H1 2026 Results
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MILIPOL PROJECTS UPDATE HPS: NEXT GENERATION FIXED WING HELMET FOR US AIR FORCE 13 MILESTONES 2023 Final product definition and first deliveries of pre-series 2025 Start of sales — first partial delivery in Q1 2025 2026 Ramp-up starting expected 2027 Production in full swing expected TECHNOLOGY TRANSFER — FROM FORMULA 1 TO THE COCKPIT SAFETY IMPACT ABSORPTION Racing-derived energy-management structures applied to aircrew protection PERFORMANCE WEIGHT — SIZE — FITTING F1 know-how on lightweight shells, sizing and fitting comfort PROCESS FROM HANDCRAFTING TO WATERJET PRECISION Industrialised, repeatable manufacturing at aerospace tolerances Management Call · H1 2026 Results
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MILIPOL PROJECTS UPDATE HPS: POLICE RIOT HELMET RH1.0 14 MAIN TECHNICAL FEATURES • RIOT helmet developed according to TR 2011 for a modular system — protective helmet, communication system, respirator mask • Lightweight shell with FR coating for optimised shock and stab protection, available in 3 shell sizes • Exchangeable anti-bacterial, flame-retardant lining, with FR chinstrap, micro-lock ratchet fastener and emergency opening • Clear injection-moulded visor with F1-proven anti-fog (inside) and anti-scratch (outside) technology • Equipped with new Air-Fit System (RFG patented technology) KEY TIMELINE Q1 25 Market introduction of the first prototype and launch of the HPS brand, building a dealer and customer network Q2 25 RIOT RH1.0 homologation obtained · first public tender successfully secured Q1 26 Participation at the Riyadh and Nuremberg trade shows 26 Certification with gas masks 27 New tenders expected Management Call · H1 2026 Results
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MILIPOL PROJECTS UPDATE HPS: GLADIATOR HELMETS 15 MAIN TECHNICAL FEATURES • Full range (High, Mid, Full Cut) of SWAT and military helmets developed according to TR 2010 ballistic helmet, VPAM and NATO standards • Optimised shell design for full compatibility with headsets and CBRN protection masks, with state-of-the-art night-vision shroud design • Visor with high-performance pivoting system for optimised balance, F1 racing helmet chinstrap, anti-fog and anti-scratch technologies • Equipped with new Air-Fit System (RFG patented technology) KEY TIMELINE 2025 Market introduction under the HPS brand, establishing a dealer and customer network · ballistic testing for shell optimisation · extra weight saving obtained 2026 Participation at the Riyadh and Nuremberg trade shows; Completion of all R&D activities expected 2027 Progressive homologation and certification of the Gladiator helmets expected Production ramp-up and start of commercial activities, with new tenders expected Management Call · H1 2026 Results
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OUTLOOK 15Management Call · H1 2026 Results H2 2026 outlook · Demand trends, risk factors and recent developments
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OUTLOOK · RECENT DEVELOPMENTS SOLID DEMAND AND POSITIVE MOMENTUM 17Management Call · H1 2026 Results OUTLOOK H2 momentum continues Sales recorded in the early part of the second half are growing versus the prior year, supported by demand that remains solid. Positive outlook, despite geopolitical risk The outlook for H2 remains positive despite a tough comparison with a particularly strong H2 2025. Geopolitical risk (Middle East, Ukraine) remains high, but its impact on results is marginal to date. Motorsport's structural growth trend The motorsport sector confirms its positive structural dynamics, driven by audience expansion and growing interest from the US market fueled by F1; the Americas remain a key growth area for the Group. RECENT DEVELOPMENTS JULY –AUGUST 2026 ZN Comms. wins multi-year Formula E contract and first delivery for an F1 circuit (Madring) Zeronoise Communication Services won a multi-year Formula E contract, contributing from H2 2026 and in full from 2027. A new subsidiary was incorporated in the UK to deliver radio- communication services to racing series and teams. AUGUST 2026 Mooresville (NC) lease extended and Corona (CA) fully operational Racing Force USA's Board approved a 5-year lease extension (+5-year option) in Mooresville, including a c.12,000 sq ft expansion at the landlord's expense. 2027 outlook: another year of expected growth One more top F1 team, and continued growth in motorsport across all brands (including ZN Comms.); first significant contribution from the Milipol projects. SEPTEMBER 2026 Another WRC title for OMP OMP consolidated its position as the most successful safety equipment brand in WRC history.
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Q&A 18Management Call · H1 2026 Results
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CONTACTS INVESTOR RELATIONS Roberto Ferroggiaro ir@racingforce.com REGISTERED OFFICE Racing Force S.p.A. Via E. Bazzano 5, 16019 Ronco Scrivia (GE), Italy racingforce.com EURONEXT GROWTH MILAN: RFG EURONEXT GROWTH PARIS: ALRFG 18Management Call · H1 2026 Results PUBLICLY LISTED