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Ariston Holding (ARIS) investor relations material

Ariston Holding M&A Announcement summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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M&A Announcement summary17 Dec, 2025

Deal rationale and strategic fit

  • Acquisition adds Riello and Beretta brands, strengthening market leadership in Italy and expanding global combustion technology expertise.

  • Enhances presence in commercial and industrial segments and increases exposure in North America.

  • Access to complementary sales channels, product lines, and service networks broadens market reach.

  • Supports industry consolidation and energy transition through scale and innovation.

  • Combines Ariston’s renewable solutions with Riello’s combustion technology.

Financial terms and conditions

  • Enterprise value of €289 million on a cash and debt-free basis, financed with own funds.

  • Riello targets €400 million net sales and €35 million adjusted EBITDA in 2025.

  • Agreed price represents about 5x EV/Adj. EBITDA 2026E including synergies.

  • 100% of Riello Group to be transferred in exchange for cash.

  • Post-acquisition leverage expected below 2.5x NFP/EBITDA.

Synergies and expected cost savings

  • Synergies expected to deliver €25 million positive EBITDA impact at run rate by year four post-closing.

  • Sourcing and logistics synergies from increased scale and common categories.

  • High-teens EPS accretion by 2026, with EPS accretive by year 2 post-closing.

How to achieve synergies with distinct brands?
Strategy for hydrogen-ready combustion tech?
Riello's standalone 2026 EBITDA estimate?
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Frequently asked questions

Ariston Holding N.V., commonly known as Ariston Group, specializes in thermal comfort solutions for residential and commercial applications. The company offers a diverse range of innovative and energy-efficient products including electric and gas water heaters, heat pumps, and heating systems. The company is headquartered in Amsterdam, Netherlands, and its shares are listed on the Euronext Milan.

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