Industrie De Nora

Investor Presentation • Jul 31, 2023

Paving the way to a sustainable growth

H1 2023 Financial Results

31st July 2023

A g e n d a

Speakers:

H1 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

H1 2023 RESULTS REVIEW

Q&A FINAL REMARKS

H 1 2 0 2 3 A C H I E V E M E N T S S t r o n g p r o f i t a b i l i t y c o n f i r m e d , b u i l d i n g u p f o r s u s t a i n a b l e g r o w t h

H 1 2 0 2 3 M A I N R E S U L T S S o u n d i n g p r o f i t a b i l i t y u n d e r p i n n i n g s u s t a i n a b l e g r o w t h

REVENUES INCREASE

€420.4m

Revenues

+2.4% vs H1 2022

+22.8%+180 bps

ROBUST BACKLOG

€722m €168 Energy Transition, excluding secured orders by our jv

~2.7 GW Energy Transition, including secured orders by our Jv thyssenkrupp nucera

SOUNDING PROFITABILITY

€86.1m EBITDA Adjusted (€102.3m in H1 2022)

20.5% Ebitda Adj margin

CONFIRMED ENERGY TRANSITION'S GROWTH

€47.3m Revenue, ~7x H1'22

12.8% EBITDA Adj. Margin

POSITIVE NET RESULT

€46.7m (€39.7m in H1 2022)

11.1% margin on Revenue

SOLID CAPITAL STRUCTURE

€8.4m Net Cash Position (€10.1m Mar 2023)

97.5% Cash Conversion*

A g e n d a

Paving the way to a sustainable growth

H1 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

H1 2023 RESULTS REVIEW

Q&A FINAL REMARKS

H 1 2 0 2 3 E L E C T R O D E T E C H N O L O G I E S B U S I N E S S S o u n d i n g a n d S t a b l e p r o f i t a b i l i t y , r o b u s t b a c k l o g

Electrode Technologies

• Revenue growth is mainly driven by Chlor-Alkali projects which off-set softer performances in Electronics
• Aftermarket revenues: 40%
• Backlog grew vs March mainly due to OxyChem project

New Projects for future growth

OxyChem project awarded by our partner thyssenkrupp nucera

Texas (US), Chlor – Alkali Expected completion by 2026

Scope of the project

Technological Upgrade of customer's large-scale Chlor – Alkali plant. Providing world-class technologies for highly efficient electrolysis plants

De Nora's production capacity

Enhancing our versatile worldwide manufacturing capacity to support volume growth

H 1 2 0 2 3 W A T E R T E C H N O L O G I E S B U S I N E S S S u s t a i n a b l e W T S g r e w , P o o l s i m p a c t e d b y d e s t o c k i n g t a i l s

Water Technologies

• WTS² revenues +24%, thanks to the strong backlog accumulated, improving division profitability
• Pools: normalization ongoing, impacted by destocking tails and indexed price decreases due to noble metals cost trend, but expected to start recovering in H2

Water Technologies Systems (WTS) on-going projects (2 examples)

Tubli-STP Expansion Phase 4 End User: State of Bahrain

One of the largest civil Ozone plants in the Middle East Safe treatment for reusing 400,000 M3/d of sewage water

Capital Controls® Ozone

Cyanide Polishing Unit End User: Steel company in Brazil

Advanced wastewater treatment to remove harmful pollutants to meet the environmental requirements

A key project completed in Q2 2023

Hong Kong Water Project End User: Hong Kong Water Supplies Dep.

CECHLO® On-Site Generator

Licensed Technology to provide safe and reliable water to the residents of Hong Kong (production capacity 2.25ton/day-Cl2)

H 1 2 0 2 3 E N E R G Y T R A N S I T I O N

B u i l d i n g u p o n o u r l e a d e r s h i p t o p l a y a k e y r o l e i n d e c a r b o n i z a t i o n

Energy Transition

• €47 m revenues, 7x vs H1'22 driven by backlog execution
• 400 MW produced in 6 Months (700 MW including 2022 production)
• EBITDA Adj. Margin 12.8%, largely in line with guidance

BACKLOG GW

Backlog 2.0 GW - € 168 m (@30 Jun '23)

NEOM, Saudi Arabia, Largest H² Project Globally part of > 2 GW tot project - H² to Green Ammonia

Camacari Complex, 1° industrial-scale green H2 Site in Brazil 60 MW H² to Fertilizers

Secured Orders (by our Jv thyssenkrupp nucera)

H2 Green Steel,

the first large-scale green steel plant in EU (Sweden)

700+ MW H2 to Steel – Hard to abate industry

MoUs / Reservation Capacity (by our Jv thyssenkrupp nucera)

MoU to extend Camacari project to 240 MW Largest Green Fertilizer project in South America

«Next Company» reserved capacity for high multi-hundred MW Green H2 project in North America

E N E R G Y T R A N S I T I O N P I P E L I N E

9

T r a n s f o r m i n g o u r c o n c r e t e p i p e l i n e i n f u t u r e b a c k l o g

¹Hot Deals: projects with high probability of award in the short term. ²Actively pursued projects in which our partners, and especially those with whom we are closely cooperating, have been having active interactions ³Identified pipeline: Projects with which our partners had first interactions. ⁴IEA Forecasts Net Zero Scenario 2021/2022. ⁵Roland Berger: total credible announced project capacity expected operational in 2030 . ⁶ Roland Berger: cumulated AWE market at 2030

E X P A N S I O N P R O D U C T I O N C A P A C I T Y

H 1 2 0 2 3 O n g o i n g a s p l a n n e d t o s u p p o r t s u s t a i n a b l e f u t u r e g r o w t h

I m p r o v i n g o u r i m p a c t , o n g o i n g i n i t i a t i v e s E S G – A C C E L E R A T I N G O U R J O U R N E Y

E

S

G

3.3 GWh solar renewable energy to be installed by 2023: in Germany (1.3GWh already installed), Italy, and Brazil

• DE&I re-launched the committee: E4E (Each for Equal)
• Obtained the certification for Great Place to Work ®
• Launched the process of certification for Gender Equality in Italy
• Local community supports initiatives in India (healthcare, education)

Work in progress to adopt an Anti-Corruption Policy and update the Code of Ethics

names and logos are trademarks or service marks of MSCI.

LEADING EXTERNAL RECOGNITION ¹

1. The use by De Nora of any MSCI ESG RESEARCH LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute sponsorship, © 2023 De Nora endorsement, recommendation, or promotion of De Nora by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided 'as-is' and without warranty. MSCI

SUSTAINABILITY IS OUR BUSINESS

Our offerings are aligned with the UN Sustainable DevelopmentGoals

Energy Transition Green H²

Water treatment

Zero Emissions

A g e n d a

Paving the way to a sustainable growth

H1 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

H1 2023 RESULTS REVIEW

Q&A FINAL REMARKS

H 1 2 0 2 3 R E V E N U E

R e v e n u e g r o w t h d e s p i t e s o m e p r o j e c t s s c h e d u l i n g

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Growth driven by volume increase mainly in Chlor-alkali, despite some project scheduling in Q2
• Softer performance in Electronics and Electrowinning
• Aftermarket Revenues 40%*

WATER TECHNOLOGIES

Water Technologies Systems (WTS)

• Revenue increase +24% YoY
• After Market revenues 38%

Pools

• -52%m YoY, due to destocking tails and lower prices, compared to the highest ever in H1 22

ENERGY TRANSITION

• Growth continued in H1 (+€40.4m YoY), in Q2 slight revenues trend moderation due to production mix and project scheduling

© 2023 De Nora

13 * Including Lease

H 1 2 0 2 3 B A C K L O G

S o l i d b a c k l o g u n d e r p i n n e d b y n e w o r d e r s i n E l e c t r o d e T e c h n o l o g i e s

Water

Technologies

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Backlog increased vs Q1 supported by new orders
• Main new project: OxyChem's US chlor-alkali plant upgrade to membrane

WATER TECHNOLOGIES

Backlog reflects:

• High-pace execution of WTS projects after a strong Q1 order intake (+€14.5 m YoY, mainly new installation)
• Softening of Pool Business

ENERGY TRANSITION

• thyssenkrupp nucera's secured orders enhance visibility on 2024 - 2025 revenues, even if not yet accounted in the backlog

Electrode Technologies Energy Transition

H 1 2 0 2 3 O P E R A T I N G C O S T S

C o r p o r a t e S t r u c t u r e a n d R & D p r o f i l e w e l l s e t t o g r o w

S o l i d P r o f i t a b i l i t y , c o n f i r m i n g 2 0 2 3 G u i d a n c e H 1 2 0 2 3 E B I T D A A D J U S T E D

Electrode Technologies

Energy Transition Water

Technologies

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Solid profitability in line with guidance
• Changes vs. H1 2022 reflect product mix: lower incidence of Electronics and Electrowinning

WATER TECHNOLOGIES

• Profitability mainly impacted by lower Pool's revenue incidence, which was exceptional in H1 '22..
• …partially offset by strong performances of WTS

ENERGY TRANSITION

• Double Digit EBITDA margin in line with guidance
• Q2 performance reflects production mix and project scheduling

17 *H1 2022 negative €5.6 m was due to: €(4.0)m late adjustment in the net profit of tk Nucera as of Dec.'21 that was communicated to De Nora after the approval of its FY '21 consolidated financials, €(2.4)m P&L impact of the Preferred Dividends distributed in Mar.'22 2022 by tk Nucera to its other shareholder thyssenkrupp Projekt 1 GmbH and €0.8m is the share of profit for the period Jan-Mar. 2022. H1 2023 €1.5m is the share of profit for the period Jan-Mar. 2023

© 2023 De Nora

N e t W o r k i n g C a p i t a l E v o l u t i o n H 1 2 0 2 3 R E S U L T S

DPO 43.0 49.0 45.0 55

KEY HIGHLIGHTS

NWC was €307.4m with a lower incidence on revenues vs. Mar 2023, the main drivers are:

• Improvement in Trade Receivables (DSO 63)
• Increase in Advance Payments from clients related to new projects
• DPO 55 due to lower purchases of noble metals (paid short and with relevant down payments)
• Inventories rate in line with FY 2022, reflecting project scheduling

N e t F i n a n c i a l P o s i t i o n H 1 2 0 2 3

2 0 2 3 G U I D A N C E C o n f i r m e d s o l i d p r o f i t a b i l i t y

D E T A D LI O S N O C	REVENUES	€900- 950m 2023E 130-150	REVENUES:
	EBITDA	€175-185m 2023E Ebitda Margin 18%-19%	In the low part of the range
N O TI SI N A	REVENUES	€130-150m 2023E	PROFITABILITY on Track
R T Y G R E N E	EBITDA Margin	Low Double Digit

A g e n d a

Paving the way to a sustainable growth

H1 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

H1 2023 RESULTS REVIEW

Q&A FINAL REMARKS

• Our growth path continues despite a challenging macroeconomic scenario

• The Energy Transition business is growing at a rapid pace (7x revenues vs H1 2022) with a sounding positive double-digit profitability

• Electrode Technologies business grows at a stable pace with a robust Ebitda margin (26%), and Water Technologies BU performances were supported by the robust positive trend of Water Technologies Systems (WTS) product line

• Solid consolidate backlog and concrete pipeline of the Energy Transition business support revenue growth visibility

• 2023 Guidance: Profitability on track, Revenues at low part of the range

A g e n d a

Paving the way to a sustainable growth

H1 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

H1 2023 RESULTS REVIEW

Q&A FINAL REMARKS

Q&A Session

© 2023 De Nora

A d d i t i o n a l M a t e r i a l s

© 2023 De Nora

I N C O M E S T A T E M E N T S

(€m)	Q1 2022	Q2 2022	H1 2022	Q1 2023	Q2 2023	H1 2023
Revenue	200.1	210.4	410.5	216.9	203.5	420.4
YoY Growth (%)	79.8 %	47.8 %	61.8 %	8.4 %	(3.4%)	2.4 %
Change in inventory of finished goods and work in progress	6.8	7.7	14.5	16.8	8.5	25.3
Other income	1.6	0.9	2.5	1.4	2.0	3.4
Costs for raw materials, consumables, supplies and goods	(89.5)	(100.5)	(190.0)	(107.3)	(91.7)	(199.0)
Personnel expenses	(31.2)	(52.3)	(83.5)	(36.2)	(36.2)	(72.5)
Costs for services	(31.5)	(38.1)	(69.6)	(42.7)	(43.9)	(86.7)
Other operating expenses	(2.3)	(2.5)	(4.8)	(2.4)	(3.8)	(6.2)
EBITDA	54.0	25.6	79.6	46.5	38.3	84.8
Margin (%)	27%	12%	19%	21%	19%	20%
Amortization and depreciation	(6.8)	(6.8)	(13.6)	(7.2)	(7.2)	(14.4)
Reinstatement (write down) of property, plant and equipment & intangible assets	(0.2)	(2.8)	(3.1)	-	(1.3)	(1.3)
Net provision for risk and charges	(0.3)	0.2	(0.1)	0.4	(2.1)	(1.7)
EBIT	46.7	16.1	62.8	39.7	27.7	67.4
Margin (%)	23%	8%	15%	18%	14%	16%
Share of profit of equity-accounted investees	(6.3)	0.8	(5.6)	-	1.5	1.5
Finance income	7.4	14.1	21.5	2.4	3.5	5.9
Finance expenses	(6.1)	(11.7)	(17.8)	(6.3)	(4.1)	(10.4)
Profit before tax	41.7	19.2	61.0	35.7	28.7	64.4
Income tax expense	(15.2)	(6.1)	(21.2)	(10.7)	(7.0)	(17.7)
Profit for the period	26.5	13.2	39.7	25.0	21.7	46.7

Source: Company Information

		O DE NORA
--	--	-----------

€ m	Q1'22	Q2'22	Q3'22	Q4'22	'23 Q1	'23 Q2
REVENUES	200 1	210 4	206 1	236 2	216 9	203 5
Electrode Technologies	109 5	118 5	123 4	122 0	118 9	112 8
Energy Transition	4 5	2 4	7 2	28 6	26 6	20 7
Technologies Water	86 1	89 5	75 5	85 6	71 4	70 0
Adj EBITDA	2 55	47 1	43 6	9 44	46 7	39 4
Adj Margin EBITDA	6% 27	4% 22	2% 21	0% 19	5% 21	4% 19
Electrode Technologies*	31 8	30 2	32 0	25 4	30 9	29 5
Ebitda Adj Margin	27 9%	25 0%	25 9%	20 8%	26 0%	26 2%
Energy Transition	n.a.	n.a	(0 4)	6 2	5 3	0 7
Ebitda Adj Margin	n.a.	n.a	n.m.	21 7%	19 9%	3 5%
Technologies Water	23 4	16 9	12 0	13 3	10 5	9 1

F o c u s o n E B I T D A A d j u s t m e n t s I N C O M E S T A T E M E N T

(€m)	H1 2022	H1 2023
Sales	410 5	420 4
EBITDA	79 6	84 8
(%) Margin	19 4%	20 2%
(labor expenses) legal Terminations costs +	0 3	0 3
relative IPO Costs to process	2 6	0 7
relative , and Costs M&A integration reorganization to company ,	0 0	0 1
relative of Tech plant Costs De Nora LLC – US to startup ,	0 1
for special Advisory projects costs	0 3
Plan Incentive Management	19 4
Other recurring costs non	0 1	0 3
Adj EBITDA	102 3	86 1
(%) Margin	24 9%	20 5%

B A L A N C E S H E E T

(€m)	H1 2023	FY 2022
Intangible assets	126 4	131 6
equipment Property, plant and	205 1	184 2
Equity-accounted investees	123 5	122 7
Fixed asset	455 0	438 4
Inventories	298 4	295 5
Contract work in of advances from progress, net customers	23 3	16 4
receivables Trade	135 5	123 4
Trade payables	(86 8)	(80 6)
Operating working capital	370 3	354 8
Other and liabilities current assets	(63 0)	(74 6)
working capital Net	307 4	280 2
Deferred tax assets	12 9	13 1
Trade receivables	-	-
Other receivables and financial non-current assets	15 9	13 6
benefits Employee	(20 7)	(20 6)
Provisions for risks and charges	(22 3)	(20 7)
Deferred tax liabilities	(6 5)	(8 7)
Trade payables	(0 1)	(0 1)
Income tax payables	-	-
Other payables	(2 3)	(2 4)
Other net non current asset and liabilities	(23 0)	(25 7)
invested capital Net	739 4	692 8
financial indebtedness Net current	130 3	318 9
Non-current financial indebtedness	(121 9)	(267 5)
Net financial indebtedness - ESMA	8 4	3 51
Fair value of financial instruments	0 7	0 6
financial indebtedness Net - De Nora	9 1	52 0
Total Equity	(748 5)	(744 8)
Total sources	(739 4)	(692 8)

C A S H F L O W S T A T E M E N T

(€m)	H1 2023	H1 2022
EBITDA	84 800 ,	79 ,599
on the sale of property, plant and equipment and intangible assets Losses	202	155
Other non-monetary items	484	17,784
Cash flows generated by operating activities before changes in net working capital	85 486 ,	97 ,537
Change in inventory	(11 692) ,	(43 ,537)
Change in trade receivables and construction contracts	(23 018) ,	(20 ,547)
Change in trade payables	8 866 ,	1,508
Change in other receivables/payables	(18 673) ,	(260)
Cash flows generated by changes in net working capital	(44 ,517)	(62 836) ,
flows operating activities Cash generated by	40 969 ,	34 ,701
and other financial expense paid Net Interest Net	(4 ,561)	(2 493) ,
Income taxes paid	(12 869) ,	(20 400) ,
flows operating activities Net cash generated by	23 ,539	11,808
Sales of property, plant and equipment and intangible assets	399	132
Investments in tangible and intangible assets	(37 408) ,	(15 205) ,
in Associated companies (TK AG) Investments nucera Management	-	(17)
Acquisitions (net of cash acquired)	(2 046) ,	-
Investments in financial activities	147 971 ,	(3 683) ,
Net cash flows used in investing activities	108 917 ,	(18 ,774)
Share capital increase	900	196 ,581
loans/(Repayment) of New loans	(146 ,714)	36 208 ,
(decrease) in other financial liabilities Increase	(1 044) ,	(1 ,128)
(Increase) decrease in financial assets	-	-
Dividends paid	(24 202) ,	(20 000) ,
Net cash flows generated by financing activities	(171 061) ,	211 661 ,
increase (decrease) in cash and cash equivalents Net	(38 606) ,	204 695 ,
Opening cash and cash equivalents	174 ,129	73 843 ,
gains/(losses) Exchange rate	(3 016) ,	802
Closing cash and cash equivalents	132 ,507	279 340 ,