Industrie De Nora

Investor Presentation • Mar 23, 2023

ENERGY TRANSITION BECOMES REALITY Strategy Presentation and Full Year 2022 Results

23rd March 2023

A g e n d a

Speakers:

Paolo Dellachà - CEO Matteo Lodrini - CFO Chiara Locati - IR &

ESG Manager

2022 Achievements: Energy Transition becomes a reality

2022 Financial Results Review

Strategy Update & 2023-2025 Guidelines

ESG Journey Final

Remarks

Q&A

© 2023 De Nora

E n e r g y T r a n s i t i o n b e c o m e s R e a l i t y 2 0 2 2 D E L I V E R I N G , E X E C U T I N G , A N D E V O L V I N G O U R B U S I N E S S

2 0 2 2 M A I N R E S U L T S S t r o n g s e t o f R e s u l t s i n l i n e w i t h G u i d a n c e

STRONG ORGANIC GROWTH

€852.8m

Revenue

+38.5% vs 2021

+22.8%+180 bps

HIGH CASH CONVERSION

€115m Operating Cash Flow¹

+22.8%

97.5% Cash Conversion²

INCREASED PROFITABILITY

€190.8m Ebitda Adj

+50.6% vs 2021 22.4% margin, +180 bps

SOLID CAPITAL STRUCTURE

€51m Net Cash Position

Net Debt €0.6 m in 9M2022 Net Debt €188m in 2021 pre-IPO ALL-TIME HIGH BACKLOG

€789.6m €193 Energy Transition

+44.0% vs 2021

+22.8%

INVESTING IN OUR PEOPLE

1,929 Employees

+12.0% vs. 2021

D E N O R A : T H R E E D I V I S I O N S O N E S O U L 1 0 0 Y e a r s o f E l e c t r o c h e m i s t r y

Electrode Technologies

Anodes, Cathodes, Catalytic Coatings Gas Diffusion Electrodes, Cell Manufacturing

Electrodes for Alkaline Water Electrolysis (AWE), Electrolysis Cells, and Electrodes for Fuel Cells

Electrodes recoating, repair services and spare parts

Performance upgrades and retrofits

SERVICES SERVICES SERVICES

Engineering design

Supply and maintenance agreements

Water Technologies

Electrochlorination, Disinfection and Filtration Technologies, Ballast Water Treatment, Water Treatment Technologies, Electrodes for Pools

Technical assistance and remote support services

Analytic services

E N E R G Y T R A N S I T I O N D I V I S I O N T h e r a m p – u p h a s s t a r t e d

• 300 MW eq. produced and delivered for H² generation in 2022
• 100% of 2023 production covered by the backlog
• 3 GW hot deals¹ in Pipeline
• 2 GW eq. capacity in place, ongoing fast expansion
• Italian Gigafactory project launched (IPCEI grant)
• Strategic Partnerships to accelerate growth

Main ongoing Projects under execution

(Backlog at 31 Dec 2022 2.2 GW, Completion by 2025)

NEOM, SaudiArabia , Largest H² Project Globally >2 GW H² to Green Ammonia

H² Holland Project, LargestH² Project in Europe 200 MW H2 to E-fuels

Projects Completed:

Casa Grande – USA 40 MW H2 for mobility

20 MW H² multiple purposes Element One – Saudi Arabia

Donaldsonville Complex, USA 20 MW H2 to green ammonia

New Project Awarded

Camacari Complex, First industrial-scale green H² Site in Brazil 60 MW MoU Announced² to extend project to 240 MW H2 to Fertilizers

R e c o r d P e r f o r m a n c e s R i d i n g t h e W a v e o f 2 0 2 2 M a r k e t s M o m e n t u m E L E C T R O D E A N D W A T E R T E C H N O L O G I E S 2 0 2 2 H I G H L I G H T S

• Confirmed our undisputed global Leadership Position
• Strengthened key relationships and enlarged customer base
• Service focused on performance upgrades
• Increased manufacturing efficiency and cost control

+36% Revenue in 2022 vs. 2021 25.9% EBITDA adj. Margin in 2022 (24% '21)

• Confirmed leadership in Pools and competitiveness of the product portfolio
• Improved services level in Water Systems
• Built large projects backlog, leveraging technologies expertise
• Enhanced projects execution

+31% Revenue in 2022 vs. 2021 19.5% EBITDA adj. Margin in 2022 (15.7% '21)

A g e n d a

2022 Achievements: Energy Transition becomes a reality

2022 Financial Results Review

Strategy Update & 2023-2025 Guidelines

ESG Journey Final

Remarks

Q&A

F Y 2 0 2 2 R E S U L T S S o l i d O r g a n i c G r o w t h , r e c o r d p e r f o r m a n c e s i n a l l d i v i s i o n s

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

Growth was driven by:

• Volumes mainly in Chlor-alkali and Electrowinning lines
• price increase for noble metal costs, mainly in Q1 '22
• After-market revenue accounted for 43%.

WATER TECHNOLOGIES

Significant growth despite Pool's demand normalization in the last two Qs

• Pools (+€64m) main contributor (25% volume –75% price increase for indexation to noble metals)
• Water Systems + 10% YoY, After Market revenue accounted for 40%.

ENERGY TRANSITION

Ramp–up in Q4 (€28.6m) thanks to solid execution of the Neom project.

F Y 2 0 2 2 R E S U L T S

A l l - t i m e - h i g h b a c k l o g , p r o v i d i n g g o o d v i s i b i l i t y o n r e v e n u e

KEY HIGHLIGHTS

+44% YoY

ELECTRODE TECHNOLOGIES

Benefits from multi-year contracts, recurrent aftermarket, and an electrowinning project to be executed in the next 2 Yrs.

WATER TECHNOLOGIES

Strong backlog of Water Systems (+156 € M), ensuring a higher-thanaverage coverage of 2023 sales.

ENERGY TRANSITION

Backlog Ramp-Up covering 100% of production scheduled for 2023.

F Y 2 0 2 2 R E S U L T S

C o n t i n u o u s f o c u s o n c o s t c o n t r o l

KEY HIGHLIGHTS

COGS in FY 2022 have been in line with FY 2021 relative to sales, confirming De Nora's ability in passing-through raw materials price increases.

SG&A costs in FY 2022 grew both in expenses (mainly T&E) and labor cost (+24 average Headcount vs. 2021) to support business development.

Corporate costs: lower incidence on sales vs. 2021, despite the increase in absolute value due to corporate structure enhancement.

On a relative basis, the increase registered in Revenues more than offsets the rise in costs.

F Y 2 0 2 2 R E S U L T S

P r e m i u m P r o f i t a b i l i t y w i t h I n c r e a s i n g M a r g i n s

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

Surge in profitability driven by:

• Revenue growth
• Continuous control of fixed costs.

WATER TECHNOLOGIES

Strong increase in profitability, mainly driven by gross margin improvement and volume growth for Pools.

ENERGY TRANSITION

Positive EBITDA due to revenue growth exploiting operating leverage.

Q 4 R E V I E W

R e v e n u e G r o w t h N o r m a l i z a t i o n i n E l e c t r o d e s a n d W a t e r D i v i s i o n s , R a m p - u p i n E n e r g y T r a n s i t i o n

EBITDA	45.4	43.6	44.9	-0.9%
Ebitda Adj. Margin	21.6%	21.1%	19.0%
ELECTRODE TECHNOLOGIES	26.7	32.0	25.3	-5.2%
Ebitda Adj. Margin	23.1%	25.9%	20.8%
ENERGY TRANSITION	na	-0.4	6.2	na
Ebitda Adj. Margin	nm	nm	21.7%
WATER TECHNOLOGIES	18.6	11.9	13.4	-28.1%
Ebitda Adj. Margin	20.9%	15.8%	15.6%

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Revenue in line with Q3 (+5% YoY)
• EBITDA margin decrease mainly driven by products mix.

WATER TECHNOLOGIES

• Normalization of Pools' volumes, offset by water systems revenue increase on projects execution
• EBITDA impacted by Pools' volumes reduction.

ENERGY TRANSITION

• Revenues ramp-up based on backlog execution: 300 MW
• Positive €6m EBITDA mainly driven by volume increase and operating efficiency.

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 F Y 2 0 2 2 R E S U L T S

NWC % Sales	39.4% 41.3%		32.9%
(€m)
Inventories	233.0	326.2	295.5
Contract WIP	12.4	25.7	16.4
Trade Receivables	140.0	136.2	123.4
Trade Payables	(61.4)	(72.9)	(80.6)
Other current assets and liabilities	(69.6)	(89.3)	(74.6)
Net Working Capital	254.3	325.9	280.2
	FY 2021	Q3 2022	FY 2022
Inventories % of sales	37.8%	39.5%	34.6%
DSO	69.0	72.0	68.0
DPO	46.0	47.0	49.0

KEY HIGHLIGHTS

NWC was €280m in FY 2022 with a lower incidence on revenue (32.9%) vs. 2021 (41.3%) mainly due to:

• Improvement of the inventory ratio, led by a reduction of inventories in Q4, also driven by the Energy Transition rump-up
• Some advance payments received by clients.

The inventory ratio positive trend is also confirmed this year.

N e t C a s h F i n a n c i a l P o s i t i o n F Y 2 0 2 2 R E S U L T S

2 0 2 3 G U I D A N C E

C o n s o l i d a t i o n i n E l e c t r o d e s a n d W a t e r D i v i s i o n s , f u r t h e r r a m p - u p i n E n e r g y T r a n s i t i o n

KEY HIGHLIGHTS

Revenue increase was driven by Energy Transition.

Electrode and Water Technologies, after exceptional growth in 2021-2022, to consolidate on 2022 levels.

Slow down in noble metal trend is expected to impact revenue, not margins, thanks to De Nora's 100% passthrough capacity.

The profitability trend reflects the combination of:

• Electrodes product mix
• Water lower incidence of pools business
• Energy Transition volumes increase associated with lower profitability vs. Electrode and Water divisions.

Further ramp-up expected in Energy Transition

• 100% production already covered by the backlog
• Increase in profitability vs 2022 reflects volumes, cost efficiencies, and technological leadership.

A g e n d a

2022 Achievements: Energy Transition becomes a reality

2022 Financial Results Review

Strategy Update & 2023-2025 Guidelines

ESG Journey Final

Remarks

Q&A

2022-2025 STRATEGY CONFIRMED

E l e c t r o c h e m i s t r y , W a t e r , E n e r g y : o u r f u t u r e f o r a c l e a n e r W o r l d

© 2023 De Nora

D E N O R A

GROWTH & MARKET POSITIONING

• Deliver step-change organic growth driven by energy transition in partnership with the leading players
• Evolve our Energy Transition portfolio, targeting LCOH reduction ¹
• Pursue profitable growth in both Electrode and Water Technologies

PRODUCT LEADERSHIP

• Continuous safeguard leadership position (products, industries, and geographies)
• Enhance and strengthen Water portfolio value proposition leveraging on electrochlorination techs

MANUFACTURING EXPANSION

• Strategic and scalable CAPEX allocation, responding with flexibility to changes in trends
• Enhance project execution and tighten cost management
• Boost lean transformation, highest automation and technological upgrades to enhance productivity

ORGANIZATION DEVELOPMENT

• People Strategy to Sustain the organization's development
• Intensify process effectiveness through digitalization
• Strengthen further our commitment to sustainability by establishing a Goal Plan on ESG issues

Click to edit the image

T R E N D S S U P P O R T I N G O U R G R O W T H

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

Climate Change > 300 Mton of Green H² by 2050

Demographic & social changes ~ +30% in urban population by 2040

Need for power & energy ~ +50% global primary energy

consumption growth by 2050

Technological expansion

~ +50% 5G infrastructure market global revenues 2020-25 CAGR

Resource scarcity

+56% water supply/ demand gap by 2030

DRIVERS

• Infrastructure
• Energy Efficiency
• Upgrades and expansion of the aging structure
• Upgrades and expansion of the aging structure
• Advanced systems for water and wastewater treatment
• Clean water
• Green Hydrogen
• High-performance materials
• Energy Efficiency

TRENDS OUR OFFERINGS

Sources: Roland Berger elaboration based on IEA, Hydrogen Council, Expert interviews. Assumes load factor of ~65%, corresponding to ~5 ,5 00 full load hours/year. The World Bank website as of 21 February 2022. EIA (U.S. Energy Information Administration, International Energy Outlook 2019). Mordor Intelligence (Global 5G Infrastructure Market). World Resource Institute

U n i q u e P o s i t i o n i n g i n G r o w i n g M a r k e t s D E N O R A ' S A S S E T S T O W I N

UNDISPUTED GLOBAL TECHNOLOGY LEADER ACROSS ALL BUSINESS

Chlor-alkali, Electronics, Nickel & Cobalt Electrowinning > 50% share

Metal coated Electrodes for alkaline water electrolysis

Pools & industrial electrochlorination; within the top 5 in municipal disinfection & filtration ~80% Share in Pools

CUTTING-EDGE PROPRIETARY TECHNOLOGIES

268 Patent Families 2600+ Territorial Extensions

5 R&D Centers around the world

100+ researchers

STRONG INTERNATIONAL FOOTPRINT AND LEAN/FLEXIBLE ORGANIZATION

~140 countries served

25 operating companies/branches

14 manufacturing and assembling facilities

LONG-STANDING CUSTOMERS RELATIONSHIP

From Joint R&D to After Market Services, Partner of choice with industry leaders

«To be the key enabler for the green hydrogen revolution, thanks to a diversified portfolio of best-performing electrodes and the readiness of our production capacity.»

U n i q u e , E f f i c i e n t , R e a d y t o u s e T e c h n o l o g i e s … a n d o n g o i n g i n n o v a t i o n

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

C o n t i n u o u s l y i n c r e a s i n g p i p e l i n e u p t o 4 4 G W , p r o v i d i n g v i s i b i l i t y f o r f u t u r e g r o w t h

¹Hot Deals: projects with high probability of award shortly. 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. ⁴Roland Berger: cumulated AWE market at 2030. ⁵IEA Forecasts Net Zero Scenario

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

W i t h a B e s t - i n - C l a s s c a p a c i t y i n p l a c e w e f o c u s o n r e a d i n e s s a n d f l e x i b i l i t y t o m a r k e t t r e n d s

Ongoing investments in brown and green field projects

«Continuously safeguard leadership position across products, industries, and geographies by leveraging strengths.»

«Positioning De Nora for profitable growth through value additions and efficiency enhancements.»

2 0 2 5 N E W F I N A C I A L S T A R G E T S

I m p r o v e d p r o f i t a b i l i t y f o r e c a s t s

DATA		DE NORA 2025 NEW TARGETS	vs. PREVIOUS TARGETS
	REVENUES	€1,350 - €1,500m		€1,500 - €1,700m
	EBITDA	€250 - €280m	€230 - €270m
	MARGIN	18% - 20%	15% - 16%
Electrode	REVENUES	CAGR 2022 - 2025 2% - 4%	CAGR 2021- 2025 9% - 11%	CAGR 2021 - 2025 7% - 9%
Technologies	EBITDA MARGIN	24% - 26%		In line with 2021
Water	REVENUES	CAGR 2022 - 2025 3% - 5%	CAGR 2021- 2025 10% - 11%	CAGR 2021-2025 13% - 15%
Technologies	EBITDA MARGIN	16% - 18%		Between 16% - 20%
Energy	REVENUES	€500 - €600m		€650 - 750m
Transition	EBITDA MARGIN	16% - 17%		10%+
	CAPEX	~€330m (cumulative 2023 -	2025)	€300m 2022 - 2025

O r g a n i c S a l e s ( € m ) E N E R G Y T R A N S I T I O N T O D R I V E F U R T H E R F U T U R E G R O W T H

2 0 2 5 F I N A N C I A L S T A R G E T S

~€330m

Cumulative Capex 23-25E o/w ~€60m funded by IPCEI grant (of which ~€200m to Energy Transition)

Slightly

Positive NFP (net cash)

2025E (Subject toM&A)

up to 25%

Annual Dividend Pay-out

(Subject toM&A)

A g e n d a

2022 Achievements: Energy Transition becomes a reality

2022 Financial Results Review

Strategy Update & 2023-2025 Guidelines

ESG Journey Final

Remarks

Q&A

SUSTAINABILITY IS OUR BUSINESS MODEL

Our offerings are aligned with the UN Sustainable DevelopmentGoals

Green H²

Water treatment

Net Zero Emissions

Providing reliable, sustainable, cost-effective solutions for water treatment

Common set of values with customers and society

Respectful & inclusive workplace, no tolerance for discriminatory behavior

Engage with local communities to improve lives around the world

Conduct our business ethically to assure our core value of integrity

We aim to strengthen further our commitment by establishing a Goal Plan on ESG issues.

O u r J o u r n e y C o n t i n u e s … 2 0 2 2 E S G K P I s & P E R F O R M A N C E S

A g e n d a

2022 Achievements: Energy Transition becomes a reality

2022 Financial Results Review

Strategy Update & 2023-2025 Guidelines

ESG Journey Final

Remarks

Q&A

• Record set of results in 2022, in line with guidance, driven by the leading position of the Group in all divisions and strong market momentum

• Solid Financial Structure thanks to cash flow generation from operations

• Ramp-Up of Energy Transition Division, with early-than-expected positive EBITDA and strong backlog covering 100% of 2023 production

• Building – up a robust pipeline

• Best-in-class manufacturing capacity in place, to be exploited 3x by 2025 with a focus on readiness and flexibility to market demand

• 2025 targets:

• Growth driven by Energy Transition
• Confirmed growth for Electrodes and Water Technologies
• Energy Transition: Improved Profitability and developed a solid and realistic pipeline to grow.

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)	FY 2021	FY 2022	Q1 2021	Q1 2022	Q2 2021	Q2 2022	Q3 2021	Q3 2022	Q4 2021	Q4 2022
Revenue	615.9	852.8	111.3	200.1	142.4	210.4	152.4	206.2	209.8	236.2
YoY Growth (%)
Change in inventory of finished goods and work in progress	35.3	34.8	11.5	6.8	4.0	7.7	25.4	23.4	(5.5)	(3.1)
Other income	4.0	6.5	0.6	1.6	1.3	0.9	0.7	0.7	1.4	3.2
Costs for raw materials, consumables, supplies and goods, excluding utilization of provision	(291.0)	(401.8)	(52.7)	(89.5)	(64.0)	(100.5)	(83.9)	(108.8)	(90.4)	(103.0)
Personnel expenses, excluding utilization of provision	(116.1)	(154.7)	(26.7)	(31.2)	(28.1)	(52.3)	(30.8)	(34.7)	(30.5)	(36.4)
Costs for services, excluding utilization of provision	(117.1)	(162.1)	(22.6)	(31.5)	(28.9)	(38.1)	(27.6)	(42.3)	(37.9)	(50.2)
Other operating expenses, excluding utilization of provision	(9.8)	(10.4)	(1.7)	(2.3)	(3.4)	(2.5)	(1.3)	(2.3)	(3.4)	(3.4)
EBITDA	121.2	165.2	19.8	54.0	23.2	25.6	34.9	42.3	43.4	43.2
Margin (%)	20%	19%	18%	27%	16%	12%	23%	21%	21%	18%
Amortization and depreciation	(26.2)	(28.1)	(6.3)	(6.8)	(6.5)	(6.8)	(6.7)	(6.9)	(6.7)	(7.6)
Reinstatement (write down) of property, plant and equipment &
intangible assets	(2.9)	(9.0)	0.0	(0.2)	0.1	(2.8)	0.1	0.3	(3.2)	(6.2)
Net provision for risk and charges1	(4.4)	(2.3)	(0.1)	(0.3)	(0.3)	0.2	(0.5)	(1.2)	(3.5)	(0.9)
EBIT	87.6	125.8	13.3	46.7	16.5	16.1	27.8	34.5	30.0	28.5
Margin (%)	14%	15%	12%	23%	12%	8%	18%	17%	14%	12%
Share of profit of equity-accounted investees2	8.8	(1.2)	1.0	(6.3)	2.4	0.8	0.7	1.3	4.8	3.0
Finance income	13.5	23.5	5.2	7.4	1.7	14.1	2.1	9.1	4.5	(7.1)
Finance expenses	(16.3)	(27.7)	(4.5)	(6.1)	(3.4)	(11.7)	(3.0)	(8.6)	(5.4)	(1.3)
Profit before tax	93.6	120.4	14.9	41.7	17.1	19.2	27.6	36.3	33.9	23.1
Income tax expense	(27.1)	(30.8)	(4.4)	(15.2)	(4.1)	(6.1)	(8.8)	(12.1)	(9.7)	2.6
Profit for the period	66.4	89.7	10.5	26.5	13.0	13.2	18.8	24.2	24.2	25.8

Source: Company Information. ¹This item includes the utilization of provisions on the following Income Statement line items: Costs for raw materials, Consumables, supplies and goods, Personnel expenses, Costs for services, Other operating expenses. 2. Negative € 1.2 m in 2022 is made up as follows: € (4.0) m refer to a late adjustment in the net profit of tk Nucera as of December 2021 that was communicated to De Nora after the approval of its FY 2021 consolidated financials, € (2.3) m refer to the P&L impact of the Preferred dividends distributed in March 2022 by tk Nucera to its other shareholder Thyssenkrupp Projekt 1 GmbH and € 5.1 m is the share of profit for the period January-December 2022

Q U A R T E R L Y R E V E N U E A N D A D J . E B I T D A B Y D I V I S I O N

€m			Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022
Revenue	Electrode Technologies		115.7	109.4	118.5	123.5	122.0
		YoY variation		72%	46%	40%	5.4%
	Water Technologies		89.0	86.2	89.5	75.4	85.6
		YoY variation		85%	51%	20%	-3.8%
	Energy Transition		5.1	4.5	2.4	7.2	28.6
		YoY variation		347%	20%	456%	460.9%
	Total		209.8	200.1	210.4	206.2	236.2
	Electrode Technologies1		26.7	31.8	30.2	32.0	25.3
		variation2 YoY		126%	80%	11%	18%
	Water Technologies		18.6	23.4	16.9	11.9	13.4
Adjusted EBITDA		YoY variation		272%	114%	55%	-28%
	Energy Transition3				-3.4	-0.4	6.2
		YoY variation
	Total		45.4	55.2	47.1	43.6	44.9
Adjusted EBITDA Margin	Electrode Technologies1		23.1%	27.9%	24.9%	25.9%	20.8%
	Water Technologies		20.9%	27.2%	18.9%	15.8%	15.6%
	Energy Transition					-5.7%	21.7%
	Total		21.6%	27.6%	22.4%	21.1%	19.0%

YoY % Change refers to % changes between 2022 individual quarters vs. the same period of 2021

¹Q1 2022 and Q2 2022 Adj Ebitda include Energy Transition.

2.Q3 2022 and Q4 2022 YoY variation calculated including Energy Transition EBITDA ADJ 2022 since no comparison is available for Energy Transition segment in 2021. 3. H1 2022 for reference only H2 2022 for reference only

1. H2 2022 for reference only.

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)	2021 YTD	2022 YTD
Sales	615.9	852.8
EBITDA	121.2	165.2
Margin (%)	19.7%	19.4%
Costs relative DND fire	1.2	-
Terminations costs (labor + legal expenses)	0.5	0.5
Costs relative to IPO process	1.2	3.6
Costs relative to M&A, integration, and company reorganization	0.9	0.3
Costs relative to startup of De Nora Tech, LLC – US plant	0.6	1.2
Costs relative to Covid-19	0.5	-
Advisory costs for special projects	0.5	0.5
Management Incentive Plan	-	19.4
Other non recurring costs	0.1	0.2
Adj. EBITDA	126.7	190.8
Margin (%)	20.6%	22.4%

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

(€m)	FY 2021	FY 2022
Intangible assets	132.8	131.6
Property, plant and equipment	167.6	184.2
Equity -accounted investees	121.8	122.7
Fixed asset	422.2	438.4
Inventories	233.0	295.5
Contract work in progress, net of advances from customers	12.4	16.4
Trade receivables	140.0	123.4
Trade payables	(61.4)	(80.6)
Operating working capital	323.9	354.8
Other current assets and liabilities	(69.6)	(74.6)
Net working capital	254.3	280.2
Deferred tax assets	29.4	13.1
Trade receivables	-	-
Other receivables and non -current financial assets	15.7	13.6
Employee benefits	(26.0)	(20.6)
Provisions for risks and charges	(21.1)	(20.7)
Deferred tax liabilities	(29.3)	(8.7)
Trade payables	(0.2)	(0.1)
Income tax payables	(0.1)	-
Other payables	(2.2)	(2.4)
Other net non current asset and liabilities	(33.7)	(25.7)
Net invested capital	642.8	692.8
Net current financial position	(184.1)	318.9
Non -current financial position	(3.8)	(267.5)
Net financial position - ESMA	(187.9)	51.3
Fair value of financial instruments	(0.9)	0.6
Net financial position - De Nora	(188.8)	52.0
Total Equity	(454.0)	(744.8)
Total sources	(642.8)	(692.8)

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

(€m)	FY 2022	FY 2021
EBITDA	165,176	121,206
Losses on the sale of property, plant and equipment and intangible assets	330	1,803
Other non -monetary items	10,672	(3,456)
Cash flows generated by operating activities before changes in net working capital	176,177	119,553
Change in inventory	(60,408)	(105,237)
Change in trade receivables and construction contracts	15,614	(42,991)
Change in trade payables	19,509	11,904
Change in other receivables/payables	5,494	25,267
Cash flows generated by changes in net working capital	(19,791)	(111,056)
Cash flows generated by operating activities	156,386	8,497
Net Interest and Net other financial expense paid	(6,663)	(6,461)
Income taxes paid	(36,748)	(17,554)
Net cash flows generated by operating activities	112,975	(15,519)
Sales of property, plant and equipment and intangible assets	382	770
Investments in tangible and intangible assets	(46,142)	(30,989)
Investments in Associated companies (TK nucera Management AG)	(17)	-
Acquisitions (net of cash acquired)	-	(6,352)
Investments in financial activities	(159,291)	3,779
Net cash flows used in investing activities	(205,068)	(32,792)
Share capital increase	196,707	18,090
New loans/(Repayment) of loans	16,650	85,466
Increase (decrease) in other financial liabilities	(8)	(8)
(Increase) decrease in financial assets	-	-
Dividends paid	(20,030)	(60,028)
Net cash flows generated by financing activities	193,319	43,519
Net increase (decrease) in cash and cash equivalents	101,226	(4,792)
Opening cash and cash equivalents	73,843	75,658
Exchange rate gains/(losses)	(940)	2,977

Closing cash and cash equivalents 174,129 73,843

D I S C L A I M E R

The content of this presentation has a merely informative and provisional nature and does not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto.

The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party.

Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Past performance of De Nora Group cannot be relied on as a guide to future performance. Industrie De Nora makes no representation or warranty, whether expressed or implied, and no reliance should be placed on the fairness, accuracy, completeness, correctness or reliability of the information contained herein and/or discussed verbally.

This presentation contains forward-looking statements regarding future events and the future results of Industrie De Nora that are based on current expectations, estimates, forecasts, and projections about the industries in which Industrie De Nora operates and the beliefs and assumptions of the management of Industrie De Nora. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management are forward-looking in nature. Words such as 'expects', 'aims', 'forecasts', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions (or their negative) are intended to identify such forward-looking statements.

These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Many of these risks and uncertainties relate to factors that are beyond the company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors. Therefore, Industrie De Nora's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, social, political, economic and regulatory developments or changes in economic or technological trends or conditions in Italy and internationally. Consequently, Industrie De Nora makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward-looking statements. Any forward-looking statements made by or on behalf of Industrie De Nora speak only as of the date they are made. Industrie De Nora does not undertake to update forward-looking statements to reflect any changes in Industrie De Nora's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Industrie De Nora may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange.

This presentation contains alternative performance indicators that are not recognized by IFRS. Different companies and analysts may calculate these non-IFRS measures differently, so making comparisons among companies on this basis should be done very carefully. These non-IFRS measures have limitations as analytical tools, are not measures of performance or financial condition under IFRS and should not be considered in isolation or construed as substitutes for operating profit or net profit as an indicator of our operations in accordance with IFRS.

Matteo Lodrini, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and accounting information disclosures herewith set forth correspond to the company's results documented in the books, accounting and other records.

This presentation has to be accompanied by a verbal explanation. A simple reading of this presentation without the appropriate verbal explanation could give rise to a partial or incorrect understanding. By attending this presentation or otherwise accessing these materials, you agree to be bound by the foregoing limitations.