Industrie De Nora

Investor Presentation • Jul 30, 2024

H1 2024 Financial Results:

Q2 revenues recovery, as expected, with healthy profitability

July 30th 2024

© 2024 De Nora

H 1 2 0 2 4 R E S U L T S W I T H Y O U T O D A Y

Paolo Dellachà CEO

Luca Oglialoro 
CFO

Chiara Locati Head of IR & ESG

H 1 2 0 2 4 R E S U L T S A G E N D A

H1 2024 Key Achievements and Business Review H1 2024 Results Review ESG Journey Updates Final Remarks Q&A Session

H 1 2 0 2 4 K E Y H I G H L I G H T S

Q 2 R e v e n u e s R o b u s t R e c o v e r y a s e x p e c t e d , w i t h H e a l t h y P r o f i t a b i l i t y

• +3.8% YoY Q2 Revenues | +6.1% @constant fx with all BUs growing
• 18.4% Q2 EBITDA¹ margin, €47 m Operating Cash flow
• +3% Backlog vs Dec 2023

• H1'24 ENERGY TRANSITION PROGRESS
• 588 MW Green H2 Technologies delivered in H1'24, 1.9 GW since 2022
• +10.6% YoY (+24.2% in Q2) revenues, EBITDA margin at 6.4%

POSITIVE WATER MOMENTUM CONTINUES

• +12% Water Backlog vs Dec.'23, both in WTS and Pools
• +6.2% YoY Pools revenues in H1'24 (+33% in Q2)

UPGRADED GLOBAL CAPACITY FOOTPRINT

ESG PLAN 2030 EXECUTION

• Manufacturing Capacity Upgraded in Asia and Germany
• Italian Gigafactory's groundbreaking. New Innovation Center launched in US
• DE&I policy Finalized and Approved
• Ongoing Climate Action and Green Innovation Activities

4 © 2024 De Nora 1. Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly. Details on slide 35

H 1 2 0 2 4 K E Y R E S U L T S

R e v e n u e s p r o g r e s s a n d c a s h g e n e r a t i o n u n d e r p i n n e d b y h e a l t h y p r o f i t a b i l i t y

REVENUES

€400.3m

€420.4m in H1 2023

2.8%+180 bps

EBITDA ADJUSTED*

€75.3m

18.8%Ebitda Adj margin €84.4m in H1 2023

NET RESULT

€40.0m

10.0%on revenues €46.7m in H1 2023

ENERGY TRANSITION

€52.3m Revenues +10.6% YoY 588 MW Green H² Technologies delivered

BACKLOG

€630.1 m

+3% vs Dec.2023 o/w € 161.2m Energy Transition

NET CASH POSITION

€14.2m €9.4m @ 31 March 2024 € 47m Operating Cash Flow in Q2'24

5 © 2024 De Nora * Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly. Details on slide 35

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 R e v e n u e s S u r g e d i n Q 2 2 0 2 4

Revenues €m

• Q2'2024: Revenues recovered as expected:
• +3.6% YoY @ constant fx driven by Chlor Alkali division

• Aftermarket revenues at 47%

BACKLOG €m

• H1 '2024: New Orders ~€180 m, mainly in Chlor Alkali (~70%) and Asian Region

Okayama Plant

• Strengthening our footprint in Asia (Suzhou and Okayama), where we expanded our existing manufacturing capacity

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 o u n d N e w O r d e r s U n d e r p i n G r o w t h

• 138.8 +12% Water Technologies backlog increase driven by ~€160m new orders
  • Pools Backlog : +12% YoY
  • WTS¹Backlog +12% YoY

H1'24 WTS Orders ~€108m

• WTS Positive Momentum continues
• +8% YoY H1'24 new orders, growing especially in US and the Middle East

Pools Quarterly Revenues €m

• +33% YoY Q2' 24 Revenues, the highest level in the last 5 quarters
• +43% YoY H1'24 new orders

39%

W A T E R T E C H N O L O G I E S S Y S T E M S F l a g s h i p N e w P r o j e c t s a w a r d e d i n Q 2

Selected MUNICIPAL Projects Selected INDUSTRIAL Projects about 538,000 m³/d of Water Treated* about 330,000 m³/d of Water Treated*

Usa – Santa Clarita Valley (California) Scope: Safe Drinking Water - Groundwater Tech: Electrochlorination (EC) - Clortech® 18,800 m³ /d water treated

C-Chlor Tech

China – 2 Projects Scope: Safe Drinking Water - Zero Waste Water Discharge Tech: Ozone – Capital Controls® 240,000 m³ /d water treated, 1.7 million local population

Turkey Scope: Safe Drinking Water Tech: Ozone & EC – Capital Controls® and Clortech® 280,000 m³ /d water treated

O- Ozone Tech

Netherlands – North Sea Scope: Cooling Water. 192,000 m³ /d Water Tech: Seawater Electrochlorination – SANILEC® Carbon Capture and Storage (CCS) - Port of Rotterdam

J Sanilec

Saudi Arabia

Scope: Seawater Power and Desalinization Plant Tech: Seawater EC - Seaclor®, plant retrofit (new coating) 72,000 m3/d water treated

USA (Wisconsin) Scope: Cooling Tower Steel industry Tech: Filtration – De Nora TETRA® 65,400 m3/d water treated

TETRA filtration

SORB contaminant removal systems

PFAS US Regulations

• EPA April 2024: 4ppt is the MCL¹ for drinkable water
• The utilities have a 5-year runway to come into compliance: 3Yrs to monitor and 2Yrs to implement new techs
• EPA estimates total clean up costs of €1.5 bn/Y investment

Why De Nora - Our Solution

• 25+ years' experience in treating complex organic and inorganic contaminants
• SORB contaminant removal systems proven technology for these applications
• Offering pilots to provide customers assurance of the right solution
• Building a dedicated team of commercial and technical PFAS experts

Pipeline and Pilot Projects

E N E R G Y T R A N S I T I O N B U S I N E S S 1 . 9 G W d e l i v e r e d s i n c e 2 0 2 2

MW¹ Delivered

• +18% YoY MW delivered in H1'24
• 1.9 GW¹ delivered since 2022
• H1 Revenues +10.6% YoY (+24.2% in Q2)

• 1.6 GW backlog @ 30 Jun'24 • 3.0 GW Hot Deals in Pipeline

Innovation, R&D & Manufacturing Capacity to lead the market

• 2 GW Gigafactory: Groundbreaking celebrated in June 2024 (Italy)
• R&D (11.0% of H1'24 revenues)

• Dragonfly® already 2 projects started

• MW Megawatt, GW Gigawatt of Equiv. Technologies for the Green Hydrogen generation.

H 1 2 0 2 4 E N E R G Y T R A N S I T I O N

O u r G r e e n H y d r o g e n P r o j e c t s

Main Projects in Backlog

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

Green Steel project, Sweden the first large-scale green steel plant in EU 700+ MW H2 to Steel – Hard to abate industry

Some Projects in our Pipeline

27% of our Pipeline's Hot Deals

«Next Company» (Capacity Reservation, jv nucera) High multi-hundred MW Green H² project in North America

	1

ABEL 260 MW AWE (jv nucera Preferred Supplier) Project for maritime Industry in Australia H2 to methanol

NESTE 120 MW AWE at Neste's Refinery in Finland H2 to Refinery Processes

CESPA 300 MW AWE (Basic Eng. and package design, jy nucera) Andalusian Green H2 Valley, Spain Basic Engineering & Design

D R A G O N F L Y ® S Y S T E M O U R S M A L L - S C A L E S O L U T I O N B a c k l o g a n d P i p e l i n e B u i l d i n g U p

Our innovative H2 generation system

• Designed to minimize Total Cost of Ownership (TOC) and Levelized cost of green H²
• Plug-n-play system
• Reduced Footprint

Sizes: 1MW – 7.5MW

A versatile solution for decentralized applications:

• Heavy transport and Mobility (train/buses, tracks)
• Light industries' needs
• Ideal for small local uses and Hydrogen Valleys

Key Milestone June 2024*

LOI with Duferco Energy Company to jointly develop Green Hydrogen Projects across Europe

HOT DEALS

9

Backlog and Pipeline @ June 2024 (n. of Projects)*

ACTIVELY PURSUED PRJ.

3

12 © 2024 De Nora *Backlog - Received Orders. Hot Deals - High Probability of award in short term. Actively Purused Projects - Under discussion both in technical and economic terms, a good chance to be translated into Hot Deals. Identified Pipeline - Submitted Offers and preliminary tech. discussion.

BACKLOG

2

IDENTIFIED PIPELINE

12

E N E R G Y T R A N S I T I O N P I P E L I N E @ 3 0 J u n e 2 0 2 4

F a s t - g r o w i n g 7 8 . 6 G W p i p e l i n e

13 © 2024 De Nora 1.Hot Deals: projects with high probability of award in the short term. 2.Actively pursued projects in which our partners, and especially those with whom we are closely cooperating, have been having active interactions 3.Identified pipeline: Projects with which our partners had first interactions. 4 Internal Analysis on multiple sources.

B O O S T I N G O U R D I S T I N C T I V E P R O D U C T I O N C A P A C I T Y

G i g a f a c t o r y , a n o t h e r s t e p i n o u r G r e e n H y d r o g e n F o o t p r i n t D e v e l o p m e n t

A M S E M E I A A S I A

• Automation and technology upgrades.
• New Energy Innovation Center
• ~US\$50m Grant by DOE¹ for manufacturing expansion (green H² ) pre-selection

• Synergic plan of expansion for China & Japan.
• Suzhou's expansion phase completed
• Okayama expansion completed in March

Italian Gigafactory's Groundbreaking June 2024

• Greenfield project

• 2GW Green Hydrogen Technolgies Capacity (Dragonfly® )
• Smart and Sustainable Factory
• Start of Operations in 2025
• Eligible for €63 m IPCEI funds. Already approved €32m by Ita. Gov

H 1 2 0 2 4 R E S U L T S A G E N D A

H1 2024 Key Achievements and Business Review H1 2024 Results Review ESG Journey Updates Final Remarks Q&A Session

Q 2 R E V E N U E S S o u n d G r o w t h i n a l l t h e B u s i n e s s U n i t s a t c o n s t a n t f x

+4.9%

Energy Transition (€m / %YoY)

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Performance driven by scheduled production in Chlor Alkali segment
• Electronics still weak YoY
• Japanese Yen Impact -4.8€m

WATER TECHNOLOGIES

• Pools jumped +33% YoY
• WTS stable if excluding -3€m one-offs (Marine Disposal and a sales reversal for a project settlement)

ENERGY TRANSITION

• Backlog execution, despite some delays due to production setup optimization and temporary slowdowns in supply chain

Q 2 E B I T D A A D J U S T E D

H e a l t h y P r o f i t a b i l i t y , w i t h W a t e r T e c h n o l o g i e s a n d E n e r g y T r a n s i t i o n i m p r o v i n g

EBITDA* Adjusted by quarters (€m)

KEY HIGHLIGHTS Q2

ELECTRODES TECHNOLOGIES

• Q2'24 margin mainly reflects a different revenues mix and production set-up optimization due to capacity scale-up

WATER TECHNOLOGIES

• +4.8 pps Margin increase vs Q2'23 mainly reflects both Pools' volumes growth and WTS improvements

ENERGY TRANSITION

• Solid Projects Profitability
• R&D Costs 10% of Revenues
• Italian Gigafactory's costs included

17 © 2024 De Nora * Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly. Details on slide 35

H 1 2 0 2 4 R E V E N U E S

… t o w a r d s G r o w t h i n t h e S e c o n d H a l f

Services; 33% New Installations; 67% 231.7 214.2 204.8 141.4 144.1 143.3 47.3 52.4 52.3 H1'23 H1'24 Constant fx H1'24 Electrode Energy Water Revenues By Type Revenues By Geography -2.3% YoY -4.8% YoY 410.7 400.3 420.4 +10.6% YoY +1.3% YoY -11.6% YoY +10.8% YoY +1.9% YoY -7.6% YoY EMEIA; 36.1% APAC; 33.7% Americas; 30.2% REVENUES €m 143.2

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Chlor Alkali revenues accelerated in Q2 and expected to further improve in H2
• Japanese YEN impact about -9€m
• Aftermarket Revenues at 48%

WATER TECHNOLOGIES

• WTS¹ : +2.9% YoY revenues growth excluding one-offs² and -0.7€m fx impact
• WTS: After Market revenues 37%
• Pools:+6.2% YoY, supported by Q2 performances

ENERGY TRANSITION

• Revenues growth reflects volume increase (+18% YoY MW delivered)

Technologies

Transition

Technologies

H 1 2 0 2 4 B A C K L O G

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

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Project execution partially compensated by orders mainly in ASIA and US

WATER TECHNOLOGIES

• Backlog grew thanks to new orders (~€160m in H1'24) both in WTS and Pools, which more than off-set project executions

ENERGY TRANSITION

• Backlog grew (vs. FY'23) due to 700 MW orders in Sweden (Feb'24)

H 1 2 0 2 4 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

COGS decreased reflecting volume trend

SG&A and Corporate costs slightly increased mainly due to corporate structure enhancement and some inflationary effects

R&D: 70% related to Energy Transition Business.

1. Net of non-recurring costs: 1) COGS: € 0.2m in H1 24; € 0.1m in H1 23; 2) SG&A: € 0.7m in H1 24; € 0.2m in H1 23; 3) Corporate: € 0.3 m in H1 24; € 1m in H1 23 (o/w € 0.7m for IPO)

H 1 2 0 2 4 E B I T D A A D J U S T E D

H e a l t h y p r o f i t a b i l i t y , w i t h W a t e r T e c h n o l o g i e s i m p r o v i n g

EBITDA* Adjusted (€m)

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• The margin evolution reflects lower volumes and a different revenues mix, especially in Q2, which is expected to continue in the next quarters

WATER TECHNOLOGIES

• EBITDA +25.1% YoY
• +3.0 pps EBITDA margin mainly reflects both Pools' volumes increase and WTS profitability improvements

ENERGY TRANSITION

• Solid Projects Profitability
• EBITDA margin changes vs H1'23 reflecting Gigafactory's costs and production set-up optimization
• R&D Costs 11% of Revenues

21 © 2024 De Nora * Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly. Details on slide 35

H 1 2 0 2 4 R E S U L T S : F R O M E B I T D A T O N E T I N C O M E

1. Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly. Details on slide 35

Q 2 O p e r a t i n g C a s h F l o w m o r e t h a n c o v e r e d C a p e x a n d D i v i d e n d s

2 0 2 4 G U I D A N C E

L o w S i n g l e - D i g i t G r o w t h , c o u p l e d w i t h c o n t i n u e d h e a l t h y P r o f i t a b i l i t y

REVENUES

ADJ. EBITDA MARGIN

LOW SINGLE-DIGIT GROWTH

Broadly in line with 2023

Low Single-Digit Growth

Low Single-Digit Growth

~17%

Including Italian Gigafactory Development costs

H 1 2 0 2 4 R E S U L T S A G E N D A

H1 2024 Key Achievements and Business Review

H1 2024 Results Review

ESG Journey Updates

Final Remarks

Q&A Session

M A I N H 1 2 0 2 4 E S G A C H I E V E M E N T S

E x e c u t i n g o u r S u s t a i n a b i l i t y P l a n , o u r j o u r n e y c o n t i n u e s …

GREEN INNOVATION

• Update of Circular Design Guidance focused on 4 major areas:
  • Energy efficiency & Env. footprint reduction
  • Detoxification & CRM reduction
  • Longevity
  • End-of-Life value
• Product Scorecard framework defined:
  • Environmental/Biodiversity benefits
  • Contribution to SDGs
  • Adherence to Circularity principles
  • LCA-based quantifications
  • Social impact

CLIMATE ACTION & CIRCULAR ECONOMY

• 3.1 GWh PV plants connected, in our Germany, Brazil, and Italy sites
• Developing Decarbonization Plan for the main plants
• SBTisubmission for our Decarb Targets
• 50% Scope 1 and 2 emissions reduction
• 52% Scope 3 emissions intensity reduction
• 100% renewable energy

PEOPLE & LOCAL COMMUNITIES

• DE&I Policy finalized
• CROs Gemba Walk calendar almost completed and Safety Days organized for 2024 in our Plants
• Launched Italian pilot for Inclusive Leadership program (INCLUDE)

26 © 2024 De Nora 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 names and logos are trademarks or service marks of MSCI.

H 1 2 0 2 4 R E S U L T S A G E N D A

H1 2024 Key Achievements and Business Review H1 2024 Results Review ESG Journey Updates Final Remarks Q&A Session

Revenues recovered in Q2 2024, enhancing the H1 results, underpinned by a solid and differentiated backlog and a healthy 18.8% EBITDA margin.

Positive momentum in Water Technologies Business continues with growth in Revenues and Order Intake both in WTS and Pools

Energy Transition, 588 MW delivered, revenues grew with positive profitability, production set-up optimization is ongoing

Solid € 47m operating cash generation in Q2 more than covered Capex and Dividends

Sustainable by DNA: we are progressively delivering on our ESG Plan

FY2024 Guidance: Revenues, low single-digit growth, coupled with Healthy Profitability

H 1 2 0 2 4 R E S U L T S A G E N D A

H1 2024 Key Achievements and Business Review H1 2024 Results Review ESG Journey Updates Final Remarks Q&A Session

© 2024 De Nora

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

© 2023 De Nora 2024

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

€ m	Q1 2023	Q2 2023	H1 2023	Q1 2024	Q2 2024	H1 2024
Revenue	216 9	203 5	420 4	189 1	211.2 211 3	400.3 400 4
Growth (%) YoY	8 6%	-4 8%	2 4%	-12 8%	3 8%	-4 8%
Royalties and commissions	(2 2)	(2 7)	(4 9)	(2 0)	(2 5)	(4 5)
of goods sold Cost	(138 4)	(131 3)	(269 7)	(120 7)	(140 7)	(261 4)
Selling expenses	(7 5)	(7 5)	(15 0)	(8 1)	(7 5)	(15 6)
G&A expenses	(11 7)	(12 6)	(24 3)	(12 0)	(12 5)	(24 5)
R&D expenses	(3 5)	(3 3)	(6 8)	(4 0)	(4 0)	(8 0)
Other (expenses) operating income	0 5	(0 9)	(0 4)	0 9	6 0	6 9
Corporate costs	(7 2)	(9 0)	(16 2)	(7 5)	(9 2)	(16 7)
EBITDA	46 9	36 2	83 1	35 7	40 9	76 6
(%) Margin	21 6%	8% 17	19 8%	18 9%	19 4%	19 1%
Depreciation and amortization	(7 2)	(7 2)	(14 4)	(8 2)	(8 0)	(16 2)
Impairment	-	(1 3)	(1 3)	-	-	-
EBIT	39 7	27 7	67 4	27 5	32 9	60 4
(%) Margin	3% 18	6% 13	0% 16	5% 14	6% 15	1% 15
Share of profit of equity-accounted investees	-	1 5	1 5	-	(1 9)	(1 9)
/ (expenses) Finance income Net	(3 9)	(0 6)	(4 5)	(0 3)	(1 9)	(2 2)
Profit before tax	35 8	28 6	64 4	27 2	29 1	56 3
Income taxes	(10 7)	(7 0)	(17 7)	(9 2)	(7 1)	(16 3)
Result Net	25 1	21 6	46 7	18 0	22 0	40 0

Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly. Details on slide 35

€ m	'23 Q1	'23 Q2	'24 Q1	'24 Q2	Q1'24 Q1'23 vs	Q2'24 Q2'23 vs
REVENUES	216 9	203 5	189 1	211 2	-12 8%	3 8%
Electrode Technologies	118 9	112 8	92 7	112 1	-22 0%	-0 6%
Transition Energy	26 6	20 7	26 6	25 7	0 0%	24 2%
Technologies Water	71 4	70 0	69 8	73 4	-2 2%	9% 4
Adj EBITDA	47 0	37 4	36 4	38 9	-22 5%	4 1%
Adj Margin EBITDA	21 7%	18 4%	19 3%	18 4%
Electrode Technologies	31 0	29 7	25 3	23 9	3% -18	4% -19
Ebitda Adj Margin	1% 26	3% 26	3% 27	3% 21
Transition Energy	0 5	0 6	(0 6)	0 4	9% -111	590 6%
Ebitda Adj Margin	8% 18	8% 2	2% -2	6% 15
Technologies Water	11 0	1 7	11 7	11 0	6 3%	54 4%
Ebitda Adj Margin	15 4%	10 1%	16 7%	14 9%

Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly. Details on slide 35

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)	2023 H1	2024 H1
Sales	420 4	400 3
EBITDA	83 1	76 6
Margin (%)	19 8%	19 1%
Terminations (labor legal expenses) costs +	0 2	0 5
Costs relative to IPO process	0 7	-
Costs relative integration , and reorganization to M&A company ,	0 1	0 1
Marine business divesture	-	(2 3)
Other recurring costs non	0 3	0 4
Adj EBITDA	84 4	75 3
Margin (%)	20 1%	18 8%

Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly. Details on slide 35

E B I T D A N e w v . s . P r e v i o u s D e f i n i t i o n I N C O M E S T A T E M E N T

(€m)	H1	2024	2023 H1
	Previous Definition	New Definition	Previous Definition	New Definition
Cash effect of for cost
which provision a was	-5 6	-5 6	-1 5	-1 5
accrued in PY
Provision Utilization	0	6 5	0	1 5
Provision Accrual	0	-2 4	0	-4 9
Provision Release	0	2 1	0	1 7
Adjusted EBITDA	70 0	75 3	86 1	84 4
Provision Accrual	-2 4	0	-4 9	0
Provision Utilization	5 6	0	1 5	0
Provision Release	2 1	0	1 7	0
Total Provision below EBITDA	5 3	-	(1 7)	-
Adjusted EBIT	59 1	59 1	68 7	68 7

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

(€m)	FY 2023	H1 2024
Intangible assets	8 115	2 115
plant and equipment Property,	254 3	261 6
Equity-accounted investees	231 5	229 1
Fixed asset	601 6	605 9
Inventories	257 1	272 1
Contract work in of advances from progress, net customers	31 7	25 4
receivables Trade	141 9	154 7
Trade payables	(106 8)	(89 4)
Operating working capital	324 1	362 8
Other and liabilities current assets	(59 4)	(64 6)
working capital Net	264 6	298 2
Deferred tax assets	16 2	14 3
Other receivables and non-current financial assets	10 5	13 1
Employee benefits	(21 8)	(20 6)
Provisions for risks and charges	(18 0)	(14 3)
Deferred tax liabilities	(8 9)	(9 4)
Trade payables	(0 1)	(0 0)
Other payables	(2 2)	(2 4)
liabilities Other net non current asset and	(24 8)	(20 0)
Net invested capital	841 4	884 1
Net current Liquidity / (Financial Indebtedness)	201 9	153 9
Financial Indebtedness Non-current	(133 7)	(139 7)
Liquidity (Financial Indebtedness) Net / - ESMA	68 2	14 2
Fair value of financial instruments	0 5	0 0
Net Liquidity / (Financial Indebtedness) - De Nora	68 8	14 2
Total Equity	(910 2)	(898 3)
Total sources	(841 4)	(884 1)

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

(€m)	2023 H1	2024 H1
EBITDA	83 106 ,	76 606 ,
Losses (Gain) on the sale of property, plant and equipment and intangible assets	202	(5 712) ,
items Other non-monetary	2 178 ,	(4 529) ,
flows operating activities before in working capital Cash generated by changes net	85 486 ,	66 365 ,
in inventory Change	(11 692) ,	(17 172) ,
Change in trade receivables and construction contracts	(23 018) ,	(7 195) ,
Change in trade payables	8 866 ,	(15 995) ,
Change in other receivables/payables	(18 673) ,	(703)
flows in working capital Cash generated by changes net	(44 517) ,	(41 065) ,
Cash flows generated by operating activities	40 969 ,	25 300 ,
Net Interest and Net other financial expense paid	(4 561) ,	(3 003) ,
paid Income taxes	(12 869) ,	(8 400) ,
cash flows generated by operating activities Net	23 539 ,	13 897 ,
Sales of property, plant and equipment and intangible assets	399	6 774 ,
Investments in tangible and intangible assets	(37 408) ,	(22 762) ,
Acquisitions (net of acquired) cash	(2 046) ,	-
(Investments) Divestments in financial activities	147 971 ,	2 934 ,
Net cash flows used in investing activities	108 917 ,	(13 054) ,
capital increase Share	900	1 100 ,
Shares Treasury		(26 000) ,
New loans/(Repayment) of loans	(146 714) ,	471 11 ,
Increase (decrease) in other financial liabilities	(1 044) ,	(2 009) ,
Dividends paid	(24 202) ,	(24 438) ,
Net cash flows generated by financing activities	(171 061) ,	(39 876) ,
increase (decrease) in equivalents Net cash and cash	(38 606) ,	(39 033) ,
Opening cash and cash equivalents	174 129 ,	198 491 ,
Exchange rate gains/(losses)	(3 016) ,	(1 429) ,
Closing equivalents cash and cash	132 507 ,	158 029 ,

I N V E S T O R R E L A T I O N S – R E A D Y T O E N G A G E

UPCOMING EVENTS – FINANCIAL CALENDAR

• Sep. 9 11 Italian Sustainability Week, Milan - Borsa Italiana
• Sep. 19 Clean Energy and Energy Transition Conference, London Redburn A.
• Sep. 24 26 Scandinavia Roadshow Goldman Sachs
• Oct. 1 Energy Services Conference, London Kepler
• Oct. 5 Nov. 5 Black Out Period
• Nov. 5 9M 2024 Results

IR CONTACTS

ir@denora.com Investor Relations | Overview | De Nora ph: +39 02 2129 2124