Industrie De Nora

Investor Presentation • May 8, 2024

Q1 2024 Financial Results Robust Profitability and Backlog growth in a challenging scenario May 8th 2024

© 2024 De Nora

Q 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

Massimiliano Moi CFO

Chiara Locati Head of IR & ESG

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

Q1 2024 Key Achievements and Business Review Q1 2024 Results Review ESG Journey Updates Final Remarks Q&A Session

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

W e c o n t i n u e t o b u i l d u p f o r g r o w t h a n d v a l u e c r e a t i o n

• 19% EBIDTA Adj margin supported by Electrode Technologies (26.9%)
• +8% Backlog vs Dec' 23, new orders 1.3x quarter's revenues
• €189.1 m Revenues, €195m constant fx, recovery expected from Q2
• 330 MW Technologies for Green H2 released, the highest quarter ever
• Revenues in line with Q1'23, Backlog grew due to the orders for Green Steel Prj.
• 2 new projects for our Dragonfly® electrolyzer
• +7% Backlog vs Dec.'23, orders improved both in WTS and Pools
• +27% Pools revenues vs Q4'23, confirming destocking is over
• Expansion of Okayama plant (JP) inaugurated
• Pre-selected with our partners for about US\$80m grants by US DOE¹
• MSCI confirmed AA rating
• ESG plan execution successfully ongoing

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

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

REVENUES

€189.1m

€216.9m Q1 2023

+22.8%+180 bps

EBITDA ADJUSTED

€35.9m 19.0% Ebitda Adj margin

NET RESULT

€18.0m 9.5% on revenues

ENERGY TRANSITION

€26.6m

Revenues , in line with Q1 2023 330 MW Green H² Technologies delivered

BACKLOG

€661 m

+8% vs Dec.2023 o/w € 182m Energy Transition

NET CASH POSITION

€9.4m €10.1m @ 31 March 2023

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 t r o n g p r o f i t a b i l i t y d e s p i t e s o f t v o l u m e s , g r o w t h t o r e c o v e r i n H 2 ' 2 4

Revenues reflect the production schedule in Chlor-alkali, expected to accelerate from Q2. Electronics performance is still weak, but expected to recover in the second half

Strong 26.9% EBITDA Adj. margin (vs 25.9% in Q1 2023) with after-market services jumped at 49.5% of revenues

New Orders: momentum in Chlor-alkali, mainly driven by technological upgrade and aftermarket contracts. Main markets US and Asia

Okayama's plant expansion in Japan inaugurated in March to serve international customers and the local market.

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 I n c r e a s e d o r d e r s p a v e t h e w a y f o r g r o w t h

Backlog €m

• New Orders ~€80m, growing YoY both in WTS and Pools
  • +4% WTS
  • +16% Pools

Q1'24 WTS Orders ~€55m

• WTS¹ , positive momentum continues
• Revenues +4.7 YoY

Pools Revenues €m

• Pools, destocking is over, +27% Revenues QoQ growth
• YoY decrease due to strong Q1'23

W A T E R T E C H N O L O G I E S S Y S T E M S O u r F l a g s h i p N e w P r o j e c t A w a r d e d i n Q 1 2 0 2 4

O.B. Curtis Water Treatment Plant

• Destination: Jackson, Mississipi
• Capacity : 190,000 m3 Drinkable Water per Day
• Population: 180.000+
• De Nora's Technologies: 2 ClorTec 2400 –C Systems, to produce on-site 1,090 kg of chlorine per day

Scope of the project

• To restore water treatment operations after the Peer River flooding
• The project led by JXN Water Inc. has received federal & state funding

Why De Nora

• Technological Leadership
• Strong execution based on solid track record in USA

MARKET TRENDS DRIVING OUR STRATEGY

• Investments in municipal and energy sectors
• Demand for on-site electrochlorination technologies
• Focus on water-stressed areas (USA, China, Saudi)
• New PFAS Regulation and Public funding in AMS, EU

E N E R G Y T R A N S I T I O N B U S I N E S S I n v e s t i n g i n t h e f u t u r e G r o w t h

330 MW delivered in Q1'24, the highest quarter ever. €26.6 m revenues in line with Q1'23. Project execution follows customer planning

Solid Backlog at 1.9 GW including new orders for the 700+ MW Green Steel project (Sweden)

We are investing in Green H² future growth:

• Gigafactory project in Italy
• R&D (11.2% of revenues)
• Dragonfly® electrolyzer
• Gigafactory in the US

Q 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 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 the EU 700+ MW H2 to Steel – Hard to abate industry

Dragonfly® electrolyzer- Projects

HyTecHeat

Eu Project with Snam e Tenova 1MW low carbon H² for steel production Founded by EU " Horizon Europe"

Reservation Capacity in our pipeline (Hot Deals)

«Next Company» high multi-hundred MW Green H² project in North America HyTecHeat

NESTE 120 MW AWE
at Neste's Refinery in Finland
H to Refinery Processes 2

H2 to Refinery Processes

4 MW - 500 tons/y of Green H² co-funded by the EU Commission and the Clean H2 Partn.

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 1 M a r c h 2 0 2 4

T r a n s f o r m i n g o u r f a s t g r o w i n g 6 4 G W p i p e l i n e i n b a c k l o g

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

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

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

Q1 2024 Key Achievements and Business Review Q1 2024 Results Review ESG Journey Updates Final Remarks Q&A Session

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

R e v e n u e s e x p e c t e d t o a c c e l e r a t e i n H 2 ' 2 4

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Projects scheduling in chlor-alkali and Electronics normalization impacted results
• Revenues expected to recover from Q2'24, thanks the acceleration of membrane projects and Electronics recovery
• Aftermarket Revenues at 49.5%

WATER TECHNOLOGIES

• WTS¹: +4.7% YoY, growth supported by solid backlog and new orders. Aftermarket 36.7%
• Pools: +27% sequential growth QoQ, confirming that destocking is over. YoY growth expected from Q2 '24

ENERGY TRANSITION

• Revenues supported by solid backlog, Performance driven by production plan and projects mix.

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

Technologies

Transition

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 b o o s t e d t h e b a c k l o g

Technologies

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Project execution partially compensated by orders mainly in ASIA and US. Order intake expected to improve in the next quarters

WATER TECHNOLOGIES

• Backlog grew thanks to new orders (~€80m) both in WTS (+4% YoY) and Pools (+16%), which more than off-set project executions

ENERGY TRANSITION

• Backlog grew mainly following the new 700+ MW orders signed in Feb. for the EU largest Green Steel project (Sweden)

(€m)

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

P r o f i t a b i l i t y i n l i n e w i t h g u i d a n c e , s u p p o r t e d b y c o r e b u s i n e s s e s

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Strong and improved profitability (~+100bps), despite revenue trend, mainly supported by production mix and solid aftermarket projects

WATER TECHNOLOGIES

• EBITDA adj +9% YoY
• Ebitda Adj margin grew by ~170 bps, thanks to better profitability both in WTS and Pools, due to indirect cost streamline, product mix and price improvements

ENERGY TRANSITION

Negative Profitability reflects:

• the R&D costs at 11.2% of revenues (9.1% in Q1'23)
• the costs related to Gigafactory
• initial scale up costs and project mix

Q 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

46.5

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 Q 1 2 0 2 4 R E S U L T S

KEY HIGHLIGHTS

NWC incidence on revenues was in line with Q1'23, and increased vs Dec.2023 mainly due:

• To seasonality effects in trade payable and receivables

The inventory ratio increased vs Dec.23 to 32.8% (better than 33.8% in Q1'23), reflecting inventory buildup to support 2024 backlog execution.

	Q1 2023	FY2023	Q1 2024
Inventories % of sales	33.8%	30.0%	32.8%
DSO	65	67	75
DPO	45	74	67

P O S I T I V E N E T F I N A N C I A L P O S I T I O N @ 3 1 M A R C H 2 0 2 4

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

Q1 2024 Key Achievements and Business Review Q1 2024 Results Review ESG Journey Updates

Final Remarks

Q&A Session

M A I N Q 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 , u n d e r p i n n e d b y a s o l i d g o v e r n a n c e

GREEN INNOVATION	CLIMATE ACTION & CIRCULAR ECONOMY	PEOPLE & LOCAL COMMUNITES	GOVERNANCE ETHICS AND COMPLIANCE
• Circular Design Guidance embedded in our R&D • LCA and Product Scorecard project ongoing • 75% R&D costs dedicated to Energy Transition	• 3.1 GWh PV plants connected, in our Germany, Brazil, and Italy sites • 2 New ISO 14001 certifications in China and India • 14% Revenues in Green H 2 24% Revenues in WTS1	• Supply Chain Policy Adopted • Health Safety and Environmental Policy Adopted • Partnered with Valore D, networking and training on DE&I	• 20% target ESG linked in CEO remuneration: - Safety KPIs - Renewable Energy - DE&I policy Adoption • €0.123 per share dividend approved by Shareholders' Meeting
Leading External Recognition2

21 © 2024 De Nora 1. Water Technologies Systems . 2. 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.

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

Q1 2024 Key Achievements and Business Review Q1 2024 Results Review ESG Journey Updates Final Remarks Q&A Session

F I N A L R E M A R K S Q 1 2 0 2 4 R E S U L T S

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

Robust profitability, EBITDA adj margin plentifully in line with guidance, supported by Electrodes Technologies Business

Positive momentum in Water Technologies Business both WTS and Pools that are sequentially (QoQ) growing

Energy Transition, 330 MW delivered, the highest quarterly production level ever. Solid backlog and pipeline to grow

Manufacturing capacity expansion focused on readiness and flexibility: Okayama's plant expansion inaugurated

Sustainable by DNA: excellent external recognitions and ESG Plan execution

Revenue growth is expected to recover from the second quarter of the year, whit profitability in line with the Business Plan.

Q&A Session

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 2024	Q1 2023
Revenue	189 1	216 9
YoY Growth (%)	(12 8%)	8 4 %
in inventory of finished in Change goods and work progress	2 7	16 8
Other income	3 1	4 1
for materials , supplies Costs , consumables and goods raw	(75 4)	(107 3)
Personnel expenses	(37 8)	(36 2)
for services Costs	(42 8)	(42 7)
Other operating expenses	(1 7)	(2 4)
EBITDA	35 4	46 5
Margin (%)	19%	21%
Amortization and depreciation	(8 2)	(7 2)
Reinstatement (write down) of equipment intangible property , plant and assets &	-	-
Net provision for risk and charges	0 3	0 4
EBIT	27 5	39 7
Margin (%)	15%	18%
Share of profit of equity-accounted investees	-	-
Finance income	4 2	2 4
Finance expenses	(4 5)	(6 3)
Profit before tax	27 2	35 7
tax Income expense	(9 2)	(10 7)
Profit for the period	18 0	25 0

€ m	Q1'22	Q2'22	Q3'22	Q4'22	'23 Q1	'23 Q2	'23 Q3	'23 Q4	'24 Q1
REVENUES	200 1	210 4	206 1	236 2	216 9	203 5	209 4	226 7	189 1
Electrode Technologies	109 5	118 5	123 4	122 0	118 9	112 8	121 0	111 5	92 7
Transition Energy	4 5	2 4	7 2	28 6	26 6	20 7	21 3	33 6	26 6
Technologies Water	86 1	89 5	75 5	85 6	71 4	70 0	67 0	81 5	69 8
Adj EBITDA	55 2	47 1	43 6	44 9	46 7	39 4	38 2	46 8	35 9
Adj Margin EBITDA	27 6%	22 4%	21 2%	19 0%	21 5%	19 4%	18 2%	20 6%	19 0%
Electrode Technologies	31 8	30 2	32 0	25 4	30 9	29 5	29 3	27 9	24 9
Ebitda Adj Margin	9% 27	0% 25	9% 25	8% 20	0% 26	2% 26	2% 24	1% 25	9% 26
Energy Transition	n a	n a	(0 4)	6 2	5 3	0 7	1 5	4 6	(0 5)
Ebitda Adj Margin	n a	n a	n m	21 7%	19 9%	3 5%	6 9%	13 7%	8% 1 -
Technologies Water	23 4	16 9	12 0	13 3	10 5	9 1	7 5	14 2	11 5
Ebitda Adj Margin	27 2%	18 9%	15 9%	15 5%	14 7%	13 1%	11 1%	17 5%	16 4%

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

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

(€m)	Q1 2023	Q1 2024
Sales	216 9	189 1
EBITDA	46 5	35 4
Margin (%)	4% 21	7% 18
Terminations (labor expenses) costs legal +	0 12	0 42
Costs relative integration , and reorganization to M&A company ,	-	0 05
relative of Costs to startup De Nora Tech LLC – US plant ,	0 01	-
recurring Other costs non	0 03	0 00
Adj EBITDA	46 7	35 9
Margin (%)	21 5%	19 0%

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

(€m)	Q1 2024	2023 FY
Intangible assets	115 7	115 8
equipment Property , plant and	260 3	254 3
Equity-accounted investees	231 5	231 5
Fixed asset	607 5	601 6
Inventories	271 8	257 1
Contract work in progress, net of advances from customers	29 6	31 7
Trade receivables	164 7	141 9
Trade payables	(95 7)	(106 8)
Operating working capital	370 3	324 1
liabilities Other current assets and	(58 3)	(59 4)
working capital Net	312 0	264 6
Deferred tax assets	16 0	16 2
Other receivables and non-current financial assets	13 4	10 5
Employee benefits	(21 0)	(21 8)
Provisions for risks and charges	(18 2)	(18 0)
Deferred tax liabilities	(9 1)	(8 9)
Trade payables	(0 0)	(0 1)
Other payables	(2 3)	(2 2)
liabilities Other net non current asset and	(21 8)	(24 8)
invested capital Net	897 8	841 4
Net current Liquidity / (Financial Indebtedness)	144 8	201 9
Non-current Financial Indebtedness	(135 5)	(133 7)
Net Liquidity / (Financial Indebtedness) - ESMA	9 4	68 2
Fair value of financial instruments	(0 2)	0 5
Net Liquidity / (Financial Indebtedness) - De Nora	9 2	68 8
Equity Total	(906 9)	(910 2)
Total sources	(897 8)	(841 4)

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

(€m)	Q1 2024	Q1 2023
EBITDA	35 435 ,	46 491 ,
Losses on the sale of property, plant and equipment and intangible assets	(1)	172
Other non-monetary items	(407)	35
Cash flows generated by operating activities before changes in net working capital	35,027	46,698
in inventory Change	(14 ,594)	(2 270) ,
Change in trade receivables and construction contracts	(20 256) ,	(25 600) ,
Change in trade payables	(11 457) ,	(2 987) ,
Change in other receivables/payables	(5 889) ,	(27 676) ,
Cash flows generated by changes in net working capital	(52 ,195)	(58 ,532)
Cash flows generated by operating activities	(17 ,168)	(11 ,834)
Net Interest and Net other financial expense paid	(1 ,792)	(2 832) ,
Income taxes paid	(5 350) ,	(6 ,151)
flows operating activities Net cash generated by	(24 ,310)	(20 ,818)
of equipment intangible Sales property, plant and and assets	371	9
in tangible intangible Investments and assets	(11 ,513)	(19 680) ,
(Investments) Divestment in Associated companies	-	-
Acquisitions (net of cash acquired)	-	-
(Investments) Divestments in financial activities	2 062 ,	110 058 ,
Net cash flows used in investing activities	(9 ,081)	90,387
Share capital increase	500	900
Treasury Shares	(22 458) ,
loans/(Repayment) of New loans	10 978 ,	(133 861) ,
(decrease) in financial liabilities Increase other	(2)	(2)
(Increase) in financial decrease assets	-	-
Dividends paid	-	-
cash flows generated by financing activities Net	(10 ,982)	(132 ,963)
Net increase (decrease) in cash and cash equivalents	(44 ,372)	(63 ,394)
Opening equivalents cash and cash	198 491	174 ,129
gains/(losses) Exchange rate	, (13)	(1 097) ,
Closing cash and cash equivalents	154,105	109,638

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

• May 15 UBS Pan EU Small and Mid-Cap Conference
• May 21 Unicredit Italian Investment Conference
• May 30 Pan-European ESG Conference
• Jun. 5 Paris Roadshow Mediobanca

FINANCIAL CALENDAR

Jul. 30 Nov. 5 H1 2024 Results 9M 2024 Results

IR CONTACTS

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