El.En.

Investor Presentation • May 16, 2024

COMPANY PRESENTATION

Northern MidCap Event

May 16th , 2024

DISCLAIMER ²

Certain statements in this slide show, including those addressing the Company's beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statements. Forward-looking statements involve known or unknown risks, including general economic and business conditions, and conditions in the industry we operate and may be affected should our assumptions turn out to be inaccurate. Consequently, no forward-looking statement can be guaranteed and actual future results, performance, or achievements may vary materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation about the contents nor to update the forward-looking statements to reflect events or circumstances that may arise after the date hereof.

AGENDA ³

• 2. Markets and Growth Drivers
• 3. Our Strategy and Market Approach
• 4. Financial Highlights
• 5. Current Outlook
• 6. Multiples & Comparables

OVERVIEW

OVERVIEW

A PRIMARY PLAYER PROVIDING MEDICAL,INDUSTRIAL AND CONSERVATION LASER SOLUTIONS WORLDWIDE

World Class Hi-Tech company

Hi-Tech industrial group providing laser solutions with proprietary technologies and know how developed over 40 years

Listed on Euronext STAR Milan of Italian Stock Exchange since year 2000 and member of Euronext Tech Leaders

Within Worldwide leaders in its space

Active worldwide on several laser application segments and markets…

…progressively widening its worldwide presence achieving continuous growth over the years

OVERVIEW OUR APPROACH ⁶

>40 YEARS OF EXPERIENCE

SUBSIDIARIES

8 COUNTRIES WITH DIRECT PRESENCE

14 PLANTS

WE CREATE LIGHT,ENERGY,WAVES

Our energy based systems improve people's well-being and life quality.

In the SURGICAL SECTOR, our minimally invasive technology systems minimize pain, side effects and risks of surgical procedures and hospitalization days.

In the AESTHETIC SECTOR, our systems satisfy the growing desire of individuals to improve their appearance also reducing pathological or painful imperfections.

Our LASER CUTTING and MARKING SYSTEMS Improve the productivity of our customers manufacturing plants also limiting the environmental impact of manufacturing processes minimizing waste, fumes generated by the process, use of chemical additives, and allowing to eliminate the need for inks, solvents or glues within the process.

Our LASER SYSTEMS PRESERVE artworks of the universal heritage ofour communities.

OUR APPROACH

ENVIRONMENT

6 Photovoltaic systems active in ²³ 2 New photovoltaic plants for 2024

10% Self-produced electrical energy produced with respect to the electrical energy needs of 2023

Electrical energy purchased from renewable sources with respect to the electrical energy needs of 2023

OUR HISTORY ⁸

80s

Production of CO² lasers for dermatology, surgery and therapy

1981

Incorporation of El.En.S.n.c

90s

Development of short pulse Nd:YAG lasers for dentistry and minimally invasive surgery treatments

1990 - 1993

Incorporation of Deka MELA S.r.l., Lasit S.p.A. e Cutlite Penta S.r.l.

1998

Smartepil (Deka Mela S.r.l.) - first long pulse Nd:Yag laser for dermatology and hair removal

2000

El.En.S.p.A.listed on the italian stock market

2002

Smartlipo (Deka Mela S.r.l.laserlipolisi® : localized removal of adipose deposits with minimally invasive treatment

Acquisition of Cynosure Inc.

2003

Smartxide DOT® Therapy (Deka Mela S.r.l.) dermatological surgery, anti-aging treatments,removal of pigmented lesions and scars

Acquisition of Asclepion GmbH

2004

Acquisition of Quanta System

2005

Acquisition of Asa

Cynosure IPO on Nasdaq

2007

Incorporation of a JV in China: Wuhan Penta Chutian Co.Ltd

Incorporation of Cutlite Do Brasil Alta Tecnologia Ltda

2008

Mediostar XT (Asclepion GmbH) esthetics and hair removal.

Industrial sector El.En.– creation of the BLADE RF CO² BLADE RF laser sources family

Litho (Quanta System S.p.A.) surgical, treatment of kidney stones

2009

Plus RF (Cutlite Penta S.r.l.) with RF El.En. sources for metacrilate and wood cutting systems

Incorporation of Esthelogue S.r.l.

2010

Smartxide² (Deka Mela S.r.l.) laser system with CO² radio frequency (RF) laser sources for dermatological surgery and aesthetics

2011

Mediostar Next (Asclepion GmbH) aesthetics, hair removal

OUR HISTORY ⁹

2012

Monna Lisa TouchTM (Deka Mela S.r.l.) for the treatment of vaginal atrophy

Cyber (Quanta System S.p.A.) surgery, Lithotripsy and BPH

2013

Incorporation of second JV Penta Laser Equipment (Wenzhou) Co.Ltd

2015

Bolt (Penta Chutian e Wenzhou - China) enhanced system for laser metal cutting

Discovery Pico (Quanta System S.p.A.) tattoo and pigmented lesions removal and dermatological treatments

HIROTT (ASA S.r.l.) painful pathologies of the muscle and skeleton

Fiber Plus (Cutlite Penta S.r.l.) first metal cutting laser system equipped with fiber laser source

2016

Motus AX with Moveo (Deka Mela S.r.l.) hair removal,removalof pigmented lesions

Juliet® (Asclepion GmbH) for the treatment of vaginal atrophy

Deka M.E.L.A.S.r.l.and Quanta System S.p.A.join their commercial brand names into Reinassance® for the Italian market

2017

Industrial sector RF 1222 CO² RF laser source "The Big Boy"

2018

ONDA Coolwaves® (Deka Mela S.r.l.) the first microwaves technology system for body contouring

2019

The Chinese subsidiary Penta Laser Equipment (Wenzhou) Co.Ltd incorporates Penta Laser Technology (Shangdong) Co.Ltd

Acquisition by Quanta System of Galli S.r.l. a precision mechanical components manufacturing facility.

2020

Schwarzy (magnetotherapy) Red Touch (dermatology) Again (hair removal) Dr.Arnold (magnetotherapy)

2021

Lasit Laser Polska incorporated by Lasit in Poland

Glide (dermatology) Chrome Laser Station (dermatology)

2022

Lasit Laser Iberica incorporated by Lasitin Spain

Acquisition by Penta Laser Zhejiang of Shenzhen KBF Laser Tech Co. Ltd

2023

Lasit Laser Deutschland GmbH incorporated by Lasitin Germany

Lasit Laser UK Ltd incorporated by Lasit in UK

EL.EN. WORLDWIDE ¹⁰

GROWTH HISTORY ¹¹ REVENUES Cagr 11/23: +25% Cagr 11/23: +14% EBIT in Euro million

MARKETS AND GROWTH DRIVERS

LASER SURGERY MARKET TRENDS ¹³

MINIMALLY INVASIVE SURGERIES:

• Painless procedures
• Lower risks and side effects
• Shorter hospital stays/Faster recovery
• Savings by Private & National Health Systems
• Attractive ROI for surgical services providers
• Rapidly Growing Urology laser market

MEDICAL AESTHETICS MARKET TRENDS ¹⁴

• Aging demographics and increasing focus on improving appearance and youthfulness;
• Growing interest in non-invasive or minimally invasive procedures and awareness of energybased aesthetic treatments
• Growing global obesity rate
• Reductions in procedure costs, attracting a broader patient base
• Normalization and social acceptance of cosmetic procedures
• Rapid growth expected

MARKET RESEARCHES GROWTH ESTIMATES ¹⁵

GLOBAL MEDICAL LASER MARKET

• Mordor Intelligence CAGR 13,4% to 2028
• Fortune business insights CAGR 13,1% to 2030
• Global Market Insights CAGR 14,5% to 2032
• Research and Markets CAGR 13,2% to 2030

With an estimated market size of ≃ \$5 Bln in 2021 including:

• Ophthalmology
• Dermatology
• Aesthetics
• Surgical
• Gynecology Urology
• Cardiovascular
• Dentistry

EXPECTED GROWTH IN COSMETIC MARKET

• Research and Markets CAGR 15,2% to 2027
• The business research company CAGR 19,1% to 2027

INDUSTRIAL LASER MARKET TREND ¹⁶

Laser cutting applications:

• Laser power increase + Cost reduction: enhanced flexibility, productivity and quality standards in manufacturing processes
• New application verticals
• Building and construction

Laser marking:

• Products identification and traceability
• Minimal environmental impact

Laser processing market:

• Size: \$17,48 billion in 2021
• Expected CAGR to 2030: 9,1%

Source: Grand view research

OUR STRATEGY AND MARKET APPROACH

OUR KNOWLEDGE ¹⁸

Aesthetics Surgery Dermatology Physiotherapy Cutting Marking Art Conservation Electronics Optics Photonics Mechanics Fluid dynamics Power electronics Software LASER Technical Knowledge Application Expertise

THE LASER ADVANTAGE ¹⁹

• Flexibility
• Speed
• Power
• Precision
• Selectivity
• Effectiveness

MID-TERM STRATEGIC VISION BASED ON: ²⁰

• Continuous investment in R&D: maintaining the unmatched wideness of our product range by innovating existing technologies and developing new ones
• Cooperation with primary research institutions and KOL'S
• Excellent knowledge of the target markets based on the widespread and loyal distribution network created over the years
• Ability to continuously update the laser technology of our wide product range
• Focus on innovative products release, technical support and continuous training to our customers
• Multi brand approach

WIDE RANGE OF PRODUCTS IN MEDICAL SECTOR ²¹

Hair removal Tattoo removal & Pigmented lesions

Body Contouring Skin Rejuvenation

Surgery

Dermatology Gynecology

Physiotherapy

Urology

..AND IN INDUSTRIAL SECTOR ²²

FINANCIAL HIGHLIGHTS

INCOME STATEMENT – FY 2023 ²⁵

'000 Euro	31/12/22	%	31/12/23	%	% Var
Medical	382 063	7% 56 ,	unaudited 392 434	7% 56 ,	7% 2 ,
Industrial	291 518	3% 43 ,	299 856	3% 43 ,	9% 2 ,
Revenues	673 581	100 0% ,	692 290	100 0% ,	2 8% ,
margin Gross	249 695	1% 37 ,	261 430	8% 37 ,	7% 4 ,
Operating Expenses	56 250	4% 8 ,	59 436	6% 8 ,	7% 5 ,
Staff espenses	98 194	6% 14 ,	111 129	1% 16 ,	2% 13 ,
EBITDA	95 251	1% 14 ,	90 866	1% 13 ,	6% 4 - ,
accruals Depr amort ., .,	14 250	1% 2 ,	18 130	6% 2 ,	2% 27 ,
EBIT	81 001	12 0% ,	72 736	10 5% ,	10 2% - ,
financ income(charges) Net	(1 934)	3% 0 - ,	(1 533)	2% 0 - ,	7% 20 - ,
Other (expense) income net	(79)	0 0% ,	(69)	0 0% ,	12 9% - ,
EBT	78 988	11 7% ,	71 134	10 3% ,	9 9% - ,
Income taxes	19 953	3 0% ,	21 068	3 0% ,	5 6% ,
Minorities	3 925	0 6% ,	1 827	0 3% ,	53 4% - ,
NET INCOME	55 111	8 2% ,	48 239	7 0% ,	12 5% - ,

BALANCE SHEET – FY 2023 ²⁶

'000 Euro	31/12/22	31/12/23	% Var
	restated	unaudited
Total current assets non	165 786	166 200	0 2% ,
Working Capital Net	200 536	230 449	14 9% ,
receivables/payables Other ST	(80 154)	(54 244)	3% 32 - ,
financial Net position	75 363	54 586	6% 27 - ,
liabilities Long term	18 077	21 533	19 1% ,
Equity Net	343 455	375 458	9 3% ,
capital employed Net	268 092	320 872	7% 19 ,
Working Capital sales Net on	29 8% ,	33 3% ,
ROCE	2% 30 ,	7% 22 ,
(EBIT/Net capital employed)
Operating Capex	28 514	13 546

INCOME STATEMENT – Q1 2024 ²⁷

'000 Euro	31/03/23	%	31/03/24	%	% Var
	unaudited		unaudited
Medical	96 812	0% 60 ,	91 704	3% 61 ,	3% -5 ,
Industrial	64 543	0% 40 ,	57 812	7% 38 ,	4% -10 ,
Revenues	161 355	0% 100 ,	149 516	0% 100 ,	3% 7 - ,
Gross margin	61 123	37 9% ,	62 400	7% 41 ,	2 1% ,
Operating Expenses	066 14	8 7% ,	914 15	10 6% ,	13 1% ,
Staff espenses	26 123	16 2% ,	27 269	18 2% ,	4 4% ,
EBITDA	20 934	13 0% ,	19 217	12 9% ,	8 2% - ,
accruals Depr amort ., .,	3 902	4% 2 ,	4 901	3% 3 ,	6% 25 ,
EBIT	17 032	6% 10 ,	14 316	6% 9 ,	9% 15 - ,
income(charges) financ Net	(459)	0 3% - ,	187	0 1% ,
(expense) Other income net	36	0 0% ,	(107)	0 1% - ,
EBT	16 608	10 3% ,	14 396	9 6% ,	13 3% - ,
	31/12/23		31/03/24 unaudited
financial position Net	54 586		46 148

Cash Flow – Q1 2024 ²⁸

Revenue Breakdown by Business ²⁹

Revenue Breakdown by Area ³⁰

-46% -5%

+32%

CURRENT OUTLOOK

2024 Guidance ³²

Revenue 2024 > Revenue 2023

EBIT 2024 > EBIT 2023

MULTIPLES & COMPARABLES

MULTIPLES ³⁴

Stockholder's share Equity per	4 8 ,
/ Book Value Adj Price	2 0 ,
/EBIT (90% EBIT) EV	13 7
	,
/ Sales (90% Sales) EV	1 3 ,
El Market En Cap	@ 776 7 ,	€ 9 70 ,
financial position Net	@ 46 1 ,	31/03/24
m/l Financial investments term	23 8 @ ,	31/03/24
Enterprise Value	706 7 ,

MULTIPLES ³⁵

Mar. 31st , 2024
Medical/Aesthetic	Price on May 16 2024 ,	Revenue	Var.% Rev.	EBIT	EBIT %	MK.Cap	EV	EV/Sales (*)	EV/EBIT (*)	P/Book Value
Cutera	\$2 ,59	\$39	-29%	\$(19)	-50%	\$52	\$379	2,4	n.a.	n.a.
InMode	\$18 ,85	\$80	-24%	\$18	23%	\$1 .600	\$835	2,6	11,5	2,0
Health Beauty	\$2 ,77	\$81	-6%	\$(17)	-21%	\$342	\$581	1,8	n.a.	5,4
(2) Venus	\$0 ,68	\$76	-23%	\$(28)	-37%	\$ 4	\$79	1,0	n.a.	n.a.
(2) Sisram Medical	\$0 ,54	\$359	% 1	\$40	11%	\$255	\$233	0,6	5,9	0,6
(2) Classys	€ 33,60	€ 35	23%	€ 18	53%	€ 2.147	€ 2.093	60,0	114,0	10,5
Industrial
Photonics IPG Co.	\$90 ,17	\$252	-27%	\$19	% 8	\$4 .110	\$3 .035	3,0	39,7	1,8
Han's Laser	¥20,62	¥2.630	8 %	-¥112	-4%	¥21.990	¥20.252	1,9	n.a.	1,4
Bystronic (2)	CHF 450	CHF 930	-8%	CHF 54	6 %	CHF 822	CHF 370	0,4	6,8	1,1
Amada (2)	1.835 JPY	118.280 JPY	11%	16.150 JPY	14%	625.950 JPY	540.766 JPY	4,6	33,5	1,2
Yamazaki	344 JPY	745 JPY	-0,5%	13 JPY	2 %	1.580 JPY	2.398 JPY	0,8	47,3	1,2
Tech HuaGong	¥31,59	¥2.158	-19%	¥182	% 8	¥31.620	¥31.863	3,7	43,7	3,3
El (1) .En.	€ 9,70	€ 150	-7%	€ 14	10%	€ 777	€ 707	1,3	13,7	2,0

(1) EV and multiplies as for previous slide

(2) Financials on Dec 31st, 2023

(*) Revenue,Ebit and earnings annualized

El.En. vs. FTSE Star Italy ³⁶

CONTACTS

El.En. S.P.A. Enrico Romagnoli Investor Relations Manager tel. +39 055-8826807 E-mail: finance@elen.it

POLYTEMS HIR

Financial Communication, IR and Press Office Bianca Fersini Mastelloni - b.fersini@polytemshir.it Silvia Marongiu - s.marongiu@polytemshir.it Tel. +39 06-69923324