IRCE

Investor Presentation • Mar 20, 2024

FY 2023 Financial Results Presentation

IRCE Group –Contents

Company Profile

•Highlights •TheBusinesses

•ProductionPlants

Financial Results

•Copper and Aluminium Price Trend

•ProfitandLoss Statement

•BalanceSheet

•BusinessPerformance

•Market Performance

CompanyProfile–Highlights

IRCE is a leading European Group operating in the industriesof magnet wires and cables

I R C E To da y	Uo m	F Y 2 0 2 3	F Y 2 0 2 2
Nu be f e loy F T E m r o m p ee s	Nr	6 7 1	6 4 8
O T U R N V E R	Eu M r	4 0 2. 8	4 5 4. 7
E B I T D A E B I T D A A d j *	Eu M r Eu M r	2 1. 4 2 1. 5	1 9. 4 1 9. 9
E B I T E B I T A d j * R E S U L T f t he io d o p er	Eu M r Eu M r Eu M r	1 4. 4 1 4. 5 8. 2	1 1. 6 1 2. 1 9. 2

The data includes Miradolo italian plant sold on June 30, 2022

(*) Including gains/losses on copper and energy derivatives transactions if realized

History

1 9 4 7	I R C E be i ts t iv i ty in Im la ( I ta ly ) i t h t he du t ion f m t w ire g an ac o w p ro c o ag ne s
1 9 6 1	T he d he du ion f P V C ins la d low l b les tar te t t te tag co m p an y s p ro c o u vo e c a
1 9 9 6	Gr S T he l is te d o t he I ta l ian toc k Ex ha ou p wa s n c ng e
1 9 9 8	Ac is i t ion f Sm i t Dr d N i j B V ( T he Ne t he lan ds ) q u o aa me g en r
2 0 0 1	Ac is i ion f F D S im L d ( U K ) t t q u o s
2 0 0 1	Gr S Se T he l is te d o t he tar Ma ke t t ou p wa s n r g me n
2 0 0 7	Co tru t ion f Br i l P lan t ns c o az
2 0 0 7	Ac is i ion f S b le Ma W ire P. L d ( In d ia ) t ta t t q u o g ne
2 0 1 0	f S O Gm ( Ge ) Ac is i t ion I D R A b H q o rm an u y
2 0 1 5	Ne les f f ice in Po lan d w sa o
2 0 1 8	Es b l is he d he Co in C h ina ta t m p an y
2 0 2 1	Es ta b l is he d t he Co in Cz h Re b l ic m p an y ec p u
2 0 2 2	Ju 3 0, l d t he bra h o f t he fo t he du t ion f p b les loc te d in M ira do lo Te I ta ly ne so nc co m p an y r p ro c o ow er ca a rm e
2 0 2 3	S he ion f p lan in Cz h Re b l ic ta t t tru t t r co ns c o ec p u

Company Profile–The Businesses

IRCE Group works in two business areas:

• •Magnet wires 80% of sales
• •Energy cables 20% of sales

Company Profile– The Businesses

Magnet Wires

Magnet wires, also known as winding wires or enamelled wires, have multiple applications such as electric motors, generators, transformers, compressors, inductors, relays, solenoid valves, etc. The wire is insulated through the application of many layers of enamels by means of highly sophisticated processes and machines, which demand high levels of investments and large scale of productions.

Energy Cables

Cables produced by the Group encompass the complete range of Low Voltage and Medium Voltage for building and industrial sector. Cables can be insulated with PVC, rubber, polyethylene, etc.. They are used for the construction of electricity plants in residential and industrial buildings and for the wiring and cabling of electrical appliances. The principal final industry sectors are the construction industry, housing and industrial applications, and consumer durables industries (domestic appliances and other electrical appliances).

Company Profile – The Businesses >MagnetWires

>Market share

In the Magnet Wire business IRCE manufactures and sales the complete range of products, and is mainly engaged in the segments of the fine and medium wires. It mainly operates in Europe, where it is one of the top three producers by size.

CompanyProfile–ProductionPlants

1. Im la P la t o n	3. U m G 2. l io i P la t u g ne s n	b t i d P la t 4. T he Ne e r e n	he la d P la t t r n s n
5. U i t d K in d P la t n e g o m n	6. Br i l P la t az n S 7. t b le a	8. G M t W ire P. L t d. e a g ne	P la t rm a ny n
C Sp 1. I R E A He dq ter a ua r s –	Co d A lum in ium Ro d Ma t W ire p p er an un g ne	Co Sq d Ar 4 6, 0 0 0 ve re ea m :	S O I 9 0 0 1
Im la I ta ly o –	d L V En Ca b les an erg y	Em loy 2 3 4 p ee s:	I A T F 1 6 9 4 9
			I S O 1 4 0 0 1
2. I R C E Sp A		Co d Ar 2 4, 0 0 0 Sq ve re ea : m	I S O 9 0 0 1
Gu l ion i - I ta ly g es	/ Ca L V M V En b les erg y	Em loy 8 3 p ee s:
3. I R C E Sp A		Co d Ar 1 9, 4 0 0 Sq ve re ea m :	I S O 9 0 0 1
Um be t i de I ta ly r -	Co d A lum in ium Ro d Ma t W ire p p er an un g ne	Em loy 4 4 p ee s:
4. Sm i Dr d N i j B V t aa me g en	Co Re lar Ma W ire tan t p p er c g u g ne	Co d Ar 9, 8 0 0 Sq ve re ea : m	I S O 9 0 0 1
N i j T he Ne t he lan ds me g en r –	Co t inu ly Tra d Ca b le ( C T C ) n ou s ns p os e	Em loy 7 5 p ee s:
5. F D S im L d t s		Co d Ar 7, 0 0 0 Sq ve re ea : m	I S O 9 0 0 1
		Em loy 3 4 p ee s:	I A T F 1 6 9 4 9
B lac k bu U K rn –	Co d A lum in ium Ro d a d Re tan lar Ma t W p p er an un n c g g ne u	ire	I S O 1 4 0 0 1
			I S O 4 5 0 0 1
C 6. I R E L t da	Co d A lum in ium Ro d a d Re tan lar Ma t W p p er an un n c g g ne u	Co Sq ire d Ar 2 1, 5 0 0 ve re ea m :	S O I 9 0 0 1
Jo inv i l le Br i l az -	Co inu ly Tra d Ca b le ( C T C ) t n ou s ns p os e	Em loy 1 1 7 p ee s:	I A T F 1 6 9 4 9
7. S ta b le Ma t W ire P. L t d. g ne
Co h in In d ia c –	Co Ro d Ma t W ire p p er un g ne	Em loy 2 8 p ee s:	I S O 9 0 0 1
8. I S O D R A Gm b H
K ier Ge sp e - rm an y	Co Ro d Ma W ire t p p er un g ne	Em loy 1 3 p ee s:	I S O 9 0 0 1

IRCE Group –Copper and Aluminiumprice trend

Financial Results–Profit and Loss Statement

Eu i l l io ro m n	F Y 2 0 2 3	% T urn	F Y 2 0 2 2	% T urn	ha % c ng e	F Y 2 0 2 1	F Y 2 0 2 0
Ho l low tur ire no ve r w s	7 1. 0		7 2. 2		-1 7 %	6 7. 8	5 1. 8
Ho l low tur b les no ve r c a	2 8. 2		2 4. 5		% 1 5. 1	2 4. 6	1 6. 5
To l ho l lo ta tu w rn ov er	9 9. 2		9 6. 7		2. 6 %	9 2. 4	6 8. 3
T U R N O V E R ( inc lu de d ) co p p er	4 0 2. 8	10 0 .0 %	4 5 4. 7	10 0 .0 %	-1 1. 4 %	4 5 7. 1	2 9 5. 3
O he inc t r om e	1. 8	0.4 %	4. 9	1.1%	-63 .3%	0. 6	0. 8
O S T T A L R E V E N U E	4 0 4. 6	% 10 0 .4	4 9. 6 5	% 10 1.1	-1 2. 0 %	4 5 7. 7	2 9 6. 1
Co t o f m te ia l inc lu d ing ha in to k s a r c ng e s c	( 3 1 4. 6 )	-78 .1%	( 3 6 1. 9 )	-79 .6%	-13 .1%	( 3 6 6. 2 )	( 2 3 1. 8 )
Pe l c ts rs on ne os	( 3 0. 5 )	-7.6 %	( 3 0. 0 )	-6.6 %	1.7%	( 3 0. 5 )	( 2 8. 5 )
O t he ts d s ice r c os an er v s	( 3 8. 1 )	% -9.5	( 8. 3 ) 4	.6% -10	.1% -21	( 3 8 ) 7.	( 2 0 ) 5.
E B I T D A	2 1. 4	5.3 %	1 9. 4	4 .3 %	% 1 0. 3	2 3. 2	1 0. 8
De ia ion d p is ion t p re c s a n ro v s	( 7. 0 )	-1.7 %	( 7. 8 )	-1.7 %	-10 .3%	( 8. 8 )	( 7. 6 )
E B I T	1 4. 4	3 .6 %	1 1. 6	2 .6 %	2 4. 1 %	1 4. 4	3. 2
Co d e de iva t ive p p er an ne rg r s y	0. 1	0.0 %	0. 5	0.1%	80 .0%	( 0. 2 )	1. 4
Ne t f ina ia l c ha nc rg es	( 2. 0 )	-0.5 %	( 1. 8 )	-0.4 %		0. 0	( 0. 3 )
R E S U T B E F O R E T A X E S ( E B T ) L	1 2. 5	3 .1%	1 0. 3	2 .3 %	2 1. 4 %	1 4. 2	4. 3
Ta xe s	( ) 4. 3	-1.1 %	( ) 1. 1	-0.2 %	290 .9%	( ) 4. 8	( ) 1. 6
R E S U T l l in in L tro te ts no n- co n g re s	8. 2	2 .0 %	9. 2	2 .0 %	-1 0. 9 %	9. 4	2. 7
M ino it ies r	0. 0	0.0 %	0. 0	0.0 %	0%	0. 0	0. 0
R E S U L T O F T H E P E R I O D	8. 2	2 .0 %	9. 2	2 .0 %	% -1 0. 9	9. 4	2. 7

E B I T D A	2 1. 4	5.3 %	1 9. 4	4 .3 %	1 0. 3 %	2 3. 2	1 0. 8
Co d e de iva t ive p p er an ne rg y r s	0. 1	% 0.0	0. 5	0.1%		( 0. 2 )	1. 4
E B I T D A A d j te d ( *) us	2 1. 5	5.3 %	1 9. 9	4 .4 %	8. 0 %	2 3. 0	1 2. 2
De ia ion d p is ion t p re c an ro v s	( 0 ) 7.	-1.7 %	( 8 ) 7.	-1.7 %	12.8 %	( 8. 8 )	( 6 ) 7.
E B I T A d j te d ( *) us	1 4. 5	% 3 .6	1 2. 1	.7% 2	1 9. 8 %	1 4. 2	4. 6

(*) For a better comparison of the operating results, we have introduced the concepts of EBITDA and EBIT Adjusted, that are equal to the traditional definitions plus income or loss on copper and energy derivatives if realized.

The data includes M iradolo italian plant sold on June 30, 2022

O C ( / Ca ) % R E E B I T A d j. Ne t i ta l Em lo d p p y e	% 7. 6	% 6. 0	% 7. 9	% 2. 7

Financial Results–Balance sheet

Eu i l l ion ro m	3 1 De be 2 0 2 3 ce m r	%	3 1 De be 2 0 2 2 ce m r	%	3 1 De be 2 0 2 1 ce m r	%	3 1 De be 2 0 2 0 ce m r	%
Ne t w k ing i ta l or ca p	1 2 8. 4	71.7 %	1 2. 3 5	74.4 %	1 6 6. 5	84.8 %	1 2 8. 9	79.4 %
F ixe d As ts se	5 9. 3	33.1 %	5 1. 7	25.2 %	4 4. 4	22.6 %	4 3. 5	26.8 %
O t he ts d l ia b i l i t ies r a ss e an	-8. 7	-4.9 %	0. 8	0.4%	-1 4. 6	-7.4 %	-1 0. 1	-6.2 %
N E T C A P I T A L E M P L O Y E D	1 7 9. 0	100 .0%	2 0 4. 8	100 .0%	1 9 6. 3	100 .0%	1 6 2. 3	100 .0%
S ha ho l de ' Eq i ty re rs u	1 5 3. 3	85.6 %	1 4 4. 8	70.7 %	1 3 2. 0	67.2 %	1 2 2. 6	% 75.5
Ne t F ina ia l Po i t ion nc s	2 5. 7	14.4 %	6 0. 0	29.3 %	6 4. 3	32.8 %	3 9. 7	24.5 %
F I N A N C I N G A N D E Q U I T Y	1 7 9. 0	100 .0%	2 0 4. 8	100 .0%	1 9 6. 3	100 .0%	1 6 2. 3	100 .0%

C A P E X	1 4. 2	1 3. 6	7. 7	2. 2

IRCE Group –Business Performance

IRCE Group –Market Performance