IRCE

Investor Presentation • Oct 6, 2023

1°Half 2023Financial Results Presentation

IRCE Group – Contents

Company Profile

•Highlights•The Businesses

•Production Plants

Financial Results

•Copper and Aluminium Price Trend

• •Profit and Loss Statement
• •Balance Sheet
• •Business Performance
• •Market Performance

Company Profile Highlights

IRCE is ^a leading European Group operating in the industries of magnet wires and cables

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

	H is to ry
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 ta te t t te tag co m p an s r p ro c o vo e c a y u
1 9 9 6	T he Gr l is d he I l ian S k Ex ha te t ta toc ou p wa s on 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 t ion f F D S im L t d ( U K ) q u o s
2 0 0 1	T he Gr l is d he S Ma ke Se te t ta t t ou p wa s on r r g me n
2 0 0 7	Co ion f Br i l P lan tru t t ns c o az
2 0 0 7	f S ( ) Ac is i t ion ta b le Ma t W ire P. L t d In d ia 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 ta b l is he d t he Co in C h ina m p an y
2 0 2 1	Es b l is he d he Co in Cz h Re b l ic ta t m p an y ec p u
2 0 2 2	Ju 3 0, l d t he br h o f t he fo t he du t ion f b les loc te d in M ira do lo Te I ta ly ne so an c co m p an y r p ro c o p ow er ca a rm e

Company Profile –The Businesses

IRCE Group works in two business areas:

• •Magnet wires 81% of sales
• •Energy cables 19% 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 >Magnet Wires

>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.

Company Profile –The Businesses

>Magnet Wires

> Major customers by sectors

White Goods

Embraco (Nidec Group) BSHSecopCemeA.R.S. Elettromeccanica Cebi Group Domel D.O.O.

Automotive

Denso Manufacturing Robert Bosch Mahle Group G. Cartier Technologies Hanon Systems Buehler motor GmbH Spal Automotive Srl Bontaz

Electromechanical/Electronics

Schneider Electric SGB-SMIT Group SiemensEBM-Papst Mulfingen PanasonicFinderTE Connectivity Wuerth

Company Profile The Businesses >Energy Cables

The group produces the full range of low and medium voltage cable.

Cable customers are divided into two main sectors:

Distributors of electrical material

E.B. Elettrofornitura Borghini SpA Com-Cavi Spa Comoli Ferrari & C. SpA Strano SpA

Industrial sector

Unionalpha Spa (Whirlpool Group supplier) Batav Srl (Whirlpool Group supplier) Selectra Srl Bitron SpA RFI (Rete Ferroviaria Italiana)

Company Profile Production Plants

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

IRCE Group – Contents

Company Profile

•Highlights•The Businesses •Production Plants

Financial Results

• •Copper and Aluminium Price Trend
• •Profit and Loss Statement
• •Balance Sheet
• •Business Performance
• •Market Performance

Financial Results Copper and Aluminiumprice trend

Financial Results Profit and Loss Statement

Eu i l l io ro m n	st 1 H 2 0 2 3	% T urn	st 1 H 2 0 2 2	% T urn	ha % c ng e	F Y 2 0 2 2	F Y 2 0 2 1	F Y 2 0 2 0
Ho l low tur ire no ver w s	3 9. 2		3 7. 9		3. 5 %	7 2. 2	6 7. 8	5 1. 8
Ho l low tur b les no ver ca	1 3. 1		1 4. 0		-6. 3 %	2 4. 5	2 4. 6	1 6. 5
To l ho l lo ta tu w rn ov er	2. 3 5		1. 9 5		0. 9 %	9 6. 7	9 2. 4	6 8. 3
T U R N O V E R ( inc lu de d ) co p p er	2 1 9. 0	% 10 0 . 0	2 6 1. 0	% 10 0 . 0	-1 6. 1 %	4 5 4. 7	4 5 7. 1	2 9 5. 3
O t he inc r om e	0. 7	0.3 %	1. 6	0.6 %	-58 .6%	4. 9	0. 6	0. 8
T O T A L R E V E N U E S	2 1 9. 6	10 0 . 3 %	2 6 2. 6	10 0 . 6 %	-1 6. 4 %	4 5 9. 6	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	( 1 2. 2 ) 7	-78 .7%	( 2 1 2. ) 5	-81 .4%	-18 .9%	( 3 6 1. 9 )	( 3 6 6. 2 )	( 2 3 1. 8 )
Pe l c ts rs on ne os	( ) 1 5. 5	-7.1 %	( ) 1 5. 9	-6.1 %	-2.8 %	( ) 3 0. 0	( ) 3 0. 5	( ) 2 8. 5
O t he ts d s ice r c os an er s v	( 2 0. 5 )	-9.4 %	( 2 5. 7 )	-9.8 %	-20 .2%	( 4 8. 3 )	( 3 7. 8 )	( 2 5. 0 )
E B I T D A	1 1. 4	5.2 %	8. 5	3 . 3 %	3 4. % 5	1 9. 4	2 3. 2	1 0. 8
De ia t ion d p is ion p re c s a n ro v s	( 3. 8 )	-1.7 %	( ) 3. 7	-1.4 %	2.4 %	( ) 7. 8	( ) 8. 8	( ) 7. 6
E B I T	7. 6	5% 3 .	4. 8	% 1.8	9. 2 % 5	1 1. 6	1 4. 4	3. 2
Co d e de iva t ive p p er an ne rg y r s	( 0. 1 )	0.0 %	0. 4	0.2 %	125 .0%	0. 5	( 0. 2 )	1. 4
Ne f ina ia l c ha t nc rg es	( 1. 0 )	-0.5 %	( 0. 7 )	-0.3 %		( 1. 8 )	0. 0	( 0. 3 )
R E S U L T B E F O R E T A X E S ( E B T )	6. 5	% 3 . 0	4. 5	% 1.7	4 4 % 5.	1 0. 3	1 4. 2	4. 3
Ta xe s	( ) 1. 6	-0.7 %	( ) 0. 3	-0.1 %	433 .3%	( ) 1. 1	( ) 4. 8	( ) 1. 6
R E S U L T tro l l in in te ts no n- co n g re s	4. 9	2 . 3 %	4. 2	1.6 %	1 7. 7 %	9. 2	9. 4	2. 7
M ino i t ies r	0. 0	0.0 %	0. 0	0.0 %	-10 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	4. 9	2 . 3 %	4. 2	1.6 %	1 7. 1 %	9. 2	9. 4	2. 7

E B I T D A	1 1. 4	5.2 %	8. 5	3 . 3 %	3 4. 5 %	1 9. 4	2 3. 2	1 0. 8
Co d e de iva t ive p p er an ne rg r s y	( 0. 1 )	0.0 %	0. 4	0.2 %		0. 5	( 0. 2 )	1. 4
E B I T D A A d j te d ( *) us	1 1. 3	5.2 %	8. 9	3 . 4 %	2 7. 3 %	1 9. 9	2 3. 0	1 2. 2
De ia t ion d p is ion p re c an ro s v	( 3. 8 )	-1.7 %	( 3. 7 )	-1.4 %	137 .8%	( 7. 8 )	( 8. 8 )	( 7. 6 )
( *) E B I T A d j te d us	7. 5	3 . 4 %	5. 2	2 . 0 %	% 4 5. 1	1 2. 1	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

ROCE (EBIT Adj. / Net Capital Employed)%6.0% 7.9% 2.7%

Financial Results Balance sheet

Eu i l l io ro m n	3 0 Ju 2 0 2 3 ne	%	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 6 7. 5	77. 2%	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 3. 8	24. 8%	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	-4. 5	% -2.1	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	2 1 6. 9	10 0.0 %	2 0 4. 8	100 .0%	1 9 6. 3	10 0.0 %	1 6 2. 3	100 .0%
S ha ho l de ' Eq i ty re rs u	1 5 0. 7	69. 5%	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	6 6. 2	30. 5%	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	2 1 6. 9	10 0.0 %	2 0 4. 8	100 .0%	1 9 6. 3	10 0.0 %	1 6 2. 3	100 .0%

C A P E X	5. 1	1 3. 6	7. 7	2. 2

Financial Results Business Performance

Financial Results Market Performance