Landi Renzo

Investor Presentation • Dec 1, 2022

9M-2022 Financial Results

Cavriago, 30th November 2022

Disclaimer

This document has been prepared by Landi Renzo S.p.A for use during meetings with investors and financial analysts and is solely for information purposes. The information set out herein has not been verified by an independent audit company. Neither the Company nor any of its subsidiaries, affiliates, branches, representative offices (the "Group"), as well as any of their directors, officers, employees, advisers or agents (the "Group Representatives") accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness or completeness of the information set out herein or any other related information regarding the Group, whether written, oral or in visual or electronic form, transmitted or made available. This presentation contains forward looking statements regarding future events and future results of Landi Renzo S.p.A. (the "Company") that are based on the current expectations, estimates, forecasts and projections about the industries in which the Company operates, and on the beliefs and assumptions of the management of the Company. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management, competition, changes in business strategy and the acquisition and disposition of assets are forward looking in nature. Words such as 'expects', 'anticipates', 'scenario', 'outlook', 'targets', ' goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', as well as any variation of such words and similar expressions, are intended to identify such forward looking statements. Those forward looking statements are only assumptions and are subject to risks, uncertainties and assumptions that a re difficult to predict because they relate to events and depend upon circumstances that will occur in the future. Any forward-looking statements made by or on behalf of the Company speak only as of the date they are made. Except as required by applicable laws and regulations, the Company assumes no obligation to provide updates of any of the aforesaid forward looking statements. Under no circumstances shall the Group and/or any of the Group Representatives be held liable (for negligence or otherwise) for any loss or damage howsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward-looking statements. This document does not constitute an offer to sell or a solicitation to buy or subscribe to Company shares and neither this entire document or a portion of it may constitute a recommendation to effect any transaction or to conclude any legal act of any kind whatsoever. This document may not be reproduced or distributed, in whole or in part, by any person other than the Company. By viewing and/or accepting a copy of this document, you agree to be bound by the foregoing limitations

Third Quarter result impacted by the global economic environment… New Senior Management Team in place to drive growth, profitability and cash generation

	Third Quarter result impacted by the global economic environment… New Senior Management Team in place to drive growth, profitability and cash generation
	• Revenues trend confirms growth of Clean Tech Solutions and resilience of After Market
Performance	• Continuous inflation on key components prices impacted company Ebitda;
Overview	• Shortage on the supply chain increases WIP & Inventory, impacting operating cash flow and Net Debt
	• Defined solid action plan to improve cash generation from Q4 onward, while recent cyber-attack could delay some outcomes in the short term
Top Management reinforced	• Senior Management Team reinforced: Group COO, Group CFO, Group CTO, Head of Strategy to enable the Group full execution the Strategic Plan
Organization structure with strong focus	• Senior Management Team with a strong focus on key objectives: improve operational efficiency and working capital use, business development and efficient capital allocation
	• Clean Tech Solution market continue its positive trend, with CNG application stable and growing potential for RNG and H2 driven by Repower EU and Inflation Act in the US
Outlook	• After Market resilient to oil & gas price fluctuation, with margin improvement thanks to strong market penetration and customer loyalty
	• OEM business worldwide impacted; planned set of actions to recover extra-costs within end of current year
	3

Landi Renzo Group Consolidated P&L

	Green Transportation	Clean Tech Solutions	LRG
M€; %	9M 2022	9M 2022	9M 2022	9M 2021	delta
Revenues	141,2	75,1	216,4	162,6	+53,8
Adj. EBITDA	4,4	4,3	8,7	7,6	+1,1
% on rev.	3,1%	5,7%	4,0%	4,6%	-60bps
EBITDA	3,0	4,1	7,1	6,0	+1,1
% on rev.	2,1%	5,4%	3,3%	3,7%	-40bps
EBIT	-7,9	1,9	-6,0	-5,4	-0,6	n.a.
% on rev.	-5,6%	2,6%	-2,8%	-3,3%	+50bps
EBT			-8,9	-0,1	-8,8	n.a.
% on rev.			-4,1%	0,0%	-410bps
Net Result			-9,9	-1,1	-8,8	n.a.

Highlights delta %

• +33,1% • Revenues +53,8M€ (+33,1%) growth, with increased consolidation perimeter, driven by the growth in Europe and in US & LatAm • On a comparable basis, Group's turnover +15,2%
• increased by 11,4% YoY +18,8%
• Adj. EBITDA growth reflects the reduced marginality due to inflation (raw materials, energy, transportation) on all business lines and time gap on price increases n.a.
• EBT in 2021 was positively affected by the consolidation profit (8,8M€) connected to the fair value evaluation of SAFE&CEC

Green Transportation

Green Transportation
						Highlights
	M€ ; %	9M 2022	9M 2021	delta	delta %
	Revenues	141,2	119,8	+21,4	+17,9%	price difference with petrol
	Adj. EBITDA	4,4	2,8	+1,6	+57,9%
Green	% on rev.	3,1%	2,3%	+80bps
Transportation (Automotive)	EBIT	-7,9	-8,9	+0,9	-10,3%
	% on rev.	-5,6%	-7,4%	+180bps
	NWC	46,5	44,3	+2,2
	NFP (1)	66,4	91,1	-24,7

Highlights

• Revenues increase by 21,4 M€ YoY: o AM: growth of the LPG segment driven by the price difference with petrol
• o M&HD: strong performance in the US
• Adj. EBITDA benefits form the higher margins in the M&HD segment, notwithstanding the general increase of production and logistics costs, not yet fully transferred to final customers • The Indian JV KLR, consolidated with the equity +57,9% -10,3%
• NWC increase is mostly linked to specific sourcing needs, which require advance stocking
• NFP decreased due to the capital increase, partially offset by the payments for the acquisitions and by operational cash flow
• method, is not included in the above results

Indian JV KLR, not consolidated

Highlights

• KLR revenue maintain a steep growth trend (+11,7M€, 81% YoY) 26,1
• to OEM clients
• The Indian JV is the leading component supplier • CNG-powered cars accounted for 8,6% of total sales in 2022, thanks to a larger model offering, to Government plans and to the increase of CNG refilling stations • Biogas is gaining interest as a solution that is
• both cost-effective and low-emission, with 5.000 compressed biogas plants expected by 2029

SAFE&CEC key financial

	SAFE&CEC key financial
	M€ ; %	9M 2022	9M 2021(1)	delta	delta %	Highlights
	Revenues	75,1	66,3	+8,8	+13,3%	• Revenue increased 13,3% YoY, thanks to the
	Adj. EBITDA	4,3	5,4	-1,0	-20,2%	growth on CNG (+13%) and new revenues in Hydrogen thanks to Idro Meccanica
	% on rev.	5,7%	8,1%	-240bps		• Adj. EBITDA affected by the increased cost of
Clean Tech Solutions	EBIT	1,9	2,7	-0,8	-28,7%	raw materials • NWC increase due to strong demand and
	% on rev.	2,6%	4,1%	-150bps		shortage of materials and electronic components that delayed shipments and increased inventory. All WIPs are covered by orders
	NWC	18,8	9,6	+9,2		• NFP entails the acquisition of Idro Meccanica (6,4M€) and is affected by the NWC increase
	NFP (2)	19,0	4,0	+15,0

Highlights

• +13,3% -20,2% • Revenue increased 13,3% YoY, thanks to the growth on CNG (+13%) and new revenues in Hydrogen thanks to Idro Meccanica
• Adj. EBITDA affected by the increased cost of raw materials
• NWC increase due to strong demand and shortage of materials and electronic components that delayed shipments and increased inventory. All WIPs are covered by orders • NFP entails the acquisition of Idro Meccanica

Landi Renzo launched a boost program to improve Group's profitability

	Landi Renzo launched a boost program to improve Group's profitability
Green	OEM segment • Ongoing negotiation with major clients to align selling prices to inflation that increased production costs (raw materials, energy, transports, …), recovering already incurred extraordinary costs
Transportation	AM segment
	• List price are constantly updated, following the evolution of production costs, as it has been done during the first part of the year
Clean Tech Solutions	• New offers are being prepared based on updated list prices, in line with current market standards • Deployment of action plans to recover extra costs on existing orders
	• Standardization of key system components
	• Make vs buy evaluation on selected components
Group wide activities	• Identify improvement efficiency opportunities in all Group's areas, also though the implementation of a digitalization plan

$\cdot$ New offers are being prepared based on updated list prices, in line with current market standards
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• Clean Tech Solutions

Group wide activities

• digitalization plan
• fixed and variable cost reductions

Landi Renzo Group's net debt evolution

SAFE&CEC is one of the top player in Hydrogen Compression solutions with advanced products Hydrogen LRG units footprint New advanced Hy-HC compressor available

• One of the most established player having SAFE&CEC 160+ units installed worldwide
• Demand increasing along the full value chain
• Ongoing negotiation with different international players

Key success factors

• 900BAR with state of the art technology
• Capabilities to support as system integrator from post generation to transportation

With hundred billions dollars to be invested in H2 development… SAFE&CEC well positioned to capture H2 economic trend along the extend value chain

Landi Renzo S.p.A. Headquarter Cavriago (RE), Italy

BOARD OF DIRECTORS

Sergio Iasi – Deputy Chairman Cristiano Musi - CEO Andrea Landi - Director Silvia Landi - Director

SHARE INFORMATION

Euronext STAR Milan segment of Borsa Italiana

Investor Relations Contacts:

Vittorio Tavanti Tel: +39 0522 9433 E-mail: ir@landi.it www.landirenzogroup.com

CONSOLIDATED P&L

(thousands of Euro)
CONSOLIDATED INCOME STATEMENT	30/09/2022	30/09/2021 Restated
Revenues from sales and services	216,351	162,558
Other revenues and income	582	1,568
Cost of raw materials, consumables and goods and change in inventories	$-134,846$	$-101,648$
Costs for services and use of third-party assets	$-39,455$	$-29.879$
Personnel costs	$-32,368$	$-24.473$
Allocations, w rite dow ns and other operating expenses	$-3,194$	$-2,174$
Gross Operating Profit	7,070	5,952
Amortization, depreciation and impairment	$-13,065$	$-11,389$
Net Operating Profit	$-5,995$	$-5,437$
Financial income	988	150
Financial expenses	$-5,484$	$-3,081$
Exchange gains (losses)	1,128	$-690$
Income (expenses) from equity investments	$-288$	8.768
Income (expenses) from joint venture measured using the equity method	778	219
Profit (Loss) before tax	$-8.873$	$-71$
Taxes	$-1,019$	$-996$
Net profit (loss) for the Group and minority interests, including:	$-9.892$	$-1,067$
Minority interests	223	829
Net profit (loss) for the Group	$-10,115$	$-1,896$
Basic earnings (loss) per share (calculated on 225,000,000 shares)	$-0.0450$	$-0.0167$
Diluted earnings (loss) per share	$-0.0450$	$-0.0167$

14

CONSOLIDATED BALANCE SHEET

(thousands of Euro)
ASSETS	30/09/2022	31/12/2021 restated
Non-current assets
Land, property, plant, machinery and other equipment	13,763	14,977
Development expenditure	11,047	12,222
Goodw ill	80,707	73,256
Other intangible assets w ith finite useful lives	17,957	19,543
Right-of-use assets	14,756	11,991
Equity investments measured using the equity method	2.806	2,028
Other non-current financial assets	807	882
Other non-current assets	1,710	2,556
Deferred tax assets	12,303	12,694
Total non-current assets	155,856	150,149
Current assets
Trade receivables	61,552	66,048
Inventories	81,719	68,896
Contract w ork in progress	28,750	15,653
Other receivables and current assets	18,454	14,443
Current assets for derivative financial instruments	1,422	n
Cash and cash equivalents	59,268	28,039
Total current assets	251,165	193,079
TOTAL ASSETS	407,021	343,228

CONSOLIDATED BALANCE SHEET

(thousands of Euro)
SHAREHOLDERS' EQUITY AND LIABILITIES	30/09/2022	31/12/2021 restated
Shareholders' Equity
Share capital	22,500	11,250
Other reserves	91,802	44,615
Profit (loss) for the period	$-10,115$	$-1,020$
Total Shareholders' Equity of the Group	104,187	54,845
Minority interests	6,524	5.738
TOTAL SHAREHOLDERS' EQUITY	110,711	60,583
Non-current liabilities
Non-current bank loans	80,062	10,174
Other non-current financial liabilities	27,887	9,320
Non-current liabilities for right-of-use	12,405	10,197
Provisions for risks and charges	5,206	4,535
Defined benefit plans for employees	3.776	3,977
Deferred tax liabilities	1,204	1,452
Liabilities for derivative financial instruments	O	99
Total non-current liabilities	130,540	39,754
Current liabilities
Bank financing and short-term loans	34,279	103,408
Other current financial liabilities	2,435	274
Current liabilities for right-of-use	3.252	2,624
Trade payables	90.045	82,886
Tax liabilities	4,411	3,758
Other current liabilities	31,348	49,941
Total current liabilities	165,770	242,891
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	407,021	343.228