Landi Renzo

Investor Presentation • Mar 25, 2021

Star Conference 2021

Cristiano Musi – CEO Paolo Cilloni – CFO

March 25th, 2021

Disclaimer

This document has been prepared by Landi Renzo S.p.A for use during meetings with prospects, customers, 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 document may contain forward-looking statements about the Company and/or the Group based on current expectations and opinions developed by the Company, as well as based on current plans, estimates, projections and projects of the Group. These forward-looking statements are subject to significant risks and uncertainties (many of which are outside the control of the Company and/or the Group) which could cause a material difference between forward-looking information and actual future results.

The information set out in this document is provided as of the date indicated herein. 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

We bring the clean energy of the future, providing solutions for the energy transition

As the world asks for more sustainable transportation, we deliver clean energy solutions along the entire value chain, from RNG and Hydrogen production to engine

Automotive Infrastructure / Gas Distribution

Infrastructure forthe energytransition

• • RNG and Hydrogen solutions from production to distribution
  • CNG transportation and distribution

Worldwide presence, 85% export

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	2017 11:00

2018	2019	2020
188,1 M€	191,9 M€	142,5 M€

Market leader (~30% MS) Market leader (~25% MS) Last five years CO2 reduction ~3,3M Conversion Systems sold ~ 1,4 billion Kg CO² saved ~ 35 million tree equivalent

2018	2019	2020
58,9 M€	73,4 M€	79,5 M€

LRG provides best-in-class alternative fuel mobility and infrastructures solutions for the energy decarbonization

Automotive	Infrastructure
Heavy Duty & Off-road	Passenger & LCV	Clean Energy Infrastructure
OEM	AM & OEM	RNG, CNG & H2
• Full portfolio of CNG and LNG components and solutions and launch of new products for H2 • Different agreements signed as a basis for future developments • Continue and strengthen collaboration with leading OEMs and fuel cell engine producers worldwide	• CNG and LPG as unique solution to reduce emission in many geographies, from Europe to Russia, India, LatAm and North Africa with 4.000 workshops worldwide • CNG and LPG as cost advantage solution, even more appreciated considering the economic situation and the need to use more cars	• Special Compressors suitable for biogas upgrading plants /grid reinjection • New 700bar Compressor under testing, with solutions from production to distribution, and with opportunities for M&A • Skid/ Whole package system includes compressor, skid, dryer for CNG distribution
• Market growing worldwide, LRG starts increasing revenues in 2021, exponential growth from 2022	• Double digit market recovery in 2021	• Increasing market growth in 2021

Landi Renzo Group and SAFE&CEC have been playing a leading role in the gas mobility evolution, from "well to engine"…

… and are now active to support the Hydrogen evolution, from compression at production site, to distribution and on vehicles installations

Our product portfolio for decarbonizing transportation, from passenger cars to M&HD applications

LRG overview

We focus on R&D innovation and best quality standard to partner with best-in-class customers worldwide

• Localizationin growing markets with a world class manufacturing status
• Proximity to end-markets to optimize logistics flows and improve service level

• Local supply chain to increase cost control and profitability

• 5% of revenues invested in R&D

• Strong internal competences embrace fluid dynamics, mechanical & electronics engineering and system application for powertrains
• Electronic and Mechanical engineers able to design a full range of CNG, LNG, LPG an H2 components
• Application engineers able to calibrate HD CNG-LNG-H2 engines with more than 20 years of former experiences also c/o OEM
• Expertise in CNG base engine CNG after treatment systems able to support OEMs defining specifications & validation procedures
• Tight cooperation with other research centers and Universities

SAFE&CEC offers a broad range of product fundamental to sustain the green energy transition

RenewableNatural Gas RNG&CNG Distribution Hydrogen

• Oil free Compression systems able to work with all different biogas upgrading plants and performances both for local consumption as well as for grid injection

• Tailored solutions for distribution and industrial use, including "cleaning system" with innovative "crank-case" solution to avoid methane emission
• Turn-key equipment for mobile trailers to serve transportation in different areas
• Customized solutions able to dispatch high flow rate in low time (5' to fill a truck)

• Hydrogen technology with management of pressure up to 700bar with SOP expected by June 2021
• Ongoing M&A to accelerate go to market with a leading provider of full range of hydrogen applications from 200bar up to 900bar

• Singles compressors / skid / Whole package system includes, skid, dryers, control panel and accessories to process and measure gas
• Aftersales include service, maintenance and spare parts

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SAFE&CEC have production facilities in Europe and North America, focused on different product and applications

• International presence to better serve customer worldwide, with Canada manufacturing strategic to serve North America

• Italian plant focus on EMEA and Asia

• Production and assembly capacities, from small compressors to large and complete solutions, applying lean manufacturing system

• Large production facilities to allow parallel processing of multiple jobs with over 13.000m² of production facilities in Italy and 7.000m²in Canada

Natural Gas, also mixed with H2 and RNG, is fundamental in the so-called "energytransition", with H2 as a new frontier towards 2050 "zero emission scenario"

	Regulations & Policies	Economic impact
Environmental Impact • Global warming concerns pushing pollution and CO2 emission reduction targets • Regulation generally positively impact adoption of CNG, RNG and LNG with H2 as "zero	• Growingly stringent regulatory frameworks, that helps gas adoption in many regions (China VI, Euro VI, CAFE (Clean Air for Europe) and Bharat VI in India • Subsidies to sustain RNG production worldwide • New Hydrogen plan with huge investment to sustain Hydrogen	• High availability of natural gas and LNG, with lowering of oil-to natural-gas price • Impact on trade-balance and the merging on new producer will impact to local consumption • New technology to scale down the cost to produce blue and green hydrogen	RNG & Hydrogen penetration • Gas will be a primary source of transportation energy by 2040: o NG expected to represent 40% of energy mix, of which 75% RNG o H2 consumption up to 25-30%
emission" scenario • Increasing demand for clean mobility solutions to improve air quality	production and distribution		• Huge investment keep developing infrastructures to push RNG & H2

Many investments are ongoing to increase CNG, RNG and H2 production and distribution infrastructure, that will positively impact SAFE&CEC business

Highlights

• LPG well-consolidated infrastructure is expected to remain stable in the years to come

• CNG/RNG stations are constantly being built, with expansion plans announced worldwide and large Oil&Gas Companies strongly expanding their networks, for both passenger cars, buses and M&HDs

• LNG stations planned at global level for the development of LNG corridors along main Heavy Duty transportation routes

• The H2 fuelling station market is witnessing a dramatic acceleration in growth worldwide, also sustained by public funding
• As of today, over 50% of the hydrogen stations are in Asia-Pac, but Europe and US are expected to catch up by 2025
• Several project are planned worldwide (China, US, Western Europe)for RNG and Green&Blue H2 production

The market for gas-mobility has a very strong development potential: CNG/RNG and LNG are the most advantageous solutions, with H2 as a new frontier in advanced Economies

Passenger Cars & LCV	et k r a m r e Aft	• Global CNG/LPG conversions are expected to grow steadily until 2030, with a CAGR of + 2%	• Growth in LatAm, Africa, Russia and India • CNG is expected to grow, while LPG remains stable
	M E O	• A significant growth is expected for global CNG/LPG vehicles until 2030, with a CAGR of +14%	• India will be the fastest-growing market for CNG • European OEMs have already confirmed programs up to 2025 and are working on Euro7 developments
Heavy Duty & Off-road	G N L G / N C	• Global Heavy Duty & Off Road sales are expected to grow rapidly until 2030, with a CAGR of +17%	• Gas technologies (CNG and LNG) are the only effective and efficient alternatives to diesel in terms of emissions (respecting new EU regulation) and TCO advantages • All geographies will be strongly impacted
	n e g o r d y H	• Hydrogen Heavy Duty & Off-Road will see an exponential penetration starting from 2025	• H2 ICE and FCEV are now positioned as a viable solution for transportation, from buses to trucks, to trains and ships • Adoption will be sustained by the growth of the infrastructure and technology improvements

RNG potential is spread geographically; its production and consumption are supported worldwide by policies with a target of reaching a share of 10% renewable gas by 2030

• Renewable Energy Directive in the EU requires 3,5% of fuel demand in 2030 to be met by advanced biofuels, including biomethane
• The existing 600+ biomethane plants in EU produced 2,28 bcm of biomethane in 2018, with an estimated potential of 100 bcm, leaving huge room for growth, according to the "Gas for Climate" initiative
• In North America biomethaneuse and production is nationally promoted by favorable policy with huge investments (CAGR expected at 26% up to 2025)
• India and China are starting to invest heavily in building new plants

USA follows Europe in biomethane adoption plan. They have the largest share of the global resource

Italy is the second European country for number of installed biogas plants with expected investments of 4+ bn€ in few years

Francecommitted 7-9 bn€ of subsidies through 2030 to sustain the plan to increase the number of plants form 70 to more than 600

India announced that up to 5,000 biogas plants will be built, most of which equipped with an upgrading facility to expand the use of gas from renewables

China committed to use biogas to reduce coal consumption in rural regions and build 3 to 4,000 upgrading facilities

Annual demand for Hydrogen is expected to increase tenfold by 2050: transportation, industrial energy and feedstock will be the largest applications

In a world that demand sustainable solutions, Gas-Mobility and Hydrogen will play a key role in future clean transportation

Mobility evolution toward2025

• GAS technology as a unique concrete solution to decarbonize M&HD transportation, also advantageous in terms of TCO for the owners, with Hydrogen (both FCEV and H2 ICE) starting to increase its penetration from 2025, coexisting in the future with gas and further replacing diesel

• Gas-mobility represents for Passenger Cars & LCV a viable and ready-to-use solution, which will coexist in the future with other alternative fuel technologies (Hybrids, BEVs,) offering advantages in terms of Total Cost of Ownership and "helping" OEM to reachemission standard

• Different Technologies will coexist

• Gas-mobility and Hydrogen will play an increasing role in the clean energy transportation of the future

Group Strategy: three pillars to support growth and value creation

Passenger cars	Mid & Heavy Duty vehicles	Infrastructure / Gas distribution
PC: consolidate our market leadership, improve profitability and cash generation	M&HD: become a leader in systems for LNG, CNG & H2 solutions	Full infrastructure investment exploitation toward CNG/RNG & H2 transition
• Target 30% global market share in AM through brand strategy, with focus on up selling per customer, seizing the tremendous opportunities offered by new markets • Landi Renzo is already positioned as a leading supplier for CNG and LPG: exploit Euro7 developments and increase our market share in India and Russia	• Target a market share of 25% worldwide by 2025 and increase the positioning in H2 solution (FCEV & ICE) • Full range of products and solutions "from ~ energy storage to engine", through a complete set of "on- engine" and "on fuel cell" product range, from pressure regulator to feeding system, up to the entire on vehicle gas value chain "from storage to injection"	• Target more than 30% market share in CNG/RNG compression expanding its application along the gas value chain • Anticipate Hydrogen global adoption, with ~ the goal to be one of the main players in hydrogen compression targeting a 20% MS by 2023 • Increase share of revenues from After Sales & Service

Strong focus on strategy execution and cost optimization along the different businesses, exploiting opportunities for «convenient M&A» with the goal to reach double digit Ebitda

Strategy

On Heavy Duty & Off-Road Hydrogen vehicles we aim to provide the entire value chain from storage to injection

Target clients	Vehicle Manufacturers	Engine and Fuel Cell Manufacturers
Product description	High pressure fuel line Storage and fuel pressure line • Layout design, from hydrogen storage tanks to valves and piping positioning • Supply of specific components: o Valves o Tanks and piping	H2 ICE & Fuel Cell Engine System & Components Mechanical components / system • Design and development of components: o Pressure regulator o Purge and supply valve o Injection and feeding system	Fuel Cell Control Unit • Hardware and base software • Actuators and sensors Control • Wiring Harness

On-vehicle tailored layout / software strategies

Mixing LRG long-term experience with forward-thinking innovation to partner with leading OEMs in their development of H2 solutions for both FCEV and H2 Combustion Engines

Strategy

We are already on the market with solutions for Mid and Heavy Duty Vehicles, having partnered with leading OEMs worldwide

Portfolio

SAFE&CEC developed dedicated applications for Biogas plants, with strong specialization on grid injection for "RNG production" as well as solutions for distribution

Raw gas booster	RNG station	Advantages of RNG
• Compressors for biogas boosting integrated in the upgrading plant able to manage very low pressure with special	• RNG stations for trailers refilling and public or private fleets. Solutions based on heavy duty compressors for the	RNG brings several advantages from a sustainability point of view:
materials suitable for wet and corrosive gas applications	highest performances and efficiency	• It reduces methane (~18% of total GHG emissions) from various sources, such as agriculture, fossil fuels, waste
Grid Injection	Industrial use	• RNG is fully interchangeable with geologicnaturalgas
• Compression system able to work with all different biogas upgrading plant in term of technologies and performances, suitable for 24/7 applications	• Compression or de-compression system to supply biomethane into industrial utilities and services with gas filtration equipment	• It helps companies in meeting targets to reduce carbon footprints, by using waste to procure RNG and lower the dependence on fossil fuels

Portfolio

Many achievements that will positively impact 2021 and display long term positive effect

Heavy Duty	• LNG pressure regulator successfully passed the winter test for a major Chinese HD OEM (SOP by end of 2021)
	• LRG was awarded the supply of a key CNG engine component by a major European Heavy Duty OEM
	• LRG and Mahindra signed a MoU for the development of a CNG-powered tractor engine with further agreement expected soon
	• Landi Renzo USA signed agreement with SolGas for the supply of CNG Mid Duty
Hydrogen	• Strengthened the relationship with Cummins-Hydrogenics on manifold and other components
H2	• Started collaborating with Punch, AVL, IIA and TPER for the development of ICE H2 bus, with LRG providing all the H 2 system
	• Several ongoing negotiations with leading OEMs for new partnerships on both FCEV and H2 ICE technologies
Passenger Car	• AM is already growing compared to Q12020, with strong recovery expected on all markets, from LatAm to Russia. Forecast on OEMs is higher compared to 2020 on all technologies (LPG/CNG)
	• LRG was awarded a large tender in Egypt (as a Group result)
	• Ongoing new negotiations in Russia for highly strategic projects
Infrastructure	• SAFE&CEC was awarded tenders in Egypt and Russia for the supply of more than 150 CNG compressors in 2021
	• Growing market in Biomethane/RNG both in Europe and in the US
	• Largest ever order portfolio, with expected increase in the next months. Growing demand for H2 applications

Landi Renzo Group targets 260-275M€ combined, not-consolidated, revenues in 2021, with not consolidated Ebitda up to 25-28M€

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Financial results

Landi Renzo S.p.a. Headquarter via Nobel, 2 42025 Corte Tegge Cavriago (RE), Italy

www.landirenzo.com

Landi Renzo - Company profile (24/03/2021)

BOARD OF DIRECTORS

TOP MANAGERS INVESTOR RELATIONS

Investor Relations Contacts:

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

SHAREHOLDING SHARE INFORMATION

FTSE Italia STAR

N. of shares outstanding: 112.500.000

Price as of 24/03/2021 €1.065

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CONSOLIDATED P&L

(thousands of Euro)
CONSOLIDATED INCOME STATEMENT	31/12/2020	31/12/2019
Revenues from sales and services	142.455	191.852
Other revenue and income	313	601
Cost of raw materials, consumables and goods and change in inventories	-84.212	-100.510
Costs for services and use of third party assets	-27.844	-38.049
Personnel expenses	-22.398	-26.898
Accruals, impairment losses and other operating expenses	-1.662	-2.288
Gross Operating Profit	6.652	24.708
Amortization, depreciation and impairment losses	-12.193	-11.766
Net Operating Profit	-5.541	12.942
Financial income	298	117
Financial expenses	-3.310	-4.112
Exchange gains (losses)	-2.827	-718
Gains (Losses) on joint venture valuate using the equity method	-11	285
Profit (Loss) before tax	-11.391	8.514
Taxes	3.541	-2.532
Net profit (loss) for the Group and minority interests, including:	-7.850	5.982
Minority interests	-188	-66
Net profit (loss) for the Group	-7.662	6.048
Basic earnings (loss) per share (calculated on 112,500,000 shares)	-0,0681	0,0538
Diluted earnings (loss) per share	-0,0681	0,0538

CONSOLIDATED BALANCE SHEET

(thousands of Euro)
ASSETS	31/12/2020	31/12/2019
Non-current assets
Property, plant and equipment	13.212	11.578
Development expenditure	9.506	8.228
Goodwill	30.094	30.094
Other intangible assets with finite useful lives	10.860	12.536
Right-of-use assets	4.975	6.402
Investments in associated companies and joint ventures	22.509	23.530
Other non-current financial assets	921	334
Other non-current assets	2.850	3.420
Deferred tax assets	12.201	8.704
Total non-current assets	107.128	104.826
Current assets
Trade receivables	39.353	40.545
Inventories	42.009	39.774
Other receivables and current assets	6.712	7.337
Current financial assets	2.801	2.801
Cash and cash equivalents	21.914	22.650
Total current assets	112.789	113.107
TOTAL ASSETS	219.917	217.933

CONSOLIDATED BALANCE SHEET

(thousands of Euro)
SHAREHOLDERS' EQUITY AND LIABILITIES	31/12/2020	31/12/2019
Shareholders' Equity
Share capital	11.250	11.250
Other reserves	53.199	49.367
Profit (loss) of the period	-7.662	6.048
Total Shareholders' Equity of the Group	56.787	66.665
Minority interests	-473	-332
TOTAL SHAREHOLDERS' EQUITY	56.314	66.333
Non-current liabilities
Non-current bank loans	68.181	50.991
Other non-current financial liabilities	408	0
Non-current liabilities for right-of-use	2.871	4.535
Provisions for risks and charges	2.897	3.609
Defined benefit plans for employees	1.556	1.630
Deferred tax liabilities	297	407
Liabilities for derivative financial instruments	458	30
Total non-current liabilities	76.668	61.202
Current liabilities
Bank overdrafts and short-term loans	23.108	29.460
Other current financial liabilities	378	210
Current liabilities for right-of-use	2.228	1.992
Trade payables	53.509	51.935
Tax liabilities	2.677	2.134
Other current liabilities	5.035	4.667
Total current liabilities	86.935	90.398
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	219.917	217.933