Landi Renzo

Investor Presentation • Sep 11, 2020

H1 2020FINANCIAL RESULTS

Cavriago, 11th Sept. 2020

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 informationpurposes. 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 "GroupRepresentatives") accepts any responsibility for/or makes any representation or warranty, express or implied, as to the accuracy, timeliness orcompleteness of the information set out herein or any other related information regarding the Group, whether written, oral or in visual or electronicform, 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 theCompany operates, and on the beliefs and assumptions of the management of the Company. In particular, among other statements, certainstatements 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 similarexpressions, 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 thefuture. Any forward-looking statements made by or on behalf of the Company speak only as of the date they are made. Except as required byapplicable 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 damagehowsoever arising from any use of this document or its contents or otherwise in connection with the document or the aforesaid forward-lookingstatements. This document does not constitute an offer to sell or ^a solicitation to buy or subscribe to Company shares and neither this entiredocument or ^a portion of it may constitute ^a recommendation to effect any transaction or to conclude any legal act of any kind whatsoever. Thisdocument 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

H1 results have been significantly impacted by Covid-19, however Landi Renzo is ready for the "new normal" boosting the sale recovery in H2

Landi Renzo maintained a strict control of activities during first half and business continuity has been ensured

• • Strict safety protocols fully implemented to ensure workforce remain protected

• • Undertaken measures to define the "new normal"way of working

• • Costs containment and efficiency initiatives, mostly personnel-related (SG&A reduced by 2,4M€)

• Undertaken large measures to protect cash position

• • Focus on strategic R&D investments

• • Support our dealers network in critical areas to facilitate recovery phase and respond effectively to the consumer demand

• • Study new special initiatives to boost the sale recovery in H2
• • All suppliers back in action and supply base is actively managed
• • Production resumed at full capacity in compliance with safety standards

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• R&D projects were safeguarded and did not undergo any interruption even during the lockdown period
• • Strong focus on CNG/LNG and Hydrogen, ensuring new product development activities for the HD segment

Landi Renzo is ready to capture the opportunities of a resurging car market and evolving technological trends

MARKET RECOVERY

• • After the pandemic, OEM and AM markets are providing positive signs of recovery:
• o Car sales in August are closing the gap vs the previous year, with some good perfomers, such as the Indian Market
• o EU market is recovering, with France reaching the same monthly volumes of 2019 in June, and Italy doing the same in August
• o LatAm still suffering from the difficulties linked to lockdown and worsening of local currencies exchange rates

• oLandi Renzo sales portfolio for the next quarter expected to grow at the same level of Q3 2019

• • Gas Technology (LNG / CNG) remains the only alternative, viable solution to diesel for Heavy Duty vehicles globally

• o Only efficient solutionthat allows a reduction of emissions and of Total Cost of Ownership
• oCommitment from major OEMs
• oLNG and CNG distribution networks keep being developed worldwide

• o Landi Renzo already obtained the nomination by a primary OEM for CNG pressure regulators and injection system, and is continuing product development

• After the pandemic, hydrogen has been recognized as the new hot topic for sustainable mobility, in line with LRG expectations:

• oTrue zero emission fuel, with high energy density
• oFuel-cell solutions

•

• oNew Hydrogen Internal Combustion Engines as a ready-to-use technology
• oInfrastructure projects in China, Europe, N. America and Australia
• o Landi Renzo invested in a dedicated team, which already achieved important results; LR USA joined the California Hydrogen Business Council

4

H1 2020 Net Sales down by 41,3%, impacted by lockdown especially in Q2, however Landi Renzo has taken initiatives to boost the sale recovery in H2

Sector

• • Landi Renzo confirms itsposition as the top OEM "tier-1" supplier in Europe
• • OEM/AM share in line with last year Q1

Region

Covid-19 crisis impacts in all regions:

• • Europe and Italy mainly affected by OEM plant production shutdowns
• • America revenues due to lockdown in Brazil, Peru andColombia and to thedevaluation of local currencies
• • Asia&RoW revenues strongly impacted by the Covid-19crisis

H1 results show a positive EBITDA in difficult market conditions

M € % ;	2 0 2 0 H 1	2 0 9 1 H 1	d l t e a	d l % t e a
R e v e n u e s	5 9, 9	1 0 2, 0	-4 2, 1	-4 1, 3 %
A d j. E B I T D A	1, 9	1 3, 6	-1 1, 7	-8 6, 4 %
% on re v.	3, 1 %	1 3, 3 %
E B I T D A	1, 0	1 3, 3	-1 2, 3	-9 2, 2 %
% on re v.	1, 7 %	1 3, 0 %
E B I T	5, 1 -	7, 0	-1 2, 1	n.a
% on re v.	-8, 5 %	6, 9 %
E B T	7, 9 -	4, 5	-1 2, 4	n.a
% on re v.	-1 3, 3 %	4, 4 %
N R l t t e e s u	6, 7 -	2, 9	-9 6 ,	n.a

Highlights

• • Revenues impacted by lockdown due to the Covid-19 pandemic:
• o In Q1 sales down by 15,1%, with ^a potential order portfolio exceeding Q1 2019
• o In Q2 sales down by 61% as ^a consequence of the lockdown, shutdown of production andimpossibility to deliver in some Regions (e.g.: LatAm)
• • Adj.EBITDA affected by the contraction in sales, and an unfavorable sales mix change, partiallyoffset by the reduction of fixed costs
• • EBITDA remains positive, even if affected bynon-recurring costs, also linked to the Coviid-19health and safety measures
• • EBT benefits from ^a reduction of interest costs, (1,5M€ vs 2,4M€ of H1 2019) due to theimprovement of financial conditions, howeverloaded with higher foreign exchange losses due todevaluation of currencies mainly in LatAm

Pandemic impacts on worldwide market conditions. Cost control partially mitigates the effect of the shrinking business

NFP impacted by the increase of working capital and by investments in R&D to support new products development for the HD segment

(1)Short and long terms debt and bond are inclusive of amortized cost effect

(2)Accrued interests included

(3)Financial liability related to IFRS 16 and derivatives

SAFE&CEC H1 2020 shows a growth of the Value of Production (+10,2% vs H1 2019), while Ebitda is impacted by Covid-19 because of fitful production

M € % ;	2 0 2 0 H 1	2 0 9 1 H 1	d l t e a	d l % t e a
V l f P d i t a e o r o c o n u u	3 8 1,	2 8, 8	3, 0	1 0, 2 %
A d j. E B I T D A	1, 7	2, 0	-0 3 ,	-1 5, 5 %
Va lue f Pr du % t. on o o c	5, 3 %	6, 9 %
N R l t t e e s u	0, 5 -	-0 4 ,	-0 1 ,	n.a

	2 0 2 0 H 1	F Y 2 0 1 9
C W k i i l t o r n g a p a Va lue f Pr du % t. on o o c	1 3, 0 1 7, 1 %	1 5, 2 2 0, 7 %

Highlights

• • H1 2020 consolidated value of production reached 31,8M€ confirming the growing trend of the Group, driven by higher volumes for compressors
• • Adj. EBITDA has been negatively impacted by SAFE performance (strongly by Covid-19 lockdown) partially offset by further improvements in CEC and by fixed costs reductions
• • Net Result is substantially in line with H1 2019

• • Working Capital as of June 30, 2020 decreases compared to Dec. 31, 2019 and represents 17,1% of revenues, mainly due to the improved credit collection, particularly in Q2

• •Current order book in line with pre-Covid expectations

• • Growing opportunitiesarising from the Hydrogen compression and from biomethane applications market segments

Numerous signals indicate that Landi Renzo Group and SAFE&CEC can emerge from the Covid-19 crisis strong and with good perspectives

• • There are positive signals coming from strategic markets
• o Car sales in India grew 19,6% in August compared to Aug. 2019, also thanks to a good performance of Maruti Suzuki (+20,2%)
• o LRG has obtained new awarding in Uzbekistan and Russia
• o Despite a slow recovery of LatAm, Q3 2020 total portfolio is aligning to the same period of 2019, however with an increased share of OEM sales
• Management Landi Renzo Group has maintained a rigorous approach to safeguard its cash position and overall situation:
• oContained fixed costs whenever possible
• o Managed working capital in variable and unforeseeable conditions
• oInvested on key projects to pursue strategic goals

Expected to reach pre-Covid level of activities by mid-2021

• • Despite the Covid-19 crisis and the forced lockdown, SAFE&CEC is having a solid performance
• oOrder book is even larger than 2019
• o Overall positive results with some markets (e.g.: Egypt) peaking compared to last year

• o Full year revenues expected to be slightly better than FY2019

• • Focus on execution and strategy:

• o Keep improving overall efficiency in the production process and management of working capital
• o Looking for opportunities to consolidate the existing position in the CNG and RNG businesses and for a strategic entry in Hydrogen with some negotiations already ongoing

SAFE&CEC FY results expected to be unaffected by the Covid-19 pandemic

Market

Landi Renzo - Company profile (11/09/2020)

BOARD OF DIRECTORS

TOP MANAGERS

SHAREHOLDING

SHARE INFORMATION

FTSE Italia STAR

N. of shares outstanding: 112.500.000

Price as of 9/09/2020 € 0.628

INVESTOR RELATIONS

Investor Relations Contacts:

Paolo CilloniTel: +39 0522 9433 E-mail: ir@landi.itwww.landirenzogroup.com

CONSOLIDATED P&L

( ho ds f Eu ) t us an o ro
C O N S O L I D A T E D I N C O M E S T A T E M E N T	3 0 0 6 2 0 2 0 / /	3 0 0 6 2 0 9 / / 1
Re fro les d s ice ve nu es m sa an erv s	5 9, 8 5 7	1 0 2, 0 3 5
Ot he d inc r re ve nu e a n om e	6 4	2 2 9
Co f ra ia ls, b les d g ds d c ha in inv ies st ter tor o w ma co ns um a an oo an ng e en	3 3, 0 4 7 -	4, 3 4 6 5 -
Co for ice d u f t h ir d p sts art ts se rv s a n se o y as se	-1 3, 3 5 7	1 9, 0 9 7 -
Pe l e rso nn e xp en se s	-1 1, 3 0 5	1 4, 2 3 7 -
Ac ls, im irm los d o he ing t t t cru a p a en se s a n r o p era ex p en se s	-9 6 7	1, 3 1 2 -
Gr Op ing Pr f it t os s er a o	1, 0 3 8	1 3, 2 7 2
Am iza ion de iat ion d im irm los ort t t p rec an p a en se s ,	-6, 1 0 8	6, 2 6 5 -
Ne Op ing Pr f it t t er a o	0 0 -5, 7	0 0 7, 7
F ina ia l inc nc om e	1 8 1	4 9
F ina ia l e nc xp en se s	-1, 5 3 4	2, 3 7 3 -
Ex ha ins ( los ) c ng e g a se s	-1, 2 1 1	2 5 3 -
Ga ins ( Lo ) j int lua ing he ity ho d ntu te t t ss es on o ve re va us eq me u	-3 0 5	9 7
Pr f it ( Lo ) be for tax o ss e	9 3 9 -7,	2 4, 5 7
Ta xe s	1, 2 8 6	1, 6 4 1 -
Ne f it ( los ) for he Gr d m ino ity int inc lu d ing t p t ts, ro s ou p an r er es :	-6, 6 5 3	2, 8 8 6
M ino ity int sts r ere	-9 2	5 3 -
Ne f it ( los ) for he Gr t p t ro s ou p	-6, 5 6 1	2, 9 3 9
Ba ic ing ( los ) ha ( lcu la d o 1 1 2, 5 0 0, 0 0 0 s ha ) te s ea rn s s p er s re ca n res	-0, 0 5 8 3	0, 0 2 6 1
D i lu d e ing ( los ) ha te ar n s s p er s re	-0, 0 5 8 3	0, 0 2 6 1

CONSOLIDATED BALANCE SHEET

( ho ds f Eu ) t us an o ro
A S S E T S	3 0 / 0 6 / 2 0 2 0	3 1 / 1 2 / 2 0 1 9
No t a ts n-c ur re n ss e
Pr lan d e ip ty, t a t op er p n q u me n	1 2, 2 2 5	1 1, 5 7 8
De lop d i t e tur ve me n xp en e	9, 0 5 9	8, 2 2 8
Go dw i l l o	3 0, 0 9 4	3 0, 0 9 4
O he in i b le i h f in i fu l l ive t tan ts t te r g as se w us e s	1 1, 8 3 6	1 2, 5 3 6
R ig h f-u t-o ts se as se	0 9 5, 5	6, 4 0 2
Inv in ia d c ies d j in tm ts te t v tur es en as so c om p an an o en es	2 2, 4 3 4	2 3, 3 0 5
O f he ina ia l a t t ts r n on -cu rre n nc ss e	3 3 0	3 3 4
O he t t a ts r n on -cu rre n ss e	3, 4 2 0	3, 4 2 0
De fer d tax ts re as se	1 0, 1 2 5	8, 0 4 7
To l n ta t a ts on -c ur re n ss e	1 0 5, 0 3 2	1 0 4, 8 2 6
Cu t a ts rre n ss e
Tr de iva b les a re ce	3 5, 2 1 5	4 0, 5 4 5
Inv ies tor en	4 6, 7 1 9	3 9, 7 7 4
O he iva b les d c t t a ts r re ce an urr en ss e	8, 9 0 7	3 3 7, 7
Cu f ina ia l a t ts rre n nc ss e	2, 8 0 1	2, 8 0 1
Ca h a d c h e iva len ts s n as q u	1 3, 5 5 8	2 2, 6 5 0
To l c ta t a ts ur re n ss e	1 0 7, 2 6 3	1 1 3, 1 0 7
T O T A L A S S E T S	2 2, 2 9 1 5	2 9 3 3 1 7,

CONSOLIDATED BALANCE SHEET

( ho ds f Eu ) t us an o ro
S O S Q S H A R E H L D E R ' E U I T Y A N D L I A B I L I T I E	3 0 / 0 6 / 2 0 2 0	3 1 / 1 2 / 2 0 1 9
S ha ho l de ' Eq ity re rs u
S ha ita l re ca p	1 1, 2 5 0	1 1, 2 5 0
O he t r re se rve s	5 3, 8 2 5	4 9, 3 6 7
Pro f it ( los ) f t he io d s o p er	-6 6 1 5 ,	6, 0 4 8
To l S ha ho l de ' Eq ity f t he Gr ta re rs u o ou p	8, 5 5 1 4	6 6, 6 6 5
M ino ity int ts r ere s	-3 9 5	3 3 2 -
O S O S Q T T A L H A R E H L D E R ' E U I T Y	5 8, 1 1 9	6 6, 3 3 3
No l ia b i l it ies nt n-c ur re
No ba k loa t n-c urr en n ns	5 2, 6 1 3	5 0, 9 9 1
O he f ina ia l l ia b i l it ies t nt r n on -cu rre nc	7 8 5	0
No l ia b i l it ies for ig ht- f-u t n-c urr en r o se	3, 6 9 9	4, 5 3 5
Pro is ion for is ks d c ha v s r an rg es	2, 8 3 3	3, 6 0 9
De f ine d be f it p lan for loy ne s em p ee s	1, 5 8 1	1, 6 3 0
De fer d l ia b i l it ies tax re	3 3 7	4 0 7
L ia b i l it ies for de iva ive f ina ia l ins t tru nts r nc me	2 6 1	3 0
To l n l ia b i l it ies ta nt on -cu rre	6 2, 1 0 9	6 1, 2 0 2
Cu l ia b i l it ies nt rre
Ba k o dra fts d s ho loa rt- ter n ve r an m ns	3 5, 9 3 5	2 9, 4 6 0
O he f ina ia l l ia b i l it ies t t r c urr en nc	2 1 0	2 1 0
Cu l ia b i l it ies for ig ht- f-u nt rre r o se	1, 9 4 3	1, 9 9 2
Tra de b les p ay a	4 6, 3 7 0	5 1, 9 3 5
Ta l ia b i l it ies x	2, 0 2 2	2, 1 3 4
O he l ia b i l it ies t t r c urr en	5, 5 8 7	4, 6 6 7
To l c l ia b i l it ies ta nt ur re	9 2, 0 6 7	9 0, 3 9 8
T O T A L S H A R E H O L D E R S ' E Q U I T Y A N D L I A B I L I T I E S	2 2, 2 9 1 5	2 9 3 3 1 7,

2020 Corporate financial agenda