Industrie De Nora

Investor Presentation • Nov 5, 2024

9M 2024 Financial Results:

Healthy Profitability and Solid Financial Structure to Invest in Long-Term Growth

1 © 2024 De Nora November 5th, 2024

9 M 2 0 2 4 R E S U L T S W I T H Y O U T O D A Y

Paolo Dellachà CEO

Luca Oglialoro CFO

Chiara Locati Head of IR & ESG

9 M 2 0 2 4 R E S U L T S A G E N D A

9 M 2 0 2 4 K E Y H I G H L I G H T S

R e s u l t s i n L i n e w i t h G u i d a n c e , B u i l d i n g U p f o r F u t u r e G r o w t h

REVENUES ON THE RIGHT PATH TO FULLY RECOVER

WATER TECHNOLOGIES BU MOMENTUM

GLOBAL FOOTPRINT

ESG PLAN 2030 EXECUTION

• 9M Revenues (€601m) and EBITDA Adj. (17.8% margin) were in line with Guidance, since a soft Q3 was expected, while Q4 is moving at the right pace
• €81m Operating Cash Flow generated, mainly underpinned by Electrode Technologies profitability (23% EBITDA margin)
• €70m Revenues based on our solid Backlog
• The large-scale projects pipeline is still growing (@88GW)
• Developing the small-scale Mkt with Dragonfly® and Strategic Partnerships
• +10.8% Backlog vs Dec.'23
• 15.8% 9M'24 EBITDA margin (+330 bps vs 9M'23)
• +13% YoY Pools revenues in 9M'24, supporting BU profitability
• Ongoing Italian Gigafactory project
  • New People Strategy 2024- 2026 launched

4 © 2024 De Nora 1. Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related 2023 figures have been restated accordingly.

9 M 2 0 2 4 K E Y R E S U L T S

R e s u l t s i n L i n e w i t h G u i d a n c e , C o u p l e d w i t h a S o l i d C a s h F l o w G e n e r a t i o n

REVENUES

2.8%+180 bps

€601.2 m €614.7 m @ constant fx EBITDA ADJUSTED*

€107.3 m 17.8%Ebitda Adj margin NET RESULT

€52.5 m 8.7% on revenues

ENERGY TRANSITION

€70.2 m Revenues 785 MW Green H² Technologies delivered BACKLOG

€569.7 m o/w € 144 m Energy Transition NET CASH POSITION

€29.7 m €81 m Operating Cash Flow in 9M'24

5 © 2024 De Nora * Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related 2023 figures have been restated accordingly.

E L E C T R O D E T E C H N O L O G I E S B U S I N E S S

R e v e n u e s R e c o v e r y O n g o i n g , N e w O r d e r s E x p e c t e d t o S u r g e

Revenues €m

Growing new orders expected Backlog €m

Markets

• Chlor Alkali: New- built projects expected to pick up. Global contracts equivalent to 5 million tons/y of production are expected to reach FID by 2025
• Electronics: Progressive Recovery Expected in 2025

Chlor Alkali Opportunties

• TA'ZIZ (Adnoc ADQ Jv) the largest Chlor Alkai project in UAE: BEDP*announced by tk nucera, order expected in 2025
• Feasibility Studies (by tk nucera) in Spain, South America and US.
• China still a good opportunity for upgrade projects, and Q3'24 Aftermarket 37% aftermarket development.

6 © 2024 De Nora

© 2024 De Nora

W A T E R T E C H N O L O G I E S B U S I N E S S W a t e r P o s i t i v e M o m e n t u m S t i l l P r e s e n t

WTS¹ Orders

39%

• +10.8% Water Technologies backlog driven by ~€227m new orders which improved YoY both in WTS and in Pools

• € 153m 9M'24 new orders,+10.5% YoY, mainly led by US
• Strong momentum expected to continue in Middle East, US and Asia

• +32% YoY Q3'24 Revenues
• +13% YoY 9M' 24 Revenues, main markets US and Middle East
• €74m 9M'24 new orders, +39% YoY

W A T E R T E C H N O L O G I E S S Y S T E M S

D i v e r s i f i e d P r o j e c t s A c r o s s T e c h n o l o g i e s a n d G e o g r a p h i e s

North Field Expansion Prj. - II Phase

Selected Municipal Awards in Q3 2024

QATAR - Ras Laffan

• 2 CECHLO Units, for 2 mega LNG generator trains, following the units awarded in 2021 (Phase I)
• Biofouling control, disinfect service water and firewater, manage brine from the desalination plant to the sea
• Total Units will produce 11 tons/day of Chlorine

USA – Murfreesboro, TN

• DE NORA TETRA® Filters
• Municipal Water Treatment
• ~121,000 m³ /d water treated
• Capacity Expansion

CHINA- Anhui

• Capital Controls® Ozone generators
• Municipal Water Treatment
• ~650,000 m³ /d water treated
• Capacity Expansion: the largest De Nora Ozone project in China

USA - City of Madisonville

• MIOX® generators for mixed oxidant
• Drinking Water
• New Installation

E N E R G Y T R A N S I T I O N B U S I N E S S 9 M 2 0 2 4 A C H I E V E M E N T S

Main Projects in Backlog

NEOM, Saudi Arabia, Largest Green H² Project Globally part of > 2 GW tot project H2 to Green Ammonia

Green Steel project, Sweden the first large-scale green steel plant in EU 700+ MW

H2 to Steel – Hard to abate industry

1. MW Megawatt, GW Gigawatt of Equiv. Technologies for the Green Hydrogen generation.

O N G O I N G D R A G O N F L Y P R O J E C T S D e v e l o p i n g a N e w M a r k e t

Dragonfly®: Containerized Small- Scale Electrolyzer (1 - 7.5MW)

• Designed to minimize TOC¹ and LCOH¹
• Our proprietary versatile solution for decentralized applications

Small Scale Projects ongoing

Maffei Sarda Silicati – Sassari (ITA) 1 MW ~50 tons/y of Green H² financed through PNRR funds

CRAVE H2 - Crete Hydrogen Valley (Crete) 4 MW - 500 tons/y of Green H² co-funded by the EU Commission

HyTecHeat - Snam e Tenova 1MW low carbon H² for steel production Funded by EU " Horizon Europe"

Partnerships to develop small-scale Green H² production

H y T e c h H e a t P R O J E C T : D R A G O N F L Y ® S Y S T E M D E L I V E R E D

T h e 1 s t U s e o f O u r E l e c t r o l y z e r A p p l i e d t o t h e H a r d - t o - A b a t e S e c t o r

HyTecHeat Project - Electrolyzer delivered

• EU funded project, developed in partnership with several technological partners including De Nora, Tenova and Snam
• This project involves the use of hybrid technologies for the production of steel with low CO² emissions
• De Nora provided and delivered in Sep. '24 a 1MW capacity Dragonfly® System, its on-site Green H² generation system, contributing to decarbonize traditionally hard-to-abate sector
• DRAGONFLY® is based on DSA® electrodes, developed by De Nora, which guarantee maximum efficiency

E N E R G Y T R A N S I T I O N P I P E L I N E @ 3 0 S E P . 2 0 2 4

G r o w i n g 8 8 G W P i p e l i n e , T o w a r d s a M i d - T e r m S u s t a i n a b l e G r o w t h

12 © 2024 De Nora 1.Hot Deals: projects with high probability of award in the short term. 2.Actively pursued projects in which our partners, and especially those with whom we are closely cooperating, have been having active interactions 3.Identified pipeline: Projects with which our partners had first interactions. 4 Average of external multiple sources.

B O O S T I N G O U R D I S T I N C T I V E P R O D U C T I O N C A P A C I T Y

R e a d i n e s s a n d F l e x i b i l i t y t o m a r k e t t r e n d i s o u r a p p r o a c h

9 M 2 0 2 4 R E S U L T S A G E N D A

9M 2024 Results Review

ESG Journey Updates

Final Remarks

Q&A Session

Q 3 R E V E N U E S I n L i n e w i t h G u i d a n c e , a S o f t Q 3 W a s E x p e c t e d

Water Technologies (€m /%YoY)

Energy Transition (€m / %YoY)

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• +4.8% sequentially growth vs. Q2'24, confirming the expected recovery trend
• Electronics' destocking not yet over
• Negative Japanese Yen Impact €2.5m

WATER TECHNOLOGIES

• Pools jumped for the second quarter in a row by over 30%
• WTS light performance due to some projects phasing and one–off effects (marine disposal)

ENERGY TRANSITION

• Q3 revenues impacted by supply chain slowdown, now completely overcome

Q 3 E B I T D A A D J U S T E D

H e a l t h y p r o f i t a b i l i t y U n d e r p i n n e d b y E l e c t r o d e s T e c h n o l o g i e s a n d P o o l s

EBITDA* Adjusted by quarters (€m)

KEY HIGHLIGHTS Q3

ELECTRODE TECHNOLOGIES

• Q3'24 in line with Q2'24, led by the same topics: revenue mix and production set-up optimization due to capacity scale-up

WATER TECHNOLOGIES

• ~+370 bps vs Q3'23 mainly reflecting Pools' volumes growth and stable WTS profitability

ENERGY TRANSITION

• Profitability impacted by soft quarter volumes
• R&D Costs were 18% of Revenues
• Gigafactory costs included

16 © 2024 De Nora *Starting from H1'24 De Nora management, to better represent operational profitability of the Group, decided to change its presentation of EBITDA, including in the EBITDA and Adj EBITDA Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related Q3 / 9M 2023 figures have been restated accordingly.

9 M 2 0 2 4 R E V E N U E S

O n t h e R i g h t P a t h t o a C o m p l e t e R e c o v e r y b y t h e E n d o f t h e Y e a r

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Recovery ongoing, expected a solid Q4, based on project scheduling agreed with Customers
• Japanese YEN impact about €12
• Aftermarket Revenues at 44.2%

WATER TECHNOLOGIES

• WTS¹: soft performance driven by same one-off effects²
• WTS After Market revenues 38%
• Pools+13% YoY, positive momentum confirmed

ENERGY TRANSITION

• Revenue growth reflects production volume increase at 785 MW, and a different product mix.

9 M 2 0 2 4 B A C K L O G

B a c k l o g S w i n g L e d b y E x e c u t i o n , W a t e r T e c h s G r e w D o u b l e - D i g i t Y T D

BACKLOG €m

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Physiological Backlog Swing
• New orders incoming in the next quarters

WATER TECHNOLOGIES

• + 10.8% vs Dec.23, thanks to new orders (~€227m in 9M'24) both in WTS and Pools, which more than off-set project executions

ENERGY TRANSITION

• Backlog grew (vs. FY'23) due to H2 Green Steel Project.

Water Technologies

9 M 2 0 2 4 E B I T D A A D J U S T E D

H e a l t h y 1 7 . 8 % E B I T D A A d j M a r g i n , i n L i n e w i t h t h e F Y g u i d a n c e

EBITDA* Adjusted (€m)

EBITDA Adj. Margin	19.4%	17.8%
Energy Transition	10.3%	-0.1%
Water Technologies	12.5%	15.8%
Electrode Technologies	25.2%	23.1%

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• The profitability evolution reflects lower volumes, a different revenue mix, and optimization costs related to capacity scaleup in Asia and Germany

WATER TECHNOLOGIES

• +330 bps EBITDA margin mainly reflects both Pools' volumes increase an incidence on BU's revenues coupled with stable WTS profitability

ENERGY TRANSITION

• EBITDA Adj changes vs. 9M'23 reflect a different project mix, costs related to the Ita Gigafactory, and production setup optimization costs
• R&D costs were 13% of Revenues (10% in 9M'23)

19 © 2024 De Nora * Starting from H1'24 De Nora management, to better represent operational profitability of the Group, decided to change its presentation of EBITDA, including in the EBITDA and Adj EBITDA Accrual, Utilization and Release of Provisions for

Risks and Charges, previously classified below the EBITDA. The 2023 figures have been restated accordingly.

9 M 2 0 2 4 R E S U L T S : F R O M E B I T D A T O N E T I N C O M E

20 © 2024 De Nora 1 Ebitda Reported. Starting from H1'24 De Nora management, to better represent operational profitability of the Group, decided to change its presentation of EBITDA, including in the EBITDA and Adj EBITDA Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related 9M 2023 figures have been restated accordingly.

Q 3 S o l i d O p e r a t i n g C a s h F l o w m o r e t h a n C o v e r e d C a p e x a n d D i v i d e n d s

21 © 2024 De Nora

2 0 2 4 G U I D A N C E - C O N F I R M E D

L o w S i n g l e - D i g i t G r o w t h , c o u p l e d w i t h c o n t i n u e d h e a l t h y P r o f i t a b i l i t y

REVENUES

ADJ. EBITDA MARGIN

LOW SINGLE-DIGIT GROWTH

Broadly in line with 2023

Low Single-Digit Growth

Low Single-Digit Growth

~17%

Including Italian Gigafactory Development costs

9 M 2 0 2 4 R E S U L T S A G E N D A

9M 2024 Key Achievements and Business Review

9M 2024 Results Review

ESG Journey Updates

Final Remarks

Q&A Session

M A I N 9 M 2 0 2 4 E S G A C H I E V E M E N T S

E x e c u t i n g o u r S u s t a i n a b i l i t y P l a n , o u r j o u r n e y c o n t i n u e s …

40,000 m² area, 25,000 m²covered by the building

Photovoltaic panels will be installed on the roof to provide as much as possible green electricity

Reduction of environmental impact: control and monitoring of energy efficiency,

PEOPLE & LOCAL COMMUNITIES

• Parental Leave Policy finalized and re-issued
• Launched Italian edition for Inclusive Leadership program (INCLUDE);
• Safety days held at multiple location (US, Italy)
• GPTW certification renewal for Italy; Best workplace for blue collar recognition
• UNI PDR Gender equality certification (Italy)

ITALIAN GIGAFACTORY LEADING EXTERNAL RECOGNITION

9 M 2 0 2 4 R E S U L T S A G E N D A

9M 2024 Key Achievements and Business Review

9M 2024 Results Review

ESG Journey Updates

Final Remarks

Q&A Session

Q3 Soft revenues were expected, while Q4 is on the right path to achieve a complete recovery in the FY 2024, with Healthy profitability. FY guidance confirmed

Chlor Alkali market: New-built projects are expected to pick up in the next quarters, underpinning our Electrodes Technologies business performance

Water's Positive Momentum continues, with solid growth in pool revenues and WTS orders increasing faster than the market.

Energy Transition: Building Up for future growth, through enhancing technologies, tactical manufacturing capacity expansion, and strategic partnerships

With a strong balance sheet and significant operating cash flow generation, we remain focused on investing in long-term growth and are confident in our resilient business model.

Q&A

27 © 2024 De Nora

A d d i t i o n a l M a t e r i a l s

© 2023 De Nora 2024

(€m)	Q1 2023	Q2 2023	H1 2023	Q3 2023	9M 2023	Q1 2024	Q2 2024	H1 2024	Q3 2024	9M 2024
Revenue	216.9	203.5	420.4	209.4	629.8	189.1	211.2	400.3	200.9	601.2
YoY Growth (%)	8.6%	-4.8%	2.4%	1.6%	2.1%	-12.8%	3.8%	-4.8%	-4.1%	-4.5%
Royalties and commissions	(2.2)	(2.7)	(4.9)	(2.3)	(7.2)	(2.0)	(2.5)	(4.5)	(1.9)	(6.4)
Cost of goods sold	(138.4)	(131.3)	(269.7)	(140.0)	(409.7)	(120.7)	(140.6)	(261.3)	(137.4)	(398.7)
Selling expenses	(7.5)	(7.5)	(15.0)	(7.5)	(22.5)	(8.1)	(7.5)	(15.6)	(7.6)	(23.2)
G&A expenses	(11.7)	(12.6)	(24.3)	(13.4)	(37.7)	(12.0)	(12.5)	(24.5)	(12.2)	(36.7)
R&D expenses	(3.5)	(3.3)	(6.8)	(3.4)	(10.2)	(4.0)	(4.0)	(8.0)	(4.1)	(12.1)
Other operating income (expenses)	0.5	(0.9)	(0.4)	0.9	0.5	0.9	6.0	6.9	0.6	7.5
Corporate costs	(7.2)	(9.0)	(16.2)	(7.2)	(23.4)	(7.5)	(9.2)	(16.7)	(8.1)	(24.8)
EBITDA	46.9	36.2	83.1	36.5	119.6	35.7	40.9	76.6	30.2	106.8
Margin (%)	21.6%	17.8%	19.8%	17.4%	19.0%	18.9%	19.4%	19.1%	15.0%	17.8%
Depreciation and amortization	(7.2)	(7.2)	(14.4)	(7.4)	(21.8)	(8.2)	(8.0)	(16.2)	(8.2)	(24.4)
Impairment	-	(1.3)	(1.3)	-	(1.3)	-	-	-	-	-
EBIT	39.7	27.7	67.4	29.1	96.5	27.5	32.9	60.4	22.0	82.4
Margin (%)	18.3%	13.6%	16.0%	13.9%	15.3%	14.5%	15.6%	15.1%	11.0%	13.7%
Share of profit of equity-accounted investees	-	1.5	1.5	2.1	3.6	-	(1.9)	(1.9)	1.5	(0.4)
Net Finance income / (expenses)	(3.9)	(0.6)	(4.5)	131.4	126.9	(0.3)	(1.9)	(2.2)	(4.3)	(6.5)
Profit before tax	35.8	28.6	64.4	162.6	227.0	27.2	29.1	56.3	19.2	75.5
Income taxes	(10.7)	(7.0)	(17.7)	(10.7)	(28.4)	(9.2)	(7.1)	(16.3)	(6.7)	(23.0)
Net Result	25.1	21.6	46.7	151.9	198.6	18.0	22.0	40.0	12.5	52.5

Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly.

Q U A R T E R L Y R E V E N U E S A N D A D J . E B I T D A B Y D I V I S I O N

(€m)		'23 Q2	'23 Q3	'24 Q1	'24 Q2	'24 Q3	'24 Q1 vs	'24 Q2 vs	'24 Q3 vs
	'23 Q1						'23 Q1	'23 Q2	'23 Q3
REVENUES	216 9	203 5	209 4	189 1	211 2	200 9	-12 8%	3 8%	1% -4
Electrode Technologies	118 9	112 8	121 0	92 7	112 1	117 5	0% -22	6% -0	9% -2
Transition Energy	26 6	20 7	21 3	26 6	25 7	17 9	0% 0	2% 24	0% -16
Technologies Water	71 4	70 0	67 1	69 8	73 4	65 5	2% -2	9% 4	4% -2
Adj EBITDA	47 0	37 4	37 6	36 4	38 9	32 0	-22 6%	4 0%	-14 9%
Adj EBITDA Margin	21 7%	18 4%	18 0%	19 2%	18 4%	15 9%
Electrode Technologies	31 0	29 7	28 1	25 3	23 9	25 3	-18 4%	-19 5%	-10 0%
Ebitda Adj Margin	26 1%	26 3%	23 2%	27 3%	21 3%	21 5%
Transition Energy	5 0	0 6	1 5	(0 6)	4 0	(3 5)	0% -112	7% 566	3% -333
Ebitda Adj Margin	8% 18	9% 2	0% 7	3% -2	6% 15	6% -19
Technologies Water	0 11	7 1	8 0	11 7	0 11	10 2	6 4%	9% 54	27 5%
Ebitda Adj Margin	4% 15	1% 10	9% 11	8% 16	0% 15	6% 15

Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The related H1 2023 figures have been restated accordingly.

F o c u s o n E B I T D A A d j u s t m e n t s I N C O M E S T A T E M E N T

(€m)	9M 2023	9M 2024
Sales	629.8	601.2
EBITDA	119.6	106.8
Margin (%)	19.0%	17.8%
Terminations (labor + legal expenses) costs	0.9	0.8
Costs relative to IPO process	0.7	-
Costs relative to integration , and company reorganization M&A,	0.2	0.2
Marine business divesture	-	(2 .3)
Inventory write down - russian cstomer	-	1.5
Other non recurring costs	0.6	0.3
Adj . EBITDA	122.0	107.3
Margin (%)	19.4%	17.8%

Starting from H1'24 De Nora, to better represent the operational profitability of the Group, decided to change its EBITDA definition, including in the EBITDA and Adj EBITDA, Accrual, Utilization and Release of Provisions for Risks and Charges, previously classified below the EBITDA. The 2023 figures have been restated accordingly.

B A L A N C E S H E E T

(€m)	9M 2024	FY 2023
Intangible assets	110 8	8 115
plant and equipment Property,	275 6	254 3
Equity-accounted investees	230 6	231 5
Fixed asset	616 9	601 6
Inventories	268 8	257 1
Contract work in of advances from progress, net customers	26 4	31 7
receivables Trade	150 4	141 9
Trade payables	(86 4)	(106 8)
Operating working capital	359 2	324 1
Other and liabilities current assets	(78 6)	(59 4)
working capital Net	280 6	264 6
Deferred tax assets	14 1	16 2
Other receivables and non-current financial assets	12 6	10 5
Employee benefits	(20 8)	(21 8)
Provisions for risks and charges	(13 9)	(18 0)
Deferred tax liabilities	(8 1)	(8 9)
Trade payables	(0 0)	(0 1)
Other payables	(2 6)	(2 2)
liabilities Other net non current asset and	(19 3)	(24 8)
Net invested capital	878 3	841 4
Net current Liquidity / (Financial Indebtedness)	167 3	201 9
Financial Indebtedness Non-current	(137 6)	(133 7)
Liquidity (Financial Indebtedness) Net / - ESMA	29 7	68 2
Fair value of financial instruments	0 1	0 5
Net Liquidity / (Financial Indebtedness) - De Nora	29 7	68 8
Total Equity	(908 0)	(910 2)
Total sources	(878 3)	(841 4)

C A S H F L O W S T A T E M E N T

(€m)	9M 2024	9M 2023
EBITDA	107	120
of equipment intangible Losses on the sale property, plant and and assets	(6)	0
Other non-monetary items	(4)	3
Cash flows generated by operating activities before changes in net working capital	97	123
in inventory Change	(14)	3
Change in trade receivables and construction contracts	(5)	(34)
Change in trade payables	(19)	(1)
in receivables/payables Change other	19	(16)
Cash flows generated by changes in net working capital	(19)	(48)
Cash flows generated by operating activities	78	75
financial expense paid Net Interest and Net other	(3)	(6)
Income taxes paid	(23)	(22)
cash flows generated by operating activities Net	52	47
of equipment intangible Sales property, plant and and assets	6	0
Investments in tangible and intangible assets1	(43)	(52)
(Investments) Divestment in Associated companies	-	26
Acquisitions (net of cash acquired)	-	(2)
(Investments) Divestments in financial activities	4	145
Net cash flows used in investing activities	(33)	118
Share capital increase	1	1
Treasury Shares	(26)
New loans/(Repayment) of loans	10	(142)
(decrease) in other financial liabilities Increase	(3)	(2)
(Increase) in financial decrease assets	-	0
Dividends paid	(24)	(24)
cash flows generated by financing activities Net	(42)	(167)
	-	-
increase (decrease) in cash and cash equivalents Net	(23)	(2)
Opening cash and cash equivalents	198	174
Exchange rate gains/(losses)	(3)	(2)
Closing equivalents cash and cash	173	169

I N V E S T O R R E L A T I O N S – R E A D Y T O E N G A G E

UPCOMING EVENTS – FINANCIAL CALENDAR IR CONTACTS

Nov. 12	Carbonomics Conference, London – Goldman Sachs
Nov. 26	Sustainability Day, Milano – De Nora
Dec. 3	Future of Energy Conference, Paris – UBS

ir@denora.com Investor Relations | Overview | De Nora ph: +39 02 2129 2124