Landi Renzo

Investor Presentation • Nov 7, 2024

9M 2024 Financial Results

Cavriago, 7 th November 2024

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. The values of this document are represented in Euro Millions while in the Financial Statement are represented in thousands of Euros, values could reflect rounding decimals effects.

Negative dynamics of Automotive sector penalize 9M results of Green Transportation, while order intake acceleration shows signs of recovery for Clean Tech Solutions

Green Transportation (Automotive)

• 9M 2024 revenues accounted for 142,0 M€ (-8,4% vs. 9M 2023), highly penalized by the difficulties emerging in the automotive market. The revenues decrease has affected the main customer of the OEM-PC segment; however, also OEM-MHD volumes show a decline in the third quarter compared to last year • Volume decrease has strongly affected profitability, causing a negative EBITDA adjusted over the 9M period • Management efforts to reduce Net Working Capital absorption have partly mitigated impact of negative profitability on cash absorption; cash position in the quarter has improved, thanks also to the first phase of Capital Increase (15 M€)

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Clean Tech
Solutions
(Infrastructure)

• Revenues continue to be below previous year level (-15,7% vs. 9M 2023), due to end 2023/ beginning 2024 slow order intake; however, order entry acceleration in the third quarter demonstrates a significant recovery of the traditional CNG business and a progressive uptake of RNG/ hydrogen market
• Low volumes and higher incidence of non-compressible costs (e.g. engineering), affected the product profitability
• Tight management of Net Working Capital mitigated financial impact on NFP, decreased by 0,1 M€

• 9M 2024 financial statements reflect the first phase of the Capital Increase subscribed by the Major Shareholders (15 M€) within the framework of the agreements signed 1st august 2024 among company's majority Shareholders, Invitalia¹ and Banks, that will grant to the Company a capital increase of 40-45 M€ and the amendment of the loan agreements

AM: Aftermarket MHD: Medium and Heavy Duty PC: Passenger Car

(1) Invitalia – "Agenzia nazionale per lo sviluppo", acting as manager of the "Fondo salvaguardia imprese" promoted by MIMIT - Ministry of Enterprises and Made in Italy

Green Transportation negative EBITDA adj. penalizes Group's results, while Clean Tech Solutions contributes with positive figures

M€; %	Green Transportation	Clean Tech Solutions	LRG
	9M 2024	9M 2024	9M 2024	9M 2023	delta	delta %
Revenues	142,0	55,8	197,7	221,1	-23,4	-10,6%
Adj. EBITDA	-2,3	0,6	-1,7	4,6	-6,3
% on rev.	-1,6%	1,0%	-0,9%	2,1%
EBITDA	-5,5	-0,4	-5,9	-1,1	-4,8
% on rev.	-3,9%	-0,7%	-3,0%	-0,5%
EBIT	-15,2	-2,5	-17,7	-13,9	-3,8
% on rev.	-10,7%	-4,4%	-8,9%	-6,3%
EBT			-27,2	-23,0	-4,2
% on rev.			-13,7%	-10,4%
Net Result			-27,3	-28,6	1,3

• 9M revenue gap compared to 2023 reflects a volume drop occurred in both Green Transportation (mainly in the third quarters) and Clean Tech Solutions (mainly in the first two quarters)
• Similarly, negative profitability of Green Transportation is mainly driven by the slowdown occurred in Q3 in the entire Automotive segment, while gradual recovery of orders in Clean Tech Solution has turned EBITDA adj. to positive figures

Automotive industry critical situation impacts OEM segments (PC and MHD), leading to negative profitability and Net Financial Position deterioration

M€; %

						Highlights
Green Transportation (Automotive)		9M 2024	9M 2023	delta	delta %	• Slowdown of volumes in the higher-margin
	Revenues	142,0	155,0	-13,0	-8,4%	segment OEM-MHD in Q3, together with a decrease in revenue from the main OEM-PC client turnover reduction compared to the previous year (- 13.0 M€, -8.4%)
	Adj. EBITDA	-2,3	1,3	-3,6
	% on rev.	-1,6%	0,9%
	EBIT	-15,2	-13,8	-1,4		• Higher fixed cost vs. 2023 and a less favorable mix led to a negative Adjusted EBITDA (-2,3 M€)
	% on rev.	-10,7%	-8,9%			• NFP increases by 15.4 M€ vs. FY 2023 due to negative profitability and NWC absorption in the
		9M 2024	FY 2023			first months of the year (reduction of debt with suppliers, slightly compensated by Inventory and Credit reduction), despite the first phase of Capital
	NWC	46,7	38,1			Increase (15 M€) occurred in the third quarter
	NFP (1)	97,4	82,0

• Slowdown of volumes in the higher-margin segment OEM-MHD in Q3, together with a decrease in revenue from the main OEM-PC client cause a turnover reduction compared to the previous year (- 13.0 M€, -8.4%)
• Higher fixed cost vs. 2023 and a less favorable mix led to a negative Adjusted EBITDA (-2,3 M€)
• NFP increases by 15.4 M€ vs. FY 2023 due to negative profitability and NWC absorption in the first months of the year (reduction of debt with suppliers, slightly compensated by Inventory and Credit reduction), despite the first phase of Capital

Value of Production improvement in Q3 turns 9M EBITDA adj to positive; stable Net Financial Position due to Net Working Capital reduction

M€; %

		9M 2024	9M 2023	delta	delta %
	Revenues	55,8	66,1	-10,4	-15,7%
	Adj. EBITDA	0,6	3,2	-2,7
	% on rev.	1,0%	4,9%
Clean Tech Solutions	EBIT	-2,5	-0,0	-2,4
	% on rev.	-4,4%	-0,1%
		9M 2024	FY 2023
	NWC	10,0	14,6
	NFP (1)	16,4	16,6

• 9M results still impacted by slow H1 order entry, only partially mitigated by Q3 Production value increase
• Lower volumes vs 2023 and higher incidence of non-compressible costs (e.g. engineering), affected product profitability
• Net working capital tight control, inventory reduction and credit collection fully mitigated negative economic performances on cash

Net Financial Position increase driven by Green Transportation negative profitability and Working Capital absorption

• NFP (including reduction due to variation of financial leases) increased by 15,4 M€ vs FY 2023 including the first phase of the Capital Increase (15 M€)
• Variation of NFP (net of Capital Increase) is 30,4 M€ mainly driven by the NWC increase, negative EBITDA and Green Transportation Financial Costs
• Long and Short-term debt reflects the loan agreement amendment signed in august with banks and shows an overall reduction vs FY 2023 due to short-terms variations
• Second phase of Capital Increase (25-30 M€) not reflected in 9M 2024

Landi Renzo S.p.A. Headquarter Via Nobel 2 - 42025 Corte Tegge Cavriago (RE), Italy

www.landirenzo.com www.landirenzogroup.com www.landirenzo.com

WWW

www.landirenzogroup.com

Landi Renzo - Company profile

BOARD OF DIRECTORS

Stefano Landi – Chairman Sergio Iasi – Deputy Chairman Annalisa Stupenengo – CEO Silvia Landi – Director Massimo Lucchini – Director Andrea Landi – Director Pamela Morassi – Independent Director Sara Fornasiero – Independent Director Anna Maria Artoni – Independent Director

SHARE INFORMATION

Euronext STAR Milan segment of Borsa Italiana

N. of shares outstanding: 225.000.000

Price as of 06/11/2024: €0,16

TOP MANAGERS INVESTOR RELATIONS

Investor Relations Contacts:

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

CONSOLIDATED P&L

(Thousands of Euro)
CONSOLIDATED INCOME STATEMENT	30/09/2024	30/09/2023 (Restated)
Revenues from sales and services	197,731	221,138
Other revenues and income	981	1,296
Cost of raw materials, consumables and goods and change in inventories	-121,116	-138,294
Costs for services and use of third-party assets	-42,423	-41,579
Personnel costs	-38,312	-37,373
Allocations, w rite dow ns and other operating expenses	-2,779	-6,310
Gross Operating Profit	-5,918	-1,122
Amortization, depreciation and impairment	-11,777	-12,771
Net Operating Profit	-17,695	-13,893
Financial income	754	891
Financial expenses	-8,997	-8,341
Exchange gains (losses)	-785	-277
Income (expenses) from hyperinflation	-963	-1,337
Income (expenses) from equity investments	-504	-173
Income (expenses) from joint venture measured using the equity method	1,040	134
Profit (Loss) before tax	-27,150	-22,996
Taxes	-179	-5,615
Net profit (loss) for the Group and minority interests, including:	-27,329	-28,611
Net profit (loss) attributable to non controlling interests	-1,668	-883
Net profit (loss) attributable to the Group	-25,661	-27,728
Basic earnings (loss) per share	-0.1140	-0.1232
Diluted earnings (loss) per share	-0.1140	-0.1232

CONSOLIDATED BALANCE SHEET (1/2)

EMARKET SDIR
CERTIFIED

(Thousands of Euro)
ASSETS	30/09/2024	31/12/2023
Non-current assets
Land, property, plant, machinery and other equipment	13,184	13,232
Development expenditure	9,567	9,987
Goodw ill	80,132	80,132
Other intangible assets w ith finite useful lives	13,474	15,034
Right-of-use assets	11,901	11,945
Equity investments measured using the equity method	3,466	2,498
Other non-current financial assets	475	902
Deferred tax assets	8.866	8,745
Non-current assets for derivative financial instruments	17	39
Total non-current assets	141,082	142,514
Current assets
Trade receivables	68,855	72,821
Inventories	71,131	76,260
Contract w ork in progress	12,025	17,377
Other receivables and current assets	21,985	17,355
Current financial assets	1,011	20,647
Cash and cash equivalents	15,400	26,495
Total current assets	190,407	230,955
TOTAL ASSETS	331,489	373,469

CONSOLIDATED BALANCE SHEET (2/2)

(Thousands of Euro)
SHAREHOLDERS' EQUITY AND LIABILITIES	30/09/2024	31/12/2023
Shareholders' Equity
Share capital	22,500	22,500
Other reserves	57,738	77,596
Profit (loss) for the period	-25,661	-35,169
Total Shareholders' Equity of the Group	54,577	64,927
Minority interests	3,267	5,277
TOTAL SHAREHOLDERS' EQUITY	57,844	70,204
Non-current liabilities
Non-current bank loans	74,241	67,785
Other non-current financial liabilities	14,536	18,503
Non-current liabilities for right-of-use	9,445	10,090
Provisions for risks and charges	5,778	6,244
Defined benefit plans for employees	3,387	3,257
Deferred tax liabilities	2,933	3,048
Non-current liabilities for derivative financial instruments	503	515
Total non-current liabilities	110,823	109,442
Current liabilities
Bank financing and short-term loans	28,097	51,987
Other current financial liabilities	13,368	7,459
Current liabilities for right-of-use	3,532	2,792
Trade payables	75,373	100,115
Tax liabilities	2,626	2,440
Other current liabilities	39,826	29,030
Total current liabilities	162,822	193,823
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	331,489	373,469