El.En.

Investor Presentation • Jan 21, 2025

COMPANY PRESENTATION

9 th ANNUAL POLYTEMS HIR ITALIAN DAY IN FRANKFURT

January 23rd , 2025

DISCLAIMER ²

Certain statements in this slide show, including those addressing the Company's beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statements. Forward-looking statements involve known or unknown risks, including general economic and business conditions, and conditions in the industry we operate and may be affected should our assumptions turn out to be inaccurate. Consequently, no forward-looking statement can be guaranteed and actual future results, performance, or achievements may vary materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation about the contents nor to update the forward-looking statements to reflect events or circumstances that may arise after the date hereof.

AGENDA ³

1. Overview

• 2. Markets and Growth Drivers
• 3. Our Strategy and Market Approach
• 4. Financial Highlights
• 5. Current Outlook
• 6. Multiples & Comparables

OVERVIEW

OVERVIEW

A PRIMARY PLAYER PROVIDING MEDICAL,INDUSTRIAL AND CONSERVATION LASER SOLUTIONS WORLDWIDE

Hi-Tech industrial group providing laser solutions with proprietary technologies and know how developed over 40 years

Listed on Euronext STAR Milan of Italian Stock Exchange since year 2000 and member of Euronext Tech Leaders

Within Worldwide leaders in its space

Active worldwide on several laser application segments and markets…

…progressively widening its globalwide presence achieving continuous growth over the years

OVERVIEW OUR APPROACH ⁶

>40 YEARS OF EXPERIENCE

SUBSIDIARIES

8 COUNTRIES WITH DIRECT PRESENCE

14 PLANTS

WE CREATE LIGHT,ENERGY,WAVES

Our energy based systems improve people's well-being and life quality.

In the SURGICAL SECTOR, our minimally invasive technology systems minimize pain, side effects and risks of surgical procedures and hospitalization days.

In the AESTHETIC SECTOR, our systems satisfy the growing desire of individuals to improve their appearance also reducing pathological or painful imperfections.

Our LASER CUTTING and MARKING SYSTEMS Improve the productivity of our customers manufacturing plants also limiting the environmental impact of manufacturing processes minimizing waste, fumes generated by the process, use of chemical additives, and allowing to eliminate the need for inks, solvents or glues within the process.

Our LASER SYSTEMS PRESERVE artworks of the universal heritage ofour communities.

OUR APPROACH

10%

total consumption

ENVIRONMENT

6 Photovoltaic systems active in ²³ 2 New photovoltaic plants for 2024

28% Electrical energy purchased from renewable sources with respect to 2023 total consumption

OUR HISTORY ⁸

80s

Production of CO² lasers for dermatology, surgery and therapy

1981

Incorporation of El.En.S.n.c

90s

Development of short pulse Nd:YAG lasers for dentistry and minimally invasive surgery treatments

1990 - 1993

Incorporation of Deka MELA S.r.l., Lasit S.p.A. e Cutlite Penta S.r.l.

1998

Smartepil (Deka Mela S.r.l.) - first long pulse Nd:Yag laser for dermatology and hair removal

2000

El.En.S.p.A.listed on the italian stock market

2002

Smartlipo (Deka Mela S.r.l.laserlipolisi® : localized removal of adipose deposits with minimally invasive treatment

Acquisition of Cynosure Inc.

2003

Smartxide DOT® Therapy (Deka Mela S.r.l.) dermatological surgery, anti-aging treatments,removal of pigmented lesions and scars

Acquisition of Asclepion GmbH

2004

Acquisition of Quanta System

2005

Acquisition of Asa

Cynosure IPO on Nasdaq

2007

Incorporation of a JV in China: Wuhan Penta Chutian Co.Ltd

Incorporation of Cutlite Do Brasil Alta Tecnologia Ltda

2008

Mediostar XT (Asclepion GmbH) esthetics and hair removal.

Industrial sector El.En.– creation of the BLADE RF CO² BLADE RF laser sources family

Litho (Quanta System S.p.A.) surgical, treatment of kidney stones

2009

Plus RF (Cutlite Penta S.r.l.) with RF El.En. sources for metacrilate and wood cutting systems

Incorporation of Esthelogue S.r.l.

2010

Smartxide² (Deka Mela S.r.l.) laser system with CO² radio frequency (RF) laser sources for dermatological surgery and aesthetics

2011

Mediostar Next (Asclepion GmbH) aesthetics, hair removal

OUR HISTORY ⁹

2012

Monna Lisa TouchTM (Deka Mela S.r.l.) for the treatment of vaginal atrophy

Cyber (Quanta System S.p.A.) surgery, Lithotripsy and BPH

2013

Incorporation of second JV Penta Laser Equipment (Wenzhou) Co.Ltd

2015

Bolt (Penta Chutian e Wenzhou - China) enhanced system for laser metal cutting

Discovery Pico (Quanta System S.p.A.) tattoo and pigmented lesions removal and dermatological treatments

HIROTT (ASA S.r.l.) painful pathologies of the muscle and skeleton

Fiber Plus (Cutlite Penta S.r.l.) first metal cutting laser system equipped with fiber laser source

2016

Motus AX with Moveo (Deka Mela S.r.l.) hair removal,removalof pigmented lesions

Juliet® (Asclepion GmbH) for the treatment of vaginal atrophy

Deka M.E.L.A.S.r.l.and Quanta System S.p.A.join their commercial brand names into Reinassance® for the Italian market

2017

Industrial sector RF 1222 CO² RF laser source "The Big Boy"

2018

ONDA Coolwaves® (Deka Mela S.r.l.) the first microwaves technology system for body contouring

2019

The Chinese subsidiary Penta Laser Equipment (Wenzhou) Co.Ltd incorporates Penta Laser Technology (Shangdong) Co.Ltd

Acquisition by Quanta System of Galli S.r.l. a precision mechanical components manufacturing facility.

2020

Schwarzy (magnetotherapy) Red Touch (dermatology) Again (hair removal) Dr.Arnold (magnetotherapy)

2021

Lasit Laser Polska incorporated by Lasit in Poland

Glide (dermatology) Chrome Laser Station (dermatology)

2022

Lasit Laser Iberica incorporated by Lasitin Spain

Acquisition by Penta Laser Zhejiang of Shenzhen KBF Laser Tech Co. Ltd

2023

Lasit Laser Deutschland GmbH incorporated by Lasitin Germany

Lasit Laser UK Ltd incorporated by Lasit in UK

EL.EN. WORLDWIDE ¹⁰

UNMATCHED INNOVATION PIPELINE ¹⁰

Pigmented lesions

Hair removal/ Vascular lesions

Compact sheet metal cutting system

Body contouring and tightening

MARKETS AND GROWTH DRIVERS

LASER SURGERY MARKET TRENDS ¹⁴

MINIMALLY INVASIVE SURGERIES:

• Painless procedures
• Lower risks and side effects
• Shorter hospital stays/Faster recovery
• Savings by Private & National Health Systems
• Attractive ROI for surgical services providers
• Rapidly Growing Urology laser market
• Consumables revenue stream in Urology

MEDICAL AESTHETICS MARKET TRENDS ¹⁵

• Aging demographics and increasing focus on improving appearance and youthfulness
• Growing interest in non-invasive or minimally invasive procedures and awareness of energybased aesthetic treatments
• Growing global obesity rate
• Reduction in procedure costs, attracting a broader patient base
• Aesthetic procedures becoming part of lifestyle and increasingly part of people's wellbeing
• Rapid growth expected

MARKET RESEARCHES GROWTH ESTIMATES ¹⁶

GLOBAL MEDICAL LASER MARKET

• Mordor Intelligence CAGR 13,4% to 2028
• Fortune business insights CAGR 13,1% to 2030
• Global Market Insights CAGR 14,5% to 2032
• Research and Markets CAGR 13,2% to 2030
• -

With an estimated market size of ≃ \$5 Bln in 2021 including:

• Ophthalmology Dermatology Aesthetics- Dentistry
• Surgical -Gynecology Urology Cardiovascular

AESTHETIC LASER AND ENERGY DEVICES MARKET

• Research and Markets CAGR 9,45% 2023- 2028

\$ 3,7Bn 2023 Market Size

• Tecnavio CAGR 10,9% 2023- 2028 \$ 3,9Bn 2023 Market Size

INDUSTRIAL LASER MARKET TREND ¹⁷

Laser cutting applications:

• Laser power increase + Cost reduction: enhanced flexibility, productivity and quality standards in manufacturing processes
• New application verticals
• Building and construction

Laser marking:

• Products identification and traceability
• Minimal environmental impact

Laser processing market:

• Size: \$17,48 billion in 2021
• Expected CAGR to 2030: 9,1%

Source: Grand view research

OUR STRATEGY AND MARKET APPROACH

OUR KNOWLEDGE ¹⁹

Aesthetics Surgery Dermatology Physiotherapy Cutting Marking Art Conservation Electronics Optics Photonics Mechanics Fluid dynamics Power electronics Software LASER Technical Knowledge Application Expertise

THE LASER ADVANTAGE ²⁰

• Flexibility
• Speed
• Power
• Precision
• Selectivity
• Effectiveness

MID-TERM STRATEGIC VISION BASED ON: ²¹

• Continuous investment in R&D: maintaining the unmatched wideness of our product range by innovating existing technologies and developing new ones
• Cooperation with primary research institutions and KOL'S
• Excellent coverage of the target markets based on the widespread and loyal distribution network created over the years
• Focus on innovative products release, technical support and continuous training to our customers
• Unique Multi brand approach

WIDE RANGE OF PRODUCTS IN MEDICAL SECTOR ²²

Hair removal Tattoo removal & Pigmented lesions

Body Contouring Skin Rejuvenation

Physiotherapy

Urology

..AND IN INDUSTRIAL SECTOR ²³

FINANCIAL HIGHLIGHTS

INCOME STATEMENT – 9M 2024 ²⁶

'000 Euro	30/09/23	%	30/09/24	%	Var %
	unaudited		unaudited
Medical	287 954	58 4% ,	294 013	63 1% ,	2 1% ,
Industrial	205 057	41 6% ,	172 212	36 9% ,	-16 0% ,
Revenues	493 011	100 0% ,	466 225	100 0% ,	4% 5 - ,
margin Gross	187 211	38 0% ,	190 282	40 8% ,	1 6% ,
Operating Expenses	393 44	9 0% ,	167 45	9 7% ,	1 7% ,
Staff espenses	80 938	16 4% ,	83 123	8% 17 ,	2 7% ,
EBITDA	61 880	12 6% ,	61 992	13 3% ,	0 2% ,
accruals Depr amort ., .,	10 102	2 0% ,	11 111	2 4% ,	10 0% ,
EBIT	778 51	10 5% ,	50 881	10 9% ,	7% 1 - ,
income(charges) financ Net	(866)	0 2% - ,	(1 621)	0 3% - ,	87 2% ,
(expense) Other income net	(42)	0 0% ,	551 4	1 0% ,
EBT	50 870	10 3% ,	53 810	5% 11 ,	8% 5 ,
	31/12/23		30/09/24 unaudited
financial position Net	54 586		73 872

27

INCOME STATEMENT – Q3 2024

'000 Euro	Q3 2023 -	%	Q3 2024 -	%	Var %
	unaudited		unaudited
Revenues	147 386	0% 100 ,	153 263	0% 100 ,	0% 4 ,
margin Gross	55 738	37 8% ,	61 476	40 1% ,	10 3% ,
Operating Expenses	13 772	9 3% ,	13 773	9 0% ,	0 0% ,
Staff espenses	25 741	5% 17 ,	27 103	7% 17 ,	3% 5 ,
EBITDA	16 226	0% 11 ,	20 601	4% 13 ,	0% 27 ,
accruals Depr amort ., .,	3 322	2 3% ,	3 900	2 5% ,	17 4% ,
EBIT	12 903	8 8% ,	16 700	10 9% ,	29 4% ,
financ income(charges) Net	162	1% 0 ,	(1 153)	8% 0 - ,
Other (expense) income net	(38)	0 0% ,	(234)	0 2% - ,	522 8% ,
EBT	13 028	8 8% ,	313 15	10 0% ,	5% 17 ,

Cash Flow – 9M 2024 ²⁸

* Nopat =Ebit-Income tax

**D&A= Depreciation, Accruals and Devaluation

***NWC= Net Working Capital

Revenue Breakdown by Business ²⁹

Revenue Breakdown by Area ³⁰

CUTTING DIVISION – 9M 2024 ³¹

emarket sdir storage
CERTIFIED

	30/09/23	%	30/09/24	%	% Var
'000 Euro	unaudited		unaudited
Revenues	176 026		142 784		18 9% - ,
EBITDA	2 404	1 4% ,	218 5	3 7% ,	117 1% ,
EBIT	(604)	0 3% - ,	1 544	1% 1 ,
	31/12/23	%	30/09/24
	unaudited		unaudited
NFP	(26 467)		(21 257)
Headcount	943		916

CURRENT OUTLOOK

2024 Guidance ³³

EBIT 2024 > EBIT 2023

MULTIPLES & COMPARABLES

MULTIPLES ³⁵

emarket sdir storage
CERTIFIED

Stockholder's Equity share per	4 9 ,
/ Book Value Adj Price	2 3 ,
/EBIT (90% EBIT) EV	13 3 ,
/ (90% Sales) Sales EV	1 4 ,

El Market En Cap	@ 10 888 8 € 11 , ,
financial position Net	30/09/24 73 9 @ ,
m/l Financial investments term	30/09/24 6 @ 7 ,
Value Enterprise	807 4 ,

MULTIPLES ³⁶

Sept 30th, 2024

Medical/Aesthetic	Price on Jan .21, 2025	Revenue	Var % Rev	EBIT	EBIT %	MK Cap	EV	EV/Sales (*)	EV/EBIT (*)	P/Book Value
Cutera	\$0 ,48	\$106	-35%	\$(77)	-73%	\$10	\$383	2 ,7	n.a.	n.a.
InMode	\$16 ,79	\$297	-19%	\$85	29%	\$1 280	\$600	1,5	5,3	1,7
Health Beauty	\$1 ,74	\$251	-17%	\$(61)	-24%	\$216	\$426	1,3	n.a.	3 6 ,
Venus	\$0 36 ,	\$49	-16%	\$(21)	-42%	\$ 3	\$37	0 6 ,	n.a.	0 3 ,
(2) Sisram Medical	\$0 ,44	\$169	-2%	\$17	10%	\$205	\$183	0 ,5	5,5	0 ,5
Classys	€ 35 33 ,	€ 115	22%	€ 59	51%	€ 2 318	€ 2 270	14,9	29 0 ,	10 0 ,
Industrial
Photonics IPG Co	\$74 ,40	\$743	-25%	\$(222)	-30%	\$3 220	\$2 208	2 2 ,	n.a.	1,5
Han's Laser	¥25 88 ,	¥10 047	8 %	¥146	% 1	¥26 .560	¥26 .538	2 0 ,	136 3 ,	1,7
(2) Bystronic	CHF 319	CHF 331	-29%	-CHF 23	-7%	CHF 582	CHF 181	0 3 ,	n.a.	0 8 ,
(2) Amada	1.565 JPY	302 813 JPY	% 3	39 321 JPY	13%	533 670 JPY	445.123 JPY	0 ,7	5,7	1,0
Yamazaki	307 JPY	2 311 JPY	22 0% ,	69 JPY	3 %	1.410 JPY	2 266 JPY	0 ,7	24 ,7	1,0
Tech HuaGong	¥41,43	¥8 967	25%	¥694	% 8	¥40 070	¥41.790	3 ,5	45,3	4,0
El (1) .En.	€ 11 10 ,	€ 466	-5%	€ 51	11%	€ 889	€ 807	1,4	13 3 ,	2 3 ,

(1) EV and multiplies as for previous slide

(2) Financials @ 30.06.2024

(*) Revenue,Ebit and earnings annualized

El.En. vs. FTSE Star Italy ³⁷

PEERS ³⁸

CONTACTS

El.En. S.P.A. Enrico Romagnoli Investor Relations Manager tel. +39 055-8826807 E-mail: finance@elen.it

POLYTEMS HIR

Financial Communication, IR and Press Office Bianca Fersini Mastelloni - b.fersini@polytemshir.it Silvia Marongiu - s.marongiu@polytemshir.it Tel. +39 06-69923324