El.En.

Investor Presentation • Mar 25, 2025

COMPANY PRESENTATION

Euronext STAR conference 2025 March 26th - 27th , 2025

Palazzo Mezzanotte

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

OVERVIEW

OVERVIEW

5

World Class Hi-Tech company 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 Within Worldwide leaders in its space A PRIMARY PLAYER PROVIDING MEDICAL, INDUSTRIAL AND CONSERVATION LASER SOLUTIONS WORLDWIDE

of Euronext Tech Leaders

Active worldwide on several laser application segments and markets… …progressively widening its globalwide presence achieving continuous growth over the years

imperfections.

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 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

OUR APPROACH

OUR STRATEGY FOR A SUSTAINABLE FUTURE: Create value over time and be ready to successfully meet the future challenges Sustainalytics

R&D

50% of employees have a university degree and over 90% hold either a degree or a high school diploma.

ENVIRONMENT

Self-produced electrical energy share of the annual total consumption

39% Annual electricity consumption comes from renewable sources

EL.EN. WORLDWIDE ¹⁰

Antiaging/Pigmented lesions

UNMATCHED INNOVATION PIPELINE ¹⁰

Compact sheet metal cutting system

Body contouring and tightening

GROWTH HISTORY (w/o Chinese division) ¹⁰ REVENUES Cagr 11/24: +24% Cagr 11/24: +12% EBIT in Euro million

MARKETS AND GROWTH DRIVERS

LASER SURGERY MARKET TRENDS ¹²

MINIMALLY INVASIVE SURGERIES:

-

• Attractive ROI for surgical services providers
• Rapidly Growing Urology laser market
• Consumables revenue stream in Urology

MEDICAL AESTHETICS MARKET TRENDS ¹³

• Aging demographics and increasing focus on improving appearance and youthfulness
• Cosmetic procedures as preventive measures for and to slow down the aging process
• Growing interest in non-invasive or minimally invasive procedures and awareness of energybased aesthetic treatments
• 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 ¹⁴

GLOBAL MEDICAL LASER MARKET

-

• Research and Markets CAGR 13,2% to 2030

-

AESTHETIC LASER AND ENERGY DEVICES MARKET

\$ 3,7Bn 2023 Market Size

\$ 3,9Bn 2023 Market Size

INDUSTRIAL LASER MARKET TREND ¹⁵

Laser cutting applications:

• Laser power increase + Cost reduction: enhanced flexibility, productivity and quality standards in manufacturing processes.
• Automation for increased productivity
• 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 ¹⁷

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 ¹⁸

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

MID-TERM STRATEGIC VISION BASED ON: ¹⁹

• 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 ²⁰

Physiotherapy

Body Contouring Skin Rejuvenation

Surgery

..AND IN INDUSTRIAL SECTOR ²¹

FINANCIAL HIGHLIGHTS

	INCOME STATEMENT –		FY 2024		24
Euro '000	31/12/2023	%	31/12/2024	%	Var. %
	unaudited		unaudited
Medical	392.434	68,1%	410.401	72,5%	4,6%
Industrial	183.577	31,9%	155.444	27,5%	-15,3%
Revenues	576.011	100,0%	565.846	100,0%	-1,8%
Gross margin	234.769	40,8%	245.637	43,4%	4,6%
Operating Expenses	50.091	8,7%	55.092	9,7%	10,0%
Staff espenses	92.494	16,1%	98.770	17,5%	6,8%
EBITDA	92.184	16,0%	91.775	16,2%	-0,4%
Depr., amort., accruals	13.965	2,4%	13.467	2,4%	-3,6%
EBIT	78.219	13,6%	78.309	13,8%	0,1%
Net financ.income(charges)	(449)	-0,1%	802	0,1%
Other income (expense) net	64	0,0%	4.993	0,9%	7642,1%
EBT	77.835	13,5%	84.104	14,9%	8,1%
Income taxes	(22.600)	-3,9%	(21.227)	-3,8%	-6,1%
Discontinued operations	(5.169)	-0,9%	(10.372)	-1,8%	100,7%
Minorities	(1.827)	-0,3%	(892)	-0,2%	-51,2%
NET INCOME	48.239	8,4%	51.613	9,1%	7,0%

BALANCE SHEET –	2024		25
Euro '000	31/12/23	31/12/24	Var.%
	unaudited	unaudited
Total non current assets	116.304	103.237	-11,2%
Net Working Capital	211.901	199.826	-5,7%
Other receivables/payables ST	(34.876)	(32.675)	-6,3%
Net financial position	59.877	110.559	84,6%
Long term liabilities	16.379	16.071	-1,9%
Net Equity	375.458	410.802	9,4%
Discontinued operation	38.630	45.926	18,9%
Net capital employed	315.581	300.243	-4,9%
Net Working Capital on sales	36,8%	35,3%
ROCE	24,8%	26,1%
(EBIT/Net capital employed)
Operating Capex	11.623	13.306

***NWC= Net Working Capital

Revenue Breakdown by Area ²⁸

2024 FINANCIALS Vs. PROFORMA W/O IFRS5 ²⁹

	2024 FINANCIALS Vs. PROFORMA W/O IFRS5
2024 Financials - Euro '000
P&L	31/12/2023 unaudited	%	31/12/2024 unaudited	%	Var.%
Revenues	576.011		565.846		-1,8%
EBIT	78.219	13,6%	78.309	13,8%	0,1%
	31/12/2023	%	31/12/2024
	unaudited		unaudited
NFP	59.877		110.559
Financials w/o IFRS5 accounting standard
P&L	31/12/2023 unaudited	%	31/12/2024 unaudited	%	Var.%
Revenues	692.290		645.881		-6,7%
EBIT	72.736	10,5%	70.958	11,0%	-2,4%
	31/12/2023	%	31/12/2024
NFP	unaudited 54.586		unaudited 120.364

CURRENT OUTLOOK

2025 Guidance ³¹

Revenues 2025 > Revenues 2024 EBIT 2025 = EBIT 2024

MULTIPLES & COMPARABLES

MULTIPLES ³³

	MULTIPLES			33
Stockholder's Equity per share		5,1
Price / Book Value Adj.		1,7
EV /EBIT (95% EBIT)		8,0
EV / Sales (95% Sales)		1,1
El.En. Market Cap.		712,3 @	€ 8,89
Net financial position		110,6 @	31/12/2024
Financial investments m/l term		7,6 @	31/12/2024
Enterprise Value		594,1

MULTIPLES ³⁴

Dec. 31st, 2024

				MULTIPLES						34
Dec. 31st, 2024 Medical/Aesthetic	Price on M ar.24, 2025	Revenue	Var.% Rev.	EBIT	EBIT %	MK.Cap.	EV	EV/Sales (*)	EV/EBIT (*)	P/Book Value
InMode	\$19,02	\$395	-20%	\$113	29%	\$1.450	\$858	2,2	7,6	2,1
Beauty Health	\$1,36	\$334	-16%	\$(68)	-20%	\$168	\$367	1,1	n.a.	3,2
Venus (2)	\$3,07	\$49	-16%	\$(21)	-42%	\$2	\$36	0,5	n.a.	0,2
Sisram Medical	\$0,58	\$349	-3%	\$35	10%	\$273	\$248	0,7	7,1	0,6
Classys	€ 36,14	€ 165	29%	€ 83	50%	€ 2.365	€ 2.321	14,1	28,0	7,9
Industrial
IPG Photonics Co.	\$66,50	\$977	-24%	\$(208)	-21%	\$2.880	\$2.010	2,1	n.a.	1,4
Han's Laser (2)	¥29,23	¥10.047	8%	¥146	1%	¥26.970	¥26.948	2,0	138,4	1,7
Bystronic	CHF 325	CHF 648	-30%	-CHF 84	-13%	CHF 594	CHF 172	0,3	n.a.	0,9
Amada	1.520 JPY	393.111 JPY	0%	45.935 JPY	12%	518.500 JPY	446.818 JPY	1,1	9,7	1,0
Yamazaki	326 JPY	3.036 JPY	21%	89 JPY	3%	1.490 JPY	2.547 JPY	0,8	28,5	1,1
HuaGong Tech (2)	¥42,33	¥8.967	25%	¥694	8%	¥42.563	¥44.283	3,7	48,0	4,3
El.En. (1)	€ 8,89	€ 566	-2%	€ 78	14%	€ 712	€ 594	1,1	8,0	1,7
(1) EV and multiplies as for previous slide (2) Financials @ 30.09.2024	(*) Revenue,Ebit and earnings annualized

(*) Revenue,Ebit and earnings annualized

El.En. vs. FTSE Star Italy ³⁵

PEERS ³⁶

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