Industrie De Nora

Investor Presentation • May 14, 2025

Q1 2025 Financial Results – Starting Strong Milan | May 14th, 2025

© 2025 De Nora

Paolo Dellachà CEO

Luca Oglialoro CFO

Chiara Locati Head of IR & ESG

S T R O N G S T A R T T O T H E Y E A R – Q 1 2 0 2 5 F I N A N C I A L H I G H L I G H T S

A G E N D A

2024 Business and Financial Achievements

2024 Financial Results Review

Sustainability Journey - Update

Final Remarks

Q&A

K E Y H I G H L I G H T S Q 1 2 0 2 5

G r o w t h a n d p r o f i t a b i l i t y s u p p o r t c o n f i d e n c e i n F Y 2 0 2 5 G u i d a n c e

GROWTH AND PROFITABILITY…

…DRIVEN BY THE CORE BUSINESS

NET CASH POSITION €27.8m

• Solid Balance Sheet, Capital Allocation focuses on external and internal growth opportunities

• Water Positive Momentum continues with Backlog up by 17% vs Dec 2024

• Energy Transition: ~200 MW realized, €17.7m revenues in line with scheduling

• Electrode and Water Techs combined Revenues +12.4% YoY

• Adj. EBITDA margin: Electrodes Techs 22.5%, Water Techs 22.7%

• Margin on Revenues 19.7% (+0.4pp vs Q1 2024)

• +6% YoY Revenues (+4.8% @ constant fx)

• +8.2% YoY Adj EBITDA¹

PRODUCTION AND R&D FOOTPRINT

• R&D Aristocrat: New Innovation Center inaugurated in Mentor, Ohio • Keep developing the Italian Gigafactory

ESG JOURNEY NEVER STOPS

• +380 MWh, new PV plants at our Colmar (US) and Tamworth (UK) facilities
• De Nora participates in the UN GLOBAL Business & Human Rights Accelerator

Q 1 2 0 2 5 K E Y R E S U L T S R e v e n u e s a n d p r o f i t a b i l i t y g r e w , d r i v e n b y t h e C o r e B u s i n e s s

REVENUES

€200.4 m +6.0% YoY +4.8% @ constant fx

2.8% +180 bps

EBITDA ADJUSTED*

€39.4m +8.2% YoY 19.7% Adj Ebitda margin

NET RESULT ADJ.

€18.9 m +1.7% YoY 9.4% Net margin

NET CASH POSITION

€27.8m €118€ €9.4 m @31 March 2024

ELECTRODE TECH

€106.8 m Revenues +15.2% YoY 22.5% Adj.Ebitda margin

ENERGY TRANSITION

€17.7 m Revenues €26.6m in Q1 2024 -€1.8m Adj.Ebitda

WATER TECH

€75.9 m Revenues +8.7% YoY 22.7% Adj.Ebitda margin

BACKLOG

€556.2 m Broadly in line with 31 Dec'24 €191 m Order Intake

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

Q1 2025 ORDERS BY GEO

BACKLOG Good Start to the Year with order and revenue growth

• Order Intake grew by 7.6% YoY, driven by a slight recovery in the Electronics segment and positive performance in Electrowinning.
• The backlog for the Electrode Tech Business does not reflect the true revenue growth potential due to the rapid in-out dynamics of certain contracts, particularly aftermarket projects

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

O r d e r i n t a k e k e e p s g r o w i n g a n d i m p r o v i n g r e v e n u e g r o w t h v i s i b i l i t y

Positive Momentum Continues…

• Backlog growth is mainly driven by WTS
• WTS: order driven by aftermarket services, which grew by 70%. Key growth geo: Americas and the Middle East
• Pools: Strong orders support revenue in Q1 2025 which grew +32%, the best quarter in last 2Ys

F l a g s h i p O r d e r s a c h i e v e d i n Q 1 2 0 2 5 1 / 2 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

Dianchi Lake – Kunming Province

3 rd Underground Water Purification Facility In China

KUNMING CITY, CHINA TETRA® Filtration

Municipal | Wastewater Treatment Plant Water Treatment capacity: 400k m³ /d New installation

• The plant plays a critical role in restoring the polluted Dianchi Lake, supporting ecological balance.
• Strategically positioned to address rising wastewater output from urban expansion, the project aligns with local environmental objectives.

SORB® Filtration

F l a g s h i p O r d e r s a c h i e v e d i n Q 1 2 0 2 5 2 / 2 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

OTHER SELECTED NEW CONTRACTS IN Q1 2025

Seaclor® System

PETROBRAS, BRAZIL

Industrial | Oil & Gas Water Treatment capacity: 28k m³ /h New installation

Capital Control ® Municipal | Drinking Water Water Production capacity: 35k m³ /h New installation

Chlorine Dioxide Generator

PFAS: SIGNED THE FIRST CONTRACT

PERKASIE City, Pennsylvania US SORB ® Municipal | Water Treatment Removal of PFAS To be delivered by Q3 2025

SORB® Filtration

13 WORLDWIDE INITIATIVES

• 7 R&D Studies in US
• 4 Field Pilot in US for Municipal Drinking
• 1 Pilot in Italy Chemical Customer
• 1 Pilot in Saudi Arabia for the Saudi Water Authority

E N E R G Y T R A N S I T I O N B U S I N E S S

W e a r e e x e c u t i n g o u r b a c k l o g w h i l e w o r k i n g t o w a r d s f u t u r e g r o w t h

MW¹ REALIZED / TO BE REALIZED

EXECUTION AND EFFICIENCY

• Q1 2025 volumes as planned and agreed with customers
• Enhanced efficiency in our plants
• Neom project to be completed in H1 2025
• New Energy Transition opportunites: Circular Lithium

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

M A R K E T A N A L Y S I S Q 1 2 5

… H o w c o u n t r i e s a r e c r e a t i n g a s u s t a i n a b l e H 2 m a r k e t

EUROPE

• European Hydrogen Bank €1bn Q3 2025
• Key projects: SoutH2 Corridor & H2Med
• Infrastructure: Belgium, Germany, Denmark & Netherlands to build pipeline to transport H2, first dev. ready by 2025

SPAIN

• €1.3bn for 2.3 GW green H2 project

NETHERLANDS

• €3bn for green H2 production and decarbonize industrial processes

FRANCE

• €4bn for clean H2 production, 4.5 GW by 2030

JAPAN

• 15y CfD style subsidy to support grey to green transition

BRAZIL

• \$1.6bn for green H2 production

AUSTRALIA / CANADA

12 © 2025 De Nora • New Gov to support clean H2 production

MIDDLE EAST

SAUDI ARABIA

processes • \$10bn in green H2 projects through its Public Investment Fund by 2030

OMAN

• Develop a first-world commercial corridor to export liquid H2 to EU by 2029 - Auctions to allocate up to 300 km²for green H2 project development.

AFRICA

MOROCCO

• \$32.8bn for green H2 production with internal investors

EGYPT

• \$7bn for green H2 production for 1mtpa ammonia

INDIA

• 5 mtpa of green H2 by 2030 &
  • Boosting local green ammonia production
  • defines green hydrogen as made via water electrolysis or biomass gasification without carbon capture

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 1 M A R C H 2 0 2 5

S t e a d y P i p e l i n e , w h i l e n e w F I D s a r e t a k i n g l o n g e r t h a n e x p e c t e d

YEARS OF

DEPLOYMENT

o/w ACTIVELY PURSUED	11 GW	18 GW	25 GW
€ BN	1.0	1.7	2.4
Actively Pursued
Avg Size	240 MW	550 MW	600 MW

92% 2025 8% 2026+

*Actively pursued projects in which our partners, and especially those with whom we are closely cooperating, have been having active interactions

13 © 2025 De Nora

TOTAL

PIPELINE

€ BN

N E W I N N O V A T I O N C E N T E R – US

I n a u g u r a t e d o u r N e w I n n o v a t i o n C e n t e r i n M e n t o r ( O h i o )

NEW INNOVATION CENTER

In addition to the existing 5 R&D Labs in US, Ita, and Japan

• Covered Area > 1,000 m²
• Directly connected to the Mentor production plant.

Focus:

• Advancing product development and manufacturing capabilities of DSA® electrodes for chlor alkali industry and gas diffusion electrodes (GDEs) for innovative processes.
• Develop technologies for fuel cells and AWE, CO2 conversion and specialty chemical production.

Innovation Center Mentor - US

A G E N D A

2024 Business and Financial Achievements

2024 Financial Results Review

Sustainability Journey - Update

Final Remarks

Q&A

Q 1 2 0 2 5 R E V E N U E S

M i d S i n g l e - D i g i t G r o w t h d r i v e n b y t h e C o r e B u s i n e s s

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Revenue growth driven by all segments especially Chlor-Akali (+16% YoY) and Electronics (+21% YoY)
• US Dollar positive impact: €0.7m
• Aftermarket Revenues at 42%

WATER TECHNOLOGIES

• Performance driven by Pools (+31.7% YoY)
• US dollar positive impact: €1.6m
• WTS¹: soft performance due to project execution scheduling, and change in perimeter for Marine Business disposal ²
• WTS: After Market revenues 47%

ENERGY TRANSITION

• Revenue trend reflects backlog timeline mainly related to Neom and Stegra projects. FY guidance confirmed

Q 1 2 0 2 5 B A C K L O G

Electrode Technologies Energy Transition

B a c k l o g R e s i l i e n c e F u e l e d b y W a t e r B u s i n e s s G r o w t h

Water Technologies

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Heatly project execution partially off-set by new orders (+7.6% YoY)
• Positive Order dynamics in all segments and especially in Electronics and Specialties

WATER TECHNOLOGIES

• +17% Backlog in Q1 2025 vs FY 2024 mainly reflecting WTS data which grew by 23%
• Total BU orders increased by 17% YoY

ENERGY TRANSITION

• Churn due to the project's execution
• The current level of backlog guarantees the FY 2025 revenues guidance

Q 1 2 0 2 5 O P E R A T I N G C O S T S

C o r p o r a t e S t r u c t u r e a n d R & D p r o f i l e w e l l s e t t o g r o w

KEY HIGHLIGHTS

• COGS – Incidence on Revenues broadly aligned with Q1'24

• G&A and Corporate costs increased mainly due to corporate structure enhancement and some inflationary effects.

• R&D: slight reduction driven by fixed cost efficiencies, despite work force increase

*Net of non-recurring costs (income): 1) COGS: € 1.6m in Q1 25; € 0.2m in Q1 24; 2) SG&A and R&D: € 0.3m in 1Q 25; € 0.5m in Q1 24

A D J U S T E D E B I T D A Q 1 2 0 2 5

S o l i d p r o f i t a b i l i t y , d r i v e n b y v o l u m e s a n d p r o c e s s e f f i c i e n c i e s

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Q1'25: Healthy profitability, driven by volumes
• Trend compared with Q1 2024 mainly reflects a different product mix.

WATER TECHNOLOGIES

+47% Adj. EBITDA underpinned both by:

• Pools volume increase
• WTS healthy profitability and ~€1 m positive one-off related to the Fracking business's asset disposal

ENERGY TRANSITION

Profitability trend reflects:

• Lower volumes
• €0.7m recurring Gigafactory costs
• Negative One-off related to an EU Customer
• R&D costs were ~12% of Revenues

N E T F I N A N C I A L P O S I T I O N @ 3 1 M A R C H 2 0 2 5 P o s i t i v e N e t C a s h P o s i t i o n , r e f l e c t i n g t y p i c a l Q 1 N W C T r e n d

REVENUES

Electrode Technologies Slightly below 2024

Technologies Mid Single-Digit Growth

High Single-Digit Growth

LOW SINGLE-DIGIT GROWTH ADJ. EBITDA MARGIN

Excluding non-recurring Gigafactory net costs*

A G E N D A

2024 Business and Financial Achievements

2024 Financial Results Review

Sustainability Journey - Update

Final Remarks

Q&A

S U S T A I N A B I L I T Y J O U R N E Y U P D A T E Q 1 2 0 2 5 N e w s

DECARBONISATION PLAN UPDATES + 380 MWh RENEWABLE ENERGY CAPACITY

Click here to download our 2024 executive summary

• Installation of new PV plants to produce Renewable Energy in our Colmar (US) and Tamworth (UK) facilities has been completed for a total +380 MWh annual
• In Colmar, installed 350 MWh, able to cover approx. 100% of the facility's annual energy needs
• 4 GWh total Groups PV installed capacity

WHAT'S NEW BUSINESS AND HUMAN RIGHTS ACCELERATOR

Six-month training program by UN Global Compact

• De Nora has been selected for the Italian track alongside 39 other companies
• Identify and assess actual or potential adverse human rights impacts
• Learn skills for developing an action plan on human rights due diligence

A G E N D A

2024 Business and Financial Achievements

2024 Financial Results Review

Sustainability Journey - Update

Final Remarks

Q&A

F I N A L R E M A R K S Q 1 2 0 2 5 - S t a r t i n g S t r o n g - G u i d a n c e C o n f i r m e d

Strong start to the year: +12% core business revenues driven by Electrode Techs and Pools

Healthy profitability supported by volumes and production efficiencies. Our Solid Financial Structure is confirmed.

Positive Water momentum continues, with backlog growing on strong order intake. Revenues and profitability boost the consolidated results.

Well positioned in a volatile and complex macroeconomic scenario: Guidance 2025 confirmed

The core business outlook remains resilient while awaiting the recovery of a new Energy Transition market

Keep Pursuing our growth strategy which includes: strategic alliances, technology development and potential external growth, will drive performance

Q&A

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 2025

• May 15 Pan European Small and Mid-Cap Conference, London – UBS
• May 21 Italian Investment Conference, Milano – Kepler
• May 27 Digital ESG Conference Kepler
• Jun. 13 Frankfurt MidCap Event, Banca Akros

Jun. 17 Ceo Conference, Milano – Mediobanca

FINANCIAL CALENDAR

• Jul. 31 H1 2025 Results Conference Call
• Nov. 4 9M 2025 Results Conference Call

IR CONTACTS

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

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

I N C O M E S T A T E M E N T S

O DE NORA
-----------	--	--

(€m)	Q1 2023	Q2 2023	H1 2023	Q3 2023	9M 2023	Q4 2023	FY 2023	Q1 2024	Q2 2024	H1 2024	Q3 2024	9M 2024	Q4 2024	FY 2024	Q1 2025
Revenue	216.9	203.5	420.4	209.4	629.8	226.6	856.4	189.1	211.2	400.3	200.9	601.2	261.4	862.6	200.4
YoY Growth (%)	8.6%	-4.8%	2.4%	1.6%	2.1%	-4.1%	0.4%	-12.8%	3.8%	-4.8%	-4.1%	-4.5%	15.4%	0.7%	6.0%
Royalties and commissions	(2.2)	(2.7)	(4.9)	(2.3)	(7.2)	(2.3)	(9.5)	(2.0)	(2.5)	(4.5)	(1.9)	(6.4)	(2.9)	(9.3)	(1.8)
Cost of goods sold	(138.4)	(131.3)	(269.7)	(140.0)	(409.7)	(146.0)	(555.7)	(120.7)	(140.6)	(261.3)	(137.4)	(398.7)	(176.2)	(574.9)	(129.5)
Selling expenses	(7.5)	(7.5)	(15.0)	(7.5)	(22.5)	(7.6)	(30.1)	(8.1)	(7.5)	(15.6)	(7.6)	(23.2)	(8.6)	(31.8)	(8.0)
G&A expenses	(11.7)	(12.6)	(24.3)	(13.4)	(37.7)	(14.2)	(51.9)	(12.0)	(12.5)	(24.5)	(12.2)	(36.7)	(13.9)	(50.6)	(12.8)
R&D expenses	(3.5)	(3.3)	(6.8)	(3.4)	(10.2)	(5.8)	(16.0)	(4.0)	(4.0)	(8.0)	(4.1)	(12.1)	(2.7)	(14.8)	(3.0)
Other operating income (expenses)	0.5	(0.9)	(0.4)	0.9	0.5	14.5	15.0	0.9	6.0	6.9	0.6	7.5	(1.2)	6.3	(0.4)
Corporate costs	(7.2)	(9.0)	(16.2)	(7.2)	(23.4)	(8.4)	(31.8)	(7.5)	(9.2)	(16.7)	(8.1)	(24.8)	(10.9)	(35.7)	(8.9)
EBITDA	46.9	36.2	83.1	36.5	119.6	56.8	176.4	35.7	40.9	76.6	30.2	106.8	45.0	151.8	36.0
Margin (%)	21.6%	17.8%	19.8%	17.4%	19.0%	25.1%	20.6%	18.9%	19.4%	19.1%	15.0%	17.8%	17.2%	17.6%	18.0%
Depreciation and amortization	(7.2)	(7.2)	(14.4)	(7.4)	(21.8)	(8.8)	(30.6)	(8.2)	(8.0)	(16.2)	(8.2)	(24.4)	(9.9)	(34.3)	(9.1)
Impairment	-	(1.3)	(1.3)	-	(1.3)	(7.6)	(8.9)	-	-	-	-	-	(0.9)	(0.9)	-
EBIT	39.7	27.7	67.4	29.1	96.5	40.4	136.9	27.5	32.9	60.4	22.0	82.4	34.2	116.6	26.9
Margin (%)	18.3%	13.6%	16.0%	13.9%	15.3%	17.8%	16.0%	14.5%	15.6%	15.1%	11.0%	13.7%	13.1%	13.5%	13.4%
Share of profit of equity-accounted investees	-	1.5	1.5	2.1	3.6	1.8	5.4	-	(1.9)	(1.9)	1.5	(0.4)	5.0	4.6	-
Net Finance income / (expenses)	(3.9)	(0.6)	(4.5)	131.4	126.9	(4.0)	122.9	(0.3)	(1.9)	(2.2)	(4.3)	(6.5)	3.1	(3.4)	(2.2)
Profit before tax	35.8	28.6	64.4	162.6	227.0	38.2	265.2	27.2	29.1	56.3	19.2	75.5	42.3	117.8	24.7
Income taxes	(10.7)	(7.0)	(17.7)	(10.7)	(28.4)	(5.8)	(34.2)	(9.2)	(7.1)	(16.3)	(6.7)	(23.0)	(11.5)	(34.5)	(8.7)
Net Result	25.1	21.6	46.7	151.9	198.6	32.4	231.0	18.0	22.0	40.0	12.5	52.5	30.8	83.3	16.0

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 Q1 2024 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 Q1	'23 Q2	'23 Q3	'23 Q4	'24 Q1	'24 Q2	'24 Q3	'24 Q4	'25 Q1	'25 Q1 vs
										'24 Q1
REVENUES	216 9	203 5	209 4	226 6	189 1	211 2	200 9	261 4	200 4	6 0%
Electrode Technologies	118 9	112 8	121 0	111 5	92 7	112 1	117 5	131	106 8	2% 15
Energy Transition	26 6	20 7	21 3	33 6	26 6	25 7	17 9	35 0	17 7	-33 5%
Technologies Water	71 4	70 0	67 1	81 5	69 8	73 4	65 5	95 4	75 9	7% 8
Adj EBITDA	47 0	37 4	37 6	50 7	36 4	38 9	32 0	50 1	39 4	2% 8
Adj EBITDA Margin	21 7%	18 4%	18 0%	22 4%	19 2%	18 4%	15 9%	19 2%	19 7%
Electrode Technologies	31 0	29 7	28 1	29 8	25 3	23 9	25 3	27 0	24 0	1% -5
Ebitda Adj Margin	26 1%	26 3%	23 2%	26 7%	27 3%	21 3%	21 5%	20 6%	22 5%
Energy Transition	5 0	0 6	1 5	4 8	(0 6)	4 0	(3 5)	5 7	(1 8)	0% 200
Ebitda Adj Margin	18 8%	2 9%	0% 7	14 3%	-2 3%	15 6%	-19 6%	16 3%	-10 2%
Technologies Water	11 0	7 1	8 0	16 1	11 7	11 0	10 2	17 4	17 2	47 0%
Ebitda Adj Margin	15 4%	10 1%	11 9%	19 8%	16 8%	15 0%	15 6%	18 2%	22 7%

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)	Q1 2024	Q1 2025
Sales	189 1	200 4
EBITDA	35 7	36 0
(%) Margin	18 9%	18 0%
(labor legal expenses) Termination costs +	0 4	0 1
Eligible (net of grant) IPCEI GF costs	-	0 2
for M&A , and Costs integration reorganization company ,	-	0 5
business divesture Marine	0 3	0 7
Fracking business divesture	-	0 2
Other (tax) non-recurring provisions	-	1 5
Other non-recurring costs	-	0 2
Adj EBITDA	36 4	39 4
(%) Margin	19 2%	19 7%

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)	FY 2024	Q1 2025
Intangible assets	116 0	111 0
, plant and equipment Property	291 8	293 9
Equity-accounted investees	236 8	236 8
Fixed asset	644 5	641 7
Inventories	255 5	259 6
work of advances from Contract in net customers progress,	36 4	32 7
Trade receivables	173 5	174 5
Trade payables	(116 8)	(86 5)
working capital Operating	348 6	380 3
Other and liabilities current assets	(78 2)	(65 8)
working capital Net	270 3	314 5
Deferred tax assets	15 5	16 0
Other receivables and financial non-current assets	11 4	13 4
Employee benefits	(25 9)	(25 2)
for risks and charges Provisions	(19 9)	(20 3)
Deferred liabilities tax	(6 0)	(5 2)
Trade payables	(0 0)	(0 0)
Other payables	(2 9)	(3 0)
Other and liabilities net current asset non	(27 8)	(24 3)
invested capital Net	887 0	931 9
/ Liquidity (Financial Indebtedness) Net current	207 7	166 2
Financial Indebtedness Non-current	(140 6)	(138 4)
/ Liquidity (Financial Indebtedness) Net - ESMA	67 1	27 8
value of financial Fair instruments	(0 3)	0 2
Liquidity / (Financial Indebtedness) Net - De Nora	66 8	28 0
Total Equity	(953 8)	(959 9)
Total sources	(887 0)	(931 9)

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

(€m)	Q1 2024	Q1 2025
EBITDA	35 7	36 0
the sale of , plant and and intangible Losses equipment property assets on	(0 0)	(0 8)
Other items non-monetary	(0 7)	0 5
Cash flows generated by before changes working capital operating activities in net	35 0	35 6
Change in inventory	(14 6)	(7 9)
Change trade receivables and in construction contracts	(20 3)	(1 5)
Change trade payables in	(11 5)	(29 0)
receivables/payables Change other in	(5 9)	(9 9)
Cash flows generated by changes working capital in net	(52 2)	(48 2)
Cash flows generated by operating activities	(17 2)	(12 6)
and other financial paid Net Interest Net expense	(1 8)	0 9
paid Income taxes	(5 4)	(14 8)
cash flows generated by operating activities Net	(24 3)	(26 4)
of Sales , plant and and intangible equipment property assets	0 4	1 0
tangible and intangible Investments in assets1	(11 5)	(12 7)
(Investments) financial Divestments in activities	2 1	0 6
cash flows used Net in investing activities	(9 1)	(11 0)
Share capital increase	0 5	0 8
Shares Treasury	(22 5)	-
loans/(Repayment) of loans New	11 0	1 9
(decrease) other financial liabilities Increase in	(0 0)	(0 0)
cash flows generated by financing Net activities	(11 0)	2 7
(decrease) cash and cash equivalents Net increase in	(44 4)	(34 8)
cash and cash equivalents Opening	198 5	215 9
Exchange gains/(losses) rate	(0 0)	(2 0)
Closing cash and cash equivalents	154 1	179 1

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