Industrie De Nora

Investor Presentation • Jul 31, 2025

H1 2025 Financial Results Milan | July 31st, 2025

© Luca Campigotto Detail of Seaclor® component

© 2025 De Nora

Paolo Dellachà CEO

Luca Oglialoro CFO

Chiara Locati Head of IR & ESG

H1 2025 Business Achievements

H1 2025 Financial Results Review

Sustainability Journey - Update

Final Remarks

Q&A

K E Y H I G H L I G H T S H 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 — N e w M a r k e t s A d d M o m e n t u m

KEY FINANCIAL RESULTS ON THE RISE

• +3.8% YoY Revenues (+4.6% @ constant fx)

• +8.1% YoY Adj EBITDA - Margin on Revenues 19.6% (+0.8pp vs H1 2024)

EXECUTION DROVE PERFORMANCES

• Electrode Techs: +8.2% YoY revenues, +6% YoY new Orders
  • Water Techs: +5.4% YoY revenues and +15% YoY new Orders
• Energy Transition: ~500 MW realized, production on track with scheduling

EXPANDING INTO NEW MARKETS

• PFAS – Water Technologies • LITHIUM Refining – Energy Transition

2025 EBITDA GUIDANCE UPGRADE

• Revenues: Low single digit Growth confirmed
• Adj EBITDA margin: in the range 17%- 18% (previous 17%)

SUSTAINABILITY JOURNEY

• ~1.5GWh new PV plants at our Colmar (US), Tamworth (UK) and Mentor (US)*

• Sustainability Product Scorecards ongoing
• New Employee Value Proposition: Open Surprising Paths

REVENUES

€415.6 m +3.8% YoY +4.6% @ constant fx

2.8% +180 bps

ADJ. EBITDA

€81.4m +8.1% YoY 19.6% Adj Ebitda margin

ADJ. NET RESULT

€39.7 m +2.5% YoY 9.5% Net margin

NET CASH POSITION

€12.0m €118€ €14.2 m @30 June 2024

ELECTRODE TECH

€221.5m Revenues +8.2% YoY 21.4% Adj.Ebitda margin

ENERGY TRANSITION

€43.2 m Revenues -17.4% YoY 2.5% Adj.Ebitda margin

WATER TECH

€150.9 m Revenues +5.4% YoY 21.8% Adj.Ebitda margin

BACKLOG

€521.8 m €558 @31 Dec. 2024 ~€380 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

S t a b l e O u t l o o k S u p p o r t s G r o u p ' s P r o f i t a b i l i t y a n d R e s i l i e n c e

BACKLOG mirrors project execution H1 2025 ORDERS by Geographies

• The backlog in this BU does not reliably indicate of future revenue growth
• ..due to the rapid turnover of project cycles

TOTAL ORDERS: up 6% YoY

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

S t r o n g M o m e n t u m : O r d e r s a n d B a c k l o g o n t h e R i s e

BACKLOG: up 22% vs the end of 2024 H1 2025 ORDERS by Geographies

TOTAL ORDERS: up 15% YoY

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 2 2 0 2 5 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

SEC SHOAIBA Phase I, Saudi Arabia Seaclor® Municipal | Drinking Water 50 m m³ /y Water Treatment capacity Upgrade installation

• Desalination plant embarked back in 1998;
• Enhanced water purification efficiency;
• Reduced environmental impact while meeting escalating water demands.

Yangzhou Liuwei WWTP Phase IV, China

DE NORA TETRA® Filtration Municipal | Water Treatment 15 k m³ /h Water Treatment capacity New installation

SABESP RJCS WTP - São Paulo, Brazil

Shoaiba – Saudi Arabia

DE NORA TETRA® Filtration Municipal | Drinking 25 k m³ /h Clean Water to 4.5 m residents Retrofit

HESS Corp. Stampede Phase IV, USA Sanilec® Industrial | Oil & Gas Upgrade installation

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

P F A S M a r k e t P e n e t r a t i o n B e g i n s w i t h T w o U S P r o j e c t s

SORB® Filtration

Why De Nora

• 25+ years' experience in treating complex contaminants
• SORB, proven technology for these applications
• Piloting capacity and dedicated team of experts

PFAS: Two Projects awarded in H1'25

Massachusetts, US SORB FX Municipal Drinking water PFAS removal: 4.5k m3 /d To be delivered in 2026
Pennsylvania, US SORB FX

Municipal | Drinking water PFAS removal: 2.9k m³ /d To be delivered in 2026

11 Field Pilots and 2 EU funded R&D Projects

• 9 Field Pilots 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 K E Y G R E E N H Y D R O G E N P R O J E C T S

N e o m t o b e c o m p l e t e d b y t h e e n d o f t h e S u m m e r , S t e g r a o n t r a c k

• Projectsize: 2.2GW
• De Nora Progress: almost completed
• Expected delivery date: end of August 2025
• Total n E-Chem cells: ~33,000 (110 electrolyzers)

STEGRA, Sweden First large-scale green steel EU to green steel

• Projectsize: 700+ MW
• De Nora Progress: 25%
• Expected delivery date: end of 2025
• Total n E-Chem cells: ~11,000 (37 electrolyzers)

E N E R G Y T R A N S I T I O N B A C K L O G A N D P I P E L I N E

3 . 6 G W D e l i v e r y b y 2 0 2 5 , w i t h P i p e l i n e e x p e c t e d t o G r a d u a l l y T a k e S h a p e

HYDROGEN COMMERCIAL PIPELINE

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

2. It includes approx. €10 m related to Lithium Projects

DE NORA BACKLOG

M A R K E T A N A L Y S I S H 1 2 0 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

N A V I G A T I N G A C O M P L E X S C E N A R I O : O U R E N E R G Y T R A N S I T I O N S T R A T E G Y S h a p i n g S t r a t e g i c P a r t n e r s h i p s , T e c h n o l o g y I n n o v a t i o n , a n d N e w S o l u t i o n s

Partnering with leading international solution providers to accelerate our market penetration across geographies and technologies Green Hydrogen Technologies continue Innovation in large scale AWE and AEM

D R A G O N F L Y ® Proprietary electolyzer solution, to address the promising smallscale segment

Developing new Energy Transition / Circular solutions leveraging on our E-Chem aristocracy

E - C H E M A S A C I R C U L A R E C O N O M Y E N A B L E R L a u n c h i n g i n t o S u s t a i n a b l e L i t h i u m R e f i n i n g

An alternative and circular technology for LITHIUM Refining

• We are developing a E-Chem technology to produce Lithium from all feedstock: Rocks, Brine, Clay and Battery Scrap
• E-Chem vs traditional chemical process provides lower costs while improving ESG performance - e.g. reduced CO2 emissions and water consumption
• Lithium demand is expected to grow at 15% CAGR over the next 10 years, driven by EV and Batteries

CONTRACTS / PARTNERSHIPS

H1 -2025 first Contract to supply a plant to recover lithium from used batteries, Japanese Customer

2024 Partnership with Mangrove Lithium to produce Lithium both from mining and used batteries

H1 2025 Business Achievements

H1 2025 Financial Results Review

Sustainability Journey - Update

Final Remarks

Q&A

R E V E N U E S B Y Q U A R T E R S

Q 2 ' 2 5 - R e v e n u e g r o w t h i n l i n e w i t h G u i d a n c e , s o u n d p r o f i t a b i l i t y

24

KEY HIGHLIGHTS

+4.3% @ constant fx

ELECTRODES TECHNOLOGIES

• Revenues driven by project execution
• The profitability trend reflects the product mix

WATER TECHNOLOGIES

• Pools mark the 5 th consecutive quarter of double-digit growth
• Profitability supported by Pools and WTS aftermarket revenues.

ENERGY TRANSITION

• Revenues reflect the production scheduling agreed with the customers
• Profitability underpinned by volumes

Adj. Ebitda Margin

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

G r o w t h d r i v e n b y c o r e b u s i n e s s e s , P o o l s f u e l e d W a t e r s e g m e n t

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Revenue growth driven by chlor alkali and Electronics lines, both up by 16% YoY
• Aftermarket Revenues at 44.6%

WATER TECHNOLOGIES

• Pools +25.5% YoY
• WTS¹: soft performance due to project execution scheduling, and change in perimeter for Marine Business disposal ²
• WTS: After Market revenues at 44%

ENERGY TRANSITION

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

H 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

Technologies

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Healthy project execution, New orders: €190 m, +6.0% YoY
• The backlog does not reliably indicate of future revenue growth due to the rapid turnover of project cycles

WATER TECHNOLOGIES

• +22% Backlog vs FY 2024
• Total BU orders increased by 15% YoY

ENERGY TRANSITION

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

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

S t a b l e i n c i d e n c e o f S G & A C o r p o r a t e a n d R & D c o s t s

KEY HIGHLIGHTS

• COGS: the decrease in Incidence on Revenues is due to revenues mix

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

• R&D: Incidence on revenues broadly in line with H1'24, including non-recurring costs related to the IPCEI grant.

1. Net of non-recurring costs (income): 1) COGS: € 3.2 m in H1 25; € 0.2m in H1 24; 2) SG&A and Corporate: € 2.2 m in H1 25; € 1 m in H1 24 3) Other Income and Expenses: € (1.1) m in 1H 25; € (2.5) m in H1 24 2. Non-recurring R&D costs eligible for the IPCEI grant.

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

G r o w t h u n d e r p i n n e d b y t h e 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

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Healthy profitability, in line with last 2 quarters 2024
• The trend compared to H1 2024 mainly reflects a different product mix

WATER TECHNOLOGIES

+45% Adj EBITDA underpinned by:

• Strong Poolsrevenue growth
• WTS healthy operating profitability and ~€1 m positive one-off related to the fracking business line disposal

ENERGY TRANSITION

• Positive profitability driven by Q2 volume recovery, despite ~€2.0m provisions accounted in Q1
• R&D costs were ~9% of Revenues (non considering non-recurring R&D costs funded by IPCEI)

N E T F I N A N C I A L P O S I T I O N @ 3 0 J U N E 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 H 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 - Confirmed ADJ. EBITDA MARGIN

Excluding non-recurring Gigafactory net costs*

17% - 18%

(previous guidance 17%)

H1 2025 Business Achievements

H1 2025 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

YTD 2 0 2 5 N e w s

CLIMATE ACTION

New PV installations at our facilities

• ~ 350 MWh In Colmar (US) and Tamworth (UK) – Q1 '25
• ~ 1.1 GWh in Mentor (US)- to be completed by Aug.

This will bring the Group's total installed capacity to ~ 5 GWh

GREEN INNOVATION Sustainability Product Scorecard

• In 2025 we will complete the ESG Scorecard for ~ 15 products
• Developed the value proposition to be presented to the sales force by the end of 2025

PEOPLE

Open Surprising Paths (EVP*)

• A strategic project to enhance people potential and attract and retain talents
• Company's commitment to creating a work environment rooted in innovation, sustainability, and well-being

H1 2025 Business Achievements

H1 2025 Financial Results Review

Sustainability Journey - Update

Final Remarks

Q&A

F I N A L R E M A R K S

S o l i d s e t o f r e s u l t s d r i v e G u i d a n c e u p g r a d e , a s w e a d v a n c e g r o u p g r o w t h s t r a t e g i e s

Solid results drive the upgrade in the 2025 profitability guidance, despite a challenging macroeconomic scenario

Core Business is growing and profitable, confirming the positive short and mid-term view

While execution of Green Hydrogen projects is on time, we advance future growth developing strategic partnerships and enhancing our technological solutions

We are actively developing new markets, PFAS treatment and Lithium Refining, leveraging our unparalleled technological leadership

We are pursuing M&A opportunites in the Water Technologies to strengthen our position in the value chain and enter new segments

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

• Sep. 10 Virtual Sustainability Week, Milan – Euronext
• Oct. 01 Energy Services & Transition Enablers Conference, London – Kepler
• Carbonomics Conference, London – Goldman Sachs Nov. 05
• Forum Euronext Tech Leaders, Paris – Euronext Nov. 26

FINANCIAL CALENDAR

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	Q2 2025	H1 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	215.2	415.6
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%	1.9%	3.8%
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)	(2.0)	(3.8)
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)	(139.9)	(269.4)
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)	(8.0)	(16.0)
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)	(12.8)	(25.6)
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)	(2.7)	(5.7)
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)	2.7	2.3
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)	(9.7)	(18.6)
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	42.8	78.8
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%	19.9%	19.0%
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)	(8.8)	(17.9)
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	34.0	60.9
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%	15.8%	14.7%
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	-	(0.8)	(0.8)
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)	(4.3)	(6.5)
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	28.9	53.6
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)	(9.4)	(18.1)
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	19.5	35.5

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 Q2	'25 Q1 vs	'25 Q2 vs
											'24 Q1	'24 Q2
REVENUES	216 9	203 5	209 4	226 6	189 1	211 2	200 9	261 4	200 4	215 2	6 0%	1 9%
Electrode Technologies	118 9	112 8	121 0	111 5	92 7	112 1	117 5	131	106 8	114 7	15 2%	2 3%
Energy Transition	26 6	20 7	21 3	33 6	26 6	25 7	17 9	35 0	17 7	25 5	5% -33	8% -0
Technologies Water	71 4	70 0	67 1	81 5	69 8	73 4	65 5	95 4	9 75	0 75	8 7%	2 2%
Adj EBITDA	47 0	37 4	37 6	50 7	36 4	38 9	32 0	50 1	39 4	42 0	8 2%	8 0%
Adj EBITDA Margin	7% 21	4% 18	0% 18	4% 22	2% 19	4% 18	9% 15	2% 19	7% 19	5% 19
Electrode Technologies	31 0	29 7	28 1	29 8	25 3	23 9	25 3	27 0	24 0	23 4	1% -5	1% -2
Ebitda Adj Margin	26 1%	26 3%	23 2%	26 7%	27 3%	21 3%	21 5%	20 6%	22 5%	20 4%
Energy Transition	5 0	0 6	1 5	4 8	(0 6)	4 0	(3 5)	5 7	(1 8)	2 9	200 0%	-27 5%
Ebitda Adj Margin	18 8%	2 9%	7 0%	14 3%	-2 3%	15 6%	-19 6%	16 3%	-10 2%	11 4%
Technologies Water	11 0	7 1	8 0	16 1	11 7	11 0	10 2	17 4	17 2	15 7	0% 47	7% 42
Ebitda Adj Margin	4% 15	1% 10	9% 11	8% 19	8% 16	0% 15	6% 15	2% 18	7% 22	9% 20

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)	H1 2024	H1 2025
Sales	400 3	415 6
EBITDA	76 6	78 8
(%) Margin	1% 19	0% 19
(labor legal expenses) Termination costs +	0 5	0 4
Eligible (net of grant) IPCEI GF costs	-	(0 2)
for , and Costs M&A integration reorganization company ,	0 1	1 2
business divesture Marine	(2 3)	0 8
Fracking business divesture	-	0 3
Other non-recurring costs	0 4	0 1
Adj EBITDA	3 75	81 4
(%) Margin	18 8%	19 6%

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

(€m)	2024 FY	2025 H1
Intangible assets	116 0	102 6
, plant and Property equipment	291 8	292 0
Equity-accounted investees	236 8	235 7
Fixed asset	644 5	630 3
Inventories	255 5	248 8
work of advances from Contract in net customers progress,	36 4	27 4
Trade receivables	173 5	162 7
Trade payables	(116 8)	(91 1)
working capital Operating	348 6	347 7
Other and liabilities current assets	(78 2)	(32 6)
working capital Net	270 3	315 1
Deferred tax assets	15 5	14 4
Other receivables and financial non-current assets	11 4	10 7
Employee benefits	(25 9)	(24 2)
for risks and charges Provisions	(19 9)	(19 3)
Deferred liabilities tax	(6 0)	(5 7)
Other payables	(2 9)	(2 9)
Other and liabilities net current asset non	(27 8)	(27 0)
invested capital Net	887 0	918 4
/ Liquidity (Financial Indebtedness) Net current	207 7	146 4
Financial Indebtedness Non-current	(140 6)	(134 3)
/ Liquidity (Financial Indebtedness) Net - ESMA	67 1	12 0
value of financial Fair instruments	(0 3)	0 2
/ Liquidity (Financial Indebtedness) Net - De Nora	66 8	12 2
Total Equity	(953 8)	(930 6)
Total sources	(887 0)	(918 4)

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

(€m)	H1 2024	H1 2025
EBITDA	76 6	78 8
on the sale of , plant and and intangible Losses equipment property assets	(5 7)	(0 7)
Other items non-monetary	(4 5)	(2 1)
Cash flows generated by before changes working capital operating activities in net	66 4	76 0
Change in inventory	(17 2)	(8 2)
Change trade receivables and in construction contracts	(7 2)	5 9
Change trade payables in	(16 0)	(20 2)
receivables/payables Change other in	(0 7)	(36 9)
Cash flows generated by changes working capital in net	(41 1)	(59 4)
Cash flows by generated operating activities	25 3	16 6
and other financial expense paid Net Interest Net	(3 0)	3 2
paid Income taxes	(8 4)	(23 5)
cash flows generated by Net operating activities	13 9	(3 7)
Sales of , plant and and intangible equipment property assets	6 8	1 1
tangible and intangible Investments in assets	(22 8)	(28 4)
(Investments) financial Divestments in activities	2 9	0 2
cash flows used Net in investing activities	(13 1)	(27 0)
Share capital increase	1 1	1 4
Shares Treasury	(26 0)	-
loans/(Repayment) of loans New	11 5	(6 6)
(decrease) other financial liabilities Increase in	(2 0)	(1 9)
Dividends paid	(24 4)	(20 7)
cash flows by financing generated activities Net	(39 9)	(27 8)
(decrease) cash and cash equivalents Net increase in	(39 0)	(58 4)
cash and cash equivalents Opening	198 5	215 9
gains/(losses) Exchange rate	(1 4)	(7 9)
Closing cash and cash equivalents	158 0	149 6

Thank you.

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