IRCE

Investor Presentation • Oct 24, 2025

1° Half 2025 Financial Results Presentation

IRCE Group – Contents

Company Profile

• Highlights
• The Businesses
• Production Plants

Financial Results

• •Copper and Aluminium Price Trend
• Profit and Loss Statement
• Balance Sheet
• Business Performance
• Market Performance

New Projects

Company Profile – Highlights

IRCE is a leading European Group operating in the industries of magnet wires and cables

IRCE Today	Uom	1°H 2025	1°H 2024	FY 2024
Number of employees FTE	Nr	675	684	681
TURNOVER	Eur M	204.1	208.4	397.7
EBITDA EBITDA Adj*	Eur M Eur M	10.8 11.7	12.4 13.0	20.9 21.4
EBIT EBIT Adj*	Eur M Eur M	7.9 8.8	8.4 9. 0	14.5 15. 0
RESULT of the period	Eur M	3.8	4.8	6.9

(*) Including gains/losses on copper and energy derivatives transactions if realized

listory
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•
1947	IRCE began its activity in Imola (Italy) with the production of magnet wires
1961	The company started the production of PVC insulated low voltage cables
1996	The Group was listed on the Italian Stock Exchange
1998	Acquisition of Smit Draad Nijmegen BV (The Netherlands)
2001	Acquisition of FD Sims Ltd (UK)
2001	The Group was listed on the Star Market Segment
2007	Construction of Brazil Plant
2007	Acquisition of Stable Magnet Wire P. Ltd (India)
2010	Acquisition of ISODRA GmbH (Germany)
2015	New sales office in Poland
2018	Established the Company in China
2021	Established the Company in Czech Republic
2022	June 30, sold the branch of the company for the production of power cables located in Miradolo Terme Italy
2023	Start the construction of plant in Czech Republic
2024	Start the construction of plant in China
2025	May 2025 the Dutch Company Smith Draad has ceased its activity

Headquarters:

Company Profile The Businesses

IRCE Group works in two business areas:

• Magnet wires 80% of sales
• Energy cables 20% of sales

Sales breakdown by business areas

Energy cablesMagnet Wires

Sales breakdown by geographical area

Company Profile The Businesses

Magnet Wires

Magnet wires, also known as winding wires or enamelled wires, have multiple applications such as electric motors, generators, transformers, compressors, inductors, relays, solenoid valves, etc. The wire is insulated through the application of many layers of enamels by means of highly sophisticated processes and machines, which demand high levels of investments and large scale of productions.

Energy Cables

Cables produced by the Group encompass the complete range of Low Voltage and Medium Voltage for building and industrial sector. Cables can be insulated with PVC, rubber, polyethylene, etc.. They are used for the construction of electricity plants in residential and industrial buildings and for the wiring and cabling of electrical appliances. The principal final industry sectors are the construction industry, housing and industrial applications, and consumer durables industries (domestic appliances and other electrical appliances).

Company Profile – The Businesses

> Magnet Wires

> Market share

In the Magnet Wire business IRCE manufactures and sales the complete range of products, and is mainly engaged in the segments of the fine and medium wires. It mainly operates in Europe, where it is one of the top three producers by size.

Sales breakdown by industry

Sales breakdown by product

Company Profile – Production Plants

1. IRCE SpA – Headquarters

ISO 9001

lmola – Italy	and LV Energy Cables	Employees: 227	IATF 16949
imola — italy	and EV Energy Gables	Employees. 221	ISO 14001
2. IRCE SpA	17/19/15	Covered Area: 24,000 Sqm	ISO 9001
Guglionesi - Italy	LV/MV Energy Cables	Employees: 85
3. IRCE SpA	Conner and Aluminium Dound Magnet Wire	Covered Area: 19,400 Sqm	ISO 9001
Umbertide - Italy	Copper and Aluminium Round Magnet Wire	Employees: 41
4. FD Sims Ltd		Covered Area: 7,000 Sqm	ISO 9001
Blackburn – UK	Conner and Aluminium Dound and Doutongular Magnet Win	Employees: 36	IATF 16949
	Copper and Aluminium Round and Rectangular Magnet Wire		ISO 14001
			ISO 45001
5. IRCE Ltda	Copper and Aluminium Round and Rectangular Magnet Wire	Covered Area: 21,500 Sqm	ISO 9001
Joinville - Brazil	Continuously Transposed Cable (CTC)	Employees: 132	IATF 16949
6. Stable Magnet Wire P. Ltd.	Copper Round Magnet Wire	Employees: 27	ISO 0001
Cochin – India	Copper Round Magnet Wife	Employees: 27	ISO 9001
7. ISODRA GmbH	Copper Round Magnet Wire	Employees: 14	ISO 9001
Kierspe -Germany	Copper Round Magnet Wife	Employees. 14	130 9001
8. Irce S.R.O. Cechia		Covered Area: 20,000 Sqm	ISO 9001
Ostrava -Czech Republic	Copper and Aluminium Round and Rectangular Magnet Wire	Employees: 28	IATF 16949
Ostrava -Ozeon Nepublic		Lilipioyees. 20	Compliance Letter

IRCE Group – Copper and Aluminiumprice trend

Financial Results - Profit and Loss Statement

Euro million	1 st H 2025	% Turn.	1 st H 2024	% Turn.	change %	FY 2024	FY 2023	FY 2022
Hollow turnover wires	34.3		36.1		-5.0%	68.0	71.0	72.2
Hollow turnover cables	12.9		15.9		-18.9%	28.2	28.2	24.5
Total hollow turnover	47.2		52.0		-9.2%	96.2	99.2	96.7
TURNOVER (copper included)	204.1	10 0 .0 %	208.4	100.0%	-2.1%	397.7	402.8	454.7
Other income	1.3	0.6%	0.7	0.3%	85.7%	1.8	1.8	4.9
TOTAL REVENUES	205.4	10 0 .6 %	209.1	100.3%	-1.8%	399.5	404.6	459.6
Cost of material including change in stock	(155.8)	-76.3%	(159.3)	-76.4%	-2.2%	(304.1)	(314.6)	(361.9)
Personnel costs	(17.2)	-8.4%	(16.9)	-8.1%	1.8 %	(35.8)	(30.5)	(30.0)
Other costs and services	(21.6)	-10.6%	(20.5)	-9.8%	5.4%	(38.7)	(38.1)	(48.3)
EBITDA	10.8	5.3 %	12.4	6.0%	-12.9%	20.9	21.4	19.4
Depreciations and provisions	(2.9)	-1.4%	(4.0)	-1.9%	-27.5%	(6.4)	(7.0)	(7.8)
EBIT	7.9	3.9%	8.4	4.0%	-6.0%	14.5	14.4	11.6
Copper and energy derivatives	0.9	0.4%	0.6	0.3%	-50.0%	0.5	0.1	0.5
Net financial charges	(1.9)	-0.9%	(1.0)	-0.5%	90.0%	(2.1)	(2.0)	(1.8)
RESULT BEFORE TAXES (EBT)	6.9	3.4%	8.0	3.8%	-13.8%	12.9	12.5	10.3
Taxes	(3.1)	-1.5%	(3.2)	- 1.5%	-3.1%	(6.0)	(4.3)	(1.1)
RESULT non-controlling interests	3.8	1.9 %	4.8	2.3%	-20.8%	6.9	8.2	9.2
Minorities	0.0	0.0%	0.0	0.0%	0%	0.0	0.0	0.0
RESULT OF THE PERIOD	3.8	1.9 %	4.8	2.3%	-20.8%	6.9	8.2	9.2
EBITDA	10.8	0.1	12.4	6.0%	-12.9%	20.9	21.4	19.4
Copper and energy derivatives	0.9	0.1	0.6	0.3%	-12.5/0	0.5	0.1	0.5
EBITDA Adjusted (*)	11.7	5.7%	13.0	6.2%	-10.0%	21.4	21.5	19.9
Depreciation and provisions	(2.9)	-1.4%	(4.0)	-1.9%	120.0%	(6.4)	(7.0)	(7.8)
					-2.2%	15.0	14.5	12.1
EBIT Adjusted (*)	8.8	4.3%	9.0	4.3%	-2.2%	15.0	14.5	12.1

^(*) For a better comparison of the operating results, we have introduced the concepts of EBITDA and EBIT Adjusted, that are equal to the traditional definitions plus income or loss on copper and energy derivatives if realized.

ROCE (EBIT Adj. / Net Capital Employed)% 7.9% 7.6% 6.0%

FY 2022 includes Miradolo italian plant, sold on June 30, 2022

Financial Results – Balance sheet

Euro million	30 June 2025	%	31 December 2024	%	31 December 2023	%	31 December 2022	%
Net working capital	139.7	64.0%	122.4	62.1%	128.4	71.7%	152.3	74.4%
Fixed Assets	92.3	42.3%	86.5	43.9%	59.3	33.1%	51.7	25.2%
Other assets and liabilities	-13.8	-6.3%	-11.8	-6.0%	-8.7	-4.9%	0.8	0.4%
NET CAPITAL EMPLOYED	218.2	100.0%	197.1	100.0%	179.0	100.0%	204.8	100.0%
Shareholders' Equity	152.8	70.0%	150.6	76.4%	153.3	85.6%	144.8	70.7%
Net Financial Position	65.4	30.0%	46.5	23.6%	25.7	14.4%	60.0	29.3%
FINANCING AND EQUITY	218.2	100.0%	197.1	100.0%	179.0	100.0%	204.8	100.0%
CAPEX	10.7		35.0		14.2		13.6

IRCE Group – Business Performance

IRCE Group – Market Performance

MARKET PRICE TREND IRCE (Period: 1st September 2024 -20th October 2025)

SHAREHOLDERS' EQUITY Vs MARKET CAPITALIZATION

PRICE/BOOK VALUE RATIO

IRCE Group – New Projects

Plant in Ostrava (Czech Republic)

³°Q 2025 Start the production

Plant in Hai'an - Jiangsu (China)

²°H 2026 Start the production