El.En.

Investor Presentation • Dec 3, 2025

COMPANY PRESENTATION

Intermonte

Milan

December 04th , 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

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 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

>25

SUBSIDIARIES

9

COUNTRIES WITH DIRECT PRESENCE

9

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.

CONSERVATION

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

OUR APPROACH

Sustainalytics

OUR STRATEGY FOR A SUSTAINABLE FUTURE:

Create value over time and be ready to successfully meet the future challenges

R&D

5 R&D dept.

€ >15 MLN

Yearly R&D investments

> 30 Patents

> 120 R&D specialists

PRODUCTS

> 60.000

Laser sources installed worldwide

ISO 9001 e ISO 13485

Certifications

ISO 14064

El.En., Deka Mela and Quanta

> 50

Quality & Regulatory specialists

PEOPLE

~18% under ³⁰ years

>1.400 employees

33% of employees have a university degree and over 90% hold either a degree or a high school diploma.

WELFARE at the heart of business projects.

Workspaces were renewed for several Group companies: employees well-being was increased and plants'energy efficiency as well

>24.000 HOURS Training

ENVIRONMENT

7 Photovoltaic systems active in ²⁰²⁴

2 ^Photovoltaic plants in progress

16%

Self-produced electrical energy share of the annual total consumption

39%

Annual electricity consumption comes from renewable sources

EL.EN. WORLDWIDE ¹⁰

UNMATCHED INNOVATION PIPELINE ¹⁰

Antiaging/Pigmented lesions

Compact sheet metal cutting system

GROWTH HISTORY (w/o Chinese division) ¹⁰

MARKETS AND GROWTH DRIVERS

LASER SURGERY MARKET TRENDS ¹²

MINIMALLY INVASIVE SURGERIES:

• Lower risks and side effects
• Faster recovery /Shorter hospital stays
• 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 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

•	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 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

Electronics

Optics

Photonics

Mechanics

Fluid dynamics

Power electronics

Software

LASER

Technical Knowledge Application Expertise

Aesthetics

Surgery

Dermatology

Physiotherapy

Cutting

Marking

Art Conservation

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

Body Contouring Skin Rejuvenation

Physiotherapy

..AND IN INDUSTRIAL SECTOR ²¹

Art Conservation

ELEN"

OUR PRODUCTS

• painful

Attractive ROI for our customers

User friendly

FINANCIAL HIGHLIGHTS

INCOME STATEMENT – 9M 2025 ²⁴

'000 Euro	30/09/2024	%	30/09/2025	%	Var %
	unaudited		unaudited
Medical	294 013	72 4% ,	307 537	72 9% ,	6% 4 ,
Industrial	112 219	6% 27 ,	114 394	1% 27 ,	9% 1 ,
Revenues	406 232	100 0% ,	421 931	100 0% ,	3 9% ,
margin Gross	176 928	43 6% ,	188 342	44 6% ,	6 5% ,
Operating Expenses	39 445	9 7% ,	44 550	10 6% ,	12 9% ,
Staff espenses	71 561	17 6% ,	78 155	18 5% ,	9 2% ,
EBITDA	65 922	16 2% ,	65 637	15 6% ,	0 4% - ,
accruals Depr amort ., .,	9 025	2 2% ,	10 602	2 5% ,	17 5% ,
EBIT	56 896	14 0% ,	55 035	13 0% ,	3 3% - ,
financ income(charges) Net	(693)	0 2% - ,	(1 778)	0 4% - ,	156 5% ,
(expense) Other income net	5 024	1 2% ,	(1 078)	0 3% - ,
EBT	61 228	15 1% ,	52 180	12 4% ,	14 8% - ,
	31/12/24		30/09/25
			unaudited
financial position Net	110 559		137 399

INCOME STATEMENT – Q3 2025 ²⁵

Euro '000	2024-Q3	%	2025-Q3	%	Var. %
	unaudited		unaudited
Revenues	134.761	100,0%	136.595	100,0%	1,4%
Gross margin	57.097	42,4%	62.131	45,5%	8,8%
Operating Expenses	11.327	8,4%	13.607	10,0%	20,1%
Staff espenses	23.227	17,2%	25.110	18,4%	8,1%
EBITDA	22.543	16,7%	23.414	17,1%	3,9%
Depr., amort., accruals	2.910	2,2%	3.027	2,2%	4,0%
EBIT	19.632	14,6%	20.387	14,9%	3,8%
Net financ.income(charges)	(723)	-0,5%	884	0,6%
Other income (expense) net	24	0,0%	(817)	-0,6%
EBT	18.933	14,0%	20.454	15,0%	8,0%

<-- PDF CHUNK SEPARATOR -->

**D&A= Depreciation, Accruals and Devaluation

***NWC= Net Working Capital

Cash Flow – 9M 2025 ²⁶

Revenue Breakdown by Business ²⁷

Revenue Breakdown by Area ²⁸

Medical: +5%

in Euro million

CURRENT OUTLOOK

2025 Guidance ³⁰

Revenues 2025 > Revenues 2024

EBIT 2025 > EBIT 2024

MULTIPLES & COMPARABLES

MULTIPLES ³²

Stockholder's share Equity per	5 2 ,
/ Book Value Adj Price	2 4 ,
/EBIT (95% EBIT) EV	12 5 ,
/ Sales (95% Sales) EV	1 6 ,

El Market Cap En	018 @ € 12 68 1 7 , ,
financial position Net	30/09/2025 @ 137 4 ,
m/l Financial investments term	30/09/2025 10 7 @ ,
Value Enterprise	870 6 ,

MULTIPLES ³³

30th Sept , 2025
	Price on	Revenue	% Var	EBIT	EBIT	MK Cap	EV	EV/Sales	EV/EBIT	P/Book
Medical/Aesthetic	Dec.1, 2025		Rev		%			(*)	(*)	Value
InMode	\$14 ,25	\$267	-10%	\$59	22%	\$901	\$373	1,1	4,7	1,4
Health Beauty	\$1 ,47	\$218	-13%	\$(21)	-10%	\$189	\$348	1,2	n.a.	2,9
Venus	\$1 ,98	\$43	-12%	\$(28)	-65%	\$ 4	\$ 5	0,1	n.a.	1,4
Medical (2) Sisram	\$0 ,53	\$165	-2%	\$13	8 %	\$251	\$235	0,7	8,9	0,5
Sofwave	\$913 ,50	\$59	42%	\$ 3	5 %	\$325	\$299	3,8	83,0	11,6
Wontech	\$4 ,39	\$70	31%	\$25	36%	\$395	\$344	3,7	10,4	4,1
Classys	€ 34,65	€ 154	35%	€ 76	49%	€ 2.271	€ 2.217	10,8	22,0	7,2
Industrial
Photonics IPG Co.	\$79 ,64	\$729	-2%	\$10	1 %	\$3 .350	\$2 .512	2,6	193,0	1,6
Han's Laser	¥37,13	¥12.713	27%	¥557	4 %	¥37.860	¥39.813	2,4	53,7	2,2
(2) Bystronic	CHF 253	CHF 305	-8%	-CHF 8	-3%	CHF 462	CHF 80	0,1	n.a.	0,8
Amada	1.866 JPY	306.119 JPY	1 %	34.597 JPY	11%	612.370 JPY	543.616 JPY	1,3	11,8	1,2
Yamazaki	316 JPY	2.070 JPY	-10%	-90 JPY	-4%	1.450 JPY	2.538 JPY	0,9	n.a.	1,2
Tech HuaGong	¥73,62	¥11.038	23%	¥1.065	10%	¥73.230	¥75.836	5,2	53,5	6,7
El (1) .En.	€ 12,68	€ 422	4 %	€ 55	13%	€ 1.019	€ 871	1,6	12,5	2,4

• (1) EV and multiplies as for previous slide
• (2) Financials @ 30.06.25
• (*) Revenue,Ebit and earnings annualized

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El.En. vs. FTSE Star Italy

PEERS ³⁵

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