El.En. — Investor Presentation 2025

May 20, 2025

COMPANY PRESENTATION

Intermonte Northern MidCap Event

Virtual

May 21st , 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

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

SUBSIDIARIES

10 COUNTRIES WITH DIRECT PRESENCE

14 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.

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

OUR APPROACH

EL.EN. WORLDWIDE ¹⁰

UNMATCHED INNOVATION PIPELINE ¹⁰

Pigmented lesions

Body contouring and tightening

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

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

Hair removal Tattoo removal & Pigmented lesions

Body Contouring Skin Rejuvenation

Physiotherapy

Urology

..AND IN INDUSTRIAL SECTOR ²¹

FINANCIAL HIGHLIGHTS

INCOME STATEMENT – FY 2024 24
'000 Euro	31/12/2023	%	31/12/2024	%	% Var
Medical	392 434	1% 68 ,	410 401	5% 72 ,	6% 4 ,
Industrial	183 577	31 9% ,	155 444	27 5% ,	15 3% - ,
Revenues	576 011	0% 100 ,	565 846	0% 100 ,	8% 1 - ,
margin Gross	234 769	40 8% ,	245 637	43 4% ,	4 6% ,
Operating Expenses	50 091	7% 8 ,	55 092	7% 9 ,	0% 10 ,
Staff espenses	92 494	16 1% ,	98 770	5% 17 ,	6 8% ,
EBITDA	92 184	16 0% ,	91 775	16 2% ,	0 4% - ,
accruals Depr amort ., .,	13 965	4% 2 ,	13 467	4% 2 ,	6% 3 - ,
EBIT	78 219	13 6% ,	78 309	13 8% ,	0 1% ,
financ income(charges) Net	(449)	0 1% - ,	802	0 1% ,
Other (expense) income net	64	0% 0 ,	4 993	9% 0 ,	1% 7642 ,
EBT	835 77	13 5% ,	84 104	14 9% ,	8 1% ,
Income taxes	(22 600)	9% 3 - ,	(21 227)	8% 3 - ,	1% 6 - ,
Discontinued operations	(5 169)	9% 0 - ,	(10 372)	8% 1 - ,	7% 100 ,
Minorities	(1 827)	0 3% - ,	(892)	0 2% - ,	51 2% - ,
NET INCOME	48 239	4% 8 ,	51 613	1% 9 ,	0% 7 ,

The financial statements for this presentation were prepared in accordance with IAS/IFRS accounting principles, reclassifying the contribution of the Chinese industrial cutting division in the assets, liabilities and income statement results from discontinued operations, due to the ongoing negotiations for the sale of the division, in accordance with IFRS5. For a better comparison, the previous year financial statements have also been accordingly reclassified.

BALANCE SHEET – 2024 ²⁵

'000 Euro	31/12/23	31/12/24	% Var
Total current assets non	116 304	103 237	2% 11 - ,
Working Capital Net	211 901	199 826	7% 5 - ,
receivables/payables Other ST	(34 876)	(32 675)	3% 6 - ,
financial position Net	59 877	110 559	84 6% ,
liabilities Long term	16 379	16 071	1 9% - ,
Equity Net	375 458	410 802	4% 9 ,
Discontinued operation	38 630	45 926	18 9% ,
capital employed Net	315 581	300 243	9% 4 - ,
Working Capital sales Net on	8% 36 ,	3% 35 ,
ROCE	24 8% ,	26 1% ,
(EBIT/Net employed) capital
Operating Capex	11 623	13 306

The financial statements for this presentation were prepared in accordance with IAS/IFRS accounting principles, reclassifying the contribution of the Chinese industrial cutting division in the assets, liabilities and income statement results from discontinued operations, due to the ongoing negotiations for the sale of the division, in accordance with IFRS5. For a better comparison, the previous year financial statements have also been accordingly reclassified.

2024 FINANCIALS Vs. PROFORMA W/O IFRS5 ²⁶

Financials '000 2024 Euro -
P&L	31/12/2023	%	31/12/2024	%	% Var
Revenues	576 011		565 846		8% 1 - ,
EBIT	78 219	6% 13 ,	78 309	8% 13 ,	1% 0 ,
	31/12/2023	%	31/12/2024
	unaudited		unaudited
NFP	59 877		110 559

Financials w/o IFRS5 accounting standard

P&L	31/12/2023	%	31/12/2024	%	Var %
	unaudited		unaudited
Revenues	692 290		645 881		7% 6 - ,
EBIT	72 736	10 5% ,	70 958	11 0% ,	2 4% - ,
	31/12/2023	%	31/12/2024
	unaudited		unaudited
NFP	54 586		120 364

INCOME STATEMENT – Q1 2025 ²⁷

'000 Euro	31/03/2024	%	31/03/2025	%	% Var
	unaudited		unaudited
Medical	91 704	70 8% ,	99 204	70 4% ,	8 2% ,
Industrial	37 850	29 2% ,	41 696	29 6% ,	10 2% ,
Revenues	129 555	100 0% ,	140 900	100 0% ,	8 8% ,
margin Gross	680 57	44 5% ,	62 947	44 7% ,	9 1% ,
Operating Expenses	368 14	1% 11 ,	132 15	10 7% ,	3% 5 ,
Staff espenses	23 395	1% 18 ,	26 088	5% 18 ,	5% 11 ,
EBITDA	19 917	4% 15 ,	21 726	4% 15 ,	1% 9 ,
accruals Depr amort ., .,	4 372	3 4% ,	4 316	3 1% ,	1 3% - ,
EBIT	15 544	12 0% ,	17 410	12 4% ,	12 0% ,
income(charges) financ Net	423	0 3% ,	(1 111)	0 8% - ,
(expense) Other income net	(14)	0 0% ,	19	0 0% ,
EBT	15 954	3% 12 ,	16 318	6% 11 ,	3% 2 ,
	31/12/24		31/03/25
			unaudited
financial position Net	110 559		107 558

Cash Flow – Q1 2025 ²⁸

**D&A= Depreciation, Accruals and Devaluation

***NWC= Net Working Capital

Revenue Breakdown by Business – Q1 2025 ²⁹

Revenue Breakdown by Area – Q1 2025 ³⁰

CURRENT OUTLOOK

2025 Guidance ³²

Revenues 2025 > Revenues 2024

EBIT 2025 > EBIT 2024

MULTIPLES & COMPARABLES

MULTIPLES ³⁴

Stockholder's Equity share per	3 5 ,
/ Price Book Value Adj	1 8 ,
/EBIT (95% EBIT) EV	10 1 ,
/ Sales (95% Sales) EV	1 2 ,

El Market En Cap	@ 780 5 € 9 74 , ,
financial position Net	31/03/2025 107 6 @ ,
m/l Financial investments term	31/03/2025 @ 7 6 ,
Value Enterprise	665 3 ,

MULTIPLES ³⁵

March 31st, 2025

	Price on	Revenue	% Var	EBIT	EBIT	MK Cap	EV	EV/Sales	EV/EBIT	P/Book
Medical/Aesthetic	M ay 19 2025 ,		Rev		%			(*)	(*)	Value
InMode	\$14 59 ,	\$78	-3%	\$16	20%	\$990	\$479	1 5 ,	7 7 ,	6 1 ,
Health Beauty	\$1 48 ,	\$70	-15%	\$(12)	-17%	\$186	\$381	1 4 ,	n.a.	0 4 ,
Venus	\$2 55 ,	\$14	-22%	\$(10)	-70%	\$ 3	\$24	0 4 ,	n.a.	1 2 ,
(2) Sisram Medical	\$0 52 ,	\$349	-3%	\$35	10%	\$245	\$220	0 6 ,	6 3 ,	0 5 ,
Classys	€ 41 54 ,	€ 50	45%	€ 25	50%	€ 2 718	€ 2 667	13 2 ,	26 3 ,	9 3 ,
Industrial
Photonics IPG Co	\$65 40 ,	\$228	-10%	\$ 2	1 %	\$2 780	\$1 913	2 1 ,	261 8 ,	1 3 ,
Han's Laser	¥24 55 ,	¥2 912	11%	-¥45	-2%	¥25 960	¥26 561	2 3 ,	n.a.	1 6 ,
(2) Bystronic	CHF 281	CHF 648	-30%	-CHF 84	-13%	CHF 513	CHF 91	0 1 ,	n.a.	0 8 ,
Amada	1 525 JPY	121 839 JPY	3 %	19 292 JPY	16%	500 460 JPY	416 042 JPY	0 9 ,	5 4 ,	1 0 ,
Yamazaki	293 JPY	804 JPY	8 %	1 JPY	0 %	1 340 JPY	2 467 JPY	0 8 ,	560 6 ,	0 9 ,
Tech HuaGong	¥43 20 ,	¥3 342	55%	¥287	9 %	¥42 850	¥44 303	3 3 ,	38 6 ,	4 0 ,
El (1) En	€ 9 74 ,	€ 141	9 %	€ 17	12%	€ 780	€ 665	1 2 ,	10 1 ,	1 8 ,

(1) EV and multiplies as for previous slide

(2) Financials @ 31.12.2024

(*) Revenue,Ebit and earnings annualized

El.En. vs. FTSE Star Italy ³⁶

PEERS ³⁷

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