El.En. — Investor Presentation 2025

Oct 7, 2025

COMPANY PRESENTATION

Berenberg

Paris

October 8 th , 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

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.

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

8 R&D dept.

€ >20 MLN

Yearly R&D investments

> 350 Patents

> 250 R&D specialists

PRODUCTS

> 60.000

Laser sources installed worldwide

ISO 9001 e ISO 13485

Certifications

ISO 14064

El.En., Deka Mela and Quanta

> 70

Quality & Regulatory specialists

PEOPLE

~20% under ³⁰ years

>2.000 employees

50% 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

>33.000 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 – H1 2025 ²⁴

'000 Euro	30/06/2024	%	30/06/2025	%	% Var
Medical	195 069	71 9% ,	206 131	72 2% ,	5 7% ,
Industrial	76 402	28 1% ,	79 205	27 8% ,	3 7% ,
Revenues	271 471	0% 100 ,	285 336	0% 100 ,	1% 5 ,
margin Gross	119 831	44 1% ,	126 211	44 2% ,	5 3% ,
Operating Expenses	28 118	10 4% ,	30 943	10 8% ,	10 0% ,
Staff espenses	48 334	17 8% ,	53 045	18 6% ,	9 7% ,
EBITDA	43 379	16 0% ,	42 223	14 8% ,	2 7% - ,
accruals Depr amort ., .,	6 115	3% 2 ,	7 574	7% 2 ,	9% 23 ,
EBIT	37 264	13 7% ,	34 649	12 1% ,	7 0% - ,
financ income(charges) Net	30	0% 0 ,	(2 662)	9% 0 - ,
Other (expense) income net	5 000	8% 1 ,	(261)	1% 0 - ,
EBT	42 294	15 6% ,	31 726	11 1% ,	25 0% - ,
Income taxes	(11 695)	3% 4 - ,	(10 408)	6% 3 - ,	0% 11 - ,
Discontinued operations	(3 152)	1 2% - ,	(4 046)	1 4% - ,	28 4% ,
Minorities	(151)	1% 0 - ,	660	2% 0 ,
NET INCOME	27 297	10 1% ,	17 932	6 3% ,	34 3% - ,

BALANCE SHEET – H1 2025 ²⁵

'000 Euro	31/12/24	30/06/25	Var %
Total current assets non	103 237	113 385	8% 9 ,
Working Capital Net	199 826	207 399	8% 3 ,
receivables/payables Other ST	(32 675)	(25 965)	20 5% - ,
financial position Net	110 559	89 982	18 6% - ,
liabilities Long term	16 071	15 831	5% 1 - ,
Net Equity	410 802	406 281	1 1% - ,
Discontinued operation	926 45	37 310	18 8% - ,
capital employed Net	300 243	316 299	3% 5 ,
Working Capital sales Net on	3% 35 ,	3% 36 ,
ROCE	1% 26 ,	9% 21 ,
(EBIT/Net employed) capital
Operating Capex	623 11	10 011

Cash Flow ²⁶

* Nopat =Ebit-Income tax

**D&A= Depreciation, Accruals and Devaluation

***NWC= Net Working Capital

Revenue Breakdown by Business ²⁷

Revenue Breakdown by Area ²⁸

Medical: +6%

in Euro million

CURRENT OUTLOOK

2025 Guidance ³⁰

Revenues 2025 > Revenues 2024

EBIT 2025 > EBIT 2024

MULTIPLES & COMPARABLES

MULTIPLES ³²

Stockholder's Equity share per	5 1 ,
/ Book Value Price Adj	2 2 ,
/EBIT (95% EBIT) EV	11 7 ,
/ (95% Sales) Sales EV	1 4 ,

El Market En Cap	@ € 10 91 875 0 , ,
financial position Net	30/06/2025 @ 90 0 ,
m/l Financial investments term	30/06/2025 13 @ 7 ,
Enterprise Value	771 4 ,

MULTIPLES ³³

30th June 2025 ,
	Price on Sept	Revenue	% Var	EBIT	EBIT	Cap MK	EV	EV/Sales	EV/EBIT	P/E	P/Book
Medical/Aesthetic	29, 2025		Rev		%			(*)	(*)	(*)	Value
InMode	\$14 83 ,	\$173	4 %	\$38	22%	\$937	\$432	1 2 ,	5,6	4,8	1 ,5
Health Beauty	\$1 95 ,	\$148	-14%	\$(15)	-10%	\$247	\$411	1 ,4	n.a.	21 ,4	3 3 ,
Venus	\$2 33 ,	\$29	-14%	\$(19)	-63%	\$ 4	\$18	0 3 ,	n.a.	n.a.	1 9 ,
Sisram Medical	\$0 68 ,	\$165	-2%	\$13	8 %	\$319	\$303	0 9 ,	11 ,5	17 0 ,	0 ,7
Sofwave	\$747 ,73	\$38	35%	\$ 1	3 %	\$268	\$245	3 2 ,	100 0 ,	302 1 ,	10 1 ,
Classys	€ 30 46 ,	€ 103	38%	€ 53	51%	€ 1 996	€ 1 935	9 ,4	18 ,4	26 8 ,	6 ,4
Industrial
IPG Photonics Co	\$79 ,54	\$479	-6%	\$ 2	0 %	\$3 360	\$2 .518	2 6 ,	652 1 ,	121 ,5	6 1 ,
Han's Laser	¥40 81 ,	¥7.551	20%	¥133	2 %	¥44.100	¥45.712	3 0 ,	171 9 ,	46 8 ,	2 ,7
Bystronic	CHF 302	CHF 305	-8%	-CHF 8	-3%	CHF 552	CHF 169	0 3 ,	n.a.	n.a.	0 9 ,
Amada	1.852 JPY	199 .112 JPY	-1%	23 329 JPY	12%	607 .780 JPY	529 219 JPY	1 3 ,	11 3 ,	17 6 ,	1 2 ,
Yamazaki	320 JPY	1.385 JPY	0 %	-31 JPY	-2%	1.470 JPY	2 .536 JPY	0 9 ,	n.a.	n.a.	1 1 ,
Tech HuaGong	¥92 20 ,	¥7.600	47%	¥727	10%	¥98 220	¥100 644	6 6 ,	69 2 ,	55,2	9 ,4
El (1) .En.	€ 10 91	€ 285	5 %	€ 35	12%	€ 875	€ 771	1 ,4	11 ,7	21 ,5	2 2
	,										,

⁽¹⁾ EV and multiplies as for previous slide

^(*) Revenue,Ebit and earnings annualized

El.En. vs. FTSE Star Italy ³⁴

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