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El.En. Investor Presentation 2026
4393_rns_2026-03-24_158a5a61-4079-47d7-b2fa-209b67bf8ece.pdf
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GENETICS
ELGN™ THE FUTURE IN A SCENE
COMPANY PRESENTATION
Euronext STAR conference 2026
Palazzo Mezzanotte
March 25th - 26th, 2026
Member of
Euronext
Tech Leaders
EURONEXT
Tech Leaders
EURONEXT
ELÉN
DISCLAIMER
CERTIFIED
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.
EMARKET
SCH
AGENDA
- Overview
- Markets and Growth Drivers
- Our Strategy and Market Approach
- Financial Highlights
- Current Outlook
- Multiples & Comparables
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OVERVIEW
ELÉN
OVERVIEW
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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 global presence achieving continuous growth over the years
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OUR APPROACH
>40
YEARS OF EXPERIENCE
>25
SUBSIDIARIES
8
COUNTRIES WITH
DIRECT PRESENCE
10
PLANTS
WE CREATE LIGHT, ENERGY, WAVES
MEDICAL
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.
INDUSTRIAL
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 of our communities.
All data refers to the Group without Chinese division
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OUR APPROACH
MSCI
ESG RATINGS
EthiFinance
ESG ratings
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.
>18 MLN
Yearly R&D investments
> 40
Patents
>130
R&D specialists
>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
>33.800
HOURS
Training
ENVIRONMENT
9 Photovoltaic systems active in 2025
3 Photovoltaic plants in progress
23%
Self-produced electrical energy share of the annual total consumption
80%
Annual electricity consumption comes from renewable sources
All data refers to the Group without Chinese division
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EL.EN. WORLDWIDE
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UNMATCHED INNOVATION PIPELINE IN MEDICAL TECHNOLOGIES
Quanta System
DEKA
Innate Ability
Asclepion
Laser Technologies
TATTOO REMOVAL
BODY SHAPING
DERMATOLOGICAL SURGERY & SCARS
PHOTO-AGING & FACE LAXITY
HAIR REMOVAL
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INNOVATION PIPELINE IN INDUSTRIAL TECHNOLOGIES
CUTLITE PENTA
OT-LAS
LASIT
INDUSTRIAL DIVISION
POWERFUL & PRECISE LASER CUTTING
GOLD STANDARD IN
WOOD PANEL LASER MICROPERFORATION
LASER MARKING & ENGRAVING
CO2 SEALED PULSED LASER SOURCES & INTEGRABLE SUBSYSTEMS
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GROWTH HISTORY (w/o Chinese division)
Cagr 11/25: +12%
in Euro million
Telebonus distribution and commercial use strictly prohibited
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DERTIFIED
MARKETS AND GROWTH DRIVERS
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LASER SURGERY MARKET TRENDS
CERTIFIED
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
- Growing consumables revenue stream in Urology
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MEDICAL AESTHETICS MARKET TRENDS
- 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 energy-based 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
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ADVISORY
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MARKET RESEARCHES GROWTH ESTIMATES
MEDICAL LASER MARKET
- Mordor Intelligence CAGR 13% to 2031
- Fortune business insights CAGR 11% to 2034
- Global Market Insights CAGR 17% to 2034
- Research and Markets CAGR 14% to 2029
With an estimated market size of ≈ $6 Bln in 2024 including:
- Ophthalmology - Dermatology – Aesthetics- Dentistry
- Surgical - Gynecology – Urology - Cardiovascular
AESTHETIC LASER AND ENERGY BASED DEVICES MARKET
- Research and Markets CAGR 9% to 2033
- Market Growth Reports CAGR 12% to 2035
- Grand View Research CAGR 9% to 2030
With an estimated market size of ≈ $6 Bln in 2024 including:
- Laser devices – RF devices – Ultrasound Devices – Plasma Devices – Light Therapy Devices
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INDUSTRIAL LASER MARKET TREND
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SCR-TIPPED
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
Industrial laser Cutting Machines:
- Fortune Business Insights CAGR 11% to 2032
- Research and Markets CAGR 10% to 2029
Market Size: $6 billion in 2024
Teledoorice, obstinlicufeon and commencion use strictly prohibited
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GENETICS
. . .
OUR STRATEGY AND MARKET APPROACH
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OUR KNOWLEDGE
CERTIFIED
Technical Knowledge
Electronics
Optics
Photonics
Mechanics
Fluid dynamics
Power electronics
Software
LASER SYSTEMS
Application Expertise
Aesthetics
Surgery
Dermatology
Physiotherapy
Cutting
Marking
Art Conservation
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THE LASER ADVANTAGE
- Flexibility
- Speed
- Power
- Precision
- Selectivity
- Effectiveness
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MID-TERM STRATEGIC VISION BASED ON:
- 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
| DEKA
Private Ability | Asclepio
Laser Technologies | | ASV
A S A L A S E R
Research and Therapeutic Solutions |
| --- | --- | --- | --- |
| esthelogue
STOCK TECHNOLOGY | | Quanta System
LASER IN OUR DNA | |
| PL | | LASIT
LASER MARKING INNOVATION | |
| CULTURE
DEVELOPMENT
INNOVATION | CUTLITE PENTA
PRODUCT ASSOCIATION | OT-LAS | |
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WIDE RANGE OF PRODUCTS IN MEDICAL SECTOR
COMPANIES
DEKA
Innate Ability
Quanta System
LASER SYSTEMS
Laser systems and cutting-edge technologies for 3 sectors of applications
AESTHETICS
SURGERY
INTIMATE HEALTH
TREATMENTS
HAIR REMOVAL
TATTOO REMOVAL
SKIN REJUVENATION
BODY CONTOURING
DERMATOLOGY
VASCULAR LESIONS
PIGMENTED LESIONS
ENT
GYNECOLOGY
UNOLOGY
GENERAL SURGERY
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ADVISOR
CERTIFIED
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WIDE RANGE OF PRODUCTS IN MEDICAL SECTOR
ASV
ASALASER
Research and Therapeutic Solutions
DEVICES
Global reference in laser therapy and magnetotherapy for multidisciplinary uses
SECTORS & APPLICATIONS
PHYSIOTERAPHY
REHABILITATION
SPORTS MEDICINE
VETERINARY MEDICINE
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WIDE RANGE OF PRODUCTS IN INDUSTRIAL SECTOR
COMPANIES
CUTLITE PENTA
OT-LAS
ELAN
INDUSTRIAL DIVISION
LASER SYSTEMS
Fiber laser metal-cutting systems with up to 60kW of power
Systems for laser marking and engraving
Marking, cleaning, engraving, degating, and robotic integration solutions
CO₂ Laser Sources, Laser Scanning Heads and Scanner Components
SECTORS & APPLICATIONS
AUTOMOTIVE
INDUSTRY
DESIGN & FASHION
ELECTRONICS
LEATHER
MARBLE
PLASTIC
FOOD
TEXTILE
TEXTILE
METAL
WOOD
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ADVISOR
GLEN
WIDE RANGE OF PRODUCTS IN ART RESTORATION
LIGHT FOR ART
LASER SYSTEMS
Laser systems for:
CONSERVATION AND
RESTORATION OF WORKS OF ART
GRAFFITI REMOVAL
APPLICATIONS
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OUR PRODUCTS
Innovative
Safe
- powerful
- effective
- gentle and
-
painful
-
fast
Attractive ROI for our customers
User friendly
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FINANCIAL HIGHLIGHTS
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INCOME STATEMENT – FY 2025
| Euro '000 | 31/12/2024 | % | 31/12/2025 | % | Var. % |
|---|---|---|---|---|---|
| unaudited | |||||
| Medical | 410.401 | 72,5% | 428.648 | 72,5% | 4,4% |
| Industrial | 155.444 | 27,5% | 162.201 | 27,5% | 4,3% |
| Revenues | 565.846 | 100,0% | 590.849 | 100,0% | 4,4% |
| Gross margin | 245.637 | 43,4% | 259.758 | 44,0% | 5,7% |
| Operating Expenses | 55.092 | 9,7% | 59.879 | 10,1% | 8,7% |
| Staff expenses | 98.770 | 17,5% | 107.047 | 18,1% | 8,4% |
| EBITDA | 91.775 | 16,2% | 92.831 | 15,7% | 1,2% |
| Depr., amort., accruals | 13.467 | 2,4% | 15.035 | 2,5% | 11,6% |
| EBIT | 78.309 | 13,8% | 77.796 | 13,2% | -0,7% |
| Net financ.income(charges) | 802 | 0,1% | (813) | -0,1% | |
| Other income (expense) net | 4.993 | 0,9% | (2.729) | -0,5% | |
| EBT | 84.104 | 14,9% | 74.255 | 12,6% | -11,7% |
| Income taxes | (21.227) | -3,8% | (23.497) | -4,0% | 10,7% |
| Discontinued operations | (10.372) | -1,8% | (6.573) | -1,1% | -36,6% |
| Minorities | (892) | -0,2% | (770) | -0,1% | -13,7% |
| NET INCOME | 51.613 | 9,1% | 43.415 | 7,3% | -15,9% |
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BALANCE SHEET– FY 2025
| Euro '000 | 31/12/24 | 31/12/25 | Var.% |
|---|---|---|---|
| unaudited | |||
| Total non current assets | 103.237 | 118.766 | 15,0% |
| Net Working Capital | 199.826 | 184.586 | -7,6% |
| Other receivables/payables ST | (32.675) | (31.183) | -4,6% |
| Net financial position | 110.559 | 172.212 | 55,8% |
| Long term liabilities | 16.071 | 16.907 | 5,2% |
| Net Equity | 410.802 | 427.474 | 4,1% |
| Discontinued operation | 45.926 | 0 | -100,0% |
| Net capital employed | 300.243 | 255.262 | -15,0% |
| Net Working Capital on sales | 35,3% | 31,2% | |
| ROCE | 26,1% | 30,5% | |
| (EBIT/Net capital employed) | |||
| Operating Capex | 11.623 | 19.376 |
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Cash Flow – FY 2025
- Nopat = Ebit-Income tax
** D&A = Depreciation, Accruals and Devaluation
*** NWC = Net Working Capital
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Revenue Breakdown by Business
Medical: +4%
in Euro million
Industrial: +4%
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Revenue Breakdown by Area
Medical: +4%
in Euro million
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CURRENT OUTLOOK
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2026 Guidance
CERTIFIED
Revenues increase: ~ +5%
EBIT% 2026 > EBIT% 2025
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GENTLY
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MULTIPLES & COMPARABLES
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MULTIPLES
Stockholder's Equity per share 5,3
Price / Book Value Adj. 2,2
EV / EBIT (95% EBIT) 10,3
EV / Sales (95% Sales) 1,4
| El.En. Market Cap. | 946,1 @ € 11,77 |
|---|---|
| Net financial position | 172,2 @ 31/12/2025 |
| Financial investments m/l term | 10,7 @ 31/12/2025 |
| Enterprise Value | 763,2 |
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MULTIPLES
Dec 31st, 2025
| Medical/Aesthetic | Price on March 23, 2026 | Revenue | Var.% Rev. | EBIT | EBIT % | MK.Cap. | EV | EV/Sales (*) | EV/EBIT (*) | P/Book Value |
|---|---|---|---|---|---|---|---|---|---|---|
| InMode | $13,53 | $370 | -6% | $85 | 23% | $857 | $306 | 0,8 | 3,6 | 1,3 |
| Beauty Health | $1,13 | $301 | -10% | $(21) | -7% | $144 | $290 | 1,0 | n.a. | 2,4 |
| Sisram Medical | $0,45 | $365 | 5% | $32 | 9% | $213 | $190 | 0,5 | 6,0 | 0,4 |
| Sofwave | $1.259,80 | $88 | 47% | $7 | 8% | $465 | $430 | 4,9 | 62,6 | 14,2 |
| Wontech | $3,91 | $97 | 25% | $33 | 34% | $371 | $314 | 3,2 | 9,6 | 4,0 |
| Classys | € 29,51 | € 210 | 27% | € 106 | 51% | € 2.029 | € 1.959 | 9,3 | 18,4 | 6,2 |
| Industrial | ||||||||||
| Bystronic | CHF 197 | CHF 613 | -5% | -CHF 20 | -3% | CHF 401 | CHF 73 | 0,1 | n.a. | 0,7 |
| Amada | 2.182 JPY | 416.823 JPY | 6% | 45.798 JPY | 11% | 680.400 JPY | 633.694 JPY | 1,5 | 13,8 | 1,3 |
| Yamazaki | 336 JPY | 2.591 JPY | -15% | -196 JPY | -8% | 1.480 JPY | 2.196 JPY | 0,8 | n.a. | 1,3 |
| El.En. (1) | € 11,77 | € 591 | 4% | € 78 | 13% | € 946,13 | € 763 | 1,4 | 10,3 | 2,2 |
(1) EV and multiplies as for previous slide
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ELEn. vs. FTSE Star Italy
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THE FUTURE IN A BEAM
CONTACTS
El.En. S.P.A.
Enrico Romagnoli
Investor Relations Manager
tel. +39 055-8826807
E-mail: [email protected]
POLYTEMS HIR
Financial Communication, IR and Press Office
Bianca Fersini Mastelloni - [email protected]
Silvia Marongiu - [email protected]
Tel. +39 06-69923324