Industrie De Nora

Investor Presentation • Nov 8, 2023

Growing Profitably in a Challenging Environment

9M 2023 Financial Results

8 th November 2023

A g e n d a

Speakers:

Paolo Dellachà - CEO Massimiliano Moi - CFO

9M 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

9M 2023 RESULTS REVIEW

Q&A FINAL REMARKS

9 M 2 0 2 3 A C H I E V E M E N T S S t r o n g F o u n d a t i o n t o D r i v e L o n g - T e r m G r o w t h a n d P r o f i t a b i l i t y

NFP @ €41.8m

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9 M 2 0 2 3 M A I N R E S U L T S S o l i d p r o f i t a b i l i t y & C a s h G e n e r a t i o n , R e v e n u e s + 5 . 4 % a t c o n s t a n t F X

REVENUES INCREASE

€629.8m

Revenues

+2.1% vs 9M ²⁰²² +5.4% @ constant forex exchanges

ROBUST BACKLOG

€669.1m +3.5% vs 9M 2022

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+22.8%+180 bps

~2.2 GW Energy Transition, including secured orders by our Jv thyssenkrupp nucera

SOUNDING PROFITABILITY

€124.3m EBITDA Adjusted (€145.9 m in 9M'22)

19.7% Ebitda Adj margin

CONFIRMED ENERGY TRANSITION'S GROWTH

€68.6m Revenue, 4.9x 9M'22

11% EBITDA Adj. Margin 700 MW Green H2 techs realized

POSITIVE NET RESULT

€198.6m (€63.9m in 9M 2022)

31.5% margin on Revenue

SOLID CAPITAL STRUCTURE

€41.8m Net Cash Position

(€8.4m Jun 2023)

Q3 Operating Cash Flow €33.6m*

*Operating Cash Flow : Ebitda + Changes in Net Working Capital Note: 9M 2023 Net Income includes: €133m of non-recurring profit due to nucera'IPO. NFP as of 30 Sept.2023 includes €26.4m Greenshoe cash-in following nucera's IPO

S H A R E B U Y B A C K L A U N C H E D

De Nora strongly believes in its capacity to generate value for all stakeholders and to grow in the mid and long-term

Remuneration policies already adopted (PSP¹ ) by De Nora

Any other plans that may be approved in the future, as employee share ownership plan² , including any programs for the free assignment of shares to shareholders

Industrial and Financial projects (i.e strategic M&A)

PURPOSES SHARE BUYBACK PROGRAM

Max amount €45m Start date 9 th Nov. 2023, effective for 9 months

Upsize Option: Max Amount may be increased by additional € 45m. To be exercised within 8 months from Start date

Max n. of share to be purchased: n. 3 million first tranche n. 6 million including the Upside Option

The Shares Buy-back is not executed for canceling of the Shares to reduce Share Capital

A g e n d a

Strong foundation to drive long-term sustainable growth and profitability

9M 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

9M 2023 RESULTS REVIEW

Q&A FINAL REMARKS

9 M 2 0 2 3 E L E C T R O D E T E C H N O L O G I E S B U S I N E S S S o u n d i n g a n d S t a b l e p r o f i t a b i l i t y , R e v e n u e s g r e w d e s p i t e f o r e x h e a d w i n d s

Electrode Technologies

Revenue growth was mainly driven by Chlor-Alkali projects, especially membrane, which more than offset

• softer performances in Electronics
• and forex headwinds (mainly Euro/Yen)

VOLUME GROWTH UNDERPINNED BY

Unipar project, Cubatão (Brazil), Chlor-Alkali Delivery by 2025 Secured Order by thyssenkrupp nucera

42% Incidence of Aftermarket Revenues in 9M 2023

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9 M 2 0 2 3 W A T E R T E C H N O L O G I E S B U S I N E S S S u s t a i n a b l e W T S g r e w , M a r k e t N o r m a l i z a t i o n i m p a c t e d P o o l s

Water Technologies

• WTS² confirmed the positive trend, revenues +22.8%, thanks to the strong backlog accumulated, improving division profitability
• Pools: market destocking and normalization continued in Q3 2023, driving softer performances in our Pools segment.

• We expect the Pools market to approach normalized levels in 2024

WATER TECHNOLOGIES SYSTEMS (WTS² )

We expect that our Sustainable Technologies dedicated to providing Clean Water and treating wastewater will continue to grow with increasing profitability

Q1'22 Q2'22 Q3'22 9M 2022 Q1'23 Q2 '23 Q3 '23 9M 2023

Water Technologies Systems² Revenues by Quarter

9 M 2 0 2 3 E N E R G Y T R A N S I T I O N

W e l l E q u i p p e d t o b e t h e C h a m p i o n i n t h e G r e e n H y d r o g e n R e v o l u t i o n

Energy Transition

Since 2022, we have achieved

R&D expenses 14% of cumulated Revenues

Ebitda Margin 6% in FY 2022, 11% in 9M 2023

300 ^{600 700} FY'22 H1 '23 9M'23 Cumulated Since 2022

Techs sold

1 GW of Green H²

2.2 GW backlog including secured orders by our jv

2.0 GW Eq. Manufacturing Capacity

9

11%¹

1000

MW

9 M 2 0 2 3 E N E R G Y T R A N S I T I O N

O u r G r e e n H y d r o g e n P r o j e c t s

Main Projects in Backlog

NEOM, Saudi Arabia, Largest H² Project Globally part of > 2 GW tot project H2 to Green Ammonia

Camacari Complex 1° industrial-scale green H2 Site in Brazil Part of 60 MW H2 to Fertilizers

Secured Orders (by our Jv thyssenkrupp nucera )

H2 Green Steel, Sweden the first large-scale green steel plant in the EU 700+ MW H2 to Steel – Hard to abate industry

MoU – Reservation Capacity (by our jv thyssenkrupp nucera)

MoU to extend Camacari project (Brazil) to 240 MW Largest Green Fertilizer project in South America

«Next Company» reserved capacities for high multi-hundred MW Green H² project in North America

NESTE reserved production capacities for 120 MW Water Electrolyser at Neste's Refinery in Finland H2 to Refinery Processes – Hard to abate industry

Secured Orders, Mou & Reservation Capacities are included in the Hot Deals of our Pipelines

10

E N E R G Y T R A N S I T I O N P I P E L I N E

W h i l e w e a r e e x e c u t i n g o u r B a c k l o g , t h e P i p e l i n e i s g r o w i n g t o 4 6 G W

¹Hot Deals: projects with high probability of award in the short term. ²Actively pursued projects in which our partners, and especially those with whom we are closely cooperating, have been having active interactions ³Identified pipeline: Projects with which our partners had first interactions. ⁴ Roland Berger: total credible announced project capacity expected operational in 2030 . ⁵Roland Berger: cumulated AWE market at 2030

11

E X P A N S I O N P R O D U C T I O N C A P A C I T Y

Brownfield

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E n a b l i n g t h e r i g h t i n v e s t m e n t s t o d r i v e p r o f i t a b l e a n d s u s t a i n a b l e g r o w t h

A g e n d a

Strong foundation to drive long-term sustainable growth and profitability

9M 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

9M 2023 RESULTS REVIEW

Q&A FINAL REMARKS

9 M 2 0 2 3 G R O W I N G R E V E N U E S

E n e r g y T r a n s i t i o n , C h l o r - A l k a l i a n d W T S m o r e t h e n o f f s e t P o o l s ' m a r k e t n o r m a l i z a t i o n & F X H e a d w i n d s

KEY HIGHLIGHTS ELECTRODE TECHNOLOGIES

• Growth in Chlor-Alkali (+2.9% YoY) and soft performance in Electronics…
• …coupled with unfavorable FX
• Aftermarket Revenues at 42%

WATER TECHNOLOGIES

• Water Technologies Systems (WTS)
• Revenue increase +22.8%
• After Market revenues 38%

Pools

• -51% YoY, due to normalizing and challenging market

ENERGY TRANSITION

• Growth continued in Q3 (x3 YoY), in line with schedule, driven by backlog execution. We expect growth to speed –up in Q4

9 M 2 0 2 3 S O L I D B A C K L O G O N C O N T I N O U S E X E C U T I O N

G o o d P r o j e c t E x e c u t i o n d r i v e s b a c k l o g t r e n d , w h i l e p i p e l i n e s u p p o r t f u t u r e g r o w t h

Water

Technologies

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Backlog driven by solid project execution in Chlor-Alkali and Electrowinning
• Main new project: OxyChem's US chloralkali plant technological upgrade

WATER TECHNOLOGIES

• High-pace execution of WTS projects
• Softening of Pools Business

ENERGY TRANSITION

• +167% vs 30 Sept.2022
• Our JV thyssenkrupp nucera's secured orders enhance and strengthen revenues visibility in the mid- term

© 2023 De Nora

Electrode Technologies Energy Transition

9 M 2 0 2 3 O P E R A T I N G C O S T S

C o r p o r a t e S t r u c t u r e a n d R & D p r o f i l e w e l l s e t t o g r o w

9 M 2 0 2 3 E B I T D A A D J U S T E D

S o l i d P r o f i t a b i l i t y , o n c e a g a i n c o n f i r m i n g 2 0 2 3 G u i d a n c e

Technologies

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Solid profitability in line with guidance
• Changes vs. 9M 2022 reflect product mix

WATER TECHNOLOGIES

• Profitability mainly impacted by lower Pools' revenue and GM
• …partially offset by strong performances of WTS that at the end of Q3 has already exceeded FY2022 EBITDA

ENERGY TRANSITION

• Double Digit EBITDA margin in line with guidance
• R&D costs 10% of revenues

9 M 2 0 2 3 R E S U L T S : F R O M E B I T D A T O A S T R O N G N E T R E S U L T

KEY HIGHLIGHTS

EBIT almost in line with 9M'22 following :

• the EBITDA reported performance,
• slight increase in Dep&Amort following capex

Net Financial Costs / Incomes in 9M 2023 include € 133** million of nonrecurring profit following the nucera's Ipo process

*Negative €4.2 m in 9M '22 : € (4.0) m refer to a late adjustment in the net profit of tk nucera as of Dec. '21 that was communicated to De Nora after the approval of its FY 2021 consolidated financials, € (2.3) m refer to P&L impact of the Preferred dividends distributed in Mar.'22 by tk nucera to its other shareholder thyssenkrupp Projekt 1 GmbH and € 2.1 m is the share of profit for the period Jan.-Jun'22 since financials as of Sept.'22 of tk nucera were not yet available. 9M'23 €3.6 m is the share of profit for the period

** Total non-recurring gain arising from the reduction in Industrie De Nora S.p.A.'sinterest in thyssenkrupp nucera (dilutive effect) and the gain related to the exercise of the greenshoe option.

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Jan-Jun 2023 since financials as of September 2023 of tk nucera are not yet available.

© 2023 De Nora

N e t W o r k i n g C a p i t a l E v o l u t i o n 9 M 2 0 2 3 R E S U L T S

KEY HIGHLIGHTS

Q3' 23 NWC shows a lower revenue incidence than Q3'22, mainly reflecting lower inventories.

The performance vs Q2'23 mainly reflects the increase of:

• Trade Receivables, due to high revenues realized in September

• Contract WIP driven by product mix

Inventories rate on revenues improved towards our 30% target

Q 3 O p e r a t i n g C a s h F l o w m o r e t h a n r e p a i d C a p e x , I n t e r e s t s & T a x e s N E T F I N A N C I A L P O S I T I O N @ 3 0 S E P T E M B E R 2 0 2 3

2 0 2 3 G U I D A N C E C o n f i r m e d p r o f i t a b i l i t y a n d C a s h g e n e r a t i o n

• Revenue negatively impacted by F/X (~€30 million) and Pools market normalization
• Confirmed Adj. EBITDA margin

• 1,0 GW* in 2023 (1,3 GW including 2022) despite lower than expected green hydrogen market growth

•	Confirmed Adj.	EBITDA	margin
---	-------------------	--------	--------

A g e n d a

Strong foundation to drive long-term sustainable growth and profitability

9M 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

9M 2023 RESULTS REVIEW

Q&A FINAL REMARKS

• Our growth path continues despite a challenging environment, with Revenues improving by +5.4% at constant exchange rates, solid profitability and strong cash flow generation

• While the Hydrogen Market is growing at a slower pace than expected…

• …Our Energy Transition business is growing rapidly (4.9X vs 9M'22) with positive double-digit profitability, and we are strongly positioned to be the champions in the Green Hydrogen Revolution

• Electrode Technologies business grows at a stable pace with a robust EBITDA margin (25%), and Water Technologies BU performances were supported by the solid positive trend of WTS

A g e n d a

Strong foundation to drive long-term sustainable growth and profitability

9M 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

9M 2023 RESULTS REVIEW

Q&A FINAL REMARKS

Q&A Session

© 2023 De Nora

A d d i t i o n a l M a t e r i a l s

© 2023 De Nora

I N C O M E S T A T E M E N T S

(€m)	Q1 2022	Q2 2022	Q3 2022	9M 2022	Q1 2023	Q2 2023	Q3 2023	9M 2022 9M 2023
Revenue	200.1	210.4	206.2	616.6	216.9	203.5	209.4	629.8
YoY Growth (%)	79.8 %	47.8 %	35.2 %	51.8 %	8.4 %	(3.4%)	1.5 %	2.1 %
Change in inventory of finished goods and work in progress	6.8	7.7	23.4	37.9	16.8	8.5	(2.4)	22.9
Other income	1.6	0.9	0.7	3.3	1.4	2.0	1.9	5.3
Costs for raw materials, consumables, supplies and goods	(89.5)	(100.5)	(108.8)	(298.7)	(107.3)	(91.7)	(90.8)	(289.8)
Personnel expenses	(31.2)	(52.3)	(34.7)	(118.2)	(36.2)	(36.2)	(35.5)	(107.9)
Costs for services	(31.5)	(38.1)	(42.3)	(111.9)	(42.7)	(43.9)	(43.7)	(130.3)
Other operating expenses	(2.3)	(2.5)	(2.3)	(7.0)	(2.4)	(3.8)	(1.8)	(8.0)
EBITDA	54.0	25.6	42.3	121.9	46.5	38.3	37.0	121.8
Margin (%)	27%	12%	21%	20%	21%	19%	18%	19%
Amortization and depreciation	(6.8)	(6.8)	(6.9)	(41.0)	(7.2)	(7.2)	(7.3)	(21.8)
Reinstatement (write down) of property, plant and equipment & intangible assets	(0.2)	(2.8)	0.3	(2.6)	-	(1.3)	-	(1.3)
Net provision for risk and charges	(0.3)	0.2	(1.2)	(1.7)	0.4	(2.1)	(0.6)	(2.3)
EBIT	46.7	16.1	34.5	97.3	39.7	27.7	29.1	96.5
Margin (%)	23%	8%	17%	16%	18%	14%	14%	15%
Share of profit of equity-accounted investees	(6.3)	0.8	1.3	(1.2)	-	1.5	2.1	3.6
Finance income	7.4	14.1	9.1	36.8	2.4	3.5	136.7	142.7
Finance expenses	(6.1)	(11.7)	(8.6)	(39.1)	(6.3)	(4.1)	(5.4)	(15.8)
Profit before tax	41.7	19.2	36.3	97.3	35.7	28.7	162.6	227.0
Income tax expense	(15.2)	(6.1)	(12.1)	(57.1)	(10.7)	(7.0)	(10.7)	(28.4)
Profit for the period	26.5	13.2	24.2	63.9	25.0	21.7	151.9	198.6

Source: Company Information

Q U A R T E R L Y R E V E N U E A N D A D J . E B I T D A B Y D I V I S I O N

€ m	Q1'22	Q2'22	Q3'22	Q4'22	'23 Q1	'23 Q2	'23 Q3
REVENUES	200 1	210 4	206 1	236 2	216 9	203 5	209 4
Electrode Technologies	109 5	118 5	123 4	122 0	118 9	112 8	121 0
Energy Transition	4 5	2 4	7 2	28 6	26 6	20 7	21 3
Technologies Water	86 1	89 5	75 5	85 6	71 4	70 0	67 0
Adj EBITDA	2 55	47 1	43 6	9 44	46 7	39 4	38 2
Adj Margin EBITDA	27 6%	22 4%	21 2%	19 0%	21 5%	19 4%	18 2%
Electrode Technologies*	31 8	30 2	32 0	25 4	30 9	29 5	29 3
Ebitda Adj Margin	27 9%	25 0%	25 9%	20 8%	26 0%	26 2%	24 2%
Energy Transition	n.a.	n.a	(0 4)	6 2	5 3	0 7	1 5
Ebitda Adj Margin	n.a.	n.a	n.m.	21 7%	19 9%	3 5%	6 9%
Technologies Water	23 4	16 9	12 0	13 3	10 5	9 1	7 5
Ebitda Adj Margin	27 2%	18 9%	15 9%	15 5%	14 7%	13 1%	11 1%

F o c u s o n E B I T D A A d j u s t m e n t s I N C O M E S T A T E M E N T

9M 2022	9M 2023
616.6	629.8
121.9	121.8
19.8%	19.3%
0.4	0.9
3.5	0.7
0.2	0.2
0.2
0.3
19.4
	0.7 0.6
145.9	124.3
23.7%	19.7%

B A L A N C E S H E E T

(€m)	Q3 2023	FY 2022
Intangible assets	127.8	131.6
Property, plant and equipment	215.6	184.2
Equity-accounted investees	230.3	122.7
Fixed asset	573.7	438.4
Inventories	287.0	295.5
Contract work in progress, net of advances from customers	31.1	16.4
Trade receivables	140.3	123.4
Trade payables	(77.0)	(80.6)
Operating working capital	381.4	354.8
Other current assets and liabilities	(66.1)	(74.6)
Net working capital	315.3	280.2
Deferred tax assets	14.7	13.1
Other receivables and non-current financial assets	16.0	13.6
Employee benefits	(20.5)	(20.6)
Provisions for risks and charges	(23.3)	(20.7)
Deferred tax liabilities	(8.8)	(8.7)
Trade payables	(0.1)	(0.1)
Other payables	(3.0)	(2.4)
Other net non current asset and liabilities	(25.0)	(25.7)
Net invested capital	864.0	692.8
Net current Liquidity / (Financial Indebtedness)	165.4	318.9
Non-current Financial Indebtedness	(123.6)	(267.5)
Net Liquidity / (Financial Indebtedness) - ESMA	41.8	51.3
Fair value of financial instruments	(0.8)	0.6
Net Liquidity / (Financial Indebtedness) - De Nora	41.0	52.0
Total Equity	(905.0)	(744.8)
Total sources	(864.0)	(692.8)

C A S H F L O W S T A T E M E N T

(€m)	9M 2023	9M 2022 YTD
EBITDA	121 8	121 9
of equipment intangible Losses on the sale property, plant and and assets	0 3	0 2
Other non-monetary items	0 6	16 8
Cash flows generated by operating activities before changes in net working capital	122 7	138 9
Change in inventory	3 0	(80 5)
in receivables construction Change trade and contracts	(33 8)	1 1
Change in trade payables	(1 5)	9 3
Change in other receivables/payables	(15 7)	8 7
Cash flows generated by changes in working capital net	(47 9)	(61 4)
flows operating activities Cash generated by	74 8	77 5
Net Interest and Net other financial expense paid	(6 4)	(4 4)
Income taxes paid	(21 7)	(28 5)
cash flows generated by operating activities Net	46 7	44 6
of equipment intangible Sales property, plant and and assets	0 3	0 5
Investments in tangible and intangible assets1	(52 2)	(29 2)
(Investments) Divestment in Associated companies	26 4	(0 0)
Acquisitions (net of cash acquired)	(2 0)	-
(Investments) Divestments in financial activities	145 0	(1 4)
Net cash flows used in investing activities	117 5	(30 1)
Share capital increase	1 3	196 6
loans/(Repayment) of loans New	(142 0)	13 6
(decrease) in financial liabilities Increase other	(1 7)	(1 5)
(Increase) decrease in financial assets	-	-
Dividends paid	(24 2)	(20 0)
cash flows generated by financing activities Net	(166 6)	188 7
increase (decrease) in cash and cash equivalents Net	(2 3)	- 203 2
Opening equivalents cash and cash	174 1	73 8
Exchange rate gains/(losses)	(2 5)	3 6
Closing cash and cash equivalents	169 4	280 6