Industrie De Nora

Investor Presentation • May 11, 2023

Execution and Profitability drive our Sustainable business

Q1 2023 Financial Results

11 May 2023

A g e n d a

Paolo Dellachà - CEO Matteo Lodrini - CFO

Q1 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

Q1 2023 RESULTS REVIEW

FINAL REMARKS

Q&A

Q 1 2 0 2 3 A C H I E V E M E N T S

E x e c u t i o n d r o v e t h e q u a r t e r r e s u l t s , s u p p o r t e d b y s o l i d p r o f i t a b i l i t y

Q 1 2 0 2 3 M A I N R E S U L T S W e l l o n t r a c k w i t h o u r B u s i n e s s P l a n

GROWTH IN LINE WITH GUIDANCE

€216.9m Revenue

+8.4% vs Q1 2022

SOUNDING PROFITABILITY

€46.7m Ebitda Adjusted (€55.2m in Q1 2022)

21.5% Ebitda Adj margin

CONFIRMED ENERGY TRANSITION'S GROWTH

€26.6m Revenue, ~5.9x Q1'22

20% Ebitda Margin

ROBUST BACKLOG COVERAGE

€741m €181 Energy Transition

4

~70% 2023 volume coverage¹

POSITIVE NET RESULT

€25m (€26.5m Q1 2022)

11.5% margin on Revenue

SOLID CAPITAL STRUCTURE

€10m Net Cash Position (€51M Dec 2022)

A g e n d a

Execution and Profitability drive Our Sustainable Business

Q1 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

Q1 2023 RESULTS REVIEW

Q&A FINAL REMARKS

Q 1 2 0 2 3 B U S I N E S S O V E R V I E W E l e c t r o d e a n d 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 e s

Electrode Technologies

• Revenue growth driven by Chlor-Alkali projects in main geographies
• Aftermarket revenue: 35%
• New orders expected to be signed in Q2, due to rich current pipeline

Water Technologies

• Growth in Electrochlorination, Filtration & Disinfection products line partially off–set pools softer performances
• Pools persistent normalization phase despite growth in volumes vs. Q4'22
• • €14 m YoY Water Systems Orders

6

Q 1 2 0 2 3 B U S I N E S S O V E R V I E W E n e r g y T r a n s i t i o n … i m p r e s s i v e g r o w t h c o n t i n u e s

Energy Transition

• Good Backlog execution
• 200 MW produced
• 5.9X revenue growth vs Q1'22 driven by good backlog execution
• Strong profitability driven by product mix

Total Production 2022 – Q1 2023: ~500 mw

BACKLOG (31 March) 2.1GW – € 181 m

Main projects

NEOM, SaudiArabia , Largest H² Project Globally

2 GW H² to Green Ammonia

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

H² Holland Project, LargestH² Project in Europe Almost completed ^H2 to Refineries / eFuels

Projects Announced² in Q1 2023 – not in backlog

MoU to extend Camacari project to 240 MW

Reservation production capacity agreement by EU customer in the carbon-intensive industry for Green H² in EU (large project)

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

8

C o n f i r m e d o u r l a r g e a n d c o n c r e t e p i p e l i n e o f 4 2 G W , p r o v i d i n g v i s i b i l i t y f o r f u t u r e g r o w t h

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. ⁴IEA Forecasts Net Zero Scenario 2021/2022. ⁵Roland Berger: total credible announced project capacity expected operational in 2030 . ⁶ Roland Berger: cumulated AWE market at 2030

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

Q 1 2 0 2 3 O n g o i n g d e v e l o p m e n t s i n b r o w n a n d g r e e n f i e l d s p r o j e c t s

A g e n d a

Execution and Profitability drive Our Sustainable Business

Q1 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

Q1 2023 RESULTS REVIEW

Q&A FINAL REMARKS

Q 1 2 0 2 3 R E V E N U E O r g a n i c G r o w t h i n l i n e w i t h g u i d a n c e

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• Growth was driven by volume increase mainly in Chlor-alkali (Membrane)
• Softer performance in Electronics and Electrowinning due to project time effect
• Aftermarket Revenues 35%

WATER TECHNOLOGIES

• Water Systems
• Revenue increase; +27% YoY
• After Market revenue 39.5%

Pools

• +€2m vs Q4'22, driven by volumes
• -€24m YoY, softer performance as expected due to higher channel inventories

ENERGY TRANSITION

Growth continued in Q1 (+€22.1m YoY) thanks to the solid execution of backlog

Q 1 2 0 2 3 B A C K L O G B a c k l o g d r i v e n b y p r o j e c t s e x e c u t i o n

Backlog current year coverage 70%

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

• The backlog reflects strong project execution in the quarter
• New orders expected in Q2, due to our rich current pipeline

WATER TECHNOLOGIES

• Backlog increase reflects new orders in the Water Systems Divisions (+€14m YoY), mainly in the Middle East

ENERGY TRANSITION

• Projects execution partially offset by new orders accounted (i.e 60 MW Unigel)

Q 1 2 0 2 3 O P E R A T I N G C O S T S

C o s t s s t r u c t u r e m a i n l y i n l i n e w i t h l a s t 2 0 2 2 q u a r t e r s

KEY HIGHLIGHTS

COGS increase reflects changes in product mix, mainly in Water and Electrode Technologies Businesses

G&A and Corporate costs: reported a slight increase in incidence on revenue mainly due to corporate structure enhancement

R&D expenses mainly relate energy transition business. Incidence on revenues broadly in line with the average of last 2Ys

Q 1 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 , l a r g e l y c o n f i r m i n g 2 0 2 3 G u i d a n c e

Technologies

Transition

Technologies

KEY HIGHLIGHTS

ELECTRODE TECHNOLOGIES

Profitability change reflects

• extraordinary performance in Q1 2022
• different product mix with lower incidence of Electronics and Electrowinning products lines

WATER TECHNOLOGIES

Profitability mainly impacted by lower Pool's revenue incidence which was exceptional in Q1 2022

ENERGY TRANSITION

Positive EBITDA reflects revenue growth and favorable product mix

F R O M E B I T D A T O N E T R E S U L T

• EBIT trend mainly attributable

Changes in Net Financial costs reflect

• Higher financial costs in Q1 2023
• Higher Financial income in Q1 2022 due to differences in exchange rates

Partial repayment (56%) of the Senior Facility, which occurred in March'23, is expected to have a positive impact on Financial costs in the next quarters

Net result Q1'23 at €25

Q1'22 data was impacted by accounting adjustments related to tk nucera FY 2021 net profit

*Share of Profit of Investment in tk nucera. Negative €6.3m was made up as follows: €4.0m late adjustment in the net profit of tk nucera as of Dec. 2021, that was communicated to IDN after the approval of its FY 2021 results, and €2.3m of P&L impact due to the Preferred dividends distributed in Mar.'22 by tk nucera to its other shareholder thyssenkrupp Projekt1 GmbH 15

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 Q 1 2 0 2 3 R E S U L T S

NWC % Sales*	32.9% 42.0%		38.0%
(€m)
Inventories	243.3	295.5	293.5
Contract WIP	16.1	16.4	18.0
Trade Receivables	153.4	123.4	145.5
Trade Payables	(53.6)	(80.6)	(76.6)
Other current assets and liabilities	(63.3)	(74.6)	(50.5)
Net Working Capital	295.9	280.2	330.2
	Q1 2022	FY 2022	Q1 2023
Inventories % of sales	34.5% 68.0	34.6% 68.0	33.8% 65.0
DSO

KEY HIGHLIGHTS

NWC was €330m with a slight increase in the incidence on revenues vs. Dec 2022

Main Drivers:

• Increase in Trade Receivables driven by some concentration of revenues accounted in March
• Decrease in Advance Payments, due to projects execution
• Healthy Inventories trend is expected to continue towards an incidence of 30% on revenue

N e t C a s h F i n a n c i a l P o s i t i o n Q 1 2 0 2 3

17

C O N F I R M E D 2 0 2 3 G U I D A N C E

C o n s o l i d a t i o n i n E l e c t r o d e s a n d W a t e r D i v i s i o n s , f u r t h e r r a m p - u p i n E n e r g y T r a n s i t i o n

A g e n d a

Execution and Profitability drive Our Sustainable Business

Q1 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

Q1 2023 RESULTS REVIEW

Q&A FINAL REMARKS

F I N A L R E M A R K S

• Solid set of Results in line with the 2023 guidance, driven by • backlog execution and solid profitability

• Growth in the Energy Transition division continues (5.9x revenues vs Q1 2022) with a sounding profitability (EBITDA margin 20%)

• Electrode technologies business grows at a stable pace with a robust Ebitda margin (25.9%), and Water BU performances were supported by Water Systems product line

• Solid backlog and promising pipeline of the Energy Transition division support revenue growth visibility

• 2023 Guidance confirmed

A g e n d a

Execution and Profitability drive Our Sustainable Business

Q1 2023 MAIN ACHIEVEMENTS

BUSINESS HIGHLIGHTS

Q1 2023 RESULTS REVIEW

Q&A FINAL REMARKS

Q&A Session

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)	FY 2022	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023
Revenue	852 8	200 1	210 4	206 2	236 2	216 9
(%) YoY Growth	38 5 %	79 8 %	47 8 %	35 2 %	12 6 %	8 4 %
Change in inventory of finished goods and work in progress	34 8	6 8	7 7	23 4	(3 1)	16 8
Other income	6 5	1 6	0 9	0 7	3 2	1 4
Material consumption	(401 8)	(89 5)	(100 5)	(108 8)	(103 0)	(107 3)
Personnel cost	(154 7)	(31 2)	(52 3)	(34 7)	(36 4)	(36 2)
for services Costs	(162 1)	(31 5)	(38 1)	(42 3)	(50 2)	(42 7)
Other operating expenses/income	(10 4)	(2 3)	(2 5)	(2 3)	(3 4)	(2 4)
EBITDA	165 2	54 0	25 6	42 3	43 2	46 5
Margin (%)	19%	27%	12%	21%	18%	21%
Amortization depreciation and	(28 1)	(6 8)	(6 8)	(6 9)	(7 6)	(7 2)
Reinstatement (write down) of property, plant and equipment intangible assets &	(9 0)	(0 2)	(2 8)	0 3	(6 2)	-
charges1 Net provision for risk and	(2 3)	(0 3)	0 2	(1 2)	(0 9)	0 4
EBIT	125 8	46 7	16 1	34 5	28 5	39 7
Margin (%)	15%	23%	8%	17%	12%	18%
Share of profit of equity-accounted investees	(1 2)	(6 3)	0 8	3 1	3 0	-
Finance income	23 5	7 4	14 1	9 1	(7 1)	2 4
Finance expenses	(27 7)	(6 1)	(11 7)	(8 6)	(1 3)	(6 3)
Profit before tax	120 4	41 7	19 2	36 3	23 1	35 7
tax Income expense	(30 8)	(15 2)	(6 1)	(12 1)	2 6	(10 7)
Profit for the period	89 7	26 5	13 2	24 2	25 8	25 0

Source: Company Information. ¹ This item includes the utilization of provisions on the following Income Statement line items: Material consumption, Personnel cost, Costs for services, and Other operating expenses/income.

		DE NORA
--	--	----------------

€m	Q1'22	Q2'22	Q3'22	Q4'22	Q1 '23
REVENUES	200.1	210.4	206.2	236.2	216.9
Electrode Technologies	109.4	118.5	123.5	122.0	118.9
Energy Transition	4.5	2.4	7.2	28.6	26.6
Water Technologies	86.2	89.5	75.4	85.6	71.4
EBITDA Adj.	55.2	47.1	43.6	44.9	46.7
EBITDA Adj. Margin	27.6%	22.4%	21.1%	19.0%	21.5%
Electrode Technologies*	31.8	30.2	32.0	25.3	30.9
Ebitda Adj. Margin	27.9%	25.0%	25.9%	20.8%	25.9%
Energy Transition	na	na	(0.4)	6.2	5.3
Ebitda Adj. Margin			nm	21.7%	20.0%
Water Technologies	23.4	16.9	11.9	13.4	10.5
Ebitda Adj. Margin	27.2%	18.9%	15.8%	15.6%	14.7%

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

(€m)	Q1 2023	Q1 2022
Sales	216.9	200.1
EBITDA	46.5	54.0
Margin (%)	21 4%	27 0%
Terminations costs (labor + legal expenses)	0.1	0.0
relative Costs to IPO process	0.0	1.1
Other non recurring costs	0.0	0.1
Adj . EBITDA	46.7	55.2
Margin (%)	21 5%	27 6%

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

(€m)	Q1 2023	FY 2022
Intangible assets	128 4	131 6
plant and equipment Property,	196 3	184 2
Equity-accounted investees	122 7	122 7
Fixed asset	447 3	438 4
Inventories	293 8	295 5
Contract work in of advances from progress, net customers	18 0	16 4
receivables Trade	145 5	123 4
Trade payables	(76 6)	(80 6)
Operating working capital	380 6	354 8
Other and liabilities current assets	(50 5)	(74 6)
working capital Net	330 2	280 2
Deferred tax assets	6 11	13 1
Trade receivables	-	-
Other receivables and financial non-current assets	13 5	13 6
benefits Employee	(20 0)	(20 6)
Provisions for risks and charges	(20 6)	(20 7)
Deferred tax liabilities	(7 3)	(8 7)
Trade payables	(0 1)	(0 1)
Income tax payables	-	-
Other payables	(2 2)	(2 4)
(25 1) Other net non current asset and liabilities		(25 7)
invested capital Net	752 3	692 8
financial indebtedness Net current	131 6	318 9
Non-current financial indebtedness	(121 5)	(267 5)
Net financial indebtedness - ESMA	10 1	3 51
Fair value of financial instruments	0 8	0 6
financial indebtedness Net	10 9	52 0
Total Equity	(763 2)	(744 8)
Total sources	(752 3)	(692 8)

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

(€m)	FY 2022	Q1 2023
EBITDA	165 2	46 .5
Losses on the sale of property, plant and equipment and intangible assets	0 3	0 2
Other non-monetary items	10 7	0 0
flows operating activities before in working capital Cash generated by changes net	176 2	46 .7
Change in inventory	(60 4)	(2 3)
Change in trade receivables and construction contracts	15 6	(25 6)
Change in trade payables	19 5	(3 0)
Change in other receivables/payables	5 5	(27 7)
Cash flows generated by changes in net working capital	(19 8)	(58 .5)
Cash flows generated by operating activities	156 4	(11 8)
Net Interest and Net other financial expense paid	(6 7)	(2 8)
Income taxes paid	(36 7)	(6 2)
Net cash flows generated by operating activities	113 0	(20 8)
of equipment intangible Sales property, plant and and assets	0 4	0 0
in tangible intangible Investments and assets1	(46 1)	(19 7)
in Associated companies (TK AG) Investments nucera Management	(0 0)	-
Acquisitions (net of acquired) cash	-	-
cash flows used in investing activities Net	- (205 .1)	- 90 4
Share capital increase	196 7	0 9
loans/(Repayment) of loans New	16 7	(133 9)
(decrease) in other financial liabilities Increase	(0 0)	(0 0)
(Increase) decrease in financial assets	-	-
Dividends paid	(20 0)	-
Net cash flows generated by financing activities	193 3	(133 0)
		-
Net increase (decrease) in cash and cash equivalents	101 2	(63 4)
Opening cash and cash equivalents	73 8	174 1
Exchange rate gains/(losses)	(0 9)	(1 1)
Closing cash and cash equivalents	174 .1	109 6

D I S C L A I M E R

The content of this presentation has a merely informative and provisional nature and does not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto.

The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party.

Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Past performance of De Nora Group cannot be relied on as a guide to future performance. Industrie De Nora makes no representation or warranty, whether expressed or implied, and no reliance should be placed on the fairness, accuracy, completeness, correctness or reliability of the information contained herein and/or discussed verbally.

This presentation contains forward-looking statements regarding future events and the future results of Industrie De Nora that are based on current expectations, estimates, forecasts, and projections about the industries in which Industrie De Nora operates and the beliefs and assumptions of the management of Industrie De Nora. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management are forward-looking in nature. Words such as 'expects', 'aims', 'forecasts', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions (or their negative) are intended to identify such forward-looking statements.

These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Many of these risks and uncertainties relate to factors that are beyond the company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors. Therefore, Industrie De Nora's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, social, political, economic and regulatory developments or changes in economic or technological trends or conditions in Italy and internationally. Consequently, Industrie De Nora makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward-looking statements. Any forward-looking statements made by or on behalf of Industrie De Nora speak only as of the date they are made. Industrie De Nora does not undertake to update forward-looking statements to reflect any changes in Industrie De Nora's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Industrie De Nora may make in documents it files with the Italian Securities and Exchange Commission and with the Italian Stock Exchange.

This presentation contains alternative performance indicators that are not recognized by IFRS. Different companies and analysts may calculate these non-IFRS measures differently, so making comparisons among companies on this basis should be done very carefully. These non-IFRS measures have limitations as analytical tools, are not measures of performance or financial condition under IFRS and should not be considered in isolation or construed as substitutes for operating profit or net profit as an indicator of our operations in accordance with IFRS.

Matteo Lodrini, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and accounting information disclosures herewith set forth correspond to the company's results documented in the books, accounting and other records.

This presentation has to be accompanied by a verbal explanation. A simple reading of this presentation without the appropriate verbal explanation could give rise to a partial or incorrect understanding. By attending this presentation or otherwise accessing these materials, you agree to be bound by the foregoing limitations.