IRCE

Investor Presentation • Mar 20, 2023

FY 2022 Financial Results Presentation

IRCE Group –Contents

Company Profile

• •Highlights •The Businesses
• •Production Plants

Financial Results

• •CopperandAluminiumPrice Trend
• •ProfitandLoss Statement
• •BalanceSheet
• •BusinessPerformance
• •Market Performance

CompanyProfile–Highlights

IRCE is a leading European Group operating in the industriesof magnet wires and cables

I R C E T d o a y	U o m	F Y 2 0 2 2	F Y 2 0 2 1
Nu be f e loy F T E m r o mp ee s	Nr	6 4 8	7 1 7
T U R N O V E R	Eu M r	4 4. 5 7	4 1 5 7.
E B I T D A E B I T D A A d j *	Eu M r Eu M r	1 9. 4 1 9. 9	2 3. 2 2 3. 0
E B I T E B I T A d j * R E S U T f he io d L t o p er	Eu M r Eu M r Eu M r	1 1. 6 1 2. 1 9. 2	1 4. 4 1 4. 2 9. 4

The data includes Miradolo italian plant sold on June 30, 2022

(*) Including gains/losses on copper and energy derivatives transactions

	H is to ry
1 9 4 7	I R C E be i ts t iv i ty in Im la ( I ta ly ) i t h t he du t ion f m t w ire g an ac o w p ro c o ag ne s
1 9 6 1	T he d he du ion f P V C ins la d low l b les ta te t t te tag co m p an y s r p ro c o u vo e c a
1 9 9 6	T he Gr l is d he I l ian S k Ex ha te t ta toc ou p wa s on c ng e
1 9 9 8	f Sm ( ) Ac is i t ion i t Dr d N i j B V T he Ne t he lan ds q u o aa me g en r
2 0 0 1	f S ( ) Ac is i t ion F D im L t d U K q o s u
2 0 0 1	T he Gr l is te d t he S ta Ma ke t Se t ou p wa s on r r g me n
2 0 0 7	Co tru t ion f Br i l P lan t ns c o az
2 0 0 7	Ac is i ion f S b le Ma W ire P. L d ( In d ia ) t ta t t q o g ne u
2 0 1 0	Ac is i ion f I S O D R A Gm b H ( Ge ) t q u o rm an y
2 0 1 5	Ne les f f ice in Po lan d w sa o
2 0 1 8	Co C Es ta b l is he d t he in h ina m p an y
2 0 2 1	Es ta b l is he d t he Co in Cz h Re b l ic m p an y ec p u
2 0 2 2	Ju 3 0, l d t he br h o f t he fo t he du t ion f p b les loc te d in M ira do lo Te I ta ly ne so an c co m p an y r p ro c o ow er ca a rm e

Company Profile–The Businesses

IRCE Group works in two business areas:

• •Magnet wires 81% of sales
• •Energy cables 19% of sales

Company Profile– The Businesses

Magnet Wires

Magnet wires, also known as winding wires or enamelled wires, have multiple applications such as electric motors, generators, transformers, compressors, inductors, relays, solenoid valves, etc. The wire is insulated through the application of many layers of enamels by means of highly sophisticated processes and machines, which demand high levels of investments and large scale of productions.

Energy Cables

Cables produced by the Group encompass the complete range of Low Voltage and Medium Voltage for building and industrial sector. Cables can be insulated with PVC, rubber, polyethylene, etc.. They are used for the construction of electricity plants in residential and industrial buildings and for the wiring and cabling of electrical appliances. The principal final industry sectors are the construction industry, housing and industrial applications, and consumer durables industries (domestic appliances and other electrical appliances).

Company Profile – The Businesses >Magnet Wires

>Market share

In the Magnet Wire business IRCE manufactures and sales the complete range of products, and is mainly engaged in the segments of the fine and medium wires. It mainly operates in Europe, where it is one of the top three producers by size.

Company Profile– The Businesses

>Magnet Wires

> Major customers by sectors

WhiteGoods

Embraco (Nidec Group) BSH Secop Ceme A.R.S. Elettromeccanica Cebi Group Domel D.O.O.

Automotive

Denso Manufacturing Robert Bosch Mahle Group G. Cartier Technologies Hanon Systems Buehler motor GmbH Spal Automotive Srl Bontaz

Electromechanical/Electronics

Company Profile – The Businesses >EnergyCables

The group produces the full range of low and medium voltage cable.

Cable customers are divided into two main sectors:

Distributorsofelectricalmaterial

E.B. Elettrofornitura Borghini SpA Com-Cavi Spa Comoli Ferrari & C. SpA Strano SpA

Industrial sector

Unionalpha Spa (Whirlpool Group supplier) Batav Srl (Whirlpool Group supplier) Selectra Srl Bitron SpA RFI (Rete Ferroviaria Italiana)

CompanyProfile–ProductionPlants

1. Im la P la t o n	3. U b t i d P la t G 2. l io i P la t m e r e n u g ne s n	4. T he Ne t he la d P la t r n s n
5. U i t d K in d P la t n e g o m n	6. Br i l P la t az n S b le M W ire P. 7. t t L a a g ne	d. t 8. G P la t e rm a ny n
1. I R C E Sp A He dq te a ua r rs – Im la I ta ly o –	Co d A lum in ium Ro d Ma t W ire p p er an un g ne Ca d L V En b les an er g y	Co d Ar 4 6, 0 0 0 Sq ve re ea : m Em loy 2 3 7 p ee s:
C Sp 2. I R E A Gu l ion i I ly ta g es -	/ Ca L V M V En b les er g y	Co Sq d Ar 2 4, 0 0 0 ve re ea m : Em loy 8 1 p ee s:
3. I R C E Sp A Um be t i de I ta ly r -	Co d A lum in ium Ro d Ma W ire t p p er an un g ne	Co d Ar 1 9, 4 0 0 Sq ve re ea : m Em loy 4 5 p ee s:
Sm 4. i t Dr d N i j B V aa me g en N i j T he Ne he lan ds t me g en r –	Co Re ta lar Ma t W ire p p er c ng u g ne Co inu ly Tr d Ca b le ( C T C ) t n ou s an sp os e	Co Sq d Ar 9, 8 0 0 ve re ea : m Em loy 7 8 p ee s:
5. F D S im L t d s B lac k bu U K rn –	Co d A lum in ium Ro d d Re ta lar Ma t W ire p p er an un an c ng u g ne	Co d Ar 7, 0 0 0 Sq ve re ea : m Em loy 3 1 p ee s:
6. I R C E L t da Jo inv i l le Br i l az -	Co d A lum in ium Ro d d Re ta lar Ma t W ire p p er an un an c ng u g ne Co inu ly Tr d Ca b le ( C T C ) t n ou s an sp os e	Co d Ar 2 1, 5 0 0 Sq ve re ea : m Em loy 1 1 4 p ee s:
S b le Ma W ire P. L d. 7. ta t t g ne Co h in In d ia c –	Co Ro d Ma W ire t p p er un g ne	Em loy 2 9 p ee s:
8. I S O D R A Gm b H -G K ier sp e er ma ny	Co Ro d Ma t W ire p p er un g ne	Em loy 1 2 p ee s:

IRCE Group –Contents

Company Profile

• •Highlights •The Businesses
• •Production Plants

Financial Results

• •CopperandAluminiumPrice Trend
• •ProfitandLoss Statement
• •BalanceSheet
• •BusinessPerformance
• •Market Performance

IRCE Group –Copper and Aluminiumprice trend

Financial Results–Profit and Loss Statement

Eu i l l io ro m n	F Y 2 0 2 2	% T urn	F Y 2 0 2 1	% T urn	ha % c ng e	F Y 2 0 2 0	% T urn	F Y 2 0 1 9	% T urn
Ho llo w t ire urn ove r w s	72. 2		67 .8		6.5 %	5 1.8		5 6. 4
Ho llo w t b les urn ove r c a	24 .5		24 .6		% -0. 4	16. 5		14. 0
To l h llo ta tur o w no ve r	9 6.7		9 2.4		4.7 %	6 8. 3		70. 4
TU RN O VE R ( inc lu de d ) co p p er	45 4.7	100 .0 %	45 7.1	100 .0 %	-0. 5 %	29 5. 3	100 .0 %	3 11 .9	10 0.0 %
Ot he r i nc om e	4.9	1.1%	0. 6	0.1%	716 .7%	0. 8	0.3 %	1.0	0.3 %
T O TA L R EV EN U E S	45 9. 6	10 1.1 %	45 7.7	100 .1%	% 0. 4	29 6. 1	100 .3 %	3 12 .9	10 0.3 %
Co st f m ate ria l in lu d ing ha in sto k o c c ng e c	( 3 6 1.9 )	79. 6% -	( 3 6 6. 2 )	80. 1% -	1.2% -	( 23 1.8 )	78. 5% -	( 24 6. 1 )	78. 9% -
Pe l c ts rso nn e os	( 3 0. 0 )	6.6 % -	( 3 0.5 )	6.7 % -	1.6% -	( 28 .5 )	9.7 % -	( 3 0. 2 )	9.7 % -
Ot he ts d s ice r c os an erv s	( 48 .3 )	10.6 % -	( 37 .8 )	8.3 % -	27. 8%	( 25 .0 )	8.5 % -	( 28 .8 )	9.2 % -
EB ITD A	19 .4	4 .3 %	23 .2	.1% 5	-16 .4 %	10 .8	3 % .7	7.8	2.5 %
De iat ion nd is ion p rec s a p rov s	( 7.8 )	1.7% -	( 8. 8 )	1.9% -	% 11.4 -	( 7.6 )	% 2.6 -	( 7.4 )	% 2.4 -
EB IT	11 .6	2 .6 %	14 .4	3 .2 %	-19 .4 %	3. 2	1.1 %	0. 4	0.1 %
Co d e de riv at ive p p er an ne rg y s	0.5	0.1%	( ) 0. 2	0.0 %	350 .0%	1.4	0.5 %	1.8	0.6 %
Ne t fin ia l c ha an c rg es	( 1.8 )	0.4 % -	0. 0	0.0 %		( 0. 3 )	0.1% -	0.5	0.2 %
S O S ( ) RE UL T B EF RE TA XE EB T	10 .3	2 .3 %	14 .2	3 .1%	-27 .5 %	4.3	1.5 %	2.7	0.9 %
Ta xe s	( 1.1 )	% 0.2 -	( 4.8 )	1.1% -	1% 77. -	( 1.6 )	% 0.5 -	( 0.7 )	% 0.2 -
S R E U L T tr l l in in te ts no n- co n o g re s	9. 2	2 .0 %	9. 4	2 .1%	-2. 1 %	2.7	0 .9 %	2.0	0.6 %
Mi rit ies no	0. 0	0.0 %	0. 0	0.0 %	0%	0. 0	0.0 %	( ) 0. 1	0.0 %
S O O R E U L T F T H E P E R I D	9. 2	2 .0 %	9. 4	2 .1%	-2. 1 %	2. 7	0 .9 %	1. 9	0.6 %

EB ITD A	19 .4	% 4 .3	23 .2	.1% 5	% -16 .4	10 .8	% 3 .7	7.8	% 2.5
Co d e de riv ive at p p er an ne rg y s	0.5	0.1%	( 0. 2 )	0.0 %		1.4	0.5 %	1.8	0.6 %
EB ITD A A d j te d ( *) us	19 .9	4 .4 %	23 .0	5 .0 %	-13 .5 %	12 .2	4.1 %	9. 6	3.1 %
De iat ion d p is ion p rec an rov s	( 7.8 )	1.7% -	( 8. 8 )	1.9% -	0.0 %	( 7.6 )	2.6 % -	( 7.4 )	2.4 % -
EB IT Ad j te d ( *) us	12 .1	2 .7 %	14 .2	3 .1%	-14 .8 %	4.6	1.6 %	2.2	0.7 %

(*) For a better comparison of the operating results, we have introduced the concepts of EBITDA and EBIT Adjusted, that are equal to the traditional definitions plus income or loss on copper and energy derivatives.

The data includes Miradolo italian plant sold on June 30, 2022

O C ( / Ca ) % R E E B I T A d j. Ne t i ta l Em loy d p p e	% 6. 0	% 7. 9	% 2. 7	% 1. 2

Financial Results–Balance sheet

Eu i l l ion ro m	3 1 De be 2 0 2 2 ce m r	%	3 1 De be 2 0 2 1 ce m r	%	3 1 De be 2 0 2 0 ce m r	%	3 1 De be 2 0 1 9 ce m r	%
Ne t w ork ing ita l ca p	152 .3	74 .4%	166 .5	84. 8%	128 .9	79 .4%	130 .2	.0% 75
Fix ed As set s	51. 7	25 .3%	44 .4	22. 6%	43 .5	26 .8%	51 .9	29 .9%
Oth ets d l iab ilit ies er ass an	0.7	0.3 %	-14 .6	-7.4 %	-10 .1	-6.2 %	-8. 6	-5.0 %
C O N E T A P I T A L E M P L Y E D	2 0 4. 7	.0% 100	1 9 6. 3	.0% 100	1 6 2. 3	.0% 100	1 7 3. 5	.0% 100
Sh ho lde rs' Eq uit are y	144 .8	70 .7%	132 .0	67. 2%	122 .6	75 .5%	131 .5	75 .8%
Ne t F ina ial De bt nc	59. 9	29 .3%	64 .3	32. 8%	39 .7	24 .5%	42 .0	24 .2%
F I N A N C I N G A N D E Q U I T Y	2 0 4. 7	100 .0%	1 9 6. 3	100 .0%	1 6 2. 3	100 .0%	1 7 3. 5	100 .0%

C A P E X	1 3. 6	7. 7	2. 2	6. 1

IRCE Group –Business Performance

TURNOVER and HOLLOW TURNOVER

9.6 12.2 23.0 19.9 2.2 4.6 14.2 12.1 0.0 5.0 10.0 15.0 20.0 25.0 2019 2020 2021 2022 Euro million EBIT DA AdjEBIT Adj

EBITDA Adjusted and EBIT Adjusted

NET WORKING CAPITAL

IRCE Group –Market Performance

MARKET PRICE TREND IRCE (Period: 1st January 2022 – 17th March 2023)

NET EQUITY Vs MARKET CAPITALIZATION

PRICE/BOOK VALUE RATIO