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EuroGroup Laminations H1 2025 results August 4th, 2025
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 1 Disclaimer THIS PRESENTATION AND ANY OTHER INFORMATION DISCUSSED AT THE PRESENTATION (THE “PRESENTATION”) IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. THIS PRESENTATION, WHICH HAS BEEN PREPARED BY EUROGROUP LAMINATIONS S.P.A. (THE “COMPANY”), MAY NOT BE REPRODUCED IN ANY FORM, FURTHER DISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON. IMPORTANT INFORMATION This Presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement or recommendation to enter into any contract or commitment or investment decision whatsoever. 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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 2 Today’s speakers Isidoro Guardalà Deputy Group CEO Marco Arduini Group CEO Matteo Perna Group CFO Ilaria Candotti Head of IR
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 3 H1’25 highlights: Revenues and EBITDA influenced by uncertainty and unstable scenario, efficiency measures to drive H2 1. Reported EBITDA of € 42.5 m, net of non -recurring cost for business development, efficiency plan costs and IT costs; 2. Orde rs in place as of July-25 for the period 2025E-2031E (70 months rolling); 3. Refers to quotes issued in connection with potential new orders Financial Results ◼ E-mobility: slight revenues growth vs. H1’24 Strong growth in China (+52%) more than offsetting the volatile market in USMCA (-7%), double digit volume growth in Europe with different product mix (in line vs. H1’24) ◼ Industrial & Infrastructure: revenues growth vs. H1’24 thanks to robust ASIA growth counterbalancing weaker market in Europe and temporary negative impact on certain US clients waiting for tariff framework definition ◼ Lower margins compared to H1’24 Macroeconomic and geopolitical tensions echoed negative impact on margins in both segments in Q2 due to lower volumes and worse operating scale in Western regions xEV Orderbook and Pipeline ◼ Orderbook remains strong at € 5.1 bn, despite postponement of 3 new programs in USMCA ◼ Pipeline at € 2.6 bn, reflecting strong orderbook conversion and current market uncertainties in Europe and USMCA Outlook ◼ Guidance on FY 2025 (at constant fx rates) o Revenue ~ +5% vs. FY2024 o EBITDA adj margin ~12.0% o Positive Operating free cash flow from operations (including Capex at approx. € 70 m) ◼ Mid-term guidance confirmed Revenues € 429.2 m +1.6% vs H1 2024 EBITDA Adj. 1 € 44.8 m -12.2% vs H1 2024 Orderbook2 € 5.1 bn vs € 5.2 bn as of April-25 Pipeline3 € 2.6 bn vs € 3.2 bn as of April-25 Performance Improvement program ◼ Industrial efficiency program kicked off in EMEA in Q2, and to be rolled out in USMCA in Q3 to compensate current market dynamics and to structurally upgrade marginality and cash flow ◼ Operational excellence plan: cost optimization and savings initiatives identified and under execution
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 4 Overview of EMS and FountainVest partnership ❑ On July 28th 2025 EMS, EGLA’s main shareholder, and FountainVest (or “FV”) announced a strategic alliance to accelerate EGLA’s global growth in a rapidly evolving market ❑ EMS has entered in a long-term partnership with FountainVest through the simultaneous signing of a sale and purchase agreement for the transfer of its stake in the share capital of EGLA and a co-investment agreement in a new holding ❑ Tikehau Capital, the second largest shareholder of EGLA, also expressed its support for the deal and entered into a share purchase agreement for the transfer of its entire stake in EGLA ❑ The transaction is subject to customary regulatory conditions, and it is expected to be completed by the first half of 2026 ❑ At Closing, EMS and FountainVest will jointly hold, through the new holding, 55.3% of the voting share capital in EGLA ❑ Following the Closing, a mandatory tender offer (or “MTO”), with an offer price of Euro 3.85 per share, will be launched on the Company’s remaining 44.7% free float shares, with the aim of achieving the delisting of EGLA from Euronext Milan (the “Transaction”) ❑ The price of Euro 3.85 per share implies a market capitalization of EGLA of approximately Euro 626 million Key Highlights of the Transaction
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 5 263.9 265.0 158.6 164.2 H1 2025 Key financial results Revenues (€m) EBITDA Adjusted (€m) EBIT (€m) Capex (€m) 12.1% 10.4% 7.1% 3.5% 53.4 40.1 H1 2024 H1 2025 -25% 30.1 14.9 H1 2024 H1 2025 -51% Note: Figures might not sum-up due to rounding H1 2024 H1 2025 +1.6% 15.2 15.0 422.5 429.2 1. Includes € 27.8 million from Kumar 2. H124 includes € 2.7 m of other revenues deriving from “New Markets tax credit” vs € 0.4 m in H125 2 % of RevenuesE-mobility solutions Industrial & Infrastructure solutions (16.3%) (9.8%) H1 2024 H1 2025 31.8 28.7 19.3 16.1 51.1 44.8 -12.2% 1 2 +3.6% +0.4%
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 6 Group Revenues: growth from Asia, more than compensates US tariff impact and sluggish European demand in Industrial & Infrastructure (€m) E-mobility ▪ +0.4% YoY growth mainly driven by continuing strong growth in China ▪ ~ +21% volumes vs H1’24, with increase recorded across all regions ▪ 2.2 m sets sold (1.8 m sets in H1’24) although with a greater weight of revenues from mild hybrid (8% vs 6% H1’24) ▪ 3 SOPs (5 SOPs in H1’24) in Mexico Home & Industrial ▪ € 27.8 m contribution from Kumar sales ▪ Concerns over potential tariff slowed U.S. sales, as some customers tactically increased inventories from Asia ▪ Higher volumes in Industrial, Home applications, while lower sales were reported in Energy and HVAC. Logistics and Pumps almost in line with H124 263.9 265.0 158.6 164.2 H1 2024 H1 2025 422.5 429.2 E-mobility solutions Industrial & Infrastructure solutions E-mobility 62% Industrial & Infrastructure 38% E-mobility 62% Industrial & Infrastructure 38% EMEA 57%USMCA 37% Asia 6% EMEA 53%USMCA 33% Asia 14% +3.6% +0.4% Group Revenues (€m) 1. Revenue breakdown by Region considers the geographical area of the final client 1 1
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 7 Group EBITDA impacted by lower USMCA Industrial & Infrastructure volumes and a higher weight of ramp-up products on E-mobility portfolio ▪ 10.4% EBITDA adj. margin (12.1% in H1’24) with a different mix in the portfolio of projects, with higher weight of those in ramp-up stage ▪ 9.9% EBITDA reported margin (11.9% in H1’24) with EBITDA reported net of €2.4m of non-recurring costs related to business development, efficiency development and IT cost in H1’25 ▪ Kumar EBITDA reported contributed for € 2.9 m in H1’25 with an EBITDA margin of 10.4% EBITDA Adjusted (€m) 12.1% 10.4% 19.3 16.1 31.8 28.7 H1 2024 H1 2025 51.1 44.8 -12.2% (16.3%) (9.8%) % of RevenuesE-mobility solutions Industrial & Infrastructure solutions EBIT reported Margin7.1% 3.5% D&A4.8% 6.4% 30.1 14.9 H1 2024 H1 2025 ▪ EBIT reported at € 14.9 m in H1’25 (vs € 30.1 m in H1’24) also reflecting higher weight (6.4% vs 4.8%) of D&A costs, in line with the Capex plan ▪ CAPEX at € 40.1 in H1’25 (vs € 53.4 m in H1’24), of which approx. 80% related to E-mobility expansion plan (10 new SOPs in 2025) EBIT reported (€m) 1. Industrial & Infrastructure Adj EBITDA in H1’24 included € 2.7 m of “new markets tax credit” in US (vs € 0.4 m in H1 25) 1
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 8 Net Trade Working Capital (€m) Note: (1) Calculated on LTM revenues 8 Net Trade Working Capital evolution 375 32% % on Revenues(1) 21% 31% 29% 388 390 350 375 393 365 118 164 163 159 144 172 166 179 256 256 240 233 290 265 357 295 31/12/2023 296 31/03/2024 296 30/06/2024 268 30/09/2024 287 31/12/2024 275 31/03/2025 266 30/06/2025 NTWC Trade receivables Inventories Trade payables 27% 33% 30%
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 9 Increase in net debt mainly driven by NTWC seasonality ▪ Increase in Net Trade Working Capital to support 7 SoPs expected in 2025 and ramp-ups globally ▪ Impact of interest rates limited by debt portfolio hedging (~55% of total financial debt) and remuneration of liquidity investments ▪ € 20 m impact from EMLJ and EMHT minorities purchase from Marubeni Itochu Steel Inc. and dividends paid Net Debt / LTM EBITDA adjusted Net debt evolution (€m) 1.9x 32 48 178 Net debt Dec-24 42 EBITDA reported 14 Interest, Tax & other P&L items 25 Other BS Items 40 Capex ∆ Net TWC Net debt Jun- 25 exc. Minority Purchase & Dividends 20 1 Minority Purchase + Dividends Net debt Jun-25 226 244 264 2.4x2.2x = of which: IFRS 16 43 201 43 221 9 Note: (1) EMLJ and EMHT Minority purchase from MISI amounting to CNY 100 m (€ 12.7 m) and dividend payments for € 7.7 m (€m)
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 10 Performance Improvement program Strategic Focus Areas Expected Benefits Operational Excellence Stabilization of key processes and tooling upgrades to improve plan productivity and reduce scrap • Improved asset utilization, capacity-demand balance and scalability Supply Chain & Logistics Transformation Improved sourcing discipline and diversification • Improved planning and capacity realignment to unlock agility and lower capital lock-up • Positive cash flow impact through reduced inventory Supplier Optimization Improved sourcing discipline and diversification to mitigate volatility and secure cost advantages • Improved profitability resilience through structural cost saving and increased resilience to raw material fluctuations • Disciplined execution via structured governance and cross- functional ownership Cross functional governance and ownership
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 11 Assuming a stabilization of macroeconomic conditions in the second part of the year Improved profitability including the benefits of the performance improvement program alongside supply chain recovery initiatives FY2025 (at constant fx rates) and Mid term guidance Selective and disciplined approach on growth CAPEX in geographies and markets with clear potential for growth Maximize investment returns by optimizing capacity utilization, boosting asset efficiency, and reducing intensity of trade working capital ~10-15% Revenues CAGR ~13% Avg. EBITDA Margin ~15-20% ROCE 2028 (Gross of Taxes) ~4-5% Avg. CAPEX Intensity Strategic Plan (’25-’28) >0 Operating FCF ~70Mn CAPEX FY2025E Guidance ~ +5% YoY Revenues Growth ~12% EBITDA Adj. Margin
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Appendix
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 13 Consolidated Profit & loss 13 Incl. €3.3m of unrealized forex gains Incl. €2.5m of unrealized forex losses EURm 1H 2025 1H 2024 Revenues 429 422 EBITDA 42 50 EBITDA margin 9.9% 11.9% EBITDA adjusted 45 51 EBITD adjusted margin 10.4% 12.1% Depreciation and amortization expenses (28) (20) EBIT 15 30 EBIT margin 3.5% 7.1% Financial income and cost (12) (6) Profit (loss) before tax 3 24 Income taxes (2) (6) Profit for the period 1 18 % on Revenues 0.3% 4.2%
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 14 Consolidated Balance sheet Consolidated balance sheet (€m) 14 Reduction mainly due to: - 1 mln/€ profit in H1 25 - 8 mln/€ dividends - 13 mln/€ negative impact due to the minority purchase - 36 mln/€ negative translation reserve (weakening of USD, CNY and INR vs €), of which 17 mln/€ of Negative impact due to IAS 21 effect €/m Dec 2024 Jun 2025 Intangible assets 15 13 Property, plant and equipment 352 348 Right-of-use assets 58 51 Goodwill 28 26 Investments in associates 0 0 Non-current financial assets 2 2 Fixed assets 455 440 Inventories 375 365 Trade receivables 144 166 Trade payables (287) (266) Net Trade Working Capital 233 265 Other current assets (liabilities) 57 21 NWC 289 286 Employee benefits & provisions (5) (4) Other non current assets (liabilities) (13) (11) Net Invested Capital 727 710 Equity 501 446 Financial liabilities and borrowings 419 446 Lease liabilities 48 43 Cash and cash equivalents (241) (225) Net debt 226 264 Total sources 727 710
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 15 H1 2025 H1 2024 EBITDA 42 50 Δ Net TWC (32) (77) Δ other current assets / liabilities 35 23 Δ employee benefits & provisions (0) (0) Δ other non current assets / liabilities (1) - Other P&L cash items - - Cash flow from/(used in) operating activities 44 (4) Net investments in non-financial fixed assets (12) (67) Other cash flow from investing activities 4 3 Financial cost (13) (13) Exchange gains/(losses) (3) 3 Net cash (used in)/from financing activities 22 116 Income taxes (2) (6) Net changes in equity (56) (16) Change in Net Cash (16) 16 Consolidated Cash flow statement Consolidated cash flow statement (€m) €/m