Slides
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EuroGroup Laminations H1 2026 Results August 3rd 2026 0
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 Today’s speakers 1 Isidoro Guardalà Deputy Group CEO Marco Arduini Group CEO Matteo Perna Group CFO
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I. Snapshot 2
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 Improvement on a quarterly basis driven by Industrial & Infrastructure. First signs of recovery in E-mobility Financial Results ◼ E-mobility solutions: 2026 continues to be a transition year, impacted by the North American market. Early signs of recovery in global order intake. €224.0 million revenues, down 13.3% at constant exchange rates due to lower sales volumes mainly in North America ◼ Industrial & Infrastructure solutions: sequential growth, mainly driven by the increasing demand for applications serving the data center market. €172.5 million revenues up 9.0% at constant exchange rates thanks to higher volumes in Europe and North America, while volumes in Asia remained broadly stable ◼ Margins QoQ improvement mainly thanks to the execution of the Performance Improvement program Financing ◼ Medium-long term financing agreement, with a duration of 5 years, up to euro 375 million with a pool of leading banks, optimising the financial structure Outlook Confirmed: ■ FY 2026 Revenue ~ €700-750 m ■ FY 2026 EBITDA adj margin ~ 11% ■ FY 2026 Positive Operating free cash flow from operations, including capex at approx. € 45 m Average debt maturity from ~2 years to ~4 years Revenues €396 m EBITDA Adj. €36.1 m Orderbook (1) € 2.7 bn Pipeline (2) € 2.2 bn Performance Improvement program ◼ Organizational transformation: reorganized the Mexico manufacturing footprint, consolidated tooling facilities in Italy, and appointed a new COO to strengthen operational leadership and execution ◼ Operational excellence: advanced the industrial efficiency program across EMEA and USMCA, driving structural improvements in margins and cash flow 3 1. An estimate of expected revenues from programs awarded to the Group over the next 70 months, based on management best estimates subject to changes, delays, cancellations and other factors that may affect actual revenues 2. Refers to quotes issued in connection with potential new orders. -4.8% YoY (at constant FX)
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 -7.6% H1 2026 Key financial results Revenues (€m) EBITDA Adjusted (€m) EBIT Adjusted (€m) Capex (€m) 10.4% 9.1% 4.0% 2.1% H1 2025 H1 2026H1 2025 H1 2026 Note: Figures might not sum-up due to rounding 4 1. Revenues at a constant FX effect: € 408.7 (-4.8% YoY) H1 2025 H1 2026 164.2 172.5 265.0 224.0 429.2 396.5 16.1 19.1 17.028.7 H1 2025 H1 2026 44.8 36.1 -19.4% 17.3 8.3 40.1 20.8 % of RevenuesE-mobility solutions Industrial & Infrastructure solutions 1
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 -7.6% Group Revenues: Industrial & Infrastructure segment drives growth across EMEA and NA, despite automotive headwinds E-mobility solutions ▪ 15.5% YoY decline (-13.3% YoY at constant rate) mainly due to weaker North American automotive demand and the reduction of the steel price ▪ Volumes down 13.6% vs H1 2025, mainly driven by lower volumes in America ▪ 2.07 m sets sold (2.23 m sets in H1 2025) although with a higher weight of revenues from mild hybrid (11% vs 8% H1 2025) ▪ 7 SOPs: (3 SOPs in H1 2025) 1 in EMEA , 1 in Mexico, 5 in China Industrial & Infrastructure solutions ▪ € 172.5 m, up to 9.0% at constant rate thanks to higher volumes in EMEA and North America, while Asia remained broadly stable ▪ Sequential growth mainly driven by increasing demand for applications serving the data center market E-mobility solutions Industrial & Infrastructure solutions E-mobility 56% Industrial & Infrastructure 44% EMEA 53% America 33% Asia 14% EMEA 56%America 31% Asia 13% Group Revenues (€m) Revenue breakdown by Region considers the geographical area of the final client H1 2025 H1 2026 51. Revenues (Industrial & Infrastructure solutions) at a constant FX effect: €179.0 m 2. Revenues (E-mobility solutions) at a constant FX effect: €229.7 m E-mobility 62% Industrial & Infrastructure 38% H1 2025 H1 2026 164.2 172.5 265.0 224.0 429.2 396.5 1 2
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 Group EBITDA: sequential improvement quarter on quarter ▪ 9.1% EBITDA adjusted margin (10.4% in H1 2025) driven by the execution of the Performance Improvement program. Q2 2026 EBITDA adjusted margin at 9.9% close to 10.2% of Q2 2025 ▪ 7.4% EBITDA reported margin (9.9% in H1 2025), including non-recurring costs of approximately € 7 million (€ 2.4 million in H1 2025) ▪ The benefits of the operational efficiency initiatives launched in 2025 are expected to progressively increase throughout the year EBITDA Adjusted (€m) EBIT Adjusted Margin 4.0% 2.1% D&A6.4% 7.0% ▪ EBIT adjusted at € 8.3 m in H1 2026 (vs € 17.3 m in H1 2025) with D&A equal to 7.0% on revenues, excluding non-recurring costs of approximately € 7 million, of which some expenses related to the corporate reorganisation. ▪ CAPEX amounted to € 20.8 m in H1 2026 (vs € 40.1 m in H1 2025), in line with the expected reduction in investments for FY 2026, reflecting the progressive normalization of the industrial expansion cycle undertaken to support the e-mobility solutions segment EBIT Adjusted (€m) 6 % of Revenues E-mobility solutions Industrial & Infrastructure solutions 10.4% 9.1% 16.1 19.1 17.028.7 H1 2025 H1 2026 44.8 36.1 -19.4% H1 2025 H1 2026 17.3 8.3
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 Net Trade Working Capital (€m) % on Revenues(1) 375 393 365 385 352 348 347 144 172 166 163 140 164 163 227 235 233 290 265 297 207 285 275 287 31/12/2024 275 31/03/2025 266 30/06/2025 252 30/09/2025 284 31/12/2025 31/03/2026 30/06/2026 NTWC Trade receivables Inventories Trade payables Note: (1) Calculated on LTM revenues 27% 33% 7 Net Trade Working Capital evolution (IFRS) 30% 36% 25% 35% 34% Note: Figures might not sum-up due to rounding
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 Net debt evolution June 2026 (IFRS) Net Debt / LTM EBITDA adjusted Net debt evolution (€m) 2.5x 68 43 177 Net debt Dec-25 29 EBITDA reported 14 Interest, Tax & other P&L items 15 Other BS Items 21 Capex ∆ Net TWC Net debt June-26 exc. Dividends 3 1 BTP purchase and dividends Net debt June-26 219 277 280 Incl. €0.6m of unrealized forex losses 3.5x3.5x= of which: IFRS 16 237 240 8Note: (1) BTP purchase for €2.0m classified as non-current financial assets (SAF) and dividend payments for €1.0m (SAF and ETM) 4040 Note: Figures might not sum-up due to rounding
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II. Outlook 2026 9
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 Group revenue recovery driven by stronger E-mobility order intake and pipeline, alongside continued momentum in Industrial applications Profitability improvement driven by higher volumes, a more favorable business mix and ongoing efficiency initiatives FY2026 Outlook Selective and disciplined approach on 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 >0 Operating FCF ~€ 45 m CAPEX FY 2026E Guidance € 700-750 m Revenues ~11% EBITDA Adj. Margin 10
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III. Appendix (all data are IFRS) 11
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 Consolidated Profit & loss (IFRS) 12 Key highlights on consolidated profit or loss (€m) Incl. €2.5m of unrealized forex losses Incl. €0.6m of unrealized forex losses €/m Jun25- YTD ACT Jun26- YTD ACT Revenues 429 396 EBITDA adjusted 45 36 EBITDA adjusted margin 10.4% 9.1% EBITDA reported 42 29 EBITDA reported margin 9.9% 7.4% Depreciation and amortization (28) (28) EBIT adjusted 17 8 EBIT adjusted margin 4.0% 2.1% EBIT reported 15 1 EBIT reported margin 3.5% 0.3% Financial income and cost (12) (13) Profit (loss) before tax 3 (12) Income taxes (2) (0) Profit (loss) for the period 1 (12) % on Revenues 0.3% -3.1%
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5 113 107 56 182 171 188 188 188 251 189 81 217 66 67 14 129 197 Consolidated Balance sheet (IFRS) Consolidated balance sheet (€m) 13 Decrease June 2026 ACT vs Dec 2025 ACT mainly due to: -€ 12.2 m loss for the period -€ 1.0 m dividends -€ 0.7 m MTM derivatives +€ 11.0 m positive translation reserve (of which €6.7 m of IAS 21 impact) +€ 0.3 m Stock Option Plan Increase June 2026 ACT vs Dec 2025 ACT mainly due to: +€ 2.0 m of BTP purchase €/m Dec 2025 ACT June 2026 ACT Intangible assets 12 12 Property, plant and equipment 356 359 Right-of-use assets 49 49 Goodwill 26 25 Investments in associates 0 0 Non-current financial assets 2 4 Fixed assets 444 449 Inventories 352 347 Trade receivables 140 163 Trade payables (284) (235) Net Trade Working Capital 207 275 Other current assets (liabilities) 28 11 NWC 235 285 Employee benefits & provisions (4) (4) Other non current assets (liabilities) (11) (9) Net Invested Capital 663 722 Equity 444 442 Financial liabilities and borrowings 405 417 Lease liabilities 43 40 Cash and cash equivalents (228) (177) Net debt 219 280 Total sources 663 722