El.en. S.p.a. · MIL:ELN
El.en — Intermonte Northern MidCap Event 2026
40 slides from El.en's conference presentation, May 19, 2026
Slide 1: Company Presentation - Intermonte Northern MidCap Event
COMPANY PRESENTATION Intermonte Northern MidCap Event Virtual May 19th , 2026
Slide 2: Disclaimer
DISCLAIMER 2 Certain statements in this slide show, including those addressing the Company’s beliefs, plans, objectives, estimates or expectations of possible future results or events, are forward-looking statements. Forward-looking statements involve known or unknown risks, including general econom
Slide 3: Agenda
AGENDA 3 1. Overview 2. Markets and Growth Drivers 3. Our Strategy and Market Approach 4. Financial Highlights 5. Current Outlook 6. Multiples & Comparables
Slide 4: Overview
OVERVIEW
Slide 5: A primary player providing medical, industrial and conservation laser solutions worldwide
OVERVIEW 5 A PRIMARY PLAYER PROVIDING MEDICAL, INDUSTRIAL AND CONSERVATION LASER SOLUTIONS WORLDWIDE World Class Hi-Tech company Hi-Tech industrial group providing laser solutions with proprietary technologies and know how developed over 40 years Listed on Euronext STAR Milan of Italian Stock Exchan
Slide 6: Our Approach
OVERVIEW OUR APPROACH 6 >40 >25 8 10 COUNTRIES WITH YEARS OF EXPERIENCE SUBSIDIARIES PLANTS DIRECT PRESENCE WE CREATE LIGHT, ENERGY,WAVES MEDICAL INDUSTRIAL CONSERVATION Our energy based systems improve people’s Our LASER CUTTING and MARKING SYSTEMS Our LASER SYSTEMS PRESERVE artworks of the well-be
Slide 7: Our strategy for a sustainable future
OUR APPROACH 7 OUR STRATEGY FOR A SUSTAINABLE FUTURE: Create value over time and be ready to successfully meet the future challenges R&D 5 € >18 MLN > 40 Yearly R&D investments Patents R&D dept. ISO 9001 e ISO 13485 Certifications > 130 > 50 ISO 14064 R&D specialists Quality & Regulatory El.En., Dek
Slide 8: El.En. Worldwide
EL.EN. WORLDWIDE 10 Our people 1.130 Italy 31 79% Bra 266 2% Europe 19%
Slide 9: Unmatched innovation pipeline in medical technologies
UNMATCHED INNOVATION PIPELINE IN MEDICAL TECHNOLOGIES 10 GOLD STANDARD IN TATTOO REMOVAL BODY SHAPING DERMATOLOGICAL PHOTO-AGING HAIR REMOVAL SURGERY & SCARS & FACE LAXITY
Slide 10: Innovation pipeline in industrial technologies
INNOVATION PIPELINE IN INDUSTRIAL TECHNOLOGIES 10 GOLD STANDARD IN POWERFUL & PRECISE LASER CUTTING CO2 SEALED PULSED LASER WOOD PANEL LASER LASER MARKING SOURCES & INTEGRABLE MICROPERFORATION & ENGRAVING SUBSYSTEMS
Slide 11: Growth History
GROWTH HISTORY (w/o Chinese division) 11 REVENUES Cagr 11/25: +12% in Euro million EBIT Cagr 11/25: +24%
Slide 12: Markets and Growth Drivers
MARKETS AND GROWTH DRIVERS
Slide 13: Laser Surgery Market Trends
LASER SURGERY MARKET TRENDS 13 MINIMALLY INVASIVE SURGERIES: • Lower risks and side effects • Faster recovery /Shorter hospital stays • Savings by Private & National Health Systems • Attractive ROI for surgical services providers • Rapidly Growing Urology laser market • Growing consumables revenue s
Slide 14: Medical Aesthetics Market Trends
MEDICAL AESTHETICS MARKET TRENDS 14 • Aging demographics and increasing focus on improving appearance and youthfulness • Cosmetic procedures as preventive measures for and to slow down the aging process • Growing interest in non-invasive or minimally invasive procedures and awareness of energy- base
Slide 15: Market Researches Growth Estimates
MARKET RESEARCHES GROWTH ESTIMATES 15 MEDICAL LASER MARKET • Mordor Intelligence CAGR 13% to 2031 • Fortune business insights CAGR 11% to 2034 • Global Market Insights CAGR 17% to 2034 • Research and Markets CAGR 14% to 2029 With an estimated market size of ≃ $6 Bln in 2024 including: • Ophthalmolog
Slide 16: Industrial Laser Market Trend
INDUSTRIAL LASER MARKET TREND 16 Laser cutting applications: • Laser power increase + Cost reduction: enhanced flexibility, productivity and quality standards in manufacturing processes • Automation for increased productivity • New application verticals • Building and construction Laser marking: • P
Slide 17: Our Strategy and Market Approach
OUR STRATEGY AND MARKET APPROACH
Slide 18: Laser Systems: Our Knowledge
OUR KNOWLEDGE 18 Technical Knowledge Application Expertise Electronics Aesthetics Optics LASER Surgery SYSTEMS Photonics Dermatology Mechanics Physiotherapy Fluid dynamics Cutting Power electronics Marking Software Art Conservation
Slide 19: The Laser Advantage
THE LASER ADVANTAGE 19 • Flexibility • Speed • Power • Precision • Selectivity • Effectiveness
Slide 20: Mid-term strategic vision
MID-TERM STRATEGIC VISION BASED ON: 20 • Continuous investment in R&D: maintaining the unmatched wideness of our product range by innovating existing technologies and developing new ones • Cooperation with primary research institutions and KOL’S • Excellent coverage of the target markets based on th
Slide 21: Wide range of products in medical sector
WIDE RANGE OF PRODUCTS IN MEDICAL SECTOR 10 COMPANIES LASER SYSTEMS Laser systems and cutting-edge technologies for 3 sectors of applications INTIMATE AESTHETICS SURGERY HEALTH TREATMENTS HAIR REMOVAL SKIN REJUVENATION DERMATOLOGY PIGMENTED LESIONS ENT UROLOGY TATTOO REMOVAL BODY CONTOURING VASCULAR
Slide 22: Wide range of products in medical sector: devices
WIDE RANGE OF PRODUCTS IN MEDICAL SECTOR 10 DEVICES Global reference in laser therapy and magnetotherapy for multidisciplinary uses SECTORS & APPLICATIONS PHYSIOTERAPHY REHABILITATION SPORTS MEDICINE VETERINARY MEDICINE
Slide 23: Wide range of products in industrial sector
WIDE RANGE OF PRODUCTS IN INDUSTRIAL SECTOR 10 COMPANIES INDUSTRIAL DIVISION LASER SYSTEMS Fiber laser metal-cutting systems Systems for laser marking and Marking, cleaning, engraving, CO2 Laser Sources, with up to 60kW of power engraving degating, and robotic Laser Scanning Heads integration soluti
Slide 24: Wide range of products in art restoration
WIDE RANGE OF PRODUCTS IN ART RESTORATION 10 LASER SYSTEMS Laser systems for: CONSERVATION AND RESTORATION OF WORKS OF ART GRAFFITI REMOVAL APPLICATIONS
Slide 25: Our Products
OUR PRODUCTS 25 Innovative Safe + powerful + gentle and + fast - painful + effective Attractive ROI for our customers User friendly
Slide 26: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 27: Income Statement – FY 2025
INCOME STATEMENT – FY 2025 27 Euro '000 31/12/2024 % 31/12/2025 % Var. % Medical 410.401 72,5% 428.648 72,5% 4,4% Industrial 155.444 27,5% 162.201 27,5% 4,3% Revenues 565.846 100,0% 590.849 100,0% 4,4% Gross margin 245.637 43,4% 259.758 44,0% 5,7% Operating Expenses 55.092 9,7% 59.879 10,1% 8,7% Sta
Slide 28: Balance Sheet – FY 2025
BALANCE SHEET– FY 2025 28 Euro '000 31/12/24 31/12/25 Var.% Total non current assets 103.237 118.766 15,0% Net Working Capital 199.826 184.586 -7,6% Other receivables/payables ST (32.675) (31.183) -4,6% Net financial position 110.559 172.212 55,8% Long term liabilities 16.071 16.907 5,2% Net Equity
Slide 29: Income Statement – Q1 2026
INCOME STATEMENT – Q1 2026 29 Euro '000 31/03/2025 % 31/03/2026 % Var. % unaudited unaudited Medical 99.204 70,4% 108.362 74,4% 9,2% Industrial 41.696 29,6% 37.200 25,6% -10,8% Revenues 140.900 100,0% 145.562 100,0% 3,3% Gross margin 62.947 44,7% 67.155 46,1% 6,7% Operating Expenses 15.132 10,7% 16.
Slide 30: Cash Flow – Q1 2026
Cash Flow – Q1 2026 30 9 mln 5 mln 4 mln * Nopat =Ebit-Income tax **D&A= Depreciation, Accruals and Devaluation ***NWC= Net Working Capital
Slide 31: Revenue Breakdown by Business – Q1 2026
Revenue Breakdown by Business – Q1 2026 31 Medical: +9% +10% +6% +8% +2% -20% in Euro million -12% Industrial: -11% +52% -25%
Slide 32: Revenue Breakdown by Area – Q1 2026
Revenue Breakdown by Area – Q1 2026 32 Medical: +9% +8% +17% in Euro million -6% -2% +16% -46% Industrial: -11%
Slide 33: Current Outlook
CURRENT OUTLOOK
Slide 34: 2026 Guidance
2026 Guidance 34 Revenues increase: ~ +5% EBIT% 2026 > EBIT% 2025
Slide 35: Multiples & Comparables
MULTIPLES & COMPARABLES
Slide 36: Multiples
MULTIPLES 36 Stockholder's Equity per share 5,5 Price / Book Value Adj. 2,5 EV /EBIT (95% EBIT) 12,5 EV / Sales (95% Sales) 1,7 El.En. Market Cap. 1.125,4 @ € 14,00 Net financial position 173,7 @ 31/03/2026 Financial investments m/l term 10,8 @ 31/03/2026 Enterprise Value 940,8
Slide 37: Multiples: Peer Comparison
MULTIPLES 37 March 31st, 2026 P rice o n M ay 18, Revenue Var.% EBIT EBIT MK.Cap. EV EV/Sales EV/EBIT P/Book 2026 Medical/Aesthetic Rev. % (*) (*) Value InMode $13,90 $82 5% $10 12% $881 $348 1,1 8,6 1,3 Classys € 27,58 € 51 1% € 22 43% € 1.887 € 1.864 9,2 21,5 6,2 Sisram Medical (2) $0,35 $365 5% $
Slide 38: El.En. vs. FTSE Star Italy
EI.En. vs. FTSE Star Italy 38 120 100 80 60 40 20 eee El.En.S.p.A. =F TSE Italia STAR (rebased)
Slide 39: Peers
PEERS 39 500 400 ee £ En. S.p.A. = Bystronic AG <= Sisram Medical Ltd. == | Mode Ltd. ——=Classys Inc. Won Tech Co. = Beauty Health Company === Sofwave Medical Ltd.
Slide 40: Contacts
CONTACTS El.En. S.P.A. Enrico Romagnoli Investor Relations Manager tel. +39 055-8826807 E-mail: finance@elen.it POLYTEMS HIR Financial Communication, IR and Press Office Bianca Fersini Mastelloni - b.fersini@polytemshir.it Silvia Marongiu - s.marongiu@polytemshir.it Tel. +39 06-69923324