El.en. S.p.a. · MIL:ELN
El.en — Euronext STAR Conference 2026
39 slides from El.en's conference presentation, Mar 24, 2026
Slide 1: Company Presentation - Euronext STAR conference 2026
COMPANY PRESENTATION Euronext STAR conference 2026 Palazzo Mezzanotte March 25th - 26th , 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: Overview: 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 1.119 Italy 31 79% Bra 262 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: Our Knowledge: Laser Systems
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: Attractive ROI for our customers
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. % unaudited 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
Slide 28: Balance Sheet – FY 2025
BALANCE SHEET– FY 2025 28 Euro '000 31/12/24 31/12/25 Var.% unaudited 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% N
Slide 29: Cash Flow – FY 2025
Cash Flow – FY 2025 29 13 mln 19 mln 24 mln 19 mln * Nopat =Ebit-Income tax **D&A= Depreciation, Accruals and Devaluation ***NWC= Net Working Capital
Slide 30: Revenue Breakdown by Business
Revenue Breakdown by Business 30 Medical: +4% +4% 2024 2025 +7% +2% 235,5 245,3 +5% 77,4 82,7 16,2 16,9 79,6 81,1 Aesthetic Surgical Physioth. Service +5% 2024 in Euro million 2025 104,5 110,0 -3% +18% Industrial: +4% 28,8 28,1 -23% 17,0 20,0 4,3 3,3 Cutting Marking Laser sources Service
Slide 31: Revenue Breakdown by Area
Revenue Breakdown by Area 31 Medical: +4% +2% Medical 2024 2025 +7% in Euro million +14% 243,2 247,2 128,5 137,4 38,7 44,1 Italy RoEU RoW +26% 2024 Industrial 2025 -10% -16% 87,1 Industrial: +4% 69,1 40,6 36,6 45,8 38,5 Italy RoEU RoW
Slide 32: Current Outlook
CURRENT OUTLOOK
Slide 33: 2026 Guidance
2026 Guidance 33 Revenues increase: ~ +5% EBIT% 2026 > EBIT% 2025
Slide 34: Multiples & Comparables
MULTIPLES & COMPARABLES
Slide 35: Multiples
MULTIPLES 35 Stockholder's Equity per share 5,3 Price / Book Value Adj. 2,2 EV /EBIT (95% EBIT) 10,3 EV / Sales (95% Sales) 1,4 El.En. Market Cap. 946,1 @ € 11,77 Net financial position 172,2 @ 31/12/2025 Financial investments m/l term 10,7 @ 31/12/2025 Enterprise Value 763,2
Slide 36: Multiples: peer comparables
MULTIPLES 36 Dec 31st, 2025 P rice o n M arch Revenue Var.% EBIT EBIT MK.Cap. EV EV/Sales EV/EBIT P/Book 23, 2026 Medical/Aesthetic Rev. % (*) (*) Value InMode $13,53 $370 -6% $85 23% $857 $306 0,8 3,6 1,3 Beauty Health $1,13 $301 -10% $(21) -7% $144 $290 1,0 n.a. 2,4 Sisram Medical $0,45 $365 5% $3
Slide 37: El.En. vs. FTSE Star Italy
EI.En. vs. FTSE Star Italy 37 120 100 80 60 40 20 y ~) > > > > > om be & & & a oO oO o oO o ¥ Yo v yo” v Rag Vv rad Pg yv v v wv a7 ~v vw a Vv ny yy” Se x \ aS Fr & eee F.En.S.p.A. === FTSE Italia STAR (rebased)
Slide 38: Peers
500 450 400 350 300 250 200 150 PEERS 38 eee FEN. S.p.A. == Classys Inc. === Bystronic AG == Won Tech Co. PP PP PP PP PF KH LG GK PK XK & <== Sisram Medical Ltd. = InMode Ltd. === Beauty Health Company === Sofwave Medical Ltd.
Slide 39: 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