El.en. S.p.a. · MIL:ELN
El.en — 10th Annual Polytems HIR Italian Day in Frankfurt 2026
38 slides from El.en's conference presentation, Jan 22, 2026
Slide 1: Company Presentation – 10th Annual Polytems HIR Italian Day in Frankfurt
COMPANY PRESENTATION 10th ANNUAL POLYTEMS HIR ITALIAN DAY IN FRANKFURT January 22nd , 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 9 9 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-bei
Slide 7: Our strategy for a sustainable future
OUR APPROACH 7 OUR STRATEGY FOR A SUSTAINABLE FUTURE: Sustainalytics Create value over time and be ready to successfully meet the future challenges R&D 5 € >15 MLN > 30 > 120 R&D dept. Yearly R&D investments Patents R&D specialists PRODUCTS ISO 9001 e ISO 13485 Certifications > 60.000 > 50 Laser sou
Slide 8: El.En. Worldwide
EL.EN. WORLDWIDE 10 Our people 1.130 Italy 31 80% Bra 260 2% Europe 18%
Slide 9: Unmatched Innovation Pipeline
UNMATCHED INNOVATION PIPELINE 10 Antiaging/Pigmented lesions Pigmented lesions Compact sheet metal cutting system Body contouring and tightening
Slide 10: Growth History (w/o Chinese division)
GROWTH HISTORY (w/o Chinese division) 10 REVENUES Cagr 11/24: +12% in Euro million EBIT Cagr 11/24: +26%
Slide 11: Markets and Growth Drivers
MARKETS AND GROWTH DRIVERS
Slide 12: Laser Surgery Market Trends
LASER SURGERY MARKET TRENDS 12 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 • Consumables revenue stream in
Slide 13: Medical Aesthetics Market Trends
MEDICAL AESTHETICS MARKET TRENDS 13 • 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 14: Market Researches Growth Estimates
MARKET RESEARCHES GROWTH ESTIMATES 14 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 15: Industrial Laser Market Trend
INDUSTRIAL LASER MARKET TREND 15 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: •
Slide 16: Our Strategy and Market Approach
OUR STRATEGY AND MARKET APPROACH
Slide 17: Our Knowledge
OUR KNOWLEDGE 17 Technical Knowledge Application Expertise Electronics Aesthetics Optics LASER Surgery Photonics Dermatology Mechanics Physiotherapy Fluid dynamics Cutting Power electronics Marking Software Art Conservation
Slide 18: The Laser Advantage
THE LASER ADVANTAGE 18 • Flexibility • Speed • Power • Precision • Selectivity • Effectiveness
Slide 19: Mid-term strategic vision
MID-TERM STRATEGIC VISION BASED ON: 19 • 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 20: Wide range of products in medical sector
WIDE RANGE OF PRODUCTS IN MEDICAL SECTOR 20 Hair removal Tattoo removal & Pigmented lesions Body Contouring Skin Rejuvenation Physiotherapy Surgery Urology Dermatology Gynecology
Slide 21: ..and in industrial sector
..AND IN INDUSTRIAL SECTOR 21 Cutting Marking Art Conservation
Slide 22: Our Products
OUR PRODUCTS 22 Innovative Safe + powerful + gentle and + fast - painful + effective Attractive ROI for our customers User friendly
Slide 23: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 24: Income Statement – FY 2024
INCOME STATEMENT – FY 2024 24 Euro '000 31/12/2023 % 31/12/2024 % Var. % Medical 392.434 68,1% 410.401 72,5% 4,6% Industrial 183.577 31,9% 155.444 27,5% -15,3% Revenues 576.011 100,0% 565.846 100,0% -1,8% Gross margin 234.769 40,8% 245.637 43,4% 4,6% Operating Expenses 50.091 8,7% 55.092 9,7% 10,0%
Slide 25: Balance Sheet – 2024
BALANCE SHEET – 2024 25 Euro '000 31/12/23 31/12/24 Var.% Total non current assets 116.304 103.237 -11,2% Net Working Capital 211.901 199.826 -5,7% Other receivables/payables ST (34.876) (32.675) -6,3% Net financial position 59.877 110.559 84,6% Long term liabilities 16.379 16.071 -1,9% Net Equity 3
Slide 26: Income Statement – 9M 2025
INCOME STATEMENT – 9M 2025 26 Euro '000 30/09/2024 % 30/09/2025 % Var. % unaudited unaudited Medical 294.013 72,4% 307.537 72,9% 4,6% Industrial 112.219 27,6% 114.394 27,1% 1,9% Revenues 406.232 100,0% 421.931 100,0% 3,9% Gross margin 176.928 43,6% 188.342 44,6% 6,5% Operating Expenses 39.445 9,7% 4
Slide 27: Income Statement – Q3 2025
INCOME STATEMENT – Q3 2025 27 Euro '000 2024-Q3 % 2025-Q3 % Var. % unaudited unaudited Revenues 134.761 100,0% 136.595 100,0% 1,4% Gross margin 57.097 42,4% 62.131 45,5% 8,8% Operating Expenses 11.327 8,4% 13.607 10,0% 20,1% Staff espenses 23.227 17,2% 25.110 18,4% 8,1% EBITDA 22.543 16,7% 23.414 17
Slide 28: Cash Flow – 9M 2025
Cash Flow – 9M 2025 28 26 mln 13 mln 20 mln 19 mln * Nopat =Ebit-Income tax **D&A= Depreciation, Accruals and Devaluation ***NWC= Net Working Capital
Slide 29: Revenue Breakdown by Business – 9M 2025
Revenue Breakdown by Business – 9M 2025 29 +4% Medical: +5% 2024 2025 +4% 165,7 171,9 +8% +5% 56,4 60,7 11,7 59,0 61,2 12,2 Aesthetic Surgical Physioth. Service +2% 2024 in Euro million 2025 +2% 75,2 76,9 6% Industrial: +2% -22% 20,1 20,4 13,4 14,2 3,1 2,4 Cutting Marking Laser sources Service
Slide 30: Revenue Breakdown by Area – 9M 2025
Revenue Breakdown by Area – 9M 2025 30 Medical: +5% -1% Medical 2024 2025 +9% in Euro million 179,3 178,0 +27% 90,4 98,7 24,3 30,8 Italy RoEU RoW +6% 2024 Industrial 2025 -10% +12% 50,2 Industrial: +2% 47,2 39,1 35,1 26,0 29,1 Italy RoEU RoW
Slide 31: Current Outlook
CURRENT OUTLOOK
Slide 32: 2025 Guidance
2025 Guidance 32 Revenues 2025 > Revenues 2024 EBIT 2025 > EBIT 2024
Slide 33: Multiples & Comparables
MULTIPLES & COMPARABLES
Slide 34: Multiples
MULTIPLES 34 Stockholder's Equity per share 5,2 Price / Book Value Adj. 2,7 EV /EBIT (95% EBIT) 14,0 EV / Sales (95% Sales) 1,8 El.En. Market Cap. 1.124,7 @ € 14,00 Net financial position 137,4 @ 30/09/2025 Financial investments m/l term 10,7 @ 30/09/2025 Enterprise Value 976,6
Slide 35: Multiples
MULTIPLES 35 Sept 30th, 2025 P rice o n Jan. Revenue Var.% EBIT EBIT MK.Cap. EV EV/Sales EV/EBIT P/Book 19, 2026 Medical/Aesthetic Rev. % (*) (*) Value InMode $14,05 $267 -10% $59 22% $888 $361 1,0 4,6 1,4 Beauty Health $1,56 $218 -13% $(21) -10% $199 $358 1,2 n.a. 3,0 Venus $1,43 $43 -12% $(28) -65
Slide 36: El.En. vs. FTSE Star Italy
EI.En. vs. FTSE Star Italy 36 120 100 80 60 40 20 eee —l.En.S.p.A. ===FTSE Italia STAR (rebased)
Slide 37: Peers
PEERS 350 300 250 200 150 © n\- pat Wot Lat | te ; RSL oa 0 NE Sa Ag PI NIN . —S ie} hh yy PPP PP Pm Dm DP PrP PP PP HPF HM pwr HF FF GF Hew HF FF HF Fw FH KF KF KF v& p* KH ee F/.En. S.p.A. == [PG Photonics Corporation === Bystronic AG ——=Sisram Medical Ltd. «=== Han's Laser Tech === InMode Ltd. a
Slide 38: 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
El.En. — 10th Annual Polytems HIR Italian Day in Frankfurt 2026 on 6ix