Alia Mentis Spa · FWB:QE2
Alia Mentis Spa — Investor Presentation (September 2026)
36 slides from Alia Mentis Spa's investor presentation, September 2026
Slide 1: Investors Presentation
0 0 INVESTORS PRESENTATION September 2026
Slide 2: The Next Chapter in Composites Technology
1 1 THE NEXT CHAPTER IN COMPOSITES TECHNOLOGY
Slide 3: A Deep-Tech Company For Revolutionizing the Future Manufacturing
A Deep-Tech Company For Revolutionizing the Future Manufacturing 2 2 A Growth Story Driven by R&D The first active core for the self ~58% forming of Carbon Fiber Reinforced Margin Polymer to its final shape €14.7m 3x €8.5m 2 ~€13m Total Sales Sales Growth EBITDA Major Technologies R&D expenses 2025
Slide 4: Serial IP Player With Breakthrough Technologies
Serial IP Player With Breakthrough Technologies 3 3 Legally protected IP ecosystem developed through a scale-up model 2014 2016 2018 2023 Next Steps FOCUS ON AUTOMOTIVE AND AEROSPACE Description Description Description Description Smart polymer coatings High-performance Advanced viscoelastic Heat-ex
Slide 5: From R&D To Production Becoming Mission Critical
From R&D To Production Becoming Mission Critical 4 4 Fully integrated production and OEM specification embedding enabling direct supply chain influence OUT OF ALIA MENTIS VALUE CHAIN Before 2023 After 2023 PRODUCT R&D CO-DESIGN PRE-SERIES INDUSTRIAL PRODUCTION Development and Engineering Prototype a
Slide 6: Heritage Earned With Top-Tier Players Across Multiple Sectors
Heritage Earned With Top-Tier Players Across Multiple Sectors 5 5 END-MARKET BREAKDOWN INDUSTRIAL & ADVANCED SPORT, PROTECTION AUTOMOTIVE & AEROSPACE & MANUFACTURING & SAFETY MOTORSPORT DEFENSE SPORTWEAR, SPORT SYSTEM HIGH-END AUTOMOTIVE ACCESSORIES AND FACILITIES DEFENSE PLAYERS INTEGRATORS PLAYERS
Slide 7: Technology Enabler Offering Game-Changing Solutions
Technology Enabler Offering Game-Changing Solutions 6 6 A HIGH-END AUTOMOTIVE PLAYER INDIRECTLY THROUGH TIER 1. 2015 2016 2017 FROM 2024 DIRECTLY 2026 ENGAGEMENT ROM SOP SHARE OF WALLET INCREASE SEAT SEAT &H&OOD HOOD €4.7M1 7 RUNNING PROJECTS SALES 2016-25 A SAFETY AND PROTECTION PLAYER 2015 2016 20
Slide 8: Outstanding Growth Marked by Sales Tripling over the Past Three Years
Outstanding Growth Marked by Sales Tripling over the Past Three Years 7 7 Services and royalties represent the key drivers of Koridion’s growth, enabling a 10x increase in active core sales over the next 3 years NET SALES (€M, %) 1.2% 1 16 14.2 14 0.0 Other 0.1% 3.0 Sales 12 21.3% expected to Produc
Slide 9: A Cost-saving Solution for OEM…
A Cost-saving Solution for OEM… 8 8 Koridion enables OEMs to achieve significant cost savings on the same product Cost: Cost: Final product price x TIER 1: OEM >2x ~€3m 10% marginality Cost for OEM COMPLEX SOLUTION WITH STANDARD PRODUCT WITH STANDARD PRODUCT WITH KORIDION STANDARD TECHNOLOGY KORIDIO
Slide 10: … And a Breakthrough Technology…
… And a Breakthrough Technology… 9 9 Koridion is an active structural core technology that revolutionize the engineering and manufacturing of CFRP components TRADITIONAL TECHNOLOGIES Passive cores KEY FEATURES KEY FEATURES INTERNAL PRESSURE GENERATION DEPENDENCE ON EXTERNAL PRESSURE IMPROVED GEOMETR
Slide 11: … in a Scalable Integrated Platform
… in a Scalable Integrated Platform 1010 Equalizer is designed to make Koridion industrially scalable allowing for a higher supply of active core units EQUALIZER AUTOCLAVE PRESS BY AUTOCLAVE BY PRESS EQUALIZER KORIDION KORIDION Definizione DESIGN FREEDOM DIMENSION FREEDOM Industrial machinery design
Slide 12: Partnership with System Integrators to Revolutionize the Manufacturing
Partnership with System Integrators to Revolutionize the Manufacturing 1111 The partnership with system integrators/machine builders creates a win-win dynamic and represents the key enabler for the growth of the sales of active cores and Equalizer machines in the coming years Sales (€) 2024 Revenue
Slide 13: Exploiting Know-how on the Market
Exploiting Know-how on the Market 1212 ❑ The Partner 1 has already received a purchase order for the first Equalizer in April 2026 and is currently negotiating a second sale, expected to close by summer 2026 ❑ These Equalizers are expected to generate royalties for Alia Mentis in 2026 Equalizer #1 E
Slide 14: Ready to Capture Growing End-Markets…
Ready to Capture Growing End-Markets… 1313 PROJECTED SEGMENT CAGR ’25-’30 COMPOSITES PENETRATION TREND 1980’s 2010-2020’s GLOBAL LIGHTWEIGHT MATERIALS HYPERCARS 14.2% 2025 CAGR € Bn ‘25-’30 HIGH-END AUTOMOTIVE HIGH-END AUTOMOTIVE 76.6 ▲+6.0% SUPERCARS 4.5% Ferrari Testarossa Lamborghini Revuelto Alu
Slide 15: …Leveraging On > €1Bn Direct Core Materials Demand…
…Leveraging On > €1Bn Direct Core Materials Demand… 1414 2025 VALUE CAGR ’25-’30 (€BN) GLOBAL LIGHTWEIGHT MATERIALS MARKET 203.7 7.2% GLOBAL COMPOSITES MARKET ESTIMATES Including high performance composites, ceramic matrix, metal matrix 62.0 6.4% HIGH PERFORMANCE COMPOSITES MARKET Including carbon f
Slide 16: … Having a Key Advantage Among Passive Core Materials
… Having a Key Advantage Among Passive Core Materials 1515 Process HQ Automotive Aerospace Wind Industrial Technology ROHACELL EPP-PU-EPS Corecell Divinycell-PVC/Pet foam core EXOCORE Passive Core Active Core Passive Core 1 Passive Core 2 Alternative Active Core KORIDION ACTIVE - Active – Forming Ac
Slide 17: A Rapidly Scaling Growth Story
A Rapidly Scaling Growth Story 1616 2024-2025 Growth 2024-2025 €M & Margins 14.7 ❑ Strong total sales growth in 2025 7.9 Total Sales +86% (+86%), mainly driven by: ❑ Increase in services and 2024 2025 royalties related to Koridion EBITDA which represent the key drivers margin 42.4% 57.9% 12.0 10.0 8
Slide 18: Strong Focus on Research & Development
Strong Focus on Research & Development 1717 R&D Expenses (€m) R&D since 2023 % Total 9.9% 3.4% Expenses Sales € 2023 655,192 2024 785,961 0.8 1 2025 500,000 Prototype CAPEX 0.5 1 Press K0 (2023) 310,000 Press K1 (2024) 630,000 Press T35 (2025) 6,300,000 Inductive Press System (2025) 3,500,000 Tot 10
Slide 19: Slight Seasonality In Revenues Affecting Trade Working Capital
Slight Seasonality In Revenues Affecting Trade Working Capital 1818 30.0 Net Working Capital (€m) 25.0 Trade Working Capital (€m) 20.0 15.0 4.9 (1.7) 15.0 10.0 (3.2) 4.1 5.0 5.1 7.6 10.0 0.0 1.1 1.0 0.1 (1.3) 0.5 (5 .0 ) (10.2) 0.2 New Machineries (1 0.0) 7.6 5.0 purchased 5.1 (1 5.0) 2024 2025 0.0
Slide 20: Scaling Production Capacity with Disciplined Leverage
Scaling Production Capacity with Disciplined Leverage 1919 Net Invested Capital (€m) Net Debt (€m) Net Debt / EBITDA 3.7x 2.0x 30.5 17.2 17.2 34.0 12.2 17.7 4.1 7.8 13.2 1.8 3.3 (0.0) 2.9 2.8 (3.2) (0.1) (0.1) (0.2) (0.2) (6.5) 2024 2025 Fixed Assets Net Working Capital Provisions Pension Funds 2024
Slide 21: Cash Flow Statement 2025
Cash Flow Statement 2025 2020 €m SUB-TOTALS INCREASE DECREASE 6.3 0.02 14.9 8.5 4.3 6.3 11.3 0.01 -22.9 -0.002 -0.5 -8.5 -0.7 Sources: Management accounts; company informatio n
Slide 22: What's Next?
What’s Next? 2121 UNLOCKING SCALABLE GROWTH …FURTHER BOOSTED BY THROUGH CLEAR DRIVERS… TRANSFORMATIONAL INITIATIVES Future At NEW JOINT- Full VENTURES WITH Speed MAJOR CORE GEOGRAPHIC PRODUCERS EXPANSION NEW END-MARKETS NEW PROCESS DEVELOPMENT NEW IP PRODUCTION TECHNOLOGIES US CAPACITY DEVELOPMENT E
Slide 23: Appendix
2222 Appendix
Slide 24: Appendix | Financials
2323 Appendix | Financials
Slide 25: Financial Statements
Financial Statements 2424 €m 2024 2025 2024 2025 Intangible Assets 0.3 7.0 Net sales 7.4 14.2 Tangible Assets 13.0 27.0 Change in finished goods (0.0) (0.1) Financial Assets 0.0 0.0 Other 0.6 0.7 Fixed Assets 13.2 34.0 Total sales 7.9 14.7 Inventory 1.1 1.0 Raw materials (1.3) (1.9) Trade Receivable
Slide 26: Appendix | Corporate Governance
2525 Appendix | Corporate Governance
Slide 27: Current Shareholding Structure
Current Shareholding Structure 2626 Giuseppe Paronetto 100% Paronetto-Daniel Srl Investors adhering to the Float shareholders’ agreement 100% FNC Srl 65% 5% 30% Source: Company information
Slide 28: Organizational Structure
Organizational Structure 2727 The Company has internalized all critical functions across the entire technology-development cycle: R&D, process engineering, pilot production, quality, and industrial support to OEM and Tier-1 customers RSPP (external) CEO MC (external) Headcount: 49 People In R&D: 17%
Slide 29: Corporate Governance
Corporate Governance 2828 Board of Directors at IPO Board of Statutory Auditors Board of Directors will be in charge until 2028 Board of Statutory Auditors will be in charge until 2028 Alessandro Bampo Giuseppe Chairman Paronetto CEO, Chairman Gianfilippo Cattelan Mauro Raccamari Acting Auditor Acti
Slide 30: Appendix | Products
2929 Appendix | Products
Slide 31: Xelion (1/2)
Xelion (1/2) 3030 XELION is an innovative material which disperses the energy of an impact extremely efficiently raising the performance of protective clothing and the accessories Description Technological Edge ❑ High capacity for energy absorption and dissipation ❑ Controlled mechanical behavior un
Slide 32: Xelion (2/2)
Xelion (2/2) 3131 Technical features ❑ XELION is made up of an exclusive carbon-based concave particle which provides unique properties to products which incorporate it ❑ XELION also performs at extreme temperatures when other materials become less effective ❑ The exclusive nature of the XELION comp
Slide 33: Koridion
Koridion 3232 KORIDION is the first active core for the self forming of CFRP to its final shape Description Technological Edge ❑ Koridion is a proprietary process technology developed by Alia Mentis for the ❑ Design freedom and functional integration manufacturing of carbon fiber components with hig
Slide 34: IP Technologies Strengthened by Proprietary Process Solutions
IP Technologies Strengthened by Proprietary Process Solutions 3333 Work in progress Equalizer Equilizer 2.0 Industrial Tomography Additive Manufacturing (CARE) Equalizer is the industrial Equalizer 2.0 is the industrial Proprietary industrial tomography Proprietary integrated Additive machinery desi
Slide 35: Carbon Fiber Components Value Chain
Carbon Fiber Components Value Chain 3434 PRODUCTION PROCESS – CARBON FIBER COMPONENTS (CFRP) COMPONENT RAW MATERIALS FIBER PRODUCTION PREPREG & SEMIFINISHED OEM MANUFACTURING 1 2 3 4 Resin Impregnation 5 Lamination • Automotive High • PAN High-temperature carbonization (Prepregging) (Core Integratio
Slide 36: Disclaimer
Disclaimer 3535 The informa tion conta ined in this presentation (the “Presentation”) ha s been prepared by Alia Mentis S.p.A. (the “Company”) for the sole purp ose of the presentation made to you concerning the Company. This Presentation and the informa tion conta ined herein are strictly confident