EuroGroup Laminations
H1 2026 Results
August 3rd2026
0
5 113
107 56
182 171
188 188
188 251
189 81
217 66
67 14
129 197
Today’s speakers
1Isidoro Guardalà
Deputy Group CEO
Marco Arduini
Group CEO
Matteo Perna
Group CFO
I. Snapshot
2
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
OutlookConfirmed :
■FY2026 Revenue ~€700-750 m ■FY2026 EBITDA adjmargin ~11% ■FY2026 Positive Operating free cash flow from operations ,including capex atapprox .€45m Average debt maturity from ~2 years to ~4 yearsRevenues €396 mEBITDA Adj.
€36.1 m
Orderbook (1)
€ 2.7 bnPipeline (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 31. An estimate of expected revenues from programs awarded to the Group over the next 70 months, based on management best esti mat es 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)
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 2026 H1 2025 H1 2026
Note: Figures might not sum -up due to rounding41. Revenues at a constant FX effect : € 408.7 ( -4.8% YoY) H1 2025 H1 2026164.2172.5
265.0 224.0429.2396.5
16.1
19.1
17.028.7
H1 2025 H1 202644.8
36.1-19.4%
17.3
8.340.1
20.8% of Revenues E-mobility solutions Industrial & Infrastructure solutions 1
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 ofthesteel price ▪Volumes down 13.6%vsH12025 , mainly driven bylower volumes in
America
▪2.07msets sold (2.23msets inH1 2025 )although with ahigher weight of revenues from mild hybrid (11%vs8%H12025 ) ▪7SOPs :(3SOPs inH12025 )1 in EMEA , 1 in Mexico, 5 in China Industrial &Infrastructure solutions
▪€172.5m,upto9.0%atconstant
rate thanks tohigher volumes in EMEA and North America, while Asia remained broadly stable ▪Sequential growth mainly driven by increasing demand for applications serving the data center marketE-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 clientH1 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 2026164.2172.5
265.0 224.0429.2396.5
1 2
5 113
107 56
182 171
188 188
188 251
189 81
217 66
67 14
129 197
Group EBITDA :sequential improvement quarter onquarter ▪ 9.1%EBITDA adjusted margin (10.4%inH12025 ) driven by the execution of the Performance Improvement program .Q22026 EBITDA adjusted margin at9.9%close to10.2%ofQ22025 ▪ 7.4%EBITDA reported margin (9.9%inH12025 ), including non -recurring costs ofapproximately €7 million (€2.4million inH12025 ) ▪ The benefits ofthe operational efficiency initiatives launched in2025 are expected toprogressively increase throughout theyearEBITDA Adjusted (€m)
EBIT Adjusted
Margin4.0% 2.1%
D&A 6.4% 7.0%
▪ EBIT adjusted at€8.3minH12026 (vs€17.3min H12025 )with D&A equal to7.0%on revenues, excluding non -recurring costs ofapproximately €7 million, ofwhich some expenses related tothe corporate reorganisation .
▪ CAPEX amounted to€20.8minH12026 (vs€40.1m inH12025 ),inline with the expected reduction in investments forFY2026 ,reflecting the progressive normalization of the industrial expansion cycle undertaken to support the e-mobility solutions segmentEBIT Adjusted (€m) 6% of RevenuesE-mobility solutions Industrial & Infrastructure solutions
10.4% 9.1%
16.1
19.1
17.028.7
H1 2025 H1 202644.8
36.1-19.4%
H1 2025 H1 202617.3
8.3
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 393365 385352 348 347144172166163 140 164 163
227 235233290265297
207285 275
287
31/12/2024275
31/03/2025266
30/06/2025252
30/09/2025284
31/12/2025 31/03/2026 30/06/2026 NTWC Trade receivables Inventories Trade payables Note: (1) Calculated on LTM revenues27% 33% 7Net Trade Working Capital evolution (IFRS) 30% 36% 25% 35% 34% Note: Figures might not sum -up due to rounding
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 adjustedNet debt evolution ( €m)
2.5x
68 43
177
Net debt
Dec-2529
EBITDA
reported14
Interest, Tax & other P&L items15 Other BS Items21 Capex ∆ Net TWC Net debt June -26 exc. Dividends3 1
BTP purchase
and dividendsNet debt June -26219277 280 Incl. €0.6m of
unrealized
forex losses3.5x 3.5x = of which : IFRS 16
237 240
8 Note: (1) BTP purchase for €2.0m classified as non -current financial assets (SAF) and dividend payments for €1.0m (SAF and ETM)40 40 Note: Figures might not sum -up due to rounding
II. Outlook 2026 9
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
applicationsProfitability
improvement driven
by higher volumes, a
more favorable
business mix and
ongoing efficiency
initiativesFY2026 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 CAPEXFY 2026EGuidance€ 700 -750 m
Revenues~11%
EBITDA Adj. Margin 10
III. Appendix (all data
are IFRS)
11
5 113
107 56
182 171
188 188
188 251
189 81
217 66
67 14
129 197
Consolidated Profit & loss (IFRS) 12Key highlights on consolidated profit or loss (€m) Incl. €2.5m of
unrealized forex
losses
Incl. €0.6m of
unrealized forex
losses
€/mJun25-
YTD ACTJun26-
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%
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 PlanIncrease June 2026 ACT vs Dec 2025 ACT mainly due to:
+€ 2.0 m of BTP purchase
€/mDec 2025
ACTJune 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