Alia Mentis Spa · FWB:QE2
Alia Mentis Spa — H1 2026 Earnings Presentation
51 slides from Alia Mentis Spa's earnings presentation, October 2026
Slide 1: Investors Presentation
0 0 INVESTORS PRESENTATION October 2026
Slide 2: Index
Index 1 1 The Next Chapter in Composites Technology Focus on H1 results Appendix
Slide 3: The Next Chapter in Composites Technology
2 2 THE NEXT CHAPTER IN COMPOSITES TECHNOLOGY
Slide 4: A Deep-Tech Company For Revolutionizing the Future Manufacturing
A Deep-Tech Company For Revolutionizing the Future Manufacturing 3 3 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 5: Serial IP Player With Breakthrough Technologies
Serial IP Player With Breakthrough Technologies 4 4 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 6: From R&D To Production Becoming Mission Critical
From R&D To Production Becoming Mission Critical 5 5 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 7: Heritage Earned With Top-Tier Players Across Multiple Sectors
Heritage Earned With Top-Tier Players Across Multiple Sectors 6 6 END-MARKET BREAKDOWN INDUSTRIAL & ADVANCED SPORT, PROTECTION AUTOMOTIVE & G FU T AEROSPACE & G FU T RO URE RO URE MANUFACTURING & SAFETY MOTORSPORT W TH DEFENSE W TH SPORTWEAR, SPORT SYSTEM HIGH-END AUTOMOTIVE ACCESSORIES AND FACILITI
Slide 8: Technology Enabler Offering Game-Changing Solutions
Technology Enabler Offering Game-Changing Solutions 7 7 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 9: Outstanding Growth Marked by Sales Tripling over the Past Three Years
Outstanding Growth Marked by Sales Tripling over the Past Three Years 8 8 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 3x rowth 0.0 25 G Other 0.1% ’22-’ 3.0 Sales 12 21.3%
Slide 10: A Cost-saving Solution for OEM…
A Cost-saving Solution for OEM… 9 9 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 11: … And a Breakthrough Technology…
… And a Breakthrough Technology… 1010 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 GEOMET
Slide 12: … in a Scalable Integrated Platform
… in a Scalable Integrated Platform 1111 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 13: Partnership with System Integrators to Revolutionize the Manufacturing
Partnership with System Integrators to Revolutionize the Manufacturing 1212 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 14: Exploiting Know-how on the Market
Exploiting Know-how on the Market 1313 q 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 q These Equalizers are expected to generate royalties for Alia Mentis in 2026 Pur cha U rec
Slide 15: Ready to Capture Growing End-Markets…
Ready to Capture Growing End-Markets… 1414 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 Al
Slide 16: …Leveraging On > €1Bn Direct Core Materials Demand…
…Leveraging On > €1Bn Direct Core Materials Demand… 1515 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
Slide 17: … Having a Key Advantage Among Passive Core Materials
… Having a Key Advantage Among Passive Core Materials 1616 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 Act
Slide 18: A Rapidly Scaling Growth Story
A Rapidly Scaling Growth Story 1717 2024-2025 Growth 2024-2025 €M & Margins 14.7 q Strong total sales growth in 2025 7.9 Total Sales +86% (+86%), mainly driven by: q Increase in services and 2024 2025 royalties related to Koridion EBITDA which represent the key drivers margin 42.4% 57.9% 1 2 .0 1 0
Slide 19: Strong Focus on Research & Development
Strong Focus on Research & Development 1818 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 800,000 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 20: Slight Seasonality In Revenues Affecting Trade Working Capital
Slight Seasonality In Revenues Affecting Trade Working Capital 1919 3 0 . Net Working Capital (€m) 2 5 .0 Trade Working Capital (€m) 2 0 . 1 5 .0 4.9 (1.7) 1 5 .0 1 0 . (3.2) 4.1 5 .0 5.1 7.6 1 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 .
Slide 21: Scaling Production Capacity with Disciplined Leverage
Scaling Production Capacity with Disciplined Leverage 2020 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 Asset s Net Working Capital Provisions Pension Funds 202
Slide 22: Cash Flow Statement 2025
Cash Flow Statement 2025 2121 €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 A CF FO WC ds ts ity ts ds low e s/ s ge ibl eb ITD sse un qu un ble le UF FC hF pe tang ar ∆N y a v ab ∆D EB lA ∆F nF ∆E Ch as s cia sio pa c e i In tC x ial an en & Re nc N
Slide 23: What's Next?
What’s Next? 2222 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 24: Focus on H1 Results
2323 FOCUS ON H1 26 RESULTS
Slide 25: Financial Highlights H1 2026
Financial Highlights H1 2026 2424 q Revenues of Euro 7.1 million (+12.4%), driven by proprietary technologies and projects with key industrial customers: § Kordion sales +29.6% § Xelion sales -34.6%, as key customers focus on launching new product lines q EBITDA of Euro 3.7 million (+14.4%); margin
Slide 26: P&L H1 2026: Sales and EBITDA
P&L H1 2026: Sales and EBITDA 2525 Sales (€m) EBITDA (€m) 7.1 6.4 1H 2025 1H 2026 Revenues amounted to Euro 7.1 million, up EBITDA of Euro 3.7 million, +14.4%, with an 12.4%, driven by strong performance of Koridion EBITDA Margin of 49.3% (compared to 51.5% as (+29.6%), more than offsetting Xelion d
Slide 27: P&L H1 2026: EBITDA bridge
P&L H1 2026: EBITDA bridge 2626 €m SUB-TOTALS INCREASE DECREASE Source: Company information
Slide 28: P&L H1 2026: EBIT and Net Result
P&L H1 2026: EBIT and Net Result 2727 EBIT (€m) Net Result (€m) EBIT in H1 2026 reflects higher depreciation due to Net profit decrease mainly driven by higher D&A investments in capital equipment made during and financial charges 2025 Source: Company information
Slide 29: Balance sheet H1 2026: trade working capital
Balance sheet H1 2026: trade working capital 2828 Trade Working Capital (€m) q Trade Working Capital in H1 2026 amounted to -€ 0.7 m, impacted by reduction of trade payables, reflecting the progressive settlement payables related to investments in property, plant and equipment made in the latter par
Slide 30: Balance sheet H1 2026: prosecution of investments
Balance sheet H1 2026: prosecution of investments 2929 Net Invested Capital (€m) q Net Invested Capital is mainly composed of Fixed Assets which increased reflecting investments in plant, machinery and assets under construction, as part of Company’s efforts to strengthen its technological and indust
Slide 31: Balance sheet H1 2026: net cash achieved
Balance sheet H1 2026: net cash achieved 3030 Net Debt/(Cash) (€m) q The Company moved to a net cash position of Net Debt / 2.0x n.m. EBITDA €7.7m (vs. net debt of €17.2m at the end of 2025), mainly thanks to IPO proceeds q Cash and cash equivalents amounted to Euro 29.9 million, against gross finan
Slide 32: Cash flow statement H1 2026
Cash flow statement H1 2026 3131 €m SUB-TOTALS INCREASE DECREASE Source: Company information
Slide 33: Outlook
Outlook 3232 q Given Alia Mentis’ business model and the timing of project development, validation and industrialisation, the second half is expected to weigh most on full-year results q H2 growth will also benefit from an evolving revenue mix between products, services and royalties, with the latte
Slide 34: Appendix
3333 Appendix
Slide 35: Appendix | Financials
3434 Appendix | Financials
Slide 36: Financial Statements
Financial Statements 3535 €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 37: Income statement H1 2026
Income statement H1 2026 3636 €m Source: Financial Statements
Slide 38: Balance sheet H1 2026
Balance sheet H1 2026 3737 €m Source: Financial Statements
Slide 39: Balance sheet H1 2026: focus on net working capital
Balance sheet H1 2026: focus on net working capital 3838 Net Working Capital (€m) Sources: Management accounts; company information
Slide 40: Cash flow statement H1 2026
Cash flow statement H1 2026 3939 €m Source: Financial Statements
Slide 41: Appendix | Corporate Governance
4040 Appendix | Corporate Governance
Slide 42: Current Shareholding Structure
Current Shareholding Structure 4141 Giuseppe Paronetto 100% Paronetto-Daniel Srl Investors adhering to the Float shareholders’ agreement 100% FNC Srl 65% 5% 30% Source: Company information
Slide 43: Organizational Structure
Organizational Structure 4242 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 44: Corporate Governance
Corporate Governance 4343 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 45: Appendix | Products
4444 Appendix | Products
Slide 46: Xelion (1/2)
Xelion (1/2) 4545 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 q High capacity for energy absorption and dissipation q Controlled mechanical behavior un
Slide 47: Xelion (2/2)
Xelion (2/2) 4646 Technical features q XELION is made up of an exclusive carbon-based concave particle which provides unique properties to products which incorporate it q XELION also performs at extreme temperatures when other materials become less effective q The exclusive nature of the XELION comp
Slide 48: Koridion
Koridion 4747 KORIDION is the first active core for the self forming of CFRP to its final shape Description Technological Edge q Koridion is a proprietary process technology developed by Alia Mentis for the q Design freedom and functional integration manufacturing of carbon fiber components with hig
Slide 49: IP Technologies Strengthened by Proprietary Process Solutions
IP Technologies Strengthened by Proprietary Process Solutions 4848 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 50: Carbon Fiber Components Value Chain
Carbon Fiber Components Value Chain 4949 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 51: Disclaimer
Disclaimer 5050 The information contained in this presentation (the “Presentation”) has been prepared by Alia Mentis S.p.A. (the “Company”) for the sole purpose of the presentation made to you concerning the Company. This Presentation and the information contained herein are strictly confidential. D