19 MARCH 2024

2023
FULL-YEAR
RESULTS
SUMMARY

#01 Introduction

#02 2023 activity: a challenging year and several measures taken

#03 Financial results 2023

#04 Outlook

#05 Q&A
2
INTRODUCTION
KEY FIGURES 2023

8% HEALTHY
REVENUES CURRENT EBITDA CASH GENERATION1
MARGIN

€ 75 M € 6.0 M € 4.1 M

Stable vs 2022 Maintaining profitability in a

without accounting change in Maintaining high gross
Software activity margin and control over costs challenging year 2023

1
4
Cash flow from operations before change in working capital
TWO DIVISIONS REFOCUSED ON PROFITABLE ACTIVITIES

SYSTEMS DIVISION PRODUCTS DIVISION

~50% of revenues ~50% of revenues
Providing clients with 3D Printing solutions Printing parts on-demand for industrial
to set-up their production & medical applications

3D 3D 3D 3D 3D
PRINTERS MATERIALS SOFTWARE DIGITAL AUDIOLOGY
MANUFACTURING

5
2023
ACTIVITY
3D PRINTERS & MATERIALS: TAKING MEASURES
TO ADRESS KEY CHALLENGES

2023 - KEY BUSINESS MEASURES TAKEN SHORT-TERM EFFECTS

ELEMENTS IN 2023 AND EARLY 2024 IN 2024

Weak Printers sales (-20%) Refocusing the Printers Revenue growth

activity on the & better operating
Slowdown of manufacturing segment leverage
investments for
aligners production
• Stopping the small printers activity • Lower fixed costs

Weakness of small printers • Reorganization of the Sales • Increased commercial pipeline

sales for jewellery & Marketing team
• Higher success rates with potential
• Updating our offer for clients
Robust sales of the manufacturing clients
materials with
recurring clients

FIRST EFFECTS ARE MATERILAZING IN Q1 2024 WITH NEW PRINTERS SALES SIGNED
7
UPDATING OUR OFFER FOR MANUFATURING CLIENTS

1 2 3

Improving our Integration in the R&D on new

MovingLight printers whole manufacturing materials for new
for the dental market process industrial projects

• Technological push on projectors Full integration of pre-printing

• Working on the Software and and post-processing in the
leveraging AI capacities clients’ production flow
Ongoing projetcs

8
DIGITAL MANUFACTURING: A STRONG POSITION

MEASURES TAKEN SHORT-TERM EFFECTS

IN 2023 AND EARLY 2024 IN 2024

+9% Adding new materials +€2 m of new opportunities

REVENUE to our portfolio identified in Jan.2024 only
GROWTH
IN 2023

Deepening activity with Price increases

existing flagship clients
More recurring small
Accelerating in Q4 series vs prototyping
with +11% Reorganization of Sales
team to boost volumes
Strong success
in Germany

9
AUDIOLOGY: STRONG GROWTH WITH INDUSTRIAL CLIENTS

MEASURES TAKEN SHORT-TERM EFFECTS

IN 2023 AND EARLY 2024 IN 2024

+20% Reorganization of Sales Significant volume increase

REVENUE & Marketing teams with large industrial clients
GROWTH
IN 2023
New R&D projects Price increases
to enhance imprint
& production flow
Higher gross margin
Successful integration Reduction of the
of Auditech (acquired production costs
in H2 2022)
+11% organic growth
with industrial clients

10
PROFESSIONALIZATION OF PRODWAYS TEAMS

They joined the Prodways adventure recently

Enhancing
the quality
of our teams
RICARDO DAMIEN NELL STEFAN
with limited 3D Audiology 3D Software Head of CSR 3D Digital Manufacturing
increase in Head of sales
10 year experience
Head of Sales
Senior Sales exepert in
Expert in
CSR policies
Senior sales in Germany
20 years experience
headcount in Audio markets the industrial sector in 3D Printing

+27
people
in 2023 ANTHONY KAREN
3D Digital Manufacturing Marketing manager
Sales Director in France group

11
FINANCIAL
RESULTS
2023
 SYSTEMS DIVISION: A CHALLENGING YEAR 2023

REVENUES

€ 40 M 9%
Current EBITDA margin

-€10 m €3.5 m
vs 2022

Significant loss on Printers

-€7 m from change in accounting activity
classification in Software activity 1
Transition to SaaS model in
Software
Decrease in Printers sales
Strong profit from Materials
1 Change in classification in application of IFRS15 standard, decrease revenues but having no impact on current EBITDA in absolute value. See the press
sales 13
release on FY2023 results for a detailed explanation of the change in classification
PRODUCTS DIVISION: STEADY GROWTH

REVENUES

€ 35M 11 %
Current EBITDA margin

+ 11 % €3.9 m

+5% organic growth -€0.4m decrease vs 2022

Increasing contribution
from of Auditech Strengthening of Sales &
Marketing teams to boost
2024 growth & beyond
Decreasing revenues
from Cristal brand
14
P&L STATEMENT 2023: DISCIPLINE IN A CHALLENGING YEAR

FY 2023 FY 2022 Variation Variation

(€M) (€M) (€M) (%) REVENUE impacted by the change in
classification in Software in H2 2023 (-€6.5 m)
-8%
Revenue 74,6 80,7 -6,1
-10% organic Stable revenue without this change
Current EBITDA1 6,0 11,4 -5,4 -48%

Current EBITDA margin 8% 14% -6 pts -

LOWER EBITDA MARGIN by €5 m
Income from ordinary • -€1 m from exceptional debt waiver in 2022
activites2 1,0 5,8 -4,8 -82% • -€0,4 m from strengthening Sales & Marketing
teams
Other elements of the • -€1 m from the small Printers activity
operating income -13,6 -0,8 -12,8 - • -€1.5 m lower sales of industrial printers

Operating income -12,6 4,9 -17,5 -

EXCEPTIONALLY HIGH OTHER ELEMENTS
Financial results, • -€17 m from depreciation (non-cash) on small
tax & minorities -1,4 -3,3 +1,9 -
printers activities
• +€3 m value gain on the sale of the
NET INCOME -14,0 1,6 -15,6 - participation in Biotech dental

1 Operating income before “depreciation, amortization and provisions”, “non-recurring items in operating income” and “Group share of the earnings of affiliated companies”.
2 Operating income before “non-recurring items in operating income” and “Group share of the earnings of affiliated companies”. 15
CASH GENERATION: +€2 M IN 2023

x x x

+€4.1 M of cash Significant improvement in €3.3 M investments

from operations1 working capital of €1.4 M in R&D & capex
+€4 M from More improvement expected in
disposal of a 2024
minority
participation

€16 M AVAILABLE CASH AT END-JUNE

LOW LEVEL OF NET DEBT (€2.9 M)
1 Before change in working capital 2 Before IFRS16 lease debt and including treasury shares
16
Perspectives
3D MARKETS: POSITIVE SIGNALS FOR 2024 AND BEYOND

Dental
Investments picking up after a slowdown in 2023
Increasing production & improving quality

Aerospace
R&D projects maturing and
SEVERAL going into industrial phases
SUPPORTIVE
TRENDS Electrical vehicules
More & more project using 3D
for special components

Mass markets
Adoption of 3D by mass market players

18
AN IMPROVED OPERATING LEVERAGE TO BENEFIT
FROM REVENUE GROWTH

LOWER • Stopping small printers activity

• Selling small dental lab activity
~440
HEADCOUNT • Professionalization of the teams people
end-2024
vs 507 end-2023

-€5 m
• Optimization of Printers teams
LOWER FIXED • Regroupment of production sites
COSTS in Audiology
of fixed costs on a
• Efficiency in support functions
full year basis

19
COMPARABLE REVENUE BASIS FOR 2024

Full year effect

of classification change
in Software

€ 75 m Refocusing on industrial
€ 59 m
printers & stopping small 2023
2023 Indicative revenue
IFRS revenues printers activity
based on current
scope
Disposal of Cristal
dental lab

20
OUTLOOK 2024

CONTINUING ON THE STRATEGY OF GROWTH & PROFITABILITY

REVENUE HIGHER
GROWTH EBITDA
On a comparable MARGIN
basis

21
Q&A
Contact
Hugo Soussan
[email protected]
+33 1 44 77 94 86
+33 7 55 66 40 54