Danieli & C Officine Meccaniche S p A : Press release dated 7.03.2024 related to the consolidated six-monthly report for the period ended 31.12.2023

DANIELI & C. OFFICINE MECCANICHE S.p.A.

Buttrio (UD) - via Nazionale n. 41

Fully paid-up share capital of euro 81,304,566

Registration Number with the Register of Companies of Udine, tax number and VAT registration number:

00167460302

www.danieli.com

PRESS RELEASE

DANIELI GROUP

The Board of Directors of Danieli & C. Officine Meccaniche S.p.A. (hereinafter also "Danieli") met today, March 7, 2024, to examine and approve the consolidated six-monthly report for the period ended December 31, 2023, prepared according to international IAS/IFRS accounting standards, and acknowledging the result for the first six months of operations.

CONSOLIDATED SIX-MONTHLY REPORT FOR THE PERIOD ENDED 31.12.2023

Summary of results for the first six months of the tax year

The results for the first six months of the 2023/2024 financial year confirm the forecast drop in profitability in steel production (Steel Making) and an improvement in the design and supply of steelmaking plants (Plant Making).

The two businesses continue to offset each other in the "ups and downs" of economic cycles: steel consumption falls immediately during the down phases while opportunities increase for Plant Making thanks to the excellent financial reporting results that steelmakers posted during the up phases, results that enable them to make investments to enhance competitiveness in the production of green steel as well.

We wish to emphasize that the excellent economic result of the Plant Making segment is also due to the fact that, internationally, our plants are considered front runners in technology and therefore competitive in the production of green steel.

We can expect the current trend to go on for the next six months and, for the Danieli Group, a continued offsetting between the results of the two Steel Making and Plant Making businesses, which allows us to confirm the forecasts for the end of the 2023/2024 tax year and to configure

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those for the 2024/2025 tax year with the goal of maintaining and possibly improving the results expected for this financial year.

Gross Operating Margin (EBITDA) was up 10% overall compared to the same period last year, driven by the results of the Danieli Plant Making sector, which in the second half of 2023 developed the projects that were already in the order book at the end of June 2023, in a precise, effective manner and without additional costs.

ABS Steel Making, on the other hand, did not benefit from the favourable combination of prices and production costs in the period, with results that were less satisfactory even though it did continue to maintain high shipping volumes. The rapid fall in the price of scrap and energy factors in the second half of 2023 reduced ABS' margins, and the end of the tax credits scheme for energy costs as of July 1, 2023, led to a significant decrease in the value of intermediate inventories. The complete turnover of these stocks negatively affected the economic situation in the first six months of ABS' 2023-24 tax year, in spite of a good level of sales and shipped products in the period. However, shipping volumes continue to be good in the first months of 2024 with a renewed increase in sales margins.

The consolidated Net Result for the first six months of the 2023/2024 tax year is good and shows an increase of 33% over the previous year, thanks also to the contribution of financial income tied to the remuneration of Group liquidity net of discounting operations on hard-to-collect receivables. The effects of exchange differences remain basically neutral given a contained fluctuation of the US dollar against the Euro up to December 31, 2023.

Group revenue is higher than it was in the same period last year, with growing sales in the Plant Making segment and a Group EBITDA of 160.6 million euro sustained by production on orders with more sophisticated technological content in a more favourable market.

Shipping volumes for ABS Steel Making are in line with the budget drawn up at the beginning of the year albeit with declining sales after prices peaked in the last tax year, with about 630,000 tons of products shipped during the six-month period ended December 31, 2023. Total margins are 90.4 million with the goal of increasing volumes and revenue for the second six-month period and presenting a better result for the entire current tax year.

For Danieli Plant Making in particular, we expect good volumes and fairly good margins in the second half of the tax year, equally distributed among its main product lines (steelmaking, long products, flat products, plant automation and digitalization), and profitability that is basically similar in all the geographical areas in question, with the main operating subsidiaries making a good contribution to the Group.

For ABS Steel Making, however, we are aiming for better results through a greater volume of tons produced (the market is still receptive to quality products) and prices again on the rise backed by demand and driven by the higher costs of production factors, especially scrap and ferroalloys.

The Group's net financial position continues to be positive and high. Liquidity management continued in the period according to the usual principles of low-risk, highly liquid investments, with an increase in long-term structural loans with banks (EIB and CDP) supporting economic development, for the purpose of financing the CAPEX in ABS' new investment plan. Currency management essentially remained neutral due to the positive effect of foreign exchange hedges set up to neutralize the unfavourable alignment between USD and EUR on December 31, 2023, compared to June 30, 2023.

Worldwide prospects for the metals production sector affecting Danieli's Plant

Making business

In 2023, the world economy grew 3.1%, less than the figure of 3.5% in 2022 (helped in part by the post-COVID recovery). The latest forecasts of the World Economic Outlook (International Monetary Fund) available on the date of this report point to positive, similar growth rates for 2024 (3.1%

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growth) and for 2025 (3.2% growth), essentially with an improvement in the European economy that can offset the retracement in the performance of the two principal world economies:

• the US economy, with a low growth forecast between 2.1% and 1.7%, lower inflation and a cut in interest rates by the Federal Reserve, and
• the Chinese economy, which continues to maintain a high rate of growth (between 4.6% and 4.1%) but not as high as in the past due to the slump in the real estate sector and a less dynamic economy in general which is also tied to a slowing of structural reforms.

Throughout 2023, manufacturing in Europe continued to be affected by downturns tied in part to reduced international trade correlated with the Russia-Ukraine conflict (and now with the Palestinian crisis as well) and in part to considerable fluctuations in the prices of raw materials and energy factors, which only at the end of the year returned to more reasonable levels (but still much higher than in 2021) with an economic scenario characterized by still high inflation that led the European Central Bank to keep interest rates high.

Therefore, world GDP and its outlook remain positive for 2024, but without any increases in growth, due essentially to diminished drive from countries with advanced economies, while India continues to be world leader in terms of growth, followed by China and the other Asian countries.

In 2023, world steel production reached about 1,888 million tons (as reported by the World Steel Association) in line with 2022 figures, with an increase in Asia (where China remained stable, and increased production in India largely offset the drop in production in Japan) and a marked drop in the EU while Russia and the US showed slightly higher production volumes.

The average plant utilization factor remained at around 83%, positively affected by a more efficient utilization of plants in China and India, and negatively influenced by a more problematic utilization in Europe, which is still experiencing delayed growth because of the consequences of the energy and financial crisis caused by the Russia-Ukraine conflict.

However, the general outlook for the steel market remains positive for 2024, with prices rising slightly and volumes holding steady compared to 2023, and a more receptive end market thanks to a normalization of the energy market, especially in Europe.

China continued to hold its position as a main player in the steel industry, producing about 54% of the world's steel and continuing with the process of developing its secondary metallurgy process (recycling of scrap metal), with a gradual decommissioning of its more polluting plants that use primary metallurgy (using iron ore as starting material), and a gradual rise in the use of electric arc furnaces (EAFs) for steelmaking in order to cut down on the use of coal and related direct CO2 emissions.

At COP28, the confirmed goal of reaching zero emissions by 2060 will in the next few years bring about a significant change in the technologies used to produce liquid steel, together with the need to make substantial investments in order to significantly lower the environmental impact of steelmaking.

In Europe too, the subject of GHG emissions has become increasingly important for steelmakers as well, especially in terms of offsetting costs and investments for sustainable manufacturing, considering that the mechanism to tax the CO2 content of steel products imported into the EU (CBAM) is now set to come into full force in 2026, and will apply together with the new Emissions Trading System (ETS), favouring EAF steelmakers whose emissions impact is lower than that of traditional steelmaking in blast furnaces.

Maintaining at all times a high level of steelmaking worldwide and interest in developing steel production by using energy factors more efficiently and innovatively are keeping our customers keenly interested in investing in new plants and in technologically updating existing ones in order to achieve better quality and more flexible steelmaking, reducing CO2 emissions and using available resources in a sustainable manner.

In the last few years, the decarbonization process has taken on an increasingly central role for all investments in this sector. The solutions available today can rely on new technologies allowing the

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steelmaking process to use electrical energy from renewable sources and gas or hydrogen (if available) at competitive economic conditions, thus enabling a significant decrease in the emissions generated by the industrial process of liquid steelmaking.

The gradual replacement of coal in primary steelmaking will make it possible to reduce the related GHG emissions, which today account for approximately 7% of global CO2 production, second only to the energy generation sector. The metallurgical process will thus be transformed to align itself with the goals of COP28, where the decarbonization process will initially improve the efficiency of blast furnaces which will then gradually be replaced with new iron ore reduction technologies (DRI plants) that use gas and hydrogen.

The desire to set a cap of 1.5° on the rise in average global temperature, as reiterated at the COP 28 in Dubai, will therefore require a substantial financial commitment through investments in the steel sector in order to use new plants that significantly limit the use of coal in the production process.

Danieli has developed and owns all of these new technologies. Danieli can work towards reaching these results in line with the sustainable goals promoted by the United Nations Global Compact, thanks to our know-how and solutions to reduce emissions with NET TO ZERO targets validated by Sbti (Science-Based Target Initiative), and by CDP (Carbon Disclosure Project), obtaining in 2023 an A rating for leadership in Climate Action and in the use of a sustainable Supply Chain achieved also thanks to our substantial commitment to develop innovative and environment-friendly solutions for our customers.

In order to remain competitive in this market, Danieli has made sizable investments in innovative technologies to produce green steel, reaffirming customer centricity first and foremost by:

• increasing plant productivity and with it, per capita added value;
• reducing GHG emissions per ton produced by applying innovative technological solutions today established as having low environmental impact;
• putting into practice the principles of the 4.0 revolution in the steelmaking industry through the DIGIMET project, to ensure total control of production variables in all phases of production from liquid steel to the final, finished and packaged product, and;
• speeding up production processes by reducing time and costs and optimizing production efficiency by combining various thermomechanical work phases with endless solutions for both long and flat products.

The research and technological development carried out by Danieli in the last decade have allowed us to expand the range of plants offered to the entire metals sector (steel, aluminium and other metals), significantly lowering the cost of the initial investment per project (CapEx), optimizing production operating expenses (OpEx) and combining several work stages in the production process. This makes investments more economically feasible, thus increasing the number of potential investors in countries with mature economies as well as in still developing countries.

For the Group, maintaining a significant order book that already includes many innovative plants for green steel production, confirms our customers' tendency to invest in new plants thanks to the competitiveness and the technological solutions proposed by Danieli, which today has the qualifications and references for the entire range of metallurgical products needed to achieve the NET ZERO targets to protect the planet.

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Summary of Results by Business Segment

Gross Operating Margin (EBITDA) is a measurement used by the Issuer to monitor and evaluate the performance of operations and represents the operating profit before depreciation and amortization of fixed assets and net write-downs of receivables (this measure is not specified in the IFRS standards and therefore may not be fully comparable with other entities that use different calculation criteria).

Based on the IFRS 5 accounting standard, the revenues and costs of the ESW pipe mill were reported separately since they refer to discontinued operations and are related to its closure, and the result for the period is directly entered under profit/loss for the year.

Strategies

Below are some of Danieli's mottos:

• "Innovaction to be a step ahead in Capex and Opex" which aims to make the most of the Group's new organizational model, promoting multicultural, intellectual growth and creating solutions to meet current market requirements more effectively.
• "Passion to innovate and perform" but also "We do not shop around for noble equipment". The
  Danieli Group will therefore continue to consolidate and expand its business in order to be more competitive in terms of innovation, technology, quality, costs, productivity and customer service.
• "Absolute Steel Quality" which summarizes ABS' constant commitment to produce steels with a degree of finish and a customer service that are always in line with the most demanding expectations and for the most innovative and rigorous industrial applications.

Innovation and noble products are developed and manufactured primarily in Europe, whereas plants with already consolidated technologies are designed and manufactured in our Asian plants, which guarantee the same European quality at a lower cost for both the western steelmaking market and the Asian one, where today about 70% of the world's steel is produced.

Thanks to the investments made in both operating segments, the Danieli Group intends to offer its customers better and better service in terms of quality, prices and on-time delivery, as well as

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streamlining company processes to reduce wastefulness and emissions, while striving for maximum customer satisfaction through innovative, environment-friendly products.

In the field of special steelmaking, ABS is recognized worldwide as one of the most modern steelmaking shops in the world because of the quality of its plants that not only guarantee certified products but also the highest production efficiency and full protection of the ecosystem in which it operates.

ABS Steel Making, in particular, having completed the production Learning Curve of its new ball mill, and with its investments in a new Digimelter furnace, will be able to further expand its range of quality steel products, thus improving the utilization factor of its steelmaking plants (with subsequent reduction in average OpEx), setting the goal of being the first operator in Italy in the field of special steel long products and one of the first three in Europe.

Order Book

The Group's order book is well diversified by geographical area and product line, and for the period ended December 31, 2023, amounts to 6,034 million euro (of which 331 million euro in the special steelmaking sector) compared to 6,200 million euro for the year ended June 30, 2023 (of which 369 million euro for special steels) without including some major contracts that have already been signed but have not yet entered into force as they are waiting to finalize the related financial package.

The types of orders currently in production in the Plant Making sector and the planning of activities in the Group's manufacturing units have allowed an orderly management of design offices and manufacturing shops both in Italy and abroad, without, for the time being, experiencing any major quality problems or delivery delays and slowdowns.

In the Plant Making segment, there are currently no ongoing projects of significant value in Ukraine whereas all the projects with Russian customers in progress up to December 31, 2023, were slowed down (or suspended or terminated due to force majeure). Consequently, as a prudential measure the order book no longer includes any amounts for these projects (including the remaining ones that are still open) given the low probability of their being developed in the future, also because of a lack of financial hedging instruments, whereas the advance payments collected on these suspended projects are entered as a direct reduction of the Group's net financial position for the period ended December 31, 2023.

In the six-month period ended 31.12.2023, revenues earned on old orders (acquired prior to 2022) from unsanctioned Russian customers was about 92 million euro, while the remaining amount still to be completed on these contracts (by our Chinese subsidiary Danieli Changsu) was fully excluded from the order book due to a lack of financial security.

Even with considerable uncertainty as to the current geopolitical and economic situation, we feel that the Group is not exposed to still unhedged risks related to its businesses in the Russian market and that job orders in progress with Russian customers do not show significant credit exposure while the remaining operations in the country are continuing only to complete the projects that were started before the beginning of the conflict, after obtaining all the necessary authorizations and in compliance with the sanctions in force.

The in-person operations of our design center in Ukraine are currently suspended but are continuing remotely.

The operations of our plant in Russia, which focus on spare parts, continued at a much slower pace during the year and only with a few unsanctioned customers, while the company is experiencing falling volumes and essentially break-even results. Danieli began the process to sell this production unit to third parties even if negotiations have momentarily been interrupted because of the application of a court-ordered stop in connection with certain actions brought by Russian customers

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following the suspension of their projects and due to the difficulty of finding credible counterparts to respect the best compliance requirements.

In addition to what has already been posted in terms of write-downs, risk hedging and discounting of book entries for commercial receivables and other assets related to specific projects in Russia up to December 31, 2023, there are no other items subject to significant recovery risk in Group assets exposed to the Russian and Ukrainian market and/or customers.

Danieli condemns all existing conflicts and especially the one between Russia and Ukraine that is creating serious consequences in Europe in terms of the destruction and loss of human life and economic losses; we hope this conflict will end as soon as possible with a fair and equitable outcome.

Danieli Plant Making management continues to carefully examine the various repercussions on the Group of this situation by monitoring the evolution of the system of sanctions applied by the EU, and we believe that a potential negative impact will be due more to a reduction in future trade opportunities with a cooling of the Russian market than to extraordinary charges on existing projects that are suitably hedged and secured.

Human Resources

As of December 31, 2023, the Danieli Group employed 10,054 people, of which 1,594 in the Steel Making segment and 8,460 in the Plant Making segment, up by 322 over the figure of 9,732 for the year ended June 30, 2023.

Danieli continues to pursue innovation, efficiency and quality of customer service at a fast pace, encouraging team excellence by promoting merit and teamwork.

Danieli Academy will be expanded further in order to broaden the selection and training of newly hired youths, including outside of Italy, and to promote training and professional improvement courses for senior employees.

We continue to work with the Technical Schools to set up a "Learning by Doing" program which is of substantial importance for young students working side by side with expert technicians. These specific courses designed together with the departments and Danieli Academy involve periods spent at the company in accordance with specific safety regulations and in the presence of suitably trained tutors.

Worthy of note is the Top Employer Italia 2024 certificate awarded to Danieli for the third consecutive year, for having applied the best practices in the management and promotion of human resources in accordance with the highest international standards.

Danieli Group Operations

The Danieli Group essentially runs two main businesses: The first (Danieli Plant Making) is in the field of plant engineering and manufacturing - including turnkey plants - for the production of metals. The principal operating companies in the Plant Making segment are in Europe (Italy, Sweden, Germany, France, Austria, The Netherlands, the United Kingdom, Russia and Spain) and in Asia (China, Thailand, India, Vietnam), with service centers in the US, Brazil, Egypt, Turkey and Ukraine.

In the Plant Making sector, Danieli is one of the top three manufacturers in the world for plants and machines for the metals industry, leader in meltshops and plants for the production of long products (these plants produce steel in electric arc furnaces - including from direct reduced iron - which, in addition to being competitive in terms of Capex and Opex, are also environment-friendly, compared to integrated plants that use blast furnaces and coke); and it is also second in the manufacture of plants for flat products.

The second business (ABS Steel Making), on the other hand, concerns the production of special steels through the companies of ABS ed ABS Sisak d.o.o. The steels produced in these facilities supply the automotive industry, heavy-duty vehicles, engineering, energy and petroleum industries. ABS is the number one steelmaker in Italy and among the leading ones in Europe in its field.

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In Friuli-Venezia Giulia, the Danieli Group provides employment for about 6,000 people, either directly or through linked industries, and accounts for almost 40% of the yearly exports of the province of Udine, and 20% of those of the region of Friuli.

Moreover, as regards support for families, in addition to the daycare center and kindergarten that have been operating for years now, the Danieli Group has prepared a program for the primary school, whose teaching methods are considered to be more advanced than traditional ones, particularly as regards the consolidation of soft skills, and which has been certified as a "Cambridge Exam Preparation Center" thanks to the quality of the education being offered for the learning of the English language.

In the municipality of Buttrio, after the nursery and the primary school, the investments in the gym and the new buildings to house the junior high school have been completed, thus expanding the educational opportunities available to children until they are ready to start high school, and giving them a solid background in humanistic and technical studies together with the appropriate soft skills.

After the opening of the Bistrot and the new Hotel in the "Corte delle Fucine" complex, work is continuing on the creation of a new sports center through the redevelopment of an area covering about 60,000 square meters across the street from the Buttrio workshops, at the service of the community and to valorise the territory of Friuli.

Finally, in 2023 work continued at the former Dormisch brewery in the center of the city of Udine, where a new multi-purpose center covering more than 8,000 square meters is being built, representing one of the largest investments made by Danieli in Friuli intended for young people and their education and social interaction.

Attached is a summary of the statement of assets and liabilities, the income statement (excluding the overall income statement), and the consolidated financial position of the Group for the period ended December 31, 2023, compared with the data for the periods ended December 31, 2022, and June 30, 2023.

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CONSOLIDATED FINANCIAL STATEMENTS OF THE DANIELI GROUP

1. Please note that some items of the consolidated balance sheet and income statement are presented in abridged form compared to the schedules of the annual report.

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CONSOLIDATED NET FINANCIAL POSITION

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