2020 Operating Expenses

Change of Commercial Cycle continues to fuel Working Capital Reduction EOS imaging Balance Sheet main elements change from December 2018 to December 2020 EUR million 32,7 17,7 9,8 Dec. 2018 Dec., 2019 ■Dec., 2020 34,4 27,2 19,8 13,5 13,4 8,8 (4,0) (3,4) (7,1) Receivables Inventories Payables Net Working Capital (NWC) Net Working Capital Variation from December 2019 to December 2020 EUR million 27,2 (7,9) (0,1) 0,5 19,8 NWC Receivables Inventories Payables as of Dec. 2019 NWC as of Dec. 2020 Continued reduction of Receivables Stable inventories Significant improvement in working capital CONNECTING IMAGING TO CARE April 2021 19

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