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Altea Green Power
Investor Presentation • Sep 12, 2025
4126_rns_2025-09-12_bdaf2156-206a-40ac-845b-ab18f1c31b8f.pdf
Investor Presentation
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H1 2025 Financial results
September 12nd, 2025
Giovanni Di Pascale CEO
Salvatore Guarino General Manager
Giancarlo Signorini CFO
At a glance
COMPANY
Leading player, listed on Euronext STAR Milan, in project co-development, in the BESS storage sector and in photovoltaics and wind energy, EPC and Energy efficiency and IPP (Independent Power Production).
SHAREHOLDERS STRUCTURE
*Dxor Investments and Dxor Investments 1 are companies attributable to Giovanni Di Pascale
Strategic partnerships in the US and Italy with companies such as Iberdrola, Enlight, Aer Soléir, RP Global, Renewable Power Capital.
PIPELINE
0
5
10
15
20
25
Over +15 6.4 GW
Over 0.6 GW
BESS (Battery Energy Storage System) ITALY and U.S.A.
PHOTOVOLTAICS AND WIND ENERGY
2025 UPDATE
2025 – Business update
BESS PROJECT IN BASILICATA AUTHORISED BY MASE
- BESS storage plant project with a capacity of 200 MW
- Authorization process completed in 21 months
- Generate cash flows of around €13 million before the end of the year
AUTHORIZATION PROCESS INITIATED FOR 1.4 GW OF BESS STORAGE PROJECTS
- The decision reflects the Company's commitment to offering its clients a higher level of service and ensuring the opportunity to participate in Terna's auctions, which will take place from this year until 2028
- To date, authorization process initiated for 2 GW
SALE OF PV PROJECT IN SOUTH OF ITALY TO A LEADING INTERNATIONAL PLAYER IN THE ENERGY SECTOR
- Located in Molise and fully developed by Altea Green Power
- Total capacity of 9,624 kW
- Sale value approximately € 1.3 million
2025 – Business update
COMMERCIAL AGREEMENT WITH INNOVATEC FOR THE PURCHASE, SALE AND CO-DEVELOPMENT OF PV PROJECTS IN ITALY
- 3-years commercial agreement
- AGP fast-track its Strategic Plan to develop own photovoltaic plants as an Independent Power Producer (IPP)
SUCCESSFULLY PLACED € 10 MILLION NON-CONVERTIBLE BOND, 50% GUARANTEED BY SACE S.P.A.
- To support part of the Group's financial needs for new investments in renewable energy plants
- The loan will allow AGP to expedite the development of proprietary photovoltaic projects as an IPP
- Fully underwritten by BPER Banca S.p.A. and Cassa Depositi e Prestiti as co-investor of the Bond
alteagreenpower.com 6
AGP In Italy and worldwide
Expertise, professionalism, quality and a focus on local communities
Actual Backlog
| TYPE | (€/M) VALUE |
|
|---|---|---|
| Gross | Net | |
| BESS | 117 9 premium* + |
79 6 |
| PV/WIND | 32 6 |
6 2 |
| EPC | 1 6 |
0 6 |
| Co Development Backlog - |
premium* 152 2 + , |
86 4 |
| yet to be collected |
- Gross value represents the total signed contract
- Net value represents the value to be still invoice and collect as of June 30, 2025
FINANCIALS
H1 2025 – Results highlights
EXCELLENT MARGINS, SUPPORTED BY A SOLID FINANCIAL STRUCTURE AND ALIGNED WITH THE GROUP'S INDUSTRIAL VISION
- The difference in total revenues vs H1 2024 reflects the natural evolution of orders, operational dynamics linked to variable authorisation timescales and the physiological modulation of project flows, as well as the presence of a significant capital gain realised in the Q1 2024.
- The EBITDA margin is growing and stands at 58% compared to 56% in the H1 2024, confirming the soundness of the growth strategy.
- Net financial debt showed a positive trend, benefiting significantly from advance payments received from customers in relation to the achievement of contractual milestones for orders currently in progress.
EBITDA Bridge
alteagreenpower.com 11
€/mln
2025 Guidance and 2028 Financial Targets
GROWTH STRATEGY OF THE 2024-2028 BUSINESS PLAN AND 2028 TARGETS CONFIRMED
POSTPONEMENT OF THE 2025 ECONOMIC TARGETS AND IMPROVEMENT IN EXPECTED FINANCIAL PERFORMANCE
The postponement is due to a temporarily slow down of the BESS market segment linked to the MACSE auctions scheduled for the end of September.
The positive impact on the financial structure is due to the recent completion of a major project.
| Guidance 2025 – New Plan |
Guidance 2025 - Old Plan |
Targets 2028 | |
|---|---|---|---|
| Revenues | € 25 - | € 46 - | € 60 - |
| 30 M | 51.5 M | 73 M | |
| EBITDA | € 15 - | € 27 - | € 35 - |
| 18 M | 30.5 M | 42 M | |
| EBITDA Margin | approx. 60% | approx. 60% | above 50% |
| NFP | positive of | negative of | positive of approx. |
| € 8 M | € 2 M | € 57 M |
H1 2025 Income Statement
TOTAL REVENUE
• At €13.7M, vs €14.5M in H1 2024 due to the natural evolution of orders, operational dynamics linked to variable authorisation timescales and the physiological modulation of project flows, as well as the presence of a significant capital gain realised in the Q1 2024.
EBITDA MARGIN
• At 58%, is growing compared to 56% in the H1 2024, confirming the soundness of the growth strategy.
NET PROFIT
• At €5.4M, vs €5.3M in H1 2024
| H1 2025 |
H1 2024 |
% | |
|---|---|---|---|
| Revenues | 13 411 , |
14 424 , |
7% - |
| Other revenues |
258 | 104 | 148% |
| Total Revenues |
13 669 , |
14 528 , |
6% - |
| Purchases services and other operating costs , |
(4 268) , |
(4 717) , |
10% - |
| Personnel Expenses |
(1 437) , |
(1 701) , |
16% - |
| Operating costs |
(5 705) , |
(6 418) , |
11% - |
| EBITDA | 7 964 , |
8 109 , |
2% - |
| EBITDA margin |
58% | 56% | |
| Depreciation and amortization |
(120) | (68) | 76% |
| EBIT | 844 7 , |
8 041 , |
2% - |
| Net financial income |
(198) | (257) | 23% - |
| EBT | 646 7 , |
784 7 , |
2% - |
| Taxes | (2 285) , |
(2 462) , |
7% - |
| Net Group income |
361 5 , |
323 5 , |
1% |
€/000
H1 2025 Balance Sheet
SHAREHOLDERS' EQUITY
• At €40.2M vs €34.9M in FY24 mainly due to the positive economic result achieved in the first half of the year, as well as to the effect of changes in translation reserves, which reflect the adjustment of balance sheet items denominated in foreign currency (USD).
| 30-giu-25 | 31-dic-24 | |
|---|---|---|
| Non-current assets |
||
| Intangible assets |
351 | 180 |
| Tangible assets |
667 | 739 |
| Deferred tax assets |
72 | 93 |
| Other non-current assets |
1 544 , |
1 544 , |
| Total non-current assets |
2 634 , |
2 556 , |
| Current assets |
||
| Current assets |
76 899 , |
63 013 , |
| Other current assets |
799 | 1 419 , |
| Cash and cash equivalents |
688 | 1 870 , |
| Total current assets |
78 385 , |
66 302 , |
| Total Assets |
81 020 , |
68 858 , |
| Shareholders' Equity |
40 197 , |
34 926 , |
| Non-current liabilities |
3 715 , |
089 5 , |
| Current liabilities |
37 107 , |
28 843 , |
| Shareholders' Total Liabilities and Equity |
81 020 , |
68 858 , |
H1 2025 Net Financial Position
€/000
| H1 2025 |
FY 2024 |
|
|---|---|---|
| Cash A |
(688) | (1 870) , |
| B Cash equivalents and cash |
- | - |
| C Other financial current assets |
(56) | - |
| D Liquidity (A B C) + + |
(744) | (1 870) , |
| Current financial (including E debt debt instruments but , |
||
| excluding the current portion of non-current financial |
13 | 2 288 , |
| debt) | ||
| F Current of debt part non-current |
2 840 , |
3 277 , |
| G Current financial debt |
2 853 , |
565 5 , |
| H Net current financial debt (G+D) |
2 109 , |
3 695 , |
| I Non-current financial debt (excluding current portion instruments) and debt |
1 994 , |
3 708 , |
| J Debt instruments |
- | - |
| K Trade and other non-current payables |
5 | 4 |
| Non-current financial debt (I+J+K) L |
1 999 , |
3 712 , |
| financial (H+L) M Total debt |
4 109 , |
7 407 , |
NET FINANCIAL POSITION
- Positive trend, benefiting significantly from advance payments received from customers in relation to the achievement of contractual milestones for orders currently in progress. This positive effect was evident despite the high volume of repayments made on existing loans, confirming the solidity of the business model and the organisation's ability to generate operating cash flows capable of sustaining financial commitments and, at the same time, supporting growth.
- Compared to Q1 2025, NFP was impacted by certain outlays due to ongoing investment in the project authorisation process, in line with the change in strategy that allows us to offer customers a higher level of service and guarantee the possibility of participating in Terna auctions.
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Altea Green Power S.p.A.
Sede operativa via Chivasso, 15/A - 10098 Rivoli (TO) - Italy Sede legale corso Re Umberto, 8 - 10121 Torino - Italy
www.alteagreenpower.com | [email protected]
Investor Relations Advisor
CDR Communication Marika Martinciglio: [email protected] Silvia Di Rosa: [email protected]