Altea Green Power

Investor Presentation • Dec 1, 2025

Mid&Small in Milan

2 nd December 2025

Speakers

Giovanni Di Pascale CEO

Salvatore Guarino General Manager

Giancarlo Signorini CFO

At a glance

Leading player, listed on Euronext STAR Milan, in project co-development, in the BESS (Battery Energy Storage System) 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

BESS (Battery Energy Storage System) ITALY and U.S.A.

EBITDA & Margin FY

Our history

Altea Green Power (AGP)

Altea Green Power (formerly Altea Energia) is born

2025

Authorization process launched for new BESS projects to expand the pipeline and strengthen presence in the storage sector.

Issuance of a €10 million bond, 50% guaranteed by SACE, to support the development of new proprietary photovoltaic plants.

How we operate

Altea Green Power: a solid partner for your investment

We carry out a preliminary constraint analysis and a strong due diligence.

We proceed with negotiation and closing of preliminary land agreement. We take care of the energy connection requests (STMG or TICA).

We carry out preliminary and executive engineering necessary to obtain the final authorization.

We take care of the whole authorization procedure.

Contractualization phase

MARKET

The Terna-Snam scenarios: photovoltaic sprint in the next 6 years

In October 2024, the new energy scenarios developed by Terna and Snam were published, detailing the installation targets for photovoltaic power plants (offshore and onshore) for 2030, 2035, and 2040.

Elemens, LookOut Report Q4-24

The Terna-Snam scenarios for wind power development in Italy

In October 2024, the new energy scenarios developed by Terna and Snam were published, detailing the installation targets for wind power plants (offshore and onshore) for 2030, 2035, and 2040.

BESS: the electricity system redesigned by the Terna-Snam scenario

UPDATE, PIPELINE & BACKLOG

2025 – Business update

BESS PROJECT IN BASILICATA AUTHORISED BY MASE

• BESS plant project with a capacity of 200 MW
• Authorization process completed in 21 months
• Generate cash flows of around €13 million over the next 18 months

AUTHORIZATION PROCESS INITIATED FOR 1.4 GW OF BESS 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

AGP In Italy and worldwide

Expertise, professionalism, quality and a focus on local communities

Actual Backlog

TYPE	VALUE (€/M)
	Gross	Net
BESS	premium* 117 9 +	79 0
PV/WIND	32 6	6 2
EPC	1 6	0 6
Development Backlog Co -	premium* 152 2 +	85 8

yet to be collected

• Gross value represents the total signed contract
• Net value represents the value to be still invoice and collect as of September 30, 2025

BESS: Commercial Structure Milestone

Share Purchase Agreement

10%

SPA Closing

• Land rights granted.
• Connection to National Grid granted.

Development Service Agreement

20%

AU Submission

• Preparation of the Project Design for the Authorization filing.
• Submission to the Authorizing Authority of the Project.
• 5%

Project Admissibility

• Receiving eligibility on the Project Filed to the Authorizing Authority.
• 5%

Approval Achievement

• Achievement of technical approval from the TSO.
• 30%

AU Decree

• Granting of the Autorizzazione Unica.
• 20%

AU Consolidation

• Completion of the challenge period for the Authorization.
• 5%

Land Contracts Finalization

• Closing of all definitive land contracts.
• 5%

RTB

▪ Finalization of all Authorization prescriptions.

FINANCIALS & BUSINESS PLAN

9M 2025 – Results highlights

GROWING MARGINS AND SOLID FINANCIAL STRUCTURE CONFIRM THE RESILIENCE OF THE BUSINESS MODEL

• The difference in total revenues vs 9M 2024 reflects the natural progression of orders and operational dynamics influenced by variable authorization timelines and the normal pacing of project flows, as well as the impact of a significant capital gain recorded in Q1 2024.
• The EBITDA margin is growing and stands at 59% compared to 56% in the 9M 2024, confirming the effectiveness of the strategic initiatives undertaken.
• The trend in Net Financial Debt essentially reflects the working capital absorption required to advance authorization processes for projects not yet contracted.

Total revenues

€ 19.5 M vs € 20.3 M

EBITDA Margin

59% vs 56%

Equity

€ 42.1 M vs € 34.9 M EBITDA

€ 11.4 M vs € 11.4 M

Net profit

€ 7.4 M vs € 7.8 M

NFP*

€ 8.5 M vs € 7.4 M

*Debt

9M 2025 – EBITDA Bridge

9M 2025 – NFP Bridge

€/mIn

2025 Guidance and 2028 Financial Targets

GROWTH STRATEGY OF THE 2024-2028 BUSINESS PLAN AND 2028 TARGETS CONFIRMED

The postponement of the 2025 economics targets 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

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 | info@alteagreenpower.com

Investor Relations Advisor

CDR Communication Marika Martinciglio: marika.martinciglio@cdr-communication.it Silvia Di Rosa: silvia.dirosa@cdr-communication.ir