SCALING A UTILITY-SCALE TRANSATLANTIC CLEAN ENERGY IPP

January 2024

Safe Harbor Disclaimer for Forward-Looking Statements

This presentation has been prepared by management of Alternus Clean Energy, Inc. (f/k/a/ Clean Earth Acquisition Corp., and together with its subsidiaries, collectively "Alternus" or the "Company") and does not constitute a prospectus, and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or any applicable exemptions therefrom.

Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, none of Alternus or its respective affiliates, directors, officers, employees, shareholders or agents makes any representation or warranty with respect to the accuracy of such information.

Forward Looking Statements

Certain statements in this Presentation may constitute "forward-looking statements" within the meaning of the Section 27A of the Securities Act and Section 21E of the Exchange Act that are based on beliefs and assumptions and on information currently available to Alternus. Certain statements included in this document that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Some of the statements contained in this document, including information incorporated by reference, discuss future expectations, plans or prospects, or state other forward looking information words such as "intends", "believes", "expects," "anticipates,", "plans," "estimates," "should," "likely" or similar expressions reflecting something other than historical fact are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Such statements include, but are not limited to, statements about the benefits to the value of Alternus's stock. Such forward looking statements are based upon the current beliefs and expectations of Alternus's management and are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of Alternus. Actual results may differ materially from the results anticipated in these forward-looking statements.

Factors, among others, that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements include and are not limited to: the impact of reduction, modification or elimination of government subsidies and economic incentives (including, but not limited to, with respect to solar parks); the impact of decreases in spot market prices for electricity; dependence on acquisitions for growth in Alternus' business and inherent risks relating to acquisitions and Alternus' ability to manage its growth and changing business; risks relating to developing and managing renewable solar projects; risks relating to PV plant quality and performance; risks relating to planning permissions for solar parks and government regulation; Alternus' need for significant financial resources (including, but not limited to, for growth in its business); the need for financing in order to maintain future profitability; lack of any assurance or guarantee that Alternus can raise capital or meet its funding needs; Alternus' limited operating history; risks relating to operating internationally, including currency risks and legal, compliance and execution risks of operating internationally; the outcome of any potential litigation, government and regulatory proceedings, investigations or inquiries; a financial or liquidity crisis; the risk of global and regional economic downturns; the projected financial information, anticipated growth rate, and market opportunity of Alternus; various environmental requirements; retention or recruitment of executive and senior management and other key employees; the ability of the Company to maintain an effective system of internal controls over financial reporting; the ability of the Company to manage its growth effectively; the ability of the Company to achieve and maintain profitability in the future; the ability of the Company to access sources of capital to finance operations and growth; the success of strategic relationships with third parties; the effects of inflation, and changes in interest rates; an economic slowdown, recession or contraction of the global economy; a financial or liquidity crisis; geopolitical factors, including, but not limited to, the Russian invasion of Ukraine, global supply chain concerns; the status of debt and equity markets (including market volatility and uncertainty); general business and economic conditions; the performance of financial markets and interest rates; the ability to obtain government approvals; and possible delays in government approvals. These factors are further stated, but are not limited to, as are (a) set forth in the sections entitled "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Form S-1 filed on January 19, 2024, and under similar headings in subsequent filings with the SEC, and (b) associated with companies like the Company that operate in the energy industry.

Nothing in this Presentation should be regarded as a representation that any forward-looking statement set forth herein, or the results of any forward-looking statement, will be achieved. You should not place undue reliance on forward-looking statements in this Presentation, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The Company does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statement herein to reflect any change in its expectations or in the events, conditions or circumstances on which any such statement is based. This Presentation does not purport to summarize all of the conditions, risks and other attributes of an investment in the Company. Interpretation of guidance of federal programs described herein is subject to further interpretation, guidance and change, and, as such, should only be interpreted with the assistance of a qualified professional.

Additional Disclaimer

Private placements are speculative, illiquid, carry a high degree of risk and should only be purchased by persons who can afford the loss of their entire investment

Financial Information; Non-GAAP Financial Measures

This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") including, but not limited to, EBITDA and EBITDA Margin. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing Alternus' financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies.

Alternus believe these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to Alternus' financial condition and results of operations. Alternus believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing Alternus' financial results with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures.

This Presentation also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, Alternus is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included, and no reconciliation of the forward-looking non-GAAP financial measures is included.

Certain monetary amounts, percentages and other figures included in this Presentation have been subject to rounding adjustments. Certain other amounts that appear in this Presentation may not sum due to rounding.

Use of Projections

Independent auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Presentation. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Alternus or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

Industry and Market Data

This Presentation includes certain information and statistics obtained from third-party sources. Alternus has not independently verified the accuracy or completeness of any such third-party information. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from the Company's internal research, and are based on assumptions made by the Company upon reviewing such data, and the Company's experience in, and knowledge of, such industry and markets, which the Company believes to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which the Company operates, and the Company's future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by the Company. Industry publications, research, surveys and studies generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation.

Trademarks

This Presentation contains trademarks, trade names and copyrights of Alternus, and other companies, which are the property of their respective owners.

Additional Information about the Company and Where to Find It

You are encouraged to read the Company's reports and other documents filed with the SEC. Such reports and other documents may be obtained free of charge at the SEC's website at www.sec.gov.

Our Mission

Dedicated to delivering a greener, more sustainable world both economically and profitably.

We think globally and act locally, working towards a clean energy future by developing, installing and operating clean energy assets across America and Europe that positively benefits both the planet and our business while creating value for society as a whole.

12MWp Zonepark Rilland Project Alternus owned PV park located in the Netherlands

Alternus Clean Energy at a Glance

Vertically Integrated Transatlantic IPP (7-year history)

Develop, Construct, Own and Operate Clean Energy Assets – Utility Scale Revenues generated from sale of energy to grids – c. 70% under long term contracts

Europe and the US are Growth Markets

Strengthening demand due to the passage of the Inflation Reduction Act ("IRA") in the US, and energy security drive in Europe

Vertical Integration & Project Origination are Differentiators

Develop-to-own business model provides control over entire project life cycle reducing Capex and locking in pipeline visibility

Capital Efficient Growth Strategy

Substantial embedded equity value in development assets plus value accretive strategic acquisitions in U.S. and Europe predominantly funded at project level

NOTES: (1) As of January 19, 2024 (2) Excludes up to 8 million shares issuable under approved ESOP scheme. (3) Based on a \$1.00 stock price for ALCE as of January 22, 2024. (4) Includes \$76 million of project debt as at Proformas filed on December 22, 2024. (5) Adjusted EBITDA is a non-US GAAP measure. Please see the appendix of this presentation for a reconciliation to Net Income. 5

Current Operational portfolio of 44MWp across Romania in Europe and Tennessee in the US.

Total Identified Project Pipeline of 1.5 GWp split into Organic Development and Strategic Acquisition projects across America and Europe.

Currently over 500 MWp of Organic Development projects in pre-construction and late-stage development.

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ALTERNUS BUSINESS OVERVIEW

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Straight forward Revenue Model Operating Projects Generate Predictable Long-term Cash Flows¹

Zero input costs (post CapEx) + stable & predictable energy production = consistent margins over long term

Sell the clean energy generated by our solar parks via connection to power grids…

Under Investment Grade Offtake Contracts + Merchant

"Feed-In-Tariff (FiT)" @ 15 years fixed prices for all energy produced and/or… with a combination of…
Long term Power Purchase Agreements ("PPA's")(2) , with corporates or utilities, for approximately 70% of energy produced with the remainder being sold in the respective energy markets at prevailing rates
with c. 35+ years project life

And c. 80% project gross margins over project lifetime

Notes : (1) Forward looking information included in this slide should not be viewed as guidance. This is provided for illustrative purposes only. Such information relates to potential estimated results based on specific assumptions and not to the Company's actual expected results. For more information on forward looking statements see Slide 2 of this presentation. (2) US projects tend to have PPA's for 20+ years. European projects PPA's expected at 10 years terms that can be extended or replaced at expiration.

Integrated Operating Model Delivers Lasting Shareholder Value¹

Alternus manages all aspects of Development, Installation, O&M and Asset Management activities providing full project value control & greater profit capture at each stage

Transatlantic operations optimizes capital structure¹

Alternus benefits from the mix of transatlantic projects –higher leverage available for European self developed projects and tax equity provided under the IRA - to optimize leverage at group level

Highly Experienced Leadership Team in Alternus Clean Energy Inc. - Motivated to Deliver Sustained Growth

VINCENT BROWNE , Chairman & CEO

Joined Alternus in 2015 as CFO became Chairman & CEO in 2017
Responsible for leading the Group
7+ years solar experience
20+ years finance and operations experience

JOSEPH DUEY, Chief Financial Officer

Joined Alternus in 2018
Leads the finance team
12+ years renewables experience
20+ years finance experience

TALIESIN DURANT, Chief Legal Officer

Joined Alternus in 2018
Leads the legal team
5+ years solar experience
20+ years senior operating experience

GARY SWAN, Chief Technical Officer

Joined Alternus in 2021
Leads project management and delivery teams and technology
30+ years renewables experience
30+ years technical experience

GITA SHAH, Chief Sustainability Officer

Joined Alternus in 2017
Leads sustainability initiatives across the Group
8+ years renewables experience
5+ years strategic and operational management

LARRY FARRELL, Chief Information Officer

Joined Alternus in 2019
20+ years at senior leadership positions at Fortune 500 companies building high performing, cross functional, global teams

DAVID FARRELL, Chief Commercial Officer

Joined Alternus in 2022
Leads the commercial activities including M&A
20 years capital markets, project finance, infrastructure and renewables, and finance industry experience

Right People - Right Place Right Time

Global Team Composition

STRONG GROWTH VISIBILITY IN PORTFOLIO GROWTH BY 2026¹

Future Growth Plan Focused On Organic And Targeted Strategic Opportunities

Currently Owned assets expected to be funded from existing or committed funding facilities to achieve operations.
Growth reflects execution of full business plan from currently identified projects in both US and Europe does not include additional project identification over the planning period.
Operating plan assumes that projects are 100% funded at project level reducing need for corporate share issuances may involve Alternus selling minority ownership equity positions in projects.

Notes : (1) Forward looking information included in this slide should not be viewed as guidance. This is provided for illustrative purposes only. Such information relates to potential estimated results based on specific assumptions and not to the Company's actual expected results. For more information on forward looking statements see Slide 2 of this presentation. (2) Assumes that non-operational projects reach operation in the planned period or are acquired at current assumptions underlying our operational plan. Actual results may vary from those shown here.

Business Strengths

Scalable business model supported by an unprecedented growth in core markets driven by strong regulatory and demand driven tailwinds

Long life assets with stable and predictable income streams allow for flexible debt options to maximize equity returns

Proven business model with compelling growth engine forecasted to deliver significant growth over the next 4 years

Positive adjusted EBITDA with increasing margins that benefit directly from economies of scale

Efficient equity business generates consistently high returns to stakeholders

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MARKET OVERVIEW

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Total Addressable Market: Estimated to be Over 396 GWp By 2027

The Expansion of Renewable Power is Experiencing a Significant Boost as Countries Prioritize the Enhancement of Energy Security

The European Commission's REPowerEU pledge to end Europe's dependence on Russian fossil fuels also includes a new EU solar target of 750 GWdc by 2030.
Under solar Power Europe's EU market outlook Medium Scenario, during the years 2023 to 2026, new additions will bring around 275.2 GWp to reach 484.1 GWp of total installed capacity by the end of 2026.

+257 GWdc by 2026

Europe Total Addressable Market

Passing of the Inflation Reduction Act (IRA) has had a Substantial Positive Impact on Long-term Solar Forecasts

Wood Mackenzie forecasts that 139 GWdc of total utilityscale installations will be added between 2023 and 2027 and 429 GWdc will be added over the next decade in their base case projections from 2023 to 2033.
This represents a substantial increase and demonstrates the promising future of the solar sector

+139 GWdc of Utility Scale by 2027

U.S. Total Addressable Market

USA: Inflation Reduction Act (IRA) – Generational Market Opportunity Shift

The volume of installed solar capacity is growing rapidly and is the key driver of renewable energy development in the US and will continue to grow due to the IRA

Main Trends in the US Solar PV Sector ²

35.4 GWp Total installed PV capacity in 2022

Expected Evolution of Solar PV Installed Capacity in the US (GWp)

8.1 GWp Increase in Installed PV capacity in 2022, a 30% increase compared to 2021

Incentives like the Inflation Reduction Act (IRA) increase the attractiveness of the US Solar market to developers and operators

¹ US Solar PV Market at a Glance

Rapid Growth: The US solar energy market has experienced significant growth in recent years, with installed solar capacity increasing at an unprecedented rate. In 2022, the US installed a record-breaking 24.6 gigawatts (GWp) of solar capacity

Policy Support: Federal, state, and local governments in the US have implemented supportive policies to promote solar energy adoption. The Inflation Reduction Act (IRA) is expected to direct nearly \$400B of federal funding to clean energy, with the goal of substantially lowering US carbon emissions by 2030

Commercial Adoption: Large corporations, such as Apple, Amazon, and Google, are investing in solar installations to reduce their carbon footprint and save on energy costs, creating an alternative route to market for solar developers

Installed PV Capacity by US States in 2022, Top 9 States (GWp) 1

The recently passed Inflation Reduction Act (IRA) significantly expanded tax incentives for clean energy, which we believe will further stimulate renewables development in the U.S.

Europe: Repowered - a New Rulebook for Unprecedented Growth

Europe is seeking alternative energy sources in its quest for energy independence: solar is a logical answer

¹ European Solar PV Market at a Glance

Rapid Growth: The European solar energy market has experienced significant growth in recent years, driven by lowering LCOE's of solar PV technology, favorable policies, and increasing environmental awareness among businesses and end users

Policy Support: European countries have implemented various policy measures to promote solar energy, such as feed-in tariffs, net metering, and renewable energy targets set by the European Union (Repower EU) to achieve climate and energy goals

Installed Capacity: The total installed solar capacity in Europe has surpassed 200 GWp, with several countries leading the way including Germany, Spain, Italy, France, and the Netherlands

Main Trends in the European Solar PV Sector ² 2023-2026 New PV Capacity in European Markets Which Alternus Operates ¹

The European Union aims to be a climate-neutral society by 2050²

Notes: (1) Source: SolarPower Europe (2022): Global Market Outlook for Solar Power 2022-2026. Alternus analysis. (2) EU Commission 2050 vision (https://climate.ec.europa.eu/eu-action/climatestrategies-targets/2050-long-term-strategy_en)

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FINANCIALS

នេះ ស្រុកព្រះពុទ្ធសាសន

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Balance Sheet At Closing Supports Future Growth1,2

Proforma Balance Sheet at Closing

Built-in Market Cap increase over time from operational projects due amortizing of debt while EBITDA remains flat over long term

Does not include the €500M Deutsche Bank facility available to fund planned construction activities in Europe

Predictable cash flows from operational projects in a decreasing interest rate environment should allow for further deleveraging over time

Notes: (1). Based on Proformas included in 8k filing December 22, 2023. Excluding amounts due under FPA facility and adjusted for debt movements post closing. (2) Balance sheet should be read in conjunction details contained in the proformas can be found in the 8k filing December 22, 2023. 19

Income Statement – Resilient Revenues And Adjusted EBITDA1,2

USD millions	FY'22	9M'22	9M'23
	Audited	Unaudited	Unaudited
Revenue	32.5	30.5	27.8
Cost of Goods Sold	-9.2	-9.6	-6.5
Gross Profit	23.3	20.9	21.3
General and Administrative	-11.1	-6.4	-10.1
Adjusted EBITDA2	12.2	14.5	11.2
Depreciation & Amortization	-7.2	-6.7	-5.6
Operating Profit/(loss)	5.0	7.8	5.6
Discontinued Projects1	-23.9	-.3	-1.2
Other	0.1	.8	-11.8
Net Financing Cost	-17.4	-13.1	-19.3
Profit Before Tax	-36.2	-4.8	-26.7
Tax	0.0	0.0	0.0
Profit/(Loss) for the Period2	-36.2	-4.8	-26.7
Ratios
Gross Margin	72%	69%	74%
EBITDA margin	38%	48%	40%

FY '22 reflects the direct benefit of high energy rates in Europe, earned on power sold to the spot energy markets.

Consistent Gross Margins and EBITDA demonstrates resilience of business model

Predictable revenues and costs at project level underpins leverage flexibility and reduces project equity needs

Alternus Clean Energy Investment Highlights

Strong EBITDA Growth Visibility

Operating portfolio of diversified and cash generating solar assets
Revenue CAGR over 130% since 2019
Positive adjusted EBITDA\$12.2 in FY22

Vertical Integration and Project Origination are Differentiators

• Develop-to-own business model provides control over entire project lifecycle and lowers CapEx and OpEx

Robust Pipeline

44 MWp of operating assets
528 MWp under development to start construction in 2024
300 MWp of identified construction ready acquisitions
3GW pipeline in negotiation

Efficient Equity Business

Continued expansion of development pipeline with substantial embedded equity value allows for greater leverage
Creating a flywheel growth engine, which generates consistently high returns

Dynamic and Strategic Management Team

Proven project origination, delivery, operation and financial expertise
Right People, Right Place, Right Time

Europe and the US are Key Drivers of Growth

• Demand for renewable power sources is strengthening due to the passage of the Inflation Reduction Act (''IRA'') in the US and energy dislocation in Europe

Why Renewables

High Growth

Massive 'Total Addressable Market' as renewable power replaces fossil fuels
Solar is lowest cost of new energy
Energy independence and climate drive demand

High Returns

Projects enjoy extremely high operating margins (typically, 75%+)
Predictable recurring revenue enables efficient use of leverage

Low Risk

Assets produce predicable recurring revenues for decades
Vertical integration enables more control from start to operation

Clear ESG Investment

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APPENDIX

นระ ก็ไทยพิมพ์มรุ

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Owned Development Asset Status – Project by Project¹

Near Term Construction Ready Portfolio with all development Milestone < 12 months

	Project	Region	MWps	1	2	3	4	5	Target RtB Date	Target COD date
Portfolio (210MW) Near term Development assets [<12 months to RTB]	Bisaccia	Italy	15	●	●	●	●		Q3-24	Q3-25
	Caprarica	Italy	18	●	●	●	●	●	Q3-24	Q3-25
	Cingoli	Italy	10	●	●	●			Q3-24	Q3-25
	Melfi	Italy	20	●	●	●	●		Q4-24	Q3-25
	Monteiasi	Italy	25	●	●	●	●	●	Q3-24	Q3-25
	Motolla	Italy	23	●	●	●	●	●	Q3-24	Q3-25
	Santa Vittoria	Italy	10	●	●	●	●	●	Q3-24	Q3-25
	Torre Santa Susanna	Italy	15	●	●	●			Q4-24	Q3-25
	Troia	Italy	29	●	●	●			Q4-24	Q3-25
	Rocchetta	Italy	25	●	●	●			Q3-24	Q3-25
	Venosa	Italy	20	●	●	●			Q3-24	Q3-25
	Subtotal		210

Proven Track Record of MW Production & Revenue Growth in Multiple Markets1,2

Strong Growth in Diversified Operating Projects ¹… … Delivered >10x Revenue² Growth in 3 years

Non-GAAP Factors

Adjusted EBITDA Reconciliation
USD (000s)	FY 2022	9ths SEP 2022	9ths SEP 2023 (Unaudited)
	(Audited)	(Unaudited)
Gross Profit Reconciliation:
GAAP Gross Profit	16,145	14,120	15,668
Depreciation, amortization, and accretion	(7,157)	(6,723)	(5,586)
Non - GAAP Gross Profit	23,302	20,852	21,254
Non - GAAP Gross Margin (%)	72%	68%	74%
Non – GAAP EBITDA Reconciliation
Net loss	(36,284)	(4,803)	(26,772)
Income taxes	5	-	-
Interest expense	17,437	13,120	19,253
Depreciation, amortization, and accretion	7,157	6,723	5,586
Non – GAAP EBITDA	(11,685)	15,040	(1,933)
Non – GAAP Adjusted EBITDA Reconciliation
Non - GAAP EBITDA	(11,685)	15,040	(1,933)
Other expenses	1,198	1,129	12,160
Other income	(1,275)	(1,934)	(318)
Development costs (one time charge)	23,925	216	1,233
Adjusted EBITDA	12,163	14,451	11,132

Non -GAAP Factors

The projected financial information included in this proxy statement includes certain non -GAAP financial measures, including EBITDA, EBITDA margin, non -GAAP gross profit and non -GAAP gross margin . Alternus' management included these non -GAAP financial measures because it believes they are useful in evaluating Alternus' operating performance, as they are similar to measures reported by Alternus' public competitors and are regularly used by security analysts, institutional investors, and other interested parties in analyzing operating performance and prospects .

Alternus defines EBITDA as net income (loss), before interest income / (expense), income taxes, depreciation, amortization, and accretion, other income and expense, fixed asset impairment loss, noncapitalized development cost change in fair value of derivative liabilities, stock compensation and any bargain purchase treatment non - GAAP estimates for EBITDA exclude interest, taxes, depreciation which will vary based on borrowing requirements, available interest rates to Alternus at the time capital is required, depreciation of assets and any placeholder for stock -based compensation which is dependent on stock -price projections, which are unknown . EBITDA is not a financial measure prepared in accordance with GAAP and should not be considered a substitute for the net income (loss) prepared in accordance with GAAP .

EBITDA margin is a non -GAAP financial measure defined as Alternus' EBITDA divided by total revenues . Alternus' management believes that these non -GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding Alternus' performance by excluding certain items that may not be indicative of Alternus' business, results of operations, or outlook .

Alternus defines non -GAAP gross profit as revenue less cost of revenues . Non -GAAP gross margin is defined as Alternus' non -GAAP gross profit divided by total revenues . Alternus' management believes non -GAAP gross profit and non -GAAP gross margin can provide a useful measure of Alternus' core performance over time as they eliminate the impact of non -cash expenses and allow a direct comparison of Alternus' cash operations and ongoing operating performance between periods .

Non -GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP . In addition, other companies, including companies in Alternus' industry, may calculate similarly titled non -GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non -GAAP financial measures as tools for comparison . A reconciliation is provided below for the non -GAAP financial measures to the most directly comparable financial measures stated in accordance with GAAP . Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non -GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate Alternus' business . See slide 40 for the reconciliation of Non – GAAP measures :

	360 Kingsley Park Drive, Suite 250,
Corporate Headquarters	Fort Mill, South Carolina,
	29715, USA
Website	https://alternusce.com/
	Vincent Browne - Chief Executive Officer
	Joseph E. Duey - Chief Financial Officer
	Taliesin Durant - Chief Legal Officer
	Executive management David Farrell - Chief Commercial Officer
	Larry Farrell - Chief Information Officer
	Gita Shah - Chief Sustainability Officer
	Gary Swan- Chief Technical Officer
	Vincent Browne - Chairman and CEO
	John P. Thomas -Director
	Aaron T. Ratner - Director
Board of directors	Tone Bjornov- Director
	Mohammed Javade Chaudhri - Director
	Candice Beaumont - Director
	Nicholas Parker - Director

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