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01 Italy Corporate Day February 17 , 2026 Company Overview & Strategic Update
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INDEX Enrico Meneghetti Chairman & CEO Alberto Stocco CFO ESPE AT A GLANCE Enrico Meneghetti, Chairman & CEO MARKET OVERVIEW Enrico Meneghetti, Chairman & CEO 1H 2025 CONSOLIDATED FINANCIAL RESULTS Alberto Stocco, CFO OUTLOOK AND STRATEGY Enrico Meneghetti, Chairman & CEO Q&A SESSION ANNEX Alberto Stocco, CFO
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ESPE AT A GLANCE Enrico Meneghetti Chairman & CEO
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+198% +200 +700 MWp Installed capacity since 2003 Mini wind turbines manufactured and installed since 2011 Ground-mounted and rooftop photovoltaic plants installed since 2003 ESPE AT A GLANCE VALUE OF PRODUCTION* EBITDA * BACKLOG * * € 30.2 MLN € 5.4 MLN € 94.2 MLN IPO PERFORMANCE +800 with visibility through 1H 2027 EMPLOYEES +163 CERTIFICATIONS **Data as of December 18, 2025 GROUP NET PROFIT * € 2.6 MLN *Main consolidated results as of June 30, 2025 DIVIDEND PER SHARE €0.15 *** ***Ex-dividend date: September 15, 2025 – Record date: September 16, 2025 – Payment date: September 17, 2025 As of February 13, 2026 As of June 30, 2025
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FROM 1974 TO 2026 1974 Company foundation 1982 Entry into the renewable energy sector 2003 Launch of the photovoltaic business Strong business expansion 2007 - 2012 2011 Diversification into mini-wind and biomass 2019 Generational transition in management FEBRUARY 2024 IPO EURONEXT GROWTH MILAN AUGUST 2024 Acquisition of a 40% stake in Rigoni Lab S.r.l. (applied engineering) NOVEMBER 2024 JANUARY 2025 Acquisition of a 30% stake in Soland S.r.l. to expand territorial footprint* Acquisition of 100% of Permatech S.r.l. *The agreement includes a call option for the purchase of the remaining 40%. +50 years of innovation, growth and energy transition JULY 2024 Contribution of the O&M business unit to Reflow S.r.l. (67%) JULY 2025 Acquisition of a 51% stake in Secur Impianti S.r.l. and concurrent disposal of 10% of Reflow S.r.l. DECEMBER 2025 HelioGea Energy (49% stake) to develop small-scale agrivoltaic systems up to 100 kW
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ESPE GROUP STRUCTURE ** The consolidation perimeter as of February 2026 includes, in addition to the parent company ESPE S.p.A., the subsidiaries Reflow S.r.l. (57%), Permatech S.r.l. (100%), Soland S.r.l. (30%), Icaro S.r.l. (100%), Gemini Solar S.r.l. (100%), Secur Impianti S.r.l. (acquired on July 31, 2025) and Brain Room S.r.l. (acquired on July 31, 2025) An integrated ecosystem for the energy transition 100% 57% 30% 51% 40% 100% = ** companies included in the consolidation perimeter 49%
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BUSINESS MODEL An integrated operator across the renewable energy value chain Scouting e permitting Technical Design EPC – Plant Construction Proprietary Technologies & Manufacturing Operation & Maintenance Identification of suitable sites and full management of the permitting process. Electrical, civil and detailed engineering design for photovoltaic, wind and biomass plants. Turnkey solutions from supply to commissioning and final testing. Proprietary technologies for mini wind turbines, biomass cogeneration system, Power Skids and Power Shelters. Asset management, performance optimization, O&M and security for operating assets.
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BUSINESS LINES Plant Engineering System Integration (Espe S.p.A., Soland S.r.l.) Solar EPC Contractor (Espe S.p.A., Soland S.r.l.) • Design and construction of industrial electrical systems, building automation and plant supervision systems. • Turnkey solutions for rooftop and ground-mounted PV plants. Over 700 MW installed* Manufacturing Mini Wind (FX Series) (ESPE S.p.A.) • Manufacturing and commercialization of wind turbines from 20–100 kW. 200 turbines installed*. Export to 7+ countries. Biomass Cogeneration (CHiP50) (ESPE S.p.A.) • Wood-chip fueled cogeneration units. 60 plants installed*. New model under development for agricultural biomass. Development & Services Project Development (Permatech S.r.l.) Operation & Maintenance (Reflow S.r.l.) • Techno-economic development and permitting of PV plants. Integration with EPC and plant engineering expertise. • Scheduled maintenance, commissioning and after-sales services. Full support for PV, mini wind and biomass plants. Integrated Renewable Energy Value Chain Energy Security (Secur Impianti S.r.l.) • Design, installation and commissioning of security and video surveillance systems for power generation facilities. As of February 2026 Security & Monitoring (Brain Room S.r.l.) • Advanced solutions for integrated security and monitoring of renewable energy plants, ensuring operational continuity and maximum site efficiency. BESS (Espe S.p.A., Soland S.r.l.) • Energy storage systems Power Stations (ESPE S.p.A.) • Pre-wired substations for power transformation and distribution electrical
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01 ORDER BACKLOG OVERVIEW 49.7 92.4 95 94.2 0 20 40 60 80 100 31/12/2023 31/12/2024 30/06/2025 18/12/2025 +42.7 M€ +86% +2.6 M€ +3% • Order backlog of approximately €94.2 million as of December 18, 2025, broadly in line with €95.0 million as of June 30, 2025, and up from €92.4 million at year-end 2024 and €49.7 million at year-end 2023. • Over 96% of the order backlog attributable to the photovoltaic business, the Group’s primary growth driver • Backlog expected to be executed by the first half of 2027 Evolution and breakdown as of December 18, 2025 €/mln
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2025 BUSINESS UPDATE 20 JAN. 2025 Acquisition of a 30% stake in Soland S.r.l. (€1.41m), active in photovoltaic plant design and construction. Call option to acquire an additional 40%. Signed two advanced agrivoltaic contracts in Vicenza (5.3 MWp, €3.4m) and Modena (1.9 MWp, €1.3m), for a total of 7.2 MWp and €4.7m. Signed three EPC contracts with a leading Italian IPP, totaling 19.4 MWp and €10.9m, across sites in Brindisi, Fermo and Perugia 3 FEB. 2025 13 MAY 2025 10 JUN. 2025 Approved the 2025–2026 Stock Grant Plan, up to 35,700 shares linked to performance targets. Acquisition of 51% of Secur Impianti S.r.l. (€0.8m) and control of Brain Room S.r.l., active in AI video surveillance. Sale of 10% of Reflow S.r.l. to the sellers. The transaction strengthens ESPE’s presence in Energy Security 31 JUL. 2025
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2025 BUSINESS UPDATE €1 million contract awarded for a BESS (flow battery) project in Emilia-Romagna. ESPE to act as System Integrator; delivery expected by H1 2026 25 SEP. 2025 20 NOV. 2025 4 DEC. 2025 18 DEC. 2025 Two advanced agrivoltaic contracts worth €10.5m, 15 MWp total capacity in Emilia Romagna and Veneto. HelioGea Energy S.r.l. established, JV focused on agrivoltaic plants up to 100 kW. €5.9m contract for a 9.7 MWp advanced agrivoltaic plant in Reggio Emilia. Order backlog at €94.2m, 96% photovoltaic. Completion by 1H2027. 24 NOV. 2025 €2m non-convertible bond issued (“ESPE S.p.A. – VAR +2% 2025– 2031”). Fully subscribed by Banca Valsabbina as sole investor; proceeds to support investment plan.
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MARKET OVERVIEW Enrico Meneghetti Chairman & CEO
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THE ENERGY TRANSITION IN ITALY An expanding opportunity PHOTOVOLTAIC BOOM • 6 GW installed in 2024, up from 5.2 GW in 2023 (+15% YoY) • Growth driven by Lazio leading new installations, with positive signals also from Southern Italy, particularly Calabria and Sicily UTILITY SCALE • Plants >1 MW account for approximately 43% of total installed capacity • Increasing concentration of efforts on utility-scale projects to accelerate national energy transition targets • Progressive reduction of support for residential photovoltaic installations GRID & STORAGE FER X INCENTIVES • €21 billion of investments planned for the Terna grid by 2032 • Total operational storage capacity increased from 6.6 GW (2023) to 12.9 GW (2024) • Target: 22.5 GW by 2030, with a focus on industrial- scale projects in Southern Italy • €9.7 billion in funding for renewable energy plants through competitive procedures • 17.65 GW of new capacity supported by competitive mechanisms • Plants <1 MW benefit from simplified authorization procedures Sources: Bank of Italy, “Recent developments in renewable energy in Italy”, Terna, FER X Decree (2025), Politecnico di Milano, Renewable Energy Report 2025
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1H 2025 CONSOLIDATED FINANCIAL RESULTS Alberto Stocco CFO
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1H2025 –RESULT HIGHLIGHTS Growing performance and Group solidity Value of Production EBITDA Group Net Profit Shareholders’ Equity Net Financial Position €30.2 MLN €5.4 MLN €2.6 MLN €10.7 MLN* €16.3 MLN The consolidation perimeter at June 30, 2025 included ESPE S.p.A., Reflow S.r.l., Permatech S.r.l., Soland S.r.l., as well as the SPVs Gemini Solar S.r.l. and Icaro S.r.l. *Debt
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1H2025 – RESULT HIGHLIGHTS 1H2025: ESPE Group economic and financial performance VoP €30.2 MLN EBITDA €5.4 MLN EBITDA Margin EBIT Net Profit NFP • Value of Production: €30.2 million, driven by new photovoltaic contracts and the strengthening of the EPC division. • EBITDA: €5.4 million (EBITDA margin 17.8%), supported by operational efficiency and new multi-year contracts. • Net profit: €2.7 million, in line with the Group’s solid growth and expanding operating margins. 17.8% €4.0 MLN • Net Working Capital: €19.2 million (vs €24.4 million as of December 31, 2024), improving thanks to sound working capital management. • Net Financial Position: improved compared to year-end 2024, standing at €10.7 million (€15.3 million as of December 31, 2024), with cash and cash equivalents of €3.4 million (€1.1 million as of December 31, 2024). • Shareholders’ Equity: €16.3 million (vs €14.7 million as of December 31, 2024), of which €15.4 million attributable to the Group and €0.9 million to non-controlling interests, up from €14.7 million as of December 31, 2024. €2.7 MLN €10.7 MLN Please note that the consolidated half-year financial report as of June 30, 2025 represents the first interim financial report of the ESPE Group prepared following the adoption of the consolidated financial statements in 2024. In particular, income statement data are not comparable with the same period of the previous financial year, while the statement of financial position and cash flow statement are comparable with the consolidated financial statements prepared as of December 31, 2024.
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01 REVENUES BREAK-DOWN 1H2025 • The top 10 clients in the first half of 2025 are mainly related to the photovoltaic business, clearly reflecting strong market demand. • Overall, these clients generated 95% of the Group’s revenues. • Customer concentration increased compared to previous years, driven by the higher weight of ground-mounted photovoltaic projects, which generate significantly higher revenues than other segments. • Nine out of the top ten clients operate in the photovoltaic segment. • The only non-photovoltaic client among the top ten operates in the System Integrator business. System Integrator client Photovoltaic clients Source: Consolidated half-year financial report as of June 30, 2025
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ANNEX Alberto Stocco CFO
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1H2025 - CONSOLIDATED P&L (*) As a % of Value of producion Figures in € thousands 2025HY % (*) Sales revenue 25,892 85.8% Change in inventories, work in progress, semi-finished and finished products 30 0.1% Change in contract work in progress 3,451 11.4% Increases in work in progress 12 0.0% Other income 803 2.7% Value of production 30,188 100.0% Costs of raw and ancillary materials and goods net of change in inventories -9,941 -32.9% Service costs -10,556 -35.0% Costs for third-party asset use -299 -1.0% Staff costs -3,900 -12.9% Other operating expenses -111 -0.4% EBITDA 1 5,381 17.8% Amortisation, depreciation, write-downs and impairment -1,371 -4.5% Provisions 0 0.0% EBIT 2 4,010 13.3% Finance income and (expense) -238 -0.8% EBT 3 3,772 12.5% Income taxes -1,092 -3.6% Profit (loss) for the period 2,680 8.9% Group profit (loss) for the period 2,588 8.6% Profit (loss) for the period attributable to non-controlling interests 92 0.3% Source: Consolidated half-year financial report as of June 30, 2025
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1H2025 - CONSOLIDATED BS Figures in € thousands HY2025 FY2024 Intangible assets 3,590 2,876 Property, plant and equipment 5,869 4,549 Financial assets 888 263 Net fixed assets 10,347 7,688 Inventories 66,142 59,432 Trade receivables 20,383 24,700 Trade payables -12,898 -17,036 Trade working capital 73,627 67,096 Other current assets 456 269 Other current liabilities -53,925 -44,339 Tax receivables and payables -572 1,235 Net accruals and deferrals -411 167 Net working capital (NWC) 19,175 24,428 Provisions for risks and charges -1,220 -1,320 Employee Severance Indemnity -1,236 -815 Net invested capital (LOANS) 27,066 29,981 Current financial debt 2,629 9,249 Current portion of non-current financial debt 3,262 1,840 Non-current financial debt 10,557 5,284 Financial debt 16,448 16,373 Cash and cash equivalents -3,397 -1,077 Other financial assets -2,306 -6 Net financial debt 10,745 15,290 Share Capital 2,428 2,428 Reserves 10,428 8,790 Group profit (loss) for the period 2,588 3,459 Group equity 15,444 14,677 Capital and reserves attributable to non-controlling interests 785 24 Profit (loss) for the period attributable to non-controlling interests 92 -10 Non-controlling interests 877 14 Equity: 16,321 14,691 Total SOURCES 27.066 29.981 Source: Consolidated half-year financial report as of June 30, 2025
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1H2025 - CONSOLIDATED NFP Figures in € thousands HY2025 FY2024 A. Cash 3,397 1,077 B. Cash equivalents - - C. Other current financial assets 2,306 6 D. Liquidity (A) + (B) + (C) 5,703 1,083 E. Current financial debt 2,629 9,249 F. Current portion of non-current financial debt 3,262 1,840 G. Current financial debt (E)+(F) 5,891 11,089 H. Net current financial debt (G)-(D) 188 10,006 I. Non-current financial debt 10,557 5,284 J. Debt instruments - - K. Trade and other non-current payables - - L. Non-current financial debt (I) + (J) + (K) 10,557 5,284 M. Total net financial debt (H) + (L) 10,745 15,290 Source: Consolidated half-year financial report as of June 30, 2025
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2025–2026 OUTLOOK AND STRATEGY Enrico Meneghetti Chairman & CEO
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2025–2026 OUTLOOK AND STRATEGY Continued consolidation of the photovoltaic segment, with a focus on large-scale ground-mounted plants and rooftop solutions for industrial clients. Targeted investments in facilities, technologies and human capital. Strengthening the Core Business Vertical Integration and Synergies Expansion of O&M activities, enhancement of engineering and permitting capabilities, and strengthening of the Energy Security division. Integrated Offering and New Solutions Turnkey photovoltaic strategy with the new internally developed power skid and shelter product line. Selective Growth and Capacity Expansion Focus on organic growth and M&A opportunities. New 10,250 sqm facility to increase production capacity and support growth. The 400 kWp photovoltaic system will reduce emissions by approximately 130 tons of CO₂ per year. 1 2 3 4
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• EPC contractor with long-standing experience in the renewable energy sector • Proprietary solutions under the ESPE brand • Revenue and EBITDA growth • New multi-year contracts • Vertical integration across Group companies • Full control over the technological and execution value chain • Strengthened equity base and solid governance • In-house design, manufacturing and after-sales capabilities • Strong ESG focus and contribution to Italy’s energy transition • Expanding order backlog with visibility on future revenues 01 03 02 04 05 INVESTMENTS HIGHLIGHTS
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Q&A
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Via dell’Artigianato, 6 – 35010 Grantorto (PD) – Italy www.espe.it | investor.relations@espe.it Digital and Media Marketing Piazza Castello, 24 - 20121 Milano dmm@integraesim.it