Energy Spa · MIL:ENY
Energy Spa — German Spring Conference 2026
26 slides from Energy Spa's conference presentation, May 12, 2026
Slide 1: German Spring Conference
German Spring Conference Frankfurt – May, 12th 2026
Slide 2: Today's Speakers
Today's Speakers Daniele Manfroi CFO MBA · Degree in Business Management · Master in Environmental Management Former EHS Auditor · Quality & EHS Manager at Mitsubishi Electric Klimat
Slide 3: Agenda
Agenda 2025 Key Facts 1 Energy Group's Evolution & Transformation 2 Market Scenario 3 FY 2025 Financial Results 4 Looking Forward 5 Q&A and Annex 6
Slide 4: 2025: a new stage in Group's recovery and diversification process
1 — 2025 KEY FACTS 2025: a new stage in Group’s recovery and diversification process In a macroeconomic and market context that is still complex and negatively impacted by various factors, the Group has demonstrated its ability to adapt and resilience, laying solid foundations for sustainable growth
Slide 5: How the Group Evolved
2 — EVOLUTION & TRANSFORMATIO N How the Group Evolved Repositioning toward segments with better structural growth, higher complexity and more recurring service content Business Model Target Clients Integration and Consolidation From Product-led supplier From Residential-heavy mix From a single entit
Slide 6: Some factors still impacting on results
3 — MARKET SCENARIO Some factors still impacting on results Slight drop in prices due to oversupply across the entire renewables sector: significantly smaller than that observed in 2023 and 2024 Significant reduction in demand in the residential segment: consistent with 2024 Effect of uncertainty on
Slide 7: FY 2025 Financial Results
FY 2025 Financial Results Companies included in the scope of consolidation are: • Energy S.p.A. (hereinafter also “Parent Company”); • the subsidiary Energyonsite S.r.l.; • the subsidiary Energyincloud S.r.l., as well as the company Enerimmo S.r.l. (wholly owned by Energyonsite). The investment in t
Slide 8: Financials Highlights
Financials Highlights 2025 marked the beginning of a gradual rebalancing, with the first tangible effects of the actions undertaken to strengthen t he Group's operational and commercial structure, enabling a gradual recovery in profitability REVENUES VALUE OF EBITDA PRODUCTION 29.8 €m 34.2 €m 0.8 €m
Slide 9: Revenues breakdown - By Geographies
Revenues breakdown - By Geographies • Export share remained broadly stable at 39% in 2025 (€11.6m), compared to 37% in 2024 (€13.8m) • Revenues generated 61% in Italy and 39% abroad (EU and non-EU): foreign sales concentrated primarily in Central and Northern European countries 9
Slide 10: Revenues breakdown – By Product Dimensions
Revenues breakdown – By Product Dimensions • 2025 revenues of the “Extra Large” (XL) range – equal to €13.5m – up +161% compared to 2024 (€5.2m), recording sales to an expanding customer base • Total power of systems sold in 2025 equal to 33MW, higher than the 30MW of 2024 • Significant increase in
Slide 11: Revenues breakdown – By Channels
Revenues breakdown – By Channels • Looking at sales by channel, in 2025 majority represented by EPC and other (43%) – linked to the C&I segment – followed by generalist distributors (29%) and specialist distributors (18%), unlike 2024 which saw the preponderance of VAR (Value Added Reseller) custom
Slide 12: From Revenues to EBITDA: FY25 vs. FY24
From Revenues to EBITDA: FY25 vs. FY24 €k FY 2024 * FY 2025 * Energyonsite consolidated from June 24 12
Slide 13: From EBITDA to Net Result: FY25 vs. FY24
From EBITDA to Net Result: FY25 vs. FY24 €k FY 2024 FY 2025 13
Slide 14: Trade Working Capital and Net Financial Debt focus
Trade Working Capital and Net Financial Debt focus €k In 2025 Inventories include w.i.p. for €1,7m 14
Slide 15: Cash Bridge Analysis
Cash Bridge Analysis €k Net Cash Flow -2,986 Incl.: • Finalization of the assembly line • Construction of the new Gigafactory • Further technical developments on the cloud platform and new products 15
Slide 16: Strategic Priorities 2026+
5 — LOOKING FORWARD Strategic Priorities 2026+ International Expansion XL Solutions Continued expansion into central and northern Europe, with a focus on DACH Strengthen the Extra-Large Energy Storage business while maintaining and DUTCH markets presence in the Small & Large segment Technological In
Slide 17: Questions
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Slide 18: Annex
Annex
Slide 19: Recent Project References
Recent Project References Intergrana Io Prosciutto Prefabbricati Scaligera FONTANELLATO (PR) — EMILIA-ROMAGNA SAN DANIELE DEL FRIULI (UD) — FRIULI-VENEZIA BOVOLONE (VR) — VENETO GIULIA Solution: zeroCO2 XL Shell 120/220 Solution: zeroCO2 XL System 60 kW + XL Solution: zeroCO2 XL System + XL BESS BES
Slide 20: Energy Group's Go-to-Market
Energy Group’s Go-to-Market Sales channels include generalist distributors of electrical materials, photovoltaic specialists and large European EPCs Distributors Residential and (Specialists and Installers Small C&I end-users Generalists) Small & Large BESS Value Added Installers Resellers Energy Gr
Slide 21: Shareholding & Governance
Shareholding & Governance Shareholder N° Ordinary Shares % on Ord. Shares Freman Holding Srl [1] 10,506,070 19.43% Elmagi Srl [2] 10,456,688 19.34% Euroguarco SpA 10,278,222 19.01% Vee Holding s.r.l. [3] 10,270,638 18.99% RPS SpA 4,166,500 7.70% Market 8,398,462 15.53% Total 54,076,580 100.00% [1] F
Slide 22: Income Statement
Income Statement €k FY 2024 % FY 2025 % Δ Δ% Consolidated Consolidated Revenues from sales and services 37,200 100% 29,836 100.0% - 7,364 -20% Increases in fixed assets for inhouse works 1,345 4% 1,118 3.7% - 227 -17% Other revenues 316 1% 1,783 6.0% 1,467 464% Cost of materials - 44,215 -119% - 20,
Slide 23: Balance Sheet
Balance Sheet €k 31/12/24 31/12/25 Δ Δ% Consolidated Consolidated Intangible fixed assets 6,684 5,855 - 829 -12% Tangible fixed assets 19,891 25,983 6,092 31% Financial assets 864 864 - 0 0% Total fixed assets 27,439 32,702 5,262 19% Inventories 24,777 24,695 - 82 0% Trade receivables 6,382 4,568 -
Slide 24: Cash Flow
Cash Flow €k 31/12/24 31/12/25 Consolidated Consolidated EBIT - 17,715 - 1,536 Taxes 1,252 - 127 D&A 11,709 2,327 Δ in Trade Working Capital 14,536 4,752 Δ in other credits/(other debts), post-employment and other funds - 783 852 Cash Flow from Operating activities 8,999 6,269 Capex - 15,856 - 7,359
Slide 25: Glossary
Glossary Payback period The number of years it will take for pos itive flows from an inves tment to compensate for outgoings sustained. It indicates the riskiness of a project solely in terms of time. BESS-Battery Ener gy Stor age System s Photovoltaic panel A group of dev ic es, equipment, manageme
Slide 26: Disclaimer
Disclaimer This presentation and the information contained herein (unless otherwise indicated), are provided by Energy S.p.A. (“Energy”) solely for informational purposes. By attending this presentation or otherwise viewing this presentation, or having access to the corresponding information, you ar