Energy Time S.p.a. · MIL:ET
Energy Time — Investor Presentation (October 2025)
39 slides from Energy Time's investor presentation, Oct 8, 2025
Slide 1: Investor Access OCT 2025
Investor Access OCT 2025 October 8th 2025 Strictly private and confidential 1
Slide 2: Glossary (1/2)
STRICTLY PRIVATE AND CONFIDENTIAL Glossary (1/2) Glossary Definition A term referring to general processes between commercial partners, which can also encompass all transactions carried out within an industrial value chain before the final product is sold to the end consumer. More specifically, it r
Slide 3: Glossary (2/2)
STRICTLY PRIVATE AND CONFIDENTIAL Glossary (2/2) Glossario Definizione kW (kilowatt) Unit of measure of power equal to 10^3 watt (1 kW = 1.000W) kWh (kilowatt-ora) Unit of measure of electric current,multiple of watt per hour: it corresponds to 1 x 10^3 watt per hour Minieolico Sistem of production
Slide 4: Index
STRICTLY PRIVATE AND CONFIDENTIAL Index 1. Key People & Key facts 2. Executive Summary 3. Business Overview 4. Reference market and competition 5. Financial Highlights FY2024 6. Strategic Guidelines and Growth Drivers 7. Proposed operation 4
Slide 5: Key People e track record
STRICTLY PRIVATE AND CONFIDENTIAL Key People e track record Marco Pulitano – President and Chief Executive Officer Andrea Sprizzi – CFO • Founder Energy Time S.p.A. • MBA graduate • Formerly CEO of Premier Power Italy S.p.A., a company of • Formerly CEO of a British financial holding company listed
Slide 6: Key Facts
STRICTLY PRIVATE AND CONFIDENTIAL Key Facts Energy Time built 17 photovoltaic plants during 2024, totaling approximately 38 MW of installed capacity and is going to Installed capacity complete, by the end of 2025, 30 PV Plants for around 30 MWp. Historically, the company boasts around 150 MW of inst
Slide 7: Indice
STRICTLY PRIVATE AND CONFIDENTIAL Indice 1. Key People & Key facts 2. Executive Summary 3. Business Overview 4. Reference market and competition 5. Financial Highlights FY2024 6. Strategic Guidelines and Growth Drivers 7. Proposed operation 7
Slide 8: Group Overview (1/3)
STRICTLY PRIVATE AND CONFIDENTIAL Group Overview (1/3) Energy Time, founded in 2008, operates in the renewable energy market throughout Italy as a D-EPC-OM operator (Development, Engineering, Procurement, Construction, Operation and Maintenance), with a focus on the photovoltaic segment. Key Financi
Slide 9: Group Overview (2/3)
STRICTLY PRIVATE AND CONFIDENTIAL Group Overview (2/3) Energy Time is the parent company of the group bearing its name, which includes the subsidiaries ET WIND, ATENA, and seven “Agrisolar” special purpose vehicles established for the purpose of obtaining authorizations and, if applicable, construct
Slide 10: Group Overview (3/3)
STRICTLY PRIVATE AND CONFIDENTIAL Group Overview (3/3) Companies Business description Key Highlights Energy Time, a company established in 2008, operates as D-EPC-OM for the development of • Historical installed power renewable energy plants, from development and engineering to construction, also of
Slide 11: Group History
STRICTLY PRIVATE AND CONFIDENTIAL Group History 2008 - 2012 2013 - 2021 2022-2024 Start-up e interazionalization Focus on the Italian market Comeback to the core business 2008 2013 2022 Establishment of Arco Energy S.r.l. and Repurchase of the shares of Premier Acquisition of the subsidiary ET WIND
Slide 12: Shareholding and Corporate Governance
STRICTLY PRIVATE AND CONFIDENTIAL Shareholding and Corporate Governance Shareholding and Group structure Corporate Governance Energy Time, with a share capital of Euro 1,562,500 and 7,812,500 The Company is managed by a Board of Directors composed of 3 shares, is controlled by Keep Calm S.r.l., an i
Slide 13: Energy Time consolidated data H1 2025
STRICTLY PRIVATE AND CONFIDENTIAL Energy Time consolidated data H1 2025 VALUE OF PRODUCTION EBITDA Euro 6,3 Mln Euro 0,4 Mln NFP EBITDA Margin % Euro 4,5 Mln 0,4%% Of which: Euro 1,3 Mln m/l Euro 4,7 Mln breve Euro 0,5 Mln cash NIC NET VALUE Euro 12,9 Mln Euro 6,9 Mln Source: Reclassified consolidat
Slide 14: Energy Time consolidated data FY2024
STRICTLY PRIVATE AND CONFIDENTIAL Energy Time consolidated data FY2024 VALUE OF PRODUCTION EBITDA FY2024 Euro 17,8 Mln FY2024 Euro 3,1 Mln NFP EBITDA Margin % FY2024 Euro 4,5 Mln FY2024 17,6% di cui: Euro 1,2 Mln m/l Euro 3,7 Mln breve Euro 0,5 Mln cash NIC NET VALUE FY2024 Euro 11,2 Mln FY2024 Euro
Slide 15: Evolution of Production value – Energy Time
STRICTLY PRIVATE AND CONFIDENTIAL Evolution of Production value – Energy Time Energy Time’s Production Value as of December 31, 2024, increased by approximately €8.8 million, representing a 97.2% growth compared to the same period in 2023 (€9.0 million), reaching a value of €17.7 million. This confi
Slide 16: Energy Time group activities
STRICTLY PRIVATE AND CONFIDENTIAL Energy Time group activities In carrying out its activities, the Energy Time Group operates in the renewable energy market as D-EPC-OM across the entire national territory. D-EPC-OM activities • D - Development: Development activities are carried out by controlled S
Slide 17: Investment highlights
STRICTLY PRIVATE AND CONFIDENTIAL Investment highlights BACKLOG AND As of April 30, 2025, the Group's backlog amounts to approximately €124 million, corresponding to 234 MW of photovoltaic 1 PORTFOLIO OF power plants to be installed. This backlog is entirely related to the photovoltaic sector, and t
Slide 18: Indice
STRICTLY PRIVATE AND CONFIDENTIAL Indice 1. Key People & Key facts 2. Executive Summary 3. Business Overview 4. Reference market and competition 5. Financial Highlights FY2024 6. Strategic Guidelines and Growth Drivers 7. Proposed operation 18
Slide 19: Industry Business System (1/2)
STRICTLY PRIVATE AND CONFIDENTIAL Industry Business System (1/2) SUPPLIERS CUSTOMERS Over the years, the Group has The Group operates as D-EPC-OM for B2B Customers: Industrial companies established strong relationships with its the construction of renewable energy aiming to become energy independent
Slide 20: Industry Business System (2/2)
STRICTLY PRIVATE AND CONFIDENTIAL Industry Business System (2/2) R&D Components Assembly Logistics Marketing Instruments Logistics operators Organizers of Component Component IPPs with an internal and wholesalers in industry-specific Manufacturers of manufacturers manufacturers: Project Management t
Slide 21: Business Model D-EPC-OM
STRICTLY PRIVATE AND CONFIDENTIAL Business Model Energy Time bases its business model on D-EPC-OM activities, encompassing the development, design, and construction of photovoltaic systems, up to the provision of maintenance services. The activities can be divided as follows: Energy Time has a track
Slide 22: Value Chain
STRICTLY PRIVATE AND CONFIDENTIAL Value Chain Accurate Customized High- Customer Operation & plant financial Design Procurement performance consulting Maintenance forecasting solutions construction Energy Time Energy Time Energy Time is Energy Time Energy Time Energy Time Energy Time supports its cl
Slide 23: Revenue Model – Utility Scale
STRICTLY PRIVATE AND CONFIDENTIAL Revenue Model – Utility Scale The activities and phases of design, engineering, procurement, and construction of a photovoltaic system are similar regardless of size and power. Energy Time offers different revenue models depending on whether the plants have a capaci
Slide 24: Revenue Model – Plants 1,5/2 MW
STRICTLY PRIVATE AND CONFIDENTIAL Revenue Model – Plants 1,5/2 MW The activities and phases of design, engineering, procurement, and construction of a photovoltaic system are similar regardless of size and power. Energy Time offers different revenue models depending on whether the plants have a capa
Slide 25: Value Proposition
STRICTLY PRIVATE AND CONFIDENTIAL Value Proposition MONITORING OF OPPORTUNITIES POSSIBILITY OF INTEGRATED MAINTENANCE TIME TO MARKET THE REGULATORY AND OPERATIONAL GREENFIELD OFFER ENVIRONMENT FLEXIBILITY DEVELOPMENT Proposition The Energy Time Group The Energy Time Group The Energy Time Group The E
Slide 26: Main customers
STRICTLY PRIVATE AND CONFIDENTIAL Main customers The Group serves different types of clients, mainly B2B customers such as industrial companies, IPPs, utilities, and specialized investment funds, as well as B2C retail customers. Energy Time does not maintain ongoing relationships with main clients,
Slide 27: Main suppliers
STRICTLY PRIVATE AND CONFIDENTIAL Main suppliers Energy Time boasts long-standing suppliers with whom it has maintained ongoing relationships for years. The company's history in the sector has allowed Energy Time to maintain direct commercial relationships (without involving distributors) with leadi
Slide 28: Certifications and attestations
STRICTLY PRIVATE AND CONFIDENTIAL Certifications and attestations In the course of its activities, the Energy Time Group holds the following certifications and attestations: ISO 9001:2015 The Energy Time Group has been certified according to the ISO 9001 quality management standard since 2020, with
Slide 29: Indice
STRICTLY PRIVATE AND CONFIDENTIAL Indice 1. Key People & Key facts 2. Executive Summary 3. Business Overview 4. Reference market and competition 5. Financial Highlights FY2024 6. Strategic Guidelines and Growth Drivers 7. Proposed operation 29
Slide 30: Main Drivers of the Photovoltaic Market
STRICTLY PRIVATE AND CONFIDENTIAL Main Drivers of the Photovoltaic Market Reference Legislation The RePowerEU Plan (May 2022), based on the implementation of the "Fit for 55" package and part of the broader European Green Deal framework, refers to a set of proposals aimed at reducing net greenhouse
Slide 31: Market drivers: Italian energy policies
STRICTLY PRIVATE AND CONFIDENTIAL Market drivers: Italian energy policies The national targets for the renewable energy sector are outlined in two regulatory documents: the PNIEC (National Integrated Energy and Climate Plan) published in 2023, and the NLTS (National Long Term Strategy) published in
Slide 32: Analysis of the competitive environment
STRICTLY PRIVATE AND CONFIDENTIAL Analysis of the competitive environment Year of Development Engineering Company Legal headquarters Construction O&M Counseling1 establishment Authorizations and Planning 2008 Campobasso (CB) ✓ ✓ ✓ ✓ ✓ 1974 Grantorto (PD) ✓ ✓ ✓ 2001 Viterbo (VT) ✓ ✓ ✓ 2018 Chatillon
Slide 33: Indice
STRICTLY PRIVATE AND CONFIDENTIAL Indice 1. Key People & Key facts 2. Executive Summary 3. Business Overview 4. Reference market and competition 5. Financial Highlights FY2024 6. Strategic Guidelines and Growth Drivers 7. Proposed operation 33
Slide 34: Energy Time Income Statement – H1-2025-H1-2024
STRICTLY PRIVATE AND CONFIDENTIAL Energy Time Income Statement – H1-2025-H1-2024 Income Statement at 30 June Var 2024-2025 Comments €'000 2025H1 % on Vop 2024H1 % on odp Var €'000 Var % Energy Time figures are 99,56% of consolidated Revenues 6.378 101,71% 6.209 124,73% 169 2,72% figures. For this re
Slide 35: Issuer Income Statement – FY24-FY23
STRICTLY PRIVATE AND CONFIDENTIAL Issuer Income Statement – FY24-FY23 Comments Energy Time closed the 2024 financial year with a net result of €1.6 million, tripling compared to €0.5 million as of December 31, 2023. The Production Value, amounting to €17.7 million, was entirely generated in Italy, m
Slide 36: Group Balance Sheet – H1-2025-FY24
STRICTLY PRIVATE AND CONFIDENTIAL Group Balance Sheet – H1-2025-FY24 Balance Sheet Comments €'000 Consolidated HY25 Consolidated FY24A As highlighted in the table, Energy Time is more Intangibles 321 253 Tangibles 2.155 2.126 focused on investments in working capital (€9,7 million, Financial Assets
Slide 37: Indice
STRICTLY PRIVATE AND CONFIDENTIAL Indice 1. Key People & Key facts 2. Executive Summary 3. Business Overview 4. Reference market and competition 5. Financial Highlights FY2024 6. Strategic Guidelines and Growth Drivers 7. Proposed operation 37
Slide 38: Future Growth Strategies
Future Growth Strategies Organic growth Support the production value and consolidate with double-digit growth; Expand. the workforce with highly specialized personnel (e.g., technicians and engineers bringing specific know-how, and specialized assembly teams for renewable energy plants); Expand the
Slide 39: IPO e Use of proceeds
IPO e Use of proceeds Support for production value Expansion of the workforce with highly specialized personnel Organic growth Expansion of the fleet of specialized site equipment (ca. 60%) Creation of an integrated design, administrative, and logistics hub for the Group Opening of new logistics bas