Haiki+ S.p.a. · MIL:HIK
Haiki+ — Investor Presentation (April 2026)
32 slides from Haiki+'s investor presentation, Apr 9, 2026
Slide 1: Business Plan 2026 – 2028: Consolidate to Grow
RENEW. RECYCLE. REIMAGINE. BUSINESS PLAN 2026 – 2028 CONSOLIDATE to GROW 9 April 2026
Slide 2: Business Plan 2026 - 2028 Agenda
2 BUSINESS PLAN 2026 - 2028 HAIKI + Focus pints 01 KEY MESSAGES 02 THE HAIKI+ GROUP 03 MARKET OPPORTUNITY 04 ESG PLAN 05 BUSINESS PLAN 2026 - 2028
Slide 3: At the Heart of Change
AT THE HEART OF CHANGE: 3 HAIKI+ is positioned as a leading player in the circular economy. WE ARE IN THE HEART OF BUSINESS MODEL ORGANIZATION AN EPOCHAL TRANSITION TRANSFORMATION AND SKILLS circular economy market is To seize this momentum Haiki + is From the aggregation process to the experiencing
Slide 4: Haiki+: A Proven Track Record
HAIKI+: A PROVEN TRACK RECORD 4 CAGR% 2021-2025 CAGR% 2025-2028 CAGR% 2021-2025 CAGR% 2025-2028 42% REVENUES ~7% 24% EBITDA 13% 1 % +2 4 % +4 380 68 314 48 204 175 165 29 31 20 22 77 €m 2021 2022 2023 2024 2025 2028 2021 2022 2023 2024 2025 2028
Slide 5: Key Messages
BUSINESS PLAN 2026 - 2028 5 01 KEY MESSAGES HAIKI + business units e 2025 results 02 HAIKI+ GROUP 03 MARKET OPPORTUNITY 04 ESG PLAN 05 BUSINESS PLAN 2026 - 2028
Slide 6: Our Business Units
OUR 5 BUSINESS UNITS 6 WASTE MANAGEMENT AND COLLECTION, TREATMENT RECOVERY AND VALORIZATION 8 SPECIALIZED PLANTS 10 SPECIALIZED PLANTS CIRCULARITY AND INNOVATION IN WEEE CATEGORIES and EMERGING SECTORS PLASTIC MATERIALS FINAL DISPOSAL RECOVERY, RECYCLING, REFINING END-OF-LIFE PRODUCT AND MELTING OF
Slide 7: Our Widespread Operational Network
OUR WIDESPREAD OPERATIONAL NETWORK 7 d’Ezzelino 26 22 plants Correggio – 4 landfill «Ultralog» Logistica +70 authorized Haiki Cobat collection points
Slide 8: Our Strengths
OUR STRENGTHS 8 EXPERIENCE COMPETENCE PROFESSIONALISM INTEGRATED OWNED UNIQUE NATIONAL CERTIFIED MANAGEMENT FACILITIES INTERLOCUTOR NETWORK SUSTAINABILITY R&D ü value chain ü recovery and ü services on ü collection ü Management ü development disposal 360° customer points integrated of innovative sup
Slide 9: A Year of Transformation and Aggregation
9 A YEAR OF TRANSFORMATION AND AGGREGATION 2025 marked a fundamental change for Haiki from ENVIRONMENTAL SERVICES PROVIDER to PROCESSING INDUSTRY INTEGRATED ASSET BASE CLIENTI AND ACCELERATION INDUSTRIAL MODEL AND SKILLS MANAGED VOLUMES FOR M&A 5 34€m 8.000 46€m Integrated Business unit Capex Client
Slide 10: 2025: A Year of Transformation and Aggregation
2025: A YEAR OF TRANSFORMATION AND AGGREGATION 10 CONFIRMING THE GROWTH TREND COMPARED TO 2024 ( +50% ) TRACK RECORD OF DELIVERY 2024 PF 2025 €m LEVERAGE IN LINE WITH INDUSTRY ++ 314 STANDARDS REVENUES 204 +50% 2025 Guidance Confirmed ++ 48 +50% EBITDA 31 ~ 15% ~15% High leverage EBITDA % following
Slide 11: 2025 Operating Results
11 2025 OPERATING RESULTS 6 Over the Plan, EBITDA rose by €22m (+48%) following development in the circular economy, offset by a €5m reduction in the landfill business" 314 89 21 2025 vs 2024PF 204 REVENUES 314 +50% ∆ REVENUES: + €110 M EBITDA 48 +50% Revenues M&A ∆ Revenues 2024PF organic 2025 EBIT
Slide 12: Market Size & Trends
BUSINESS PLAN 2026 - 2028 12 01 KEY MESSAGES 02 HAIKI+ GROUP HAIKI + Market Size & Trends 03 MARKET OPPORTUNITY 04 ESG PLAN 05 BUSINESS PLAN 2026 - 2028
Slide 13: The Circular Economy Market
THE CIRCULAR ECONOMY MARKET 13 The Italian waste market will continue to grow, driven by a favorable regulatory framework and sustainable changes in customer behavior (EPR - Extended Producer Responsibility regime). VALUE OF THE ITALIAN WASTE MANAGEMENT MARKET ~164.5Mton Total Production: In 2023, t
Slide 14: Geographic Distribution
GEOGRAPHIC DISTRIBUTION 14 Special waste production is concentrated in the North, led by Lombardy, where Haiki maintains a strong operational footprint Nord Italia 164,5 ~57 % Lombardia 35,9 P Veneto 17,6 P Emilia Romagna 14,1 Piemonte 13,7 P Trentino Alto Adige 4,9 Centro Friuli Venezia Giulia 4,5
Slide 15: Market Trends and Regulatory Push
MARKET TRENDS AND REGULATORY PUSH 15 RECHARGEA ELECTRIC AUTOMOTIVE TEXTILE WEEE BLE MOBILITY BATTERIES Recycling and reuse Green Fashion Percentage of waste Percentage of hybrid Startup percentage of end-of-life vehicles sent for recycling and electric cars in total to recycling Expected registratio
Slide 16: Our Sustainability Commitment
BUSINESS PLAN 2026 - 2028 16 01 KEY MESSAGES 02 HAIKI+ GROUP 03 MARKET OPPORTUNITY HAIKI+ Our Sustainability Commitment 04 ESG PLAN 05 BUSINESS PLAN 2026 - 2028
Slide 17: The Strategy from Sustainability
17 THE STRATEGY FROM Raw materials Responsible Management and the circular business and protection of SUSTAINABILITY economy practices workers In 2024, Haiki+ defined a Strategic Sustainability Plan relating to environmental, social and governance issues, thus aligning the industrial strategy Manage
Slide 18: Analysis of the Climate Risks
18 ANALYSIS OF THE CLIMATE RISKS Haiki + has initiated a climate risk exposure assessment by measuring the likelihood that one of its assets will suffer physical damage or operational disruption during a climate event. The primary objective of climate risk analysis is to identify, assess, and manage
Slide 19: Group Carbon Footprint
19 GROUP CARBON FOOTPRINT Haiki+ has adopted a strategy to monitor and reduce corporate emissions , balancing business growth with footprint reduction. carbonic. An ambitious but achievable goal, as compared to 2023, in 2024 Scope 1 and 2 emissions decreased by 9% , going from 9,731 tonnes of CO2eq
Slide 20: Planning Initiatives for 2026
20 PLANNING INITIATIVES FOR 2026 ESG ASSESSMENT OF THE EUROPEAN TAXONOMY GENDER EQUALITY SUPPLY CHAIN Haiki+ has begun the journey Haiki+ has begun the process of aligning Haiki+ has launched a structured towards gender equality with the European Union Taxonomy to ESG supplier assessment process cer
Slide 21: ESG Risk Rating
21 ESG RISK RATING In the ESG performance measurement process, Haiki+ obtained a RepRisk ESG Risk Rating of “AA”: the maximum score awarded by RepRisk in this assessment, which indicates a very low ESG risk profile . The result places Haiki+ among the few companies to have achieved the highest level
Slide 22: Growth Drivers & Strategic Roadmap
BUSINESS PLAN 2026 - 2028 22 01 KEY MESSAGES 02 HAIKI+ GROUP 03 MARKET OPPORTUNITY 04 ESG PLAN HAIKI+ Growth Drivers & Strategic Roadmap 05 BUSINESS PLAN 2026 - 2028
Slide 23: Macro Trend and Strategic Drivers
23 MACRO TREND STRATEGIC DRIVERS IN ITALY A strategy capable of capturing market trends A market oriented towards circularity and material recovery FOCUS ON RECYCLING GROWTH Increase material recycling performance in the Group's plants, focusing on specific supply chains in which to acquire a leader
Slide 24: Volumes Managed in 2025
VOLUMES MANAGED IN 2025 24 ~ 450k TON FOR TREATMENT Over half (55%) of the tonnes managed need to be sent ~ 230k TON MANAGED BY HAIKI COBAT for treatment at plants, either owned or third-party; of Haiki Cobat confirms its pivotal role at the heart of the these quantities, 67 % is treated internally
Slide 25: Business Plan 2026-2028: Consolidate to Grow
BUSINESS PLAN 2026-2028: CONSOLIDATE TO GROW 25 Consolidation of €m performances 2024 PF 2025 2026 guidance 2028 Plan CAGR% Full Operational Ramp-up ) ) 2025-2028 ++ ++ ++ Accelerating RICAVI 204 314 343 380 ~8% profitability Progressive Increase in Capacity Utilization: Efficiencies and synergies f
Slide 26: Business Plan 2026-2028: Revenue and EBITDA Targets
BUSINESS PLAN 2026-2028: CONSOLIDATE TO GROW 26 €M 55 380 DIMENSIONAL TARGET Revenue 2028: €380M REVENUES 34 (23) 314 ORGANIC EXPANSION Revenue increase over the plan period: €76M § 80% attributable to organic expansion: ü growth in volumes in existing plants; (‘25-’28) CAGR ü progressive improvemen
Slide 27: Revenue and EBITDA BU Contribution 2025-2028
BUSINESS PLAN 2026-2028: CONSOLIDATE TO GROW 27 REVENUE BU CONTRIBUTION 2025 - 2028 2028 17% 2025 34% Increase of Circular €380M Economy BU 31% 28% contribution €314M 48% Landfill contribution 41% decreasing 2028 Haiki Metals EBITDA BU CONTRIBUTION 2025 - 2028 13% contribution stable 2025 43% 13% €6
Slide 28: Business Plan 2026-2028: Capex by Business Unit
BUSINESS PLAN 2026-2028: CONSOLIDATE TO GROW 28 €M MINES § €36 million over the plan period to ensure continuity at all currently operational sites CAPEX § Waste deliveries to the new Bossarino reservoir, which has already been authorised, will begin in 2028. § Investments and positive cash flows fr
Slide 29: All Over the Plan €15M Free Cash Flow
FUTURE CASH FLOW 26 ALL OVER THE PLAN €15M FREE CASH FLOW 136 § Overall, the 2026 – 2028 plan expects to generate approximately € 15 million in cash , net of all -16 payment commitments already undertaken; § Cumulative operating cash generation ( EBITDA - taxes ) is expected to exceed €136 million i
Slide 30: Statutory FY 2025 Consolidated Results
2025 FINANCIAL FIGURES 26 STATUTORY FY 2025 CONSOLIDATED RESULTS €M * FY25 economic results differs from pro forma economic results highlighted in previous slides (Haiki Metals consolidated in the statutory accounts only for half year due to acquisition occurred in July 2025)
Slide 31: Haiki Is Trading at a Significant Discount to Market Peers
STOCK DATA 26 HAIKI IS TRADING AT A SIGNIFICANT DISCOUNT COMPARED TO ITS MARKET PEERS STOCK DATA – HAIKI+ SPA Euronext Growth Listing Market Milan ISIN IT0005628778 BIT HIK § Peers median 2025 EV/EBITDA 6.7 § Peers median 2026 EV/EBITDA 6.0 Price per Share 0,537 (as of 7/04/2026) Mobile average 50 d
Slide 32: Haiki+ Is Evolving into an Integrated Industrial Hub for Circularity
«HAIKI+ IS EVOLVING FROM AN ENVIRONMENTAL SERVICES PROVIDER INTO AN INTEGRATED INDUSTRIAL HUB FOR CIRCULARITY, BUILT ON www.haikiplus.it STRATEGIC ASSETS, VERTICAL INTEGRATION, AND STRUCTURAL CASH GENERATION"