Lemon Sistemi S.p.a. · MIL:LS
Lemon Sistemi — Non-Deal Roadshow (May 2024)
38 slides from Lemon Sistemi's roadshow presentation, May 2024
Slide 1: Investor Presentation May 2024
INVESTOR PRESENTATION May 2024 Sciacca (AG) - 312 kWp SunPower photovoltaic system
Slide 2: Key Speakers
Investor Presentation KEY SPEAKERS Maria Laura Spagnolo Danilo Palazzolo Chairman of BoD and co-CEO and CFO co-CEO 2
Slide 3: Index
Investor Presentation INDEX 1. AT A GLANCE 2. ACHIEVEMENTS 3. ACTIVITY 4. KEY FINANCIALS 5. MARKETS & COMPETITIVE POSITIONING 6. FUTURE STRATEGY 7. CLOSING REMARKS APPENDIX 3
Slide 4: 1. At a Glance
Lu 1S) Zz < — oO <x - <x a
Slide 5: Highlights
Investor Presentation 1. At a Glance HIGHLIGHTS TAILOR-MADE RENEWABLE PLANT POSITIONING IN A STRATEGIC MARKET Design, supply and installation of photovoltaic, thermo- High potential market with many operators and high growth hydraulic and storage systems, as well as the design of possibilities solut
Slide 6: Governance and Shareholder Structure
Investor Presentation 1. At a Glance GOVERNANCE AND SHAREHOLDER STRUCTURE BOARD OF DIRECTORS SHAREHO LDER STRUCTURE Maria Laura Spagnolo Chairman and co-CEO 14,5% Danilo Palazzolo Salvatore Bommarito Danilo Palazzolo 2,9% co-CEO & CFO Board member Maria Laura Spagnolo 2,9% Salvatore Spagnolo 4,1% Gi
Slide 7: ESG
Investor Presentation 1. At a Glance ESG ENVIRONMENTAL SOCIAL GOVERNANCE ▪ The installation of a photovoltaic ▪ The number of female figures ▪ Composition of the Board of system is foreseen within the present in the company is 18, Directors: 5 directors of which 2 renovation project of the future wi
Slide 8: 2. Achievements
2. ACHIEVEMENTS 8
Slide 9: 2023 - 2024 Achievements
Investor Presentation 2. Achievements 2023 - 2024 ACHIEVEMENTS Signed two agreements with the company Hotel Initiated the construction Investment Partners (HIP) of a 1 MWp ground- for the implementation of mounted plant located two photovoltaic plants in in Castellammare del Sardinia of 73 kWp and G
Slide 10: 3. Activity
3. ACTIVITY
Slide 11: Business Areas
Investor Presentation 3. Activity BUSINESS AREAS PHOTOVOLTAIC AND 1. PHOTOVOLTAIC 2. AGRIVOLTAIC SYSTEMS 3. CO-DEVELOPMENT AND DEVELOPMENT OF BESS 4. ENERGY EFFICIENCY ▪ Core business; ▪ Design and construction of the ▪ Participation activities started in plant with the aim of selling it; ▪ Design o
Slide 12: 4. Key Financials
7) — < oO Zz << < LL > Lu x +
Slide 13: Consolidated Income Statement – VoP and Revenues
Investor Presentation 4. Key financials CONSOLIDATED INCOME STATEMENT – VoP and Revenues VALUE OF PRODUCTION EVOLUTION REVENUES BREAKDOWN Photovoltaic Superbonus Energy Efficiency 4% 4% 16.0 22% +84.5%** 11.9 FY 2022 FY 2023 48% € 11.3 M 48% € 13.9 M 74% 4.7 ▪ The main increase in revenues can be at
Slide 14: Consolidated Income Statement - EBITDA and EBITDA Margin
Investor Presentation 4. Key financials CONSOLIDATED INCOME STATEMENT - EBITDA AND EBITDA MARGIN % EBITDA (€/M) e EBITDA margin (% on VoP) ▪ The Lemon Sistemi group presents a reduction in 4.0 margins in 2023 compared to the historical one as: 33.5% ➢ the boost from the superbonus is reduced both in
Slide 15: Net Financial Position
Investor Presentation 4. Key financials NET FINANCIAL POSITION Consolidated data in €/000 Var. % Dec. 23- Var. % Dec. 23- Net Financial Position 31/12/2023 31/10/2023 30/06/2023 Oct. 23 Jun. 23 Cash & equivalents -3,0 -1,3 139% -0,2 1357% Current financial debt 3,1 2,6 21% 2,1 49% Net current financ
Slide 16: 5. Markets & Competitive Positioning
5. MARKETS & COMPETITIVE POSITIONING
Slide 17: Photovoltaic Market Overview in Italy
Investor Presentation 5. Markets & competitive positioning PHOTOVOLTAIC MARKET OVERVIEW IN ITALY PHOTOVOLTAIC MARKET NUMBER OF PLANTS AND EVOLUTION OF INSTALLED POWER IN ITALY 2008 - 2022 (GW) SHARE - 2022 (GW) POWER - 2022 (#) Source: GSE - Solar photovoltaics in Italy, State of development and tre
Slide 18: Overview of Photovoltaic Capacity
Investor Presentation 5. Markets & competitive positioning OVERVIEW OF PHOTOVOLTAIC CAPACITY INSTALLED POWER BY INSTALLATIONS BY BUSINESS INSTALLED POWER BY REGION - 2022 (GW) SECTOR - 2022 (GW) SECTOR TO 2022 (#) 3,4% Lombardy Trentino South Veneto 2.5 GW 10,6% 6,0% 3.1 GW Tyrol 0.5 Tertiary Reside
Slide 19: Solar Growth Targets Outlined by PNIEC
Investor Presentation 5. Markets & competitive positioning SOLAR GROWTH TARGETS OUTLINED BY PNIEC PV ITALIA PLANT CAPACITY GROWTH TARGETS - PNIEC (GW) PNIEC GOALS UPDATE - DRAFT JUNE 2023 ▪ In order to meet the new, significantly more ambitious Fit for 55 79,9 targets, installed capacity growth will
Slide 20: Overview of the Development of the Storage System Market as of 2015
Investor Presentation 5. Markets & competitive positioning OVERVIEW OF THE DEVELOPMENT OF THE STORAGE SYSTEM MARKET AS OF 2015 EVOLUTION OF INSTALLED POWER AND STORAGE CAPACITY IN ITALY 2015 - MAIN TAKEAWAYS Q3 2022 (MW) 2.752 ▪ The most popular technology is Lithium- 9 26 59 115 194 302 720 1.528 b
Slide 21: Storage System Development Goals Envisioned by PNIEC
Investor Presentation 5.. Markets & competitive positioning STORAGE SYSTEM DEVELOPMENT GOALS ENVISIONED BY PNIEC ▪ The National Integrated Energy and Climate Plan, which POWER DEVELOPMENT ELECTROCHEMICAL STORAGE SYSTEMS - currently does not incorporate the FitFor55 scenario, ACTUAL VS. PNIEC (MW) en
Slide 22: Energy Efficiency Growth Targets Outlined by PNIEC
Investor Presentation 5. Markets & competitive positioning ENERGY EFFICIENCY GROWTH TARGETS OUTLINED BY PNIEC CONSUMPTION TRAJECTORY OF PNIEC GOALS UPDATE - DRAFT JUNE 2023 PRIMARY AND FINAL ENERGY 2020-30 Draft PNIEC 2023: 142 141 139 122 Mtoe 137 135 133 132 130 128 126 125 Reduction Reductionin i
Slide 23: Competitive Positioning
Investor Presentation 5. Markets & competitive positioning COMPETITIVE POSITIONING Top 10 players Comparable companies LEMON SISTEMI VALUE PROPOSITION Owned system + Deep skills and know-how in Photovoltaic the entire value chain, from + design, supply and installation to Efficiency after-sales in t
Slide 24: 6. Future Strategy
> 12) = < o = n Ww a =) - =) LL wo
Slide 25: Future Strategy
Investor Presentation 6. Future Strategy FUTURE STRATEGY DIRECT DEVELOPMENT OF COMMERCIAL DEVELOPMENT INCREASE IN THE MEDIUM-SIZED DEVELOPMENT OF STORAGE AVERAGE SIZE OF PHOTOVOLTAIC AND PLAN PLANTS (BESS) SYSTEMS (1MWp - 10MWp) AGRIVOLTAIC SYSTEMS 25
Slide 26: Commercial Development Plan
Investor Presentation 6. Future Strategy COMMERCIAL DEVELOPMENT PLAN TARGET CITY ▪ The objective of the group is to implement a penetration strategy throughout the Italian ▪ Small geographically strategic territory, on the one hand through the hiring of commercial agents and on the other through pla
Slide 27: Direct Development of Medium-Sized Photovoltaic and Agrivoltaic Systems
Investor Presentation 6. Future Strategy DIRECT DEVELOPMENT OF MEDIUM-SIZED PHOTOVOLTAIC AND AGRIVOLTAIC SYSTEMS ▪ Direct development of medium-sized photovoltaic and agrivoltaic systems with the aim of selling the system after construction, acquiring multi-year management and maintenance contracts
Slide 28: Development of BESS
Investor Presentation 6. Future Strategy DEVELOPMENT OF BESS ▪ The strategy involves participation in commissioned projects relating to large storage plants with leading operators in the sector. OBJECTIVES Have design contracts lasting 12/24 months with milestone invoicing Co-Develop and then sell p
Slide 29: Increase in the Average Size of Systems (1MWp - 10MWp)
Investor Presentation 6. Future Strategy INCREASE IN THE AVERAGE SIZE OF SYSTEMS (1MWp - 10MWp) ▪ A further objective of the group is to increase the incidence of revenues linked to larger photovoltaic system projects: in particular, the group intends to continue to increase the incidence of revenue
Slide 30: 7. Closing Remarks
Y x ia <x = Ww ia Oo = Yn (e) _ O KR
Slide 31: Investment Highlights
Investor Presentation 7. Closing remarks INVESTMENT HIGHLITHS Short time to market Tailor-made renewable plant (3kWp-10MW) Integrated Service Management expertise Market growth and reference legislation Partnerships with major market names (Sunpower, Solaredge, etc.)
Slide 32: Lemon Sistemi contacts
Lemon Sistemi investor.relations@lemosistemi.it CDR Communication Marika Martinciglio marika.martinciglio@cdr-communication.it Marta Alocci marta.alocci@cdr-communication.it https://lemonsistemi.it/
Slide 33: Appendix
x fa) a im a. a xt
Slide 34: History
Investor Presentation Appendix HISTORY ▪ 3.2 MWp plant in Piedmont ▪ Construction of a 1 MWp ground- Enrico Rizzo (Head of Administration Engineers Maria Laura Spagnolo and mounted plant has started and a further In December listed on Euronext and Accounting), Antonino Palazzolo Vincenzo Palazzolo f
Slide 35: Main Suppliers & Customers
Investor Presentation Appendix MAIN SUPPLIERS & CUSTOMERS SUPPLIERS CUSTOMERS ▪ Commercial collaborations with the main suppliers on ▪ Lemon Sistemi proposes its design and technology offerings the national market; to both the residential and commercial markets. ▪ Premier Partner of Sunpower, a comp
Slide 36: Reclassified Consolidated Income Statement
Investor Presentation Appendix RECLASSIFIED CONSOLIDATED INCOME STATEMENT Consolidated data in €/000 Income Statement 31/12/2023 31/12/2022 % Revenues from sales 13,882 11,294 22.9% Works in progress on ordination 1,828 340 437.5% Increases in fixed assets for internal works 0 87 -100.0% Other incom
Slide 37: Reclassified Consolidated Balance Sheet
Investor Presentation Appendix RECLASSIFIED CONSOLIDATED BALANCE SHEET Consolidated data in €/000 Balance Sheet 31/12/2023 31/12/2022 % Intangible fixed assets 1,029 118 772.0% tangible fixed assets 247 209 18.1% Financial fixed assets 0 0 n.a Net fixed assets 1,276 327 290.1% Inventories 3,519 2,66
Slide 38: Overview of the Main Comparable Companies
Investor Presentation Appendix OVERVIEW OF THE MAIN COMPARABLE COMPANIES Company Logo HQ Business Lines Residential Commercial Energy Owned Photovoltaic photovoltaic efficiency* system Lemon Sistemi Dea Engineering New Energy IEIS Impianti FP Engineering Eco Fotovoltaico S. Energie Eureka Energy eff