Redelfi S.p.a. · MIL:RDF
Redelfi — Investor Presentation (February 2026)
18 slides from Redelfi's investor presentation, Feb 26, 2026
Slide 1: Global Licencing Company
Global Licencing Company
Slide 2: Redelfi’s highlights
Redelfi’s highlights +20 years of track record 5 international BESS 1 Italian Corporate Data Headquarter in Italy and in the renewables pipelines for a total of Center pipeline for a total subsidiaries in US market 9 GW of 4 projects RESULTS 1H25 15,9 10,4 3,5 +29% mln mln mln Revenues EBITDA Net Pr
Slide 3: Redelfi Group
Redelfi Group US companies Italian companies *under incorporation Company Profile 3
Slide 4: Our pipelines
Our pipelines CONSOLIDATION PERIMETER 1° italian BESS pipeline: Redelfi 1 1° US BESS pipeline: 1 GW BESS Power 1,2 GW 2° italian BESS pipeline: Bright Storage 3,3 GW CONSOLIDATION PERIMETER 2° US BESS pipeline: Redelio Renewables 1,6 GW 3° italian BESS pipeline: 1° Italian DC pipeline: CONSOLIDATION
Slide 5: Our business model – Battery Energy Storage System
Our business model – Battery Energy Storage System GATE 1 GATE 2 GATE 3 GATE 4 GATE 5 Origination Connection request Project Validation Authorization process Obtaining authorization • Land identification • Project sizing • Legal land validation (20-year • Legal validation of the • Submission of any
Slide 6: Our revenues
Our revenues Our development model generates two revenue lines. Gr een field Read y to B u ild GATE 1. GATE 4. GATE 5. GATE 2. GATE 3. Development Service Agreement This revenues line stabilizes the cash-flow and support the working capital mitigating the development risk Sale of project’s licence T
Slide 7: The revenues for our BESS clients: two kind of revenues
The revenues for our BESS clients: two kind of revenues 1 FIXED REVENUES OUR BESS CLIENT VARIABLE REVENUES 2 REVENUES LINE MACSE Auction organized by Terna. fixed annual fee per 16K/MWh* over a 15-year term TERNA or CAPACITY MARKET Auction organized by Terna y fixed annual fee per 47K/MW* over a 15-
Slide 8: BESS development status and Backlog
BESS development status and Backlog BESS – backlog BESS - Geographical distribution Currently subject to a sales agreement BESS IT 26% Bright Storage 42% BESS USA Redelfi 1 20% 12% Capacity 268 BESS – development status 9,99 G3 G4 G5 * Bright Storage Redelfi 2 Redelfi 1 Total italian BESS Redelio Re
Slide 9: The know-how transfer from BESS to Data Center (the new business line)
The know-how transfer from BESS to Data Center (the new business line) BATTERY ENERGY STORAGE DATA CENTER SYSTEM DEVELOPMENT DEVELOPMENT Redelfi handles the authorization Through our extensive experience in ADDED ADDED BESS development and the deep process for the development of BESS VALUE VALUE pro
Slide 10: Our business model - Data Center
Our business model - Data Center GATE 1 GATE 2 GATE 3 GATE 4 GATE 5 Strategic Definition Preparation and Briefing Concept Design Special Coordination Permitting • Site Scouting • Preliminary Test Fit • New Terna substation • Environmental impact • Grid Interconnection capacity • Technical inspection
Slide 11: Our added value
Our added value 1. GEOGRAPHIC AND MARKET SEGMENT DIVERSIFICATION Redelfi adopts a strategic approach to geographical diversification by operating in both the USA and Italy. This strategy serves to minimize a possible changing law risk. Our Italian portfolio is spread both in North with a merchant re
Slide 12: Corporate Governance and Shareholding Structure
Corporate Governance and Shareholding Structure SHAREHOLDING STOCK HIGHLIGHTS IPO: June 2022 Float Marinetta S.r.l.* 42,0 27,90% Number of shares: 12.004.922 Davide Market Capitalization (feb.2026): 134,5 million Sommariva 4,62% Average Daily Volume Traded (last 2 y): 76 k Growth from IPO: +815% Alk
Slide 13: Business Plan 23-26
Business Plan 23-26 Data in € million 2023 2024 2025 2026 In both 2023 and 2024, Redelfi outperformed the Min Max Min Max Min Max Min Max targets established in the 2023-2026 Business Plan. The performance in 2025 continues this positive Turnover 10,3 10,5 18,0 18,4 26,0 27,0 34,0 35,2 trajectory, a
Slide 14: EBITDA growth drivers
EBITDA growth drivers Forecast FY2023-2026 EBITDA 16.000 14.000 12.000 10.000 (€/000) +111% 8.000 Achieving 73% of the 6.000 2025 +186% EBITDA 4.000 target +300% 2.000 - FY2022 FY2023 FY2024 1H2025 Forecast FY2023-2026 4.700 6.200 14.200 EBITDA 1.684 5.055 9.392 10.429 2022 1H2025 Initial developmen
Slide 15: EBITDA evolution
EBITDA evolution EBITDA evolution Net Profit evolution 12.000 4.000 10.429 3.543 10.000 2.877 3.000 8.000 5.706 2.000 € /(000) 6.000 1.371 € (/000) 4.000 1.000 1.783 2.000 26 - 1H22 1H23 1H24 1H25 - 1H22 1H23 1H24 1H25 (1.000) (850) 12.000 10.429 10.000 The first half of 2025 confirm Group’s strong
Slide 16: Next steps
Next steps 1. 2. 3. ANOTHER JOINT BEGINNING OF THE BUSINESS PLAN VENTURE FOR A CO- SALE PROCESS FOR UPDATE DEVELOPMENT OF THE BESS PORTFOLIO REDELFI 2 PIPELINE Company Profile 16
Slide 17: Governance
Rating ESG Redelfi has released its 2024 Sustainability Report, achieving an overall ESG rating of S2, which reflects a low ESG risk profile and a structured, opportunity-driven approach to sustainable development. KEY ASSESSMENT ASSUMPTIONS The company adopted sustainable practices, relying exclusi
Slide 18: Disclaimer
Disclaimer This report has been furnished by Redelfi SpA (“Redelfi”) to the recipient (“Recipient”) solely for information. This report is confidential and is intended for use only by the Recipient and its professional advisers. It should not be reproduced, redistributed or passed on to any other pe