Redelfi S.p.a. · MIL:RDF
Redelfi — H1 2025 Earnings Presentation
13 slides from Redelfi's earnings presentation, Oct 10, 2025
Slide 1: Licencing Global Company: Financial results 1H 2025
Licencing Global Company Financial results 1H 2025
Slide 2: Redelfi's highlights
Redelfi’s highlights +20 years of track record Headquarter in Italy and Five international pipeline BESS developer both in in the renewables subsidiaries in US for a total of 9 GW Italy and in US market RESULTS 1H25 15,9 10,4 3,5 +29% mln mln mln Revenues EBITDA Net Profit Employees EBITDA margin on
Slide 3: Redelfi Group
Redelfi Group Spin-off US companies Italian companies Company Profile 3
Slide 4: We are a Licencing Company
We are a Licencing Company Our value chain is structured into five distinct Gates. Gr een field 18 – 36 months Ready to Build GATE 4. GATE 5. GATE 1. GATE 2. GATE 3. Authorization Obtaining Origination Connection Project process authorization Request validation • Land identification • Project sizing
Slide 5: Our pipelines
Our pipelines CONSOLIDATION PERIMETER 1° italian pipeline: 1° US pipeline: Redelfi 1 BESS Power 1 GW 1,2 GW 2° italian pipeline: Bright Storage 3,3 GW CONSOLIDATION PERIMETER 2° US pipeline: Redelio Renewables 1,6 GW 3° italian pipeline: CONSOLIDATION PERIMETER Redelfi 2 2 GW CONSOLIDATION PERIMETER
Slide 6: The revenues for the plants for our clients
The revenues for the plants for our clients PLANTS REVENUES LOW RISK LINE HIGH RISK LOW MARGIN HIGH MARGIN MACSE ENERGY TRADING GRID EMBALANCING The MACSE is the Mechanism for the Procurement of Electric Storage Capacity, organized by Terna. Income generated by: • Tooling agreement fixed annual fee
Slide 7: MACSE auction 2025
MACSE auction 2025 The MACSE price represents one of the potential client’s revenue, which directly impacts our development fee and, in turn, the revenue forecasts presented in our business plan. Two primary factors have affected the final MACSE price: - CAPEX decrease - Revenue streams mix July 202
Slide 8: Our added value
Our added value 1. GEOGRAPHICAL 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 revenues strategy a
Slide 9: 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 18,4 26 27 34 35,2 trajectory, achieved
Slide 10: 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% target 4.000 +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 development in US
Slide 11: Next steps
Next steps 1. 2. 3. 4. ANOTHER JOINT EXPANSION INTO A BEGINNING OF THE BUSINESS PLAN VENTURE FOR A CO- NEW MARKET SALE PROCESS FOR UPDATE DEVELOPMENT OF THE BESS PORTFOLIO REDELFI 2 PIPELINE Company Profile 11
Slide 12: ESG Rating
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 13: 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