Altea Green Power S.p.a. · MIL:AGP
Altea Green Power — FY2023 Earnings Presentation
34 slides from Altea Green Power's earnings presentation, Apr 8, 2024
Slide 1: Results Presentation FY 2023
Results Presentation FY 2023 April 8th, 2024
Slide 2: Index
Index At a glance Business Market Updates 2023-2024 Financials FY 2023 Business Plan 24-28 & Growth strategy Appendix Contacts alteagreenpower.com 2
Slide 3: Speakers
Speakers Giovanni Di Pascale Salvatore Guarino Giancarlo Signorini CEO General Manager CFO alteagreenpower.com 3
Slide 4: At a Glance
Site Green Power AT A GLANCE
Slide 5: At a glance: history, business, customers, share structure
At a glance SHARE HISTORY & HOLDERS BUSINESS CUSTOMERS STRUCTURE 10+ years on the Partnerships with companies renewables market such as Iberdrola, Enlight, Aer 30.69% Headquarter - Rivoli (To) Soléir, RP Global, RPC 63.07% Over 1 GW pipeline Co-Development services (photovoltaics and wind energy) EP
Slide 6: Our timeline
Our timeline 2024 2023 AGP presented the BP24-28 in January. In March it 2022 AGP has created a signed a contract with the pipeline of 2.5 GW of RPC fund for the sale of Altea Green Power BESS with the goal to projects that total 1.1 GW, a listed in Euronext consolidate its position on value of €68M
Slide 7: Expertise
Expertise Photovoltaic, wind, storage, energy efficiency STAFF 30 (50% women) Altea Group provides initiatives, goods and services GRADUATES through an extensive welfare plan to 75% promote well-being for its constantly growing staff. AVERAGE AGE <40 years alteagreenpower.com 7
Slide 8: Business
Site Green Power BUSINESS
Slide 9: The Business areas
The Business areas CO- PV DEV. OWNED EPC STORAGE ITALY ITALY AND EE USA Storage Construction Engineering Development of Photovoltaic of Photovoltaic Procurement Storage projects Wind Systems Owned Construction in the USA in Italy and Energy Efficiency alteagreenpower.com 9
Slide 10: How we operate
How we operate Altea Green Power: a solid partner for your investment Land Preliminary Connection Engineering & Authorization scouting agreement requests submitting procedure We carry out We proceed We take care We carry out We take care a preliminary with negotiation of the energy preliminary of th
Slide 11: Market
Site Green Power MARKET
Slide 12: The Italian Market: Solar and Wind Power
The Italian Market: Solar and Wind Power 51GW +152% SOLAR • Since 2009, 20 GW of solars have been installed. In the next 10 years these 19,8GW investments are expected to more than double (+152%), reaching a total +19 GW cumulative power of 51 GW. • With the development contracts currently in place
Slide 13: BESS Storage Market in Italy
BESS Storage Market in Italy Our strategy: BESS STORAGE MARKET TREND IN ITALY Growth in the «new» Bess Storage market with a short term target of 2/3 GWh Present status: Signed contracts for 1.6 GW Availability of suitable sites for 1.8 GW Connection (STMG) in the approval process for 1.8 GW Source:
Slide 14: BESS Storage Market in U.S.A.
BESS Storage Market in U.S.A. Our strategy: Joint Ventures with a local partner with an Market Scenario important track record in developing green energy projects Our target: 1.4 GW in the next 3 years The global battery energy storage market Present status: in U.S:A. is projected to grow from $10.8
Slide 15: Updates 2023-2024
Site Green Power UPDATES 2023-2024
Slide 16: Updates 2023 - ITALY
Updates 2023 - ITALY Start of the process of competitive international bidding for 2 pipeline “green and blue” for 1 GW Storage Bess. Altea received more than 20 expressions of interest and one “non binding offer” for preliminary due diligence, that The Board of Directors will terminate in October 2
Slide 17: Updates 2023 - US
Updates 2023 - US Start of the process of examining the connection of the Lund Storage Center project under BESS Power Corp., in collaboration with Texas independent system operator ERCOT and U.S. utility operator LCRA. Lund Storage was confirmed to develop a maximum capacity of 780 MW. 11 JANUARY 2
Slide 18: Updates 2024 - ITALY
Updates 2024 - ITALY Signed a co-development agreement for "BESS Storage" electricity storage systems between Altea Green Power and a major North American investment fund specializing in alternative energy. The projects have a total capacity topping 1.1 GW. The sale's value exceeds € 68 million, wit
Slide 19: Financials FY 2023
Site Green Power FINANCIALS FY 2023
Slide 20: Backlog
Backlog CUSTOMERS TYPE VALUE (€/000) Aer Solèir BESS 49.500 RCP BESS 68,000 + premium* RP Global PV 11.745 Iberdrola W/PV 9.653 A2A PV 5.051 Enlight PV 4.256 Other minor W/PV 3.930 Co-Development Backlog 152,135 + premium* * Premium equal to € 15 million maximum alteagreenpower.com 20
Slide 21: Financial Highlights FY 2023
Financial Hightlights FY 2023 VALUE OF PRODUCTION EBITDA EBITDA MARGIN 17.3M 7.3M 42% +3.5% +18% vs 37% in FY2022 vs 16.7M in FY2022 vs 6.1M in FY2022 EBIT NET PROFIT NFP 7.1M 4.9M 4.4M debt +17.2% +18.1% vs 0.1M (cash positive) in FY2022 vs 6.1M in FY2022 vs 4.2M in 1H2022 alteagreenpower.com 21
Slide 22: Bridge EBITDA
Bridge EBITDA +18% EBITDA 42% EBITDA Margin € 7.3M vs € 6.1M in FY2022 37% in FY2022 alteagreenpower.com 22
Slide 23: Income Statement
Income Statement FY2023 FY2022 % Value of production 17,328 16,747 3.5% Cost of goods sold 488 661 -26.2% Cost of services 7,144 7,189 -0.6% Personnel Expenses 1,491 1,160 28.5% Other cost & non-lease components 948 1,589 -40.3% EBITDA 7,256 6,148 18.0% EBITDA margin 41.9% 36.7% Depreciation and amo
Slide 24: Balance Sheet
Balance Sheet 31/12/2023 31/12/2022 % 31/12/2023 31/12/2022 % Tangible Assets 5 8 -37.5% Shareholders' Equity 17,444 11,553 51.0% Intangible Assets 1,016 756 34.4% Employee Benefits 61 49 24.5% Other Non-Current Assets 1,678 234 617.1% Provisions for risks and charges 11 - n.a. Non-Current Assets 2,
Slide 25: NFP
NFP Net financial debt was € 4.4M (cash negative) FY2023 FY2022 vs € 0.1M net cash. Cash and Cash equivalents (502) (1,661) Excluding the application of IFRS 16, net Derivates (Coverage on Exchange Rates) 11 - financial debt at end 2023 would have been € Current financial liabilities arising from th
Slide 26: Business Plan 2024-2028 & Growth Strategy
BUSINESS PLAN 2024-2028 & GROWTH STRATEGY
Slide 27: Business Strategy
Business Strategy Consolidation of AGP's position as a player in Ongoing US development in both the the sector of the development of Storage Storage and Mixed Solar sectors, and BESS projects in Italy with a market share through new joint ventures in which of no less than 10%. AGP holds a majority p
Slide 28: Focus projects under development
1-2024 2028 delta Focus Italy MW 980 5,040 4,060 Over the years of the plan, projects Wind and Photovoltaic 440 1,130 690 an increase in projects to 4.1 GW is expected, mainly under in authorization process Storage Italy 440 510 710 3,820 3,310 in the Bess Storage development in authorization proces
Slide 29: 2024-2028 Financial Targets
2024-2028 Financial Targets CAGR 24-28 CAGR 24-28 VALUE OF PRODUCTION EBITDA €/Million €/Million 21% 22% EBITDA MARGIN 63.6% 67 61.7% 60 60.6% 59.6% 43 37 28 31 17 19 Worst 2024 Best 2024 Worst 2028 Best 2028 Worst 2024 Best 2024 Worst 2028 Best 2028 GUIDANCE ‘24 TARGET ‘28 GUIDANCE ‘24 TARGET ‘28 4
Slide 30: Investment Highlights
Investment Highlights OPERATING EXPERIENCE AND PARTNERSHIP PROFITABILITY RELIABILITY 1 2 3 Strategic partnership in US and in Very high EBTIDA margin: Experience in identifying areas of Italy ≈ 40%. development and reliability in the execution of work. SKILLS IN-DEPTH KNOWLEDGE KNOW-HOW 4 5 6 Distin
Slide 31: Appendix
Site Green Power APPENDIX
Slide 32: Stock performance
Stock performance AGP & INDEX alteagreenpower.com 32
Slide 33: Management team
Management team G. Di Pascale S. Guarino G. Signorini P. Galassi CEO General Manager CFO Head of Legal and Corporate Affairs R. Malandrino V. Rolli C. Ciambrone E. Martoglio L. Rubino Head of Business Project Manager PV BDR Scouting PM Business Dev. Head of Business Dev. Head of Engineering Dev. Ren
Slide 34: Altea Green Power S.p.A.
Altea Green Power S.p.A. Sede operativa via Chivasso, 15/A - 10098 Rivoli (TO) - Italy Sede legale corso Re Umberto, 8 - 10121 Torino - Italy www.alteagreenpower.com | info@alteagreenpower.com Investor Relations Advisor CDR Communication Marika Martinciglio: marika.martinciglio@cdr-communication.it