Presentazione risultati FY2025

FY 2025 Financial Results

March 30th, 2026

Today's Speakers

Davide Tinazzi Daniele Manfroi

CO-FOUNDER & CEO

CFO

PhD in Engineering · Master in Project & Innovation Management Former PM in nanotechnology · COO at Mitsubishi Electric Klimat

MBA · Degree in Business Management · Master in Environmental Management Former EHS Auditor · Quality & EHS Manager at Mitsubishi Electric Klimat

Agenda

1

2025 Key Facts

2

Energy Group's Evolution & Transformation

3

Market Scenario

4

FY 2025 Financial Results

5

Looking Forward

6

Q&A and Annex

1 - 2025 KEY FACTS

2025: a new stage in Group's recovery and diversification process

In a macroeconomic and market context that is still complex and negatively impacted by various factors, the Group has demonstrated its ability to adapt and resilience, laying solid foundations for sustainable growth in the coming years and adapting to the opportunities offered by the global energy transition

Return to positive EBITDA: despite the decline in revenues, the Group improved its financial performance

Focus on C&I systems and higher value-added projects. Furthermore, continuation of investments in fixed assets:

• completion of the assembly line for the first battery department,

• construction of the new Gigafactory in the adjacent area,

• further technical developments on the cloud platform and new products.

Continuation of the development of integrated products and services, across 12+ active R&D projects

ESG principles embedded in both business management and product development, building on the first Sustainability Report.

NIS2 and ISO 27001 compliance underway

2 - EVOLUTION & TRANSFORMATION

How the Group Evolved

Repositioning toward segments with better structural growth, higher complexity and more recurring service content

From Product-led supplier

→ To Integrated platform:

Hardware + EMS + engineering + service

From Residential-heavy mix

→ To C&I, EPC & larger customers

Without abandoning the base channel

From a single entity founded in 2013

→ To a Group formed in June 2024

From Small & Large systems

→ To Higher-value mix:

XL systems, hybrid solutions & utility-scale readiness

From Italy-centric footprint

→ To Italy + EMEA:

Direct DACH presence through EnergyOnSite GmbH

3 - MARKET SCENARIO

Slight drop in prices due to oversupply across the entire renewables sector: significantly smaller than that observed in 2023 and 2024

Significant reduction in demand in the residential segment: consistent with 2024

Effect of uncertainty on incentive mechanisms

Serious uncertainties for investments generated by

slippages in regulatory definitions

Some factors still impacting on results

In 2025, the EU and national regulatory framework strengthened support for the energy transition, promoting renewables, infrastructure, storage systems, and streamlined permitting. However, uncertainties around the stability of incentive schemes may impact project timelines and investment dynamics

Companies included in the scope of consolidation are:

• Energy S.p.A. (hereinafter also "Parent Company");

• the subsidiary Energyonsite S.r.l.;

• the subsidiary Energyincloud S.r.l., as well as the company Enerimmo S.r.l. (wholly owned by Energyonsite).

The investment in the associated company Pylon LiFeEU S.r.l., over which significant influence is exercised, but not subject to control, was recorded using the equity method.

Financials Highlights

2025 marked the beginning of a gradual rebalancing, with the first tangible effects of the actions undertaken to strengthen the Group's operational and commercial structure, enabling a gradual recovery in profitability

REVENUES

VALUE OF

PRODUCTION

EBITDA

29.8 €m

(37.2 €m in FY 2024)

-20%

YoY

34.2 €m

(38.7 €m in FY 2024)

-12%

YoY

0.8 €m

(-16.0 €m in FY 2024)

GROUP BACKLOG (at Feb 26, 2026)

NET RESULT

NET FINANCIAL DEBT

-2.5 €m

(-17.6 €m in FY 2024)

* To be completed in 2026.

Group backlog figure excludes Austrian projects for Asfinag, the remaining part of which is equal to 19.7 €m with a time development that is difficult to predict 8

Revenues breakdown - By Geographies

• Export share remained broadly stable at 39% in 2025 (€11.6m), compared to 37% in 2024 (€13.8m)

• Revenues generated 61% in Italy and 39% abroad (EU and non-EU): foreign sales concentrated primarily in Central and Northern European countries

  Revenues breakdown - By Product Dimensions

  
  
  

• 2025 revenues of the "Extra Large" (XL) range - equal to €13.5m - up +161% compared to 2024 (€5.2m), recording sales to an expanding customer base

• Total power of systems sold in 2025 equal to 33MW, higher than the 30MW of 2024

• Significant increase in revenue share from the Commercial and Industrial (C&I) segment: 45% in 2025 (equal to €13.5m) vs. 14% in 2024 (equal to €5.2m)

• As of December 31, 2025, 130+ "zero CO2" XL systems registered and connected: installations concern C&I and Agrisolar applications

  Revenues breakdown - By Channels

  
  
  

• Looking at sales by channel, in 2025 majority represented by EPC and other (43%) - linked to the C&I segment - followed by generalist distributors (29%) and specialist distributors (18%), unlike 2024 which saw the preponderance of VAR (Value Added Reseller) customers

From Revenues to EBITDA: FY25 vs. FY24

*

€k

FY 2024

FY 2025

* Energyonsite consolidated from June 24

From EBITDA to Net Result: FY25 vs. FY24

€k

FY 2024 FY 2025

Trade Working Capital and Net Financial Debt focus

€k

In 2025 Inventories include w.i.p. for €1,7m

Cash Bridge Analysis

€k Net Cash Flow -2,986

Incl.:

• Finalization of the assembly line

• Construction of the new Gigafactory

• Further technical developments on the

cloud platform and new products

5 - LOOKING FORWARD

Strategic Priorities 2026+

Continued expansion into central and northern Europe, with a focus on DACH and DUTCH markets

Invest and consolidate production phases, know-how and innovation

Intensify collaboration to reach a wider customer base, with a focus on

servitization and energy efficiency

Strengthen the Extra-Large Energy Storage business while maintaining presence in the Small & Large segment

Further develop the cloud platform and apply AI in after-sales processes and core technology

Use available levers to better manage market dynamics and make inventories more efficient

Recent Project References

Intergrana

FONTANELLATO (PR) - EMILIA-ROMAGNA

Solution: zeroCO2 XL Shell 120/220

• Power: 120 kW

• Capacity: 220 kWh

Installed in 2025 alongside existing PV to improve continuity, self-consumption and competitiveness in food production.

Io Prosciutto

SAN DANIELE DEL FRIULI (UD) - FRIULI-VENEZIA GIULIA

Solution: zeroCO2 XL System + XL BESS

• Power: 60 kW

• Capacity: 125 kWh

Added to a 220 kW PV base so daytime solar also supports night-time energy demand for temperature-controlled curing rooms.

Prefabbricati Scaligera

BOVOLONE (VR) - VENETO

Solution: zeroCO2 XL System 60 kW + XL BESS

• Power: 60 kW

• Capacity: 125 kWh

Supports efficient site energy flow and charging of electric forklifts in an industrial setting.

Energy Group's Go-to-Market

Sales channels include generalist distributors of electrical materials, photovoltaic specialists and large European EPCs

Energy Group

Small & Large BESS

Extra Large BESS

Distributors (Specialists and Generalists)

Value Added Resellers

EPC contractors

Installers

Installers

Residential and Small C&I end-users

Condominiums, Large C&I and Utility Scale end-users

EPC

Utilities Multiutilities and