Innovatec (INC) investor relations material

Executive summary

• Renewable-energy strategy centers on solar project development, EPC, owned-asset power generation and energy management; solar pipeline totals 184 MWp, with 50 MW of BESS under evaluation.

• H1 2026 production value was €10.4M and EBITDA was negative €0.4M; delayed authorizations, EPC contract timing and grid connections held back project sales and IPP revenue.

• A €8.0M rights issue was fully subscribed in June; ESI merger approval followed in August, with closing planned by year-end subject to conditions.

Financial highlights

• Production value fell 35% YoY to €10.4M from €15.9M; EBITDA was -€0.4M versus -€0.2M, and EBIT was -€1.6M versus -€1.0M.

• Net loss attributable to the Group was €1.4M versus €0.5M; H1 2025 benefited from authorized-project SPV disposals and Haiki-related service and contract work, including €2.0M of revenue and €0.7M of EBITDA contribution.

• Characteristic revenue rose to €20.4M from €10.9M, while work-in-progress variation swung to -€11.5M from +€2.9M as completed contract work was recognized as revenue.

• Operating costs before depreciation and provisions fell to €10.7M from €16.1M; personnel costs declined to €1.4M from €2.5M following restructuring and lower staffing.

Outlook and guidance

• Target is ~40 MWp of owned IPP capacity by end-2028; 3 MWp was operating, 13 MWp was under construction and ~15 MWp was authorized or nearing authorization, with 5 MWp in sale negotiations.

• Cost-reduction benefits are expected to reach full run-rate in FY2027, with further savings anticipated from the ESI merger and integration of design, engineering and construction functions.

• ESI’s post-period EPC funnel was ~€193M, including 45.8 MWp worth €29.7M at BAFO or awaiting award; August contracts added 2.4 MWp of revamping work and €0.65M of contract value.

• Management expects available liquidity to cover operating and investment needs, while identifying project delays, collections, refinancing and capital access as key dependencies; investments may be rescheduled or further capital measures considered if funding falls short.