Innovatec (INC) Investor presentation summary

Business model and operating footprint

• Two business units span environment and circular economy, plus energy efficiency and renewables, offering waste management, recycling, energy transition and decarbonization services.

• Operating base includes 8 sorting and treatment plants, 7 biogas and PV plants, 3 landfills, 3,300 equipment and vehicles, 600 kt waste-management capacity and 2,000 clients.

• Haiki+ covers waste collection, sorting, treatment, recovery and disposal; Cobat consortia address batteries, WEEE, tyres, composites and textiles.

• PV development pipeline totals 450 MW, with 130 MW to be constructed and 325 MW of expected authorizations; building-renovation backlog is €50m.

Sustainability and market opportunities

• Carbon-management actions target a 17% emissions reduction by 2026 versus the 2022 business-as-usual scenario, including fleet electrification, efficient collection logistics and PV capacity expansion.

• EU recycling, landfill and renewable-energy targets support opportunities in special waste, batteries, buildings, automotive, fashion and renewable energy.

• Italy’s cumulative renewable capacity is projected to reach 80.3 GW by 2030; 35 GW of renewable sources are expected to be added from 2022 to 2030.

Financial plan 2024–2026

• Plan targets 2026 revenue of €478m, EBITDA of €66m and a 14% EBITDA margin; 2023–2026 revenue and EBITDA CAGRs are 23.7% and 32.8%, respectively.

• 2026 revenue plan includes €278m from Environment & Circular Economy and €201m from Energy Efficiency; segment EBITDA targets are €43m and €23m, respectively.

• Planned 2023–2026 investment includes €77m of CAPEX and M&A; hiring of 137 employees is planned over the period.

• The plan projects €19m of net cash to equity after €77m of CAPEX and M&A and a €25m reduction in financial debt; a €10m dividend is planned for 2026.