The Board approves the Consolidated Results for the First Half of 2023

Milan, 31 July 2023

Growing Consolidated Revenues 

Strong operating profitability: Adjusted EBITDA margin at 20.5%

Net Income increased by 17.6% 

400 MW of green hydrogen generation technologies completed

The Energy Transition Business grew 7x compared to H1 2022, EBITDA margin 12.8%

THE BOARD APPOINTS BY COOPTATION MR. GIORGIO METTA AS A NEW INDIPENDENT DIRECTOR

Main consolidated results for the first half of 2023:

• Revenues: Euro 420.4 million (Euro 410.5 million in H1 2022) +2.4% YoY, +4.1% at constant exchange rates
• Adjusted EBITDA¹: euro 86.1 million (Euro 102.3 million in H1 2022) -15.8% YoY
• Net profit: Euro 46.7 million (Euro 39.7 million in H1 2022) +17.6% YoY
• Net cash financial position at Euro 8.4 million (euro 10.1 million as of March 31st, 2023), improving vs. Euro -18.7 million as of June 30th, 2022

¹The Adjusted Gross Operating Margin (EBITDA) excludes non-recurring items for approximately Euro 1.3 million, of which 0.2 for termination costs, 0.7 for IPO-related costs, 0.1 for M&A activities and 0.3 for others non-recurring project