Holaluz Clidom S A : FY 2023 earnings call presentation and first quarter 2024 update (3 MB)

TO BME GROWTH

Barcelona, May 9, 2024

In accordance with the provisions of article 227 of the consolidated text of the Law on Market Securities and Investment Services, approved by Royal Legislative Decree 6/2023, of 17 March, and its concordant provisions, as well as Circular 3/2020 of the BME Growth segment of BME MTF Equity, Holaluz-Clidom, S.A. ("Holaluz" or the "Company") hereby informs you of the following information:

OTHER RELEVANT INFORMATION

Attached is the financial results presentation for the fiscal year 2023 and the update for the first quarter of 2024, which will be used for the management presentation to investors today at 12h.

In compliance with the provisions of BME MTF Equity Circular 3/2020, it is hereby expressly stated that the information provided has been prepared under the sole responsibility of the Company and its directors.

Carlota Pi Amorós coFounder and President

HOLALUZ-CLIDOM, S.A

2023 Overview

Resilient performance despite industry headwinds due to decisive action

Met normalized EBITDA guidance, multiplied by 5 normalized EBITDA in LTM and reduced

solar break-even to 350 installations in end of Q1-2024

Consolidated

• Met its normalized EBITDA guidance, achieving 4.3 M€ in the year and 22.5 M€ in the last twelve months (LTM), showing that Holaluz has clearly overcome the challenges in Q1-23both in Energy Management and Solar business. In fact, Holaluz has achieved EBITDA break-even in LTM (0.2 M€ in LTM vs. -22.8M€ in 2023)
• Consolidated revenue decreased by 33% to 614.6 M€ due to the 50% decrease in electricity prices (from 200 €/MWh in 2022 to 99 €/MWh in 2023)
• Achieved significant cost reductions due to focus on efficiencies and optimisation, with normalized operating costs reduced by 23% year-on-year
• Improved consolidated free cash flow to -3.2 M€ (vs. -15.3 M€ in 2022) resulting from the cost rationalization efforts performed
• Established as one of the best customer satisfaction scores amongst peer group (4/5 in Trustpilot), and reinforced its ESG leadership (being rated No. 1 ESG Company by Sustainalytics and Gold medal in EcoVadis)

Energy Management

• Met its normalized EBITDA guidance, achieving 24.6 M€ in the year and 38.7 M€ in the last twelve months (LTM)

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• Successfully migrated most of energy management portfolio customers to innovative flat rate 'Tarifa Justa' subscription product, protecting gross margin and resulting in a reduction in 59% of external call center and 17% in direct back-office costs
• Achieved record unit economics in EM, which have resulted in a 10-monthpay-back period of the acquisition cost of a new customer; and a ratio of Customer Lifetime Value over Acquisition Cost of more than 4 times

Solar

• Improved Solar Normalized EBITDA from -6.7 M€ in Q1 to -3.0 M€ in Q4 despite a 53% reduction in the number of installations performed in the same period, resulting from gross margin expansion and decisive cost rationalization measures carried out
• Decreased Solar breakeven from 800-1,000 installations in the end of 2022 to 600 by the end of 2023, and it has reached 350 installations at the end of Q1-2024as a result of the company's ongoing cost and operational actions
• Achieved a gross margin expansion to 49% in 2023 (2022: 36%) as a result of the 14% increase in average installation size throughout the year, 15% of batteries penetration and 20% COGS optimisation
• Reduced unitary lead acquisition cost by 33% y-o-y thanks to the efforts on diversification of lead acquisition channels carried out throughout the year
• Doubled share in solar market to an estimated +3%, and increased average installation selling price, achieving a 24% increase in Q4-23vs. 2022 figures

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Summary

2023 presented the industry with several challenges, including a significant decrease in electricity prices, a material contraction in demand for solar installations due to the sharp increase in interest rates, and unseasonably warm weather at the beginning of the year. All these combined to impact our sales, with revenue for the year 33% lower at 614.6 M€ .

However, our leadership team which was further enhanced during the year took decisive actions to mitigate against the weaker market backdrop. This included restructuring the business with significant efficiencies, cost savings, and headcount reductions achieved. This led to normalized operating costs being reduced 23% year-on-year.

We gained meaningful market share in our Solar business, doubling our share to an estimated +3% of total sales in a very fragmented market. The market remains vastly underpenetrated at just under 5% compared to other European countries with over 25%. A key focus was leveraging our technology and increasing our average installation selling price. We successfully increased this by 24% in Q4'23 against 2022 figures. Through this and our programme of operating efficiencies, we managed to lower the breakeven point of our solar business from 800-1,000 installations per month in 2022 to c 600 per month in 2023.

Alongside this, Holaluz continued to be a leading innovator in the marketplace. During the year we migrated 70% of our Energy portfolio customers to our new 'Tarifa Justa' subscription product, with both customers and Holaluz benefiting from its innovative fixed monthly rate. Across the group, Holaluz continues to have the best customer satisfaction scores amongst its peer group.

As a result of the above actions, we were able to achieve a positive normalized EBITDA performance of 4.3 M€ which was ultimately above the guidance given in January 2024.

In summary, we believe we delivered a resilient performance during 2023 and are well-positioned for 2024 and beyond.

We would like to give special thanks to our people and all our stakeholders as we navigated 2023. We remain wholly committed to driving the development of the distributed power market and energy transition in Spain and across Europe.

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The Rooftop Revolution

FY 2023 results and Q1 2024 update April 30th 2024

Forward looking statements

This communication contains forward-looking statements related to Holaluz (the "Company") These data do not represent estimates within the meaning of Commission Delegated Regulation (Eu) No. 2019/979 orNo. 2019/980. Such forward-looking statementsinclude, but are not limited to, statements related to: the Company's leadership team and talent development; the Company's financial and operating guidance and expectations; the Company's business plan, trajectory and expectations in 2022 and beyond, market leadership, competitive advantages, operational and financial results and metrics (and the assumptions related to the calculation of such metrics); the ongoing, anticipated, or potential impacts of the COVID-19 pandemic and its variants; the Company's momentum in the company's business strategies, expectations regarding market share, total addressable market, customer value proposition, market penetration, financing activities, financing capacity, product mix, and ability to manage cash flow and liquidity; the growth of the solar industry; the Company's ability to manage suppliers, inventory, and workforce; supply chains and regulatory impacts affecting supply chains; factors outside of the Company's control such as macroeconomic trends, public health emergencies, natural disasters, and the impacts of climate change; the legislative and regulatory environment of the solar industry and the potential impacts of proposed, amended, and newly adopted legislation and regulation on the solar industry and our business; expectations regarding the Company's storage and energy services businesses, anticipated emissions reductions due toutilization of the Company's solar systems; the Company's ability to derive value from the anticipated benefits of partnerships, new technologies, and pilot programs; expectations regarding the growth of home electrification, electric vehicles, virtual power plants, and distributed energy resources. These statements are not guarantees of future performance; they reflect the Company's current viewswith respect tofuture events and are based on assumptions and estimates and are subject toknown and unknown risks, uncertainties and otherfactors that maycause actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. The risks and uncertainties that could cause the Company's results to differ materially from those expressed or implied by such forward-looking statements include: the impact of COVID-19 and its variants on the Company's operations; the Company's continued ability to manage costs and compete effectively; the availability of additional financing on acceptable terms; worldwide economic conditions,including slow ornegative growth rates; rising interest rates;changes in policies and regulations,including net metering and interconnectionlimits or caps and licensing restrictions; the Company's ability to attract and retain the Company's solar partners; supply chain risks and associated costs, strategic transactions, or acquisitions, and integrating those acquisitions; the Company's leadership team and ability to retract and retainkey employees; changes in the retail prices of traditional utility generated electricity; the availability of rebates, tax credits and other incentives; the availability of solar panels, batteries, and other components and raw materials; the Company's business plan and the Company's ability to effectively manage the Company's growth and labor constraints; the Company's ability to meet thecovenants in the Company's investment funds and debtfacilities; factors impacting thesolar industry generally. All forward-looking statements used herein are based on information available to us as of the date hereof, and we assume no obligation to update publicly theseforward-lookingstatementsforanyreason,exceptasrequiredbylaw.

Agenda

AboutUs

Marketplace and Strategy

2023 Review

2024 YTD

Summary

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Our commitment to fully decarbonizethe world

We are building the largestand mostimpactfulgreen energycommunityin Europe, unleashing the full potential of electrifyingenergy demand by scaling

distributed Solar and Storage

About Us

Leadingtheenergytransition

Transformingeveryrooftopintoadistributedgreenenergyproducer

• More than 13 years as a GreenTechleader in Spain
• Creating the largestgreen energy community in Europe, connecting distributed Solar producers and renewable electricity customers in our energy management platform
• Leading customer proposition in Solar installation, bestproductoffering with largest savingsfor customers in a significantlyunderpenetratedmarket
• Established position in Energy Management, with an innovative fixedrate subscription basedproduct
• One of the leadersin customer satisfaction, with 4.1/5 stars in Trustpilot
• A disruptor in the marketplace
• Unique and differentiated business model - combining Solar andEnergy Management

Presenters and Leadership Team

Enhancedleadershipteamwithstrongoperational andcostcontrolfocus

Drivenbyawell-definedstrategy

Carlota Pi

Co-Founder and CEO

Maria Ros

Chief Sales Officer

Carlos Cuesta

Chief Operating Officer

Foix Valdé

VP of Operational Finance

Goran Vasiljevic

Senior Advisor

Ferran Nogué

Co-Founder and Chief

Energy Management Officer

NarcísMatabosch

Chief Product Officer

Marta Padilla

Chief Technology Officer

Albert Pastor

Chief of Staff

Xavier Puig

Senior Financial Advisor