#1COMPANY PRESENTATION Euronext Growth Milan Conference 2022 May 26, 2022 COMAL#22 WHO WHE ARE COMAL COMPANY One of the largest Italian EPC company specialized in the field of turnkey power plants development for the production of solar energy VISION Continuing the development of plants under grid parity setting through innovative technological solutions MISSION Widening geographic coverage to become an international player and catching new promising opportunities#3EPC COMPANY IN A RIGHT INDUSTRY AT A RIGHT TIME SOLID TRACK RECORD ~750 MW Installed since 2009 Average MW per plant: 29.1 IMPRESSIVE GROWTH AND BACKLOG¹) ⑲50 plants Installed since 2009 Data in (€'000) 2018A - ~500 MW ― 2021 coverage of trackers supplied € 236 mn 2018 Orders value 2016 - 2021 2020A Value of production and backlog 28.9 20.4 21.1 9.2 2018A Value of Production Backlog 2019A 31.0 2020A 84.0 42.1 26.5 2021A PROMISING MARKET FEATURES 2009-2019 Global levelized cost of solar energy (LCOE)2) Data in (€/MWh) 288 199 126 100 78 63 51 44 40 35 32 LCOE (€/MWh) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 The cost of power production from solar sources has dropped by 89% in the last 10 years LEADER CRESTA DE LEADER ERESCITA S LEADER CRESCITA LEADER CRESCITA FT 1000 DE Foster Growing Companies 2020 AWARDS 2019 Growth Leader, Il Sole 24 Ore 2020 Growth Leader, Il Sole 24 Ore 2021 Growth Leader, Il Sole 24 Ore 2022 Growth Leader, Il Sole 24 Ore 2020 1000 Europe's Fastest Growing Companies, Financial Times 3 LCOE Sources: Lazard "Levelized cost of energy analysis v.13.0", management 1) Backlog includes only solar energy business 2) Levelized cost of solar energy (LCOE) is a measure of the average net present cost of electricity generation for a generating plant over its lifetime. Data have been converted in € from USD at the average exchange rate for the period 2009 -2019 COMAL#4CONSOLIDATED KNOW-HOW IN ENERGY PLANTS CONSTRUCTION OUTSTANDING GROWTH DRIVEN BY SOLAR ENERGY BUSINESS 2008A-2020A Sales and MW installed evolution 26.7% '11A '20A CAGR % solar business 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 650 531 1) CAGR % '11A-'20A DELAY IN PROJECTS INCEPTION 350 299 22.6% 30.9 240 22.6 20.4 166 Conventional energy sales (€ m) 136 14.1 103 Solar 51 72 72 29.4 26.7% 6.8 20 8.8 19.0 21.0 energy sales (€ m) 3.5 0.5 0.5 1.6 5.2 Cumulative MW of solar 0.4 plants installed (MW) 0.8 0.7 0.8 1.5 3.3 3.9 3.0 2.8 5.3 1.7 1.4 1.7 1.5 0.3% ✓ CONVENTIONAL ENERGY SOLAR ENERGY TECHNOLOGY TOOLS 2001A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A2) 2018A 2019A 2020A 4 2001 - 2008 ■Construction of thermal, water and nuclear energy plants for top-tier clients Enel MITSUBISHI® 2008 ■ Construction of firsts photovoltaic ("PV") power plants in Italy 2013 2016 2018 ■ Launch of partnerships with European investment funds octopus investments KGAL ■95 MW PV plants completed in South Africa ■Realization of firsts PV plants in grid parity 2020 Development of tracker system "Sun Hunter" ■ Set-up for international expansion ■ IPO on Borsa Italiana AIM segment#5D• Do 4.50 € 4.00 € 3.50 € 3.00 € GOVERNANCE Guido Paolini - Chairman Alfredo Balletti - CEO Fabio Rubeo - Director BOARD OF DIRECTORS Francesco Vitale - Director Alessandro Campisi - Director Barbara Paolini - Director Giovanni Sicari - Independent Director BOARD OF STATUTORY AUDITORS Maurizio Fantaccione - Chairman Riccardo Gabrielli - Regular Statutory Auditor Stefano Ceccarelli - Regular Statutory Auditor STOCK FIGURES 850 800 750 700 650 Savio Consulting 600 550 S.r.l. 500 27% 450 400 350 300 250 200 150 100 50 19/5/22 2.50 € 30/12/21 27/1/22 24/2/22 24/3/22 IPO Date Issue Price Share Price (24/5/22) Market Cap (24/5/22) 21/4/22 % YTD performance Dec 16, 2020 2.00 € 3.89 € =45 € mn =+47 5 Free flot 49% SHAREHOLDERS Sam S.r.l. 7% Zeus Capital Alternative Alba Service S.r.l. 5% GP 7% Urania S.r.l. 5%#6KEY HIGHLIGHTS COMAL#77 KEY HIGHLIGHTS 1 2 Business on an outstanding growth path with € 84 backlog as of December 2021 First mover in Grid Parity Developer of a value added technology: the Sun Hunter Tracker 3 Full coverage of business' value chain 5 Solar energy infrastructures boosted by growing investments both in Italy and worldwide#81 8 BACKLOG DRIVES HIGH GROWTH FORECASTS VALUE OF PRODUCTION (€'000) 2018A 20.380 2019A 2020A 2021A 30.968 28.875 % on % on 31/12/20 31/12/21 total total Energy Funds/Investors =23,6 89 Energy/Utility Players 2,8 11 =84,0 100 BACKLOG BREAKDOWN BY CUSTOMERS CATEGORY (€'000) Oil Players Others nm Total =26,5 100% =84,0 100 42.115#92 GRID PARITY: SOLAR ENERGY BECOMES PROFITABLE COMAL HAS BEEN THE ITALIAN PIONEER IN GRID PARITY SETTLEMENT GRID PARITY FINDING NEW FINANCIAL BALANCE NEW TRENDS Required surface (per MW): ha 3 1 NO MORE RELYING ON INCENTIVES Cost of plants (per MW): €0.7 m Required surface (per MW): ha 2 2 COMPONENTS PRICE DECREASE <0% Solar energy sale price (per MW): € 80 Average return with no Solar panel price (per W): € 0.18 Solar energy sale price (per MW): € 42/48 3 TECHNOLOGICAL UPGRADE 4 LOWER USE OF SURFACES incentives: End. of f feed-in 2013 in tariff Start of Grid parity 10% Average return with no incentives: Further price 2020 2016 FEED-IN TARIFF Cost of plants (per MW): € 1.5 m Solar panel price (per W): € 0.63 «Conto Energia 1st 2006 6 Financial sustainability only with government incentives Investments blockage in Italy, while abroad investments still taking place Selling renewable energy becomes profitable COMAL AS A 1ST MOVER Realization of plants in grid parity for 63 MW drop#103 TRACKER SUN HUNTER: EFFICIENCY BOOST TECHNOLOGY OVERVIEW TRACKERS ENHANCE SOLAR ENERGY ABSORPTION THROUGH PANELS, ALLOWING A CONSISTENT SAVING OF SURFACE 1 3 4 Bearing 3 Concentrator Support device with low maintenance needs In charge of exchange data with Control Room Motor High performance DC motor producing rotation 2 Controller KEY HIGHLIGHTS ++16% Sales increase per MW due to higher solar energy absorption 284 Number of panels per tracker at full capacity ~40 Technology managing sun hunting Trackers installed per MW¹) Tracker Sun Hunter is a COMAL's proprietary technology which supports photovoltaic panels and moves them to chase the sun throughout the day, thanks to a high performance electric engine. Moreover, trackers are able to position panels in parallel with the ground to protect them against strong wind € 30 k/MW Marginal plant construction cost including trackers 10#11FULL VALUE CHAIN COVERAGE ALLOWS A BETTER COST AND TIMING CONTROL 4 FULL IN-HOUSE EPC COMPANY VALUE CHAIN INTERNATIONAL LEADER PRODIEL 15 R&D COMMERCIAL BID PLANT DESIGN PLANT CONSTRUCTION COMMISSIONING MONITORING AND MAINTENACE GSTE energy WCEIT HET SOLUTIONS GREEN Gu UTILITY ✓ Bonatti AIEM GROUP C CONVERT ITALIA SPA soltigua™ solar trading 2007 11 COMAL ✓ > > > > > > > >>> >> > > > > > > ✓ < ✓ ✓ Directly executed#1212 Cumulated capacity (GW) 5 SOLAR ENERGY INVESTMENTS GROWING GLOBALLY AND LOCALLY GLOBAL INVESTMENTS IN RENEWABLE ENERGY Data in (€bn) 3,032 2,708 2,415 2,105 1,845 1,531 1,106 1,296 890 650 443 132 287 314 310 324 293 240 207 216 235 260 190 132 155 156 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 20E-30E Annual investment Cumulative investment PHOTOVOLTAIC PRODUCTION CAPACITY IN ITALY Data in (GW) Biomass 5% Wind 31% O 2020E - 2030E investments in Solar 64% renewables breakdown $ ~+370 bn 2021 global investments in renewable energy il 7.8% '07A '19A CAGR% investments in renewable energy 25 20 15 10 5 TOTAL CAPACITY INSTALLED AS OF 2020 21.3 GW** 16 18 18 19 19 20 20 21 21 13 4729 MW 2020 additional production capacity installed in Italy* € +850 m Value of new capacity installed in 2019 in Italy Cumulated capacity 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A SOURCE: INTERNATIONAL RENEWABLE ENERGY AGENCY 2021 (*), SOLAR POWER EUROPE APR. 2021 (**)#13BUSINESS ANAlysis & MarkET TRENDS COMAL#14KEY ROLES IN A SOLAR PLANT DEVELOPMENT 14 OWNER DEVELOPER PURCHASE OF SOIL AND LICENSE INVESTOR SELL OF SOIL AND LICENSE OWNER EPC-M APPOINTMENT COMAL CORE PHASE FOR EPC-M EPC-M CO-ENGINEERING AND QUOTE PLANT REALIZATION TIMELINE DEVELOPMENT CONSTRUCTION SALE OF ENERGY O&M MANAGEMENT ▪ Developer: purchases a feasible area and gets a construction license for a solar plant EPC-M: involved by the developer to draft the license request ■ Investor: acquires the area and the license from the Developer and appoints an EPC-M¹) to construct the plant ■ EPC-M: takes charge of the construction (6 months on average) and of maintenance for 2 years post- commissioning ■ Investor: makes profits from solar energy sale EPC-M2 takes charge of maintenance and plant revamping COMAL HAS A KEY ROLE DURING CONSTRUCTION PHASE DUE TO ITS EXTENSIVE OFFER: ~50% OF TOTAL PLANT CONSTRUCTION COST FOR AN OWNER MUST BE CORRESPONDED TO COMAL#1515 STRONG CLIENT BASE ENERGY FUNDS/INVESTORS octopus investments KGAL ENERGY/UTILITY PLAYERS EUROPEAN ENERGY ens Eos Energy Storage ene Green Power EDISON a2a acea ENGIE PLANTS PLANTS Macchiareddu, Sardinia Asi Troia, Puglia Viterbo, Lazio acea South Africa Margherita, Puglia Agira, Lazio *EDISON enel Green Power#16STRATEGIES COMAL#17LOCAL LEADER READY TO GO INTERNATIONAL 17 COMAL HAS CONCLUDED THE PROCESS FOR THE ESTABLISHMENT OF A COMPANY WITH HEADQUARTERS IN DUBAI, AIMING AT MONITOR DIRECTLY ONE OF THE MOST PROMISING AREA FOR PHOTOVOLTAIC PLANTS. COMAL FUTURE TARGET NEW OPENING Projects in Middle East generally require to partner with a local player in a JV. Physical presence is paramount for networking#18EXPLORE THE PROMISING ENERGY STORAGE BUSINESS 18 SOLAR ENERGY Energy excess produced in photovoltaic plants HYDROGEN Produced by electrolysis using solar energy 1 HEATING REACTOR H Combination of hydrogen and CO2 to produce hydromethane EASY-TO-STOCK HYDROMETHANE CO₂ NEED OF INVESTMENTS FOR LARGE SCALE PRODUCTION 3 DISRUPTIVE POTENTIAL USAGES FOR HYDROMETHANE 2 ENERGY PRODUCTION CO₂ Scrap from industrial processes 3 SPECIFIC ENGINES FUEL COMAL ENTERED INTO DISCUSSION WITH THE DEVELOPER OF A PROTOTYPE REACTOR FOR HYDROMETHANE PRODUCTION LOOKING FOR A SOUND PARTNER TO LAUNCH LARGE SCALE PRODUCTION#19REVAMPING IS A LUCRATIVE OPPORTUNITY EUROPEAN SOLAR PLANTS ARE GETTING OLDER 19 Typical failures in a PV module's lifecycle Power [%] EVA discoloring LID 0.5-5% Glass AR deg. Delamination, cracked cell isolation Pnominal <3% 10% PID Diode failure Cell interconnect breakage Corrosion of cell & interconnect Contact failure j-box/ string interconnect Glass breakage Loose frame Infant-failure Warranty Midlife-failure Time Wear-out-failure 2018-2023 Global demand for PV inverters replacement by region 100% 80% 60% 40% 20% 0% 2018 2019 2020 2021 2022 2023 EMEA Asia America Italian solar plants by year of construction After 2014 21% ~ 820k Before 2014 79% European countries have been the first one to invest in solar energy and they are nowadays the ones with the largest base of PV systems older than 5 years ■ 650,000 of Italian solar plants have been installed before 2014 and solar modules started showing needs for renewal interventions ■ Besides modules revamping, EMEA shows a significant demand for new inverters (3.4 GW replacement demand in 2019)#20FINANCIALS COMAL#21KEY FINANCIALS VALUE OF PRODUCTION (€'000) NET INCOME (€'000) 20.380 30.968 28.875 Adj. EBITDA 13.9% 10.7% 7.8% 42.115 on VoP 9.2% 4.005 3.230 3.340 2018A 2019A 2020A 2021A Margin % on VoP 2.2% 2.5% 4.6% 2.9% 442 714 1.431 1.159 ADJUSTED EBITDA (€'000) 1.877 ADJUSTED NET DEBT (€'000) 2018A 2019A 2020A 2021A 7.586 7.006 4.860 6.294 2018A 2019A 2020A 2021A 2018A 2019A 2020A 2021A 21#22DISCLAIMER This document has been prepared by and is the sole responsibility of Comal S.p.A. (the "Company") for the sole purpose described herein. The information contained herein does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States, Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would require the approval of local authorities or otherwise be unlawful (the "Other Countries"). Neither this document nor any part of it nor the fact of its distribution may form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. The securities referred to herein have not been registered and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or pursuant to the corresponding regulations in force in the Other Countries, and may not be offered or sold in the United States or to U.S. persons unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The content of this document has a merely informative and provisional nature and is not to be construed as providing investment advice. This document does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be considered as a recommendation to subscribe or purchase shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered shall be deemed to constitute an offer of or an invitation by or on behalf of the Company. The information contained herein does not purport to be all-inclusive or to contain all of the information a prospective or existing investor may desire. In all cases, interested parties should conduct their own investigation and analysis of the Company and the data set forth in this document. The statements contained herein have not been independently verified. No representation or warranty, either express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reliability of the information contained herein. Neither the Company nor any of its representatives shall accept any liability whatsoever (whether in negligence or otherwise) arising in any way in relation to such information or in relation to any loss arising from its use or otherwise arising in connection with this presentation. The information contained in this document, unless otherwise specified is only current as of the date of this document. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Company may alter, modify or otherwise change in any manner the content of this document, without obligation to notify any person of such revision or changes. This document may not be copied and disseminated in any manner. The distribution of this document and any related presentation in other jurisdictions than Italy may be restricted by law and persons into whose possession this document or any related presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. By attending this presentation or otherwise accessing these materials, you agree to be bound by the foregoing limitations. This presentation includes certain forward looking statements, projections, objectives and estimates reflecting the current views of the management of the Company with respect to future events. Forward looking statements, projections, objectives, estimates and forecasts are generally identifiable by the use of the words "may", "will", "should", "plan", "expect", "anticipate", "estimate", "believe", "intend", "project", "goal" or "target" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Company's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Company participates or is seeking to participate. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Company's ability to achieve its projected objectives or results is dependent on many factors which are outside management's control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. All forward-looking statements included herein are based on information available to the Company as of the date hereof. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. 22