Holaluz Clidom S A : Presentación resultados 1r semestre 2023

The Rooftop Revolution

H1-2023 results and Q3 update

October 31st, 2023

Forward lookingstatements

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 or No. 2019/980. Such forward-looking statements include, 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 to utilization 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 views with respect to future events and are based on assumptions and estimates and are subject to known and unknown risks, uncertainties and other factors that may cause 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 or negative growth rates; rising interest rates; changes in policies and regulations, including net metering and interconnection limits 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 retain key 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 the covenants in the Company's investment funds and debt facilities; factors impacting the solar 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 these forward-looking statements for any reason, except as required by law.

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"Success is about the difference you make in people's lives."

Michelle Obama

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Agenda

Executive Summary

Solar deep-dive

Energy Management deep-dive

Consolidated deep-dive

Merket guidance and company outlook

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Executive summary

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Despite the challenging environmental conditions in that led solar market in Spain to drop by 25 - 50%, Holaluz expects to meet its 2023 low-endguidance in solar contracts under management and consolidatednormalizedEBITDA.

Holaluz has undertaken a very strong focus on operational excellence implementing decisive measures to

improveGrossMarginwhile reducingoperatingcosts. As a result, Holaluz is currently achieving recordhigh per customer profitability on both in Solar and Energy Management. This has led to a generation of 9.5M€ positivefreecash-flowin the period ofMay-August:

• In Solar, Holaluz is consolidated at +280 sales per month, increasing its market share while significantly improving unit economics, mainly linked to sales of larger installations, penetration of flexible assets like batteries, COGS reduction initiatives (both in supply chain and in our installation workforce) and customer acquisitioncosts optimization.
• In Energy Management ("EM"), the migration to the "Tarifa Justa ("TJ")" flat electricity rate product announced in our April FY22 results presentation has helped Holaluz achieve record per customer unit economics, thanks to its benefits in reducedcosttoserve,churnandimprovedNPS.

Holaluz continues expanding its customer-centricand impact-driven business model, achieving the EcoVadis Gold medal, a record-high Trustpilot score 4* and adding key strategic relationship with Tesla andSantander.

In H1, Holaluz achieved -5.4M M€ in Normalized EBITDA. The preliminary Normalized EBITDA for Q3 is +5.9M€, thus reaching the break-even point in cumulative Normalized EBITDA by September.

Holaluz reiterates normalized EBITDA guidance for 2024+ for EM and delays normalized EBITDA for Solarby one year, however reducing the break-even point from 800-1,000 installations to around 600, thanks to the implementation of decisivemeasuresto improveoperationalexcellence across the business.

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Agenda

Executive Summary

Solar deep-dive

Energy Management deep-dive

Consolidated deep-dive

Market guidance and company outlook

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Executive summary - Solar

1 Holaluz is consolidated at 280+ monthly Solar sales and expects to close the year with a comparable number of installations vs 2022, in a very complex 2023 where the market for residential Solar installations in Spain is decreasing by 25 - 50% given the high decrease in electricity prices relative to 2022 and the high interest rates environment.

Moreover, Holaluz is growing Gross Margin quarter on quarter due to an increase in average installationsize,flexibleassetspenetrationandCOGSoptimizationinitiatives.

1. Holaluz has decreased its acquisition costs by 44% relative to Q1: Holaluz has shifted from a lead generation model that almost fully relied on Digital acquisition to a mix of six different channels. In Q3, 40% ofHolaluzsalesweregeneratedbyalternativechannels.
2. Holaluz's value proposition is unparalleled in the market, with 75% of our customers achieving electricity savings larger than 70% and installing in less than 45 days after the date of sale.

4 The Spanish residential solar market remains highly attractive, with only a 3% penetration and substantial tailwinds that will support growth in the coming years.

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Holaluz is growingGross Margin quarter on quarter dueto an increase in average installation size, flexible assets penetration and COGS optimization initiatives

Solar Gross Profit, % revenue

Installations, k

xx

Gross Profit, M€ xx

Strong Solar GM Q/Q increase associated to the following three main factors:

• Sale of larger installations:

0.7 11.0 6.0

43.8%

35.7%

2.9 11.9

50.0%

46.6%

average installation peak power

sold increasing by more than 30%

vs. beginning of year, driven by our

Value Proposition of maximizing

electricity savings

• Sale of flexible assets: 15% battery

penetration since product launch in

May leveraging our unique

agreement with Tesla, increasing

our one-off GP per installation

• COGS optimization: unitary cost

12.9%

2021		2022		H1-23		Q3-231	2023 (E)
1.0		3.4		1.7		0.6		2.9-3.2

reduction decrease of 25%+ relative

to FY22 leveraging supply chain and

installer productivity initiatives

In Q3, Holaluz achieved the same Gross Profit than in the average of H1 (Q1+Q2)/2 with 33% less installations

1 Non-audited

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Diversification of lead acquisition channels has enabled Holaluz to reduce lead acquisition costs by 44% between Q1 and Q3

Sales xx

	Unitary acq. Cost	Channel 1	Channel 2	Other channels	Digital	•	Holaluz has been focused
				Unitary lead acquisition		on diversifyinglead
Investment (€)		-44%		cost (€/sale)		acquisition channels and
0.8	1,955				2,000		has now six main lead
0.7							generation streams.
					•	As a result, we have
0.6	0.6				1,500
				decreased unitary lead
			1,176
0.5			1,102			acquisition cost by 44%
		0.4
0.4				1,000		reaching unitary costs.
			0.3
0.3					•	In Q3, 40% of Holaluz sales
0.2					500		were generated by
					alternative channels.
0.1
0.0	Av. Q1		Av. Q2		0
		Av. Q3
	886		949	748

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Holaluz Value Proposition is unrivaled, with 75% of customers achieving 70%+ guaranteed savings after Solar installation

Savings achieved by Holaluz Solar customers after installation1

100%

36%

70% - 100%																40%
50% - 70%								21%
<50%		4%
0%	5%	10%	15%	20%	25%	30%	35%	40%
						% of Solar customers

• Holaluz is focused on generating long-term and end-to-endrelationships withits customers
• Holaluz clients get:
• • Solar installation delivered in less than 45 days with the highest quality and safety standards combined with
  • Guaranteedfixed electricity rate (our "Tarifa Justa") which gives customers peace of mind and certainty about the savings after Solar - materialized the first day after installation is complete
• This translates into the highest savings in the market:
• • More than 75% of customers achieving 70%+ guaranteed savings after Solar
  • When combining Solar with batteries, 60%+ of our customers pay 0 € for total their electricity needs

1. Note this graph does not include clients with Solar PV and battery; if they were included the savings would increase further

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