Consolidated EBITDA (Year 7)

• Reconstruction ≈ €10M
  BESS ≈ €9M
  Recycling ≈ €2M
  EPC ≈ €1–2M

• Total ≈ €22–23M

Capital Structure

Base investment: €17.3M
Contingency (~15%): up to €20M

Further BESS expansion will be financed through:

• Reinvested profits

• Project financing

IPO Strategy

Target listing on
Hong Kong Stock Exchange

Preparation includes:

• IFRS reporting

• Big4 audit

• SPV structure

• International roadshow

Target valuation: €180–220M