Grenergy Renovables S.A.

Investor Presentation • Sep 22, 2024

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RESULTS HIGHLIGHTS	M&A HIGHLIGHTS	BUSINESS HIGHLIGHTS
Revenues €192m (-15% yoy) EBITDA €31m (+43% yoy) Net income €0.5m (vs. €4.0m in 1H23)	1,0GW solar portfolio acquisition and opportunity to connect 6GWh BESS for \$128m	15.9GW Solar PV platform (+0.3GW qoq) 21.7GWh BESS hybrid platform (+10.7GWh qoq) 2.0GW & 2.6GWh in Operation & U/C
Total capex €186m Ongoing deflation in modules and batteries	Oasis Atacama update: c. 2GW Solar PV c. 11GWh of BESS	Oasis Atacama Phase 1 BESS FAT1 check in July and shipping deliveries for early October
Net debt2 €736m Total leverage 6.6x (2.9x corporate)	174MW asset rotation in Peru completed \$150m proceeds (implying 1.3x EV/IC) 55% of 2023-26 BTS3 target completed	Oasis Atacama PF for Phases 1-2 closed for \$345m €175m financing for Valkyria assets U/C Renewal of a €150m green commercial paper

PLATFORM OVERVIEW – SOLAR PV & BESS

HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW

SOLAR PV & BESS PIPELINE UPDATE

✓ US solar platform added 0.2GW to 5.1GW

✓ BESS platform in the US amounted to 2.5GWh

✓ BESS platform in Europe surges to 4.7GWh

✓ Latam solar platform added 0.8GW to 5.6GW

✓ New BESS platform added in Chile (+9.4GWh qoq)

SOLAR PV

MW		Under Const	Backlog	Advanced Dev	Early Stage	Ident. Opp.	Total Platform
Probability of execution	In Operation	100%	90%	70%	50%	20-40%
USA				539	2,639	1,890	5,068
Total USA				539	2,639	1,890	5,068
Spain	200	468		198		750	1,616
Italy				376	284	469	1,093
UK				104	84		187
Poland				71	946	40	1,057
Germany						1,167	1,167
Romania						45	45
Total Europe	200	468		749	1,277	2,471	5,165
Chile	613	502	633	1,400	504		3,652
Colombia	77	89	60	48	12	84	370
Mexico	36				581	553	1,169
Peru				197	240		437
Total Latam	726	591	693	1,645	1,336	637	5,627
Solar PV	926	1,060	693	2,932	5,253	4,998	15,861
Wind	24						24
Total	950	1,060	693	2,932	5,253	4,998	15,885

BESS - CO-LOCATION

MWh	Under Const	Backlog	Advanced Dev	Early Stage	Ident. Opp.	Total Platform
Probability of execution	100%	90%	70%	50%	20-40%
USA			183	1,694	600	2,477
Total USA			183	1,694	600	2,477
Spain			175			175
Italy			449	495	1,884	2,828
UK			320	140		460
Poland			84	1,103	56	1,243
Germany
Romania					40	40
Total Europe			1,028	1,738	1,980	4,746
Chile	2,550	4,252	5,030	2,643		14,475
Colombia
Mexico
Peru
Total Latam	2,550	4,252	5,030	2,643		14,475
BESS	2,550	4,252	6,241	6,075	2,580	21,698

OASIS OF ATACAMA CURRENT SITUATION – FROM 4.1GWh TO 5.0GWh

Extending from 5h to 6h

Phases	2023	2024			2025			2026
Phase 1
Phase 2
Phase 3
Phase 4
Phase 5
RTB COD	PPA

	PV		BESS		PPA (peak-hours)
	MW	MW	MWh	Years	Ouput	Offtaker	Financing
Phase 1	103	95	594	15	128GWh/y	EMOAC	Closed
Phase 2	111	105	656	15	143GWh/y	EMOAC	Closed
Phase 3	240	200	1,300	15	270GWh/y	EMOAC	Advanced
Phase 4	264	220	1,100	15	1 540GWh/y	Global utility	Advanced
Phase 5	240	200	1,300	-	-	Advanced	Ongoing
OASIS ATACAMA	c950	820	4,950

NEW OPPORTUNITY TO CONNECT 6GWh BESS THANKS TO THE M&A DEAL

Acquisition to Repsol and Ibereólica of 1,0GW of connection capacity with energized interconnection for 1GW, that allows to install batteries quickly and take advantage of the night PPAs time-to-market.

OASIS OF ATACAMA 2.0 – FROM 5.0GWh TO c11.0GWh

The largest BESS project in the world without any doubt

RTB COD PPA

		PV		BESS
		MW	MW	MWh	Years	Ouput	Offtaker	Financing
Phase 1	Quillagua	103	95	594	15	128GWh/y	EMOAC	Closed
Phase 2	Quillagua 2	111	105	656	15	143GWh/y	EMOAC	Closed
Phase 3	VJ	240	200	1,300	15	270GWh/y	EMOAC	Advanced
Phase 4	Gabriela	264	220	1,100	15	540GWh/y 1	Global utility	Advanced
Phase 5	Algarrobal	240	200	1,300	-	-	Advanced	Ongoing
Phase 6	Elena	450	500	3,000	-	-	Advanced	Ongoing
Phase 7	Antofagasta	550	500	3,000	-	-	-	-
	OASIS ATACAMA	c2,000	1,820	c11,000

ATACAMA's EXECUTION WELL ON TRACK

10

STORAGE: OASIS ATACAMA CASE-STUDY

1 0.4% PV degradation p.a. | ² Energy during solar hours might increase in case there are energy imports from the grid (from 200GWh/y to 350 GWh/y). | ³ After Round-trip efficiency of c. 13%. | ⁴ The total purchased BESS capacity, including overdimensioning to meet the substation requirements, is estimated at 12.6 GWh.

KEY OPERATING & FINANCIAL DATA

✓ -4% total output affected by DH disposal (+1% organic¹ )

• ✓ 73% of total output from contracted volumes
  • ✓ +2% in captured prices increase thanks to PPAs

Key Operating Data
	1H24	1H23	Var.
Avg. Forex (\$/€)	1.08	1.08	(0%)
Total Capacity (MW)	950	765	24%
Net additions	42	53	(1%)
Gross additions3	463	209	122%
Solar output	524,980	477,306	10%
Wind output	53,497	128,220	(58%)
Total production (GWh)	578,477	605,527	(4%)
ow PPAs	422,260	384,139	10%
ow Merchant	156,217	221,388	(29%)
Load Factor (%)4	21.4%	25.9%	(17%)
Realized priced (€/MWh)	45.0	44.2	2%
ow PPAs	53.3	46.2	15%
ow Merchant	22.6	41.1	(45%)

✓ Results driven by the asset rotation in Peru ✓ EBITDA Energy division declined -10% but increased +2% organic¹ ✓ Net debt €736m, implying 6.6x EBITDA (2.9x per Covenant)

Key Financial Data

(€m)	1H24	1H23	Var.
Revenues	192,3	225,8	(15%)
ow Energy Revenues	25,9	26,9	(3%)
EBITDA	31,0	21,7	43%
ow Energy EBITDA	18,6	20,6	(10%)
EBIT	22,1	13,8	60%
Net Income	0,5	4,0	(89%)
Capex	185,7	187,6	(1%)
	1H24	FY23	Var.
Tangible Fixed Assets	766,0	730,0	5%
Equity	369,1	343,7	7%
Net debt	736,5	578,9	27%
ow Corporate	326,3	236,0	38%
Net debt/EBITDA	6,6x	5,6x
ow Covenant2	2,9x	2,8x

REVENUE & EBITDA BREAKDOWN

• ✓ D&C division includes €67m from the asset rotation in Peru
• ✓ Energy division penalised by the Peruvian disposals, but resilient due to high exposure to contracts (>90% of revenues)
• ✓ Retail supply EBITDA reached €0.5m in 1H24 (vs. -€1.7m in 1H23)
• ✓ Revenues declined -15% yoy (increased +30% yoy considering inventories¹ as income from capitalize works)

CAPEX

✓ Tangible fixed assets reached €766m in 1H24

• ✓ Total capex of €186m in 1H24
  • ✓ Project capex concentrated in Spain, Chile and Colombia

PV CAPEX BREAKDOWN PER MW

BESS CAPEX BREAKDOWN PER MWh

CASH FLOW

• ✓ Proceeds from the asset rotation in Peru amounted to €116m
• ✓ Share buy-back program totalled €36m, of which €20m in 1H24
  • ✓ €175m non-recourse financing facility for the construction of 297MW solar PV projects in Spain

LEVERAGE & LIQUIDITY

• ✓ Multiple options to accelerate asset rotation
• ✓ €175m non-recourse financing signed for Valkryria assets under construction
• ✓ Financing closed for phases 1 and 2 of Oasis de Atacama
• ✓ Pre-hedge for phase 3 at 3.3% vs 3.8% for phases 1 and 2

CAPEX PLAN – GROSS INVESTMENT 2023-26

Gross capex €2.6bn in 2023-26 Downward trend in PV and BESS capex per MW

€350m capex of Oasis Atacama to be deployed in 2027

CAPITAL ALLOCATION & LEVERAGE

PLATFORM UPDATE Projects In Operation, Under Construction & Backlog

2.0GW Solar PV & 2.6GWh BESS in operation & under construction
Country	Project	Type	Solar PV MW	BESS1 MWh	B20	Resource (Hours)	COD2	Offtaker
Spain	Los Escuderos	Solar PV	200	0	Yes	2,035	4Q21	PPA PV Profile 85%
Chile	PMGDs (15 projects)	Solar PV	144	0	Yes	2,109	4Q21-3Q22	12 Yrs Stabilized Price
Chile	Quillagua 1	Solar PV	103	0	Yes	2,950	4Q20	Basket of PPAs + Merchant
Chile	Gran Teno	Solar PV	241	0	Yes	2,000	4Q23	PPA PaP 66% 12 Yrs
Chile	Tamango	Solar PV	48	0	Yes	2,000	1Q24	PPA PaP 90% 15 Yrs
Chile	Elena	Solar PV	77	0	Yes	2,800	4Q23	Merchant
Colombia	Distribution (6 projects)	Solar PV	77	0	Yes	1,990	4Q21-4Q22	14 Yrs PPA PaP 100% 15 Yrs
Mexico	San Miguel de Allende	Solar PV	36	0	No	2,300	1Q21	Auction 20 Yrs 100%
Argentina	Kosten	Wind	24	0	Yes	5,033	1Q21	Auction 20 Yrs 100%
Total in Operation 950MW (vs. 872MW in previous report)
Spain	Ayora	Solar PV	172	0	No	2,000	3Q25	PPA PaP 75% 15 Yrs
Spain	José Cabrera	Solar PV	47	0	No	1,900	2Q25	PPA PaP 75% 15 Yrs
Spain	Tabernas	Solar PV	250	0	No	1,850	2Q25	PPA PaP 75% 15 Yrs
Chile	PMGDs (10 projects)	Solar PV	101	0	No	2,000-2,700	3Q24-4Q24	Stabilized Price 14 Yrs
Chile	PMGDs (5 projects)	Solar PV	50	0	Yes	2,000-2,700	3Q24-4Q24	Stabilized Price 14 Yrs
Chile	Oasis Atacama - Phase 1	BESS	0	594	Yes		4Q24	PPA PaP 75% 15 Yrs
Chile	Oasis Atacama - Phase 2	Solar PV + BESS	111	656	Yes	2,950	3Q25	PPA PaP 75% 15 Yrs
Chile	Oasis Atacama - Phase 3	Solar PV + BESS	240	1,300	Yes 2,800 4Q25		PPA PaP 75% 15 Yrs
Colombia	Distribution (7)	Solar	89	0	Yes	1,990	3Q24-2Q25	PPA / Merchant
	Total Under Construction		1,060MW &	2,550MWh		(vs. 823MW & 1,000MWh in previous report)
Chile	Oasis Atacama – Phase 6	Solar PV + BESS	369	3,152	Yes	2,800	3Q26	PPA PaP 75% 15 Yrs
Chile	Oasis Atacama - Phase 4	Solar PV + BESS	264	1,100	Yes	2,950	1Q26	PPA 15 Yrs
Colombia	Distribucion (6)	Solar PV	60	0	Yes	1,900	4Q25	PPA / Merchant
Total Backlog			693MW &	4,252MWh		(vs. 624MW & 2,100MWh in previous report)

2.9GW & 6.2GWh to feed up our 2026 IPP targets

Country	Project	Type	Solar PV MW	BESS1 MWh	Resource (Hours)	COD2	Offtaker	3 Negotiation
Italy	Le Isole Projects	Solar PV	376	449	1,864	4Q25-4Q26	PPA 60-70%	Initial
Poland	Nowy Tomysl	Solar PV	71	84	1,100	4Q26	PPA 60-70%	Initial
Spain	Clara Campoamor	Solar PV	198	0	2,000	2Q25	PPA PaP 75% 15 Yrs	Contracted
Spain	Los Escuderos	BESS	0	175	2,000	2Q26
UK	Solstice Projects	Solar PV+BESS	104	320	1,100	1Q26	PPA 60-70%	Initial
Chile	PMGDs (7 projects)	Solar PV+BESS	72	255	2,300	3Q25	PPA PaP 75% 15 Yrs	Contracted
Chile	Oasis Atacama – Phase 5	Solar PV+BESS	242	1,000	2,300	4Q26	PPA 100%	Advanced
Chile	Oasis Atacama – Phase 7	Solar PV+BESS	550	3,000	2,800	2Q27	PPA PaP 75% 15 Yrs	Initial
Chile	Monte Águila	Solar PV	290	0	2,000	4Q26	PPA 60-70%	Advanced
Chile	Planchón	Solar PV+BESS	90	375	2,000	4Q26	PPA 60-70%	Advanced
Chile	Triqueta	Solar PV+BESS	156	400	2,000	4Q26	PPA 60-70%	Advanced
Colombia	Sol Santander	Solar PV	48	0	1,990	4Q25	PPA 60-70%	Initial
Peru	Macarena	Solar PV	197	0	2,536	4Q26	PPA 60-70%	Initial
USA	Beaver Creek	Solar PV+BESS	229	183	1,798	3Q28
USA	Shubuta Creek	Solar PV	250	0	1,739	4Q29
USA	Creed	Solar PV	60	0	1,740	4Q25	PPA 60-70%	Advanced
	Total Advanced Development				2,933MW & 6,241MWh (vs. 1,803MW & 1,740MWh in previous report)

PLATFORM WITH RELEVANT GROWTH POTENTIAL

Project Portfolio

	Total Platfom1	Includes projects in operation and total pipeline
20-40% Success Rate	Identified Opportunities	Project with technical and financial feasibility, given that 1) there is the possibility of land, 2) access to the electricity grid is operationally viable and/or 3) there is the possibility of sale to third parties.
50% Success Rate	Early Stage	Based on an identified opportunity, the project is approved internally to enter the investment phase, with applications for grid access being made and negotiations for land commencing.
70% Success Rate	Advanced Development	Projects with an advanced technical and financial stage: • +50% Probability to secure land; and/or • +90% Probability to get grid access; and/or • Environmental permits requested
90% Success Rate	Backlog	Projects in a final phase before construction: • Secured land and grid access; and/or • +90% Probability to obtain environmental permits • Off-take agreements, PPA, or bankable scheme of stabilized prices secured / ready to be signed
	Ready to Build	Ready to Build: Financing close, PPA in place or negotiation of EPC
100%	Under Construction	Under Construction: EPC provider has been mandated to start construction works
Success Rate	In Operation	In Operation: Plant fully operational or at least Mechanical Completion achieved and under commissioning

1H24 REVENUES & EBITDA

Divisional Breakdown

Revenues
(€m)	2Q24	2Q23	Var.	1H24	1H23	Var.
Development & Construction	58.1	107.3	(46%)	149.4	185.3	(19%)
Income from customer sales	12.5	4.5	180%	81.3	17.4	368%
Income from capitalize works	45.6	102.8	(56%)	68.1	168.0	(59%)
Energy	14.3	15.3	(6%)	25.9	26.9	(3%)
Retail	8.3	6.2	35%	14.4	11.7	23%
Services	1.4	1.1	32%	2.5	1.9	31%
Total	82.2	129.8	(37%)	192.3	225.8	(15%)

EBITDA
(€m)	2Q24	2Q23	Var.	1H24	1H23	Var.
Development & Construction	1.6	(0.6)	n.m.	21.5	9.0	139%
Energy	11.2	12.1	(8%)	18.6	20.6	(10%)
Retail	0.2	(0.9)	n.m.	0.5	(1.7)	n.m.
Services	0.2	0.3	n.m.	0.4	0.5	n.m.
Corporate	(5.4)	(3.6)	48%	(10.0)	(6.7)	49%
Total	7.7	7.3	6%	31.0	21.7	43%

1H24 RESULTS Profit and Losses

Profit and losses
(€m)	2Q24	2Q23	Var.	1H24	1H23	Var.
Revenue	82.2	129.8	(37%)	192.3	225.8	(15%)
Income from customer sales	36.6	27.0	36%	124.1	57.8	115%
Income from capitalize works	45.6	102.8	(56%)	68.1	168.0	(59%)
Procurement	(59.2)	(111.7)	(47%)	(130.7)	(181.8)	(28%)
Procurement from third parties	(18.3)	(12.0)	52%	(71.8)	(20.1)	258%
Activated cost	(40.9)	(99.7)	(59%)	(58.8)	(161.7)	(64%)
Gross Margin	23.0	18.1	27%	61.6	44.0	40%
Personnel expenses	(8.9)	(5.6)	60%	(16.8)	(11.2)	50%
Other income	0.2	0.2	40%	0.3	0.3	10%
Other operating expenses	(6.6)	(6.3)	4%	(14.1)	(12.4)	14%
Other results	0.0	1.0	n.,m.	0.0	1.0	(98%)
EBITDA	7.7	7.3	6%	31.0	21.7	43%
Depreciation & Amortization	(4.6)	(4.1)	12%	(8.9)	(7.8)	14%
EBIT	3.2	3.2	(2%)	22.1	13.8	60%
Net financial income	1.2	0.2	n.m.	1.4	0.2	n.m.
Net financial expenses	(9.8)	(6.7)	46%	(18.2)	(11.6)	57%
Other financial results	(7.0)	3.2	n.m.	(6.9)	2.6	n.m.
Financial result	(15.6)	(3.3)	373%	(23.7)	(8.9)	168%
Result before taxes	(12.4)	(0.0)	n.m.	(1.6)	5.0	n.m.
Income tax	6.6	(0.8)	n.m.	2.1	(0.9)	n.m.
Net Income	(5.8)	(0.9)	n.m.	0.5	4.0	(89%)

1H24 RESULTS Balance Sheet

Balance Sheet
(€m)	1H24	FY23	Var.	(€m)	1H24	FY23	Var.
				Equity	369.1	343.7	25.4
Non-current assets	977.4	877.9	99.5	Non-current liabilities	739.5	584.6	154.9
Intangible assets	5.8	5.8	(0.0)	Deferred tax liabilities	45.5	33.7	11.7
Tangible asset	766.0	730.0	36.0	Provisions	11.0	14.3	(3.3)
Rights-of-use assets	32.7	33.8	(1.2)	LT Financial debt	683.0	536.6	146.5
Deferred tax assets	45.7	44.1	1.6	Bonds & Commercial Paper	52.0	51.9	0.1
Other non-current assets	127.2	64.2	63.0	Bank debt	573.6	433.8	139.8
				Derivatives	8.4	-	8.4
				Lease liabilities	49.0	50.8	(1.8)
Current assets	474.6	388.4	86.1	Current liabilities	343.4	338.0	5.4
Inventories	233.3	142.8	90.5	Provisions	0.7	0.6	0.1
Accounts receivable	102.8	112.1	(9.4)	Accounts payable	103.8	116.9	(13.1)
Current financial investments	8.5	9.9	(1.4)	ST Financial debt	238.9	220.5	18.4
Other current assets	4.5	2.1	2.5	Bonds & Commercial Paper	89.8	68.4	21.4
Cash & cash equivalents	125.4	121.5	3.9	Bank debt	144.8	144.2	0.6
				Derivatives	0.5	3.9	(3.4)
				Lease liabilities	3.2	3.0	0.2
				Other financial liabilities	0.5	0.9	(0.4)
TOTAL ASSETS	1,452.0	1,266.3	185.6	TOTAL EQUITY AND LIABILITIES	1,452.0	1,266.3	185.6

1H24 RESULTS Cash Flow

Cash Flow
(€m)	2Q24	2Q23	Var.	1H24	1H23	Var.
EBITDA	7.7	7.3	6%	31.0	21.7	43%
+ Change in operating WK	19.1	27.2	030%)	1.6	(23.9)	(107%)
+ Financial costs & Taxes paid	(8.6)	(3.7)	129%	(20.1)	(13.9)	45%
Funds from operations	18.3	30.8	(41%)	12.5	(16.1)	(177%)
+ ST Investments	(1.0)	1.4	(171%)	(0.9)	1.4	(165%)
+ Capex	(111.8)	(110.0)	2%	(185.7)	(187.6)	(1%)
+ USA participation	-	-	-	-	-	-
+ Divestment	(0.6)	-	-	49.9	-	-
Free cash flow	(95.2)	(77.8)	22%	(124.2)	(202.3)	(39%)
+ Capital Increase	-	-	-	-	-	-
+ Bonds & Commercial Paper	2.3	10.0	(77%)	21.5	23.9	(10%)
+ Bank debt	59.1	95.2	(38%)	137.2	206.1	(33%)
+ Other debts	-	-	-	-	-	-
+ Share Buy-back	(5.6)	5.0	n.m.	(19.9)	0.5	n.m.
+ FX differences	0.6	(8.4)	n.m.	(10.7)	(10.6)	1%
+ Other	-	-	-	-	-	-
Net cash increase	(38.8)	24.0	n.m.	3.9	17.6	(78%)

Total leverage1 6.6x

Total corporate leverage2 2.9x

Net Debt
(€m)	1H24	FY23	Var.
Long-term financial debt	133.8	154.5	(20.7)
Short-term financial debt	204.2	160.6	43.5
Long-term Lease debt (IFRS16)	48.3	50.1	(1.8)
Short-term Lease debt (IFRS16)	2.8	2.7	0.1
Other short term debt	0.5	0.9	(0.4)
Other current financial assets	-	-	-
Cash & cash equivalents	(63.3)	(77.0)	13.7
Corporate Net Debt with recourse	326.3	291.8	34.5
Project Finance debt with recourse	-	-	-
Project Finance cash with recourse	-	(3.1)	3.1
Project Finance Net Debt with recourse	-	(3.1)	3.1
Project Finance debt with non-recourse	523.4	384.4	139.0
Project Finance cash with non-recourse	(62.1)	(41.4)	(20.7)
Project Finance Net Debt with non-recourse	461.3	343.0	118.4
Total Net Debt	787.6	631.7	155.9
Total Net Debt ex IFRS16	736.5	578.9	157.6

1 1 Calculated as Total Net Debt exIFRS16 divided by the last-12 month EBITDA exIFRS16 (€113); | ² Calculated as Net debt with recourse divided by the last-12 month EBITDA per the covenant definition (Dividends from SPVs + EBITDA from O&M and AM + EBITDA from D&C and sale of Projects + EBITDA from SPVs with Project Finance Debt with recourse until the date of the lifting of the debt service guarantees assumed by the Company as sponsor under the corresponding Projects).

1H24 RESULTS Net Debt/EBITDA Reconciliation

Net Debt/EBITDA Reconciliation
1H24			FY23
Total	Corporate	Non-Recourse	Total	Corporate	Non-Recourse
787.6	326.3	461.3	631.7	288.7	343.0
51.1	51.1	-	52.7	52.7	-
736.5	275.2	461.3	578.9	236.0	343.0
113.9	79.8	34.1	104.5	71.7	32.8
2.1	2.1	-	1.9	1.9	-
111.8	77.7	34.1	102.6	69.8	32.8
(17.4)	(17.4)	-	(14.1)	(14.1)	-
-	95.1	-	-	83.9	-
6.9x	4.1x	13.5x	6.0x	4.0	10.5x
6.6x	3.5x	13.5x	5.6x	3.4x	10.5x
-	2.9x	-	-	2.8x	-

SOLAR PV + STORAGE EUROPE - USA - LATAM

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