Grenergy Renovables S.A.

Investor Presentation • Feb 27, 2025

Results Presentation FY24 Madrid, February 27 grenergy.eu th 2025

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DISCLAIMER

BUSINESS HIGHLIGHTS	FINANCIAL HIGHLIGHTS	SUSTAINABILITY HIGHLIGHTS
Crystalizing the value of Oasis de Atacama: Sale of Phases 1, 2 and 3 of Oasis de Atacama (451MW + 2.54GWh) for an EV of \$962m1 (1.6x EV/IC) c. \$1bn of Project Finance closed Quillagua 1 already connected with BESS in trial phase	Revenues €643m (+61% yoy) EBITDA €160m (+53% yoy) Net income €60m (+17% yoy)	Completion of the ESG Roadmap 2024 Publication of our Non-Financial Information Statement and Sustainability Report in compliance with the CSRD Directive
16.6GW Solar PV platform (+0.9GW qoq) 26.9GWh BESS hybrid platform (+1.9GWh qoq) 2.3GW & 3.6GWh in Op. & U/C (no variation qoq)	Capex acceleration to €649m (+77% yoy) driven by hybrid projects 2024-2022 CAGR Capex +83%	One of the 15th most sustainable worldwide companies by MSCI and top 16% by S&P Global in the Utilities sector
2023-2026 €2.6bn Investment plan secured - €0.6bn Asset Rotation target accomplished Looking into the future: Next CMD in May 28th, 2025	Net debt2 €566m Total leverage 3.6x (0.7x corporate) Share buy-back up to €40m	Top-ranked in our industry in ESG ratings by S&P, MSCI (AAA) and Sustainalytics (10.8-low risk)

Platform overview. Solar PV & BESS

	FY24
	16.6GW	26.9GWh
	+0.9 qoq	+1.9 qoq
Identified Opportunities	5.9GW	6.4GWh
Early Stage	4.9GW	5.9GWh
Advanced Development	2.4GW	5.0GWh
Backlog	1.1GW	6.0GWh
Ready to Build
Under Construction	1.4GW	3.6GWh
In Operation1	0.9GW

	MWh	Under Const	Backlog	Advanced Dev	Early Stage	Ident. Opp.	Total Pipeline
	Probability of execution	100%	90%	70%	50%	20-40%
N	Spain			175		2,280	2,455
O	Italy			737	1,038		1,775
TI A	UK			320	140		460
C	Poland			84	1,103	56	1,243
O	Germany
L O-	Romania
C	TOTAL EUROPE			1,316	2,281	2,336	5,933
	Chile	3,640	5,982	3,655	2,574	2,400	18,251
S -	Colombia
S E	Mexico
B	Peru
	TOTAL LATAM	3,640	5,982	3,655	2,574	2,400	18,251
	TOTAL USA				1,090	1,640	2,730
	BESS	3,640	5,982	4,971	5,945	6,376	26,914

Solar PV & BESS pipeline update

Solar PV	EUROPE	✓ Solar platform 4.2GW (-0.9GW qoq)	BESS	EUROPE	✓ BESS pipeline 5.9GWh (+1.2GWh qoq)
	LATAM	✓ Solar platform added 1.6GW to 7.3GW		LATAM	✓ BESS pipeline in Chile 18.3GWh (+1.1GWh qoq)
	USA	✓ Solar platform 5.1GW (+0.3GW qoq)		USA	✓ BESS pipeline 2.7GWh (-0.4GWh qoq)

LATAM	✓ BESS pipeline in Chile 18.3GWh (+1.1GWh qoq)
USA	✓ BESS pipeline 2.7GWh (-0.4GWh qoq)

BESS
------

	MW		Under Const	Backlog	Advanced Dev	Early Stage	Ident. Opp.	Total Pipeline	Total Platform
	Probability of execution	In Operation	100%	90%	70%	50%	20-40%
	Spain	200	468		198		680	1,346	1,546
	Italy				415	135		550	550
	UK				110	91		201	201
V	Poland				71	946	50	1,067	1,067
P	Germany					198	618	816	816
R	Romania
A L	TOTAL EUROPE	200	468		794	1,370	1,348	3,980	4,180
O	Chile	518	861	1,041	778	921	480	4.082	4,599
S	Colombia	102	64	60	51	12	84	271	373
	Mexico	36				588	1,230	1,819	1,854
	Peru				437			437	437
	Argentina (Wind)	24							24
	TOTAL LATAM	679	925	1,101	1,266	1,522	1,794	6,609	7,287
	TOTAL USA				310	2,006	2,800	5,116	5,116
	TOTAL	879	1,394	1,101	2,370	4,898	5,942	15,704	16,583

06 1 Hybrid PPA, implying that the volume contracted will amount to 75% of the energy produced both in solar and non-solar hours.

MW	MWh
95	589
105	651
200	1,300
400	2,540
220	1,100
200	1,300
485	3,152
515	3,000
1,420	8,552
1,820	c11,000

		PPA (peak-hours)
FINANCING	OFFTAKER	OUPUT	YEARS
Closed	EMOAC	128GWh/y	15
Closed	EMOAC	143GWh/y	15
Closed	EMOAC	270GWh/y	15

		2023	2024	2025	2026	2027	PV		BESS
							MW	MW
Phase 1	Quillagua 1						103	95
Phase 2	Quillagua 2						118	105
Phase 3	VJ						230	200
SUBTOTAL							451	400
Phase 4	Gabriela						269	220
Phase 5	Algarrobal						242	200
Phase 6	Elena						446	485
Phase 7	Antofagasta						550	515
SUBTOTAL							1,507	1,420
	TOTAL OASIS ATACAMA						c2,000	1,820
				RTB COD	PPA

15	540GWh/y1	Global utility	Closed
-	-	Advanced	Ongoing
-	-	Advanced	Ongoing
-	-	Initial	-

TOTAL CAPEX c\$2.3bn c2.0GW + c.11GWh

Pioneers with the largest BESS project in America

2024
Phases 1-4	Strategic agreement for BESS supply: BYD (phases 1, 2 and 3) and CATL (phase 4)
Phase 4	Hybrid PPA signed
Phases 1-3	Project finance closed (\$644m)
Phases 1-3	M&A deal with ContourGlobal (a KKR company) for an EV of \$962m, considering an earn-out of \$50m
2025
Phase 4	Project Finance closed (\$324m)
Phase 1	Quillagua 1 connected with BESS and in operation
Phases 5-6	PPA and Project Finance expected to be signed

Execution well on track

OASIS ATACAMA. c.\$1bn Financing already closed for Phases 1-4 with top international banks

QUILLAGUA (Phases 1-2)

Financial close in July 2024

Issuing Banks

\$345m

VICTOR JARA (Phase 3)

Financial close in \$299m December 2024

GABRIELA (Phase 4)

Financial close in \$324m January 2025

Grenergy shatters records with successful asset rotation in 2024, bringing an EV of \$1.1bn

1 Including \$50m of earn-outs in Chile and \$27m of earn-outs in Peru | 2 Equity proceeds stemming from the rotations of 2 PMGDs (Chile), Belinchón, Tabernas & José Cabrera (Spain) , Duna Huambos & Matarani (Peru) and Oasis de Atacama (Phases 1, 2 and 3).

VICTOR JARA	CHILE		Rotation of 625MW and 2.54GWh in Latam for a
			total Enterprise Value of \$1,112m1
PV + BESS	PV + BESS	CHILE	Sale of Phases 1, 2 and 3 (451MW and 2.54GWh)
QUILLAGUA QUILLAGUA	VICTOR JARA	TOTAL	of Oasis de Atacama for an Enterprise Value
	CONTOURGLOBAL		of \$962m (1.6x EV/IC)
MW + GWh 221MW + 1.24GWh	230MW + 1.3GWh	451MW+2.54GWh	Sale of assets in Peru for \$150m (1.3x EV/IC)
Deal closing 4Q24	4Q24	-	Equity proceeds of >€640m2, exceeding the
EV (\$m) 490	472	962	€0.6bn asset rotation target for 2023-26
EV/IC (x) 1.5	1.7	1.6

	PERU
	PV	WIND	PERU
	MATARANI	DH & NAIRAS	TOTAL
	YINSON	ENGIE
MW	97	77	174
Deal closing	1Q24	1Q24	-
EV (\$m)	90	60	150
EV/IC (x)	1.4	1.0	1.3

MATARANI

DUNA HUAMBOS

Key operating & financial data

• ✓ Total production and realized price a¥ected by the disposals of Duna Huambos and Belinchón
• ✓ 76% of total production from contracted volumes (+15%)
• ✓ Merchant price recovery in 2025 driven by rising gas prices and higher nighttime merchant prices

✓ Revenues (+61%) and EBITDA (+53%) driven by asset rotation

• ✓ D&A amounted to €41m including €17m of impairments due to the review of all the projects
• ✓ Net debt decreased to €566m thanks to the proceeds coming from the sale of phases 1-3 Oasis de Atacama

KEY FINANCIAL DATA
(€m)	FY24	FY23	Var.
Revenues	642.9	400.2	61%
ow Energy Revenues	60.5	65.2	(7%)
EBITDA	160.0	104.5	53%
ow Energy EBITDA	41.5	51.2	(19%)
EBIT	118.6	86.6	37%
Net Income	59.6	51.1	17%
Capex	648.8	366.3	77%
	FY24	FY23	Var.
Tangible Fixed Assets	920.3	730,0	26%
Equity	473.5	343.7	38%
Net debt	565.7	578.9	(2%)
ow Corporate	105.1	236.0	(55%)
Net debt/EBITDA	3.6x	5.6x
ow Covenant2	0.7x	2.8x

KEY OPERATING DATA
	FY24	FY23	Var.
Avg. Forex (\$/€)	1.08	1.08	(0%)
Total Capacity (MW)	879	908	(3%)
Net additions	(29)	196	(115%)
Gross additions3	495	368	35%
Solar production	1,099,477	982,507	12%
Wind production	108,697	267,138	(59%)
Total production (MWh)	1,208,174	1,249,645	(3%)
ow Contracted	918,700	797,728	15%
ow Merchant	289,474	451,917	(36%)
Load Factor (%)4	20%	26%	(22%)
Realized price (€/MWh)	50.1	52.2	(4%)
ow Contracted	57.3	50.0	15%
ow Merchant	27.4	56.2	(51%)

Revenue & EBITDA breakdown

1 €91 million recorded as inventories and not as income from capitalize works due to the pre-agreed sale of solar plants under construction. | 2 Retail supply business in Chile. 3 Services include O&M (Operation and Maintenance) and AM (Asset Management). | 4 Revenues exclude income from capitalized works carried out for BTS projects such as Valkyria and Matarani.

✓ D&C revenues +77% from the disposal of assets in Chile and Peru which include €76m from Peruvian assets and €341m from OA

1 Includes €91 million recorded as inventories due to the pre-agreed sale of solar plants under construction. 2 This figure includes over dimensioning to meet the substation requirements. 12

Highlights Business Review Financial Review Sustainability

CAPEX

✓ Total capex of €649m in FY24

• ✓ Latam capex concentrated in Chile (>90%)
• ✓ Capex deflation of batteries and solar modules still ongoing

FY24 TOTAL CAPEX

PV CAPEX BREAKDOWN PER MW

BESS CAPEX BREAKDOWN PER MWh

Capex	Treasury	Divestments	Bonds	Financial	Other
	Shares1		& CP	debt	debts

Cash flow

Leverage & Liquidity

1 Calculated as Net debt including all PF debt divided by LTM EBITDA. | 2 Calculated as Net debt with recourse divided by LTM Relevant Ebitda (from Dividends earned from SPVs + EBITDA from O&M and Asset Mgmt activities + EBITDA from the sale of Projects and D&C activity + EBITDA generated by the SPVs with Recourse PF Debt).

• ✓ Total leverage down to 3.6x in 2024 vs 5.6x in 2023
• ✓ Covenant leverage decreased sharply to 0.7x thanks to asset rotation (vs 2.8x in 2023)
• ✓ Financing closed of Phases 1 to 4 of Oasis de Atacama for a total amount of €968m

ESG Roadmap 2024-2026. ESG Action Plan – I Phase

Recognition in ESG ratings. Confirmation of leadership in ESG ratings

	RANKING
2024	INDUSTRY GROUP
10.8 Low Risk	Utilities
	out of 644 10	Land Use and Biodiversity
	GLOBAL UNIVERSE	Product Governance
	out of 14,915 413	Ocupacional Health and Safety

Highlights of the 2024 Non-financial Information Statement and Sustainability Report

Strategy

We continue to expand rapidly, with a 137% growth in our workforce since 2021 and 30%

We are committed to conserving and restoring biodiversity in the plants where we operate, with clear goals for 2030, aligned with the EU Biodiversity Strategy.

No net loss of biodiversity

Positive impact on biodiversity

Zero net deforestation

In Oasis de Atacama, our largest implemented 28 social and

APPENDICES

Platform update. Projects In Operation, Under Construction & Backlog

	Country	Project	Type	MWp	BESS MWh1	Resource (Hours)	COD2	O§taker
	Spain	Los Escuderos	Solar PV	200	0	2,035	4Q21	PPA PV Profile 85%
	Chile	PMGDs (16 projects)	Solar PV	151	0	2,109	4Q21-4Q24	Stabilized Price
	Chile	Gran Teno	Solar PV	241	0	2,000	4Q23	PPA PaP 66% 12 Yrs
	Chile	Tamango	Solar PV	48	0	2,000	1Q24	PPA PaP 100% 15 Yrs
	Chile	Oasis Atacama - Phase 6	Solar PV	77	0	2,800	4Q23	Merchant
	Colombia	Distribution (8 projects)	Solar PV	102	0	1,990	4Q21-4Q24	PPA PaP 100% 15 Yrs / Merchant
	Mexico	San Miguel de Allende	Solar PV	36	0	2,300	1Q21	Auction 15 Yrs 100%
	Argentina	Kosten	Wind	24	0	5,033	1Q21	Auction 15 Yrs 100%
	Total in Operation			879 MW	0 MWh		(vs. 950 MW in previous report)
	Spain	Ayora	Solar PV	172	0	2,000	4Q25	PPA PaP 75% 15 Yrs
	Spain	José Cabrera	Solar PV	47	0	1,900	2Q25	PPA PaP 75% 15 Yrs
	Spain	Tabernas	Solar PV	250	0	1,850	2Q25	PPA PaP 75% 15 Yrs
	Chile	PMGDs (14 projects)	Solar PV	142	0	2,000-2,700	1Q25-4Q25	Stabilized Price
	Chile	Oasis Atacama - Phase 1	Solar PV + BESS	103	589	2,950	1Q25	PPA 60% 15 Yrs
	Chile	Oasis Atacama - Phase 2	Solar PV + BESS	118	651	2,950	3Q25	PPA 60% 15 Yrs
	Chile	Oasis Atacama - Phase 3	Solar PV + BESS	230	1,300	2,800	4Q25	PPA 60% 15 Yrs
	Chile	Oasis Atacama - Phase 4	Solar PV + BESS	269	1,100	2,950	1Q26	PPA PaP 75% 15 Yrs
	Colombia	Distribution (5)	Solar PV	64	0	1,990	1Q25-4Q25	PPA / Merchant
Total Under Construction			1,394 MW	3,640MWh			(vs. 1,326 MW & 3,640 MWh in previous report)
	Chile	Oasis Atacama - Phase 5	Solar PV + BESS	242	1,300	2,500	4Q26	PPA 100% 15 Yrs (Advanced)
	Chile	Oasis Atacama - Phase 6	Solar PV + BESS	369	3,152	2,800	3Q26	PPA 75% 15 Yrs (Advanced)
	Chile	Monte Águila	Solar PV + BESS	340	600	2,000	4Q26	PPA 60-70% (Advanced)
	Chile	Planchón	Solar PV + BESS	90	160	2,000	4Q26	PPA 60-70% (Advanced)
	Chile	Gran Teno BESS	Solar PV + BESS	0	480		2Q26
	Chile	Tamango BESS	Solar PV + BESS	0	200		4Q26
	Colombia	Distribution (5)	Solar PV	60	0	1,900	1Q26-4Q26	PPA / Merchant
	México	San Miguel de Allende BESS	Solar PV + BESS	0	90		4Q26
	Total Backlog			1,101 MW	5,982MWh			(vs. 429 MW & 3,152 MWh in previous report)

Platform update. Projects in Advanced Development

Country	Project	Type	MWp	BESS MWh1	Resource (Hours)	COD2	O§taker	Negotiation3
Italy	Isole & Penisola Projects	Solar PV + BESS	415	737	1,864	1Q27-4Q28	PPA 60-70%	Initial
Poland	Nowy Tomysl	Solar PV + BESS	71	84	1,100	3Q27	PPA 60-70%	Initial
Spain	Clara Campoamor	Solar PV	198	0	2,000	1Q26	PPA PaP 75% 15 Yrs	Contracted
Spain	Los Escuderos	Solar PV + BESS	0	175	2,000	2Q26
UK	Solstice Projects	Solar PV + BESS	110	320	1,100	3Q26	PPA 60-70%	Initial
Chile	Oasis Atacama - Phase 7	Solar PV + BESS	550	3,000	2,800	2Q27	PPA 75% 15 Yrs	Initial
Chile	PMGDs (7 projects)	Solar PV + BESS	72	255	2,300	4Q26	Stabilized Price	Contracted
Chile	Triqueta	Solar PV + BESS	156	400	2,000	4Q26	PPA 60-70%	Advanced
Colombia	Sol Santander	Solar PV	51	0	1,990	4Q26	PPA 60-70%	Initial
Perú	Macarena	Solar PV	197	0	2,536	4Q26	PPA 60-70%	Initial
Perú	Locumba	Solar PV	241	0	2,484	4Q26	PPA 60-70%	Initial
USA	Shubuta	Solar PV	250	0	1,739	4Q28	PPA 100%	Initial
USA	Creed	Solar PV	60	0	1,851	4Q27	PPA 100%	Initial
Total Advance Development				4,971 MWh			(vs. 2,934 MW & 7,741 MWh in previous report)

1 Co-location. | 2 Commercial Operation Date. | 3 Initial: conversation taking place with several o«takers. Advanced: Negotiation moving forward to completion at a good pace. Contracted: Already secured the stabilization of energy sales with o«taker or public auctions.

Platform with relevant growth potential. Project Portfolio

1 This classification of the pipeline phases has been made by the company itself on the basis of its previous experience in projects carried out, using its own internal criteria and procedures.

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.

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.

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

Ready to Build: Financing close, PPA in place or negotiation of EPC

Under Construction: EPC provider has been mandated to start construction works

In Operation: Plant fully operational or at least Mechanical Completion achieved and under commissioning

Projects in a final phase before construction:

• Secured land and grid access; and/or
• +90% Probability to obtain environmental permits
• O-take agreements, PPA, or bankable scheme of stabilized prices secured / ready to be signed

Total Platfom1 Includes projects in operation and total pipeline

FY24 Revenues & EBITDA. Breakdown by division

REVENUES
(€m)	4Q24	4Q23	Var.	FY24	FY23	Var.
Development & Construction	338.4	29.8	1,034%	550.3	310.4	77%
Income from customer sales	358.8	6.0	5,894%	444.8	89.3	398%
Income from capitalize works	(20.4)	23.8	(186%)	105.5	221.1	(52%)
Energy	18.6	13.3	41%	60.5	65.2	(7%)
Retail	7.3	5.7	29%	28.1	22.1	27%
Services	0.9	0.3	256%	4.0	2.6	56%
Total	365.2	49.0	645%	642.9	400.2	61%

EBITDA
(€m)	4Q24	4Q23	Var.	FY24	FY23	Var.
Development & Construction	104.6	(3.8)	2,863%	142.3	67.4	111%
Energy	11.4	10.0	14%	41.5	51.2	(19%)
Retail	0.2	0.9	(84%)	0.3	(0.4)	168%
Services	0.2	(0.1)	282%	0.5	0.5	15%
Corporate	(9.2)	(4.8)	92%	(24.6)	(14.1)	74%
Total	107.1	2.3	4,579%	160.0	104.5	53%

FY24 Results. Profit and Losses

PROFIT AND LOSSES
(€m)	4Q24	4Q23	Var.	FY24	FY23	Var.
Revenues	365.2	49.0	645%	642.9 642.9	400.2	61%
Income from customer sales	385.6	25.2	1,431%	537.4	179.1	200%
Income from capitalized works	(20.4)	23.8	(186%)	105.5	221.1	(52%)
Procurement	(233.2)	(30.6)	663%	(429.4)	(243.3)	76%
Procurement from third parties	(258.9)	(10.8) (10.8)	2,308%	(343.6) (343.6)	(35.9)	858%
Activated cost	25.8	(19.8)	230%	(85.8) (85.8)	(207.4)	(59%)
Gross Margin	132.0	18.4	616%	213.5 213.5	157.0	36%
Personnel expenses	(11.9)	(7.3) (7.3)	62%	(37.9)	(24.8)	53%
Badwill	-	(3.1)	n.m	18.2 18.2	(2.2)	n.m
Other operating expenses	(14.2)	(6.3)	126%	(35.5)	(26.3)	35%
Other results	1.1	0.6	105%	1.7	0.8	111%
EBITDA	107.1	2.3	4,579%	160.0 160.0	104.5	53%
Depreciation and amortization	(26.8)	(5.5) (5.5)	384%	(41.4)	(17.9)	131%
EBIT	80.3	(3.2)	(2,577%)	118.6	86.6	37%
Financial income	(0.2)	0.5	(142%)	1.4	1.8	(24%)
Net financial results	(16.4)	(13.5)	21%	(45.1)	(34.9)	29%
Other financial results	8.8	(7.2)	(223%)	(0.3)	(1.2)	(78%)
Financial result	(7.8)	(20.2)	(61%)	(44.0)	(34.4)	28%
Result before taxes	72.5	(23.5) (23.5)	(409%)	74.6	52.2	43%
Income tax	(19.2)	1.0	(2,092%)	(15.0)	(1.1)	1,216%
Net Income	53.3	(22.5)	(337%)	59.6	51.1	17%

FY24 Results. Balance Sheet

Current assets	666.0	388.4	277.6
Inventories	196.8	142.8	53.9
Accounts receivable	82.3	112.1	(29.8)
Current financial investments	4.3	9.9	(5.7)
Other current assets	8.6	2.1	6.6
Cash & cash equivalents	374.0	121.5	252.5

TOTAL ASSETS	1,875.2	1,266.3	608.9

BALANCE SHEET
(€m)	FY24	FY23	Var.
Non-current assets	1,209.2	877.9	331.3
Intangible assets	6.3	5.8	0.5
Fixed asset	920.3	730.0	190.3
Assets with right of use	59.9	33.8	26.1
Deferred tax assets	54.6	44.1	10.5
Other fixed assets	168.1	64.2	103.9

(€m)	FY24 FY24	FY23	Var.
Equity	473.5	343.7	129.8
Non-current liabilities	784.9 784.9	584.6	200.3
Deferred tax liabilities	59.6	33.7	25.9
Non-current provisions	9.6	14.3	(4.7)
Financial debt	715.6	536.6	179.1
Bonds & Commercial Paper	51.6	51.9	(0.3)
Debt with financial entities	576.4 576.4	433.8	142.7
Derivatives Debts	7.0	-	7.0
Finance lease	65.9	50.8	15.1
Other debts	14.6 14.6	-	14.6
Current liabilities	616.8	338.0	278.8
Provisions	3.8	0.6	3.2
Accounts payable	310.7	116.9	193.8
ST Financial debt	302.3	220.5	81.8
Bonds & Commercial Paper	108.1 108.1	68.4	39.7
Bank debt	119.8	144.2	(24.4)
Derivatives	1.5	3.9	(2.5)
Lease liabilities	4.9	3.0	1.8
Other financial liabilities	68.1	0.9	67.2
TOTAL EQUITY AND LIABILITIES	1,875.2	1,266.3	608.9

FY24 Results. Cash Flow

CASH FLOW
(€m)	4Q24	4Q23	Var.	FY24	FY23	Var.
EBITDA	107.1	2.3 2.3	4,579%	160.0	104.5	53%
+ Change in operating NWK	232.7	48.6	379%	222.4	(27.0)	(923%)
+ Taxes and Financial Exp. Cash out	(1.2)	(26.7)	(95%) (95%)	(31.7)	(44.3)	(28%)
Funds from operations	338.6	24.2	1,300%	350.7	33.2	956%
+ Short term-Liquid Investments	7.1	0.2	3,563%	7.6 7.6	1.8	329%
+ Growth capex	(229.7)	(1.0)	23,529% 23,529%	(648.8)	(366.3)	77%
+ Divestment	290.0	0.6	51,221%	339.9	95.8 95.8	255%
Free cash flow	406.0	24.0	1,594%	49.4	(235.5)	(121%)
+ Bonds	16.9	(14.4) (14.4)	(218%)	39.4	2.6	1,424%
+ Bank borrowings	(91.9)	64.9 64.9	(242%) (242%)	118.3	277.3	(57%)
+ Other debts	(23.9)	-	- -	81.8	-	-
+ Share Buy-back programme	(0.3)	(24.2)	(99%)	(20.4)	(25.6) (25.6)	(20%)
+ Exchange rates di‡erences	(0.2)	10.5	(102%)	(16.0) (16.0)	(3.0)	429%
Net cash increase	306.7	60.8	404%	252.5	15.8	1,500%

FY24 Results. Net Debt

TOTAL LEVERAGE1 3.6X

TOTAL CORPORATE LEVERAGE2 0.7X

(€m)

Long-term financial debt

Short-term financial debt

Long-term Lease debt (IFRS 16)

Short-term Lease debt (IFRS 16)

Other short term debt

Other current financial assets

Cash & cash equivalents

Corporate Net Debt with recourse

Project Finance debt with recourse

Project Finance cash with recourse

Project Finance Net Debt with recourse

Project Finance debt with non-recourse

Project Finance cash with non-recourse

Project Finance Net Debt with non-recourse

Total Net Debt

Total Net Debt ex IFRS16

NET DEBT

FY24	FY23	Var.
161.0	154.5	6.5
194.1	160.6	33.5
65.4	50.1	15.3 15.3
4.5	2.7	1.8
14.6	0.9 0.9	13.7
68.0	-	68.0 68.0
(330.0)	(77.0)	(253.0)
177.7	291.8	(114.1)
-	-	- -
(2.7)	(3.1)	0.4
(2.7)	(3.1)	0.4
501.9	384.4	117.5
(41.3)	(41.4)	0.1
460.6	343.0 343.0	117.6
635.5	631.7	3.9 3.9
565.7	578.9	(13.3)

1 Calculated as Total Net Debt exIFRS16 divided by the last-12 month EBITDA exIFRS16; | 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).

FY24 Results. Net Debt/EBITDA Reconciliation

NET DEBT/EBITDA RECONCILIATION
	FY24		FY23
(€m)	Total	Corporate	Non-Recourse	Total	Corporate	Non-Recourse
Net Debt	635.5	175.0	460.6	631.7	288.7	343.0
Impact IFRS16	69.9	69.9	-	52.7	52.7	-
Net Debt ex IFRS16	565.7	105.1 105.1	460.6	578.9	236.0	343.0
EBITDA LTM	160.0	121.7 121.7	38.3	104.5	71.7	32.8
Impact IFRS16	2.5	2.5	-	1.9	1.9	-
EBITDA LTM ex IFR16	157.5	119.2	38.3	102.6	69.8 69.8	32.8
Corporate costs LTM	(24.6)	(24.6)	-	(14.1)	(14.1)	-
EBITDA LTM ex IFRS16 (covenant)	-	143.8	-	-	83.9	-
Net debt/EBITDA	4.0x	1.4x	12.0x	6.0x	4.0x	10.5x
Net debt/EBITDA ex IFRS16	3.6x	0.9x	12.0x	5.6x	3.4x 3.4x	10.5x
Net debt/EBITDA (per covenant)	-	0.7x 0.7x	-	-	2.8x	-

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