Greenvolt Energias Renovaveis

Investor Presentation • Jun 25, 2024

June 2024

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GREENVOLT

Table of 30 Contents

Overview

02

Results 1Q24

03

Business Evolution

04

Financials

05

Key Takeaways and Outlook

0 Executive summary

Market developments continue to validate Greenvolt's Business Model: ✓ There is an ongoing need for more renewable energy ✓ There is a permitting bottleneck which highlights the value of companies with expertise in both Utility Scale and DG ✓ Flexibility and storage capacity are crucial with growing importance of battery storage projects

Within this context Greenvolt: ✓ GW1 GW1 Continues to develop and expand its portfolio with a total pipeline of 8.8 , of which, 2.9 at least RtB now 1 and 4.3 GW expected at the end of the year ✓ Reinforced its commitment to storage with projects partially contracted in Poland and Hungary ✓ Has four Asset Rotation operations at an advanced stage, two with binding offers and two with a preferred bidder for a total of more than 400 MW ✓ Energy2 Acquired Kent Renewable , the second biomass power plant in the UK, which uses locally sourced biomass and is a base load-type of electricity ✓ Enhanced its financial structure with the conversion of KKR's bonds and adequate liquidity for the existing business plan

1Q24 results were impacted by seasonal effects and do not represent the Company's expectations for 2024, which foresee a significant improvement in activity and profitability during the course of the year

02 Market development

Fight against climate change

Guarantee energy independence

Cheapest source of energy

Safeguard a fair energetic transition through solar PV distributed generation sources

	Renewables push
Permitting is the bottleneck	Structural permitting barriers persist, which implies that local expertise is key for development success
Price uncertainty	Volatile short- and long-term energy prices, being PPA prices higher than in the past
Softer supply chain disruptions	Stabilization of the supply chain led to a sharp decrease in solar and in batteries' Capex
High interest rates	Profitability of RTB projects maintained in most markets as the increase in interest rates is offset by lower Capex and higher electricity prices
New market design	Promotion of Renewables through CfDs and corporate PPAs Fostering Distributed Generation and energy sharing
Growing intraday unbalances	Urgent need for flexibility and Storage

Revenues went up but EBITDA decreased mostly due to lower contribution from the biomass segment partially compensated by higher EBITDA in the Utility-Scale.

The Biomass segment was impacted by lower UK electricity prices compared to 1Q23, offset by higher energy exported.

The pipeline in the Utility-Scale segment grew by 25% y-o-y while the DG installed capacity grew by 47%.

Liquidity and unused guarantee lines are available to finance future growth.

9

Liquidity ⁵ Unused guarantee-lines

Values excluding discontinued operations and comparing with the restated of 1Q23, i.e. also excluding the discontinued operations

1 Includes Sales, Services rendered and Other income; ² Net Income attributable to Greenvolt; ³ From Biomass and Utility-Scale operating assets; ⁴ Probability-weighted pipeline capacity; ⁵ Includes cash and unused credit lines

Revenues increased by 38.1 €m versus 1Q23, driven by a 5.6x growth in the Utility-Scale segment supported by income from operating assets, the margins of asset rotation sales, and the positive impact of the valuation of VPPAs (mark-to-market).

DG continued to contribute to revenues with a 69% increase when compared to 1Q23, driven by installation growth (+47% vs 1Q23) in Portugal, Spain, Poland, Greece, and Ireland.

Biomass sales decreased slightly mainly due to the substantially lower UK electricity prices compared to the same quarter last year.

1 0

1Q23 and 1Q24 values exclude discontinued operations Revenues include Sales, Services rendered and Other income

EBITDA decreased by 21%, mostly impacted by (i) substantially lower prices in the UK affecting the Biomass segment and (ii) seasonality factors, namely in DG.

The Utility-Scale increase in EBITDA was not big enough to offset this drop since there was no asset rotation in this quarter.

Following a year of intensive investments and acquisitions in 2023, the DG segment is still in a ramp-up phase, aligned with the Group's expectations which is expected to start generating positive EBITDA in 2024.

1 2

• The Biomass and Structure segment's total operating income for the first quarter of 2024 amounted to 41.2 million Euros, down 4% compared to the first quarter of 2023. EBITDA totaled 8.6 million Euros, representing a 43% year-on-year decrease.
• The operational performance in Portugal was affected by the stoppages at two biomass power plants which impacted load factor and availability by -1% and -2% respectively. The wet winter has also somewhat affected efficiency but is worth highlighting the strong operational performance of the other 3 assets in Portugal increasing energy exported by 8.2% compared to the first quarter of 2023.
• The activity in the United Kingdom continued to be affected by lower electricity prices which were, on average, 49% lower in 1Q24 (62.6£/MWh), compared to 1Q23 (122.1 £/MWh). The TGP power plant however, maintained an excellent operational performance with an increase of 13.5% in energy exported year-onyear. TGP did not experience substantial stoppages, reaching a 96.9% availability and 93.7% load factor in the quarter, representing a 12% and 10% increase, respectively, since the same period last year.
• During 2Q24, Greenvolt signed the acquisition of a 100% stake in the Kent Renewable Energy, a biomass power plant located in Kent, a southeastern county in the UK. The power plant started operating in 2018 and has a capacity of 28.1 MW (electricity) and 25.0 MW (heat).

The Biomass & Structure business unit is now composed of 7 biomass plants in two geographies (Portugal and UK) and holding structure

The power plants in Portugal experienced a moisture-related, slightly weaker, but stable, operational performance, greatly offset by the strong availability and load factor of the TGP power plant in the UK

1 4

¹ Capacity as per respective licenses; ² Signed as of 2Q24 but not yet completed; ³ Including Kent Renewable Energy; ⁴ Does not include Kent operational performance; ⁵ Availability = Operational Hours / Total available hours in the period, weighted per license capacity of each plant; ⁶ Load factor = Energy Exported / Maximum production possible (as per license)

• ◼ 51% stake acquired in July 2021
• ◼ Strategically located c.25 miles from London to economically process urban waste wood
• ◼ Multiple long-term value enhancement opportunities given strategic location and land leased until 2054
• ◼ High degree of cash flow visibility, including ROCs revenue underpinned by RPI-index up to 2037 and long-term agreements in O&M and supply of biomass

• ◼ Greenvolt signed an SPA for the acquisition of KREL, acquisition expected to be completed during the fourth quarter of 2024
• ◼ Strategically located in one of the densest forest areas in the UK, benefiting from a long term fuel supply agreement for sustainable biomass with a leading ESG-focused supplier
• ◼ Higher degree of cash visibility:

2

• ◼ Several long-term private wire agreements for the supply of power and/or heat
• ◼ It is one of the last assets with ROC remuneration, in addition to Renewable Heat Initiative ("RHI"),

• EBITDA was mainly driven by the sales of green certificates and electricity and the positive contributions from VPPAs.
• Installed capacity in operation remained unchanged since the end of 2023 at 304 MWp, representing an 80% increase since 1Q23. However, the total pipeline probability-weighted capacity has been expanded by 224 MW (vs FY23), for a total of 8.6 GW.
• While no AR¹ transactions were completed in 1Q24, Greenvolt currently has four portfolios in sales processes. Two have already binding offers and the other two have preferred bidders, which hints at the robustness of the Group's pipeline.
• MaxSolar had a negative impact on EBITDA of -2.6 million Euros, due to delays in work commencement caused by adverse weather conditions. However, these delays are expected to be fully recovered until the end of the year. So far it has developed ~130 MWp in projects up to under construction or COD status and continues to advance its 1.6 GW late-stage pipeline, with approximately 300 MWp expected to reach RtB status in 2024.

Finally, long-term contracted battery capacity in Poland and Hungary has been a significant achievement for the Group. In Poland, preliminary construction work has begun for two 200 MW /800 MWh projects. In Hungary, preliminary works have started for two 50MW / 100MWh projects.

1 6

From 59 MW of projects with signed SPA, 20 MW of solar PV started injecting during 4Q23 while the remaining started in 1Q24. Pending usual conditions precedent to transfer the projects to the buyer. ¹ Probability-weighted capacity; ²Sold as forward contract, subject to projects reaching Ready to Build. Not in Ready to Build stage as of 31 March 2024.

RTB	1,377 MW 25% 1% 74%			105 MW 33% 67%	177 MW 100%	528 MW 91% 9%
Under Construction	620 MW 43% 4% 53%	60 MW 100%	224 MW 89% 11%		35 MW 100%	356 MW 65% 17% 18%
COD	146 MW 40% 60%	174 MW 100%	24 MW 100%	58 MW 100%	70 MW 100%	64 MW 100%
Projects sold & delivered1	112 MW 32% 68%	189 MW 100%

Capacity net of minorities is 4.1 GW 2.0 GW 0.5 GW 1.6 GW

Four sale processes already ongoing in four different geographies totalling more than 400 MW

1 8

Numbers are rounded and probability-weighted. ¹Only considering projects with a signed SPA until 31 December 2023

RTB	1,258 MW 18% 2% 80%		49 MW 100%	35 MW 100%		1,126 MW 17% 66% 17%
Under Construction	699 MW 43% 57%		88 MW 100%	70 MW 100%	177 MW 100%	790 MW 57% 36% 7%
COD	355 MW 63% 37%	235 MW 100%	339 MW 93% 7%	58 MW 100%	105 MW 97% 3%	876 MW 80% 7% 13%
Projects sold & delivered1	112 MW 32% 68%	189 MW 100%

Capacity net of minorities is 6.6 GW 2.9 GW 1.5 GW 1.8 GW

Numbers are rounded and probability-weighted ¹Only considering projects with a signed SPA until 31 December 2023

As of 1Q24, the preliminary works for the construction of two 200MW / 800MWh projects in the northeastern part of Poland have started

The first 2 out of 6 projects assigned in the capacity market auction

17-year service contracts from 2028

Expected to start operating in 1H26

매	리 등 중 중

As of 1Q24, the preliminary works for 2 projects with 50MW / 100MWh have started, located in the Northern Great Plain region of Hungary

(1)

Awarded within the tender "Installation of grid energy storage facilities at energy market participants" supported by the European Resiliency and Recovery funds

Grant includes a direct investment subsidy and a Contract for Difference (CfD) for 10 years

EBITDA

• The DG segment continues to show a growing backlog (signed contracts), reflecting increased market demand.
• Similar to what happened in some segments in Utility-Scale, DG faced delays in project completion due to weather and licensing issues. Recovery is anticipated over the coming quarters, aligned with the Group's operational plans.
• In 1Q24, self-consumption installations totalled 20.6 MWp in Portugal, Spain, Poland, Greece, Italy, and Ireland, which corresponds to a growth of 47% compared to 1Q23, with installations through PPAs accounting for 35% of the total. At the end of this quarter, Greenvolt had a total backlog of 246.2 MWp to install, which represents a growth of 57% compared to 1Q23, from which 71.2 MWp will be through PPAs.

Considering the solid backlog of 246.2 MWp and the number of projects already under construction the Group is confident the whole segment will be EBITDA positive in 2024.

2 1

Designed to capture the exponential growth opportunity, combining local expertise with the benefits of scaling operations.

´っreenvolt

05 Financials

F I N A N C I A L S

The conversion of KKR's bonds and the existing liquidity levels as of 1Q24 allow for the solid maintenance of the Business Plan.

• Cash, unused credit lines and cash-like items³ amounting to 642.2 €m.
• 140 €m raised during the 1Q24, of which 120 €m are medium to longterm.
• Greenvolt has 528.9 €m approved guarantees lines, of which 367.6 €m are available.
• As of June:
  • All debt maturing in 1H24 already refinanced (140 €m).
  • KKR & Co. Inc. converted its Greenvolt Convertible Bonds 2023 into equity, resulting in a 163.3 €m reduction in debt.
  • Greenvolt has secured additional 26 €m of corporate debt.

as of March 2024

Pro-forma Net Debt¹

Pro-forma Net Debt¹/ LTM Adjusted EBITDA²

Average Life Cash, unused credit lines and cash-like items³

Cost of Debt4

Green Bonds

2 4 ¹ Net financial debt of 934.1 million Euros, deducted from cash recoverable amounts linked to the operations of 53.9 million Euros – namely CapEx VAT, recoverable grid deposits, amongst others – and KKR's convertible of 163.3 million Euros. ² EBITDA excluding transaction costs of 102.0 million Euros and including the pro-forma impact of the last 12 months of the recent acquisitions in the DG segment, not considered in the Group consolidated accounts, with a positive impact of 3.4 million Euros – namely Enerpower and Ibérica Renovables; ³Cash and Cash Equivalents of 472.7 million Euros, unused credit lines in the amount of 115.7 million Euros, and increased by cash recoverable amounts linked to the operation of 53.9 million Euros – namely recoverable VAT associated with the construction of the parks, grid deposits, amongst others; ⁴ Weighted average cost of debt excluding fees.

2 5

as of March 2024

as of March 2024

Greenvolt

06 Key Takeaways and Outlook

In 1Q24, Greenvolt presented an EBITDA of 18.7€m and net income attributable to the Group, excluding the effect of discontinued operations of -1.5 €m, based upon:

Biomass results were impacted by lower electricity prices in the UK and by the stoppages at two biomass power plants in Portugal, nonetheless operational performance remained strong in the UK and stable in Portugal;

Utility-Scale experienced a lack of Asset Rotation which impacted profitability but was offset by revenues from the existing operating portfolio. Four sales processes are ongoing and are expected to be concluded during 2024;

Distributed Generation is continuously growing, specifically the backlog and projects under construction but, the segment has still not reached break-even given that there were delays in the final stages of some projects because of adverse weather conditions. However, EBITDA is expected to become positive by the end of 2024;

2 7

First quarter results are not a good proxy for the rest of the year. Greenvolt remains confident in its strategic direction and anticipates a significant increase in results for 2024 compared to 2023.

With the improved financial structure, the company continues to focus on expanding its renewable energy portfolio, enhancing its market position, and delivering long-term value to its stakeholders.

Shaped by Nature

www.greenvolt.com