Greenvolt Energias Renovaveis

Investor Presentation • Jun 21, 2023

June 2023

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GREENVOLT

Tebeor Contants

Overview

03

Business Evolution

04

Results 1Q23

02

Key Takeaways

Sreenvolt

01 Overview

Fight against climate change

Guarantee energy independence

Cheapest source of energy

Safeguard a fair energetic transition through solar PV distributed generation sources

	Renewables push
Emergency Measures	Long-term energy prices remain high as current measures only affect the short term
	DG push
Price uncertainty	Drives demand for renewable energy / energy independence and increases demand for PPAs
Permitting is the bottleneck, including access to Grid connection	Reinforces the value-added of early-stage development capabilities and the potential of DG as the differentiating strategy to overcome licencing and grid connection restrictions

	EBITDA1 of the quarter totalled 22.0 €m in line with the 1st quarter of 2022, supported by the Utility-Scale sector which compensated the lower results of the Biomass segment
	Strong liquidity position, with more than 800 €m in available funds, guaranteeing an efficient execution of the business plan, and average cost of debt remained below 4%
	EBITDA from Biomass decreased 41% versus 1Q22, mostly driven by lower electricity prices in the UK, but also impacted by higher structure costs in Portugal, that better support the execution of the business plan and ensures the sustainability of the operations
	EBITDA of 8.2 €m, a significant improvement from 1Q22, mostly driven by sales of energy from 119 MW operating assets, mark-to-market changes in Poland and fair value gains in the United States
	Revenues increased by 131% versus the 1Q22, driven by the acceleration of installations, totalling 16.0 MWp in 1Q23 which amounts to 40% of the installed capacity in 2022. The speed of the business will continue to improve in 2023, in order to reach positive EBITDA during 2023

R E S U L T S 1 Q 2 3

Results were mostly driven by Utility-Scale operating assets positive performance but impacted by lower electricity prices in the UK

DG activities continued to accelerate during the quarter with installed capacity more than duplicating versus 1Q22

Revenues

Energy Exported ³

+20%

+6%

=

-74%

Recurring EBITDA ¹ Net Income ²

+146%

DG Installed Capacity

+5%

Wind & Solar Pipeline ⁴

Comparing with the 1st quarter of 2022

¹ EBITDA excluding non-recurring transaction costs; ² Net Income attributable to Greenvolt; ³ From Biomass and Utility-Scale operating assets; ⁴ Probability-weighted pipeline capacity of the Wind and Solar Utility-Scale business unit;

Revenues increased by 11.1€m versus 1Q22, mostly driven by a c.130% acceleration in DG sales and the contribution from operating assets in utility-scale. The lower electricity price in the United Kingdom hurt sales

EBITDA remained in line with the 1Q22, mostly supported by a positive contribution from Utility Scale, through operating assets, PPAs mark-to-market appreciation in Poland and fair value gains in the United States.

Greenvolt is currently implementing multiple initiatives in the DG segment to further accelerate its installation capacity, expecting EBITDA contribution to be positive during 2023

03 Business Evolution

Biomass & Structure business unit is composed of 6 biomass plants in two geographies (Portugal and UK) and holding structure

The operational performance of TGP was lower than in 1Q22 mainly due to short periods of downtime, which are expected before a significant stoppage as the one scheduled for 2Q23. This is partially offset by the improvement in Portuguese power plant's operations.

1 2

¹ Capacity as per respective licenses; ² Availability = Operational Hours / Total available hours in the period, weighted per license capacity of each plant; ³ Load factor = Energy Exported / Maximum production possible (as per license);

• The first quarter was marked by a decrease in UK electricity prices, which led revenues to come down by 12% when compared with the first quarter of last year, notwithstanding prices are still significantly above the initial business plan
• Portuguese biomass saw an improvement in the availability and load factor indicators versus the 1st quarter of 2022, and the inflation adjusted tariff continues to guarantee a stable business model
• The segment's performance was also affected by an increase in structure costs, which reflects the increase in the number of employees to meet the growth needs of the group to carry-out the business plan
• During the 2Q23, in accordance with the investment plan already announced, TGP will have an outage of approximately one month to improve the operational efficiency of the plant

1 3

Value creation through enhanced development of pipeline, PPAs origination and asset rotation at RtB or COD

+ 8 MWp in Construction in the United States

Numbers are rounded

Recurring EBITDA ¹

• Two projects in development in Poland and Portugal, with a total of 20 MW, reached COD bringing operating capacity of Greenvolt, at the end of the quarter, to 119 MW. Total operating assets injected 22.6 GWh of electricity in the grid, generating an EBITDA² of 4.2 €m
• EBITDA of the segment was also impacted by (1) 5.4 €m increase from the mark-to-market related to the PPAs with T-Mobile of the 3 solar assets (48MW); (2) 3.4 €m resulting from the fair value assessment of Actualize, a company in the United States owned (51%) and now consolidated by Greenvolt; (3) 1.5 €m from the margin associated to the first 50MW wind asset sale process and (4) negative 1.3 €m from the impact of MaxSolar
• Asset rotation continues to be core to the segment's strategy. Greenvolt expects to sell at least 200 MW until the end of 2023, and having already signed an MOU during the 2Q23 for the sale of 8 MW of wind assets in Poland

¹ EBITDA excluding non-recurring transaction costs; ² Considers 100% of the EBITDA generated by the assets

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

Revenues

1 8

Recurring EBITDA ¹

• During the 1Q23 Greenvolt entered the Greek market with a partnership with Globalsat, creating Greenvolt Next Greece. In the beginning of 2Q23, it further expanded its presence by acquiring 37.3% of Solarelit, an Italian DG company
• Installations in 1Q23 accelerated c.145% versus the 1Q22 to 16.0 MWp, of which 4MWp in Poland, that amounts to 40% of the total installed capacity in 2022. The backlog at the end of the quarter reached 150.8 MWp
• EBITDA contribution was negative, but considering current backlog capacity together with the measures in place to further accelerate installation capacity, we estimate EBITDA of the segment to be positive during 2023
• Greenvolt Comunidades consolidated its business model in Portugal, with c. 80 collective selfconsumption projects already signed, aiming to export the model to other European geographies

A Resilient and well-balanced financial structure with low liquidity risk and a strong cash position supporting future growth

• Cash and unused credit lines amounting to 803.6 €m
• 315 €m raised during the first quarter, of which 240 €m medium to long-term:
• Issuance of a 200 €m convertible bond to KKR:
• o 7Y maturity with a coupon of 4.75%
• o Conversion premium of 25%, implying a conversion price of 10€/sh
• o Ability to convert after year 3
• Issuance of a 25 €m 7-year bond
• Three new commercial paper programs totalling 75 €m
• MLT bank loan in the amount of 15 €m

as of Mar23

Net Debt ¹

Cost of Debt ²

Net Debt/LTM EBITDA

Average Life Cash and unused credit lines

1 9

as of Mar23

as of Mar23

2 0

Sreenvolt

04 Key Takeaways

The beginning of 2023 witnessed a decrease in short-term electricity prices across Europe, but long-term prospects continue above the levels of 2021. Inflationary pressures have also started to ease but interest rates are expected to continue elevated in the short term.
In 1Q23 Greenvolt presented solid results, with a recurring EBITDA of 22.0 €m and attributable net income of 0.3 €m (-74%), based upon: Biomass positive results, but below the 1Q22, due to the lower electricity prices in the UK and structure costs; Utility scale performance of operating assets, via energy sales, mark-to-market related to PPAs in Poland and the fair value assessment of Actualize, a company in the United States now consolidated by Greenvolt; Distributed Generation revenues increase of 131% driven by higher installations of 16.0 MW, 40% of the total installed during 2022; Financial position continues strong with available liquidity of more than 800 €m, and limited exposure to increasing interest rates, with an average cost of debt of 3.9% and 78% of current debt being at fixed rate.
✓ Biomass – Improve the operational performance of plants; ✓ Utility Scale – Expected sales of at least 200 MW and continued development and value enhancement of pipeline; ✓ Distributed Generation – Acceleration of operations in order to reach a positive EBITDA during 2023;

Shaped by Nature

www.greenvolt.com