Greenvolt Energias Renovaveis

Investor Presentation • Sep 30, 2022

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This document has been prepared by GreenVolt – Energias Renováveis, S.A. (the "Company") solely for informational purposes and use at the presentation to be made on this date and, together with any other materials, documents and information used or distributed to investors in the context of this presentation, does not constitute or form part of and should not be construed as, an offer (public or private) to sell or issue or the solicitation of an offer (public or private) to buy or acquire securities of the Company or any of its affiliates or subsidiaries in any jurisdiction or an inducement to enter into investment activity in any jurisdiction and you should not rely upon it or use it to form the basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise.

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Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements other than in respect of historical facts. The words "believe," "expect," "anticipate," "intends," "estimate," "will," "may", "continue," "should" and similar expressions usually identify forward-looking statements. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; energy demand and supply; developments of the Company's markets; the impact of legal and regulatory initiatives; and the strength of the Company's competitors. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Important factors that may lead to significant differences between the actual results and the statements of expectations about future events or results include the company's business strategy, financial strategy, national and international economic conditions, technology, legal and regulatory conditions, public service industry developments, cost of raw materials, financial market conditions, uncertainty of the results of future operations, plans, objectives, expectations and intentions, among others. Such risks, uncertainties, contingencies and other important factors could cause the actual results, performance or achievements of the Company or industry results to differ materially from those results expressed or implied in this presentation by such forward-looking statements. The information, opinions and forward-looking statements contained in this presentation speak only as at the date of this presentation and are subject to change without notice unless required by applicable law.

The Company and its respective directors, representatives, employees and/or advisors do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this presentation to reflect any change in events, conditions or circumstances.

The financial information presented in unaudited.

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War in Ukraine and constraints on natural gas have increased electricity prices in Europe to unsustainable levels. Renewable Energy Sources (RES) are the obvious solution to reduce energy prices and reinforce security of supply

Permitting is the main bottleneck for growth in utility scale RES. The European Commission recognized that development is critical to deploy more resources in the system

Current market instability has increased the demand for Long Term PPAs and, on the other hand, is driving investor's appetite for projects at commercial operation date (COD)

Current high power prices and the price for forward contracts are accelerating demand for Distributed Generation (DG), through self consumption and energy communities, which may represent 25% of European consumption in the future

Baseload renewables, such as sustainable biomass, are playing a bigger role in energy independence

GreenVolt's business areas are key to the EU's energy strategy going forward

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¹Probability-weighted pipeline. Excludes USA and Germany.

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¹ Pro forma figures include the full year consolidation of TGP, V-Ridium, Profit Energy and Perfecta Energia. Excludes (€5.0m) of transaction costs; ² Net Income excluding transaction costs and respective tax impact; ³ The 2020 Net income excludes the non-recurring reversal of impairment losses (€6.3m); ⁴ Net Income attributable to GreenVolt;

GreenVolt continues in the right track to implement the Business Plan proposed to the investment community at the IPO and at the recent capital increase.

• GreenVolt acquired 35% stake in MaxSolar

• 50% JV allowing access to 243 MW of Solar PV pipeline promoted by Infraventus

• Share capital increase of 100 €m, with preferential subscription rights for existing shareholders

• Sale of 98 MW of wind and solar capacity in Poland to Iberdrola
• First Investment grade rating (BBB-) issued by EthiFinance

▪ Beginning of GreenVolt under the leadership of Mr. João Manso Neto

▪ Spin-off from Altri

• Acquisition of 42% stake in Perfecta Energia

• Green Bond issuance of 100 €m

• Acquisition of 50% stake in Univergy

• Launch of Energia Unida, focused on the Energy Communities segment
• Launch of Sustainable Energy One
• Acquisition of a 45 MW Solar PV park in operation in Romania
• Acquisition of a 90 MW wind farm in Iceland under development

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

Average Life

• • 387 €m raised post IPO, of which 85 €m in bonds in 2Q22 ▪ Cash and unused credit lines amounting to 511 €m
• 164 €m in commercial paper and project finance signed over 2Q22
• 100 €m capital increase during the third quarter of 2022 ▪ Investment grade rating (BBB-) with stable outlook by EthiFinance
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¹ Pro-Forma Net Debt = Bonds (nominal value) + Bank Loans (nominal value) + Other Loans (nominal value) – Cash and Equivalents – Capital Increase (Jul22)

Leverage Ratio

• ✓ EBITDA evolution has been mostly driven by the strong performance of Biomass, which includes the acquisition of TGP in June 2021

• ✓ Net Debt to EBITDA kept consistently below our mid-term target

• ✓ The capital structure of GreenVolt continues to be mainly supported by equity holders

• ✓ GreenVolt's leverage ratio of 16% leaves much space for capital structure optimization

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¹ Last 12 Months as of Jun22, ²Data from Bloomberg and the "Last 12M including Capital Increase" is the market cap as of Jun22 plus the capital increase (100 €m), ³ Net debt/(Net Debt + Market Capitalization)

¹ Player 1's financials correspond to FY2021

• ✓ The RE Power EU Package should allow to reduce its imports of Russian gas by 2/3 before next winter and entirely by 2027 ¹
• ✓ The European Commission (EC) proposes to increase the 2030 target for renewables from 40% to 45% ²
• ✓ The EC recognized that permitting is the bottleneck and is encouraging (i) the removal of administrative / market barriers and (ii) the implementation of support schemes to PPAs ¹
• ✓ Rooftop PV could provide almost 25% of the EU's electricity consumption² and the European Solar Rooftops Initiative sets the goal of adding 58 TWh until 2025¹
• ✓ More opportunities to invest in renewables in the different value chain segments

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¹ Source: REPower EU Package; ² Source: EU Solar Energy Strategy

• Well-established and positioned company in the renewable energy sector with proven operational and financial capabilities
• GreenVolt's strategy is focused on 3 key business areas:

Wind & Solar Utility-Scale	• Additional growth in the development phase, where most of the value lies. Driving more projects to COD, while still selling at RTB keeping a balanced farm down (case-by-case analysis depending on where the largest value creation is) • Consolidation and expansion through co-development agreements, as it is the most effective way to grow with a quick time-to-market • Hold 20-30% of existing pipeline of projects developed on balance sheet, via long term contracts (PPAs)
Distributed Generation	• Accelerated growth in the self-consumption and energy communities' markets, on the back of a renewed market demand for renewable energy, namely Rooftop PV could provide almost 25%1 of the EU's electricity consumption • Consolidation of positions in Portugal and Spain; Entering new markets, with emphasis on Commercial & Industrial clients and Energy Communities
Residual Biomass	• Continuous optimization of existing plants • Possible greenfield projects in Portugal of up to 20 MW • Capital allocation flexibility aimed at opportunistic M&A in the renewable energy space
Conservative and strong financial policy with stable and predictable cashflows

Competitive Human Resources policy focused on recruitment and retention of top-tier people Increased liquidity following Altri's dividend-in-kind and share capital increase of July

¹ EU Solar Energy Strategy

G R E E N V O L T ' S U P D A T E D V A L U E P R O P O S I T I O N

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Note: All data for FY2021; ¹ 2021A calculated over 365 days; ² 17 years including Mortágua extension

• ◼ 51% stake acquired in July '21
• ◼ 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

Operational

42 MW injection capacity 310-335 GWh p.a. production generated ~86%-92% load factor ¹

Financials

15-year ROC visibility 1.40 ROCs / MWh

Potential acquisition of at least two more ~40 MW Biomass power plants in the next five years

G R E E N V O L T ' S U P D A T E D V A L U E P R O P O S I T I O N

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¹ Probability-weighted pipeline capacity. Excludes USA and Germany.

Inflation putting pressure on construction margins due to rising raw material and logistics costs

Macro trends impacting construction phase…

Modules scarcity due to temporary supply chain distress leading to temporary increases in prices and creating a mismatch between supply and demand continues to drive volatility

Increased perceived risk of construction of renewable assets…

… and pushing less specialized players out of the value chain

…Increasing demand from investors to acquire projects at COD (fully de-risked)

GreenVolt is leveraging its competitive advantages to act as a turnkey provider in the new context

Strong track record through an experienced team in developing and constructing renewable assets

Vast industry knowledge to find profitable long-term PPAs (e.g. T-Mobile Polska PPA)

Ability to deliver COD projects, controlling the risk and retaining attractive returns (fixing energy sales price and capex simultaneously)

¹ Probability-weighted pipeline. Excludes USA and Germany

Self-consumption penetration in Portugal and Spain remains significantly below other European countries

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Source: Power Europe, Global Solar Atlas, Monitor Deloitte.

• ◼ High growth market, a large consolidation opportunity
• o Global mega trend driving Distributed Generation
• o Energy communities as the enhancement of self consumption
• o Cross selling as a key lever to push growth (i.e. batteries and EV chargers)
• ◼ Industrial and residential clients-focused operators
• o Family houses: customers seek simple solutions (1.5-15 KWp) with significant cost savings
• o Dwelling buildings, SMEs and other (i.e. schools): clients seeking sustainability and savings (10-100 KWp)
• o High street and hotels: sophisticated customers seeking strong savings (above 100 KWp)

• o Industrial (large projects with sophisticated customers) looking for short paybacks (> 120 KWp)

• ◼ Take advantage of market's under-penetration and capture significant growth opportunities available

• ◼ Target full integration within GreenVolt and activate synergies
• ◼ Enhance access to consumer, increasingly strategic in the new energy transition
• ◼ Increase GreenVolt's ESG commitment

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¹ GreenVolt has the option to acquire the company's entire share capital in 2024; ² GreenVolt has the option to acquire the company's entire share capital in 2026;

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Notes: Exit values in Poland are derived from historical V-ridium transactions and in-depth knowledge regarding investor yield expectations. Exit values in Greece are derived from V-ridium insight into market transactions and in-depth knowledge regarding investor yield expectations. In the case of Italy and France, despite those markets currently yield higher exit values, V-ridium is assuming a compression of exit values due to increased competition. (1) Only assuming value creation.

Well-defined HR strategy, based on attracting and retaining toptier people across different geographies

Recruitment Retention

GreenVolt has more than 370 people from 20 different nationalities distributed across 12 geographies

< 30 years old 30 - 50 years old > 50 years old

Main policies and initiatives

• ◼ Leader in forest-based renewable energy in Portugal growing in other renewable energy sources
• ◼ SBM Green Bond. 1 st green bond listed on Euronext Access Lisbon
• ◼ Additional €100m Green Bond issued in Nov 2021 for a 7-year tenor with an annual fixed interest rate of 2.625%
• ◼ Member of the United Nation's Global Compact since January 2021

◼ Finance for the Future Award (Euronext Lisbon Awards 2020 edition)

Well structured Governance

• ◼ Incorporating international guidelines
• ◼ Well-balanced and diverse Board of Directors
• ◼ c.36% of independent members
• ◼ c.36% of female members
• ◼ Well-established and organised system:
• ◼ Remunerations and Nominations and Audit, Risk and Related Parties committees
• ◼ Strategic and Operational Monitoring Committee
• ◼ Ethics & Sustainability Committee
• ◼ Strong Code of Ethics and active Risk Management
• ◼ Reporting and disclosure according with market references

Strong Human Resources policies

• ◼ Active employee retention policies
• ◼ Retribution policies with GreenVolt's objectives fully aligned
• ◼ Best-in-class training policies
• ◼ Focus on diversity

¹ Net pipeline, including co-developments