Greenvolt Energias Renovaveis

Investor Presentation • Sep 7, 2022

1H22 Results and Operational Update

September 2022

Shaped by Nature

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2 Strictly Private and Confidential

Table of Contents

3 Strictly Private and Confidential

01

Market Outlook

02

Results Overview 1H22

03

Business Evolution > Biomass & Structure > Wind & Solar Utility -Scale > Distributed Generation

04

Strategic Enablers

05 Key Takeaways

Market Outlook

Strictly Private and Confidential

GreenVolt's strategy and execution will contribute to increase the amount of RES in the European energy sector

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

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

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

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

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

Greenvolt business areas are key to the EU energy strategy going forward

¹ Probability-weighted pipeline. Excludes USA and Germany.

Results Overview 1H22

Strictly Private and Confidential

01 1H22 in numbers

Positive performance driven by operational expertise and inorganic growth (TGP acquisition).

Net income still impacted by the ramp-up phase of Distributed Generation and the investment in Utility Scale development platforms.

113 €m

522 GWh

Energy Exported ²

36.8 €m

EBITDA

+248% ⁴

1.2 €m

Net Income ¹

+17% ⁴

Revenues

+170% ⁴

+48% ⁴

6.7 GW

Wind & Solar Pipeline ³ +76% ⁵

11.6 MWp
+107% 6 DG Installed Capacity
2Q22

Note: Recurring financial performance, adjusting for transaction costs, translates into a recurring EBITDA of 38.9 €m (+179%) and adjusted Net Income attributable to GreenVolt of 3.3 €m (-23%)

¹ Net Income attributable to GreenVolt; ² Including Romanian solar park acquired in 2Q22; ³ Probability-weighted pipeline capacity of the Wind and Solar Utility-Scale unit; ⁴ Comparison with 1H21; ⁵Comparison with IPO; ⁶ Comparison with 1Q22

01 1H22: Revenues Evolution

Revenues increased by 71.3 €m versus the first half of 2021, impacted by inorganic acquisitions, namely the waste wood plant in the UK (TGP) and the 45 MW solar park in Romania (LIONS).

The take-off of operations from Utility-Scale and DG contributed to 33% of the yearly increase

01 1H22: EBITDA Evolution

Biomass continues to be the main driver of EBITDA evolution, as the other segments are still in a developing phase

Wind & Solar Utility-Scale segment still negative, but financial results will improve significantly over the course of the year, as the first asset rotation deal has been signed.

Despite the increase in installations, sales and backlog the DG segment is still in the ramp up phase

Business Evolution 03

Biomass & Structure

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

01 Key operational figures

¹ Capacity as per respective licenses; ² Availability = Operational Hours / Total available hours in the period; ³ Load factor = Energy Exported / Maximum production possible (as per license); ⁴Only includes Portuguese Biomass

Biomass YoY change continues to be mostly driven by the TGP acquisition

1H22 Key Financials

Recurring EBITDA ¹

Highlights

01

02

Tilbury Green Power (TGP) had a scheduled outage of 18 days in May. The estimated impact of this outage in EBITDA totals 3.3 €m.

Revenues of the first half of 2021 increased 115% versus the previous year, mostly driven by the acquisition of the TGP plant. The strong management of the biomass assets was maintained over 1H22. Availability increased 7.6bp and load factor +1.6 bp highlighting stability of the operations in 1H22.

¹ EBITDA excluding non-recurring costs; ² Comparison with 1H21

03 B U S I N E S S E V O L U T I O N – W I N D & S O L A R U T I L I T Y - S C A L E

Wind & Solar Utility-Scale

Wind and solar has been focused on geographical and pipeline expansion: 6.7 GW¹ of which 2.9 GW RtB or COD until 2023 vs 2.7 GW in 1Q22

¹ Probability-weighted pipeline capacity at present date;

01 Key figures

6.7 GW Total pipeline¹

2.9 GW RtB or COD until 2023

02 Pipeline breakdown per geography

GreenVolt maintains its investment strategy to further expand its pipeline and accelerate the business plan

1H22 Key Financials

Revenues

Recurring EBITDA ¹

Highlights

01 Acquisition of the LIONS Solar PV plant, located in Romania, with an installed capacity of 45 MWp. For two months of 2022 (May and June), under GreenVolt leadership, LIONS injected 14.1 GWh of energy.

184 MWp under construction in Portugal and Poland.

MaxSolar (35% owned by GreenVolt) expects 40.5 MWp to start construction in Germany in 2H22.

02

In August 2022, the first asset rotation deal of GreenVolt has been agreed. Iberdrola will acquire 98 MWp of wind and solar capacity in Poland for 155 €m. The portfolio is covered by a PPA agreement, established with T-Mobile Polska in the 2Q22, and is 50% owned by GreenVolt. The financial impact of this transaction is expected during 2H22.

¹ EBITDA excluding non-recurring costs

Distributed Generation

High electricity pool prices, and the increased necessity to diversify away from gas, continued to strengthen the DG outlook. Representing a strong opportunity to further consolidate GreenVolt's position across Europe and potentially other geographies

01 Key operational figures

1 5 Strictly Private and Confidential

100% Stake

of Sep22

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; ³Includes Perfecta Industrial

Strong growth in revenues continues to be complemented with the pursue of new investment opportunities

1H22 Key Financials

15.0 €m

Revenues

Recurring EBITDA ¹

¹ EBITDA excluding non-recurring costs

Highlights

01 Over 2Q22 GreenVolt acquired 50% of Univergy, with the option to acquire the rest of the capital in 2026, consolidating its B2B presence in Spain. In Portugal Energia Unida was launched, to focus on the concept of Energy Communities, promoting the sharing of energy produced from solar PV sources

02 Operational capacity improved, with MWp installed over 2Q22 increasing 108% versus the previous quarter. Backlog orders stand at 77.7 Mwp at the end of 1H22.

03 The growing demand for cleaner sources of energy and the need to reduce carbon emissions, combined with the most recent energetic crisis, reinforces the growth opportunity for GreenVolt in this strategic sector, where the company continues to look for inorganic growth via acquisitions.

Strategic Enablers 04

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04 S T R A T E G I C E N A B L E R S

Conservative financial policy

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

Average Lige

Highlights

2Q22

3Q22

• 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

01 Outstanding debt 02 Interest rate exposure Commercial paper 12% Bank Loans 5% Variable rate 32%

03 Debt maturity profile as of Jun-22 (€m)

Bonds 48%

Gross debt 569 €m

Project Finance 35%

Fixed rate 68%

1 8 Strictly Private and Confidential

¹ Net Debt = Bonds (nominal value) + Bank Loans (nominal value) + Other Loans (nominal value) – Cash and Equivalents

0 4 A P P E N D I X

Competitive HR policy

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

HR Strategic pillars

Highlights

GreenVolt has more than 370 people from 20 different nationalities distributed across 11 geographies

01 Employees

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

02 Geographies

Key Takeaways 05

In addition to its sound results, GreenVolt is already delivering and extracting benefits from its asset rotation strategy

• Recent European policy proposals pushed by geopolitical instability and energy market dynamics, endorses GreenVolt's strategy presented at the IPO and reinforced at the rights issue.
• In the 1H22 GreenVolt presented solid results, with EBITDA of 37 €m (+248%) and net income of 1.2 €m (+17%), based upon:
• Biomass continuing to deliver strong performance with further improvements to be implemented, enhancing the operational efficiency. Currently baseload renewables, such as sustainable biomass, are playing a bigger role in energy independence;
• Continue investment in the Utility Scale development platforms to increase the pipeline and taking more projects from RtB to COD. The short-term pipeline increased from 2.7 to 2.9 GW;
• Strong revenues growth witnessed in the Distributed Generation segment over the 1H22, confirming the acceleration of the market, with installed capacity doubling in the 2Q22. GreenVolt continues to actively look for further expansion opportunities via organic and inorganic growth.
• Already during 3Q22, two important milestones were achieved in the persecution of GreenVolt's strategy:
• Strong balance sheet reinforcement with a 100 €m capital increase, and recognition with an investment grade rating (BBB-) awarded by EthiFinance;
• The first asset sale agreement was signed, marking the success of the company's asset rotation strategy, with financial impact expected over 2H22.
• GreenVolt continues in the right track to implement the Business Plan proposed to the investment community at the IPO and at the recent rights issue.