Greenvolt Energias Renovaveis

Investor Presentation • Mar 16, 2022

2021 Results & Operational Update

March 16 2022

The information contained herein ("Information") relates to GreenVolt - Energias Renováveis, S.A. ("GreenVolt") and its subsidiaries (together, the "Group") and has been prepared using GreenVolt's information or extracted from sources deemed credible and reliable. The Information does not purport to be comprehensive and has not been verified by an external auditor or expert and is not guaranteed as to accuracy or completeness.

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2021 Results & Operational Update

Table of Contents

Business Evolution > Biomass & Structure > Wind & Solar Utility-scale > Distributed Generation 02

Strategic enablers 03

2021 Results Overview

01

Key takeaways 04

Annex 05

01 2021 Results Overview

1) EBITDA excluding transaction costs (€0,6m); 2) Net Income attributable to GreenVolt excluding transaction costs and respective tax impact; 3) The 4Q20 Net income excludes the non-recurring reversal of impairment losses (€6.3m); 4) As per respective licenses

4Q21: Revenues evolution 01

Highlights

Revenues evolution was mainly impacted by organic improvements and inorganic acquisitions such as TGP waste wood plant in the UK

4Q21: EBITDA evolution 01

Highlights

The higher profitability achieved in the Biomass business unit was the main driver for the positive EBITDA evolution

1) EBITDA excluding transaction costs (€5,0m); 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) Pro forma figures include the full year consolidation of TGP, V-Ridium, Profit Energy and Perfecta Energia

Highlights

The FY21 Revenues increased by €51.4m (+57%) compared to FY20, mainly impacted by GreenVolt's inorganic growth

€ thousands

FY21: EBITDA evolution 01

Highlights

The strong performance of the Biomass business unit was the main driver for the positive EBITDA evolution in 2021

FY21: Recurring EBITDA pro forma 01

Highlights

Including the full year consolidation of TGP, V - Ridium, Profit Energy and Perfecta Energia, the EBITDA would have amounted to €75.0m (+127% vs 2020)

02 Business Evolution

1) As per respective licenses; 2) Availability = Operational Hours / Total available hours in the period (Pro forma figures of FY21, considering full-year for TGP); 3) Figures adjusted by the planned outage (more than five months) of Rodão Biomass Plant; 4) Only includes the 2H21 of TGP plant

The evolution of revenues and EBITDA was positively impacted by the consolidation of TGP in UK

Pipeline at IPO

Wind & Solar Utility-scale 02

5.8 GW Pipeline

10 Geographies Reinforcement of pipeline through partnerships and new co-development agreements: 4.0 GW in advanced stage o/w 2.0 GW RtB or COD until 2023

5.8 GW pipeline in Europe with ~4.0 GW at U/C, RTB or advanced stage

GreenVolt is now a European major development platform – a unique positioning in the renewables value chain

Distributed Generation 02

42%

Stake in Perfecta Energia 1)

Profit Energy is specialised in the development of self-consumption projects to the industrial and commercial segment (B2B) in Portugal and Perfecta Energia to the residential customers (B2C) in Spain

The Distributed Generation unit has been consolidating its position in this growing and strategic sector

03 Strategic enablers

Conservative financial policy Strategic enabler #1

2.37x Net debt 1) / EBITDA 2) 1.95x Net debt 1) / EBITDA 2) pro forma3)

Net Debt amounts to €146m as of December 2021

Net Debt (EUR'm) Outstanding debt as of Dec-21 (EUR'm)

Bank Loans

1) Net Debt = Bonds (nominal value) + Bank Loans (nominal value) + Other Loans (nominal value) – Cash and Equivalents; 2) EBITDA excludes transaction costs; 3) EBITDA pro forma considers the consolidation of all acquired subsidiaries since January 2021

Strong balance sheet Strategic enabler #1

4.6 Average life 37% Green Bonds

✓ €205m raised post IPO

(years)

• ✓ Sound liquidity fostering swiftness and flexibility in decision making
• ✓ Cash and unused credit lines amounting to €479m

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

Debt maturity profile as of Dec-21 (EUR'm)

Top-tier people with unique local knowledge

Aligned with a strong HR strategy, we have been able to attract top talent around Europe

Strategic enabler #2 Today GreenVolt counts with more than 200 people from 10 different nationalities and our talent is distributed across 5 geographies

Our human resources structure is characterised as youth, fostering our energy and innovation

04 Key takeaways

It has been an exciting journey…

… and the ground is being laid to move the story forward

Enhanced energy transition focus, underpinning well defined GreenVolt's strategy Key takeaways

Key enablers well identified supporting GreenVolt's sustainable growth story

1	Recent geopolitical events reinforce ongoing energy transition and the need for renewables in the energy sector
	Well-defined GreenVolt strategy, 100% focused on renewables, based on 3 key strategic pillars:
2	Biomass	✓ Sole use of residual biomass ✓ Operational efficiency improvement and management excellence of GreenVolt's biomass
		plants under operation
		✓ (Co-)development of utility-scale Wind and Solar PV development stengthened by unique partnerships with key local stakeholders
	Development	✓ Development of smaller scale renewable projects, with a faster time-to-market ✓ Asset rotation strategy, with at least 98 MWs to be farmed down in 2022
		✓ Organic and inorganic growth in Iberia and other European markets both on Distributed
	DG	Generation and on Energy Communities
3	Strong balance sheet, conservative financial policy and top tier people will enable GreenVolt to achieve its strategy over the near-term

Income statement 05

(unaudited information)

Income sta tement (thousa nds of Euros)	2021	2020	2 Δ % 0	Δ Abs.
Total revenues	141,507	90,100	57.1%	51,406
Total expenses (excluding transaction costs)	79,920	57,079	40.0%	22,841
EBITDA excluding transaction costs	61,586	33,021	86.5%	28,565
EBITDA margin excluding transaction costs	43.5%	36.6%	+6.9 pp
Transaction costs	5,045	-	-	5,045
EBITDA	56,541	33,021	71.2%	23,520
EBITDA margin	40.0%	36.6%	+3.3 pp
Amortisation and depreciation	25,980	12,148	113.9%	13,832
EBIT excluding non- recurring items	35,606	20,873	70.6%	14,734
EBIT margin excluding non- recurring items	25.2%	23.2%	+2.0 pp
Impairment reversals / (losses) in non- current assets	-	6,336	-	(6,336)
EBIT	30,561	27,208	12.3%	3,353
EBIT margin	21.6%	30.2%	- 8.6 pp
Financial expenses	9,056	1,791	405.6%	7,265
Financial income	709	0	-	709
Financial results	(8,347)	(1,791)	366.0%	(6,556)
Profit before income tax and CESE	22,214	25,417	- 12.6%	(3,203)
Income tax	8,389	6,413	30.8%	1,976
Energy sector extraordinary contribution (CESE)	1,015	1,079	- 5.9%	(64)
Adjusted consolidated net profit for the period	16,720	11,590	44.3%	5,130
Attributable to:
Holders of equity in the parent company	11,926	11,599	2.8%	328
Non- controlling interest	4,794	(9)	-	4,802
Consolidated net profit for the period	12,810	17,926	- 28.5%	(5,116)
Attributable to:
Holders of equity in the parent company	8,016	17,934	- 55.3%	(9,918)
Non- controlling interest	4,794	(9)	-	4,802