Greenvolt Energias Renovaveis

Investor Presentation • Feb 2, 2022

MAJOR INTERNATIONAL WIND AND SOLAR DEVELOPER COMBINED WITH BIOMASS EXPERTISE

FEBRUARY 2022

Disclaimer

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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.

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Altri and V-Ridium currently own ~68% shares of the shares, while the remaining 32% are in free float

Source: Euronext Lisbon; (1) As of 27/01/2021, (2) Run-Rate EBITDA Reflecting Full Consolidation of all Business Units since Jan 2021

GreenVolt: renewables player focused in three business areas in different geographies

Notes: Net injection capacity and pipeline; (1) Transaction closed on June 30th , 2021; (2) Excluding TGP; (3) Net pipeline of Solar PV and Wind in Europe (4) 106 MW under construction

1 STRATEGIC GUIDELINES A. SUSTAINABLE BIOMASS B. UTILITY SCALE WIND AND SOLAR PROJECT DEVELOPMENT C. DECENTRALIZED GENERATION 2 MAIN BUSINESS GUIDELINES 3 FINANCIAL OVERVIEW & UPDATE 4 FINAL REMARKS

Biomass is a much needed renewable player linked to the circular economy with stable cashflows

Biomass(2) will remain as a key energy source both in Europe(3)… … and in Portugal(1)

(1) Portuguese NECP; (2) Biomass (including biofuels, biogas and urban waste); (3) IRENA EU-28 (including UK); (4) IRENA Database (2018 renewable electricity generation for EU-28 and Portugal)

GreenVolt is the leading Biomass player in Portugal…

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

… and is focused on European opportunities that can be optimised

• ◼ Strategically located c.25 miles from London to economically process waste wood
• ◼ Multiple long-term value enhancement opportunities given strategic location and land lease until 2054
• ◼ High degree of cash flow visibility, including ROCs revenue underpinned by RPI-index up to 2037 and a largely fixed operational cost base

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

Financials

15-yearROC visibility

1.40 ROCs / MWh

Notes: (1) 2021A calculated over 365 days

1 STRATEGIC GUIDELINES A. SUSTAINABLE BIOMASS B. UTILITY SCALE WIND AND SOLAR PROJECT DEVELOPMENT C. DECENTRALIZED GENERATION 2 MAIN BUSINESS GUIDELINES 3 FINANCIAL OVERVIEW & UPDATE 4 FINAL REMARKS

Solar PV and On-shore Wind: Focus on projects-scarce European markets

Renewable energy	▪ Wind and Solar PV are the main renewable drivers to achieve the energy transition in Europe (currently represent c. 45% of renewable electricity generation and expected to achieve c. 600 GW in 2030)
generation	▪ Key geographies with a common project scarcity feature, while exhibiting different regulatory frameworks (not all MWs are the same)
expansion in	▪ Development is the most valuable stage of the Solar PV and Wind value chains
Europe	▪ Increasing weight of Decentralised Generation

Solar PV and Wind capacity to significantly increase in Europe(1)…

… not only because of its sustainable DNA but also because of its low LCOE(2)

(1) IRENA; EU-28 (including UK); (2) Lazard 2020 - Reflects the average of the high and low LCOE (Levelized Cost of Energy) for each respective technology in each respective year

Wind and solar utility scale: ~5.6 GW(1) in project-scarce markets and high potential geographies of which 3.7 GW U/C, RtB or in advanced phase

(1) Consolidated net pipeline, probability-weighted

GreenVolt strategic positioning: development is the highest return stage of the value chain

V-Ridium: Strong local and reputed development team with proven delivery capabilities of pipeline development and asset rotation

V-Ridium: team asset rotation track record since 2007

Year	Technology	Project	Capacity	Buyer	Description
2007	Wind	Relax	1.2 GW		• Portfolio and development platform sold to EDPR in the biggest RES deal • Managed by future GEO founders, EDPR became No. 1 RES player
2011	Wind	GEO	104 MW		• GEOR develops two Wind farms and offers EDPR a JV, both executed successfully
2015	Wind	GEO	90 MW		• Two Wind farms successfully sold to IKEA • Transaction named "2015 RES Deal of the Year in Poland"
2018	Wind	GEO	204 MW		• GEOR creates JV with Vestas investing in seven Wind farms with total capacity of 204 MW
2019	PV	GEO	21 MW		• 21 MW of constructed Solar PV portfolio sold with CfD support scheme from auction (June 2017)
2019	PV	GEO	40 MW		• GEOR won Solar PV auction in 2018 with over 40MW Solar PV projects • 20 MW was sold to European utility
2019	PV	GEO	59 MW		• GEOR creates JV with German fund KGAL called Augusta Energy under which invests in 59 MW in a PV installation
2019	Wind	GEO	210 MW		• GEOR sales 210 MW of RTB Wind portfolio with CfD support scheme from auction (December 2019)
2020	Wind	GEO	51 MW		• 51 MW of RTB Wind portfolio sold with CfD support scheme from auction (December 2019)
2020	PV	GEO	22 MW		• GEOR exits with 22 MW Solar PV projects to Chinese funds with PV auction won in 2019
2020	PV & Wind	V-ridium	-		• GEOR rebrands and establishes new operating and investment platform V-Ridium • Management team remained unchanged

Strategy: develop and sell at Ready to Build in order to maximise cash flow and reduce CAPEX

Development: light CAPEX with double digits returns

GreenVolt's investment decisions to be based on best risk-adjusted returns across core markets

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, 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.

1 STRATEGIC GUIDELINES

A. SUSTAINABLE BIOMASS B. UTILITY SCALE WIND AND SOLAR PROJECT DEVELOPMENT

C. DECENTRALIZED GENERATION

2 MAIN BUSINESS GUIDELINES 3 FINANCIAL OVERVIEW & UPDATE 4 FINAL REMARKS

DG: strong growth potential globally but especially in Iberia

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

Source: Power Europe, Global Solar Atlas, Monitor Deloitte

DG: GreenVolt's third strategic lever

1 STRATEGIC GUIDELINES A. SUSTAINABLE BIOMASS B. UTILITY SCALE WIND AND SOLAR PROJECT DEVELOPMENT C. DECENTRALIZED GENERATION 2 MAIN BUSINESS GUIDELINES 3 FINANCIAL OVERVIEW & UPDATE 4 FINAL REMARKS

GreenVolt to develop ~5.6 GW, while ~1.1 GW would remain on balance sheet

Until 2025, GreenVolt will develop 5.6 GW, focusing on a profitable growth strategy

Pipeline phase-in (MW at RtB or COD)

Conservative financial policy achieving Net Debt / EBITDA of 3.5-4.0x

(1) Adjusted for €50m capital increase in March 2021

Attractive ESG-focused investment proposition under a best-practice Governance model

Main policies and initiatives

• ◼ Leader in the forest-based renewable energy sector, expecting to grow in other renewable energy sources
• ◼ SBM Green Bond 1 st green bond listed on Euronext Access Lisbon
• ◼ 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:
  • ◼ Risk, Recruitment & Remuneration and Audit and Related Parties' Transactions committees
  • ◼ Strategic and Operational Monitoring Committee
  • ◼ Ethics, ESG and 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 fully aligned with GreenVolt's objectives
• ◼ Best-in-class training policies
• ◼ Focus on diversity

1 STRATEGIC GUIDELINES A. SUSTAINABLE BIOMASS B. UTILITY SCALE WIND AND SOLAR PROJECT DEVELOPMENT C. DECENTRALIZED GENERATION 2 MAIN BUSINESS GUIDELINES 3 FINANCIAL OVERVIEW & UPDATE 4 FINAL REMARKS

Consolidated revenues and EBITDA benefited from all business units vs 2020

9,553 11,432 -1,099 27 19,914 3Q20 Biomass Utility Scale Development Decentralized Generation 3Q21

SALES €41.4m + 83.4% vs 3Q2020

€19.9m + 108.4% vs 3Q2020

The 3Q21 results included for the first time impacts of GreenVolt's main acquisitions: TGP, V-R and Profit

• If all business units (existing and acquired during the first 3 quarters of 2021) were consolidated in GreenVolt accounts since January 1, 2021, 9M 2021 EBITDA of GreenVolt would have been €50.8m (+155% vs 3Q21)

In 2H 2021, GreenVolt has raised €100m in Green Bonds and €105m in other MLT Financing

• €100m subscription target achieved on the 1st day of book building
• Order book demand surpassed in +57% the initial offering notional

The Green Bonds Issuance and Commercial Paper programme enable GreenVolt to support its operations in the short-to-medium term, with a longer debt repayment profile

• Debt service schedule concentrated after the divestment of the majority of pipeline, thus providing both strategic and financial flexibility

Biomass update: in 2021FY energy exported was up by 12%

GreenVolt is present in the stage of development and promotion of projects – through the acquisition of V-R, a company headquartered in Poland with international coverage

The expected entry into the pre-construction phase (Ready to Build) of around 220 MW was anticipated. Thus, for the year 2022, GreenVolt expects to have around 606 MW of Ready to Build projects in Portugal, Poland and Greece

Signing of co-development agreements in Italy and Romenia

Acquisition of a majority stake (51%) in KSME, an energy storage solutions company with a pipeline of around 5.6 GW, of which around 1.4GW with guaranteed interconnection to the Polish electricity grid

USA • V-Ridium has recently entered new markets using local teams with several years of experience and local track-record Serbia

DG update: Profit energy is focused on B2B

Profit Energy Acquisition
	Acquisition of a 70% stake in Profit Energy	2020	2021	Backlog
		9	18.5	31.5

• Companies specialised in the development and design of energy production projects using renewable sources and energy efficiency, with a particular focus on photovoltaic solar systems and LED lighting
• It offers engineering, procurement and construction services as well as operation and maintenance services
• Profit Energy is essentially dedicated to the industrial and commercial segment (B2B)

DG update: Iberian expansion with the acquisition of Perfecta Energia

Projects

Projects

• as operation and maintenance services
• Perfecta Energia presents a financed solution unique in the market with no up-front, with savings and hassle free
• The company offers a broad range of renewable energy products including electric vehicle chargers and batteries and solutions based on savings

(1) Considering the number of projects in backlog, the number of MW secured was computed according to the average installation size from the previous year.

1 STRATEGIC GUIDELINES A. SUSTAINABLE BIOMASS B. UTILITY SCALE WIND AND SOLAR PROJECT DEVELOPMENT C. DECENTRALIZED GENERATION 2 MAIN BUSINESS GUIDELINES 3 FINANCIAL OVERVIEW & UPDATE 4 FINAL REMARKS

GV is a unique renewable energy vehicle with a solid and sustainable cash flow pattern

Leading and well-established Portuguese operator with superior development capabilities in Europe

in Development and DG	Conservative Financial Policy	ESG DNA
12 attractive Presence in ◼ countries where projects have Biomass injection capacity in scarcity value Unparalleled local knowledge ◼ Balanced portfolio between wind ◼ and solar PV ◼ will grow in the upcoming years	Secured regulated cashflows ◼ Relevant exposure to merchant ◼ prices in UK with downside protection through PPAs Underleveraged financial structure ◼	Circular economy ◼ neutrality Carbon ◼ € 50 m SBM green bond ◼ € 100 m GreenVolt green bond ◼ ◼ Best practice Governance model ◼ Strong Human Resources policy UN's GIM & UN's SDG ◼
Geographical diversity	Stable and predictable cashflows	Rooted ESG focus
DEMONSTRATED DEVELOPMENT CREDIBILITY
U/C, RTB & ADVANCED PHASE CAPACITY ~3.7 GW	TARGET GROWTH(1) BY '25 ~40% EBITDA Financial Strength ~40% Net Profit	Recurrent annualized (2021E) 3.0x Net Debt/EBITDA below Highlights GreenVolt´s underleveraged profile
	Deep focus in DG, a sector that	Renewable major player > Full control over the value chain

GreenVolt's unique positioning within the renewable sector

The future of renewable energies…

Smarter, cleaner energy