Greenvolt Energias Renovaveis

Investor Presentation • Apr 30, 2025

April 2025

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GREENVOLT

Table of 3 to Contents

Overview

03

Business Evolution

Results FY24

02

04 Financial Position

05

Key Takeaways & Outlook

Greenvolt

´っreenvolt

0 Overview

Strong and sustained demand for renewable energy, driven by energy security concerns, environmental goals and the need for cost-effective solutions

Permitting remains a major constraint, underscoring the advantage of players with proven expertise in Utility-Scale and Distributed Generation

Rooftop solar with potential to supply 25% of Europe's electricity, according to the European Commission

Energy storage and flexibility solutions (like battery systems) are accelerating to support intermittent renewables integration

Sustainable biomass stands out as one of the few renewable baseload technologies

Recent U.S. developments run counter to global trends, but their short-term impact remains limited due to Greenvolt's low exposure in this market.

In Europe there were no changes in policy.

Potential positive effects: (1) Selective asset acquisitions in the U.S. at more attractive price. (2) Possible reduction in capex, especially for wind projects in Europe, due to supply chain effects.

O V E R V I E W

Second biomass plant added in the UK with a series of optimization investments implemented

Higher quality portfolio with more assets in Ready to Build and contracted projects; Around 40% of 2025 sales proceeds targets have already been met

Impacted by UK price pressures and planned outages, which are needed to set up the plants for stronger future performance

Delays in asset sales (mainly Poland & Spain) explain the performance drop

Expanded into 2 new geographies, Bulgaria and UK,

consolidating European presence Companies still in early-stage ramp-up across multiple markets

✓ ✓

2024 performance impacted by challenging market conditions, including lower electricity prices in the UK and delays in asset sales.

Strong operational progress across all segments with Utility-Scale pipeline growth and more projects reaching Ready-to-Build, DG recording a healthy backlog and entry into new geographies and biomass plants benefiting from targeted investments, enhancing future efficiency and reliability.

Positive momentum in 2025, with ~230 MW in asset sales already signed in Poland and Spain.

9 Values excluding discontinued operations and comparing with the restated of FY23, i.e. also excluding the discontinued operations. ¹ Includes Sales, Services rendered and Other income; ² Recurring EBITDA is defined as EBITDA excluding exceptional or non-recurring items, which include transaction costs, impairments and contractual penalties considered by Management as one-off/non-recurring, as well as incentives and severance costs also deemed by Management to be one-off/non-recurring; ³ From Biomass and Utility-Scale operating assets; ⁴ Probability-weighted pipeline capacity; ⁵Net Income attributable to Greenvolt; 66 Includes cash and unused credit lines.

The DG segment made a positive contribution to operating income growth, driven by the deployment of more projects across an expanding range of geographies.

The absence of asset rotation during the period explains the decrease in the Utility-Scale segment, despite the positive contribution from operating assets.

Operating income in the Biomass segment declined due to lower electricity prices in the UK compared to the same period in 2023, the shut-down of Mortágua and outages in both Portugal and the UK.

The key explanation for the EBITDA decline was the postponement for 2025 of key asset sales within the Utility-Scale segment, despite the significant contribution from operating assets generating EBITDA.

Throughout the year, Biomass results were impacted by the notably lower pool prices in the UK and improvement outages in both Portugal and the UK plants.

Without the one-off effects EBITDA would have reached 20.9 million euros.

Greenvolt

03 Business Evolution

EBITDA

• In Portugal, compared to 2023, the load factor and availability of the power plants decreased by 2.5% and 2.3%, respectively, due to the planned shutdown of the Mortágua power plant and the longer-than-expected outage of the Constância power plant.
• The activity in the United Kingdom continued to be affected by lower electricity pool prices which were, on average, 24% lower in 2024 (69.9£/MWh), compared to 2023 (92.2 £/MWh). The TGP power plant reached a 78.8% availability and 74.7% load factor, representing a 4% decrease respectively, compared with 2023, essentially impacted by the schedule stoppage for the replacement of superheaters- a measure included in the internal operational improvement plan for biomass power plants.
• At the end of October, Greenvolt closed the acquisition of Kent Renewable Energy, a biomass power plant located in Kent, which will strengthen its position as a reference market player in sustainable biomass in the United Kingdom. The plant didn't produce any material results in 2024 but has been operating at full capacity since January 22, 2025, and is therefore expected to have a material impact on the 2025 financial results.

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

The power plants in Portugal showed resilience in energy exported yearon-year despite of the longer than expected Constância outage and the Mortágua shutdown, partially compensated by the 2 plants in Figueira da Foz.

The TGP power plant experienced a slight decrease in load factor and availability due to its planned outage.

¹ Mortágua I has stopped permanently the production at the end of July, allowing the commencement of the works in Mortágua II; ² Does not include Kent operational performance, but includes the contribution of Mortágua I YTD; ³ Availability = Operational Hours / Total available hours in the period, weighted per license capacity of each plant; ⁴ Load factor = Energy Exported / Maximum production possible (as per license).

• Despite reporting a negative EBITDA of €25.8 million for the fiscal year, operating assets generated a positive impact of €34.7 million, reflecting strong asset performance and effective management strategies. Non-cash items such as the valuation of VPPA contracts (mark-to-market) also contributed positively. However, full year performance was largely affected by the lack in asset rotation which resulted from delays in several sales processes, namely in Poland and in Spain, that were already mostly executed during 2025.
  • Installed capacity in operation increased significantly vs 2023, standing at 394 MWp as of today across 5 different geographies. The total pipeline probability-weighted capacity has been expanded by 4.8 GW (vs FY23), to a total of 13.2 GW.
  • Although MaxSolar¹ reported a positive EBITDA of 4.2 €m, it had a negative impact of 6.8 €m on Greenvolt's consolidated EBITDA for the full year 2024, as it is a non-consolidated entity. The positive standalone EBITDA reflects MaxSolar's efforts in establishing a fully financed platform of operational assets, supported by internal capabilities across the entire value chain. Efforts during the year are expected to consolidate in 2025, with over 250 MWp reaching RtB and around 190 MWp achieving COD.
  • Throughout 2024, Greenvolt reinforced its position in the renewable energy (RES) market, and in particular in Battery Energy Storage Systems (BESS), establishing itself as a key player, namely in the Polish storage segment, with 8 hybrid projects under development totaling 1,660 MW. But Greenvolt is also expanding, in other geographies (namely in Hungary and the UK), by securing permitted projects with route to market based on multiple tenders and hedges across technologies and geographies.

1 5 FY23 and FY24 values exclude discontinued operations.

¹The company recorded positive EBITDA; however, its financing structure affects the amounts that effectively contribute to consolidated EBITDA..

• PPA with IG offtaker and Floor PPA with IG offtaker mechanism for BESS
• 7 projects in the RtB with a total capacity of 148 MW

2 projects in RtB stage with a total capacity of 223 MW

COD in 2026

CfD¹for 50% of the capacity

2 projects in the late development stage with a total gross capacity of 500 MW

EBITDA

• Greenvolt is present in 12 geographies in the DG segment, of which 7 (Spain, Poland, Greece, Romania, Bulgaria, France and Indonesia) are in a ramp-up phase.
• Despite construction delays, particularly in Portugal, new signed capacity reached 272 MWp (+102% vs. 2023), while the backlog grew to 405 MWp (+87% compared to 2023), across Portugal, Spain, Poland, Greece, Italy, Ireland, and Romania, with 86.3 MWp secured under PPAs.
• With a robust pipeline of 405.0 MWp and 504 ongoing construction projects, the Group is solidifying its leadership position in the sector.

		New Signed Capacity in 2024		+138 MW		+13 MW
		Backlog		+171 MW		+17 MW
Installers		In Construction		+105 MW		-2 MW
		Construction Not Started		+66 MW		+19 MW
Minority stake included in Utility-Scale segment		In Operation	N.A.			+25 MW

Besides the 400 €m Capital Increase¹

Greenvolt has successfully secured new debt and financing lines:

• Registered a new Green Commercial Paper Programme on BME's²MARF, for an amount of up to 75 €m.
• Syndicated financing up to 400 €m and a three-year bullet.
• Project finance lines up to 559.9 €m.

as of December 2024

as of December 2024

¹Of which 75 €m in Jan 2025 ² Bolsas y Mercados Españoles; ³ Weighted average cost of debt excluding fees

Greenvolt

05 Key Takeaways & Outlook

´っreenvolt

06 Annex

of Income	2024	2023	2024 / 2023	2024 / 2023
statement (millions Euros)			Abs. Δ	% Δ
Total operating income	344.8	384.8	(40.0)	(10.4)%
of sales Cost	(110.2)	(154.8)	44.6	(28.8)%
External supplies and services excluding transaction costs	(132.6)	(89.1)	(43.5)	48.8%
Payroll expenses	(81.8)	(41.1)	(40.7)	99.2%
and reversals (losses) Provisions impairment /	(2.2)	0.1	(2.2)	(2,542.1)%
Results related and to investments in Associates Joint Ventures	(7.6)	10.7	(18.3)	(170.9)%
Other expenses	(17.5)	(4.1)	(13.4)	326.9%
Total operating expenses (excluding transaction costs)	(352.0)	(278.3)	(73.6)	26.5%
(excluding transaction EBITDA costs)	(7.1)	106.5	(113.6)	(106.7)%
(excluding EBITDA margin transaction costs)	(2.1%)	27.7%	284.1%	(29.7) pp
Transaction costs	(7.6)	(3.1)	(4.6)	149.9%
EBITDA	(14.8)	103.4	(118.2)	(114.3)%
margin EBITDA	(4.3%)	26.9%	295.6%	(31.2) pp
and depreciation Amortisation	(62.3)	(55.4)	(6.9)	12.5%
reversals /(losses) Impairment in non-current assets	(14.8)	(5.3)	(9.5)	179.1%
Other results related to investments	-	-	-	n.a.
EBIT	(91.9)	42.7	(134.6)	(315.1)%
EBIT margin	(26.7%)	11.1%	336.7%	(37.8) pp
Financial results	(45.1)	(38.6)	(6.5)	16.9%
EBT	(137.0)	4.2	(141.2)	(3,392.6)%
EBT margin	(39.7%)	1.1%	353.0%	(40.8) pp
Income tax	15.0	4.5	10.4	229.7%
Energy sector extraordinary contribution (CESE)	(0.9)	(0.9)	0.0	(3.2)%
Consolidated net profit (loss) of continued operations /	(122.9)	7.8	(130.7)	(1,676.7)%
Attributable to:
Equity holders of the parent of continued operations	(107.6)	6.8	(114.3)	(1,692.4)%
Non-controlling interests of continued operations	(15.3)	1.0	(16.4)	(1,574.9)%
profit (loss) of discontinued operations Net /	(11.0)	(11.3)	0.3	(2.7)%
Consolidated net profit (loss) /	(133.9)	(3.5)	(130.4)	3,720.3%
Attributable to:
Equity holders of the parent	(114.3)	1.2	(115.4)	(9,776.9)%
Non-controlling interests	(19.7)	(4.7)	(15.0)	319.5%

Balance sheet (Euros)	2024	2023
Property, plant and equipment	1,501,014	723,670
Right-of-use assets	87,373	86,430
Goodwill	298,517	170,895
Intangible assets	442,160	332,742
Investments in associated companies and joint ventures	49,113	38,831
Other investments	75	91
Other non-current assets	3,059	81
Other debts from third parties	80,833	79,286
Derivative financial instruments	42,003	32,614
Deferred tax assets	39,922	30,862
Total non-current assets	2,544,069	1,495,503
Inventories	34,123	35,810
Trade receivables	37,575	30,803
Assets associated with contracts with customers	106,601	109,101
Other receivables	114,752	57,361
Income tax receivable	18,245	9,183
Other tax assets	64,659	42,623
Other current assets	22,387	10,297
Derivative financial instruments	5,856	5,275
Cash and cash equivalents	326,818	463,517
Total current assets	731,016	763,969
Assets classified as held for sale	20,797	26,269
Total assets	3,295,883	2,285,741

Balance sheet (Euros)	2024	2023
Total equity	636,636	573,131
Bank loans	889,172	223,239
Bond loans	522,660	570,895
Other loans	81,822	84,722
Shareholders loans	41,366	39,468
liabilities Lease	87,126	87,960
Other payables	76,100	32,639
Other non-current liabilities	22,683	2,839
Deferred tax liabilities	51,824	51,852
Provisions	26,032	17,912
financial Derivative instruments	53,485	57,591
Total liabilities non-current	1,852,269	1,169,116
Bank loans	153,726	44,324
Bond loans	48,785	66,007
Other loans	271,559	203,047
Shareholders loans	1,523	27,127
liabilities Lease	5,346	2,685
Trade payables	48,323	34,979
Liabilities associated with contracts with customers	20,042	10,126
Other payables	206,098	114,161
tax payable Income	886	3,318
Other tax liabilities	6,602	5,727
Other current liabilities	29,974	18,754
Derivative financial instruments	5,108	4,995
Total liabilities current	797,973	535,250
Liabilities associated with assets held for sale	9,005	8,243
Total liabilities	2,659,247	1,712,610
Total equity and liabilities	3,295,883	2,285,741

Shaped by Nature

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