Grenergy Renovables S.A.

Investor Presentation • Feb 28, 2024

The sky is the limit

RESULTS PRESENTATION

2023 RESULTS

Escuderos Solar PV - Spain

DISCLAIMER

By attending this presentation and/or by accepting this presentation you will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer.

The information contained in this presentation ("Presentation") has been prepared by Grenergy Renovables S.A. (the "Company") and has not been independently verified and will not be updated. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representation. Neither the the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, under contract, tort or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.

This Presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the Company's publicly available information and, if applicable, the oral briefing provided by the Company. The information and opinions in this presentation are provided as at the date hereof and subject to change without notice. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects.

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The securities of the Company may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act of 1933 or pursuant to a valid exemption from registration.

OPERATIONAL EXECUTION

15.3GW Solar PV pipeline 11.3GWh BESS pipeline 1.7GW & 1.0GWh in Operation & U/C

New hybrid PPA for Oasis Atacama PPAs for Phases 1-4 (1.3TWh/y) signed Strategic deal with BYD for BESS supply

174MW wind & solar asset sales in Peru \$150m proceeds (implying 1.3x EV/IC) 55% of 2023-26 BTS1 target completed

Revenues €400m (+37% yoy) EBITDA €105m (+108% yoy) Net income €51m (x5 yoy)

Total capex €366m Declining module and battery costs €175m financing for Valkyria assets U/C

Net debt2 €579m (€460m proforma3 ) Total leverage 5.6x (3.7x proforma3 ) Corp. Leverage 2.8x (1.1x proforma2 )

Q4 objectives of 2023 ESG Roadmap accomplished

ESG Roadmap 2024-2026 & Net zero by 2040 strategy approved

S&P rating improved to 68 (vs. 56) Ethifinance rating 80/100 CDP rating updated to B

HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG

PLATFORM OVERVIEW – SOLAR PV & BESS

SOLAR PV & BESS PIPELINE UPDATE

✓ US platform added c100MW of solar capacity

✓ BESS pipeline in the US stands at 3.0GWh

✓ BESS pipeline in Europe reaches 3.1GWh

✓ Chile is our 2nd-largest solar platform (2.9GW)

✓ Chile has the largest BESS pipeline (5.2GWh)

SOLAR PV

MW		Under Const	Backlog	Advanced Dev	Early Stage	Ident. Opp.	Total Pipeline
Probability of execution	In Operation	100%	90%	70%	50%	20-40%
USA				176	3,404	1,080	4,660
Total USA				176	3,404	1,080	4,660
Spain	200	472		259		750	1,481
Italy				282	225	685	1,192
UK				95	96		191
Poland				74	1,002	450	1,526
Germany						550	550
Romania						108	108
Total Europe	200	472		710	1,323	2,543	5,048
Chile	536	262	547	863	527	200	2,399
Colombia	77	89	72	48		96	305
Mexico	35				380	575	955
Peru					444	600	1,044
Total Latam	648	351	619	911	1,251	1,471	4,703
Solar PV	848	823	619	1,797	6,078	5,094	14,411
Wind	60		40				40
Total	908		659				14,451

BESS - CO-LOCATION

MWh	Under Const	Backlog	Advanced Dev	Early Stage	Ident. Opp.	Total Pipeline
Probability of execution	100%	90%	70%	50%	20-40%
USA				3,033		3,033
Total USA	0	0	0	3,033	0	3,033
Spain			175			175
Italy			254	587	561	1,402
UK			160	110		270
Poland			108	1,096		1,204
Germany
Romania
Total Europe	0	0	697	1,793	561	3,051
Chile	1,000	2,100	1,000		968	5,168
Colombia
Mexico
Peru
Total Latam	1,000	2,100	1,000	0	968	5,168
BESS	1,000	2,100	1,697	4,826	1,529	11,252

HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW ESG

HIGHLY VISIBLE & DEFENSIVE BUSINESS MODEL (80% revenues contracted over 15 years)

✓ 2.2GW/3.5TWh per year PPAs signed ✓ 75% of total output with PPAs from 2026 ✓ Merchant output 25% of total (<5% in Spain)... ✓ ...c20% in solar and c5% in non-solar hours ✓ €3.7bn2 of revenues contracted at group level

CONTRACTED OUTPUT & REVENUES

LARGEST BESS PROJECT IN LATAM WITH 4.1GWh

• ✓ Hybrid PPA for the Phase 4 of Oasis Atacama signed...
• ✓ ...720GWh contracted (75% of the output of solar & non-solar hours)
• ✓ 75% of Phases 1-4 (1.3TWh/y) already contracted
• ✓ Strategic deal with BYD for BESS supply to Phases 1-2

RTB COD PPA

	PV	BESS
	MW	MW	MWh	Years	Ouput	Offtaker	Financing
Phase 1	103	95	475	15	128GWh/y	EMOAC	Mandated
Phase 2	111	105	525	15	143GWh/y	EMOAC	Mandated
Phase 3	230	200	1,000	15	270GWh/y	EMOAC	Mandated
Phase 4	264	220	1,100	15	1 720GWh/y	Global utility	Mandated
Phase 5	240	200	1,000	-	-	In negotiation	-
OASIS ATACAMA	c950	820	4,100

08

643MW ASSET ROTATED FOR EQUITY PROCEEDS OF c€340m IN 2023-24YTD

✓ Sale of 447MW of solar PV capacity in Spain for €445m (EV), implying €1.00m/MW or 1.5x EV/IC

• ✓ Sale of 174MW of solar PV (97MW) and wind (77MW) assets in Peru for \$150m, implying 1.3x EV/IC
• ✓ Since the Peruvian projects have no associated debt, the proceeds will reduce Grenergy's corporate debt by the same amount
• ✓ Asset rotation of 643MW for c€610m (EV) in 2023-24YTD, implying 40% of the 350-450MW p.a. target for 2023-26
• ✓ Equity proceeds of c€340m in 2023-24YTD, implying 55% of the €0.6bn asset rotation target for 2023-26

	VALKYRIA					PERU
	1ST MILESTONE	2ND MILESTONE	TOTAL		SOLAR PV	WIND
	EQT-SPK deal	ALLIANZ CP deal	Valkyria		YINSON	ENGIE
MW	150	297	447	MW	97	77
Deal closing	3Q23	2Q25	-	Deal closing	1Q24	1H24
EV (€m)	174	271	445	EV (\$m)	903	60
EV/MW (€m)	1.16	0.911	1.00	EV/MW (\$m)	0.844	1.626
EBITDA (€m)	69	75-802	144-149	EBITDA (\$m)	215	27
EV/IC (x)	1.7	1.4	1.5	EV/IC (x)	1.4	1.0

KEY OPERATING & FINANCIAL DATA

✓ +24% in total output on new capacity and better load factors

• ✓ 64% of total output from contracted volumes (+34%)
• ✓ +13% in captured prices, driven by new capacity and high wind prices

Key Operating Data
	FY23	FY22	Var.
Avg. Forex (\$/€)	1.08	1.05	3%
Total Capacity (MW)	860	712	21%
Net additions	148	171	(13%)
Gross additions	298	200	49%
Solar output	982,507	773,921	27%
Wind output	267,138	237,700	12%
Total production (GWh)	1,249,645	1,011,621	24%
ow PPAs	797,728	593,940	34%
ow Merchant	451,917	417,681	8%
Load Factor (%)	26.5%	21.4%	24%
Realized priced (€/MWh)	52.2	46.1	13%
ow PPAs	50.0	44.2	13%
ow Merchant	56.2	48.8	15%

1 10 10 100 11

✓ Results driven by Energy and asset rotation

• ✓ Capex acceleration reflects higher execution
• ✓ Proforma1 net debt €460m, implying 3.7x EBITDA (1.1x per Covenant2 )

Key Financial Data
(€m)	FY23	FY22	Var.
Revenues	400.2	293.0	37%
ow Energy Revenues	65.2	46.5	40%
EBITDA	104.5	50.2	108%
ow Energy EBITDA	51.2	37.1	38%
EBIT	86.6	29.8	190%
Net Income	51.1	10.3	395%
Capex	366.3	194.4	88%
	FY23	FY22	Var.
Tangible Fixed Assets	730.0	582.1	25%
Equity	343.7	244.8	40%
Net debt	578.9	313.3	85%
ow Corporate	236.0	72.4	226%
Net debt/EBITDA	5.6x	6.4x	-
ow Covenant2	2.8x	3.1x	-

REVENUE & EBITDA BREAKDOWN

✓ D&C division includes €80m from the disposal of Belinchón (150MW) and two PMGD projects (21.6MW)

• ✓ Energy division driven by higher output (+24%) and captured prices (+13%, driven by contracted volumes)
• ✓ Retail supply business in Chile previously included in Energy (revenues €11.3m & EBITDA €-1.0m in 2022)
• ✓ Retail supply EBITDA reached €0.9m in 4Q23 (vs. €0.3m in 3Q23)

1 Development and Construction (revenues exclude income from capitalised works carried out for BTS projects such as Valkyria and Matarani). 2 Retail supply business in Chile. | ³ Services includes O&M (Operation and Maintenance) and AM (Asset management).

11

CAPEX

✓ Tangible fixed assets reached €730m in 2023

• ✓ Total capex of €366m in 2023 (€79m from assets rotated)
• ✓ Project capex concentrated in Spain, Chile and Peru

PV CAPEX BREAKDOWN PER MW

BESS CAPEX BREAKDOWN PER MWh

CASH FLOW

• ✓ Working capital outflow related to capex acceleration
• ✓ Proceeds from the sale of 100% of Belinchón amounted to €96m
• ✓ Treasury shares take into account the stock options plan (€11m) and share buy-back program (€14m)
• ✓ Financing deals include the PF for Gran Teno & Tamango (\$148m) and the facility signed with Santander (€60m)

13

LEVERAGE & LIQUIDITY

✓ Substantial reduction in pro-forma leverage post divestments in Peru ✓ Asset rotation ongoing with the next milestone of the Valkyria project ✓ €175m non-recourse financing signed for Valkryria assets under construction ✓ Mandated financing for Oasis de Atacama, closing expected in 1H24

1 Assuming that the sale of wind & solar assets in Peru would have been closed on December 31, 2023. This implies a €119m reduction in both Total net debt and Corporate net debt. | ² Calculated as Net debt including all PF debt divided by LTM EBITDA (€103m). In the proforma figure, LTM EBITDA amounts to €103m. | ³ Calculated as Net debt with recourse divided by LTM Relevant Ebitda (€84m from Dividends earned from SPVs + EBITDA from O&M and Asset Mgmt activities + EBITDA from the sale of Projects and D&C activity + EBITDA generated by the SPVs with Recourse PF Debt). In the proforma figure, LTM EBITDA amounts to €105m.

ESG ROADMAP 2021-2023

ESG Action Plan – III Phase

			Q1 Q2 Q3 Q4
		APPROVAL OF THE INFORMATION SECURITY POLICY
	GOVERNANCE	PREPARATION OF THE SUSTAINABILITY REPORT 2022 WITH EXTERNAL VERIFICATION		CLIMATE CHANGE RISKS AND OPPORTUNITIES REPORT
		DEFINITION OF THE CORPORATE PURPOSE		Climate change risks and
	ESG GOALS IN OUR STRATEGY	IT TOOL FOR MEASUREMENT AND MONITORING OF ESG PERFORMANCE		opportunities report aligned with the recommendations of the TCFD.
	ESG RISKS	ELABORATE CLIMATE CHANGE RISKS AND OPPORTUNITIES INTERNAL REPORT ACCORDING TO TCFD RECOMMENDATIONS		ENVIRONMENT SURVEYS
MANAGEMENT		PERFORM ESG ASSESSMENT OF A SELECTION OF SUPPLIERS		Results of the work environment
		ESTABLISH A FORMAL BENEFIT PLAN		surveys: real-time data extraction and the implementation of action plans to
		APPROVAL OF A CORPORATE POLICY FOR DIALOGUE WITH THE COMMUNITIES		boost talent retention.
ESG IMPACTS	PRESENTATION OF THE EMPLOYEE PERFORMANCE EVALUATION PROCESS
		PRESENTATION OF THE RESULTS OF THE WORK ENVIRONMENT SURVEYS		NET ZERO STRATEGY
				Approval of the Net Zero Strategy: economic and technical feasibility
	ESG	IMPLEMENTATION OF A COMPLIANCE COMMUNICATION AND TRAINING PLAN		study to achieve the net zero emissions goal by 2040.
	COMMUNICATION	PRESENTATION OF THE NET ZERO STRATEGY
		INTERNAL SUSTAINABILITY TRAINING

14

ESG ROADMAP 2021-2023

-60%

by 2030 GHG direct and indirect own emissions scopes 1 & 2

by 2030 GHG indirect emissions from our value chain scope 3/sales

Net Zero

by 2040 GHG direct and indirect own and our value chain emissions scope 1, 2 & 3

RECOGNITION IN ESG RATINGS

Confirmation of leadership in ESG ratings

As a summary of the remaining ESG ratings obtained in 2022 and 2023

PLATFORM UPDATE Projects In Operation, Under Construction & Backlog

	Grenergy renovables
--	------------------------

1.7GW Solar PV & 1.0GWh BESS in operation & under construction
Country	Project	Type	Solar PV MW	BESS1 MWh	B20	Resource (Hours)	COD2	Offtaker
Spain	Los Escuderos	Solar PV	200	0	Yes	2,035	4Q21	PPA PV Profile 85%
Chile	PMGDs (15 projects)	Solar PV	144	0	Yes	2,109	4Q21-3Q22	12 Yrs Stabilized Price
Chile	Quillagua 1	Solar PV	103	0	Yes	2,950	4Q20	Basket of PPAs + Merchant
Chile	Gran Teno	Solar PV	241	0	Yes	2,000	4Q23	PPA PaP 66% 12 Yrs
Chile	Tamango	Solar PV	48	0	Yes	2,000	1Q24	PPA PaP 90% 15 Yrs
Colombia	Distribution (6 projects)	Solar PV	77	0	Yes	1,990	4Q21-4Q22	14 Yrs PPA PaP 100% 15 Yrs
Mexico	San Miguel de Allende	Solar PV	35	0	No	2,300	1Q21	Auction 20 Yrs 100%
Peru	Duna Huambos	Wind	36	0	No	4,900	4Q20	Merchant
Argentina	Kosten	Wind	24	0	Yes	5,033	1Q21	Auction 20 Yrs 100%
Total in Operation 908MW (vs. 860MW in previous report)
Spain	Ayora	Solar PV	172	0	No	2,000	4Q24	PPA PaP 75% 15 Yrs
Spain	José Cabrera	Solar PV	50	0	No	1,900	4Q24	PPA PaP 75% 15 Yrs
Spain	Tabernas	Solar PV	250	0	No	1,850	1Q25	PPA PaP 75% 15 Yrs
Chile	PMGDs (15 projects)	Solar PV	151	0	Yes	2,000-2,700	1Q24-4Q24	Stabilized Price 14 Yrs
Chile	Oasis Atacama - Phase 1	BESS	0	475	Yes		4Q24	PPA 15 Yrs
Chile	Oasis Atacama - Phase 2	Solar PV + BESS	111	525	Yes	2,950	3Q25	PPA 15 Yrs
Colombia	Distribution (7)	Solar	89	0	Yes	1,990	2Q24-4Q24	Merchant
	Total Under Construction		823MW	1,000MWh &		(vs. 873MW & 475MWh in previous report)
Chile	PMGDs (4 projects)	Solar PV	43	0	Yes	2,300	4Q24-2Q25	Stabilized Price 14 Yrs
Chile	Oasis Atacama - Phase 3	Solar PV + BESS	240	1,000	Yes	2,800	4Q25	PPA 15 Yrs
Chile	Oasis Atacama - Phase 4	Solar PV + BESS	264	1,100	Yes	2,950	4Q25	Hybrid PPA 15 Yrs
Colombia	Distribucion (6)	Solar PV	72	0	Yes	1,900	4Q25	Merchant
Peru	Nairas	Wind	40	0	No	4,150	4Q24	Merchant
& Total Backlog 659MW 2,100MWh (vs. 813MW & 2,625MWh in previous report)

1.8GW to feed our 2026 IPP targets

Country	Project	Type	Solar PV MW	BESS1 MWh	Resource (Hours)	COD2	Offtaker	3 Negotiation
Italy	Le Isole Projects	Solar PV	282	254	1,864	4Q25-4Q26	PPA 60-70%	Initial
Poland	Jesionowo	Solar PV	74	0	1,100	4Q26	PPA 60-70%	Initial
Spain	Clara Campoamor	Solar PV	259	0	2,000	2Q25	PPA PaP 75% 15 Yrs	Contracted
Spain	Los Escuderos	BESS		175	2,000	2Q26
UK	Solstice Projects	Solar PV	95	0	1,100	1Q26	PPA 60-70%	Initial
Chile	PMGDs (9 projects)	Solar PV	87	0	2,300	3Q25	Stabilized price 14Yrs	Contracted
Chile	Oasis Atacama – Phase 5	Solar PV+BESS	240	1,000	2,300	4Q26	PPA 100%	Initial
Chile	Monte Águila	Solar PV	290	0	2,000	4Q26	PPA 60-70%	Advanced
Chile	Planchón	Solar PV	90	0	2,000	4Q26	PPA 60-70%	Advanced
Chile	Triqueta	Solar PV	156	0	2,000	4Q26	PPA 60-70%	Advanced
Colombia	Sol Santander	Solar PV	48	0	1,990	4Q25	PPA 60-70%	Initial
USA	Coosa Pines	Solar PV	108	0	1,735	4Q25	PPA 60-70%	Advanced
USA	Creed	Solar PV	68	0	1,740	4Q25	PPA 60-70%	Advanced
	Total Advanced Development						1,797 MW & 1,429 MWh (vs. 1,794MW & 1,000MWh in previous report)

1 Co-location. | ² Commercial Operation Date.

3 Initial: conversation taking place with several offtakers. Advanced: Negotiation moving forward to completion at a good pace. Contracted: Already secured the stabilization of energy sales with offtaker or public auctions.

PLATFORM WITH RELEVANT GROWTH POTENTIAL

Project Portfolio

	Total Platfom1,2	Includes projects in operation and total pipeline
20-40% Success Rate	Identified Opportunities 5.1GW & 1.5GWh	Project with technical and financial feasibility, given that 1) there is the possibility of land, 2) access to the electricity grid is operationally viable and/or 3) there is the possibility of sale to third parties.
50% Success Rate	Early Stage 6.1GW & 4.8GWh	Based on an identified opportunity, the project is approved internally to enter the investment phase, with applications for grid access being made and negotiations for land commencing.
70% Success Rate	Advanced Development 1.8GW & 1.7GWh	Projects with an advanced technical and financial stage: • +50% Probability to secure land; and/or • +90% Probability to get grid access; and/or • Environmental permits requested
90% Success Rate	Backlog 0.7GW2 & 2.1GWh	Projects in a final phase before construction: • Secured land and grid access; and/or • +90% Probability to obtain environmental permits • Off-take agreements, PPA, or bankable scheme of stabilized prices secured / ready to be signed
	Ready to Build	Ready to Build: Financing close, PPA in place or negotiation of EPC
100%	Under Construction 0.8GW & 1.0GWh	Under Construction: EPC provider has been mandated to start construction works
Success Rate	In Operation 0.9GW2	In Operation: Plant fully operational or at least Mechanical Completion achieved and under commissioning

1 This classification of the pipeline phases has been made by the company itself on the basis of its previous experience in projects carried out, using its own internal criteria and procedures. 2 Total Platform includes 100MW of wind, of which 40MW in backlog and 60MW in operation.

FY23 REVENUES & EBITDA

Divisional Breakdown

4Q23	4Q22	Var.	FY23	FY22	Var.
29.8	106.1	(72%)	310.4	232.6	33%
6.0	21.2	(72%)	89.3	50.2	78%
23.8	84.9	(72%)	221.1	182.4	21%
13.3	9.7	37%	65.2	46.5	40%
5.7	5.0	13%	22.1	11.3	95%
0.3	0.5	(49%)	2.6	2.6	(2%)
49.0	121.3	(60%)	400.2	293.0	37%

EBITDA
(€m)	4Q23	4Q22	Var.	FY23	FY22	Var.
Development & Construction	(3.8)	17.4	n.m.	67.4	22.1	204%
Energy	10.0	7.3	38%	51.2	37.1	38%
Retail	0.9	0.3	228%	(0.4)	(1.0)	(56%)
Services	0.0	0.2	(146%)	0.5	0.5	(0%)
Corporate	(4.8)	(2.2)	119%	(14.1)	(8.5)	66%
Total	2.3	23.0	(90%)	104.5	50.2	108%

FY23 RESULTS Profit and Losses

Profit and losses
(€m)	4Q23	4Q22	Var.	FY23	FY22	Var.
Revenue	49.0	121.3	(60%)	400.2	293.0	37%
Income from customer sales	25.2	36.4	(31%)	179.1	110.6	62%
Income from capitalize works	23.8	84.9	(72%)	221.1	182.4	21%
Procurement	(30.6)	(90.0)	(66%)	(243.3)	(212.8)	14%
Procurement from third parties	(10.8)	(8.2)	31%	(35.9)	(37.4)	(4%)
Activated cost	(19.8)	(81.8)	(76%)	(207.6)	(175.4)	18%
Gross Margin	18.4	31.3	(41%)	157.0	80.2	96%
Personnel expenses	(7.3)	(4.3)	70%	(24.8)	(14.8)	68%
Other incomes	0.6	0.0	n.m.	0.8	0.3	166%
Other operating expenses	(6.3)	(4.2)	49%	(26.3)	(15.7)	68%
Other results	(3.1)	0.2	n.m.	(2.2)	0.0	n.m.
EBITDA	2.3	23.0	(90%)	104.5	50.2	108%
Depreciation & Amortization	(5.5)	(10.3)	(46%)	(17.9)	(20.3)	(12%)
EBIT	(3.2)	12.6	n.m.	86.6	29.8	190%
Net financial income	0.5	0.0	n.m.	1.8	0.5	283%
Net financial expenses	(13.5)	(6.0)	125%	(34.9)	(19.6)	78%
Other financial results	(7.2)	(17.7)	(59%)	(1.2)	(3.3)	(63%)
Financial result	(20.2)	(23.7)	(15%)	(34.4)	(22.5)	53%
Result before taxes	(23.5)	(11.0)	113%	52.2	7.3	614%
Income tax	1.0	8.6	(89%)	(1.1)	3.0	(138%)
Net Income	(22.5)	(2.5)	n.m.	51.1	10.3	395%

FY23 RESULTS Balance Sheet

Balance Sheet
(€m)	FY23	FY22	Var.	(€m)	FY23	FY22	Var.
				Equity	343.7	244.8	98.9
Non-current assets	877.9	681.8	196.1	Non-current liabilities	584.6	420.9	163.7
Intangible assets	5.8	0.2	5.5	Deferred tax liabilities	33.7	20.4	13.3
Tangible asset	730.0	582.1	147.8	Provisions	14.3	16.4	(2.0)
Rights-of-use assets	33.8	28.2	5.7	LT Financial debt	536.6	384.1	152.4
Deferred tax assets	44.1	47.3	(3.2)	Bonds & Commercial Paper	51.9	83.2	(31.3)
Other non-current assets	64.2	23.9	40.3	Bank debt	433.8	254.2	179.6
				Derivatives	-	20.6	(20.6)
				Lease liabilities	50.8	26.1	24.8
Current assets	388.4	205.1	183.3	Current liabilities	338.0	221.3	116.7
Inventories	142.8	6.0	136.2	Provisions	0.6	8.2	(7.5)
Accounts receivable	112.1	80.0	32.1	Accounts payable	116.9	94.5	22.4
Current financial investments	9.9	12.0	(2.1)	ST Financial debt	220.5	118.6	101.9
Other current assets	2.1	0.8	1.2	Bonds & Commercial Paper	68.4	34.5	33.9
Cash & cash equivalents	121.5	105.7	15.8	Bank debt	144.2	46.3	97.9
				Derivatives	3.9	36.1	(32.2)
				Lease liabilities	3.0	1.5	1.5
				Other financial liabilities	0.9	0.1	0.8
TOTAL ASSETS	1,266.3	887.0	379.4	TOTAL EQUITY AND LIABILITIES	1,266.3	887.0	379.4

23

FY23 RESULTS Cash Flow

Cash Flow
(€m)	4Q23	4Q22	Var.	FY23	FY22	Var.
EBITDA	2.3	23.0	(90%)	104.5	50.2	108%
+ Change in operating WK	48.6	54.3	(10%)	(27.0)	20.2	n.m.
+ Financial costs & Taxes paid	(26.7)	(17.2)	55%	(44.3)	(31.9)	39%
Funds from operations	24.2	60.1	(60%)	33.2	38.4	(13%)
+ ST Investments	0.2	3.0	(94%)	1.8	(4.8)	n.m.
+ Capex	(106.4)	(91.6)	16%	(366.3)	(190.0)	93%
+ USA participation	-	-	-	-	(4.5)	-
+ Divestment	0.6	-	-	95.8	-	-
Free cash flow	(81.5)	(28.5)	186%	(235.5)	(160.8)	46%
+ Capital Increase	-	-	-	-	90.0	-
+ Bonds & Commercial Paper	(14.4)	(17.7)	(19%)	2.6	54.4	(95%)
+ Bank debt	64.9	25.3	157%	277.3	56.5	391%
+ Other debts	-	-	-	-	(0.0)	-
+ Share Buy-back	(24.2)	(0.9)	n.m.	(25.6)	(1.2)	n.m.
+ FX differences	10.5	9.7	9%	(3.0)	(1.9)	59%
+ Other	-	-	-	-	-	-
Net cash increase	(44.6)	(12.1)	270%	15.8	37.0	(57%)

Total leverage1 5.6x (3.7x proforma2 )

Total corporate leverage3 2.8x (1.1x proforma2 )

Net Debt
(€m)	FY23	FY22	Var.
Long-term financial debt	154.5	92.4	62.1
Short-term financial debt	160.6	41.7	118.9
Long-term Lease debt (IFRS16)	50.1	25.2	24.9
Short-term Lease debt (IFRS16)	2.7	1.2	1.5
Other short term debt	0.9	0.1	0.8
Other current financial assets	-	(0.6)	0.6
Cash & cash equivalents	(77.0)	(61.1)	(15.8)
Corporate Net Debt with recourse	291.8	98.8	193.0
Project Finance debt with recourse	-	16.4	(16.4)
Project Finance cash with recourse	(3.1)	(3.7)	0.6
Project Finance Net Debt with recourse	(3.1)	12.7	(15.8)
Project Finance debt with non-recourse	384.4	269.1	115.3
Project Finance cash with non-recourse	(41.4)	(40.9)	(0.5)
Project Finance Net Debt with non-recourse	343.0	228.2	114.8
Total Net Debt	631.7	339.7	292.0
Total Net Debt ex IFRS16	578.9	313.3	265.6
Proforma2 Total Net Debt ex IFRS16	459.8	313.3	146.5

1 Calculated as Total Net Debt exIFRS16 divided by the last-12 month EBITDA exIFRS16 (€103); | ² Assuming that the sale of wind & solar assets in Peru would have been closed on December 31, 2023. This implies a €119m reduction in both Total net debt and Corporate net debt. | ³ Calculated as Net debt with recourse divided by the last-12 month EBITDA per the covenant definition (Dividends from SPVs + EBITDA from O&M and AM + EBITDA from D&C and sale of Projects + EBITDA from SPVs with Project Finance Debt with recourse until the date of the lifting of the debt service guarantees assumed by the Company as sponsor under the corresponding Projects).

FY23 RESULTS Net Debt/EBITDA Reconciliation

Net Debt/EBITDA Reconciliation
	FY23			FY22
(€m)	Total	Corporate	Non-Recourse	Total	Corporate	Non-Recourse
Net Debt	631.7	288.7	343.0	339.7	111.5	228.2
Impact IFRS16	52.7	52.7	-	26.4	26.4	-
Net Debt ex IFRS16	578.9	236.0	343.0	313.3	85.1	228.2
Proforma1 Net Debt ex IFRS16	459.8	116.8	343.0	-	-	-
EBITDA LTM	104.5	71.7	32.8	50.2	19.9	30.3
Impact IFRS16	1.9	1.9	-	1.0	1.0	-
EBITDA LTM ex IFR16	102.6	69.8	32.8	49.2	18.9	30.3
Corporate costs	(14.1)	(14.1)	-	(8.5)	(8.5)	-
EBITDA LTM ex IFRS16 (covenant)	102.6	83.9	-	49.2	27.4	-
Proforma1 EBITDA LTM ex IFRS16	123.4	104.7	-	-	-	-
Net debt/EBITDA	6.0x	4.0	10.5x	6.8x	5.6x	7.5x
Net debt/EBITDA ex IFRS16	5.6x	3.4x	10.5x	6.4x	4.5x	7.5x
Net debt/EBITDA (per covenant)	5.6x	2.8x	-	6.4x	3.1x	-
Proforma1 ND/EBITDA (per covenant)	3.7x	1.1x	-	-	-	-

SOLAR PV + STORAGE EUROPE - USA - LATAM