Grenergy Renovables S.A.

Investor Presentation • May 23, 2024

The sky is the limit

RESULTS PRESENTATION

1Q24 RESULTS

Gran Teno Solar PV - Chile

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.

This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information.

This Presentation contains financial information regarding the businesses and assets of the Company. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Presentation or any related presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. Certain financial and statistical information in this document has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total.

Certain statements in this Presentation may be forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Any forward-looking statements contained in this Presentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The market and industry data and forecasts that may be included in this Presentation were obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, it affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation.

The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions.

NEITHER THIS PRESENTATION NOR ANY OF THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER OF PURCHASE, SALE OR EXCHANGE, NOR A REQUEST FOR AN OFFER OF PURCHASE, SALE OR EXCHANGE OF SECURITIES, OR ANY ADVICE OR RECOMMENDATION WITH RESPECT TO SUCH SECURITIES.

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.

BUSINESS HIGHLIGHTS

FINANCIAL HIGHLIGHTS

14.8GW Solar PV pipeline (+0.3GW qoq) 11.0GWh BESS pipeline (-0.1GWh qoq) 1.7GW & 1.0GWh in Operation & U/C

Oasis Atacama well on track PPA for Phase 5 in advanced negotiations Imminent closing of PF for Phases 1-2

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

1

Revenues €110m (+15% yoy) EBITDA €23m (+63% yoy) Net income €6m (+27% yoy)

Total capex €74m Ongoing deflation in modules and batteries €175m financing for Valkyria assets U/C

Net debt2 €635m Total leverage 5.7x (2.3x corporate) Buy-back terminated (4.3% of share capital) SUSTAINABILITY HIGHLIGHTS

ESG Roadmap 2024 presented 1Q24 objectives accomplished

TCFD3 Report 2023 published

Environmental positive impact with the reforestation of >255 ha of native forest in Gran Teno, Chile HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY

PLATFORM OVERVIEW – SOLAR PV & BESS

SOLAR PV & BESS PIPELINE UPDATE

✓ BESS pipeline in the US stands at 2.8GWh

• ✓ Europe solar platform unchanged at 5.2GW
• ✓ BESS pipeline in Europe stable at 3.1GWh

• ✓ Latam solar platform added 0.1GW to 5.5GW
• ✓ Chile has the largest BESS pipeline (5.1GWh)

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				168	3,170	1,570	4,908
Total USA				168	3,170	1,570	4,908
Spain	200	472		259		750	1,481
Italy				282	284	536	1,102
UK				109	83		192
Poland				71	946	350	1,367
Germany						773	773
Romania					45	32	77
Total Europe	200	472		721	1,358	2,441	4,992
Chile	536	262	547	863	952	130	2,754
Colombia	77	89	77	51		97	314
Mexico	35				461	673	1,134
Peru					675		675
Total Latam	648	351	624	914	2,088	900	4,877
Solar PV	848	823	624	1,803	6,616	4,911	14,777
Wind	24						0
Total	872						14,777

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				1,867	900	2,767
Total USA	0	0	0	1,867	900	2,767
Spain			175			175
Italy			321	494	561	1,376
UK			160	70		230
Poland			84	1,193		1,277
Germany
Romania				40	48	88
Total Europe	0	0	740	1,797	609	3,146
Chile	1,000	2,100	1,000	1,000		5,100
Colombia
Mexico
Peru
Total Latam	1,000	2,100	1,000	1,000	0	5,100
BESS	1,000	2,100	1,740	4,664	1,509	11,013

HIGHLY CONTRACTED OUTPUT & REVENUES

✓ Contracted output was 74% of total in 1Q24 and is expected to be around 75% in 2024

• ✓ Contracted revenues were 92% of total in 1Q24 and are expected to represent 85-90% in 2024
• ✓ Grenergy's exposure to merchant prices in Spain is less than 5% of total revenues
• ✓ Grenergy's realized prices globally increased by 4% in 1Q24 despite the challenging market environment

HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY

LARGEST BESS PROJECT IN LATAM WITH 4.1GWh

• ✓ 1.1TWh/y already contracted for Phases 1-4 (75% of project de-risked)
• ✓ PPA for Phase 5 in advanced negotiations
• ✓ Imminent closing of Project Finance for Phases 1-2
• ✓ Ongoing negotiations for BESS supply for Phases 3-4

RTB COD PPA

	PV	BESS		PPA (peak-hours)
	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 540GWh/y	Global utility	Mandated
Phase 5	240	200	1,000	-	-	In negotiation	-
OASIS ATACAMA	c950	820	4,100

174MW ASSETS ROTATED IN PERU FOR \$150m, IMPLYING 1.3x EV/IC

✓ Rotation of 174MW in Peru completed

✓ Sale of the Matarani (97MW) solar PV project for \$90m, implying 1.4x EV/IC

✓ Sale of the Duna Huambos (37MW) and Nairas (40MW) wind projects for \$60m, implying 1.0x EV/IC

✓ Asset rotation of 643MW already executed, implying 40% of the 350-450MW p.a. target for 2023-26

✓ Equity proceeds of c€340m1 already achieved, implying 55% of the €0.6bn asset rotation target for 2023-26

		PERU
	SOLAR PV	WIND	TOTAL
	YINSON	ENGIE	PERU
MW	97	77	174
Deal closing	1Q24	1Q24	-
EV (\$m)	902	60	150
EV/MW (\$m)	0.843	1.625	-
EBITDA (\$m)	214	26	237
EV/IC (x)	1.4	1.0	1.3

Duna Huambos

2

1 Equity proceeds stemming from the rotations of 2 PMGDs (Chile), Belinchón, Tabernas & José Cabrera (Spain) and Duna Huambos & Matarani (Peru).

Includes an \$8m WK-related cash inflow. | ³ \$0.85m/MW including the earn-out. | ⁴ \$22m including the earn-out. | ⁵ The multiple refers to the assets in operation. | ⁶ \$5m including the earn-out. | ⁷ \$27m including the earn-outs.

KEY OPERATING & FINANCIAL DATA

✓ -4% in total output affected by the DH disposal (+5% organic1 )

✓ 77% of total output from contracted volumes (+14%)

✓ +4% in captured prices in a challenging market environement

Key Operating Data
	1Q24	1Q23	Var.
Avg. Forex (\$/€)	1.09	1.07	1%
Total Capacity (MW)	872	762	14%
Net additions	110	196	(44%)
Gross additions	318	218	46%
Solar output	233,912	220,047	6%
Wind output	30,032	54,727	(45%)
Total production (GWh)	263,944	274,774	(4%)
ow PPAs	194,524	170,991	14%
ow Merchant	69,420	103,783	(33%)
Load Factor (%)	16.1%	23.7%	(32%)
Realized priced (€/MWh)	44.0	42.2	4%
ow PPAs	54.9	46.2	19%
ow Merchant	13.4	35.6	(62%)

	13

✓ Results driven by the asset rotation in Peru

• ✓ Energy EBITDA -8% organic1 (vs. -13% reported)
• ✓ Net debt €635m, implying 5.7x EBITDA (2.3x per Covenant)

Key Financial Data
(€m)	1Q24	1Q23	Var.
Revenues	110.1	96.0	15%
ow Energy Revenues	11.6	11.6	0%
EBITDA	23.3	14.3	63%
ow Energy EBITDA	7.4	8.5	(13%)
EBIT	18.9	10.6	79%
Net Income	6.2	4.9	27%
Capex	73.8	77.6	(5%)
	1Q24	FY23	Var.
Tangible Fixed Assets	719.9	730.0	(1%)
Equity	331.0	343.7	(4%)
Net debt	635.4	578.9	10%
ow Corporate	262.1	236.0	11%
Net debt/EBITDA	5.7x	5.6	-
ow Covenant2	2.3x	2.8	-

REVENUE & EBITDA BREAKDOWN

• ✓ D&C division includes €69m from the asset rotation in Peru
• ✓ Energy division penalised by the Peruvian disposals, but resilient due to high exposure to contracts (>90% of revenues)
• ✓ Higher captured prices (+4%) fully offset lower output (-4%, +5% at constant perimeter)
• ✓ Retail supply EBITDA reached €0.3m in 1Q24 (vs. €-0.8m in 1Q23)

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).

CAPEX

✓ Tangible fixed assets reached €720m in 1Q 2024

✓ Total capex of €74m in 1Q24

✓ Project capex concentrated in Spain, Chile and Colombia

PV CAPEX BREAKDOWN PER MW1

BESS CAPEX BREAKDOWN PER MWh

CASH FLOW

✓ Proceeds from the asset rotation in Peru amounted to €116m

• ✓ Share buy-back program totalled €36m, of which €14m in 1Q24
  • ✓ €175m non-recourse financing facility for the construction of 297MW solar PV projects in Spain

14

LEVERAGE & LIQUIDITY

✓ Reduction in corporate leverage driven by the asset roration deal in Peru ✓ €175m non-recourse financing signed for Valkryria assets under construction ✓ Mandated financing for Oasis de Atacama, closing expected in 1H24

1 Calculated as Net debt including all PF debt divided by LTM EBITDA (€111m). | ² Calculated as Net debt with recourse divided by LTM Relevant Ebitda (€94m 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).

ESG ROADMAP 2024-2026

ESG Action Plan – I Phase

ACHIEVEMENT OF 100% OF THE Q1 OBJECTIVES OF THE 2024 PLAN

		Q1	Q2	Q3	Q4
CLIMATE CHANGE	CLIMATE CHANGE RISKS AND OPPORTUNITIES REPORT IN LINE WITH TCFD RECOMMENDATIONS
ENVIRONMENT	POSITIVE BIODIVERSITY FOOTPRINT STRATEGY IN LINE WITH TNFD RECOMMENDATIONS
PEOPLE	DESIGN OF A PLAN FOR THE INCLUSION OF ESG CRITERIA IN THE VARIABLE REMUNERATION OF ALL EMPLOYEES. IMPLEMENTATION FROM 2025 ONWARDS
	EQUALITY, DIVERSITY AND INCLUSION POLICY
SUPPLY CHAIN	ALIGNMENT OF SUPPLIER CERTIFICATION CRITERIA WITH LONG-TERM ESG OBJECTIVES
SUSTAINABLE FINANCE AND INNOVATION	UPDATE ON THE GREEN FINANCING FRAMEWORK
	GAP ANALYSIS TO ALIGN THE REPORTING OF NON-FINANCIAL INFORMATION TO THE REQUIREMENTS OF THE CSRD DIRECTIVE
	UPDATE OF THE DOBLE MATERIALITY ANALYSIS IN ACCORDANCE WITH THE CSRD
GOVERNANCE	SUSTAINABILITY REPORT 2023 - EXTERNAL VERIFICATION (INCLUDING ELIGIBILITY AND TAXONOMY ALIGNMENT)
	ESG RISK MAP UPDATE
	CORPORATE PURPOSE UPDATE

TCFD REPORT 2023

Approval of the TCFD Report 2023: climate change risks and opportunities according to TCFD recomendations.

SUSTAINABILITY REPORT 2023

Publication of the 2023 sustainability report verified by an accredited third party under the ISAE 3000 standard without non-conformities.

TCFD REPORT | CLIMATE CHANGE RISKS AND OPPORTUNITIES

Grenergy also manages transitional risks that have a significant impact and a high probability of occurrence, such as technological, market, resilient and product risks.

ENVIRONMENTAL POSITIVE IMPACT

GRAN TENO REFORESTATION

Reforestation of 255.57 ha of native forest (Quillay, Boldo, Peumo, Espino and Maitén) in Gran Teno PV Plant, Chile.

Innovative method of planting in clearings and terrace to obtain greater survival and adaptation of the plants.

No use of irrigation water, just rainwater.

PLATFORM UPDATE

Projects In Operation, Under Construction & Backlog

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%
Argentina	Kosten	Wind	24	0	Yes	5,033	1Q21	Auction 20 Yrs 100%
Total in Operation 872MW (vs. 908MW 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 (10 projects)	Solar PV	101	0	No	2,000-2,700	2Q24-4Q24	Stabilized Price 14 Yrs
Chile	PMGDs (5 projects)	Solar PV	50	0	Yes	2,000-2,700	2Q24-4Q24	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	3Q24-2Q25	Merchant
	Total Under Construction		823MW &	1,000MWh		(vs. 823MW & 1,000MWh 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	Distribution (6)	Solar PV	77	0	Yes	1,900	4Q25	Merchant
	Total Backlog 624MW & 2,100MWh (vs. 659MW & 2,100MWh in previous report)

1.8GW to feed our 2026 IPP targets

Country	Project	Type	Solar PV MW	BESS1 MWh	Resource (Hours)	COD2	Offtaker	Negotiation 3
Italy	Le Isole Projects	Solar PV	282	321	1,864	4Q25-4Q26	PPA 60-70%	Initial
Poland	Nowy Tomysl	Solar PV	71	84	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	109	160	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%	Advanced
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	51	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	60	0	1,740	4Q25	PPA 60-70%	Advanced
	Total Advanced Development						1,803 MW & 1,740 MWh (vs. 1,797MW & 1,429MWh in previous report)

PLATFORM WITH RELEVANT GROWTH POTENTIAL

Project Portfolio

1Q24 REVENUES & EBITDA

Divisional Breakdown

1Q24	1Q23	Var.
91.3	78.1	17%
68.8	12.9	n.m.
22.5	65.1	(65%)
11.6	11.6	0%
6.1	5.5	10%
1.1	0.9	30%
110.1	96.0	15%

EBITDA
(€m)	1Q24	1Q23	Var.
Development & Construction	19.9	9.6	108%
Energy	7.4	8.5	(13%)
Retail	0.3	(0.8)	n.m.
Services	0.2	0.2	63%
Corporate	(4.6)	(3.1)	51%
Total	23.3	14.3	63%

22

1Q24 RESULTS Profit and Losses

(€m)	1Q24	1Q23	Var.
Revenue	110.1	96.0	15%
Income from customer sales	87.5	30.9	184%
Income from capitalize works	22.5	65.1	(65%)
Procurement	(71.4)	(70.1)	2%
Procurement from third parties	(53.5)	(8.1)	564%
Activated cost	(18.0)	(62.0)	(71%)
Gross Margin	38.6	25.9	49%
Personnel expenses	(7.9)	(5.6)	40%
Other income	0.1	0.1	(22%)
Other operating expenses	(7.5)	(6.1)	24%
Other results	0.0	(0.0)	n.m.
EBITDA	23.3	14.3	63%
Depreciation & Amortization	(4.4)	(3.8)	16%
EBIT	18.9	10.6	79%
Net financial income	0.2	-	-
Net financial expenses	(8.4)	(4.9)	72%
Other financial results	0.0	(0.7)	n.m.
Financial result	(8.2)	(5.6)	47%
Result before taxes	10.8	5.0	115%
Income tax	(4.6)	(0.1)	n.m.
Net Income	6.2	4.9	27%

1Q24 RESULTS Balance Sheet

Balance Sheet
(€m)	1Q24	FY23	Var.	(€m)	1Q24	FY23	Var.
				Equity	331.0	343.7	(12.8)
Non-current assets	860.7	877.9	(17.2)	Non-current liabilities	665.1	584.6	80.5
Intangible assets	5.8	5.8	(0.0)	Deferred tax liabilities	35.6	33.7	1.8
Tangible asset	719.9	730.0	(10.1)	Provisions	11.1	14.3	(3.2)
Rights-of-use assets	29.6	33.8	(4.2)	LT Financial debt	618.4	536.6	81.9
Deferred tax assets	47.2	44.1	3.1	Bonds & Commercial Paper	51.9	51.9	0.0
Other non-current assets	58.2	64.2	(6.0)	Bank debt	518.5	433.8	84.7
				Derivatives	-	-	-
				Lease liabilities	48.0	50.8	(2.8)
Current assets	471.6	388.4	83.1	Current liabilities	336.2	338.0	(1.8)
Inventories	183.4	142.8	40.5	Provisions	1.4	0.6	0.8
Accounts receivable	110.3	112.1	(1.8)	Accounts payable	101.4	116.9	(15.5)
Current financial investments	9.0	9.9	(0.9)	ST Financial debt	233.4	220.5	12.9
Other current assets	4.7	2.1	2.6	Bonds & Commercial Paper	87.5	68.4	19.1
Cash & cash equivalents	164.2	121.5	42.7	Bank debt	138.7	144.2	(5.5)
				Derivatives	3.4	3.9	(0.5)
				Lease liabilities	2.4	3.0	(0.6)
				Other financial liabilities	1.3	0.9	0.4
TOTAL ASSETS	1,332.3	1,266.3	66.0	TOTAL EQUITY AND LIABILITIES	1,332.3	1,266.3	66.0

1Q24 RESULTS Cash Flow

Cash Flow
(€m)	1Q24	1Q23	Var.
EBITDA	23.3	14.3	63%
+ Change in operating WK	(17.5)	(51.1)	(66%)
+ Financial costs & Taxes paid	(11.6)	(10.2)	14%
Funds from operations	(5.8)	(46.9)	(88%)
+ ST Investments	0.1	-	-
+ Capex	(73.8)	(77.6)	(5%)
+ USA participation	-	-	-
+ Divestment	50.5	-	-
Free cash flow	(29.0)	(124.5)	(77%)
+ Capital Increase	-	-	-
+ Bonds & Commercial Paper	19.1	13.9	38%
+ Bank debt	78.1	110.9	(30%)
+ Other debts	-	-	-
+ Share Buy-back	(14.2)	(4.5)	215%
+ FX differences	(11.2)	(2.2)	n.m.
+ Other	-	-	-
Net cash increase	42.7	(6.5)	n.m.

Total leverage1 5.7x

Total corporate leverage2 2.3x

Net Debt
(€m)	1Q24	FY23	Var.
Long-term financial debt	134.3	154.5	(20.2)
Short-term financial debt	208.8	160.6	43.2
Long-term Lease debt (IFRS16)	46.9	50.1	(3.2)
Short-term Lease debt (IFRS16)	1.9	2.7	(0.8)
Other short term debt	1.3	0.9	0.4
Other current financial assets	-	-	-
Cash & cash equivalents	(126.1)	(77.0)	(49.1)
Corporate Net Debt with recourse	262.1	291.8	(29.7)
Project Finance debt with recourse	-	-	-
Project Finance cash with recourse	-	(3.1)	3.1
Project Finance Net Debt with recourse	-	(3.1)	3.1
Project Finance debt with non-recourse	460.2	384.4	75.8
Project Finance cash with non-recourse	(38.1)	(41.4)	3.3
Project Finance Net Debt with non-recourse	422.1	343.0	79.1
Total Net Debt	684.2	631.7	52.5
Total Net Debt ex IFRS16	635.4	578.9	56.5

1 1 Calculated as Total Net Debt exIFRS16 divided by the last-12 month EBITDA exIFRS16 (€111); | ² 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).

1Q24 RESULTS Net Debt/EBITDA Reconciliation

Net Debt/EBITDA Reconciliation
	1Q24			FY23
(€m)	Total	Corporate	Non-Recourse	Total	Corporate	Non-Recourse
Net Debt	684.2	262.1	422.1	631.7	288.7	343.0
Impact IFRS16	48.8	48.8	-	52.7	52.7	-
Net Debt ex IFRS16	635.4	213.2	422.1	578.9	236.0	343.0
EBITDA LTM	113.5	80.9	32.6	104.5	71.7	32.8
Impact IFRS16	2.1	2.1	-	1.9	1.9	-
EBITDA LTM ex IFR16	111.4	78.8	32.6	102.6	69.8	32.8
Corporate costs	-	(15.6)	-	-	(14.1)	-
EBITDA LTM ex IFRS16 (covenant)	-	94.4	-	-	83.9	-
Net debt/EBITDA	6.0x	3.2x	12.9x	6.0x	4.0	10.5x
Net debt/EBITDA ex IFRS16	5.7x	2.7x	12.9x	5.6x	3.4x	10.5x
Net debt/EBITDA (per covenant)	-	2.3x	-	-	2.8x	-

SOLAR PV + STORAGE EUROPE - USA - LATAM