Soltec Power Holdings S.A.

Investor Presentation • Nov 15, 2022

9M 2022 FINANCIAL R E S U L T S November 15th, 2022

02 Operational Indicators

03 9M 2022 Financial Results

04 Closing Remarks

05 Appendix

Agenda 9M 2022 FINANCIAL RESULTS

01 9M 2022 Key Highlights

9M 2022 KEY HIGHLIGHTS

FINANCIAL FIGURES	9M 2022 ▪ Revenues: €403.4 Mn Adj. EBITDA: €8.5 Mn ▪ ▪ Net Profit: €4.5 Mn ▪ Net Debt: €155.4 Mn	YoY +€216.4 Mn +€31.0 Mn +€24.5 Mn	Q3 2022 ▪ Revenues: €158.8 Mn Adj. EBITDA: €13.6 Mn ▪ ▪ Net Profit: €14.5 Mn	YoY +€58.9 Mn +€17.0 Mn +€14.6 Mn
OPERATIONAL INDICATORS	INDUSTRIAL Backlog: €308 Mn ▪ ▪ Pipeline: €3,669 Mn	YoY (22%) +20%	PROJECT DEVELOPMENT Pipeline: 13.7 GW, +51% YoY ▪ ▪ Geographical diversification with presence in 8 countries: 46% Europe - 54%	Americas
GUIDANCE 2022	▪ Adj. EBITDA: €15 Mn -	GUIDANCE FY 2022 CONFIRMED SOLTEC POWER HOLDINGS €20 Mn		€550 Mn Adj. EBITDA Margin: 2% - 3% PROJECT DEVELOPMENT €11 Mn

GUIDANCE 2022

SOLTEC POWERHOLDINGS

INDUSTRIAL

02 Operational Indicators

TRACK RECORD

7

+14.4 GW Track record in Soltec Industrial and 13.7GW Pipeline in Project Development

(1) Commitment set in Capital Markets Day (May 2022) (2) 5 MW under operation in Spain with 35% ownership and 113 MW under operation in Brazil

OPERATIONAL INDICATORS SOLTEC INDUSTRIAL

Order Backlog €308 Mn and Pipeline¹ €3,669 Mn

Backlog: Contracts signed pending execution.

Pipeline: Future potential contracts (not signed) with a certain probability of success.

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OPERATIONAL INDICATORS SOLTEC INDUSTRIAL

BACKLOG(1)

Contracts signed pending execution.

PIPELINE(1)(2)

Future potential contracts (not signed) with a certain probability of success.

PROJECT DEVELOPMENT DIVISION CONTRIBUTION TO BACKLOG AND PIPELINE

(1) Backlog and pipeline in €Mn include tracker supply and construction related services. (2) €3,669 Mn and 25,174 MW is the sum resulting from all potential projects, not weighted by probability.

OPERATIONAL INDICATORS PROJECT DEVELOPMENT

13.7 GW Pipeline in 8 different countries

OPERATIONAL INDICATORS PROJECT DEVELOPMENT

BACKLOG MW/Year

ADVANCED STAGE MW/Year

EARLY STAGE MW/Year

(9%)

46% EUROPE-54% AMERICAS A BALANCED PIPELINE

		BACKLOG
MW	UNDER OPERATION	UNDER CONSTRUC.	REST.	ADV. STAGE	EARLY STAGE	ID. OPP	TOTAL PIPELINE…
Probability		>80%		50-80%	30-50%	<30%	-
Spain	5	5	-	882	708	782	2,381
Brazil	113	113	488	173	1,438	3,838	6,160
Italy	-	-	-	2,277	370	325	2,972
Denmark	-	-	-	-	-	630	630
USA	-	-	-	-	-	100	100
Colombia	-	-	-	135	-	625	760
Romania	-	-	-	-	-	298	298
Mexico	-	-	-	-	-	375	375
Total	117	117	488	3,466	2,516	6,973	13,676

CONSTRUCTION & OPERATION

LA ASOMADA(1)
KEY PROJECT DATA		KEY DEVELOPMENT PERMITS
Location	Murcia, Spain	Site Control
Capacity	4.5 MWp	Interconnection Rights
		Environmental Approvals
		Off-taker Arrangement /PPA
		RTB
		COD	Feb-2022

PEDRANÓPOLIS
KEY PROJECT DATA		KEY DEVELOPMENT PERMITS
Location	Sao Paulo, Brazil	Site Control
Capacity	112,5 MWp	Interconnection Rights
		Environmental Approvals
		Off-taker Arrangement /PPA
		RTB
		COD	Nov-2022
		Est. selling energy date	Nov-2022

LA ISLA(1)

Site Control
Interconnection Rights
Environmental Approvals
RTB

KEY DEVELOPMENT PERMITS
Site Control
Interconnection Rights
Environmental Approvals
Off-taker Arrangement /PPA
RTB
COD	Nov-2023
Est. selling energy date	Dec-2023

Est. selling energy date Feb-2022

ARAXÁ

	KEY PROJECT DATA	KEY DEVELOPMENT PERMITS
Location Minas Gerais, Brazil		Site Control
Capacity 112,5 MWp		Interconnection Rights
		Environmental Approvals
		Off-taker Arrangement /PPA
		RTB
		COD	Dec-2022
		Est. selling energy date	Dec-2022

03 9M 2022 Financial Results

SOLTEC POWER HOLDINGS¹ 9M 2022 & Q3 2022 RESULTS

9M 2022

QUARTERLY EVOLUTION (2022)

HIGHLIGHTS

14

• Revenues: €403.4 Mn (+116% vs 9M2021), driven by tracker supply and other construction services.
• Adj. EBITDA: €8.5 Mn euros in 9M2022 (+€31 Mn vs. 9M2021) driven by the positive contribution of both divisions (industrial and project development).

• Net profit of €4.5 Mn, + €24.5 Mn YoY.

• Revenues: improvement in demand on a quarterly basis, reaching €158.8 Mn in the third quarter of the year, 59% higher compared to the same period last year.

• Adj. EBITDA reached €13.6 Mn in the third quarter (+€ 17Mn vs. Q3 2021)
• Net profit of €14.5 Mn, + €14.6 Mn YoY, thanks to the positive contribution of both business divisions.

SOLTEC INDUSTRIAL 9M 2022 & Q3 2022 RESULTS

9M 2022 QUARTERLY EVOLUTION

HIGHLIGHTS

• Strong revenues of €423.4 Mn in 9M 2022, a 124% increase vs. 9M 2021.

• EBITDA improved to €6.6 Mn, +26.4 Mn versus the same period last year, with an EBITDA margin of 1.5%, driven by the measures taken to mitigate the impacts of the global disruptions, together with a strong revenue base during the period.

• Revenues increasing quarterly reaching €157.8 Mn (+57% YoY) in the third quarter, thanks to the strong demand.

• Adj. EBITDA: 4.6 € Mn during the third quarter (+6.6 € Mn vs Q3 2021) , with +2.9% EBITDA margin, as a result of a strong demand, better logistic conditions and the impact of the measures implemented to face global disruptions.

SOLTEC INDUSTRIAL REVENUE & EBITDA MARGINS

SOLTEC INDUSTRIAL 9M 2022 REVENUES

• Supply: Manufacturing and supply of solar PV trackers.
• Construction services: Includes installation of solar trackers, balance of plant (BoP), EPC and O&M services. Construction services are only offered to tracker customers.
• 87% exposure to the Americas. North America represents a 28% of total revenues, mainly represented by USA.

PROJECT DEVELOPMENT 9M 2022 & Q3 2022 RESULTS

9M 2022 QUARTERLY EVOLUTION

HIGHLIGHTS

• Rotation of 340 MW of solar PV projects in Italy during the third quarter of the year

AGREEMENT IN ITALY

• Country: Italy
• Off-taker: ACEA
• Size: 340 MW of Solar PV Projects
• Project status: Early stage

NET FINANCIAL DEBT PROFILE AS OF SEPTEMBER 30TH, 2022

(1) Debt linked with projects under construction in Brazil, tending to be non-recourse debt when projects are rotated. (2) Includes loans from the Official Credit Institute (ICO), other credit lines, long-term shareholder loans and SPVs deferred payments. (3) Includes €20.0 Mn of cash and other equivalent liquid assets + €5.0 Mn from current financial assets.

04 Closing Remarks

CLOSING REMARKS

POSITIVE CONTRIBUTION OF BOTH DIVISIONS INDUSTRIAL AND PROJECT DEVELOPMENT:

Net profit reached 4.5 Mn in the 9M 2022

GOOD TREND IN THE INDUSTRIAL DIVISION

Strong demand and positive margin trend 117 MW OF PROJECTS UNDER OPERATION IN SPAIN AND BRAZIL

RECORD REVENUES FOR SOLTEC INDUSTRIAL, ASSET ROTATION IN ITALY

CHALLENGING YEAR. Agreement in Italy for the rotation of 340 MW of solar PV projects in Q3 2022

2022 GUIDANCECONFIRMED

Soltec Power Holdings Adj. EBITDA 2022: From €15 Mn to €20 Mn

Industrial Revenues 2022: From €450 to €550 Mn Adj. EBITDA Margin: From 2% to 3%.

Project Development Adj. EBITDA 2022: From €7 Mn to €11 Mn.

05 Appendix

SOLTEC POWER HOLDINGS P&L

(€, 000)	9M 2022	9M 2021
Revenue	403,376	186,949
Changes in inventories of finished goods and work in progress	(63)	1,884
Other operating income	2,704	1,856
Works carried out by the Group for its assets	54,223	5,465
Supplies	(281,584)	(132,619)
Personnel expenses	(52,099)	(35,018)
Other operating expenses	(126,247)	(58,875)
Amortization and depreciation	(2,911)	(2,842)
Other results	4,842	6,599
EBIT	2,241	(26,601)
Adjusted EBITDA	8,485	(22,547)
Financial income	739	206
Finance expenses	(8,333)	(4,254)
Changes in the fair value of financial instruments	(6,642)	8,917
Net exchange rate differences	16,757	(4,847)
Net financial profit	2,521	22
Share of profit/(loss) investments valued using equity method	93	(65)
Profit/(Loss) Before Tax	4,855	(26,645)
Income tax	(340)	6,647
Consolidated Net Profit/(Loss)	4,515	(19,998)

SOLTEC INDUSTRIAL

Order Pipeline Categorization Criteria

Status	Probability
Contract Signed	100%
MoU (Existing Customer)	100%
MoU (New Customer)	90%
LOI (Existing Customer)	80%
Contract under Negotiation (Existing Customer)	70%
LOI (New customer)	70%
Contract under Negotiation (New Customer)	60%
Shortlisted (2 contenders)	50%
Shortlisted (3 contenders)	33%
Shortlisted (4 contenders)	25%
Shortlisted (5 contenders)	20%
Offer (Existing Customer)	10%
Offer Updated to same client (Existing Customer)	10%
Offer (New Customer)	5%
Offer Updated to same client (New Customer)	5%
Offer Lost	0%
Offer Not Sent: Out of Market Price	0%
Offer Closed: Customer Discarded	0%

DISCLAIMER

This document has been prepared by Soltec Power Holdings, S.A. ("Soltec") exclusively for use during the financial results presentation for the nine-month period ended on September 30th, 2022. Therefore, thereof, this document may not be disclosed or published, nor used by any other person or entity, for any other reason without the express and prior written consent of Soltec . Soltec does not assume any liability for this document if it is used with a purpose other than the above.

In addition to the financial information prepared in accordance with International Financial Reporting Standards (IFRS) and derived from our financial statements, this presentation includes certain alternative performance measures ("APMs"), as defined in the Guidelines on Alternative Performance Measures published by the European Securities and Markets Authority (ESMA) on October 5th, 2015 (ESMA / 2015 / 1415en), as well as certain non-IFRS measures. The financial measures contained in this document that are considered APMs and non-IFRS measures have been prepared from the financial information of the Soltec Group, but they are not defined or detailed in the applicable financial reporting framework and, therefore, they have not been audited or reviewed by our auditors, therefore, this information is considered complementary and is not intended to replace IFRS measures. Other companies, including some in our industry, may calculate such measures differently, reducing their usefulness for comparison purposes.

The businesses included in each of our geographic segments and the accounting principles under which their results are presented here may differ from the businesses included and the local accounting principles applicable in our subsidiaries in those geographies. Consequently, the results of operations and trends shown for our geographic segments may differ materially from those of such subsidiaries. The information and any of the opinions and statements contained in this document have not been verified by independent third parties and, therefore, neither implicitly nor explicitly any guarantee is given regarding the impartiality, precision, completeness or correctness of the information or opinions. and statements that are expressed and contains statements that may be considered "statements about forecasts and estimates." These manifestations can be identified with terms such as "foresee", "predict", "anticipate", "should", "intend", "probability", "risk", "guidance", "objective", "goal", "estimate", "future ", And similar expressions.

Neither Soltec, nor its subsidiaries or other companies of the Soltec group or companies in which Soltec has a stake, assume liability of any kind, regardless of whether or not negligence or any other circumstance occurs, regarding the damages or losses that may arise from any use of this document or its contents. Neither this document nor any part of it constitute a document of a contractual nature, nor may they be used to integrate or interpret any contract or any other type of commitment and should not be taken as a basis for making investments or making decisions.

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