+ FY 2022 high above previous year's key figures + Ongoing operating growth in FY 2023e + Accelerated growth up to FY 2027e: 'ENCAVIS realises the energy transition!'

Conference Call Consolidated Financial Statements FY 2022 incl. Guidance FY 2023e and Accelerated Growth Strategy 2027, 29th March 2023

Improving efficiency and cost reduction through Economies of Scale and Scope

ENERGY

Energy forms the basis of our collective activity and work

CAPITAL

We invest capital to acquire wind farms and solar parks to generate attractive returns

VISION

We are working towards a future with decentralised power generation from wind power and solar energy

14% Growth in energy production of Encavis AG in 2022

Energy Production in gigawatt hours (GWh)	2020	2021	2022	Change 2022/2021	Change 2022/2021 (%)
Wind	1,049	940	997	+ 57	+ 6 %
Solar (PV)	1,047	1,815	2,136	+ 321	+ 18 %
Encavis AG in total	2,096	2,755	3,133	+ 378	+ 14 %

» Energy production from solar portfolio benefitted from selected months above plan (Jan/Feb/May/July/Aug) and suffered especially in March and December with a full-year energy production slightly above plan.
» Energy production from wind portfolio benefitted only/mainly in the months Feb & April above plan and suffered in nearly all other months of the year with an energy production below plan – resulting again in a full-year energy production clearly below plan.

Revenue increase in 2022 above plan in both segments – wind and solar

Operating figures (in EUR million)	FY 2020	FY 2021	FY 2022	Absolute change to FY 2021	Change to FY 2021 in percent
Energy production in GWh	2,097	2,755	3,133	+ 378	+ 14 %
thereof existing portfolio	-	2,755	2,859	+ 104	+ 4%
Revenue / Net revenue	292.3	332.7	487.3 / 462.5*)	… / + 129.8	+ 39 %
Operating EBITDA	224.8	256.4	350.0	+ 93.6	+ 37 %
Operating EBIT	132.2	149.1	198.3	+ 49.2	+ 33 %
Operating Cash Flow	212.9	251.9	327.2	+ 75.3	+ 30 %
Operating CFPS in EUR	1.54	1.74	2.04	+ 0.30	+ 17 %
Operating EPS in EUR	0.43	0.48	0.60	+ 0.12	+ 25 %

*) Net revenue of EUR 462.5 million post subtracted European price caps in the amount of EUR 24.9 million

» ~ 24% of the revenue increase of Encavis AG (EAG) were based on higher production volume of the existing portfolio (weather effect)

~ 20% of the revenue increase of EAG were based on additional volume effects of newly connected wind and solar parks to the grid

~ 48% of the revenue increase of EAG were based on high electricity prices realised in 2022, that were high above the level of 2021 and above plan

All KPIs surpassed raised guidance for FY 2022e significantly despite EUR 24.9 million revenue skimming acc. to the electricity price caps

Operating figures (in EUR million)	FY 2020	FY 2021	Raised Guidance FY 2022e	FY 2022	Change FY 2022 / Guidance	Change FY 2022 / Guidance in %
Revenue	292.3	332.7	> 420	487.3 / 462.5	67.3 / 42.5	+ 10 %
Operating EBITDA	224.8	256.4	> 310	350.0	40.0	+ 13 %
Operating EBIT	132.2	149.1	> 185	198.3	13.3	+ 7 %
Operating Cash Flow	212.9	251.9	> 280	327.2	47.2	+ 17 %
Operating CFPS in EUR	1.54	1.74	-	2.04	-	-
Operating EPS in EUR	0.43	0.48	0.55	0.60	0.05	+ 9 %
Energy production in GWh	2,097	2,754	> 3,000	3,133	133	+ 4 %

» Guidance based as every year on standard weather assumptions

» Around 95% of guided revenue are fixed/hedged already

Price Caps reduce margins especially in solar parks

Operating P&L (in EUR million)	2021	Solar parks 2022	2021	Wind farms 2022	2021	PV Services 2022	2021	Asset Management 2022	2021	HQ/Consolidation 2022
Revenue	234.7	334.6	77.9	121.9	4.4	12.7	19.9	24.0	– 4.2	-5.9
Operating EBITDA	192.2	250.2	63.4	99.9	1.3	2.7	8.5	10.6	– 9.1	-13.4
Operating EBITDA margin	82 %	75%	81 %	82%	29 %	21%	43 %	44%	-	-
Operating EBIT	114.4	125.9	35.4	74.3	1.3	2.5	8.0	9.9	– 10.1	-14.4
Operating EBIT margin	49 %	38%	45 %	61%	29 %	20%	40 %	41%	-	-

(Operating expenses distributed among Business Segments)

Strong impact of high market prices and revenue skimming in Italy and Spain

Operating P&L (in EUR million)	Solar parks
	2021	2022
Revenue	234.7	334.6
Operating EBITDA	192.2	250.2
Operating EBITDA margin	82%	75%
Operating EBIT	114.4	125.9
Operating EBIT margin	49%	38%

Strong revenue increase driven by high prices (+76.3 million euro; thereof revenue skimming due to price caps of 23.5 million euro) and new acquisitions (+23.8 million euro)

High prices in PV justified revamping investments in German solar parks which incurred additional expenses of -6.4 million euro resulting in an EBITDA margin w/o price caps result at 80% slightly below previous year

High interest environment resulted in extraordinary depreciation of solar parks in the amount of 41.1 million euro and in a reduced EBIT margin. These extraordinary depreciations reduce future depreciation.

Wind segment benefited from higher prices and increased output compared to the previous year

Operating P&L (in EUR million)	Wind farms
	2021	2022
Revenue	77.9	121.9
Operating EBITDA	63.4	99.9
Operating EBITDA margin	82%	82%
Operating EBIT	35.4	74.3
Operating EBIT margin	46%	61%

Revenue increase of existing portfolio driven by two factors:

• Lower production in 2021 +14 million euro • Higher price level in 2022 +29 million euro

Plus new acquisition in 2021 Paltusmäki (FI) + 1 million euro

. . . but due to revenue-related expenses positive effect of revenue increase can be seen in earnings only partially

2021 EBITDA and EBIT as well as margins were positively impacted by the profit from disposal of Austrian Portfolio (~ -5.4 million euro)

Pro rata temporis consolidation of Stern Energy results in significant growth in the segment PV Services

Operating P&L (in EUR million)	PV Services
	2021	2022
Revenue	4.4	12.7
Operating EBITDA	1.2	2.7
Operating EBITDA margin	29%	21%
Operating EBIT	1.3	2.5
Operating EBIT margin	29%	20%

Consolidation of Stern Energy results in strong growth of the segment PV Services (+6 million euro)

Encavis Technical Services operations similar to last years' level

Asset Management with strong growth in 2022

Operating P&L (in EUR million)	Asset Management
	2021	2022
Revenue	19.9	24.0
Operating EBITDA	8.5	10.6
Operating EBITDA margin	43%	44%
Operating EBIT	8.0	9.9
Operating EBIT margin	40%	41%

Revenue growth of around 26% within the segment Asset Management based on:

Consulting services +1.8 million euro
Asset management +1.1 million euro
Financial structuring +0.7 million euro

EBITDA burdened compared to the previous year by:

Higher reimbursement to BayernLB due to the increased volume of funds
Growth in people and personnel expenses

HQ at higher cost level due to restructuring of Management Board

Operating P&L (in EUR million)	HQ/Consolidation
	2021	2022
Revenue	-4.2	-5.9
Operating EBITDA	-9.0	-13.4
Operating EBITDA margin	-	-
Operating EBIT	-10.1	-14.4
Operating EBIT margin	-	-

Higher costs compared to previous year due to

Temporary increase of number of Board members and severance package of Dr Paskert
Project Cyaneo/Greenovate (- 0.9 million euro)

Significant growth of balance sheet total, but reduced equity ratio due to temporary hedge reserve effects

Securing growth capital with latest placement of a Green Bonded Loan (SSD) of EUR 210 million in 2023

2023		210
2022	20 15		HCB			Sustainable Hunting Line:	WC HL
			Coupon of 1.875% / Premium of 35% on conversion price /			EUR 100 million	+25 +20
2021	45	Current conversion price EUR 21.8852 / First reset date: Nov 24, 2027	250	RCF 145 + Revolving Credit Facilities Agreement
2020	35 10				+ +	Unsecured Financing Three years +1+1 year optional extension
2019	48	105			+	Interest rates linked to MSCI ESG rating of Encavis AG		2022/12/31 Equity ratio 28.1 %
2018	50
	0	50 100	150 200	250	300	350	400	450	500
		(small) Capital Increase		Bilateral Debt, Bonded and "Green" Loans		Hybrid Convertible	Credit Lines

Acquisitions target of 500 MW in generation capacity for 2022 achieved

Split into Operational / RTB Split into Solar / PV and Wind

Assumptions for the Guidance 2023

Guidance based as every year on standard weather assumptions

Current interest rate level unchanged

Revenue skimming in Spain and Italy will last minimum until end of 2023, in Germany until end of June 2023

Power price curve: Valuation date as of 20st March 2023

Development of electricity price levels 2023 versus 2022

All technologies and all countries expect lower electricity prices for 2023 compared to 2022
Chart shows average day-ahead capture market prices for different technologies (w/o taking care of price cap regimes, subsidies, PPAs . . . )
These prices are relevant for the valuation of open positions, additional short-term hedges as well as higher payment opportunities exceeding German and Dutch FiT

2022 – Feb 2023: Data from ENTSO-E Mar – Dec 2023: Expectations acc. to Forward Prices

Revenue bridge FY 2022 to Guidance 2023e

Revenue

(in EUR million)

Guidance dominated by significantly lower power prices and full-year effect of Stern Energy at PV Services with lower margin

Operating figures (in EUR million)	FY 2020	FY 2021	FY 2022	Guidance FY 2023e	Change Guidance / FY 2022	Change Guidance / FY 2022 in %
Revenue	292.3	332.7	487.3 / 462.5	> 460 / > 440	- 27.3 / - 22.5	- 5 %
Operating EBITDA	224.8	256.4	350.0	> 310	- 40.0	- 11 %
Operating EBIT	132.2	149.1	198.3	> 185	- 13.3	- 7 %
Operating Cash Flow	212.9	251.9	327.2	> 280	- 47.2	- 14 %
Operating CFPS in EUR	1.54	1.74	2.04	> 1.70	- 0.30	- 15 %
Operating EPS in EUR	0.43	0.48	0.60	> 0.60	0.01	+ 2 %
Energy production in GWh	2,097	2,754	3,133	> 3,400	267	+ 9 %

» Guidance based as every year on standard weather assumptions

» Around 91% of guided revenue are fixed/hedged already

Segment Guidance 2023e – Reduced margins in Wind due to reporting of gross revenue and deduction of price caps in other expenses

Operating P&L (in EUR million)	FY 2022	Solar parks Guidance 2023e	FY 2022	Wind farms Guidance 2023e	FY 2022	PV Services Guidance 2023e	FY 2022	Asset Management Guidance 2023e	FY 2022	HQ/Consolidation Guidance 2023e
Revenue	334.6	290	121.9	110	12.7	45	24.0	25	– 5.9	- 10
Operating EBITDA	250.2	215	99.9	85	2.7	8	10.6	11	– 13.4	- 9
Operating EBITDA margin	75%	74%	82%	77%	21%	18%	44%	44%	-	-
Operating EBIT	125.9	130	74.3	50	2.5	6	9.9	10	– 14.4	- 11
Operating EBIT margin	38%	45%	61%	45%	20%	13%	41%	40%	-	-

(Operating expenses distributed among Business Segments)

ENCAVIS Guidance on FY 2023e in line / respectively very close to the Analysts' Consensus on the five corporate KPIs (as of 22nd March 2023)

Analysts' Consensus as of 22nd Mar 2023	Analysts' Consensus
Operating KPIs (in EUR `000)	Reported FY 2021	First Guidance FY 2022	Raised Guidance FY 2022	Preliminary unaudited FY 2022	Reported FY 2022	Guidance FY 2023e	Average FY 2023e	Extrema Top	Extrema Bottom
Revenue	332,703	> 380,000	> 420,000	455,000	462,486	> 440,000	442,043	484,900	417,000
Operating EBITDA	256,398	> 285,000	> 310,000	340,000	350,022	> 310,000	325,752	375,678	271,000
Operating EBIT	149,050	> 166,000	> 185,000	195,000	198,285	> 185,000	190,307	223,917	163,000
Operating Cash Flow	251,941	> 260,000	> 280,000	320,000	327,235	> 280,000	300,320	337,700	262,000
Operating EPS (EUR)	0.48	0.51	0.55	> 0.58	0.60	> 0.60	0.586	0.670	0.520

Why

are we talking today about a further development of the Strategy?

Climate Change

is a fact. So we need to speed up!

We are one of Europe's most successful Independent Power Producers

We are proud of our profitable company development and the high rating in the industry comparison!

Tenfold Increase

in market capitalisation since 2014: One of the biggest success stories on the European stock market

the Energy Transition, Many companies want we have the Solutions!

with a gigantic Potential: We become the central problem solver This provides us for the various market participants

We continue to stand by our disciplined and selective investment criteria and deliver higher income and returns across all cycles

Our wind and solar plants for the generation of Renewable Energy continue to be the focus of our buy & hold strategy

Higher earnings and cash returns are the key drivers of our value-enhancing investment policy across all cycles

Higher absolute returns despite rising CAPEX volumes

Focus on long-term power purchase agreements (PPAs) of 10 years and more

Significantly increasing internal rates of return (IRR) with increasing margin mark-up on the cost of capital (WACC)

What

will we do in the future?

In our investment projects, we additionally take into account the needs of our

Radically changing markets present us with new challenges - with great new opportunities emerging for us by broadening the focus on consumption

	Past			Future
Large producers with great market power		Electricity mix with a high proportion of grey electricity	Many small power plants and market participants		Generation of almost 100% with green electricity
Centralised systems with a clear hierarchy		Thinking and acting in terms of national borders	Decentralised systems without hierarchy		Cross-border networking
Clear division of the roles of the market participants		Energy flows exclusively in one direction	Profiles are becoming increasingly blurred		Energy flows increasingly bidirectional
Standard products without room for design		Consumers as pure electricity collectors	Variety of optionalities for energy supply		Consumers become prosumers
	Green power in the energy mix was insignificant			Green power is a commodity -	focus on

and could only be realised through subsidies

management of generation and consumption

We supply companies with more than just energy to realise the Energy Transition - that's why we are taking a look at further client groups

We remain in Europe and manage our investment process according to the needs of our clients

» Italy

» Spain

» In order to be able to act in a client-oriented manner, we will focus on five core markets in the future. These offer the most convincing combination of client potential, asset base and favourable political environment.
» We concentrate our investments in the core markets in order to be able to address as many clients as possible in these markets with a large asset base.
» We remain opportunistically active in our other five markets and are not entering any new markets for the time being.
» Investments in ground-mounted PV and onshore wind energy plants remain our main business, with rooftop systems and storage solutions forming a countryspecific complement

Our strategy aims to triple our connected capacity by 2027

Accelerate growth - Right now!

Revenue (in EUR '000)

Operating CFPS (in EUR)

Operating EBITDA (in EUR '000) Operating Cashflow (in EUR '000)

Financing of the new Accelerated Growth Strategy 2027

The planned investment volume of 3.9 billion euros covers the purchase of the project rights of the cumulative 5.5 GW as well as the construction of 3.7 GW of these generation capacities

60% of this volume is to be covered by non-recourse project financing: 2.4 billion euros

The share of own resources for the financing is thus 1.5 billion euros

Of this, 0.2 billion euros will be provided by minority shareholders at park level

The remaining 1.3 billion euros will be financed over the course of the five planning years, i.e., around 260 million euros per year

The Group relieves the balance sheet in the planning period through repayments of 150 million euros p.a. at the SPV level

At the same time, the Group's equity will be strengthened by releasing the currently very high hedge reserves

Despite the increased indebtedness the Group maintains the equity target ratio of >24%

Impact factors on future dividend policy

Encavis Accelerated Growth Strategy 2027

See you soon!

Jörg Peters Head of Corporate Communications & IR

T +49 (0)40 37 85 62 242 M +49 (0)160 429 65 40 E [email protected]

The information provided in this document has been derived from sources that we believe to be reliable. However, we cannot guarantee the accuracy or completeness of this information and we do not assume any responsibility for it. Encavis AG assumes no liability for any errors or omissions or for any resulting financial losses. Investments in capital markets, in particular in stock markets and futures markets, are fundamentally associated with risks and a complete loss of the invested capital cannot be ruled out. Recommendations provided herein do not represent an offer to buy or sell and are not intended to replace comprehensive and thorough advice before making a decision to buy or sell. Copies of the content of this presentation, in particular prints and copies or publications in electronic media, will only be authorized by written consent from Encavis AG.

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