Altri SGPS — Investor Presentation 2021

May 10, 2021

A UNIQUE BIOMASS PLAYER EXPANDING ITS SOLID RENEWABLES BUSINESS

May 2021

GreenVolt: a leading Biomass operator with a proven pan-European Solar PV and Wind platform focused on disciplined growth

(1) 2020 market share by biomass energy injected, source: DGEG; (2) Power generation capacity; (3) Net pipeline until 2025, including 2.8 GW in Poland and Greece (V-Ridium) + 0.2 GW in Romania + 0.7 GW in Portugal; (4) New markets and pipeline opportunities already identified; (5) Net, including 1.5 GW in Poland and Greece (V-Ridium) + 0.2 GW in Romania + 0.1 GW in Portugal; (6) With financial investors

Privileged relationship with Altri, benefiting from industrial know-how and operational expertise deployed across renewables portfolio

• 733 GWh production of forestry biomass generating a regulated ~€33m 2020 EBITDA with 15(3) years of FiT remaining
• ~3.7 GW pipeline(4) o/w ~1.8 GW at RTB or advanced phase(5)
• Competitive advantage as +20-year operator

(1) As of 07/05/2021; (2) Owned both directly through Altri and indirectly through Caima Energia; (3) 17 years including Mortágua extension; (4) Net pipeline until 2025, including 2.8 GW in Poland and Greece (V-Ridium) + 0.2 GW in Romania + 0.7 GW in Portugal; (5) Net, including 1.5 GW in Poland and Greece (V-Ridium) + 0.2 GW in Romania + 0.1 GW in Portugal

Strong tailwinds in Solar PV and On-shore Wind in Europe…

Renewable energy	 Renewables are the driving force of energy generation in the next decades to meet EU targets for 2030 (32% renewable share) and for 2050 (carbon neutrality), with Portugal(1) to outperform (47% renewable share target for 2030)
generation expansion in	 Solar PV and Wind, which currently represent c. 45% of the renewable generation in Europe, expected to reach c. 600 GW by 2030 (5% CAGR 2020-30)
Europe	 Increasing weight of decentralised generation
	Solar PV and Wind capacity to significantly increase in Europe(2)(3)… is focused on growing(4) … especially in the geographies where GreenVolt

(1) NECP target; (2) IRENA; (3) EU-28 (including UK); (4) IRENA and NECPs of Portugal, Poland, France, Greece, Italy and Romania

…complemented by a growing and much needed renewable and sustainable technology

Biomass, a core technology in the energy transition

 Biomass is a fully manageable technology and enjoys robust prospects across Europe  (1) "Using forestry biomass is one of the solutions that will contribute towards creating more value in the forestry sector"  Critical to manage forestry, urban and new wastes to come, being base load/manageable vs. other generation technologies  Strong expected growth in biomass facilities and production, modest compared to massive Solar PV and Wind development  High barriers to entry: proximity to supply and extensive O&M and AM know-how required

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Biomass(2) will remain as a key energy source both in Europe(3)(4)… …and in Portugal(1)

(1) Portuguese NECP; (2) Biomass (including biofuels, biogas and urban waste); (3) IRENA; (4) EU-28 (including UK); (5) IRENA Database (2018 renewable electricity generation for EU-28 and Portugal)

GreenVolt's strategy: i) increase scale by developing & rotating renewable projects and ii) crystalise growth through profitable MWs in Europe

Strategy based on industrial know-how to grow organically and externally supported by an unprecedented market momentum

Notes: Net pipeline; (1) Net, including 1.5 GW in Poland and Greece (V-Ridium) + 0.2 GW in Romania; (2) Based on 2020 market share, source: DGEG

GreenVolt combines a €33m 2020 EBITDA in a proven technology with a scalable model underpinned by stable and secured cash flows

GreenVolt is the undisputed biomass leader in Portugal(1)

(1) Based on 2020 market share, source: DGEG; (2) 2020A availability factor calculated over 350 days (15 days are for maintenance and unexpected events); (3) Gross Capacity – not weighted by stake held

Management has proven track record in technical performance and excellence in operations

Industry-leading operational standards with GreenVolt's SBM biomass plant's innovative solutions to overcome utilization-related attrition

	Usual biomass challenges	innovative solutions
Biomass Process supply	 Presence of sand and water  Reduction of generation capacity	 Biomass pricing scheme: steam generation (heat input) vs weight  Maximum quality materials  Enlargement of biomass materials (e.g. roots)
Boiling system	 Boiler erosion  High velocity of flue gases	 Tailor-made boiler adjustments based on +20 years expertise  Avoid boiler stoppage

1 leakage per year vs. 7 leakages

Cooperation Altri - GreenVolt is key for high efficiency levels

+20 years of proven management experience backing top-notch operations

• Secured raw material supply at relatively stable prices
• Best-practice O&M from internal GreenVolt team, leveraging on service provision agreement with Altri
• Solar PV energy supply agreements (e.g. PPAs) established with Altri in Portugal

The Altri-GreenVolt cooperation has been delivering high efficiency levels Key competitive advantage to achieve higher returns on external growth

1 Biomass supply agreement

Supply commitment until FiT expiry(1) with a blended tariff of fixed (c.35%) and market price

2 Service provision agreement

O&M(2) and AM(3) with premium/penalty scheme, covering full FiT period

3 Management / Back office contract

Administrative services: HR, finance, legal, IT… To be internalized with company growth

4 Surface lease agreements

Long term lease agreement with possibility to renew

(1) Including potential extension periods; (2) Including corrective and preventive maintenance; (3) Separated from O&M, with a monthly report obligation and GreenVolt being entitled to access all the information

Long-term + contracted revenues offering maximum de-risking, a key differentiator

Low risk profile based on regulated revenues (FiT)…

• 97 MW operating biomass operating under a 25-year Feed-in-tariff regime
  • c. 15 years remaining contracted lifetime(1)
  • €118.5MWh FiT in FY2020
  • CPI indexed FiT
  • Offtaker: Portuguese Electricity System

…with new projects to be secured through different mechanisms

• PPAs with investmentgrade corporates Feed-in-Tariff Other revenue hedging mechanisms (CfD,…)
• Solar PV RTB projects in Portugal under a PPA-scheme with Altri
• Pipeline projects under secured revenues mechanisms
• Local partners to support hedging strategies in new geographies

Operating assets under a 25-year FiT regime
	Mortágua	Ródão	Constância	Figueira da Foz I	Figueira da Foz II - SBM
Capacity (MW)	8.6	12.8	12.8	27.9	35.0
COD	1999	2006	2009	2009	2019
End of FiT	2024(2)	2031	2034	2034	2044
Price (FY2020, €/MWh)	130.8	120.1	117.0	119.1	115.1

Secured & Stable EBITDA(3) Generation

(1) 17 years including Mortágua 15-year extension; (2) Excluding the already signed 15-year extension until 2039 (3) Recurrent EBITDA. €18m in 2018 excluding c.€2m from insurance policy

Tangible biomass pipeline protected by high entry barriers and complemented by Solar PV and On-shore Wind developments…

Note: Net pipeline

… with a pan-European ambition, focused on Poland and Greece

GreenVolt's European pipeline managed by a highly experienced, skilled and local management

Vertically integrated renewable energy business model focused on developing to create value geared to sell, while selectively retaining some projects

Diversified portfolio maximising construction synergies to minimize cost

Corporate Services

Accounting, budgeting, IT, legal, etc.

Decentralised generation, one of the main drivers of the energy transition

Decentralised generation

• Fragmented high growth market, a large consolidation opportunity
  • Global mega trends driving distributed generation
• Industrial and residential clients-focused operators
  • Solutions for single family houses: customers seek simple solutions (1.5-15 KWp) with significant cost savings
  • Small size solutions for dwelling buildings, SMEs and other (i.e., schools): clients seeking sustainability and savings (10-100 KWp)
  • Services sector, high street and hotels: sophisticated customers seeking strong savings (above 100 KWp)
  • Industrial production and factories (large projects with sophisticated customers) looking for short paybacks (> 120 KWp)

Advanced stage for the acquisition of a Portuguese operator and analyzing other situations

GreenVolt to develop ~3.7 GW and ~1.0 GW would remain on balance sheet

Solid financial foundations to support a sustainable and profitable growth

(1) Recurrent EBITDA, excluding c.€2m from insurance policy; (2) Includes 3.7 GW net pipeline + additional early stage biomass assets and early stage assets in Poland and Italy

GreenVolt has a naturally embedded ESG focus

Main ESG policies and initiatives

• Neutral CO² Emissions
• Leader in the forest-based renewable energy sector, expecting to grow in other renewable energy sources
• SBM Green Bond 1 st green bond listed on Euronext Access Lisbon
• Member of the United Nation's Global Compact since January 2021

Awards and certifications

Well structured Governance model

• Well-balanced and diverse Board of Directors
  • c.36% of independent members
  • c.36% of female members
  • Respecting international guidelines
• Well-established and organised system:
  • Risk, Remuneration and Audit committees
  • Advisory Group for Sustainability
  • Strong Code of Ethics and active Risk Management
  • Reporting and disclosure according with market references

Who is making GreenVolt a one-of-a-kind player in the EU renewables space?

Tier I management team with a pan-European ambition in the renewables space

• Local knowledge and seasoned management team in project-scarce markets
• V-Ridium proven experience: +€2.5bn in closed transaction and +15 GW(1) developed

(1) Including co-developments

Solid foundations to become a unique player in the EU renewables sector, at the forefront of ESG best practices

Leading and well-established Portuguese operator with superior development capabilities in Europe levered on an outstanding team

(1) 2020 market share by biomass energy injected, source: DGEG; (2) Net, including 2.8 GW in Poland and Greece (V-Ridium) + 0.2 GW in Romania + 0.7 GW in Portugal; (3) Net, including 1.5 GW in Poland and Greece (V-Ridium) + 0.2 GW in Romania + 0.1 GW in Portugal; (4) 2020 Euronext Lisbon award for SBM Green bond issuance

Glossary of terms

• AM: Asset Management
• Availability: Amount of time that a power plant is able to produce electricity over a certain period
• BEKP: Bleached Eucalyptus Kraft Pulp
• BTM: Behind-the-Meter, power generation that can be used on-site, without passing to grid
• CAGR: Compound Annual Growth Rate
• CfD: Contract-for-Differences
• COD: Commercial Operation Date
• CPI: Consumer Price Index, measure of inflation
• DGEG: Direção Geral de Energia e Geologia
• EBITDA: Earnings Before Interests, Taxes, Depreciation and Amortisation
• EBITDA margin: EBITDA / Revenues
• ESG: Environmental, Social and Governance
• FiT: Feed-in-Tariff, policy mechanism offering long-term contracts to renewable energy producers
• GIM: Global Impact Member
• GW: Gigawatt
• GWh: Gigawatt hour
• IRR: Internal Rate of Return
• IT: Information Technology
• KWp: Kilowatts peak
• LCOE: Levelised Cost of Energy, average net present cost of electricity generation for a plant over its lifetime
• Load factor: Electricity produced during a year / Installed capacity * Hours of a year
• MW: Megawatt
• MWh: Megawatt hour
• M&A: Mergers & Acquisitions
• NECP: National Energy Climate Plan
• Net debt: Gross debt Cash & Cash equivalents
• Net leverage: Net debt / EBITDA
• Net pipeline: Pipeline capacity adjusted by success rate probability and co-developers' share interest
• O&M: Operations and Maintenance
• PPA: Power Purchase Agreement
• Recurrent EBITDA: EBITDA excluding effects of non-recurrent items
• RES: Renewable Energy Sources
• RTB: Ready-to-Build
• SBM: Sociedade Bioeléctrica do Mondego
• SDG: Sustainable Development Goals
• SMEs: Small and Medium-sized Enterprises
• Solar PV: Solar Photovoltaic

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