Greenvolt Energias Renovaveis

Investor Presentation • May 25, 2022

1Q22 Results & Operational Update

May 2022

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Table of Contents 1Q22 Results Overview

Market Outlook 00

01

Business Evolution > Biomass & Structure > Wind & Solar Utility-Scale > Distributed Generation 02

Strategic Enablers 03

Key Takeaways 04

00 Market Outlook

The geopolitical status has changed the energy sector trends for the upcoming years

Governments increased their goals of renewables weight

• ✓ The RE Power EU Package should allow to reduce its imports of Russia gas by 2/3 before next winter and completely by 2027 1)
• ✓ The European Commission (EC) proposes to increase the 2030 target for renewables from 40% to 45% 2)
• ✓ Rooftop PV could provide almost 25% of the EU's electricity consumption 2) and the European Solar Rooftops Initiative sets the goal of adding 58 TWh until 2025 1)
• ✓ The EC recognized that permitting is the bottleneck and is encouraging (i) the removal of administrative / market barriers and (ii) the implementation of support schemes to PPAs 1)
• ✓ More opportunities to invest in renewables in the different value chain segments

1) Source: REPower EU Package; 2) Source: EU Solar Energy Strategy

01 1Q22 Results Overview

1) EBITDA excluding non-recurring costs (€0.1m); 2) Net Income attributable to GreenVolt excluding non-recurring costs and respective tax impact; 3) Probability-weighted pipeline capacity of the Wind and Solar Utility-Scale unit; 4) DG installed and backlog capacity do not include Univergy contribution since its acquisition took place in April, after the 1Q22 closing; 5) Comparison with 4Q21

1Q22: Revenues evolution 01

Highlights

The 1Q22 Revenues growth (+167% vs Revenues 1Q21) was mainly impacted by inorganic acquisitions, namely the waste wood plant in the UK (TGP)

1Q22: EBITDA evolution 01

Highlights

The Biomass performance was the main driver for the positive EBITDA evolution

Wind & Solar Utility -Scale will present positive results as soon as the asset rotation strategy occurs

DG business unit is still in a ramp -up stage

02 Business Evolution

1) As per respective licenses; 2) Availability = Operational Hours / Total available hours in the period; 3) Load Factor = Energy Exported / Maximum Production Possible (as per license)

The Biomass & Structure business unit was positively impacted by the consolidation of TGP

1) Probability-weighted pipeline capacity

GreenVolt is already a major international wind and solar developer. Once again, it reinforced its pipeline and geographical presence

Distributed Generation 02

70%

42%

50% Stake in Univergy 2)

Stake in Profit Energy

Stake in Perfecta Energia 1)

DG market has shown high growth enhanced by the high electricity pool prices, representing a strong opportunity to further consolidate GreenVolt's position in this business unit

1Q22	1Q22	1Q22	2021	1Q22
~60 MWp installed + backlog secured (as of March 22)	4.5 MWp installed + backlog secured (as of March 22)	3.1 MWp secured (Backlog as of March 22)	2.8 MWp installed	2.8 MWp secured (Backlog as of March 22)
B2B	B2B B2C	RES Communities	B2B

1) GreenVolt has the option to acquire the company's entire share capital in 2024; 2) GreenVolt has the option to acquire the company's entire share capital in 2026

GreenVolt's strategy has a strong focus on the consolidation of the DG business unit – a market with high growth prospects

03 Strategic Enablers

Conservative financial policy

• ✓ €223m raised post IPO
• ✓ Sound liquidity fostering agility and flexibility in decision making
• ✓ Cash and unused credit lines amounting to €459m
• ✓ Additional €102m signed on 2Q22 or under negotiation

Strategic Enabler #1 A Resilient and well-balanced financial structure with low liquidity risk and a strong cash position supporting future growth

Outstanding debt as of Mar-22 (€m)

1) Net Debt = Bonds (nominal value) + Bank Loans (nominal value) + Other Loans (nominal value) – Cash and Equivalents

Competitive HR policy focused on recruitment and retention

Well-defined HR strategy, based on attracting and retaining top-tier people across different geographies

Strategic Enabler #2 GreenVolt already has more than 250 people from 17 different nationalities distributed across 8 geographies

It has been an exciting journey and the ground is being laid to move the story forward

The current shareholder structure will change due to the announced spin off from ALTRI, which will reduce its stake to below 20%

Current Shareholder Structure Stock Price Evolution (€)

Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22

Unique renewable energy player with solid and sustainable strategic pillars Key Takeaways ¹

	✓ Well-established and positioned company in the renewable energy sector with proven operational and financial capabilities
	✓ GreenVolt's strategy is focused on 3 key business areas:
2	Residual Biomass	✓ Operational performance optimization of the current plants supported by GreenVolt's management expertise and a continuous improvement policy
		✓ GreenVolt may look for opportunities across Europe in which it can add its operational knowledge
	Wind & Solar Utility-Scale	✓ Acceleration of targets for Renewable Assets' penetration, with permitting fast track, enhanced by the new geopolitical status
		✓ Increasing Demand for Corporate PPAs, to face the recent spike in electricity/energy prices
		✓ Ambitious pipeline Generation through own development, co-development, acquisition, farm-down of minority stakes to selected equity partners
	DG	✓ Accelerated growth on the self-consumption and energy communities' markets on the back of a renewed market demand for renewable energy
		✓ Accelerated growth plan, with several built-up acquisitions
3	✓ Conservative and strong financial policy with stable and predictable cashflows ✓ Competitive Human Resources policy focused on recruitment and retention of top-tier people ✓ Increase liquidity of the GreenVolt stock due to the announced spin off from ALTRI