PNE AG — Investor Presentation 2022

Mar 30, 2022

INVESTOR RELATIONS PRESENTATION

FY | 2021

| Investor Relations Presentation | March 2022

DISCLAIMER

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DYNAMIC OPERATING PERFORMANCE LEADS TO RECORD OUTPUT OF >1GW IN 2021

• » Record level of >1,070 MW/MWp of renewable energy projects sold, put into operation or under construction in 2021
• » Significant project sales of >770 MW/MWp
• » First PV projects sold in Romania and USA
• » Increase of pipeline by 963 MW/MWp yoy despite extraordinary high project realisation
• » Expansion of own generation portfolio makes progress 364.9 MW in operation, under construction or through tender
• » Scale Up Implementation fully on track
• » O&M: MW under management increased to >2,000
• » PPA: contracts for >1 TWh negotiated

FY 2021 RESULTS SURPASS TARGETS

• » EBITDA increases to € 32.7m, up 24% yoy slightly exceeds upper end of guidance (€ 24-32m)
• » Total output at high level of € 252.0m, up 66% yoy
• » Investments in own generation portfolio impact group result reflected by non-realised earnings ("hidden reserves") of € 53.0m (vs. € 50.0m in FY 2020)
• » EBITDA adj. (= EBITDA incl. hidden reserves) increases to € 85.7m (vs. 76.3m in FY 2020)
• » Growth across all segments
• » Power generation benefitted from high power prices in Q4
• » Cash position (+€38m) and equity (+€21m) increased due to high project sales and despite significant investments in project development and own generation portfolio
• » High cash inflow in Q4 related to project sale in Poland and € 15m milestone payment from Ørsted

FULLY ON TRACK TO ACHIEVE OR EXCEED SCALE UP TARGETS IN 2023

2018 2019 2020 2021 construction (MW/MWp)

Output: Projects sold, commissioned, under

EBITDA adj.

MW in own generation portfolio (in operation)

MW in O&M management

EXPANSION OF OWN GENERATION PORTFOLIO CONTINUES

• » Target to increase own generation to up to 500 MW by the end of 2023
• » 233.2 MW of onshore wind projects currently in operation, further 103.1 MW intended for portfolio under construction and 28.5 MW through tender*
• » 295 GWh of green electricity produced in 2021, ~200,000 tonnes of CO2 saved

Development of portfolio (in MW)*

Hidden reserves accumulated in portfolio of > € 130m in total:

* as of December 31, 2021

6

WELL-FILLED PROJECT PIPELINE WIND ONSHORE

Country	I – II	III	IV	Total MW	Sold/ Services
Germany	1,271	505	131	1,907	0
France	284	246	0	530	13
United Kingdom	43	0	0	43	0
Italy	40	0	0	40	0
Canada	505	0	0	505	0
Panama	224	60	0	284	0
Poland	404	0	0	404	59
Romania	0	0	0	0	221
South Africa	630	30	0	660	140
Sweden	200	0	0	200	60
Turkey	629	71	0	700	0
USA	266	167	0	433	0
Total	4,496	1,079	131	5,706	493

Phase I – II = Exploration & Development

as of December 31, 2021

Phase III = Planning

Phase IV = Implementation till handover

Sold/Services = sold, but construction management services by PNE

• » Total pipeline grows to 5,706 MW (FY 2020: 5,405 MW)
• » Very high level of projects in permitting phase in Germany and France with 751 MW

Germany

• » Increase of German pipeline to 1,907 MW (2020: 1,754 MW)
• » Projects completed: Erfurt Ost (5.5 MW), Projects Langstedt (12.6 MW / 4.2 MW for third party), Lentföhrden (8.4 MW), Boitzenhagen (25.1 MW), Holstentor (13.5 MW) and Zahrenholz (21.6 MW)

France

» Nanteuil (13.2 MW) sold to CEE Group in Q2 2021, under construction

Poland

» Projects Krzecin (19 MW) and Kuslin (40 MW) under construction; projects were sold at beginning of Q4 2021 to Octopus Renewables

Romania

» 220.6 MW were sold in Q2 2021

South Africa

» 140 MW were sold in Q3 2021

Sweden

» Hultema (59.4 MW) under construction

PV PIPELINE MORE THAN DOUBLED TO 1,210 MWp

Country	I – II	III	IV	Total MWp
Germany	412	0	0	412
France	55	0	0	55
Italy	117	0	0	117
Canada	10	0	0	10
Poland	98	0	0	98
Romania	112	0	0	112
South Africa	105	0	0	105
USA	301	0	0	301
Total	1,210	0	0	1,210

Phase I – II = Exploration & Development

as of December 31, 2021

Phase III = Planning

Phase IV = Implementation till handover

» Total PV pipeline grows to 1,210 MWp (FY 2020: 548 MWp)

• » 4 new markets (France, Canada, Poland, South Africa) with 268 MWp added to PV pipeline in 2021
• » Additional markets and projects are being evaluated
• » Many synergies with wind development

First PV project sales in 2021:

Romania

» 81 MWp project developed ready to construct and sold to Econergy

USA

» Sale of 199 MWp in early development phase

FINANCIAL FIGURES STRONGLY IMPROVED YOY

• » Strong increase in Total output of 66.1% yoy
• » EBITDA up 23.9% yoy
• » Operating performance and earnings mainly driven by:
• » Various project sales
• » Internal sales related to build-up of own generation portfolio
• » Results from Power Generation and Services
• » Financial result positively impacted by valuation of interest rate swaps (+€ 3.5m)
• » Tax income of € 21.8m, which is mainly attributable to the formation of deferred taxes on tax loss carry-forwards, leads to strong increase of net result

In € m	FY 2021	FY 2020
Sales	117.7	109.7
Work in progress	129.8	38.2
Other income	4.5	3.8
Total output	252.0	151.7
Cost of materials	-161.6	-72.7
Personnel	-38.5	-35.1
Others	-19.3	-17.6
EBITDA	32.7	26.4
Depreciation	-23.4	-18.2
EBIT	9.3	8.2
Financial result	-6.2	-10.9
EBT	3.0	-2.7
Taxes	21.6	3.6
Non-controlling interests	0.5	0.7
Net income	25.1	1.6
EPS (in €)	0.33	0.02
EPS (in €) Diluted	0.33	0.02

GROWTH ACROSS ALL BUSINESS SEGMENTS

» Project development

• » Project development output* increases to €267.5m (+43.6%)
• » EBITDA* increases to €62.7m (+10.9%)

» Services

• » Services output* grows to €21.9m (+3.6%), driven by new service offerings and growth of O&M business
• » EBITDA* decreases slightly to €5.1m (-2.2%), due to negative one-off effects amounting to €0.65m

» Electricity generation

» Power generation output* increases to €33.0m (+35.6%), due to strong Q4 driven by high power prices, compensating for the weak wind yields and maintenance downtime of Silbitz

» EBITDA* increases to €23.1m (+25.8%)

* Before consolidation

BALANCE SHEET REMAINS ROCK SOLID

Property, Plant and Equipment

»	Transformer stations	€18.6m
»	Land and building	€13.0m
»	Own wind farms	€234.9m

Inventories

• » Onshore Germany €100.4m » Onshore International €22.1m
• » Advance payments €40.9m

Liquidity

» Cash position increased to €149.6m due to high cash inflow from project sales and offshore milestone payment, and despite significant investments in project development and own generation portfolio

Equity

• » Equity ratio at 26.8%
• » Equity ratio "bond" at 32.7%

Non-current debt

• » Corporate bond 2018/23 (€50m, 4%)
• » Liabilities to banks €330.4m, mainly project financing (non recourse)
• » Liabilities from leasing contracts (rights of use) €103.7m

Current liabilities

• » Liabilities to banks €21.3m, mainly project financing (non recourse)
• » Liabilities from leasing contracts (rights of use) €6.9m

POSITIVE OUTLOOK IN DYNAMIC MARKET ENVIRONMENT

• » Guidance for FY 2022: EBITDA of € 20-30m
• » Dynamic market environment provides opportunities, e.g. power prices, hydrogen
• » Portfolio build up continues: 103 MW under construction in Germany for own generation portfolio, more to follow
• » Well-filled and growing project pipeline (5,706 MW wind onshore, 1,210 MWp PV)
• » High volume in permitting phase in core markets Germany and France with 751 MW (wind onshore) offers great potential and good visibility going forward
• » Ongoing investment in own generation portfolio and Scale-Up

INVESTOR RELATIONS PRESENTATION

FY | 2021

| Investor Relations Presentation | March 2022