Slides
Page 1
2025 Results Presentation February 2026
Page 2
2 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Index 01 Finance 02 Operations 03 ESG 04 Annex The power plants depicted along this presentation belong to Ecoener’s portfolio.
Page 3
3 FY 2025 Results Presentation 253 new MW in operation (+60%): the largest capacity addition in Ecoener’s history. Ebitda grows by 20% to 42.3 €m. New growth: 332 MW to reach Ready to Build in 2026. Generation record of 935 GWh, up 33%. Landing in the EU: 15-year CfD awarded for the first wind project (54.4 MW) in Romania. Estimates: With the current 815 MW in operation and under construction alone, revenue is expected to reach 132 €m and Ebitda 80 €m. Highlights 01 02 03 04 05 06 INDEX FINANCE OPERATIONS ESG ANNEX
Page 4
4 FY 2025 Results Presentation DOMINICAN REPUBLIC: Support from Proparco, the French Development Finance Institution, to finance the 60 MWp Payita 1 plant. CANADÁ: Visit by the Lheidli T’enneh Nation to Spain to strengthen the partnership in the 140 MW wind farm. 2024 SUSTAINABILITY REPORT verified by TÜV SÜD. MARCH JUNE AUGUST OCTOBER DECEMBER FEBRUARY APRIL JULY SEPTEMBER NOVEMBER Key milestones First issuance in the carbon credit market certified by Gold Standard. GENERAL SHAREHOLDERS’ MEETING: Appointment of Baldomero Navalón and María Casares as new independent directors. ROMANIA: Award of a 15-year CfD to build a 54.4 MW wind farm. CANARY ISLANDS: 9.3 €m in ERDF funds awarded for storage. Closing of the Puerto Wilches PPA, reaching 806 MW under PPAs/CfDs. Highest rating in the first CDP assessment. The Torrente Blasco family holding company, Torrblas, acquires a 5% stake in Ecoener. COLOMBIA: Start of construction of the 27.2 MWp Puerto Wilches solar plant. GUATEMALA: El Carrizo solar PV plant (74.7 MWp) reaches COD. DOMINICAN REPUBLIC: Solar PV plants Cumayasa 4 (61.7 MWp) and Payita 1 (60 MWp) reach COD. CANADA: Alliance with the Wet’suwet’en Nation for a new wind development. COLOMBIA: Ardobela 1 & 2 solar PV plants (22.7 MWp) reach COD. INDEX FINANCE OPERATIONS ESG ANNEX
Page 5
5 01. Finance Wind farm Lalín INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation
Page 6
6 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Generation Record generation of 935 GWh, +33% 414 395 292 540 Hydro Wind Solar PV Latam Spain 2024 20242025 2025 143 239 323 138 225 572 GENERATION BY TECHNOLOGY (GWh) GENERATION BY REGION (GWh) 706 935 +33% Close to the first TWh milestone For the first time, monthly generation exceeds 100 GWh: November: 100.35 GWh December: 102.37 GWh
Page 7
7 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Revenue by segment Revenue reaches 85 €m, with 10% growth in the generation segment Generation Supply Co. Services 2024 2025 65.7 12.4 3.7 0.4 72 12.2 REVENUE BY SEGMENT (€m) REVENUE FORMATION (€m) 82 +10% 85 +4% 72 12.2 0.4 84.7 Generation Supply Co. Services TOTAL
Page 8
8 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Revenue by geography International revenue accounts for 63% of total revenue 2024 2025 39.6 42.1 31.7 53.3 Latam Spain Data in €m Data in €m SPAIN 2024 2025 Spain 39.6 31.7 LATAM 2024 2025 Guatemala 17.3 26.6 Honduras 3.3 2.5 Dominican Rep. 14.9 18.1 Colombia 6.6 6.0 $ $ COP$ $ € 82 85 82% of revenue is secured and/or protected.
Page 9
9 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Ebitda Ebitda grows faster than revenue: +20% ADJUSTED EBITDA (€m) MARGINS 2024 2024 Ebitda margin Generation margin 2025 2025 35.3 73% 43% 42.3 80% 50% +20% Generation and Ebitda margins remain solid and expanding. Improved cost management: -10%
Page 10
10 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation 4.9 1.9 35.3 Detailed Ebitda 2025 Ebitda, excluding extraordinary income, reflects its strength DETAILED EBITDA (€m) ADJUSTED EBITDA FORMATION (€m) 2024 2025 42.3 42.3 +9.9 +0.8 +7-3.6 57.6 1.6 -16.8 Adjusted Ebitda 2024 Adjusted Ebitda 2025 Extraordinary income Impairment Generation Supply Co. Services TOTAL Strength of generation Ebitda
Page 11
11 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Profit Profit grows strongly in the second half of the year NET PROFIT (€m)PBT BREAKDOWN (€m)PBT (€m) 2024H1 20252024 2025H2 20252025 5.8 3.7 5 12.1 1.3 7.8
Page 12
12 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Completion of project financing The normalized ratio stands at 7.8x NET DEBT / EBITDA 37% of the assets in operation contributed minimally to Ebitda in 2025 but accounted for 100% of their debt. The normalized ratio excludes debt and Ebitda linked to these assets. NET DEBT : 608 €m 2025 Normalized2024 15x 14.4x 7.8x Closing of Payitas and Puerto Wilches financings. In the mid-term, the ratio will settle between 5 and 6x
Page 13
13 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Capex vs Cash Completion of the growth plan CAPEX – CASH END (€m) CASH PERFORMANCE (€m) 71.3 CASH INITIAL OPERATING FINANCING OTHERCAPEX CASH END 71.3 5.8 92.376.4 76.4 -87.5-87.5 -5.5 CASH END 2024 CASH END 2025 CAPEX -191.5 20252024
Page 14
14 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Estimated revenue Revenue growth of 56% 2025 E2026 E2027 85 115 132 ESTIMATED REVENUE (€m) +56% Expected operating cash generation: 50 €m Based solely on the current 815 MW in operation and under construction
Page 15
15 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Estimated Ebitda Ebitda increase of 89% ESTIMATED EBITDA (€m) 2025 E2026 E2027 42 65 80 +89% Within 24 months, Ebitda expected to nearly double Based solely on the current 815 MW in operation and under construction
Page 16
16 FY 2025 Results Presentation 02. Operations Yolanda solar PV plant INDEX FINANCE OPERATIONS ESG ANNEX
Page 17
Capacity increase 680 MW in operation, up 60% Today 2024 2015 H1 2021 TOTAL GROWTH (MW) 427 89 141 IPO 680 (+253 vs. 2024) 135 OPERATION 680 MW CONSTRUCTION 135 MW 815 MW +5.8x +9.1x 17 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation In operation Under construction
Page 18
18 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation LATAM EL CARRIZO MARFÚ ARDOBELA 1 & 2 CUMAYASA 4 PAYITA 1 CAPACITY CAPACITY CAPACITY CAPACITY CAPACITY 61.7MWp 9.6MWp 60MWp 74.7MWp 22.7MWp Payita 1 El Carrizo Ardobela 1 & 2 Cumayasa 4 Marfú MW GROWTH IN 2025: +54% New assets in operation in 2025 229 new MW in the Dominican Republic, Guatemala, Colombia and the Canary Islands SPAIN Marfú also includes the twin plants of Mejías, Sequero and Carrizal.
Page 19
19 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation LATAM CAPACITY 23.8MWp Tamarindo 1 & 2 New assets in operation in 2026 24 new MW in Colombia 88 MW IN OPERATION IN THE COUNTRY
Page 20
20 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation PAYITA 2 PANAMA LATAM Assets under construction Solar PV plants with 135 MW in the Dominican Republic, Panama and Colombia UNDER CONSTRUCTION San Bartolo La Mesa Aguaviva Santiago Payita 2 CAPACIDAD 60MWp Payita 2 ESTIMATED COD CAPACITY CAPACITY 48MWp Panama ESTIMATED COD 2026 2026 CAPACITY 27MWp 135MW Puerto Wilches TOTAL ESTIMATED COD Puerto Wilches 2027 High level of progress in the investment
Page 21
806 MW under PPAs / CfDs 82 new MW: more than $3 billion in protected revenue 806 MW 140 MW 54 MW 611 MW MW MW EVOLUTION Latam North America Europe LATAM Dominican Republic 218 MW Guatemala 163 MW Ecuador 99 MW Colombia 115 MW Honduras 16 MW NORTH AMERICA Canada 140 MW EUROPE Romania 54 MW 18 Years: Compound average PPA term 21 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation 30 30 137 167 638 806 2015 2021 2025 Growth Cumulative growth
Page 22
22 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Growth catalysts PROFITABILITY GROWTH FINANCING Better PPA opportunities Diversification and stability Rotation % of RtB assets Canada WIND SOLAR PV + BESS + European Union Lower equity needs TECHNOLOGY MARKETS ASSETS
Page 23
23 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation 5.0 5.0 5.3 2025 PROFIT & LOSS** (€m) Operation Rotation ProformaAccounting Profit before tax +10 €m increase in Equity * The earnings figures assume 100% execution of the rotation. ** Minority asset sales (%) are not included in the consolidated income statement, but are included in the balance sheet (IFRS). 80% executed and 20% committed as of today Invested Equity Invested Capex 2.1X 1.4X RETURNS 10 5.3 RESULTS* (€m) Generated cash Capital gain CUMAYASA 4 – 61.7 MWp 25% STAKE August 2024: EPC start July 2025: COD December 2025: Rotation Asset rotation 2025 Operation
Page 24
RtB projects 2026 Miroslovesti and Morteni, 97 MW ROMANIA MIROSLOVESTI AND MORTENI 24 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation 42.6 MW 54.4 MW Morteni 1ST WIND PLANT AND 1ST SOLAR PLANT IN THE EU SOVEREIGN OFFTAKER: CFD CONTRACT 31% AND 18% LOAD FACTOR 1ST INSTALLATION WITH BESS Miroslovesti PROJECT DETAILS PROJECT NAME Miroslovesti LOCATION Miroslovesti, Romania INSTALLED CAPACITY 54.4 MWp TECHNOLOGY Wind LOAD FACTOR 31% PROJECT DETAILS PROJECT NAME Morteni LOCATION Morteni, Romania INSTALLED CAPACITY 42.6 MWp + 160 MWh BESS TECHNOLOGY Solar PV LOAD FACTOR 18-24%
Page 25
25 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation RtB projects 2026 La Hulera and Cocales, 160 MW GUATEMALA PROJECT DETAILS PROJECT NAME La Hulera LOCATION Retalhuleu, Guatemala INSTALLED CAPACITY 60 MWp + 107 MWh BESS TECHNOLOGY Solar PV (trackers) + BESS LOAD FACTOR 24% PROJECT DETAILS PROJECT NAME Cocales LOCATION Suchitepéquez, Guatemala INSTALLED CAPACITY 100 MWp + 80 MWh BESS TECHNOLOGY Solar PV (trackers) + BESS LOAD FACTOR 27% LA HULERA AND COCALES 4TH AND 5TH PLANTS IN THE COUNTRY PPA UNDER NEGOTIATION WITH A TOP-TIER OFFTAKER 10-YEAR FULL CORPORATE TAX EXEMPTION 322 MW TO BE REACHED IN GUATEMALA 60MWp La Hulera 100 MW Cocales
Page 26
26 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation PROJECT DETAILS PROJECT NAME Juan Mina LOCATION Barranquilla, Colombia INSTALLED CAPACITY 25 MWp TECHNOLOGY Solar PV (trackers) LOAD FACTOR 25% PROJECT DETAILS PROJECT NAME Santander LOCATION Sucre, Colombia INSTALLED CAPACITY 50 MWp TECHNOLOGY Solar PV (trackers) LOAD FACTOR 22% RtB projects 2026 Juan Mina and Santander, 75 MW COLOMBIA JUAN MINA AND SANTANDER 7TH AND 8TH PLANTS IN THE COUNTRY FRAMEWORK AGREEMENT WITH OFFTAKER OECD COUNTRY 190 MW TO BE REACHED IN COLOMBIA Juan Mina Santander25 MWp 50 MWp
Page 27
27 FY 2025 Results Presentation 03. ESG Jedey wind farm INDEX FINANCE OPERATIONS ESG ANNEX
Page 28
28 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation First CDP participation, B rating (maximum score under private disclosure). Two years with Dark Green rating (S&P). Adherence to the UN Global Compact. Sustainability Report audited by TÜV SÜD. Launch of the 2024–2026 Strategic Plan. Assessment of climate risks and opportunities in line with international best practices (IPCC, IEA, TCFD). First appearance in the Merco ESG Spain ranking. BEGINNING VISION Alignment with the SDGs Leading the way toward sustainability PRESENT Dark Green A responsible business model
Page 29
29 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Environmental initiatives that transform the territory E Land stewardship through forest and biodiversity compensation plans: • Restoration of 300 hectares of Premontane Tropical Dry Forest in Colombia. • 20 hectares of coastal Atlantic forest protected by the Fragas do Eume Foundation. • 13.3 km of vegetation screens in the Canary Islands assets. Promotion of the agrivoltaic project in the Dominican Republic, Colombia and Guatemala (350 hectares). Advanced carbon footprint calculation (extended Scope 3) based on the GHG Protocol. Third part verification. Set up an ambitious Decarbonization Plan aligned with the SBTi methodology. First issuance of carbon credits certified by Gold Standard. Territorial integration by combining compatible activities Monitoring of flora and fauna From local protection to global restoration BEGINNING VISION PRESENT
Page 30
30 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Community relations based on dialogue, proximity and attention to local needs Methodological and strategic social management based on international standards Concrete actions for local development: • Sponsoring regional organizations. • Improvement of community infrastructure: health care, schools and street lighting. • Implementation of training programmes. Supplier and Contractor Management Plan in place, including ethical clauses for the supply chain. Promoting inclusive and diverse labour force hiring. Compliance with the standards of the International Finance Corporation (IFC). Real impact on communities S BEGINNING VISION PRESENT
Page 31
31 04. Annex Yolanda solar PV plant INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation
Page 32
32 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Profit & Loss (1/3) 31.12.2025 31.12.2024 CHG. (%) REVENUES 84.667 81.725 4% Procurements (14.615) (21.124) -31% Capitalized personnel costs 7.535 7.360 2% Other operating income 3.979 1.641 142% Personnel expense (13.768) (11.610) 19% Other operating expense (25.507) (22.740) 12% ADJUSTED EBITDA 42.290 35.252 20% Impairment of fixed assets (533) 1.944 -127% Other income 472 4.866 -90% Changes in trade provisions (16) - - EBITDA 42.213 42.062 0% Amortisation (20.473) (17.898) 14% EBIT/ OPERATING PROFIT 21.740 24.164 -10% Finance income 580 646 -10% Finance costs (18.803) (14.962) 26% Change in fair value of financial instruments - - - Impairment of financial instruments 1.492 (1.596) -194% Translation differences (1) (476) (1) NET FINANCIAL INCOME / COST (16.732) (16.388) 2% RESULTS OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD 7 (1) (9) PROFIT / (LOSS) BEFORE TAX 5.015 7.775 -35% Corporate tax 755 4.340 -83% NET PROFIT 5.770 12.114 -52% Minorities (2.404) (1.001) 140% 31.12.2025 - €mn
Page 33
33 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Profit & Loss (2/3) 31.12.2023PL SEGMENTS BREAKDOWN HYDRO WIND SOLAR PV SUPPL Y CO. SERVICES TOTAL REVENUES 12.602 19.393 40.022 12.245 404 84.667 Procurements (1.885) - (2.176) (10.524) (30) (14.615) Capitalized personnel costs - - - - 7.535 7.535 Other operating income 2 670 3.143 0 164 3.979 Personnel expense - - - (117) (13.651) (13.768) Other operating expense (2.396) (5.415) (6.403) (26) (11.266) (25.507) ADJUSTED EBITDA 8.323 14.647 34.586 1.578 (16.844) 42.290 Impairment of fixed assets 448 (3) - - (978) (533) Other income 0,03 217 43 - 213 473 Changes in trade provisions - - (16) - - (16) EBITDA 8.771 14.861 34.613 1.578 (17.609) 42.214 Amortisation (2.833) (8.439) (8.615) (7) (579) (20.473) EBIT/ OPERATING PROFIT 5.938 6.422 25.998 1.571 (18.189) 21.741 Finance income 34 62 167 1 316 580 Finance costs (449) (770) (13.881) (5) (3.698) (18.804) Change in fair value of financial instruments - - - - - - Impairment of financial instruments - - - - (1) (1) Translation differences (6) - 728 (138) 908 1.492 NET FINANCIAL INCOME / COST (420) (708) (12.987) (142) (2.475) (16.732) RESULTS OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD 7 7 PROFIT / (LOSS) BEFORE TAX 5.518 5.714 13.011 1.428 (20.657) 5.015 Corporate tax (546) (2) (2.365) - 3.668 755 NET PROFIT 4.972 5.713 10.646 1.428 (16.989) 5.771 31.12.2025 - €mn
Page 34
34 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Profit & Loss (3/3) 31.12.2023PL GEOGRAPHIES BREAKDOWN SPAIN GUATEMALA HONDURAS DOMINICAN REP . COLOMBIA OTHER TOTAL REVENUES 31.340 26.616 2.476 18.140 6.018 76 84.667 Procurements (16) (12.662) - (113) (1.825) (0) (14.615) Capitalized personnel costs 4.758 456 - 306 492 1.523 7.535 Other operating income 836 617 - 2.448 20 58 3.979 Personnel expense (9.701) (1.011) (71) (614) (778) (1.593) (13.768) Other operating expense (15.334) (1.710) (520) (4.462) (1.930) (1.552) (25.507) ADJUSTED EBITDA 11.884 12.306 1.885 15.706 1.997 (1.488) 42.290 Impairment of fixed assets (985) 448 - 21 - (17) (533) Other income 212,26 - (0) 228 28 4 473 Changes in trade provisions (16) - - - - - (16) EBITDA 11.095 12.754 1.885 15.955 2.025 (1.501) 42.214 Amortisation (11.281) (3.207) (1.009) (3.565) (1.219) (191) (20.473) EBIT/ OPERATING PROFIT (186) 9.547 876 12.390 806 (1.692) 21.741 Finance income 115 39 26 27 147 226 580 Finance costs (4.160) (5.139) (813) (5.749) (2.219) (723) (18.804) Change in fair value of financial instruments - - - - - - - Impairment of financial instruments (1) - - - - - (1) Translation differences 1.068 (238) (239) (318) 1.370 (151) 1.492 NET FINANCIAL INCOME / COST (2.978) (5.338) (1.027) (6.041) (701) (648) (16.732) RESULTS OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD 7 7 PROFIT / (LOSS) BEFORE TAX (3.157) 4.209 (151) 6.349 105 (2.340) 5.015 Corporate tax 2.615 673 - (2.195) (279) (58) 755 NET PROFIT (542) 4.882 (151) 4.154 (174) (2.397) 5.771 31.12.2025 - €mn
Page 35
35 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Balance sheet €mn €mn 31.12.2025 31.12.2024 Chg. (%) Chg. (€) INTANGIBLE ASSETS 8.205 9.306 -12% (1.101) RIGHT OF USE ASSETS 12.757 13.000 -2% (243) PROPERTY, PLANT AND EQUIPMENT 671.174 635.207 6% 35.967 Long-term investments in group companies and associates 4.258 4.347 -2% (89) Long-term financial investments 9.514 485 1862% 9.029 Deferred tax assets 48.570 40.559 20% 8.011 OTHER NON-CURRENT ASSETS 4.529 2.707 67% 1.822 TOTAL NON-CURRENT ASSETS 759.007 705.611 Current assets Inventories 4.791 0 - 4.791 Trade and other receivables 43.876 32.492 35% 11.384 Current tax assets 78 382 -80% (304) Investments in related parties 260 591 -56% (331) Current investments 3.406 3.554 -4% (148) OTHER CURRENT ASSETS 8.665 7.631 14% 1.034 CASH AND CASH EQUIVALENTS 76.497 71.356 7% 5.141 TOTAL CURRENT ASSETS 137.573 116.007 TOTAL ASSETS 896.580 821.617 31.12.2025 31.12.2024 Chg. (%) Chg. (€) Non-current liabilities Long-term provisions 4.131 3.929 5% 202 Long-term debts 549.397 531.776 3% 17.621 Deferred tax liabilities 10.193 4.652 119% 5.541 Grants 12.991 10.683 22% 2.308 Non-current accounts payable 0 1.037 -100% (1.037) Other long-term payable accruals 3.506 3.742 -6% (236) TOTAL NON-CURRENT LIABILITIES 580.218 555.818 Current liabilities Short-term debts 150.798 82.804 82% 67.994 Trade and other accounts payable 19.166 29.049 -34% (9.883) Current tax liabilities 2.806 2.832 -1% (26) Short-term accruals 247 246 0% 1 TOTAL CURRENT LIABILITIES 173.017 114.931 Net equity Share capital 18.224 18.224 0% - Issue premium 99.326 99.326 0% - Other reserves 17.336 12.630 37% 4.706 Interim dividend - (4.998) -100% 4.998 Other Shareholder’s contributions 6.573 6.573 0% - Own shares (52) (66) -21% 14 Income for the year attributable to the Parent Company 5.452 9.711 -44% (4.259) Exchange differences (23.351) (3.690) 533% (19.661) Equity attributed to Parent Company equity holders 123.508 137.710 -10% (14.202) Non-controlling interest 19.837 13.158 51% 6.679 TOTAL NET EQUITY 143.345 150.868 TOTAL NET EQUITY AND LIABILITIES 896.580 821.617
Page 36
36 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Assets In operation through 2024 COUNTRY TECHNOLOGY PROJECT CAPACITY (MW) FINANCING COD GALICIA Hydro San Bartolomé 1.2 Green Bond 1997 GALICIA Hydro Cierves 5 Green Bond 2000 GALICIA Hydro Peneda 10 Green Bond 2003 GALICIA Hydro Arnoya 10 Green Bond 2003 GALICIA Wind Ourol 18 Green Bond 2007 GALICIA Hydro Landro 9.2 Green Bond 2008 GALICIA Hydro Xestosa 2.9 Green Bond 2008 GALICIA Wind Lalín 3 Green Bond 2008 HONDURAS Solar PV Llanos del Sur 16.2 Project Finance 2015 GUATEMALA Hydro Las Fuentes II 14.2 Project Finance 2016 CANARY ISLANDS Wind Llanos de la Aldea 20 Green Bond 2017 CANARY ISLANDS Wind San Bartolomé 9.2 Green Bond 2017 CANARY ISLANDS Wind La Caleta 5.6 Sicav 2020 CANARY ISLANDS Wind El Rodeo 4.8 Green Bond 2020 CANARY ISLANDS Wind Las Casillas 1 4 Sicav 2021 CANARY ISLANDS Wind Lomo del Moral 4 Project Finance 2021 COUNTRY TECHNOLOGY PROJECT CAPACITY (MW) FINANCING COD CANARY ISLANDS Wind Arcos del Coronadero 4 Project Finance 2021 CANARY ISLANDS Solar PV Llanos de la Aldea I, II, III 7.2 Project Finance 2021 CANARY ISLANDS Solar PV El Matorral 11.5 Project Finance 2021 CANARY ISLANDS Solar PV Aldea Blanca I, II, III, IV 9.2 Project Finance 2021 CANARY ISLANDS Wind La Florida III 19.2 Project Finance 2022 CANARY ISLANDS Wind La Gomera 11.8 Sicav 2022 DOMINICAN REP . Solar PV Cumayasa 1 60 Project Finance 2023 DOMINICAN REP . Solar PV Cumayasa 2 36 Project Finance 2023 COLOMBIA Solar PV Sunnorte 41 Project Finance 2023 GALICIA Hydro Cierves Ampliación 3 Own funds 2023 CANARY ISLANDS Solar PV Llanos de la Aldea I Ext. 1.6 Project Finance 2024 CANARY ISLANDS Wind Las Casillas 3.3 Sicav 2024 CANARY ISLANDS Solar PV Orone 4.7 Sicav 2024 CANARY ISLANDS Solar PV La Rosa 2.7 Sicav 2024 GUATEMALA Solar PV Yolanda 73.7 Project Finance 2024 427
Page 37
37 INDEX FINANCE OPERATIONS ESG ANNEX FY 2025 Results Presentation Assets New assets in operation Under construction Under development COUNTRY TECHNOLOGY PROJECT CAPACITY (MW) FINANCING COD DOMINICAN REP . Solar PV Cumayasa 4 61.7 Project Finance 2025 DOMINICAN REP . Solar PV Payita 1 60.0 Project Finance 2025 GUATEMALA Solar PV El Carrizo 74.7 Project Finance 2025 COLOMBIA Solar PV Ardobela 1 11.2 Project Finance 2025 COLOMBIA Solar PV Ardobela 2 11.5 Project Finance 2025 CANARY ISLANDS Solar PV Marfú 2.4 Sicav 2025 CANARY ISLANDS Solar PV Mejias 2.4 Sicav 2025 CANARY ISLANDS Solar PV Sequero 2.4 Sicav 2025 CANARY ISLANDS Solar PV Carrizal 2.4 Sicav 2025 COLOMBIA Solar PV Tamarindo 1 11.9 Project Finance 2026 COLOMBIA Solar PV Tamarindo 2 11.9 Project Finance 2026 253 COUNTRY TECHNOLOGY PROJECT CAPACITY (MW) LOAD FACTOR RTB1 GUATEMALA Solar PV La Hulera 60.0 27% 2026 ROMANIA Wind Miroslovesti 54.4 32% 2026 ROMANIA Solar PV Morteni 42.6 18-24% 2026 GUATEMALA Solar PV Cocales 100 27% 2026 COLOMBIA Solar PV Juan Mina 25.0 25% 2026 COLOMBIA Solar PV Santander 50.0 22% 2026 332 COUNTRY TECHNOLOGY PROJECT CAPACITY (MW) LOAD FACTOR COD DOMINICAN REP . Solar PV Payita 2 60.0 27% 2026 PANAMÁ Solar PV San Bartolo / Aguaviva / Santiago / La Mesa 47.8 23% 2026 COLOMBIA Solar PV Puerto Wilches 27.2 24% 2027 135 1 RtB stands for Ready to Build.
Page 38
This document and the information contained herein does not constitute an offer to sell, exchange or buy, or the solicitation of an offer to buy, or any recommendation or advice regarding, any securities issued by Ecoener, S.A. (“Ecoener” or the “Company”). This document may contain statements regarding intentions, expectations or forecasts. All statements other than statements of historical facts included herein, including, without limitation, those regarding our financial position, business strategy, management plans and objectives for future operations, are forward-looking statements. These statements represent the Company’s best estimate on the basis of the information available as at the date hereof, but do not constitute a guarantee of future performance. Any such forward-looking statements may be subject to risks, uncertainties and other relevant factors which could cause them to differ materially from actual results. Accordingly, readers are cautioned not to place undue reliance on such forward-looking statements Some of these risks include, amongst others, ongoing competitive pressure in the sector, macro-economic, political, regulatory and trade conditions, foreign exchange risks, technological risks, restrictions to free trade and political volatility in the markets where the Company is present or in the countries where the Group’s projects are present. The risks and uncertainties that could affect the forward-looking statements are difficult to predict. Except where the prevailing regulations require otherwise, the Company assumes no obligation to publicly revise or update its forward-looking statements in the case of unexpected changes, events or circumstances that could affect them. For a discussion of these and other factors that may affect forward looking statements and Ecoener’s business, financial conditions and results of operations, see the documents and information filed by the company with the Comisión Nacional del Mercado de Valores (the Spanish Securities Market Commission). Readers are invited to review the contents of any such documents. This presentation contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”) and derived from our financial statements, alternative performance measures (“APMs”) as defined in the Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures (“Non-IFRS Measures”). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Ecoener; however, those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors. These APMs and Non-IFRS Measures should be considered supplemental information to, and are not meant to substitute IFRS measures. Please refer to the audited consolidated financial statements of the Group for fiscal year 2021 for the definition of APMs and Non-IFRS Measures included herein. For the purposes of this presentation, “MW under construction” refers to MW to be produced by projects which meet the following requirements: the management of the works necessary for the execution of construction and development activities associated with such facility ‘construction, consisting, among others, in the organization and verification of the appropriate tasks that will lead to the successful completion of the material execution of projects, such as the rethinking of construction projects, the negotiation, preparation, contracting and monitoring (always on behalf of the company that owns the project) of the contracts with suppliers, as well as tools, instruments, and equipment necessary for the construction of the project, the interaction with administrations to ensure compliance with the requirements established in different resolutions (environmental, licenses and authorizations) prior to the start of construction, the communication with land owners to ensure compliance with the formal requirements established in the leasing contracts prior to the start of the works, the formalization and structuring of the necessary financing, including the review processes or the tasks related to compliance, as far as it is concerned, by the entity owning the project, of the current provisions relating to labour, social security, prevention of occupational risks and occupational health and safety. For the purposes of this presentation “MW in operation” means MW produced by assets that are in operation, functioning and producing electricity. This presentation contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”) and derived from our financial statements, alternative performance measures (“APMs”) as defined in the Commission Delegated Regulation (EU) 2019/979 of March 14, 2019 and in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures (“Non-IFRS Measures”). These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from Ecoener; however, those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors. These APMs and Non-IFRS Measures should be considered supplemental information to, and are not meant to substitute IFRS measures. Please refer to the audited consolidated financial statements of the Group for fiscal year 2021 for the definition of APMs and Non-IFRS Measures included herein. Source: Consolidated audited Financial for 2024 Statements and Consolidated audited Director’s Report as of the period ended 31 December 2025 of Ecoener, S.A. and its subsidiaries, which have been prepared in accordance with international Financial Reporting Standards as adopted by the European Union (“IFRS-EU”). Figures for ordinary income Adjusted along the presentation are shown in accordance with the standard established at the 31/12/2025 closing date. Disclaimer