Slides
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CMD 2025 grenergy.euBank of America, London 28.05.2025 STORAGE THE PLAY
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0202 By attending this presentation and/or by accepting this presentation you will be taken to have re- presented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer. The information contained in this presentation (“Presentation”) has been prepared by Grenergy Re- novables S.A. (the “Company”) and has not been independently verified and will not be updated. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions con- tained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representa- tion. Neither the the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, under contract, tort or otherwise) for any loss howsoever arising from any use of this Pre- sentation or its contents or otherwise arising in connection with this Presentation. This Presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the Company’s publicly available information and, if applicable, the oral briefing provided by the Company. The information and opinions in this presen- tation are provided as at the date hereof and subject to change without notice. It is not the inten- tion to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. This Presentation contains financial information regarding the businesses and assets of the Com- pany. Such financial information may not have been audited, reviewed or verified by any indepen- dent accounting firm. 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These include, among other factors, changing economic, business or other market condi- tions, changing political conditions and the prospects for growth anticipated by the Company’s management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Any forward-looking statements contained in this Pre- sentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obliga- tion to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The market and industry data and forecasts that may be included in this Presentation were obtai- ned from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, it affilia- tes, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only. Ac- cordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. NEITHER THIS PRESENTATION NOR ANY OF THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER OF PURCHASE, SALE OR EXCHANGE, NOR A REQUEST FOR AN OFFER OF PURCHASE, SALE OR EXCHANGE OF SECURITIES, OR ANY ADVICE OR RECOMMENDATION WITH RESPECT TO SUCH SECURITIES. The securities of the Company may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act of 1933 or pursuant to a valid exemption from registration. DISCLAIMER 02
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Agenda & Speakers 03 Da vid R uiz de Andrés Chairman & CEO Daniel Lozano Chief Strategy & Capital Markets Mercedes Español Chief of M&A & Development María Coimbra Sustainability Manager E mi Takehara CFO Agenda Track Record & Targets11:15 - 12:30 12:30 - 13:00 Strategy Update Financial & Sustainability Review Q&A
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04 https://youtu.be/hw0SHp1jPZM
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TRACK RECORD & TARGETS 05
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1 2 3 4 5 Solid foundations for a profitable growth story 06 First-mover into BESS From PV to HYBRID and STANDALONE Vertically integrated 2.6GW PV + 6.7GWh in Op. & U/C Highly visible Business Model 4.2TWh PPAs signed since 2019 / €3.6bn contracted revenues Crystallizing value through M&A 1.7GW + 2.54GWh assets rotated in 2017-2024 Track Record & Strategic Targets 2025-27 Proven value creation / growing to the next level 6 Demonstrated efficient management of capital €1.6bn Project Finance closed in 2019-24 / Share Buybacks €63m
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Proven Track Record of Value Creation Impressive improvement in all KPIs 07 2015 2019 LISTING CONTINOUS MARKET RECORD RESUL TS May 2025 May 2025 IPO December 2019 IPO July 2015 IPO MAB GROWTH TECHNOLOGY GEOGRAPHICAL PRESENCE EBITDA CAPEX per year NET DEBT/EBITDA EQUITY MARKET CAP EMPLOYEES €6m €56m €4m €18m 2024 €649m €160m €12m €37m 2.8x 2.3x €474m 3.6x c.50 c.150 €35m €375m >600 > €1,600m 38x PIPELINE 300MW 4GW 12.5GW + 78GWh 2024 vs 2015 108x 43x 40x 12x
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Key strategic targets 2025-2027 Growing to the next level 08 CAPACITY/one.numr ASSET ROTATION 2.8GW Net €3.5bn in 2025-27 €1.2bn PV €2.1bn BESS 4.4GW Gross 18.8GWh Gross 13.8GWh Net €0.8bn proceeds in 2025-27 GROSS CAPEX €450-500m in 2027 only Energy business c.50% achieved and advanced EBITDA RUN-RATE/two.numr /one.numr Assets in Operation & Under Construction. The difference between Gross and Net is assets rotated during the period. | /two.numr EBITDA run-rate assumes the EBITDA generation from operating plants if they had been in operation since January 1.
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First Mover into BESS Taking advantage of our positioning 09 PPA Pioneers signing Hybrid and Baseload PPAs based on BESS CAPEX Strong relationship with BYD & CATL Vertical integration providing CAPEX advantage FINANCING c.$1bn with top international banks for phases 1-4 of Oasis de Atacama “IJ Awards 2024” deal of the year in Latam DEVELOPMENT & CONSTRUCTION High expertise with 6.7 GWh in Operation and U/C Pipeline of c.80GWh (Hybrid and StandAlone) M&A Largest BESS M&A deal ever (c.$1bn EV deal signed with KKR / 1-3 ph OA 1.6x EV/IC)
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10 First Mover into BESS Downward trend in CAPEX accelerating the BESS adoption curve BESS STANDALONE CAPEX/one.numr BREAKDOWN PER MWh $m 2023 0.30 0.20 0.10 0.00 2024 2025e 0.23 0.15 0.12 Battery Inverters Logistics Other HYBRID CAPEX/one.numr BREAKDOWN PER MWh $m 2023 0.30 0.20 0.10 0.00 2024 2025e 0.20 0.12 0.09 Battery Inverters Logistics OtherPV CAPEX/one.numr BREAKDOWN PER MW €m 2023 0.50 0.40 0.30 0.20 0.10 0.00 2024 2025e 0.42 0.39 0.39 Modules Trackers & Inverters Logistics Other CAPEX EVOLUTION Stabilized/Downward trend in Solar PV per MW Downward trend in BESS per MWh and further expected for the medium term /one.numr CAPEX does not include the interconnection cost.
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2.8GW 5.2GWh 35.1GWh Identified Opportunities Early Stage Advanced Development Ready to Build Under Construction In Operation 1 4.3GW 8.8GWh 12.5GW 32.7GWh 2.0GW 5.8GWh 2.8GW 7.0GWh 0.7GW 4.4GWh 1.7GW 6.7GWh 0.9GW Backlog /one.numr Includes 24MW of wind in operation. 11 First Mover into BESS Announcing the largest StandAlone Platform in Europe 29.0GWh 45.2GWh 15.6GWh 0.0GWh New StandAlone Pipeline 0.6GWh EUROPE
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7.0GW 23.2GWh 5.0GWh Proven growth of the Chilean market Peru, Mexico and Colombia promissing growth perspective (Build to Sell) Focused on ERCOT and SOUTHEAST Strong electricity demand expected from Data Centres Prudent Capital Allocation 2.7GW 4.3GWh 5.0GWh 12 First Mover into BESS Strong BESS Pipeline in America LATAMUSA ERCOT SOUTHEAST 5.1GW 23.1GWh 5.0GWh 0.1GWh MEXICO PERU 0.4GW 1.2GW CHILE COLOMBIA 0.3GW
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OPERATION & MAINTENANCE ASSET MANAGEMENT Energy Management M&AFinance CAPEX $ OPEX SUPPORTED BY OUR GLOBAL TEAMS DEVELOPMENT CONSTRUCTION SERVICES 12.5 GW Solar PV 32.7 GWh Hybrid PV + BESS 45.2 GWh StandAlone BESS 1.7GW+ 1.2GWh CONTRACTED 2.3GW CONTRACTED >100 PLANTS 2.6GW + 6.7GWh Vertically integrated Proven expertise on a Multi GW Scale Solar PV and Storage Platform 13
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4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Highly visible Business Model From Solar PV to Hybrid and Baseload PPAs 14 SOLAR 2.6 TWh/y PPAs Solar PV signed HYBRID 1.1 TWh/y for Phases 1-4 of Oasis de Atacama BASELOAD 0.5 TWh/y Baseload PPA (24x7) with Codelco c20% MERCHANT c80% CONTRACTED 15-YEAR REVENUES BREAKDOWN 4.2 TWh of PPAs signed since 2019 €3.6bn contracted revenues REVENUES FROM PPAs SIGNED €bn 2019 2020 2021 2022 2023 2024 2025 0.2 €bn (cum) 0.3 0.4 0.5 2.0 3.6 3.0 0.2 0.1 0.1 0.2 1.5 0.6 1.0 Iberian Utility Global Utility Global Utility Global Utility
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Crystallizing value through M&A Successful Asset Rotation validates asset quality and strategy 15 ASSET ROTATION EMBEDDED INTO OUR DNA Crystallization of value created by development activities Strong track-record using this lever to finance growth VERY SUCCESSFUL TRACK RECORD 65 projects rotated from 2017 to 2024 1.5x EV/IC valuation achieved Asset Rotation targets 2023-26 €600m achieved two years in advance VALUE CREATION FROM ASSET ROTATION 2.0 1.6 1.2 0.8 0.4 0 2017 2018 2019 2020 2021 2022 2024 EV/IC x 2023 2.50 2.00 1.50 1.00 0.50 0.00ASSET ROTATION EV (€bn) 2018 2017 2019 2020 2021 2022 2023 2024 0.1 0.0 €bn (cum) 0.2 0.3 0.4 0.5 2.0 0.9 0.090.05 0.06 0.09 0.13 0.05 1.03 0.47
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Demonstrated efficient management of capital Proven success in Financing 16 1,500 1,000 500 0 $m STRUCTURED FINANCE 2019-2023 $628m 1,050MW 720MW + 3.6GWh 1,086MW + 5.7GWh 2024 $968m 2025 $1,043m CLOSED CLOSED MANDATED EQUITY €105m capital increase2021 €90m capital increase2022 €22m 5y Corporate Green Bond (4.75%) 2019 €150m Green comercial paper program2023 €52m 5y Corporate Green Bond (4.0%)2022 FIXED INCOME €16m purchased2023 €27m purchased2025 €20m purchased2024 SHARE BUYBACK
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17 STRATEGY UPDATE Hybridization PV + BESS: Oasis Platforms Energy Management 24x7: GR Power StandAlone BESS: Greenbox
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18 https://youtu.be/jloOTIOoqvE
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/one.numr $0.4bn of total Capex already invested. TOTAL CAPEX/one.numr c.$2bn c.2GW + c.11GWh PV MW 103 118 230 451 269 242 446 540 1,497 c.2,000 2023 2024 2025 2026 2027 BESS TOTAL SUBTOTAL PPA (peak-hours) MW 95 105 200 400 220 200 432 432 1,284 c.1,700 MWh 589 651 1,300 2,540 1,100 1,300 3,024 3,024 8,448 c.11,000 YEARS 15 15 15 15 - - - OUPUT 128GWh/y 143GWh/y 270GWh/y 540GWh/y - - - OFFTAKER EMOAC EMOAC EMOAC Global utility Advanced Advanced Initial FINANCING Closed Closed Closed Closed Ongoing Ongoing - Quillagua 1 Quillagua 2 VJ Gabriela Algarrobal Elena Antofagasta Phase 1 Phase 2 Phase 3 SUBTOTAL Phase 4 Phase 5 Phase 6 Phase 7 CODPPA RTB 19 Hybridization PV + BESS Revenues ($m) EBITDA ($m) % EBITDA Margin Project IRR 400-420 340-360 85% 14%-16% KEY OUTPUTS PHASES 4-7
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Project Finance closed ($324m) Quillagua 1 and 2 in operation with BESS PPA and Project Finance expected to be signed 3.5GWh BESS supply with BYD for phase 6 Commercial operation date with BESS expected throughout the year Strategic agreement for BESS supply: BYD (phases 1, 2 and 3) and CATL (phase 4) Hybrid PPA signed Project finance closed ($644m) M&A deal with ContourGlobal (a KKR company) for an EV of $962m, considering an earn-out of $50m 2024 Phases 1-4 Phase 4 Phases 1-3 Phases 1-3 2025 Phase 4 Phases 1-2 Phases 5-6 Phase 3 Hybridization PV + BESS 20
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21 TOTAL CAPEX/one.numr c.$0.9bn 1.1GW + 3.8GWh Hybridization PV + BESS /one.numr $0.2bn of Capex already accomplished. | /two.numr Baseload 24x7 PPA with Codelco. PV MW 241 49 108 340 340 1,078 2025 2026 2027 BESS TOTAL PPA Global Utility PPA GR Power MW 200 40 75 240 300 855 MWh 800 280 300 960 1,500 3,840 Project Gran Teno Tamango Planchón Monte Águila Sol de Caone Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Years 10 13 15 12 12 Years 6 6 6 15 6 Output Night 292 GWh/y 102 GWh/y 110 GWh/y 500 GWh/y/two.numr 540 GWh/y 1,544 GWh/y Output Solar 285 GWh/y 96 GWh/y 110 GWh/y 140 GWh/y 140 GWh/y 771 GWh/y CODPPA RTB Revenues ($m) EBITDA ($m) % EBITDA Project IRR 175-200 140-160 80% 11%-13% KEY OUTPUTS
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Solar PV PPAs signed for 381 GWh/y Project finance closed ($148m) 2023 Gran Teno y Tamango Inauguration of Grenergy’s biggest Project (241MW) 2024 Gran Teno Solar PV PPAs signed for 390 GWh/y First battery orders Planchón y Monte Águila Baseload 24x7 PPA signed with Codelco 2025 GR Power Gran Teno y Tamango Hybridization PV + BESS 22
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Hybridization PV + BESS Flagship project in Spain Solar PV PPA signed with GALP for 12 years starting in 20212019 2020 2021 2025 200MW Solar PV project inauguration in December 2021 Environmental permits for BESS fully granted €7m Next-Gen subsidy for the first phase Refinancing Escuderos Project Finance, including storage capex. Construction starting in 2H Hybrid PPA under negotiation Project finance closed (€97m) CODRTB 2025 2026 2027 TOTAL Project Escuderos 1 Escuderos 2 Phase 1 Phase 2 PV MW 200 200 BESS MW 88 88 176 MWh 352 352 704 IRR 11%-14% KEY OUTPUTS 23
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24 https://youtu.be/5zZTwhFDxsw
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25 Energy Management 24x7 Chilean Addressable Market CHILEAN DEMAND EXPECTATIONS (TWh/y) CHILEAN MARKET 80 TWh/y demand in 2024 (c60% deregulated/c40% regulated) Strong demand increase >100 TWh by 2035 Growth mainly driven by Mining companies and Data Centres ADDRESSABLE MARKET Estimated Clients scope: >6,000 companies Focus on deregulated clients (>300 KW) target >3TWh/y by 2027 28% Others 15% 13% 4% RETAIL 7% 33% Regulated Deregulated Total 31 33 40 48 51 61 67 7482 94 107 122 2025 2030 2035 2040 Source: CNE Chile MARKET SHARES 80TWh/y in 2024 +c50%
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26 Energy Management 24x7 Grenergy’s Retail Offering as a Solar + Storage Utility OUR RETAIL BUSINESS Retail B2B division in Chile >140 Clients and >200 connections Energy management contracted >1.1 TWh/y 5 years in the business TRADITIONAL IPP MODEL FROM TRADITIONAL IPP TO BASELOAD Capability to offer 24x7 like a Utility Energy management from different platforms Increase scope of Offtakers/Clients Higher average prices achieved UTILITY MODEL GRID OFFTAKER (PPA): - Corporate - Utility MINING GRID DATA CENTER CORPORATE OTHER RENEWABLE PRODUCER
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27 https://youtu.be/NvxFdPpqA4U
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28 BESS GRID BIDIRECTIONAL CONVERTER Grenergy StandAlone European Platform Boosts renewables adoption Provides baseload energy Speeds up green transition Regulates frequency & voltage Prevents blackouts Restores power faster vs other technologies Shifts solar energy Optimizes grid use Balances supply & demand Renewable Energy Integration Grid Stability Energy Management StandAlone BESS Largest BESS Platform in Europe
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Leaning on our First Mover advantages Strong Partnerships with key BESS providers: BYD and CATL Massive BESS adoption +21% CAGR 2024-30 Leveraging our Hybrid projects experience 21% CAGR (2024-30) FOR STATIONARY STORAGE FOR BNEF BASE CASE SCENARIO WITH 521GWh CAPACITY 600 450 300 150 0 2020 2022 2021 2023 2024 2025 2026 2027 2028 2030 Asia North America Europe Rest of the Word 2029 Source: Bloomberg NEF 29 300 200 100 0 800 600 400 200 0 Market size Added BESS capacity 2023 2024 2025 2026 2027 2028 2029 2030 Low/High BESS capacity Low - market size High - market size Source: Mckinsey & Company, Mckinsey Energy Storage Insights BESS market model UP TO $150BN INVESTMENT IN 2030 IN BESS StandAlone BESS BESS adoption is booming $bn GWh GWh
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ANCILLARY SERVICES*CAPACITY MARKET WHOLESALE MARKET • Ensures national security of supply • Procures firm capacity to meet peak electricity demand • Contracts awarded 1-4 years in advance for lengths of 1-15 years Expected: • Charging during low-price periods and discharging when prices spike • Platform to buy and sell power to meet demand 30 StandAlone BESS Revenue Stack drives market profitability in each market ANCILLARY SERVICES/one.numr /one.numr UK, the Ancilliary Sercives are more advanced, and are called DC (Dynamic Containment), DR (Dynamic Regulation) and DM (Dynamic Moderation). | /two.numr aFRR: Automatic Frecuency Restoration Reserve. /three.numr mFRR Manual Frecuency Restoration Reserve.WHOLESALE MARKET Day-ahead Market and Intraday Market • Maintains operational grid requirements • Provides primary balancing (seconds response) Frequency Containment Reserve (FCR) • Replaces FCR ensuring the balance in the power system • Provides secondary (aFRR/two.numr ) and tertiary (mFRR/three.numr ) balancing (minutes response) Frequency Restoration Reserve (FRR) BALANCING MECHANISM • Further balancing services in the transmission system LOCAL FLEXIBILITY MARKET • Services to manage constraints and bottlenecks on the distribution network YEARS DAYS HOURS MINUTES SECONDS DELIVERYfocus on Tolling Agreements
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32 StandAlone BESS Market potential in Europe for 2030 Total consumption 2024 c.270 TWh Potential BESS 2030 c.25 GWh Spain Total consumption 2024 c.540 TWh Potential BESS 2030 c.120 GWh Germany Total consumption 2024 c.300 TWh Potential BESS 2030 c.50 GWh UK c.280 TWh c.65 GWh Total consumption 2024 Potential BESS 2030 Italy Total consumption 2024 c.180 TWh Potential BESS 2030 c.40 GWh Poland Total consumption 2024 c.60 TWh Potential BESS 2030 c.20 GWh Pipeline 4.6 GWh Pipeline 6.4 GWh Pipeline 4.6 GWh 5.8 GWh Pipeline Pipeline 7.0 GWh Pipeline 6.7 GWh Romania Total Consumption estimated for 2030c.1,600 TWh Total BESS Potential estimated for 2030 c.300 GWh pipeline35 GWh Source: BNEF, Wood Mackenzie and Internal Company data
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StandAlone BESS Impressive Pipeline in StandAlone BESS 32 GREENBOX PIPELINE IN OPERATION & UNDER CONSTRUCTION 3GWh 2027 Target Total Pipeline in Europe 35GWh Building one of the biggest Platforms in Europe First Standalone Project under construction in 1H26 Tolling agreement negotiation in advance stage with several markets Spain Italy UK Poland Germany Romania TOTAL EUROPE MWh Probability of execution Backlog Early Stage Ident. Opp. 90% 50% 20-40% 1,152 4,408 3,519 547 1,400 1.090 12,115 2,808 1,420 1,120 6,466 5,000 5,592 22,406 Total Pipeline 4,560 5,828 4,639 7,013 6,400 6,682 600 600 35,121
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StandAlone BESS Flagship GREENBOX project in Spain CODRTB 2025 2026 2027 Construction starting in 1H Additional capacity under evaluation Commercial Operation Date in 1Q Environmental permits for BESS pending to be approved Tolling agreements expected to be signed Financing expected to be closed IRR >12% KEY OUTPUTS 2026 2027 TOTAL Project Oviedo BESS MW 150 150 MWh 600 600 33
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34 FINANCIAL & SUSTAINABILITY REVIEW
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35 /one.numr The difference between Gross and Net is Asset Rotation. | /two.numr EBITDA run-rate assumes the EBITDA generation from operating assets if they had been in operation since January 1st. /three.numr Includes EBITDA from Development and Construction, Retail, Services and Corporate costs. Key strategic targets 2025-2027 Growing to the next level CAPEX & ASSET ROTATION Gross Capex €3.5bn 2025-27 Asset Rotation proceeds of €0.8bn 2025-27 €0.8bn €3.5bn AR Proceeds 2025-27 CAPEX 2025-27 INSTALLED CAPACITY/one.numr 2.8GW Solar PV + 13.8GWh BESS Net 4.4GW Solar PV + 18.8GWh BESS Gross In Operation or Under Construction Solar PV 2024 1.7GW 2.3GW 0.6GW 2027 2.8GW 1.7GW 4.4GW 18.8GWh 2024 2.54GWh 1.1GWh 3.6GWh 2027 13.8GWh 4.9GWh BESS Hybrid & Standalone €m 500 400 300 200 100 0 EBITDA €450-500m Energy EBITDA run-rate/two.numr 41 250-300 2024 2027 450-500 2027 Run-rate Energy EBITDA Other EBITDA/three.numr
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36 CAPEX & Asset Rotation Asset Rotation funding our ambitious Capex High visibility on Asset Rotation targets (c.50% closed & advanced) Conservative implicit valuation at 1.3x EV/IC (vs 1.5x achieved) Capex mainly concentrated in hybrid projects in Chile and Standalone in Europe CAPEX & ASSET ROTATION €bn c.30% €0.8bn c.50% 0.6 0.2 0.3 0.1 c.20% 2025-27 Proceeds Additional Proceeds 2025-27 2025 2024 2023 Closed Advanced Pending Asset Rotation 2023-2026: €0.6bn c.60% c.35% €3.5bn c.5% 1.9 c.50% c.20% c.10% c.5% c.15% Dev. & Others 1.6 0.6 0.4 CAPEX 2025-27 Additional CAPEX 2025-27 2025-26 2024 2023 BESS Solar PV Dev & Others CAPEX 2023-2026: €2.6bn
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37 Installed Capacity Additions 2025-27 /one.numr Including Assets in Operation & Under Construction 2.8GW net capacity/one.numr in 2027 4.4GW gross capacity in 2027 SOLAR PV 1.7GW 2.3GW 2024 2.8GW 2027 1.7GW GW 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0 Asset Rotation Net capacity 4.4GW 13.8GWh net capacity in 2027 18.8GWh gross capacity in 2027 BESS 2024 2.54GWh 1.1GWh 3.6GWh 2027 13.8GWh 4.9GWh GWh 20.0 15.0 10.0 5.0 0.0 Asset Rotation Net capacity 18.8GWh 0.6GW
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38 EBITDA Acceleration underpinned by BESS adoption /one.numr EBITDA run-rate assumes the EBITDA generation from operating plants if they had been in operation since January 1. | /two.numr Includes EBITDA from Development and Construction, Retail, Services and Corporate costs. Energy EBITDA boosted by Hybrid and Standalone projects Energy EBITDA run–rate ~€450-500m in 2027 EBITDA 160 €m 500 400 300 200 100 0 41 250-300 2024 2027 450-500 2027 Run-rate/one.numr Energy EBITDA Other EBITDA/two.numr
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39 Financing Key element to support our Investment Plan CORPORATE FINANCING • c.20% of total debt • 2.5 years average tenor • 5% average cost UPCOMING DEALS Project finance for Phases 5-6 of Oasis de Atacama Structured Finance for Central Chile Project Finance for Standalone BESS projects NON-RECOURSE FINANCING STRATEGY • 70%-80% of Project Capex • c75% fixed/variable • >15 years underlying average tenor • 4.9% average cost DEBT STRUCTURE - 2025-27 avg. 20% CORPORATE DEBT 80% NON-RECOURSE DEBT Project Capex Non-recourse Debt Equity D&C Margin Grenergy Equity 70-80% 20-30% 10-15% 5-20% 100%
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40 Investment Plan & Leverage Capex €3.5bn in 2025-27 USES OF FUNDS Project Finance debt €2.6bn Asset rotation €0.8bn FUNDING Total Net Debt / EBITDA <7x Corporate Leverage/one.numr <3.5x LEVERAGE INVESTMENT PLAN 2025-27 €bn 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 Capex Corporate costs Corporate debt Shareholder Remuneration Asset Rotation Project Finance Dividends received Use of Excess Cash on Balance Sheet 0.2 0.10.1 0.8 2.6 0.1 0.2 2.1 1.2 3.5 0.2 BESS PV Dev /one.numr Calculated as Net debt with recourse divided by the last-12 month EBITDA per the covenant definition (Dividends from SPVs + EBITDA from O&M and AM + EBITDA from D&C and sale of Projects + EBITDA from SPVs with Project Finance Debt with recourse until the date of the lifting of the debt service guarantees assumed by the Company as sponsor under the corresponding Projects).
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41 Sustainability Transforming Trends into Action Positive Impact • +113 initiatives • +40 local communities Reporting & EU Taxonomy • CSRD/one.numr • 100% CAPEX aligned Biodiversity • TNFD Framework • Nature Based Solutions Governance • ESG Roadmap 2024-2026 progress • Sustainability-linked pay NET ZERO Net Zero • 2040: Climate Neutral • Focus on Scope 3 /one.numr CSRD: Directive on Corporate Sustainability Reporting.
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42 Sustainability Meaningful recognition in ratings and local communities impact Supporting communities affected by DANA in Valencia with a €200,000 donation to Cruz Roja Española Educational sessions Corporate volunteering with local associations 10.8 Low Risk 2024 2024 AAA 65/100 2024 CHILE SPAIN COLOMBIA Installation of irrigation systems for local community use $1.1m in Reforestation activities School campaigns
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43 APPENDIX
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44 /one.numr Commercial Operation Date. Platform update Projects In Operation, Under Construction & Backlog Spain Chile Chile Chile Chile Colombia Mexico Argentina Total in Operation Los Escuderos PMGDs (16 projects) Gran Teno Tamango Elena Distribution (10 projects) San Miguel de Allende Kosten Spain Hybrid Central Oasis Central Oasis Oasis de Atacama Oasis de Atacama Oasis de Atacama Oasis de Atacama Oasis de Atacama Oasis de Atacama Spain Hybrid Greenbox Oasis de Atacama Central Oasis Central Oasis Central Oasis Central Oasis Solar PV Solar PV Solar PV Solar PV Solar PV Solar PV Solar PV Wind 200 151 241 48 77 136 36 24 913 MW 2,035 2,109 2,000 2,000 2,800 1,990 2,300 5,033 4Q21 4Q21-4Q24 4Q23 1Q24 4Q23 4Q21-4Q24 1Q21 1Q21 PPA PV Profile 85% Stabilized Price PPA PaP 66% 12 Yrs PPA PaP 100% 15 Yrs Merchant PPA PaP 100% 15 Yrs / Merchant Auction 15 Yrs 100% Auction 15 Yrs 100% 0 0 0 0 0 0 0 0 0 MWh BESS MWhMWp Resource (Hours) COD/one.numr OfftakerTypeProject PlatformCountry Ayora José Cabrera Tabernas PMGDs (14 projects) Quillagua I Quillagua II Victor Jara Gabriela Elena Distribution (3) Solar PV Solar PV Solar PV Solar PV Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV 2,000 1,900 1,850 2,000-2,700 2,950 2,950 2,800 2,950 2,800 1,990 4Q25 2Q25 2Q25 1Q25-4Q25 1Q25 3Q25 4Q25 1Q26 3Q26 1Q25-4Q25 PPA PaP 75% 15 Yrs PPA PaP 75% 15 Yrs PPA PaP 75% 15 Yrs Stabilized Price PPA 60% 15 Yrs PPA 60% 15 Yrs PPA 60% 15 Yrs PPA PaP 75% 15 Yrs PPA 75% 15 Yrs (Advanced) PPA / Merchant Spain Spain Spain Chile Chile Chile Chile Chile Chile Colombia Total Under Construction 172 47 250 142 103 118 230 269 369 29 1.729 MW 0 0 0 0 589 651 1,300 1,100 3,024 0 6,664 MWh Los Escuderos Oviedo Algarrobal Monte Águila Planchón Gran Teno BESS Tamango BESS San Miguel de Allende BESS Solar PV + BESS BESS Standalone Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV + BESS 2,000 2,500 2,000 2,000 3Q26-4Q27 1Q27 4Q26 1Q27 3Q26 3Q26 1Q27 4Q26 Tolling Agreements (Initial) PPA 100% 15 Yrs (Advanced) PPA 60-70% PPA 60-70% Spain Spain Chile Chile Chile Chile Chile Mexico Total Backlog 0 0 242 340 108 0 0 0 690 MW 704 600 1,300 960 300 800 280 90 5,034 MWh
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45 Platform update Projects in Advanced Development EUROPE Italy Spain UK LATAM Chile Chile Chile Colombia Peru Peru USA USA USA USA Total Advance Development Isole & Penisola Projects Clara Campoamor Solstice Projects Antofagasta Sol de Caone PMGDs (5 projects) Sol Santander Macarena Locumba Shubuta Creed Beaver Creek Solar PV + BESS Solar PV Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV Solar PV Solar PV Solar PV Solar PV Solar PV + BESS 550 198 110 540 340 50 51 196 241 250 60 229 2,816 MW 1,864 2,000 1,100 2,800 2,000 2,300 1,990 2,536 2,484 1,739 1,851 1,798 3Q27-4Q28 2Q27 4Q27 2Q27 3Q27 4Q26 4Q27 4Q26 4Q26 4Q28 4Q27 4Q28 PPA 60-70% PPA PaP 75% 15 Yrs PPA 60-70% PPA 75% 15 Yrs Stabilized Price PPA 60-70% PPA 60-70% PPA 60-70% PPA 100% PPA 100% PPA 100% Initial Contracted Initial Initial Initial Contracted Initial Initial Initial Initial Initial Initial 1,775 0 320 3,024 1,500 205 0 0 0 0 0 183 7,007 MWh Resource (Hours) BESS MWhMWp COD/one.numr Offtaker Negotiation/two.numrTypeProjectCountry Oasis de Atacama Central Oasis Platform /one.numr Commercial Operation Date. | /two.numr Initial: conversation taking place with several offtakers. Advanced: Negotiation moving forward to completion at a good pace. Contracted: Already secured the stabilization of energy sales with offtaker or public auctions.
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Data as of May 2025. 46 Spain Italy UK Poland Germany Romania TOTAL EUROPE Chile Colombia Mexico Peru TOTAL LATAM TOTAL USA BESS MWh Probability of execution Under Const Backlog Advanced Dev Early Stage Ident. Opp. 100% 90% 70% 50% 20-40% 600 600 600 1,152 4,408 3,519 547 1,400 1.090 12,115 3,390 3,390 46 15,551 2,808 1,420 1,120 6,466 5,000 5,592 22,406 1,650 1,650 4,948 29,004 Total Pipeline 4,560 5,828 4,639 7,013 6,400 6,682 35,121 5,040 5,040 4,994 STANDALONE - BESS 45,155 Spain Italy UK Poland Germany Romania TOTAL EUROPE Chile Colombia Mexico Peru TOTAL LATAM TOTAL USA BESS MWh Probability of execution Under Const Backlog Advanced Dev Early Stage Ident. Opp. 100% 90% 70% 50% 20-40% 6,664 6,664 6,664 704 704 3,640 90 3,730 4,434 1,775 320 2,095 4,729 4,729 183 7,007 140 140 5,495 5,495 143 5,778 2,280 2,280 2,600 2,600 3,960 8,840 Total Pipeline 2,984 1,775 460 5,219 23,128 90 23,218 4,286 HYBRID - PV + BESS 32,723 In Operation SOLAR PV Spain Italy UK Poland Germany Romania TOTAL EUROPE Chile Colombia Mexico Peru Argentina (Wind) TOTAL LATAM TOTAL USA TOTAL MW Probability of execution Under Const Backlog Advanced Dev Early Stage Ident. Opp. 100% 90% 70% 50% 20-40% 469 469 1,230 29 1,259 1,729 690 690 690 165 550 110 824 964 51 437 1,452 539 2,816 63 213 276 1,238 26 344 1,607 138 2,021 680 325 1,005 480 26 774 1,280 2,011 4,295 Total Pipeline Total Platform 1,314 550 174 538 2,575 4,602 132 1,118 437 6,288 2,687 1,514 550 174 538 2.775 5,119 268 1,153 437 24 7,001 2,687 200 200 518 136 36 24 714 913 12,46311,550 Platform update Solar PV, Hybrid and Standalone EUROPE USA LATAM Pipeline TOTAL 2.8GW 5.2GWh 35.1GWh 7.0GW 23.2GWh 5.0GWh 2.7GW 4.3GWh 5.0GWh 12.5GW 32.7GWh 45.2GWh
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Hybridization PV + BESS Case-study: Phases 4 to 7 of Oasis de Atacama (1.5GW+8.5GWh) 47 KEY INPUTS BESS BESS system BESS capacity/three.numr Cycles Production Degradation PPA volume (15y) Round-trip efficiency 1,280 MW x 6-7h 8,448 MWh 1 daily 3,084 GWh/y <2.0% p.a. (avg) 2,313 GWh/y c.15% all-in losses Capacity Resource Generation Degradation PV 1,495 MW 2,750 hours 4,111 GWh/y 0.4% p.a. CASE-STUDY Capacity payment 1,495MW-4,111GWh/y/one.numr 1,280 MW | 8,448 MWh 3,628GWh/y 484GWh/y PPA price Best peak hours Best non-peak hours 3,084GWh/y/two.numr 2,313GWh/y 771GWh/y + + /one.numr Energy during solar hours might increase in case there are energy imports from the grid (from 200 GWh/y to 350 GWh/y). | /two.numr After Round-trip eficiency of c. 15%. | /three.numr The total purchased BESS capacity, including oversizing to meet the substation requirements, is estimated at 9.7 GWh.
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Hybridization PV + BESS Case-study: Central Oasis (1.1GW+3.8GWh) 48 KEY INPUTS BESS BESS system BESS capacity/three.numr Cycles Production Degradation PPA volume (15y) Round-trip efficiency 855 MW x 4-5h 3,840 MWh 1 daily 1,402 GWh/y <2.0% p.a. (avg) 1,044 GWh/y c.15% all-in losses Capacity Resource Generation Degradation PPA volume PV 1,078 MW 2,011 hours 2,168 GWh/y 0.4% p.a. 771 GWh/y PPA volume (15y) Baseload 24x7 PPA 500 GWh/y CASE-STUDY Capacity payment 1,078MW-2,168GWh/y/one.numr 855 MW | 3,8GWh/y/one.numr 1,397GWh/y 771GWh/y PPA1 Price 24/7 PPA Price 24/7 PPA Price GR-P night price Best Peak Hours 1,402GWh/y/two.numr + + /one.numr Energy to charge the battery might increase in case there are energy imports from the grid (from 200 GWh/y to 300 GWh/y). | /two.numr After Round-trip eficiency of c. 15%. | /three.numr The total purchased BESS capacity, including oversizing to meet the substation requirements, is estimated at c.4.5 GWh.
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Hybridization PV + BESS Case-study: Escuderos Hybrid (200MW+0.7GWh) 49 /one.numr Act as an Standalone business but can charge the excedent from the Solar PV or during curtailments in solar hours. Batteries Round-trip eficiency of c. 15%. | /two.numr The total purchased BESS capacity, including oversizing to meet the substation requirements, is estimated at 0.8 GWh. KEY INPUTS BESS BESS system BESS capacity/two.numr Cycles Degradation Round-trip efficiency 176 MW x 4h 704 MWh 1-1.5 daily <2.0% p.a. (avg) c.15% all-in losses Capacity Resource Generation Degradation PPA volume PV 200 MW 2,000 hours 400 GWh/y 0.4% p.a. 345 GWh/y CASE-STUDY Capacity payments (additional upside) 200MW-400GWh/y 176MW | 704GWh/y/one.numr PPA price Merchant PPAs/Tolling Agreements/ Merchant 55GWh/y345GWh/y +
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