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RESUL TS PRESENTATION FY25 Focus. Execution. Value. Madrid, Feb 24 th 2026
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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. 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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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ASSET ROTATION c.1bn$ Chile: 272MW + 1.1GWh (EV/IC: 1.8x) Spain: 297MW (EV/IC: 1.5x) Colombia: 88MW (EV/IC: 1.0x) ENERGY MANAGEMENT Financial Tolling agreement in Spain: Oviedo 150MW / 600MWh Capacity Payments in Poland: 2.1GWh Stand-Alone BUSINESS HIGHLIGHTS PROJECT FINANCING >$700m in 2025 $355m for Central Oasis Projects (Teno, Tamango y Planchón) 1Q26 2.2GW + 8.3GWh in operation and under construction c1GW + c7GWh built in one year Highlights Business Review Financial Review Sustainability 03 /one.numr TNFD: Taskforce on Nature-related Financial Disclosures. | /two.numr Net debt ex IFRS16. PIPELINE 72GWh Total BESS Pipeline (Hybrid+Stand Alone) >9GWh of pipeline in Advanced Development stage 2025 ESG Roadmap accomplished - Biodiversity TNFD/one.numr Report - 2025 Sustainability Report OPERATIONAL HIGHLIGHTS REVENUES €1,070m ( +66% yoy) EBITDA €201m ( +26% yoy) NET INCOME €87m (+46% yoy) CAPEX €880m (+36% yoy) on track for €3.5bn Target 2025-27 ASSET ROTATION PROCEEDS 2025-27 (€0.8bn) >60% accomplished TOTAL LEVERAGE 5.0x (1.4x corporate) Net debt/two.numr €993m FINANCIAL HIGHLIGHTS ESG
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Highlights Business Review Financial Review Sustainability 04 Platform overview. Solar PV, Hybrid and Standalone 2.4GW 5.7GWh 30.4GWh EUROPE LATAM 8.0GW 26.8GWh 5.3GWh USA 1.2GW 1.7GWh 2.3GWh Identified Opportunities Early Stage Advanced Development Ready to Build Under Construction In Operation 1 3.2GW 9.1GWh 11.6GW 34.2GWh 2.7GW 7.5GWh 2.4GW 7.6GWh 1.2GW 2.3GWh 1.3GW 4.7GWh 1.0GW 3.0GWh Backlog 12.5GWh 38.0GWh 15.5GWh 9.4GWh 0.7GWh Data as of February 2026. /one.numr Includes 24MW of wind in operation.
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Hybrid PV + BESS 05
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In Operation HYBRID - PV + BESS Spain Italy UK TOTAL EUROPE Chile Mexico Peru TOTAL LATAM TOTAL USA TOTAL MW Probability of execution Under Const Backlog Advanced Dev Early Stage Ident. Opp. 100% 90% 70% 50% 20-40% 4,660 4,660 4,660 1,775 320 2,095 5,499 5,499 7,594 140 140 3,356 500 2,400 6,256 1,092 7,488 2,765 2,765 4,375 1,600 5,975 400 9,140 Total Pipeline Total Platform 1 3,469 1,775 460 5,705 19,190 590 2,000 23,780 1,675 3,469 1,775 460 5,705 22,214 590 4,000 26,804 1,675 3,024 3,024 3,024 34,18431,160 704 704 1,300 90 1,390 183 2,277 In Operation SOLAR PV Spain Italy UK Germany 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% 172 172 1,040 38 1,078 1,250 198 550 109 857 1,078 437 1,515 2,372 63 111 174 626 741 720 2,087 400 2,661 680 290 970 1,351 26 510 1,887 295 3,152 Total Pipeline Total Platform 1 1,050 550 173 401 2,173 4,706 114 741 1,667 7,229 1,234 1,250 550 173 401 2,373 5,276 242 777 1,667 24 7,986 1,234 200 200 570 127 36 24 758 958 11,59310,635 611 50 661 539 1,200 Highlights Business Review Financial Review Sustainability 06 Platform update Solar PV and Hybrid Data as of February 2026. /one.numr Platform refers to pipeline and in operation. Concentrating efforts on Hybridization (Solar PV + BESS) SOLAR PV JC&Tabernas and Tabernas (297MW) transferred in 4Q25 Phase 1 &2 of OA (221MW+1.3GWh) already delivered. Phase 6 connected: 3GWh HYBRID Progressing with Central Oasis: Teno, Tamango, Planchón and Monte Águila U/C
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Highlights Business Review Financial Review Sustainability 07 /one.numr Hybrid PPA, implying that the volume contracted will amount to 75% of the energy produced both in solar and non-solar hours. TOTAL CAPEX c$2bn c2GW + c.11GWh Pioneers with the largest BESS project in America PV MW 103 118 230 272 723 242 77 369 540 1,228 c2,000 2023 2024 2025 2026 2027 BESS TOTAL OASIS ATACAMA SUBTOTAL PPA (peak-hours) MW 95 105 200 220 620 200 432 0 432 1,064 1,684 MWh 589 651 1,300 1,100 3,640 1,300 3,024 0 3,024 7,348 c11,000 OUTPUT 128GWh/y 143GWh/y 270GWh/y 540GWh/y/one.numr - - - - OFFTAKER EMOAC EMOAC EMOAC Global utility Advanced Advanced Advanced Initial FINANCING Closed Closed Closed Closed Advanced Closed TBD - Quillagua 1 Quillagua 2 Victor Jara Gabriela Algarrobal Elena (Stage 1) Elena (Stage 2) Antofagasta Phase 1 Phase 2 Phase 3 Phase 4 SUBTOTAL Phase 5 Phase 6 Phase 7 CODPPA RTB
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Phase 4 Phases 1-2 Phase 4 2025 Project Finance closed ($324m) Connected with BESS and fully in operation M&A deal with DIF (a CVC company) for an EV of c. $0.5bn Project Finance closed ($270m)Phase 6 Mechanical completion, energization and commissioning Phase 3 Already connected and in the energization phasePhase 4 Mechanical completion and energized Elena project under construction phase Phase 6 PPA and Project Finance expected to be signedPhases 5-6 2026 08 Highlights Business Review Financial Review Sustainability
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Highlights Business Review Financial Review Sustainability 09 TOTAL CAPEX c.$0.9bn 1.1GW + 3.8GWh /one.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 28 75 240 300 843 MWh 800 140 360 960 1,500 3,760 Project Gran Teno Tamango Planchón Monte Águila Sol de Caone Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Output Solar 285 GWh/y 96 GWh/y 110 GWh/y 140 GWh/y 140 GWh/y 771 GWh/y CODPPA RTB Hybridization PV + BESS Output Night 170 GWh/y 30 GWh/y 55 GWh/y 500 GWh/y/one.numr 540 GWh/y 1,295 GWh/y FINANCING Closed Closed Closed Advanced -
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Solar PV PPAs signed for 381 GWh/y Project finance closed ($148m) 2023 Gran Teno & Tamango Inauguration of Grenergy’s biggest Project (241MW)2024 Gran Teno 0.5 TWh/y Baseload 24x7 PPA signed with Codelco through GR Power Solar PV PPAs signed for 390 GWh/y with a global utility Project Financing closed for Gran Teno, Tamango and Planchón ($355m) Monte Águila Financing at an advanced stage PPAs2025 2026 Financing Early works initiated for Gran Teno, Tamango and Planchón Gran Teno - Connection expected in 2Q26 Hybridization 10 Highlights Business Review Financial Review Sustainability Vessel Star Kvarven unloading battery packs at the Iquique port (Chile)
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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 2026 Refinancing Escuderos Project Finance, including storage CAPEX PPA/Tolling under negotiation Project finance closed (€97m) CODRTB 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 11 Highlights Business Review Financial Review Sustainability Hybridization PV + BESS
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Spain Italy UK Poland Germany Romania TOTAL EUROPE Chile TOTAL LATAM TOTAL USA TOTAL MWh Probability of execution Under Const Backlog Early Stage Ident. Opp. 100% 90% 50% 20-40% 600 600 50 650 2,872 3,942 3,239 2,400 12,453 2,550 2,550 480 15,483 2,040 800 1,120 2,485 360 2,452 9,257 1,440 1,440 1,815 12,512 STANDALONE - BESS Total 5,706 7,258 4,439 4,720 1,520 6,752 30,395 5,280 5,280 2,345 38,020 Advanced Dev 70% 194 2,516 80 2,235 1,160 1,900 8,085 1,290 1,290 9,375 Developing one of the biggest platforms in Europe STANDALONE First flagship project in Spain under construction Proven delivery: Financial Tolling in Spain and Capacity Payments Auction in Poland Highlights Business Review Financial Review Sustainability 13 Data as of February 2026. Platform update >9GWh in Advanced Development stage
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2026 Financial Tolling agreement signed Project Financing in process Early construction works initiated CODRTB 2026 2027 TOTAL Project Oviedo BESS MW 150 150 MWh 600 600 Highlights Business Review Financial Review Sustainability 2025 2027 Commercial Operation Date in 1Q Environmental permits and interconnection points granted Standalone BESS 14 Render Oviedo BESS standAlone project
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15 Energy Management Project Financing Asset Rotation
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Highlights Business Review Financial Review Sustainability 16 Energy Management 4.5TWh of generation and 6.3GWh of capacity under negotiation • 0.5 TWh/y Baseload 24x7 PPA through GR Power • Offtaker: Codelco • Duration: 15 years, starting in January 2026 • 390 GWh/y Solar PPA in Central Oasis • Offtaker: Global Utility • Duration: 12 years (280 GWh) and 15 years (110GWh) CHILE • Financial Tolling agreement • Oviedo Project 150MW / 600MWh • Day-Ahead Swap PPA for 80% of the capacity • Offtaker: Global Utility • Duration: 10 years, starting in January 2028 SPAIN • CFD Auction with LCCC (Low Carbon Contracts Company) • Fibden Project 53 MWp+160 MWh • Solar CFD for 32 MW at 65.23 £/MWh (indexed to CPI) • Duration: 20 years, starting in March 2028 • Estimated revenues/one.numr >£55m UK • Capacity Payments Auction with PSE (Electricity System Operator) • Capacity contracts for 534 MW / 2.1 GWh • Remunerated at 465.02 PLN/KW (indexed to CPI) • Duration: 17 years, starting in January 2030 • Estimated revenues/one.numr >€132m POLAND /one.numr Data does not include annual CPI updates.
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VICTOR JARA (Phase 3) Financial close in December 2024$299m QUILLAGUA (Phases 1-2) Financial close in July 2024 $345m$1.2bn GABRIELA (Phase 4) Financial close in January 2025 $324m ELENA (Phase 6) Financial close in September 2025 $270m GRAN TENO TAMANGO PLANCHÓN (Phase 1, 2 and 3) Financial close in February 2026$355m AYORA Financial close in December 2025 €99m Issuing Banks Pool of Syndicated Banks Highlights Business Review Financial Review Sustainability 17 Spain Project Financing with top International banks
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Highlights Business Review Financial Review Sustainability 18 221MW + 1.24GWh 4Q24 $490m 1.5 QUILLAGUA VICTOR JARA 2024 230MW + 1.3GWh 4Q24 $472m 1.7 CHILE 272MW + 1.1GWh 3Q25 $475m 1.8 2025 GABRIELA MW + GWh Deal closing EV EV/IC (x) VICTOR JARA QUILLAGUA GABRIELA Chile: Rotation of Phases 1-4 of Oasis de Atacama (723MW and 3.64GWh) for a total EV of c $1.5bn (1.6x EV/IC), equivalent to 33% of total project Colombia: Rotation of 7 unlevered distribution PV assets (88MW) with 1.0x EV/IC Spain: completion of the sale deal José Cabrera and Tabernas (297MW) for a total EV of €273m (1.5x EV/IC) Equity proceeds from 2025 transactions exceeding 60% of 2025-2027 asset rotation targets DISTRIBUTION ASSETS SPAIN 297MW 4Q25 €273m 1.5 JOSE CABRERA & TABERNAS COLOMBIA 88MW 4Q25 - 1.0 7 DISTRIBUTION ASSETS JOSE CABRERA TABERNAS Asset Rotation demonstrating value creation
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19 Key operating & financial data /one.numr Calculated as Net debt with recourse divided by LTM Relevant EBITDA. | /two.numr FY25 gross additions include Phase 1, 2, 3, 4 and 6 of Oasis Atacama, JC&Tabernas and distribution assets in Colombia and Chile. ✓ Total production +37% mainly driven by Chilean Assets ✓ 90% of total production was contracted (+61% YoY) ✓ Decrease on realized price (-9%), partially impacted by FX ✓ Revenues (+66%) and EBITDA (+26%) boosted by asset rotation ✓ Net Profit grew +46%, reaching €87m ✓ Net debt stood at €993m, implying 5.0x EBITDA (1.4x Covenant) FY25 1,069.9 75.5 201.4 49.6 151.3 87.0 879.6 FY 25 1,211.4 415.3 993.4 257.0 5.0x 1.4x FY24 642.9 60.5 160.0 41.5 118.6 59.6 648.8 FY24 920.3 473.5 565.7 105.1 3.6x 0.7x Var. 66% 25% 26% 20% 28% 46% 36% Var. 32% (12%) 76% 145% (€m) Revenues ow Energy Revenues EBITDA ow Energy EBITDA EBIT Net Income Gross Capex Tangible Fixed Assets Equity Net debt ow Corporate Net debt/EBITDA ow Covenant 1 KEY FINANCIAL DATA FY25 1.13 958 1,052 79 3,024 6,664 3,024 1,652,762 1,562,092 90,670 1,481,199 171,563 21% 45.7 48.7 19.4 FY24 1.08 879 495 (29) - 0 - 1,208,174 1,099,477 108,697 918,700 289,474 20% 50.1 57.3 27.4 Var. 5% 9% 113% n.m. n.m. n.m. n.m. 37% 42% (17%) 61% (41%) 1 pp (9%) (15%) (29%) Avg. Forex ($/€) PV Capacity (MW) Gross additions/two.numr MW Net additions MW BESS Capacity (MWh) Gross adittions/two.numr MWh Net additions MWh Total production (MWh) Solar production Wind production ow Contracted ow Merchant Load Factor (%) Realized price (€/MWh) ow Contracted ow Merchant KEY OPERATING DATA Highlights Business Review Financial Review Sustainability
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20 Revenue & EBITDA breakdown /one.numr €214 million recorded as inventories and not as income from capitalize works due to the pre-agreed sale of solar plants under construction. | /two.numr GR Power. | /three.numr Services include O&M (Operation and Maintenance) and AM (Asset Management). | /four.numr Revenues exclude income from capitalized works. ✓ D&C EBITDA +26% driven by the disposal of assets in Spain and Chile ✓ Energy Revenues grew +25% driven by new additions and higher production levels ✓ GR Power Retail revenues doubled thanks to organic growth - 1.5TWh/y of energy already contracted - ✓ FY25 EBITDA up to €201m (vs €160m in FY24) boosted by D&C (+€37m) and Energy ( +€8m) division Margins EBITDA 26% Var. YoY €m 20% 16% 38% 17% 26% 179.4 49.6 0.3 0.7 -28.6 201.4 31%/four.numr 66% 1% 16% 28%/four.numr D&C Energy Retail Services Corporate Total REVENUE €m 70% 25% 101% 18% 66% D&C/one.numr Energy Retail/two.numr Services/three.numr Total 933.1 75.5 56.6 4.7 1,069.9 Highlights Business Review Financial Review Sustainability Var. YoY
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/one.numr Includes €214 million recorded as inventories due to the pre-agreed sale of solar plants under construction. 2 CAPEX does not include the interconnection cost. 21 CAPEX ✓ Gross Capex of €880m including phases 1, 2 and 3 of Oasis de Atacama ✓ Over 80% of our CAPEX concentrated in Chile ✓ Investments on a ramp-up phase (Capex grew +36% vs FY24) ✓ Slight pick-up on Solar PV Capex and stabilized trend in BESS for 2026 FY25 TOTAL CAPEX €m Development Capex & Others Latam Hybrid projects Solar PV Spain OA (I-II-III) Total Capex/one.numr 41 519 650 89 229 880 Highlights Business Review Financial Review Sustainability HYBRID BESS CAPEX 2 BREAKDOWN PER MWh $m 2023 0.20 0.10 0.00 2024 2026e 0.20 0.12 0.09 Battery Inverters Logistics Other 20250.09 BESS STANDALONE CAPEX 2 BREAKDOWN PER MWh $m 2023 0.20 0.10 0.00 2024 2026e 0.23 0.15 0.12 Battery Inverters Logistics Other 20250.12 0.47 0.44 0.470.44 PV CAPEX 2 BREAKDOWN PER MW $m 2023 0.50 0.40 0.30 0.20 0.10 0.00 2024 2026e 2025 Modules Trackers & Inverters Logistics Other
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22 Cash flow ✓ €-75m from changes in net working capital, mainly explained by payments to batteries suppliers, reverting the positive impact of FY24 (+€222m) ✓ €880m of gross capex invested of which €229m related to OA (I-II-III) ✓ €201m divestments related to the asset rotation in Spain (JC & Tabernas) ✓ The increase in financial debt primarily reflects the progress in the execution of Chilean projects Highlights Business Review Financial Review Sustainability /one.numr Payment to the vendor financing related to the acquisition from Repsol and Ibereólica. €m FX Diff. & Other Fin costs & taxes Change in NWK EBITDA Cash Position FY24 Gross Capex Treasury Shares Bonds & CP Financial debt Other debts 1 Cash Position 9M25 -35 -89 -75201 374 -880 -24 Capex OA (I - II - III) 229 201 431 -72 305 Divestments 42
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23 Leverage & Liquidity /one.numr Calculated as Net debt including all PF debt divided by LTM EBITDA. | /two.numr Calculated as Net debt with recourse divided by LTM Relevant Ebitda (from Dividends earned from SPVs + EBITDA from O&M and Asset Mgmt activities + EBITDA from the sale of Projects and D&C activity + EBITDA generated by the SPVs with Recourse PF Debt). | /three.numr Considering pending earn-outs from Phase 1, 2 and 3 of OA and the agreed sale of Phase 4 of OA and Colombian distribution assets. ✓ Total leverage stands at 5.0x (1.4x Proforma) ✓ €99 million non-recourse financing for the Ayora solar project in Spain ✓ $355m project financing for Central Oasis Projects (Teno, Tamango y Planchón DEBT STRUCTURE 26% CORPORATE 74% NON-RECOURSE NET DEBT & LEVERAGE (ex IFRS16) €m Total Leverage/one.numr Covenant Leverage/two.numr FY24 566 461 105 Total Non-recourse Corporate 3.6x 0.7x FY25 993 736 257 5.0x 1.4x FY25 Proforma/three.numr 501 499 1.5x (0.0x) 3 Highlights Business Review Financial Review Sustainability
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24 Sustainability Overview Roadmap 2024-2026 and ESG Ratings CLIMATE CHANGE ENVIRONMENT GOVERNANCE Elaboration of the Sustainability Report in line with CSRD ESG risk map update Progress on the Internal Control over Non-Financial Information System Climate Change Policy Development Climate Transition Plan update for the formalisation of emission reduction targets in line with CSRD Biodiversity Policy Development Preparation of the biodiversity risk management report in line with TNFD PEOPLE Development of our “Grenergy Employer Branding” strategy Development of a corporate volunteering plan Highlights Business Review Financial Review Sustainability Discloser 2024 10.6 Low Risk B score 87/100 69/100 A- AAA RATED BY
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APPENDICES 25
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26 /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 (21 projects) Gran Teno Tamango Elena Distribution (10 projects) San Miguel de Allende Kosten Spain Hybrid Central Oasis Central Oasis Oasis de Atacama Greenbox Oasis de Atacama Oasis de Atacama Central Oasis Central Oasis Central Oasis Central Oasis Spain Hybrid Oasis de Atacama Oasis de Atacama Solar PV Solar PV Solar PV Solar PV Solar PV + BESS Solar PV Solar PV Wind 200 203 241 49 77 127 36 24 958 MW 2,035 2,109 2,000 2,000 2,800 1,990 2,300 5,033 4Q21 4Q21-4Q24 4Q23 1Q24 1Q26 4Q21-4Q24 1Q21 1Q21 PPA PV Profile 85% Stabilized Price PPA PaP 66% 12 Yrs PPA PaP 100% 15 Yrs Merchant/GR Power PPA PaP 100% 15 Yrs / Merchant Auction 15 Yrs 100% Auction 15 Yrs 100% 0 0 0 0 3,024 0 0 0 3,024 MWh BESS MWhMWp Resource (Hours) COD/one.numr OfftakerTypeProject PlatformCountry Ayora Oviedo PMGDs (9 projects) Victor Jara Gabriela Gran Teno BESS Tamango BESS Planchón Monte Águila Distribution (3) Stadium La Feria Solar PV BESS Standalone Solar PV Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV BESS Standalone BESS Standalone 2,000 2,000-2,700 2,800 2,950 2,000 2,000 1,990 1Q26 1Q27 1Q25-4Q25 1Q26 1Q26 2Q26 4Q26 1Q27 1Q27 1Q25-4Q25 1Q26 1Q26 PPA PaP 75% 15 Yrs Tolling Agreements (Initial) Stabilized Price PPA 60% 15 Yrs PPA PaP 75% 15 Yrs PPA 60-70% PPA 60-70% PPA / Merchant Merchant / Tolling (Initial) Merchant / Tolling (Initial) Spain Spain Chile Chile Chile Chile Chile Chile Chile Colombia USA USA Total Under Construction 172 0 90 230 272 0 0 108 340 38 0 0 1,250 MW 0 600 0 1,300 1,100 800 140 360 960 0 25 25 5,310 MWh Los Escuderos Elena Algarrobal San Miguel de Allende BESS Distribution (4) Shubuta Creed Beaver Creek Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV Solar PV Solar PV Solar PV + BESS 2,000 2,800 2,500 2,037 1,739 1,851 1,798 1Q27-3Q27 3Q27 2Q27 2Q27 4Q26-4Q27 4Q28 3Q28 3Q28 PPA/Tolling (Advanced) PPA 75% 15 Yrs (Advanced) PPA 100% 15 Yrs (Advanced) PPA / Merchant PPA (Advanced) PPA (Advanced) PPA (Advanced) Spain Chile Chile México Colombia USA USA USA Total Backlog 0 369 242 0 50 250 60 229 1,200 MW 704 0 1,300 90 0 0 0 183 2,277 MWh 704 0 1,300 90 0 0 0 183 2,277 MWh
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27 Platform update Projects in Advanced Development Resource (Hours) BESS MWhMWp COD/one.numrTypeProjectCountry EUROPE UK UK UK Italy Italy Spain Spain Germany Romania Poland LATAM Chile Chile Chile Chile Chile Perú Perú Total Advance Development Fibden Farm Scal Park Greenbox Isole & Penisola Projects Greenbox Clara Campoamor Greenbox Greenbox Greenbox Greenbox Antofagasta (Oasis de Atacama) Sol de Caone (Oasis Central) PMGDs (2 projects) Chanqueahue Greenbox Macarena Locumba Solar PV + BESS Solar PV + BESS BESS Standalone Solar PV + BESS BESS Standalone Solar PV BESS Standalone BESS Standalone BESS Standalone BESS Standalone Solar PV + BESS Solar PV + BESS Solar PV + BESS Solar PV + BESS BESS Standalone Solar PV Solar PV 53 56 0 550 0 198 0 0 0 0 540 340 18 180 0 196 241 2,372 MW 1,100 1,100 1,864 2,000 2,800 2,000 2,300 2,154 2,536 2,484 2Q27 4Q28 2Q27 3Q27-4Q28 4Q27-4Q28 2Q27 3Q27 2Q28-1Q32 1Q28-4Q30 3Q27-4Q31 4Q27 4Q27 4Q26 4Q29 3Q27-3Q28 3Q27 4Q27 160 160 80 1,775 2,516 0 194 1,160 1,900 2,235 3,024 1,500 75 900 1,290 0 0 16,969 MWh /one.numr Commercial Operation Date.
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28 Platform with relevant growth potential. Project Portfolio /one.numr This classification of the pipeline phases has been made by the company itself on the basis of its previous experience in projects carried out, using its own internal criteria and procedures. IDENTIFIED OPPORTUNITIES Project with technical and financial feasibility, given that 1) there is the possibility of land, 2) access to the electricity grid is operationally viable and/or 3) there is the possibility of sale to third parties. Based on an identified opportunity, the project is approved internally to enter the investment phase, with applications for grid access being made and negotiations for land commencing. Projects with an advanced technical and financial stage: • +50% Probability to secure land; and/or • +90% Probability to get grid access; and/or • Environmental permits requested Ready to Build: Financing close, PPA in place or negotiation of EPC Under Construction: EPC provider has been mandated to start construction works In Operation: Plant fully operational or at least Mechanical Completion achieved and under commissioning Projects in a final phase before construction: • Secured land and grid access; and/or • +90% Probability to obtain environmental permits • Off-take agreements, PPA, or bankable scheme of stabilized prices secured / ready to be signed EARLY STAGE ADVANCED DEVELOPMENT BACKLOG READY TO BUILD UNDER CONSTRUCTION IN OPERATION Total Platfom/one.numr Includes projects in operation and total pipeline 20-40% Success Rate 50% Success Rate 70% Success Rate 90% Success Rate 20-40% Success Rate
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29 FY25 Revenues & EBITDA. Breakdown by division FY25 933.1 574.9 358.2 75.5 56.6 4.7 1,069.9 FY24 550.3 444.8 105.5 60.5 28.1 4.0 642.9 Var. 70% 29% 239% 25% 101% 18% 66% (€m) Development & Construction Income from customer sales Income from capitalize works Energy Retail Services Total REVENUES FY25 179.4 49.6 0.3 0.7 (28.6) 201.4 FY24 142.3 41.5 0.3 0.5 (24.6) 160.0 Var. 26% 20% 16% 38% 17% 26% (€m) Development & Construction Energy Retail Services Corporate Total EBITDA 4Q25 345.0 239.4 105.5 22.6 14.3 1.0 382.9 4Q24 338.4 358.8 (20.4) 18.6 7.3 0.9 365.2 Var. 2% (33%) 617% 21% 95% 12% 5% 4Q25 85.8 14.7 0.3 (0.2) (9.7) 90.8 4Q24 104.6 11.4 0.2 0.2 (9.2) 107.1 Var. (18%) 29% 87% (231%) 5% (15%)
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(€m) Revenues Income from customer sales Income from capitalized works Procurement Procurement from third parties Activated cost Gross Margin Personnel expenses Badwill Other operating expenses Other income EBITDA Depreciation and amortization EBIT Financial income Net financial results Other financial results Financial result Result before taxes Income tax Net Income PROFIT AND LOSSES FY25 1,069.9 711.7 358.2 (779.5) (443.9) (335.6) 290.4 (47.9) - (41.3) 0.2 201.4 (50.1) 151.3 5.7 (45.9) (8.6) (48.9) 102.4 (15.4) 87.0 FY24 642.9 537.4 105.5 (429.4) (343.6) (85.8) 213.5 (37.9) 18.2 (35.5) 1.7 160.0 (41.4) 118.6 1.4 (45.1) (0.3) (44.0) 74.6 (15.0) 59.6 FY24 642.9 537.4 105.5 (429.4) (343.6) (85.8) 213.5 (37.9) 18.2 (35.5) 1.7 160.0 (41.4) 118.6 1.4 (45.1) (0.3) (44.0) 74.6 (15.0) 59.6 Var. 66% 32% 239% 82% 29% 291% 36% 26% n.m 16% (90%) 26% 21% 28% 313% 2% n.m. 11% 37% 3% 46% 4Q25 382.9 277.3 105.5 (263.6) (164.9) (98.7) 119.3 (14.4) - (13.6) (0.5) 90.8 (27.9) 62.9 1.5 (12.4) (3.8) ( 14.7) 48.2 (6.5) 41.7 4Q24 365.2 385.6 (20.4) (233.2) (258.9) 25.8 132.0 (11.9) - (14.2) 1.1 107.1 (26.8) 80.3 (0.2) (16.4) 8.8 (7.8) 72.5 (19.2) 53.3 4Q24 365.2 385.6 (20.4) (233.2) (258.9) 25.8 132.0 (11.9) - (14.2) 1.1 107.1 (26.8) 80.3 (0.2) (16.4) 8.8 (7.8) 72.5 (19.2) 53.3 Var. 5% (28%) 617% 13% (36%) (483%) (10%) 21% n.m (4%) (140%) (15%) 4% (22%) (811%) (25%) (143%) 88% (34%) (66%) (22%) 30 FY25 Results. Profit and Losses
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31 FY25 Results. Balance Sheet FY25 1,451.9 6.0 1,211.4 65.1 113.9 55.5 711.5 234.9 115.8 43.2 12.1 305.4 2,163.3 FY24 1,209.2 6.3 920.3 59.9 54.6 168.1 666.0 196.8 82.3 4.3 8.6 374.0 1,875.2 Var. 242.7 (0.3) 291.1 5.2 59.3 (112.7) 45.4 38.2 33.5 39.0 3.5 ( 68.6) 288.1 (€m) Non-current assets Intangible assets Fixed asset Assets with right of use Deferred tax assets Other fixed assets Current assets Inventories Accounts receivable Current financial investments Other current assets Cash & cash equivalents TOTAL ASSETS FY25 415.3 1,119.1 64.1 11.0 1,044.0 59.6 887.8 29.3 67.2 - 628.9 6.0 260.8 362.0 142.6 196.9 6.9 4.5 11.2 2,163.3 FY25 415.3 1,119.1 64.1 11.0 1,044.0 59.6 887.8 29.3 67.2 - 628.9 6.0 260.8 362.0 142.6 196.9 6.9 4.5 11.2 2,163.3 FY24 473.5 782.8 59.6 9.6 713.6 51.6 576.4 7.0 65.9 12.6 618.8 3.8 310.7 304.4 108.1 119.8 1.5 4.9 70.1 1,875.2 Var. ( 58.2) 336.3 4.5 1.4 330.4 8.0 311.4 22.3 1.3 (12.6) 10.1 2.2 (49.9) 57.7 34.5 77.1 5.4 (0.4) (58.9) 288.1 (€m) Equity Non-current liabilities Deferred tax liabilities Non-current provisions Financial debt Bonds & Commercial Paper Debt with financial entities Derivatives Debts Finance lease Other debts Current liabilities Current provisions Accounts payable Financial debt Bonds & Commercial Paper Debt with financial entities Derivatives Debts Finance lease Other debts TOTAL EQUITY AND LIABILITIES BALANCE SHEET
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32 FY25 Results. Cash Flow /one.numr Growth CAPEX amounted to €651m in FY25. This is the net figure of Gross CAPEX (€880m) subtracting the CAPEX related to OA I-II-III (€229m). (€m) EBITDA + Change in operating NWK + Taxes and Financial Exp. Cash Funds from operations + Short term-Liquid Investments + Growth capex 1 + Divestment Free cash flow + Capital increase + Bonds + Bank borrowings + Other debts + Share Buy-back programme + Exchange rates differences Net cash increase CASH FLOW FY25 201.4 (74.6) (88.7) 38.1 (0.7) (650.4) 201.1 (412.0) - 42.4 430.9 (71.5) (24.4) (34.0) (68.6) FY25 201.4 (74.6) (88.7) 38.1 (0.7) (650.4) 201.1 (412.0) - 42.4 430.9 (71.5) (24.4) (34.0) (68.6) FY24 160.0 222.4 (31.7) 350.7 7.6 (648.8) 339.9 49.4 - 39.4 118.3 81.8 (20.4) (16.0) 252.5 FY24 160.0 222.4 (31.7) 350.7 7.6 (648.8) 339.9 49.4 - 39.4 118.3 81.8 (20.4) (16.0) 252.5 Var. 26% (134%) 180% (89%) (109%) 0% (41%) (933%) - 8% 264% (187%) 20% 113% (127%) Var. 26% (134%) 180% (89%) (109%) 0% (41%) (933%) - 8% 264% (187%) 20% 113% (127%) 4Q25 90.8 (41.1) (48.6) 1.2 6.1 (158.9) 201.1 49.4 - 36.2 (131.4) (0.0) 0.7 4.4 (40.8) 4Q24 107.1 232.7 (1.2) 338.6 7.1 (229.7) 290.0 406.0 - 16.9 (91.9) (23.9) (0.3) (0.2) 306.7 4Q24 107.1 232.7 (1.2) 338.6 7.1 (229.7) 290.0 406.0 - 16.9 (91.9) (23.9) (0.3) (0.2) 306.7 Var. (15%) (118%) 3,795% (100%) (15%) (31%) (31%) (88%) - 114% 43% (100%) (378%) (2,407%) (113%) Var. (15%) (118%) 3,795% (100%) (15%) (31%) (31%) (88%) - 114% 43% (100%) (378%) (2,407%) (113%)
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33 FY25 Results. Net Debt (€m) Long-term financial debt Short-term financial debt Long-term Lease debt (IFRS 16) Short-term Lease debt (IFRS 16) Other short term debt Other current financial assets Cash & cash equivalents Corporate Net Debt with recourse Project Finance debt with recourse Project Finance cash with recourse Project Finance Net Debt with recourse Project Finance debt with non-recourse Project Finance cash with non-recourse Project Finance Net Debt with non-recourse Total Net Debt Total Net Debt ex IFRS16 NET DEBT FY25 204.7 296.6 66.9 4.2 - 11.2 (252.4) 331.2 - (3.1) (3.1) 786.3 (49.9) 736.4 1,064.5 993.4 FY24 161.0 194.1 65.4 4.5 14.6 68.0 (330.0) 177.7 - (2.7) (2.7) 501.9 (41.3) 460.6 635.5 565.7 FY24 161.0 194.1 65.4 4.5 14.6 68.0 (330.0) 177.7 - (2.7) (2.7) 501.9 (41.3) 460.6 635.5 565.7 Var. 43.7 102.5 1.5 (0.3) (14.6) (56.8) 77.6 153.5 - (0.4) (0.4) 284.4 (8.6) 275.9 428.9 427.7 Var. 43.7 102.5 1.5 (0.3) (14.6) (56.8) 77.6 153.5 - (0.4) (0.4) 284.4 (8.6) 275.9 428.9 427.7
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34 FY25 Results. Net Debt/EBITDA Reconciliation /one.numr Calculated as Total Net Debt exIFRS16 divided by the last-12 month EBITDA exIFRS16; | /two.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). (€m) Net Debt Impact IFRS16 Net Debt ex IFRS16 EBITDA LTM Impact IFRS16 EBITDA LTM ex IFR16 Corporate costs LTM EBITDA LTM ex IFRS16 (covenant) Net debt/EBITDA Net debt/EBITDA ex IFRS16 1 Net debt/EBITDA (per covenant) 2 FY25 FY24 NET DEBT/EBITDA RECONCILIATION Total 1,064.5 71.1 993.4 201.4 2.5 198.9 (28.6) 5.3x 5.0x Corporate 328.1 71.1 257.0 158.1 2.5 155.6 (28.6) 184.2 2.1x 1.7x 1.4x Corporate 328.1 71.1 257.0 158.1 2.5 155.6 (28.6) 184.2 2.1x 1.7x 1.4x Non-Recourse 736.4 - 736.4 43.3 - 43.3 - 17.0x 17.0x Total 635.5 69.9 565.7 160.0 2.5 157.5 (24.6) 4.0x 3.6x Corporate 175.0 69.9 105.1 121.7 2.5 119.2 (24.6) 143.8 1.4x 0.9x 0.7x Corporate 175.0 69.9 105.1 121.7 2.5 119.2 (24.6) 143.8 1.4x 0.9x 0.7x Non-Recourse 460.6 - 460.6 38.3 - 38.3 - 12.0x 12.0x
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