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w w w . v o l t a l i a . c o m S e p t e m b e r 3 , 2 0 2 6 2026 Half year results
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2 SPRING updateFinancials 2026 and beyond2025 in a nutshell FORWARD - LOOKING STATEMENTS By viewing or receiving or reading the presentation that follows (the “Presentation”)or attendingany meetingwhere this Presentationis made, you agree to be boundby the limitations,qualificationsand restrictionsset outbelow: The activityand the financialconditionof VoltaliaS.A. (the “Company”)and the group to which it belongs(the “Group”)are describedin the universal registration document (document d’enregistrement universel) of the Company which was filed with the Autorité des marchés financiers(the “AMF”) on March 30 2026, under number D.26-0181 (the “Universal RegistrationDocument”). The UniversalRegistrationDocumentis available free of chargefrom the Company. The UniversalRegistrationDocumentis alsoavailableon the websiteof the Company(www.voltalia.com)and of the AMF(www.amf-france.org). The existenceand content of this Presentationdoes not constituteand shouldnot be construedas a contractor an offer to contractor a publicor non-public,bindingor nonbinding,offerto sellor a solicitationof an offerto buy any securities,investmentproducts,share of funds or other financial productor servicesin anyjurisdiction. ThisPresentationis not directedto, or intendedfor distributionto or use by, any person or entity that is a citizenor residentor locatedin any locality, state, country or other jurisdictionwhere such distribution,transmission, publication,availabilityor use would be contrary to law or regulationor whichwouldrequireanyregistrationor approvalwithinsuchjurisdiction. Thedistributionof thisPresentationandanyinformationcontainedhereinin jurisdictionsmay be restrictedby law or regulationand personsintowhose possessionthis document comes should make themselvesaware of the existenceof andobserveanysuchrestriction. Theinformationcontainedin thisPresentationis of an indicativenatureand has not been verified independently. No representation or warranty, whether express or implied, is given regarding the accuracy, comprehensivenessor accuracyof the informationand opinionscontained in this Presentation. This Presentationis not meant to serve as a basis for, andshallnotbe usedin connectionwith,an investmentdecision. No person shall be entitledto rely on, or shall have any claims againstthe Company, any of its affiliates, officers, directors, employees, any of their advisers, consultants or any other person arising from this Presentation. The informationcontainedin thisPresentationis indicativeas at the dateof this Presentation and may have to be updated, amended or completed significantly. ThisPresentationcontainsonlysummaryinformationanddoes not purport to be comprehensive. The Company does not undertaketo update,amendor completethe informationcontainedin the Presentation in orderto reflectnew information,new eventsor for any otherreasonand the informationcontainedin this Presentationmay be modifiedwithout priornotification. ThisPresentationcontainsforward-lookingstatementsabouttheGroupand itssubsidiaries. Thesestatementsincludefinancialprojectionsandestimates and their underlyingassumptions,statementsregardingplans, objectives and expectationswith respectto future operations,productsand services, andstatementsregardingfutureperformance. Forward-lookingstatements are generally identified by the words “expects”, “anticipates”,“believes”, “intends”,“estimates”,“anticipates”,“projects”,“seeks”,“endeavours”,“strives”, “aims”,“hopes”,“plans”,“may”,“goal”,“objective”,“projection”,“outlook”and similarexpressions. Althoughthe managementof the Group believesthat the expectations reflected in such forward-looking statements are reasonably made investors and holders of the Group's securities are cautionedthat forward-lookinginformationand statementsare subjectto variousrisks,whetherknown or unknown,uncertaintiesand other factors, whichmay be beyondthecontrolof theGroupandwhichmaycauseactual results,performanceor achievementsto be materiallydifferentfrom any future results,performanceor achievementexpressedor impliedby such forward-looking statements. These risks and uncertaintiesinclude those discussedor identifiedin filingswith the AMF made or to be made by the Group, includingin particularthe risk factorsdescribedin Chapter2 “Risk factorsand riskmanagement”of the UniversalRegistrationDocument. The Group undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise. Any informationrelatingto pastperformancecontainedhereinis nota guaranteeof futureperformance. Nothinghereinshouldbe construed as an investment recommendation or as legal, tax, investment or accountingadvice. The marketdataandcertainindustryforecastsincludedin thisPresentation were obtainedfrom internalsurveys,estimates,reportsand studies,where appropriate,as well as from external market research, publicly available informationandindustrypublications. NeithertheCompany,noritsaffiliates, directors, officers, advisors, employees, consultants or agents have independentlyverified the accuracy of any external market data and industryforecastsand do not make any undertakingsrepresentationsor warrantiesin relationthereto. Such data and forecastsare includedherein forinformationpurposesonly.
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3 SPRINGFinancials Outlook AppendicesRecent highlights Robert KLEIN Chief Executive Officer Introduction and recent highlights
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4 SPRINGFinancials Outlook AppendicesRecent highlightsI n t r o d u c t i o n 01 SPRING execution on track 02 Past compensation secured Brazil curtailment easing, but still material 03 Operational and commercial wins Cost reduction and organisation evolution Portfolio refocus and disciplined investment Most disposal processes launched Nearly 1 GW of new PPAs signed Higher-quality development pipeline 438 MW commissioned since H1 2025 €29m EBITDA from historical compensation 2026 EBITDA confirmed 2026 net result expected to be negative
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5 SPRINGFinancials Outlook AppendicesRecent highlights P.6 HY highlights P.92026 half year results P.23SPRING execution update P.292027 and beyond A g e n d a
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6 SPRINGFinancials Outlook AppendicesRecent highlights A m o r e f o c u s e d p o r t f o l i o p r e s e r v i n g l o n g- t e r m v i s i b i l i t y a n d d i v e r s i f i e d o p p o r t u n i t i e s Pipeline as of December 31, 2025 €7.0 billion Secured revenues 16.6 years Remaining PPA life 79% Revenues indexed on inflation Pipeline Capacity in operation and construction Solar 57% Wind 22% Storage 21% Europe 32% Latin america 34% Africa and Itnl 34% Solar 66% Wind 27% Storage 5% Others 2% Europ e 38% Latin america 46% Africa and Itnl 16% 12.0 GW 12.0 GW 3.6 GW 3.6 GW
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7 SPRINGFinancials Outlook AppendicesRecent highlights S e l e c t i v e g r o w t hc o n t i n u e s t h r o u g h n e w c o n t r a c t e d P P A sa n d c a p i t a l- l i g h t t h i r d- p a r t y a c t i v i t i e s DEVELOPMENT OUR BUs UK PPAs New PPA signed 83 MW ITALY PPAs New PPA signed 60 MW EGYPT, Reza wind farm New step for 860 MW wind project Renvolt 750 MW on going construction New O&M contracts signed across Renvolt and Brazil O&M Helexia 40 MW of new opportunities Over 1 GW of new PPA Brazil Data Center - Pecem 322 MW of connection secured
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8 SPRINGFinancials Outlook AppendicesRecent highlights A p r o p o s e d s t r a t e g i c p a r t n e r s h i p w i t h I F C t o s t r e n g t h e n l o n g- t e r m f i n a n c i n g August 12 press release UP TO €120m long-term financing Preference shares Long-term Partnership TRANSACTION STRUCTURE TRANCHE 1 €75m Initial tranche TRANCHE 2 up to €45m Additional tranche PURPOSE • Support the injection of Equity in new photovoltaic and battery storage projects in Africa, Eastern Europe, Middle East and Central Asia SUBJECT TO • Shareholder approval in October 2026 • IFC final approval STRATEGIC RATIONALE Enhanced financing capacity for ~600 MW eligible projects Spring’s objective: Partnerships A new milestone in the Voltalia-IFC partnership Voltalia’s ESG policy aligned with the highest standards
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9 SPRINGFinancials Outlook AppendicesRecent highlights Sylvine BOUAN Chief Financial Officer 2026 half year results & 2026 objectives
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10 SPRINGFinancials Outlook AppendicesRecent highlights H Y 2 0 2 6 s h o w s f i r s t m e a s u r a b l e p r o g r e s s o n p e r f o r m a n c e a n d c a s h g e n e r a t i o n Cash conversion: Operating cash flow / EBITDA €331.3m Turnover vs H1 2025: +30% €110.3m EBITDA vs H1 2025: +35% –€39.5m Net result vs H1 2025: –€-40.9m €102m Operating cash flow Vs HY 2025: +40% cash conversion: 92% €343m Cash position vs HY 2025: +€108m Vs HY 2025: €235m
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11 SPRINGFinancials Outlook AppendicesRecent highlights D e v e l o p m e n t : d i s c i p l i n e i s l o w e r i n g c a s h c o s t s w h i l e p r e s e r v i n g a n d m a t u r i n gp i p e l i n e 12 GW refocused and tightly steered Pipeline rationalisation • Value over volume: Tighter project selection and lower prospecting spend improve capital efficiency Sharper capital allocation • Optimized prospecting and headcount costs resulting in a EBITDA €5m improvement Continued value-focused prioritization • Pursue pipeline maturation while maintaining strict conversion and return thresholds Message clés: - P&L du DEV Montrer: - baisses des dépenses - baisse des FTE - Rationalisation du pipeline à 12GW avec un niveau de maturité Development metrics HY 2026 HY 2025 Var. at current exchange rates Cash costs (€m) -30.3 -45.2 -33% Prospection expenses (€m) -5.9 -7.7 -23% Development sales (€m) 4.5 - - EBITDA (€m) -2.0 -7.7 -74% Headcounts 293 340 -14%
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12 SPRINGFinancials Outlook AppendicesRecent highlights V o l t a l i a E n e r g y S a l e s : P o s i t i v e e f f e c t s c o m p e n s a t i n g l o w e r r e s o u r c e s i n B r a z i l €94.8m EBITDA including compensation Positive impacts • Stable production thanks to new plants commissioned (compensating negative effects) • Lower curtailment • Past curtailment compensation booked Negative impacts • French Guiana biomass restarted in May • Lower ramp-up resource and availability in Brazil • Below EBITDA, adjusted value of Brazilian assets Recovery path • Ongoing availability recovery actions, stronger wind resource and lower curtailment in Brazil, supported by continued operating cost optimization. Voltalia Energy Sales metrics HY 2026 HY 2025 Var. at current exchange rates Production (GWh) 2,085 2,069 +1% Curtailment (% of Brazilian production) 13% 14% -1pt Turnover (€m) 158 122 +29% EBITDA (€m) 94.8 71.7 +32% Average Project debt -1,089 -901 +21% Cost of debt -37.1 -32.9 +13%
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13 SPRINGFinancials Outlook AppendicesRecent highlights Brazil curtailment decreased in volume And compensation supports HY 2026 EBITDA *As a prudent approach, we reviewed our assets value to include curtailment assumptions, which will therefore be embedded in our valuation models . It resulted in assets depreciation. Curtailment in Brazil (GWh) H1 2025 268 H1 2026 218 −19% Q2 2025 181 Q2 2026 105 −42% ✓ Lower curtailed volumes … 218 vs 268 GWh for HY 2025 ✓ … but still material … 13% of Brazil H1 production 8% of Group production Compensation above budgeted amount €29m EBITDA €19m NET INCOME Net result reflects higher financial result and tax -€10m Taxes and impairment *
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14 SPRINGFinancials Outlook AppendicesRecent highlights H e l e x i a : G r o w t h d r i v e n b y d y n a m i c E u r o p e a n e n e r g y s a l e s a c t i v i t y 323 GWh Production, +12% vs HY 2025 • In Europe, Energy sales performance is stable while services are not at break even. • In Brazil, operations are not profitable since high financial costs Regional performance • Energy sales increased its production by 12% mainly explaining growth in turnover by 8%. • Brazil perimeter amounts for 22% Next priority • On-going restructuring plan to capture savings and improve operational and financial performance 30 06 2026 31 12 2025 Var Var % Externes -22 104 -14 487 -7 617 53% Interne -5 815 -3 509 -2 306 66% Total -27 919 -17 996 -9 924 55% Helexia metrics HY 2026 HY 2025 Var. at current exchange rates Production 322.7 287.0 +12% Turnover 32.5 30.1 +8% EBITDA 21.4 21.1 +2% Average Project debt -459 -351 +24% Cost of debt -21.5 -13.8 +56%
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15 SPRINGFinancials Outlook AppendicesRecent highlights R e n v o l t : C o n t i n u o u s o u t s t a n d i n g a c t i v i t y 10% margin EBITDA margin — within 2030 target range Construction • More than 750 MW under construction, mainly driven by Ireland and Spain Maintenance • More than 1.2 GW operated for third parties new contracts support recurring growth • 95% of portfolio is in Europe Disciplined & Secured • Protect pricing, project selection and warranty control • While the backlog amounts to ~€300m, x2,3 compared with 2025 turnover Renvolt metrics HY 2026 HY 2025 Var. at current exchange rates Turnover 123.9 85.3 +45% EBITDA 12.5 6.2 2.0x EBITDA margin 10% 7% +3pts
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16 SPRINGFinancials Outlook AppendicesRecent highlights B u s i n e s s U n i t s c o n t r i b u t i o n t o T u r n o v e r a n d E B I T D A Voltalia Hub includes: Triton, Greensolver Yusco, O&M and Helexia Services HY 2026 HY 2025 Var. at current exchange rates Var. at constant exchange rates Turnover 331.3 251.5 +32% +30% Energy Sales 190.2 152.1 +25% +22% Renvolt 123.9 85.3 +45% +45% Voltalia hub 17.2 14.1 +21% +20% EBITDA 110.3 80.4 +37% +35% Energy Sales 116.2 92.7 +25% +23% Development -7.0 -11.9 +41% +43% Renvolt 12.5 6.2 2x 2x Voltalia hub -1.1 2.9 - - Corporate costs -10.3 -9.6 +8% +8%
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17 SPRINGFinancials Outlook AppendicesRecent highlights N o n- o p e r a t i o n a l e f f e c t s a b o v e e s t i m a t e s b u t o n- g o i n g a c t i o n s t o s o l v e €110.3m EBITDA –€89.3m D&A and other operating items –€48.6m Financial result –€11.9m Taxes & other items –€39.5m Net result vs €80.4m vs –€68.2m vs –€34.1m vs –€19.0m vs –€40.9m D&A Debt cost Taxes Net loss (group share) non-current income and expenses Discontinued activities Compensation €29m EBITDA benefit from historical Brazil curtailment: €17m additional turnover and €12m of compensated costs €79.3m, up +36% at constant FX, reflecting new capacity (South Africa, Uzbekistan and French Guiana) and Brazil impairments (8€m) Other operating items: –€10.0m, down -9%, while still including SPRING transformation costs –€11.4m, up +26%, notably due to higher tax in Brazil –€0.5m, down -95% (only residual costs have been booked in 2026) Increase in volume of project debt by 230m€ linked to new plants Increase of the cost of debt at 6.3% vs 6.14% in H1 2025 due to higher interest rates in Brazil and South Africa since project debts are indexed Increase in volume with the shareholder loan Net loss reaches -43.3m versus -€39.7m Minorities Decreases to –€3.8m +29% +41% -39% -4%+35%
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18 SPRINGFinancials Outlook AppendicesRecent highlights L o n g- d a t e d p r o j e c t f i n a n c i n g p r o v i d e s s t r u c t u r a l s u p p o r t w h i l e d e l e v e r a g i n g r e m a i n s a k e y p r i o r i t y Fixed assets Projects in develop ment 11% Plants under construc tion 9% Others 1% Projects in operatio n 79% Gross fixed assets €3,991m Debt structure Corporat e loans 35% Project finance 62% Sharehol der loan 3% Gross debt €2,690m Net debt - €2,347m Rate structure Variable 25% Fixed or hedged 45% Indexed 29% Pre- hedged 1% Rate structure 12.6 years Project debt maturity vs. 16.6 y. remaining PPA life 68% Leverage* project finance discipline 6.3% All-in cost of debt vs. 6.14% in HF 2025
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19 SPRINGFinancials Outlook AppendicesRecent highlights I m p r o v e d c a s h g e n e r a t i o n a n d c l o s i n g c a s h p o s i t i o n ( + € 1 0 8 m ) v s H Y 2 0 2 5 Cash flow New financing Saint Anne (French Guiana) FY 2025 cash Company taxes CAPEX Financing FX HY 2026 cash Operations Working capital Operating Cash Flow €102m
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20 SPRINGFinancials Outlook AppendicesRecent highlights 2 0 2 6 E B I T D A t a r g e t c o n f i r m e d b u t a f u l l- y e a r n e t l o s s e x p e c t e d HY 2026 EBITDA Development and IPP €109m Renvolt €13m Others (Voltalia Hub and Corporate costs) -€11m + H2 EBITDA contribution Development and Energy Sales: +€105-120m • Higher contribution from recent assets • Recovery of availability Renvolt : +€5-15m€ • EPC backlog conversion • O&M and third-party contract ramp-up Others : around -€10m€ • Further SPRING cost savings • Tight corporate cost discipline = 2026 objectives EBITDA €210–230m
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21 SPRINGFinancials Outlook AppendicesRecent highlights B e l o w- E B I T D A i t e m s d r i v e t h e r e v i s e d F Y 2 0 2 6 n e t- r e s u l t o u t l o o k ➢ Higher financial costs due to Indexed interest rates while assets are not yet producing full capacity (Helexia Brazil) ➢ Services activity in Helexia below targeted performance Loss making activity ➢ Temporary increased Corporate debt while we keep implementing Spring action plan which aim at a significant decrease in our Corporate debt thanks to asset disposals Financial costs Impairment 01 02 03 Net loss expected (including H2) ➢ Write-off of assets to reflect a prudent approach
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22 SPRINGFinancials Outlook AppendicesRecent highlightsV o l t a l i a 2 0 2 6 o b j e c t i v e s ~3.6 GW of capacity in operation and under construction Including ~3.0 GW In operation 2026 Operational objectives €210 - 230m EBITDA including €190 - 210m EBITDA from Energy Sales net loss expected 2026 Financial objectives We are confident on operational fundamentals to continue delivering and execute the Spring plan
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23 SPRINGFinancials Outlook AppendicesRecent highlights Robert KLEIN Chief Executive Officer SPRING execution update
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24 SPRINGFinancials Outlook AppendicesRecent highlights F i r s t y e a r of S P R I N G t r a n s f o r m a t i o n p l a n , t r a n s l a t e s i n t o f i r s t t a n g i b l e o p e r a t i o n a l a n d f i n a n c i a l e f f e c t s 1 Transformation underway SPRING has shifted from implementation to delivery 2 First recurring benefits emerging Cost savings, workforce optimisation and simplification 3 Disciplined financial execution A closer cash monitoring A more selective capex And a clearer deleveraging agenda 4 Second half acceleration Remaining actions will progressively convert transformation measures into recurring financial benefits from H2 2026 to HY 2027 Execution proof points, controlled risks and a disciplined path to 2030 H1 2025 Diagnosis Sep. 2025 SPRING launch HY 2026 First effects Execution 2030 objectives 2027–2030 End of transformation HY 2027
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25 SPRINGFinancials Outlook AppendicesRecent highlights S P R I N G i s d e l i v e r i n g t a n g i b l e m i l e s t o n e s a c r o s s a l l t r a n s f o r m a t i o n w o r k s t r e a m s Portfolio refocus (focus 1) 75% Disposal programme Process on track Workforce optimisation (focus 2) 80% Cost savings delivery (focus 2) 60% Performance improvement (focus 3) 70% 2026 commitment Delivered to date Next milestone Exit non-core countries Core geographic footprint increasingly concentrated 2 new exits targeted by end 2026 ~200 roles reduction Around ~160 headcounts Finalize local procedures Development, prospection & structural costs savings Savings on track Finalize implementation €300–350m by H1 2027 Transaction being discussed with series of counterparties Deals closing In H1 2027 EBITDA margin improvement On track Roll out second semester plan
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26 SPRINGFinancials Outlook AppendicesRecent highlights F o c u s 1 - A m o r e s e l e c t i v e d e v e l o p m e n t p i p e l i n e t o p r i o r i t i s e h i g h e r- v a l u e o p p o r t u n i t i e s Pipeline as of December 31, 2025 Since December 31, 2025: - Pipeline continue to mature - ~1 GW newly awarded as mentioned Future growth drivers rely on pipeline quality and long-term contracted capacity Enhancement of the profitability & risk measurement in the project selection through its lifecycle Diversification of the offtakers (PPA/CPPA/ Data centers) Focus on the complex projects : hybrid projects and flexible solutions Early stage In advanced studies 8.3 GW In permitting 2.9 GW Late stage 0.8 GW Capacity in operation and construction 3.6 GW Development Portfolio: 12 GW RTB Capacity sold to the market
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27 SPRINGFinancials Outlook AppendicesRecent highlights F o c u s 2 - H 1 2 0 2 6 r e c u r r i n g s a v i n g s d e l i v e r e d o n t r a c k As a reminder the 2026–2030 savings ambition (average annual recurring savings) €45m versus December 31, 2024 cost base H1 2026 RECURRING SAVINGS €16m already delivered versus HY 2025* -€12m Development & prospecting *Compared with HY 2024 , €21m savings (-18m€ for Development & Prospecting savings, -3m€ for structural savings) -€4m Structural costs -€35m Development & prospecting -€10m Structural costs
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28 SPRINGFinancials Outlook AppendicesRecent highlights F o c u s 3 - E a r l y o p e r a t i n g p l a n t s p e r f o r m a n c e i n i t i a t i v e s a r e a l r e a d y t r a n s l a t i n g i n t o m e a s u r a b l e p r o d u c t i o n g a i n s € 2,7m COST OPTIMIZATION RESULTS ALREADY DELIVERING GREECE · O&M CONTRACTS −50% BRAZIL · SOLAR INSURANCE −50% BRAZIL · INTERNAL COSTS -25% Production & availability Improve asset performance and recover lost production Revenue recovery Recover missed revenues and optimize commercial performance Cash generation Accelerate cash upstreaming across operating assets Cost efficiency Reduce recurring operating and contract costs Initiatives delivered through steady, incremental execution On track towards our objective of 70-72% of Energy sales EBITDA margin
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29 SPRINGFinancials Outlook AppendicesRecent highlights Robert KLEIN Chief Executive Officer 2027 and beyond
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30 SPRINGFinancials Outlook AppendicesRecent highlights 2 0 2 6 e x e c u t i o n p r o v i d e s t h e f o u n d a t i o n f o r V o l t a l i a ’ s 2 0 2 7 a n d 2 0 3 0 f i n a n c i a l p r o f i l e 2027 ~4.2 GW operation + construction ~3.7 GW in operation EBITDA €300–325m Energy Sales EBITDA €270–300m 2030 ~5.0 GW operation + construction ~4.5 GW in operation Energy Sales margin 70–72% Renvolt margin 9–11% Net debt / EBITDA 7.5–8.0xSuspension of the positive net result in 2027 objective Suspension of dividend in 2028 based on 2027 results
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31 SPRINGFinancials Outlook AppendicesRecent highlights A f t e r a y e a r i n t o S P R I N G , V o l t a l i a e n t e r s i n t o a m o r e f o c u s e d , p r o f i t a b l e a n d c a s h- d i s c i p l i n e d g r o w t h m o d e l 01 Transformation is translating into operational tangible results Early execution signs are emerging across cost savings, workforce optimisation and operating model simplification 02 03 Business model progressively reviewed Cash, debt and leverage remain under active management, supported cost actions 04 Execution on the way Delivery until HY 2027 with planned disposals and progressive deleveraging underpin the 2027–2030 trajectory Financial discipline remains at the centre of execution Keeping securing project financing Strategic partnership with IFC
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32 SPRINGFinancials Outlook AppendicesRecent highlights Q&A
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33 SPRINGFinancials Outlook AppendicesRecent highlights Appendices
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34 SPRINGFinancials Outlook AppendicesRecent highlights A p p e n d i x 1 – 2 0 2 6 h a l f y e a r k e y f i g u r e s (Net debt) / (Net debt + equity) HY 2026 (€m) var. constant rate Turnover 331.3 +30% EBITDA 110.3 +35% Marge EBITDA 33% +1pt Net result -39.5 +€1m HY 2026 var. Net debt ratio* 68% +1pt HY 2026 var. Total capacity (MW) 3,564 +9% Total production (GWh) 2,408 +1% Energy sales revenue under LT PPAs (%) 98% stable Energy sales revenue indexed (%) 79% Average residual contracted life (years) 16.6
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35 SPRINGFinancials Outlook AppendicesRecent highlights A p p e n d i x 2 – C a p e x / M W ▪ Solar – ~€0.7m ▪ Wind – ~€1.2m ▪ Solar rooftop – ~€1.4m ▪ BESS (€/MWh) - €0.2 to 0.3m CAPEX valuation Financial study Financial closing and Investment decision Asset Lifetime Equity IRR ▪ Solar – 30-35 years ▪ Wind – 25-30 years ▪ BESS – 10-15 years CAPEX/MW Project Gearing ▪ Europe – 75-85% ▪ LATAM – 50-65% ▪ Africa – 70-80% ▪ Developed countries – ~10% ▪ Emerging countries – ~15%
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36 SPRINGFinancials Outlook AppendicesRecent highlightsA p p e n d i x 3 – V o l t a l i a H u b Voltalia Hub in million euros HY 2026 HY 2025 Var. at constant exchange rates Total turnover 17.2 14.1 +20% Total EBITDA -1.1 2.9 - EBITDA margin -6% 21% - Voltalia Hub Turnover: €17.2m, up 20% • Growth confirms demand for specialized activities EBITDA: –€1.1m • Performance reflects the progressive ramp-up of specialized activities, notably Triton biomass production
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37 SPRINGFinancials Outlook AppendicesRecent highlights A p p e n d i x 4 – r e m a i n s m a n a g e d w i t h d i s c i p l i n e a n d p r o g r e s s i v e d e l e v e r a g i n g Debt by currency EUR BRL EUR: 63% BRL: 26% ZAR: 4% USD: 4% GBP: 3% Debt maturity profile (€m) 2026 2027 2028 2029 2030 2031+ Project debt Corporate debt 191 331 522 282 92 38 176 227 105 958 114 341 130 198 217 415 958
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38 SPRINGFinancials Outlook AppendicesRecent highlights A p p e n d i x 5 – D e t a i l e d r e m i n d e r o f S P R I N G c o m m i t m e n t s Main indicators Financial impact Outlook Revenue & profitable growth EBITDA target €300-325mn 2027 EBITDA Energy Sales €270-300mn 2027 EBITDA margins Energy sales 70-72% 2030 Services 9-11% 2030 Cash flow & capital efficiency Cash inflows (divestments etc.) €300-350m HY 2027 Recurring annual cash savings €45m/year 2026 onwards* of which €35m/year from prospection & development costs of which €10m/year from structural costs Long-term financial stability Net Debt-to-EBITDA 7.5-8x 2030
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39 SPRINGFinancials Outlook AppendicesRecent highlightsA p p e n d i x 6 – c a p a c i t y i n c o n s t r u c t i o n Project Name Capacity (MW) Technology Country Artemisya storage 100 Stockage Ouzbékistan Artemisya wind 100 Eolien Ouzbékistan East gate 34 Solaire Royaume-Uni Helexia 10 Solaire Belgique Helexia 47 Solaire Brésil Helexia 23 Solaire France Helexia 5 Solaire Italie Helexia 7 Solaire Pologne Helexia 1 Solaire Portugal Helexia 1 Solaire Espagne Higher Stockbridge 45 Solaire Royaume-Uni Los Venados 20 Solaire Colombie Saint Anne hybrid 7 Hybride Guyane Française Saint Anne solar 43 Solaire Guyane Française Saint Anne storage 34 Stockage Guyane Française Spitalla solar 100 Solaire Albanie Voltalia Mobility - Yusco 24 Solaire France Total 602
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40 SPRINGFinancials Outlook AppendicesRecent highlights A p p e n d i x 7 – d i s p o s a l s e x e c u t i o n i s u n d e r w a y , w i t h c l o s i n g s c o n c e n t r a t e d i n H Y 2 0 2 7 EXECUTION ROADMAP H2 2026 HY2027 PROJECT A Phase 2 underway Closing · Dec 2026/Early 2027 PROJECT B Phase 2 starts · Sep 2026 Closing · HY 2027 PROJECT C Closing · HY 2027 VARIOUS PROJECTS Multiple closings across 2026–2027 Expected closing Phase 2 milestone
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41 SPRINGFinancials Outlook AppendicesRecent highlights A p p e n d i x 8 – M a r k e t g r o w t h s u p p o r t s r e n e w a b l e s , b u t c o m p l e x i t y i n c r e a s i n g l y f a v o u r s d i s c i p l i n e d d e v e l o p e r s Growth drivers Complexity factors Demand expansion Electrification, emerging markets and data centers Cost competitiveness Solar, wind and storage equipment remain attractive Hybridisation Storage and flexible solutions become essential Curtailment / negative prices Higher penetration creates local market stress Permitting hurdles Longer, more complex timelines Lower subsidies More market-driven economics and risk allocation
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42 SPRINGFinancials Outlook AppendicesRecent highlights A p p e n d i x 9 – C l i e n t s GREEN IPPs OTHER ACTIVITIES CLIENTSKEY PPA COUNTERPARTIES CORPORATES STATES AND UTILITIES TRADERS OIL MAJORS Shell Trading Total Trading EDF Trading FINANCIAL SPONSORS INTEGRATED UTILITIES
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43 SPRINGFinancials Outlook AppendicesRecent highlights w w w . v o l t a l i a . c o m Thank you