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MAKING CLEAN ENERGY HAPPEN Webcast – Q1 2025 Results 30 April 2025
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| | FORWARD-LOOKING STATEMENTS MPC Energy Solutions Webcast 2 Certain information and statements shared in this document, including financial estimates and comments about our plans, expectations, beliefs, or business prospects, and other information and statements that are not historical in nature, may constitute forward -looking statements under the securities laws. We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them. We do not undertake any obligation to update these information and statements in the future . Forward -looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including factors contained in our financial statements, filings, and other releases .
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| | | | Webcast – Q1 2025 Results AGENDA 3 Objectives 2025 Q1 Results Outlook 2025 Q&A
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| | 4| Objectives 2025 MPC ENERGY SOLUTIONS
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| | Return cash to shareholders OBJECTIVES 2025 Webcast 5 Maximizing shareholder value: operating portfolio vs. divestments Connect San Patricio (Guatemala) to the grid, deliver first power in July 20251 Generate positive free cash flows ➢ Improved project operating margins ➢ Overhead cost reduction ➢ Selective spending on development 2 Increase free cash position ➢ Project divestments ➢ Cash-back from operating projects 3
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| | 6| Q1 Results MPC ENERGY SOLUTIONS
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| | Highlights Q1 2025: IMPROVEMENTS ACROSS THE BOARD Webcast 7 Improved top line and bottom line, progress on divestments Improvement across all key metrics (energy output, revenue, operating profit and margin) year-over- year despite operating fewer projects than in comparable period in 2024+ Further measures to reduce overhead costs implemented+ Construction progress in Guatemala → expected to deliver first power in July 2025+ Divestment of development project in Colombia+
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| | Q1 2025: OPERATING MARGINS CONTINUE TO IMPROVE Webcast 8 Unaudited, proportionate values Rounding differences may occur + We sold our CHP plant in Puerto Rico at the end of 2024. Consequently, we currently operate fewer projects than in the comparable period in 2024. + We nonetheless managed to increase energy output, revenues and operating profits and margins year-over-year. Especially the margin improvement was a focus over the past 18 months, and we are currently seeing levels in most of our projects that are satisfactory/in line with expectations. + On a like-for-like basis, i.e. without considering the revenue and EBITDA contributions from Neol CHP (Puerto Rico) in Q1 2024, the year-over- year increases of revenues and EBITDA are 22% and 38%, respectively. Energy Output (proportionate, GWh) Project EBITDA and Margin (proportionate, thousand USD) Project Revenue (proportionate, thousand USD) 2,903 Q1 2024 Q1 2025 2,811 29.028.5 2,129 1,792 +2% +3% +19% Q1 2024 Q1 2025 Q1 2024 Q1 2025 73% 64% 246432 Contribution from Neol CHP (Puerto Rico), which was sold in late 2024
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| | Q1 2025: PROJECT PERFORMANCE Webcast 9 Unaudited, proportionate values + In Mexico, our project benefitted from high technical availability, good irradiation levels and sales from “energy bank” reserves. The EBITDA margin saw a significant improvement compared to Q1 2024. + In El Salvador, our plant left the phase of higher discounts at which we sell energy relative to reference market tariffs behind, thereby substantially increasing its top line. We also continue to benefit from higher-than-expected energy prices overall. + In Colombia, our plant Los Girasoles delivered results in line with our expectations. During the first quarter, we turned a small profit on energy trading compared to losses in the past, which helped improve the project’s operating margins. Higher security costs continue to keep margins below comparable projects in other countries. Project Country Energy Output (GWh) Revenue (kUSD) EBITDA (kUSD) EBITDA margin Los Santos I Mexico 7.8 878 662 75% Santa Rosa / Villa Sol El Salvador 10.4 1,218 1,066 87% Los Girasoles Colombia 5.5 477 195 41% Consolidated group 23.7 2,573 1,922 75% Planeta Rica* Colombia 5.3 330 207 63% Proportionate values 29.0 2,903 2,129 73% Rounding differences may occur* MPCES owns 50% in Planeta Rica Project Country Energy Output (GWh) Revenue (kUSD) EBITDA (kUSD) EBITDA margin Los Santos I Mexico +8% +20% +41% +11%-points Santa Rosa / Villa Sol El Salvador +1% +26% +34% +4%-points Los Girasoles Colombia -9% +27% +170% +22%-points Planeta Rica* Colombia +10% +8% -2% -6%-points Comparison to Q1 2024
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| | 10Webcast Overhead Costs + We implemented additional overhead cost reduction measures in Q1, including headcount reductions. The impact of the measures will become visible from Q2 onwards. Q1 is commonly the quarter with the largest expenditure caused by annual payments like insurance premiums and supervisory board fees, and this year also severance pay to employees we decided to let go. Free Cash + We define free cash as funds available for immediate deployment for project investments, project development and group overhead. + Given our activities to (partially) sell some of our projects in the coming months and our lower overhead spending following successful cost reductions, we currently do not foresee any liquidity concerns for 2025 and beyond. Q1 2025 926 Q1 2024 974 Personnel Costs and Other Overhead (in thousand USD) -5% Q1 2025: FURTHER OVERHEAD COST REDUCTIONS Unaudited, consolidated values 31/03/2025 3.3 31/12/2024 4.2 Free Cash (in million USD) 30/09/2024 2.1
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| | Q1 2025: GROUP EBITDA SIGNIFICANTLY INCREASES YOY Webcast 11 Unaudited, consolidated values Rounding differences may occur + The consolidated numbers principally tell the same story as the proportionate numbers. After the planned divestment of our 50:50 joint venture Planeta Rica in Colombia, the proportionate numbers and consolidated numbers will be the same. + Revenues and operating profits are up as operational costs go down and overhead spending remains under control. Consequently, operating profit margins on group level improved year-over-year. + For the first time in our history, we are reporting a positive EBIT on a consolidated basis. We currently see no indication that should prevent us from generating a positive EBIT on a consolidated basis in 2025. Consolidated, all values in thousand USD, negative values in “()” Q1 2025 Q1 2024 Delta Revenue 2,573 2,532 +2% Project OpEx (651) (933) -30% Project EBITDA / Gross Profit 1,922 1,599 +20% Overhead (926) (974) -5% Group EBITDA 996 625 +59% Depreciation (557) (767) Amortization (334) (292) Group EBIT 105 (434) Project EBITDA margin / gross margin 75% 63% Group EBITDA margin 39% 25% Group EBIT margin 4% -17%
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| | Webcast 12 Q1 2025: OTHER FINANCIAL PARAMETERS Unaudited, consolidated values USD 128.3 million Total Assets 38% Equity Ratio USD 15.6 million Consolidated Cash USD 0.00 EPS
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| | 13| Outlook 2025 MPC ENERGY SOLUTIONS
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| | Webcast 14 SAN PATRICIO: CONSTRUCTION PROGRESS First power targeted for July 2025 + We are currently on track to connect to the power grid and deliver first power in July 2025. Mechanical completion is scheduled for late-May. + Construction is progressing as planned and we are within budget. The PV modules (80%) and trackers (99%) have mainly been installed. Current works are focused on completing the module installation as well as drainage systems and cabling. + The total equity invested by MPCES is USD 8.5 million. Local bank BAC is providing a USD 34 million non-recourse project finance loan, which has already been fully disbursed. + Once completed and during a full year of operations, San Patricio is expected to generate more than USD 8 million in revenues with EBITDA margins of more than 80%. Solar plant Substation
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| | SAN PATRICIO (GUATEMALA) WITH MAJOR POSITIVE IMPACT Webcast 15 Proportionate values, please refer to disclaimer on forward -looking statements Rounding differences may occur + The projections for 2025 do not consider any contributions to energy output, revenues and EBITDA from our projects in Colombia. However, since the divestments from the two Colombian projects will take some time, the projection will be updated after the second quarter and can currently be seen as conservative. + The upcoming start of operations of the 66 MWp project in Guatemala will have a significant impact on our group’s overall financial result and is expected to fully compensate the revenues from our Colombian projects and the divested project in Puerto Rico. + With the core portfolio of projects in Guatemala, El Salvador and Mexico, we expect to generate significantly higher operating margins compared to previous years. Energy Output (proportionate, GWh) Project EBITDA and Margin (proportionate, million USD) Project Revenue (proportionate, million USD) 12.0 to 13.0 2024 2025PLAN 12.8 116 9.0 to 9.5 7.9 2024 2025PLAN 2024 2025PLAN 70% to 80% 61% 140 to 145 +20%
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| | 16| Q&A MPC ENERGY SOLUTIONS
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| | 17| Annex MPC ENERGY SOLUTIONS
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| | Full-cycle independent power producer (IPP) with offices in the Netherlands (HQ), Colombia and Panama. Founded in mid -2020, listed on the Oslo Stock Exchange since January 2021. WHO WE ARE Webcast 18 We invest in Latin America We focus on the full project life cycle Renewables are our core technology Solar Hybrid (incl. Storage) Development (2-5 years) Construction (12-18 months) Operation (25+ years) Decommissioning ESG Project Financing Project Management and Administration Offices Solar PV
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| | OUR CURRENT PORTFOLIO Successful track record: 4 operational projects, construction in Guatemala underway (biggest project to -date) Webcast 19 In operation Los Santos I + Mexico + Solar PV + 16 MW Santa Rosa + El Salvador + Solar PV + 21 MW Los Girasoles + Colombia + Solar PV + 12 MW Under construction San Patricio + Guatemala + Solar PV + 66 MW Planeta Rica + Colombia + Solar PV + 27 MW First Power expected in July 202576 MW in operation Portfolio PPAs: Ø16 years tenor + USD exposure in revenues: >80% +
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| | Webcast 20 WHAT WE ARE LOOKING FOR IN PROJECTS min. 15% Equity IRR Greenfield up to 75 MWp Co-investments and Asset Rotation Bankable Off-takers
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| | ALTERNATIVE PERFORMANCE MEASURES MPC Energy Solutions Webcast 21 To supplement our consolidated financial statements presented on International Financing Reporting Standards (IFRS) basis, we disclose certain non-IFRS financial measures (Alternative Performance Measures, APM), including, without being limited to, proportionate energy output numbers, proportionate revenues, and proportionate earnings before interest, taxes, depreciation and amortization (EBITDA) and earnings before interest and taxes (EBIT), including percentages and ratios derived from those measures . Both EBITDA and EBIT are commonly used performance indicators in the Company’s industry . These APMs are not necessarily in accordance with generally accepted accounting principles stipulated by IFRS and should not be considered in isolation from or as a replacement for the most directly comparable IFRS financial measures . Furthermore, other companies may calculate these APMs differently than we do, which may limit the usefulness of those measures for comparative purposes . Management uses supplemental APMs to evaluate performance period over period, to analyze the underlying trends in our business, to assess our performance relative to our competitors and to establish operational goals and forecasts that are used in allocating resources . In addition, management uses APMs to further its understanding of the performance of our operating projects and help isolate actual performance from adjustments required by accounting standards .
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| | DISCLAIMER MPC Energy Solutions Webcast 22 This presentation has been prepared by MPC Energy Solutions N.V. (the “Company”) and is general background information about the Company’s activities at the date of this presentation. The information in this presentation is provided in summary form only and does not purport to be complete. This presentation does not contain all the information that is or may be material to investo rs or potential investors and should not be considered as advice or a recommendation to investors or potential investors in resp ect of the holding, purchasing or selling of securities or other financial instruments and does not take into account any investor’s par tic ular objectives, financial situation or needs. By reading or using this presentation, you acknowledge that you have read, und ers tood and agreed to the below terms and conditions. If you do not agree to these terms and conditions, you may not read or use the pres ent ation. 1. Use of presentation. The information provided on this presentation is for general informational purposes. This presentation m ay not be relied upon for the purpose of entering into any transaction and should not be construed as, nor be relied on in conne cti on with, any offer or invitation to purchase or subscribe for, underwrite or otherwise acquire, hold or dispose of any securitie s o f the Company, and shall not be regarded as a recommendation in relation to any such transaction whatsoever. 2. Content. The Company will use reasonable efforts to include accurate and up -to-date information into this presentation but makes no warranties or representations of any kind as to its accuracy, currency or completeness. You agree that the use of this presentation and the content thereof is at your own risk. The Company disclaims all warranties, express or implied, including warranties of merchantability or fitness for a particular purpose. Neither the Company nor any party involved in creating, prod uci ng or delivering this presentation shall be liable for any damages, including without limitation, direct, incidental, consequential , i ndirect or punitive damages, arising out of access to, use of or inability to use this presentation, or any errors or omissio ns in the content thereof. This limitation includes damages to, or for any viruses that infect, your computer equipment. 3. Indemnification. You agree to indemnify, defend and hold harmless the Company, its officers, directors, employees, agents, su ppl iers and third -party partners from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, resulting from any violation by you of these terms and conditions. 4. Forward Looking Statements. This presentation contains forward -looking statements about the Company's financial and operating pe rformance, business plans and prospects that involve substantial risks and uncertainties. Actual results could differ materia lly from the expectations and projections set forth in those statements. Such risks and uncertainties include, among other things , t he uncertainties inherent in development, construction and operation of renewable energy assets; competitive developments; et c. The Company assumes no obligation to update any forward -looking statements as a result of new information or future events or de velopments. 5. Copyrights. The entire contents of this presentation are subject to copyright protection. Copyright © 2023 MPC Energy Solutio ns N.V. The contents of this presentation may not be copied other than for noncommercial individual reference with all copyright or other proprietary notices retained, and thereafter may not be recopied, reproduced or otherwise redistributed. Except as expr ess ly provided above, you may not otherwise copy, display, distribute, modify, reproduce, republish or retransmit any informatio n, text or documents contained in this presentation or any portion thereof in any electronic medium or in hard copy, or create any de riv ative work based on such images, text or documents, without the express written consent of the Company. 6. Void Where Prohibited. This presentation and its contents are intended to comply with the laws and regulations in Norway and the Netherlands. Although this presentation is accessible to users outside of Norway or the Netherlands, the information is inten ded for use only by residents of Norway or the Netherlands Other countries may have laws, regulatory requirements and practices tha t differ from those in Norway or the Netherlands. 7. Governing Laws. These terms and conditions and your use of presentation shall be governed by the laws of Norway without regar d t o its conflicts of laws principles. Any legal action or proceeding related to this presentation shall be brought exclusively in a federal or state court of competent jurisdiction sitting in Oslo, Norway. 8. Miscellaneous. If any provision of these terms and conditions is held to be unlawful, void or unenforceable, then such provis ion shall be severable without affecting the enforceability of all remaining provisions. The Company reserves the right to alter or delete the content of this presentation at any time at its discretion. 30 April 2025
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| | CONTACT INFORMATION MPC Energy Solutions N.V. Apollolaan 151, Unit 121 1077 AR Amsterdam The Netherlands Investor Relations & Public Relations Email: IR@mpc -energysolutions.com www.mpc -energysolutions.com Webcast 23