Slides
Page 1
WEBCAST H1 2026 RESULTS 30 July 2026
Page 2
| | 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 .
Page 3
| | | | Webcast – H1 2026 Results AGENDA 3 H1 2026 Results Divestment Activities Outlook 2026 Q&A
Page 4
| | Revenue, profit and margin recovery in Q2 compared to subpar Q1 results LowlightsHighlights HIGHLIGHTS AND LOWLIGHTS Webcast 4 Project Merlin closed Sale of projects in Guatemala and El Salvador (Project Merlin) closed on 28 July+ + Cash settlement of legal dispute in El Salvador exceeded expected amount and therefore had greater negative impact on free cash than anticipated - Overhead cost reduction of 18% year -over-year, despite non -recurring expenses incurred in connection with divestment activities and legal disputes + Recent regulatory changes in Mexico may adversely affect the operating performance and valuation of Los Santos. The implications are currently still being assessed. -
Page 5
| | 5| H1 2026 Results MPC ENERGY SOLUTIONS
Page 6
| | H1 2026: SOLID PERFORMANCE Webcast 6 unaudited, proportionate values; like -for-like comparison shows current portfolio * excluding Planeta Rica (Colombia), which was sold in 09/2025 Energy Output (proportionate, GWh) H1 2025 H1 2026 49.4 60.5 -18% H1 2025 H1 2026 49.450.3 -1% like-for-like*all projects Revenue (proportionate, mUSD) H1 2025 H1 2026 5.3 6.1 -12% H1 2025 H1 2026 5.35.4 -2% like-for-like*all projects EBITDA (proportionate, mUSD) H1 2025 H1 2026 3.84.4 -13% H1 2025 H1 2026 3.84.1 -6% like-for-like*all projects EBITDA margin (proportionate) H1 2025 H1 2026 72%73% H1 2025 H1 2026 72%75% like-for-like*all projects
Page 7
| | H1 2026: PROJECT PERFORMANCE Webcast 7 unaudited, proportionate values, like -for-like comparison + Mexico: The project lost nearly one month of revenue due to a metering error at the main off- taker’s location in January. This loss directly impacted the project’s operating profit and margin. Subpar weather conditions added to a performance below expectations and last year’s results. + El Salvador: Energy output and revenues increased slightly year-over-year. Prevailing high energy prices support the project’s top line, and the cost efficiency allows us to protect the relatively high operating margin. + Colombia: Poor weather conditions during the first half of the year kept the energy output below expectations, triggering larger than expected spot market trading activities and costs. Favourable currency movements nonetheless increased revenues and profits in absolute terms, while the operating margin remained at last year’s level. H1 2026 Installed Capacity (MW) Country Energy Output (GWh) Revenue (kUSD) EBITDA (kUSD) EBITDA margin Los Santos I 15.8 Mexico 17.4 1,901 1,295 68% Santa Rosa / Villa Sol 21.3 El Salvador 21.9 2,557 2,219 87% Los Girasoles 12.3 Colombia 10.1 867 333 38% Portfolio 49.4 49.4 5,325 3,847 72% Rounding differences may occur H1 2025 Installed Capacity (MW) Country Energy Output (GWh) Revenue (kUSD) EBITDA (kUSD) EBITDA margin Los Santos I 15.8 Mexico 18.3 2,100 1,582 75% Santa Rosa / Villa Sol 21.3 El Salvador 21.3 2,491 2,185 88% Los Girasoles 12.3 Colombia 10.6 835 307 37% Portfolio 49.4 50.3 5,427 4,074 75%
Page 8
| | H1 2026: DISCIPLINED COST MANAGEMENT Webcast 8 unaudited H1 2024 H1 2025 1,8281,858 -18% H1 2026 1,506 H1 2023 2,655 Overhead Costs (thousand USD) Rounding differences may occur + H1 2026 vs. H1 2025: Overhead costs are down 18% year-over-year, despite non- recurring expenses incurred in connection with divestment activities and a legal dispute. + Full-year projection: We maintain our projection to lower overhead spending compared to FY2025 by up to 30% to USD 2.3 million, mainly driven by further headcount reductions in the second half of the year and reduced indirect costs related to projects that have been divested (e.g. group-level asset management fees). 2025 Act 3,307 -30% 2026 Proj 2,300
Page 9
| | Webcast 9 H1 2026: OTHER FINANCIAL PARAMETERS unaudited, consolidated values USD 123.2 million Total Assets 32% Equity Ratio USD 72.0 million Project Debt* USD 9.3 million Consolidated Cash* * Partially shown as assets and liabilities held for sale in consolidated financial statements
Page 10
| | FREE CASH UPDATE AND PROJECTION (1/2) Webcast 10 unaudited + Q2 movements: The reduction in Q2 2026 was attributable to overhead spending (USD 0.9 million), additional funding provided to the project in Guatemala (USD 1.5 million), and the settlement of a legal dispute in El Salvador, for which USD 2.0 million were classified as restricted cash as of 30/06/2026. An earn-out payment (USD 0.3 million) was collected in connection with the 2025-sale of Planeta Rica (Colombia). + Post H1 movements: Following the closing of Project Merlin, MPCES collected total proceeds of USD 28.3 million. An amount of USD 2.2 million of the total proceeds is currently held in a milestone-related escrow and expected to be released later this year. USD 2.8 million were allocated to restricted cash as part of the 12- month minimum cash requirement agreed to as part of the transaction. million USD Free cash 31/03/26 7.5 Additional funding for projects (1.5) Allocation to restricted cash (settlement legal dispute) (2.0) Overhead spending (0.9) Earn-out payment previous divestments 0.3 Free cash 30/06/2026 3.4 Divestment proceeds Project Merlin 28.3 Overhead spending July 2026 (0.2) Minimum cash requirement (until end of July 2027) (2.8) Allocated to escrow accounts (release tied to milestones/financial balances) (2.2) Free cash 30/07/2026 26.5 Projected movements until year-end (excl. distributions to shareholders)* 6.5 Projected free cash at year-end 2026 (excl. distributions to shareholders) 33.0 * The projection includes further divestment proceeds, allocation and release of funds held in escrow, overhead, transaction fees, and taxes. The projection is based on currently available information and the completion of further transactions.
Page 11
| | FREE CASH UPDATE AND PROJECTION (2/2) Webcast 11 unaudited Year-end projection + Taking into consideration overhead spending as well as potential further divestment proceeds, related transaction fees and taxes, as well as funds to be allocated or released from escrow in connection with such divestments, we project additional net inflows until year-end of USD 6.5 million. + Based on this projection and not considering the planned distributions to shareholders – which is pending supervisory board approval and waiting periods determined by Dutch law – we project year-end free cash to amount to USD 33.0 million (around NOK 320 million). + By the end of the year, our project Los Santos (Mexico) as well as our equity stake in US- microgrid developer Enernet Global as well as cash are expected to be the remaining assets of MPCES. million USD Free cash 31/03/26 7.5 Additional funding for projects (1.5) Allocation to restricted cash (settlement legal dispute) (2.0) Overhead spending (0.9) Earn-out payment previous divestments 0.3 Free cash 30/06/2026 3.4 Divestment proceeds Project Merlin 28.3 Overhead spending July 2026 (0.2) Minimum cash requirement (until end of July 2027) (2.8) Allocated to escrow accounts (release tied to milestones/financial balances) (2.2) Free cash 30/07/2026 26.5 Projected movements until year-end (excl. distributions to shareholders)* 6.5 Projected free cash at year-end 2026 (excl. distributions to shareholders) 33.0 * The projection includes further divestment proceeds, allocation and release of funds held in escrow, overhead, transaction fees, and taxes. The projection is based on currently available information and the completion of further transactions.
Page 12
| | 12| Divestment Activities MPC ENERGY SOLUTIONS
Page 13
| | DIVESTMENT ACTIVITIES Webcast 13 Project Merlin + Agreement to sell Santa Rosa & Villa Sol (21.3 MW, El Salvador) and San Patricio (66.1 MW, Guatemala) was signed in November 2025. + Sale was approved by our shareholders in December 2025. + Transaction closed on 28 July 2026. + MPCES collected a total sales price of USD 28.3 million, of which USD 2.2 million are still held in escrow until final post-closing milestones and agreements are made. + 10% of sales price to be retained as minimum cash for 12 months (USD 2.8 million) Los Girasoles (Colombia) + 12.3 MWp solar PV plant in Colombia, developed and built by MPCES. + Binding offer received; final terms of potential sale under negotiation. Los Santos (Mexico) + 15.8 MWp solar PV plant in Mexico, acquired by MPCES in 2022. + Recent changes to the energy law and regulations (June 2026) are potentially harmful for legacy projects like Los Santos (Mexico) + Assessment of migration into new regulatory regime ongoing and to be completed in coming weeks. PPA and financing might have to be restructured to meet the new structure and protect the business case/value of the project + Currently no active divestment discussions due to these developments; interest from potential buyers and the timeline for divestment remains uncertain; sale proceeds could differ from current carrying value Enernet Global (USA) + Since the pre-IPO phase, MPCES has been invested in a US-microgrid company, holding an equity stake of around 7% + The book value of the stake is USD 1.5 million + Enernet has so far delivered results below its original ambitions, and MPCES is seeking to exit the investment + Interest from potential buyers and the timeline for divestment remains uncertain; sale proceeds could differ from current carrying value
Page 14
| | 14| Outlook 2026 MPC ENERGY SOLUTIONS
Page 15
| | OUTLOOK 2026 Webcast 15 Unchanged compared to previously shared guidance; distribution planned + Year-end projection confirmed. + Additional contribution of San Patricio (Guatemala) during July 2026 (around 10 GWh and USD 0.7 million revenue) provides upside to the guidance and buffer to any downturn of remaining asset performance. + Not factoring in planned distributions to shareholders, we project to have a free cash balance of USD 33.0 million by year-end (please see page 11 of this presentation). + Subject to supervisory board approval and completion of the applicable legal process under Dutch law, the first distribution is expected in Q3 2026. Details will be shared in due course. Unit Projection 2026 Energy output GWh 75 Project revenue million USD 7.5 Project EBITDA / Gross Profit million USD 5.5 Overhead million USD (2.3) Group EBITDA million USD 3.2 Depreciation, amortization million USD (1.6) Group EBIT million USD 1.6 Free cash* million USD 33.0 * Please refer to page 11 of the presentation for details.
Page 16
| | 16| Q&A MPC ENERGY SOLUTIONS
Page 17
| | ALTERNATIVE PERFORMANCE MEASURES MPC Energy Solutions Webcast 17 To supplement our consolidated financial statements presented on International Financial Reporting Standards as adopted by the European Union (EU-IFRS) basis, we disclose certain non-IFRS financial measures (Alternative Performance Measures, APM), including, without being limited to, proportionate revenues, proportionate earnings before interest, taxes, depreciation and amortization (EBITDA) and proportionate earnings before interest and taxes (EBIT), including percentages and ratios derived from those measures . EBITDA and EBIT are commonly used performance indicators in our industry . The APMs we use 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 .
Page 18
| | DISCLAIMER MPC Energy Solutions Webcast 18 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 July 2026
Page 19
| | 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 19