Voltalia Sa · EURONEXT:VLTSA
Voltalia Sa — H1 2026 Earnings Presentation
43 slides from Voltalia Sa's earnings presentation, Sep 3, 2026
Slide 1: 2026 Half year results
2026 Half year results www.voltalia.com September 3, 2026
Slide 2: Forward-looking statements
By viewing or receiving or reading the presentation that follows (the This Presentation contains forward-looking statements about the Group and 2 “Presentation”) or attending any meeting where this Presentation is made, its subsidiaries. These statements 2025 in a nutshellinclude financial projectio
Slide 3: Introduction and recent highlights
3 Recent highlights Financials SPRING Outlook Appendices Introduction and recent highlights Robert KLEIN Chief Executive Officer
Slide 4: Introduction
4 Introduction Recent highlights Financials SPRING Outlook Appendices 01 SPRING execution 02 Past compensation 03 Operational and on track secured commercial wins Cost reduction and Brazil curtailment easing, 438 MW commissioned organisation evolution but still material since H1 2025 Portfolio refoc
Slide 5: Agenda
5 Agenda Recent highlights Financials SPRING Outlook Appendices HY highlights P.6 2026 half year results P.9 SPRING execution update P.23 2027 and beyond P.29
Slide 6: A more focused portfolio preserving long-term visibility and diversified opportunities
A more focused portfolio preserving long - 6 term visibility and diversified opportunities Recent highlights Financials SPRING Outlook Appendices €7.0 billion 16.6 years 79% Revenues indexed Secured revenues Remaining PPA life on inflation Capacity in operation Pipeline and construction Africa and I
Slide 7: Selective growth continues through new contracted PPAs and capital-light third-party activities
Selective growth continues through new 7 contracted PPAs and capital-light third-party Recent highlights Financials SPRING Outlook Appendices activities UK PPAs EGYPT, Reza Brazil Data ITALY PPAs DEVELOPMENT wind farm Center - Pecem Over 1 GW New PPA signed New PPA signed New step for 860 322 MW of
Slide 8: A proposed strategic partnership with IFC to strengthen long-term financing
8 A proposed strategic partnership with IFC Recent highlights Financials SPRING Outlook Appendices to strengthen long-term financing TRANSACTION STRUCTURE S TR ATE G I C R ATI ON AL E UP TO TRANCHE 1 TRANCHE 2 €120m €75m up to €45m Enhanced financing capacity for ~600 MW Initial tranche Additional t
Slide 9: 2026 half year results & 2026 objectives
9 Recent highlights Financials SPRING Outlook Appendices 2026 half year results & 2026 objectives Sylvine BOUAN Chief Financial Officer
Slide 10: HY 2026 shows first measurable progress on performance and cash generation
HY 2026 shows first measurable progress 10 on performance and cash generation Recent highlights Financials SPRING Outlook Appendices €331.3m Turnover vs H1 2025: +30% €110.3m EBITDA vs H1 2025: +35% –€39.5m Net result vs H1 2025: –€-40.9m €102m Vs HY 2025:+40% €343m vs HY 2025: +€108m Operating cash
Slide 11: Development: discipline is lowering cash costs while preserving and maturing pipeline
11 Development: discipline is lowering cash Recent highlights Financials SPRING Outlook Appendices costs while preserving and maturing pipeline 12 GW refocused and tightly steered Var. at current Development metrics HY 2026 HY 2025 exchange rates Pipeline rationalisation Cash costs (€m) -30.3 -45.2
Slide 12: Voltalia Energy Sales: Positive effects compensating lower resources in Brazil
12 Voltalia Energy Sales: Positive effects Recent highlights Financials SPRING Outlook Appendices compensating lower resources in Brazil €94.8m EBITDA including compensation Var. at current Voltalia Energy Sales metrics HY 2026 HY 2025 exchange rates Positive impacts • Stable production thanks to ne
Slide 13: Brazil curtailment decreased in volume and compensation supports HY 2026 EBITDA
Brazil curtailment decreased in volume 13 And compensation supports HY 2026 EBITDA Recent highlights Financials SPRING Outlook Appendices Curtailment in Brazil (GWh) Compensation above budgeted amount H1 2025 268 H1 2026 218 −19% €29m EBITDA Q2 2025 181 -€10m Q2 2026 105 −42% Taxes and impairment *
Slide 14: Helexia: Growth driven by dynamic European energy sales activity
14 Recent highlights Financials SPRING Outlook Appendices Helexia: Growth driven by dynamic European energy sales activity 323 GWh Production, +12% vs HY 2025 Var. at current • Energy sales increased its production Helexia metrics HY 2026 HY 2025 by 12% mainly explaining growth in exchange rates tur
Slide 15: Renvolt: Continuous outstanding activity
15 Renvolt: Continuous outstanding activity Recent highlights Financials SPRING Outlook Appendices 10% margin EBITDA margin — within 2030 target range Renvolt metrics HY 2026 HY 2025 Var. at current exchange rates Construction • More than 750 MW under construction, mainly driven by Ireland and Spain
Slide 16: Business Units contribution to Turnover and EBITDA
16 Business Units contribution to Recent highlights Financials SPRING Outlook Appendices Turnover and EBITDA Var. at current Var. at constant HY 2026 HY 2025 exchange rates 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
Slide 17: Non-operational effects above estimates but on-going actions to solve
Non-operational effects above estimates 17 but on-going actions to solve Recent highlights Financials SPRING Outlook Appendices €110.3m –€89.3m –€48.6m –€11.9m –€39.5m vs –€68.2m vs –€34.1m vs –€19.0m vs –€40.9m vs €80.4m +35% +29% +41% -39% -4% D&A and other Taxes & EBITDA operating items Financial
Slide 18: Long-dated project financing provides structural support while deleveraging remains a key priority
Long-dated project financing provides 18 structural support while deleveraging remains Recent highlights Financials SPRING Outlook Appendices a key priority 12.6 years 68% 6.3% Project debt maturity Leverage* All-in cost of debt vs. 16.6 y. remaining PPA life project finance discipline vs. 6.14% in
Slide 19: Improved cash generation and closing cash position vs HY 2025
19 Improved cash generation and closing Recent highlights Financials SPRING Outlook Appendices cash position (+€108m) vs HY 2025 New financing Saint Anne (French Guiana) Cash flow
Slide 20: 2026 EBITDA target confirmed but a full-year net loss expected
2026 EBITDA target confirmed but a full - 20 year net loss expected Recent highlights Financials SPRING Outlook Appendices 2026 HY 2026 EBITDA H2 EBITDA contribution objectives Development and Energy Sales: Development and IPP +€105-120m • Higher contribution from recent assets €109m • Recovery of a
Slide 21: Below-EBITDA items drive the revised FY 2026 net-result outlook
Below-EBITDA items drive the revised FY 21 2026 net-result outlook Recent highlights Financials SPRING Outlook Appendices 01 Loss making activity ➢ Higher financial costs due to Indexed interest rates while assets are not yet producing full capacity (Helexia Brazil) ➢ Services activity in Helexia be
Slide 22: Voltalia 2026 objectives
22 Voltalia 2026 objectives Recent highlights Financials SPRING Outlook Appendices 2026 Operational objectives 2026 Financial objectives €210 - 230m ~3.6 GW of capacity in operation EBITDA and under construction including €190 - 210m EBITDA from Energy Sales Including ~3.0 GW In operation net loss e
Slide 23: SPRING execution update
23 Recent highlights Financials SPRING Outlook Appendices SPRING execution update Robert KLEIN Chief Executive Officer
Slide 24: First year of SPRING transformation plan translates into first tangible effects
First year of SPRING transformation plan, 24 translates into first tangible operational and Recent highlights Financials SPRING Outlook Appendices financial effects 1 Transformation underway 2 First recurring benefits emerging SPRING has shifted from implementation to delivery Cost savings, workforc
Slide 25: SPRING is delivering tangible milestones across all transformation workstreams
25 SPRING is delivering tangible milestones Recent highlights Financials SPRING Outlook Appendices across all transformation workstreams 2026 Delivered to Next commitment date milestone Portfolio refocus (focus 1) Core geographic 2 new exits 75% Exit non-core countries footprint increasingly targete
Slide 26: Focus 1 - A more selective development pipeline to prioritise higher-value opportunities
Focus 1 - A more selective development pipeline 26 to prioritise higher-value opportunities Recent highlights Financials SPRING Outlook Appendices Development Portfolio: 12 GW Early stage Since December 31, 2025: In advanced studies 8.3 GW - Pipeline continue to mature - ~1 GW newly awarded as menti
Slide 27: Focus 2 - H1 2026 recurring savings delivered on track
Focus 2 - H1 2026 recurring savings delivered 27 on track Recent highlights Financials SPRING Outlook Appendices H1 2026 RECURRING SAVINGS As a reminder the 2026–2030 savings ambition (average annual recurring savings) €16m €45m already delivered versus HY 2025* versus December 31, 2024 cost base De
Slide 28: Focus 3 - Early operating plants performance initiatives translating into production gains
Focus 3 - Early operating plants performance 28 initiatives are already translating into Recent highlights Financials SPRING Outlook Appendices measurable production gains Initiatives delivered through steady, incremental execution Production & Cash generation Revenue recovery availability Cost effi
Slide 29: 2027 and beyond
29 Recent highlights Financials SPRING Outlook Appendices 2027 and beyond Robert KLEIN Chief Executive Officer
Slide 30: 2026 execution provides the foundation for Voltalia's 2027 and 2030 financial profile
2026 execution provides the foundation for 30 Voltalia’s 2027 and 2030 financial profile Recent highlights Financials SPRING Outlook Appendices 2027 2030 ~4.2 GW operation + construction ~5.0 GW operation + construction ~3.7 GW in operation ~4.5 GW in operation EBITDA €300–325m Energy Sales margin 7
Slide 31: After a year into SPRING, Voltalia enters a more focused, profitable, cash-disciplined growth model
After a year into SPRING, Voltalia enters into a 31 more focused, profitable and cash-disciplined Recent highlights Financials SPRING Outlook Appendices growth model Transformation is translating into operational tangible results 01 Early execution signs are emerging across cost savings, workforce o
Slide 32: Q&A
32 Recent highlights Financials SPRING Outlook Appendices Q&A
Slide 33: Appendices
33 Recent highlights Financials SPRING Outlook Appendices Appendices
Slide 34: Appendix 1 – 2026 half year key figures
34 Appendix 1 – 2026 half year key figures Recent highlights Financials SPRING Outlook Appendices 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
Slide 35: Appendix 2 – Capex/MW
35 Appendix 2 – Capex/MW Recent highlights Financials SPRING Outlook Appendices Financial closing and CAPEX valuation Financial study Investment decision CAPEX/MW Asset Lifetime Equity IRR Project Gearing ▪ Solar – ~€0.7m ▪ Solar – 30-35 years ▪ Europe – 75-85% ▪ Wind – ~€1.2m ▪ Developed countries
Slide 36: Appendix 3 – Voltalia Hub
36 Appendix 3 – Voltalia Hub Recent highlights Financials SPRING Outlook Appendices Var. at constant Voltalia Hub in million euros HY 2026 HY 2025 exchange rates Voltalia Hub Total turnover 17.2 14.1 +20% Turnover: €17.2m, up 20% • Growth confirms demand for specialized activities EBITDA: –€1.1m Tot
Slide 37: Appendix 4 – Debt managed with discipline and progressive deleveraging
Appendix 4 – remains managed with 37 discipline and progressive deleveraging Recent highlights Financials SPRING Outlook Appendices Debt maturity profile (€m) Debt by currency Project debt Corporate debt 958 522 EUR BRL EUR: 63% 415 958 341 BRL: 26% 331 198 282 ZAR: 4% 227 130 176 USD: 4% 38 217 191
Slide 38: Appendix 5 – Detailed reminder of SPRING commitments
Appendix 5 – Detailed reminder of SPRING 38 commitments Recent highlights Financials SPRING Outlook Appendices 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%
Slide 39: Appendix 6 – Capacity in construction
39 Appendix 6 – capacity in construction Recent highlights Financials SPRING Outlook Appendices 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 Solai
Slide 40: Appendix 7 – Disposals execution is underway, with closings concentrated in HY2027
40 Appendix 7 – disposals execution is underway, Recent highlights Financials SPRING Outlook Appendices with closings concentrated in HY2027 EXECUTION ROADMAP H2 2026 HY2027 Closing · Dec 2026/Early 2027 PROJECT A Phase 2 underway Closing · HY 2027 PROJECT B Phase 2 starts · Sep 2026 Closing · HY 20
Slide 41: Appendix 8 – Market growth supports renewables, but complexity favours disciplined developers
Appendix 8 – Market growth supports 41 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 Recent highlights Financials SPRING Outlook Appendices disciplined developers Growth drivers Complexity factors Demand expansion Curtailment / negative prices Electrification,
Slide 42: Appendix 9 – Clients
42 Appendix 9 – Clients Recent highlights Financials SPRING Outlook Appendices KEY PPA COUNTERPARTIES OTHER ACTIVITIES CLIENTS CORPORATES INTEGRATED UTILITIES FINANCIAL SPONSORS TRADERS OIL MAJORS GREEN IPPs Shell Total EDF Trading Trading Trading STATES AND UTILITIES
Slide 43: Thank you
43 Recent highlights Financials SPRING Outlook Appendices Thank you www.voltalia.com