Grenergy Renovables S.a · BME:GRE

Grenergy Renovables — Investor Presentation (September 2026)

55 slides from Grenergy Renovables's investor presentation, September 2026

  1. Slide 1: Building Multi-GW Storage Platforms

    Sep 2026 BUILDING MULTI-GW STORAGE PLATFORMS INVESTOR PRESENTATION

  2. Slide 2: Solid foundations for a profitable growth story

    Solid foundations for a profitable growth story 1 Proven track record of value creation Growing to the next level 2 First mover into BESS From PV to HYBRID and STANDALONE 3 Vertically integrated 2.3 GW PV + 8.5 GWh in Op. & U/C 4 Highly visible Business Model 6.8 TWh + 4.2 GWh of Capacity signed sin

  3. Slide 3: Proven Track Record of Value Creation

    Proven Track Record of Value Creation Impressive improvement in all KPIs 2015 2019 2025 2025 vs 2015 IPO LISTING RECORD MAB GROWTH CONTINOUS MARKET RESULTS TECHNOLOGY GEOGRAPHICAL PRESENCE PIPELINE 300 MW 4 GW 12 GW + 71 GWh June 2026 EBITDA €4m €18m €201m 50x CAPEX per year €6m €56m €880m c150x NET

  4. Slide 4: First Mover into BESS

    First Mover into BESS Taking advantage of our positioning and expertise CAPEX DEVELOPMENT & CONSTRUCTION Strong relationship with BYD & CATL High expertise with c.8 GWh connected Vertical integration providing CAPEX Pipeline 63 GWh (Hybrid and StandAlone) advantage PPA FINANCING M&A Pioneers signing

  5. Slide 5: First Mover into BESS: Downward trend in CAPEX

    First Mover into BESS Downward trend in CAPEX accelerating the BESS adoption curve CAPEX EVOLUTION HYBRID BESS CAPEX1 BREAKDOWN PER MWh $m Stabilized/Upward trend in Solar PV per MW 0.20 0.20 Stabilized/Downward trend in BESS per MWh but downward trend for the medium term 0.12 0.09 0.09 0.10 PV CAPE

  6. Slide 6: Vertically integrated

    Vertically integrated Proven expertise on a Multi GW Scale Solar PV and Storage Platform CAPEX OPEX OPERATION & DEVELOPMENT CONSTRUCTION SERVICES MAINTENANCE >100 PLANTS 2.3 GW + 8.5 GWh in Op. & U/C ASSET MANAGEMENT Solar PV Hybrid Standalone TOTAL 11 GW 63 GWh $ PLATFORM 33 GWh 30 GWh SUPPORTED BY

  7. Slide 7: Remarkable Execution in 18 months

    Vertically integrated Remarkable Execution in 18 months - 1.3 GW and c.8 GWh built Spain Quillagua Victor Jara Gabriela Elena JC & Tabernas Ayora 221 MW 230 MW 272 MW 77 MW 297 MW 172 MW 1.5 GWh 1.5 GWh 1.3 GWh 3.5 GWh Gabriela Elena JC&Tabernas BESS capacity figures are expressed in terms of gross

  8. Slide 8: Highly visible Business Model: From Solar PV to Hybrid and Baseload PPAs

    Highly visible Business Model From Solar PV to Hybrid and Baseload PPAs SOLAR HYBRID & BASELOAD STANDALONE 2.6 TWh/y PPAs Solar PV 2.5 TWh/y for Phases 1-7 of Oasis de Atacama Oviedo and Escuderos project (1.3 GWh) signed 0.5 TWh/y Baseload PPA (24x7) with Codelco Day-ahead swap PPA for 80% of the c

  9. Slide 9: Record volumes signed

    Highly visible Business Model Record volumes signed: 3.4 TWh/y contracted + 4.2 GWh of capacity Additional 2.4 TWh/y + 4 GWh of capacity under negotiation CHILE SPAIN Solar Monte Águila 390 GWh/y Financial Oviedo 600 MWh PPA and Planchón 12-15 years Tolling 10 years agreements Escuderos 680 MWh BESS

  10. Slide 10: Proven success in Financing

    Demonstrated efficient management of capital Proven success in Financing EQUITY STRUCTURED FINANCE 2021 €105m capital increase $m EXPECTED 3,000 2022 €90m capital increase FIXED INCOME 2,5000 2019 €22m 5y Corporate Green Bond (4.75%) 2022 €52m 5y Corporate Green Bond (4.0%) 2,000 2023 €200m Green co

  11. Slide 11: Project Finance and corporate finance

    Demonstrated efficient management of capital PROJECT FINANCE c.$2bn and c.$1bn mandated $1.3bn CORPORATE Issuing Banks Pool of Syndicated Banks FINANCE $370m July 2024 QUILLAGUA (Phases 1-2) €170m $323m December 2024 VICTOR JARA (Phase 3) GREEN BOND $353m January 2025 GABRIELA (Phase 4) $270m Septem

  12. Slide 12: Crystallizing value through M&A

    Crystallizing value through M&A Selling Assets to reinvest in Europe SELL SIDE 73 PROJECTS 1.6x EV/IC EV $1.5bn rotated from 2017 average valuation achieved Phases 1-4 OA (EV/IC: 1.6x) BUY SIDE TIME-TO-MARKET ANALYZING +5 GW HYBRID & BESS ACQUISITIONS faster project deployment opportunities (3 GW in

  13. Slide 13: Oasis Platforms

    -| OASIS PLATFORMS ® Oasis Atacama © Central Oasis Iberian Oasis 13 GRENERGY

  14. Slide 14: Oasis Atacama

    Hybrid Oasis Platforms Oasis Atacama - Expanding the largest BESS project in the Americas c.$2.5bn 2.5 GW + 14.1 GWh TOTAL CAPEX 2025 2026 2027 2028 2029 PV BESS PPAs FINANCING M&A Project MW MW MWh EV/IC Phase 1 Quillagua 1 103 95 589 Closed Closed Phase 2 Quillagua 2 118 105 651 Closed Closed 1.6x

  15. Slide 15: Hybrid Oasis Platforms: Atacama milestones

    Hybrid Oasis Platforms 2025 Gabriela Project Finance closed ($353m) Phase 4 M&A deal with DIF (a CVC company) for an EV of c.$0.5bn Elena I Project Finance closed ($270m) Phase 6 2026 Gabriela Connected and in operation Phase 4 M&A deal closed Elena Elena I BESS in operation and PV works initiated P

  16. Slide 16: Central Oasis

    Hybrid Oasis Platforms Central Oasis - Increasing the platform in central Chile c.$1.2bn 1.4 GW + 5.1 GWh TOTAL CAPEX 2025 2026 2027 2028 2029 PV BESS PPA FINANCING Project MW MW MWh Phase 1 Gran Teno 241 200 838 Closed Closed Phase 2 Tamango 49 28 148 Closed Closed Phase 3 Planchón 108 75 360 Close

  17. Slide 17: Central Oasis milestones

    Hybrid Oasis Platforms 2025 PPAs 0.5 TWh/y Baseload 24x7 PPA signed with Codelco through GR Power Solar PV PPAs (Planchón and Monte Águila) signed for 390 GWh/y with a global utility 2026 Financing Gran Teno, Tamango and Planchón ($355m) Monte Águila ($268m) Hybridization Gran Teno, Tamango, Planchó

  18. Slide 18: Iberian Oasis

    Hybrid Oasis Platforms Iberian Oasis - M&A accelerating the platform c.€1bn 1 GW + 3.2 GWh TOTAL CAPEX 2025 2026 2027 2028 PV BESS PPA Financing Project MW MW MWh Phase 1 Escuderos1 200 170 680 Closed Advanced Phase 2 Indalo 100 85 340 Advanced Initial Phase 3 Andrea 285 230 920 Advanced Initial Sub

  19. Slide 19: Iberian Oasis milestones

    Hybrid Oasis Platforms 2019 Escuderos Solar PV PPA signed with GALP for 12 years starting in 2021 2020 Escuderos Project finance closed (€97m) 2026 Escuderos Financial Tolling signed in 2Q26 for 12 years Refinancing including storage CAPEX in progress Escuderos’ batteries expected to depart before y

  20. Slide 20: GR Power

    GR Power 20 GRENERGY

  21. Slide 21: GR Power: Key tool for PPAs origination

    Key tool for PPAs origination ENERGY CAPABILITY INVESTMENT TARGET CONTRACTED TO OFFER GRADE 2.1 TWh/y 24x7 Credit profile >5 TWh/y & 1.2 TWh/y in progress Utility Model in 2028 under negotiation HIGH GROWTH PROFILE (>6 YRs EXPERIENCE) >165 CLIENTS AND >300 CONNECTIONS 2023 2024 2025 Clients 81 141 1

  22. Slide 22: Greenbox

    Greenbox

  23. Slide 23: The largest BESS platform in the EU

    The largest BESS platform in the EU with exponential growth EUROPE CUMULATIVE BESS MARKET BESS pipeline GWh 28 GWh 700 600 500 300-400 GWh 400 High: 67% CAGR 25-29E 10 GWh Under construction and advanced stage Medium: 51% CAGR 25-29E 300 Low: 35% CAGR 25-29E 200 100 8 GWh 2028 Target 0 In operation

  24. Slide 24: Developing one of the biggest platforms in Europe

    Developing one of the biggest platforms in Europe • Proven delivery: Financial Tolling and Financing in Spain and Capacity Payments in Poland • First flagship project in Spain under construction and expanded Advanced Development pipeline through M&A • Projects in Poland and Romania upgraded to Backl

  25. Slide 25: First flagship project in Spain

    First flagship project in Spain 2025 Environmental permits and interconnection points granted Render Oviedo BESS 2026 Financial Tolling signed: Day-Ahead Swap Standalone project PPA, for 80% of the capacity (10 years) €100m project financing closed Construction initated and batteries expected to arr

  26. Slide 26: Romania & Poland: Projects upgraded to backlog

    Romania & Poland: Projects upgraded to backlog ROMANIA POLAND • The project will apply for • 2 projects within 15 km of funding from the EU each other Modernisation Fund • Secured PLN 34 million in • Expected to be Warsaw Polish government grants, Bucharest operational by 3Q28 financed by EU funds.

  27. Slide 27: Revenue Stack drives market profitability

    Revenue Stack drives market profitability in each market focus on Tolling Agreements DELIVERY YEARS DAYS HOURS MINUTES SECONDS CAPACITY MARKET WHOLESALE MARKET ANCILLARY SERVICES* SERVICES1 Day-ahead Market and Frequency Containment Reserve (FCR) • Ensures national Intraday Market security of supply

  28. Slide 28: GRData

    GRData

  29. Slide 29: Powered land for AI & Cloud in Chile

    1.0 GWIT Powered land for AI & Cloud in Chile MARKET OPPORTUNITY GRENERGY - PRIME PARTNER 650M+ LATAM POPULATION REQUIRING CLOUD & AI SERVICES Growing middle class + digital economy rising >12% p.a. 1 GWIT GRID POI SECURED The #1 global constraint for DC development <2% OF GLOBAL DC CAPACITY Region

  30. Slide 30: DC Cloud Santiago Campuses

    DC Cloud Santiago Campuses 600 MWIT ALTO JAHUEL SOUTH CAMPUS – 300 MWIT POLPAICO NORTH CAMPUS – 300 MWIT Submarine fiber interconnection cables Valparaiso POLPAICO North Campus Render Santiago South Campus Alto Jahuel (SCS I–IV) Render Santiago North Campus Polpaico (SCN I+II) Santiago South IT Capa

  31. Slide 31: DC AI Training - Atacama Data

    DC AI Training - ATACAMA DATA BOLIVIA KIMAL 400 MWIT Scalable to 1 GWIT ATACAMA KIMAL IN ATACAMA DATA Kimal DELIVERS LIKE NO OTHER LOCATION Antofagasta ARGENTINA LOWEST LCOEs IN THE WORLD HVDC Kimal - Lo Aguirre line Render Atacama Data Kimal, Antofagasta KIMAL - LO AGUIRRE North IT Capacity RTB Pow

  32. Slide 32: Financial Review & Investment Plan Update

    FINANCIAL REVIEW & INVESTMENT PLAN UPDATE 32

  33. Slide 33: Investment Plan Update 2026-2028

    Investment Plan Update 2026-2028 Oasis Platforms 5 GW + 22 GWh 8 GWh >5 TWh/y In Operation & Under Construction in 2028 in 2028 2.5 GW+14.1 GWh 1.4 GW+5.1 GWh 1 GW+3.2 GWh CAPEX Diversification €2.8bn Project Finance Europe c.45% €3.7 Billion Chile c.45% €0.2bn Corporate Debt ∆ €1.5bn in 2028 USA c.

  34. Slide 34: CAPEX & Asset Rotation

    CAPEX & Asset Rotation Asset Rotation funding our ambitious Capex CAPEX & ASSET ROTATION Asset Rotation Target maintained at €0.8bn Conservative implicit valuation at 1.3x EV/IC (vs 1.6x achieved) Capex shifting towards Europe (c.45% vs. c.15% in the previous plan) €bn ASSET ROTATION CAPEX 0.8 -0.2

  35. Slide 35: Investment Plan & Leverage

    Investment Plan & Leverage Self-funding through Asset Rotation and Project Finance INVESTMENT PLAN 2026-28 €bn 0.3 0.1 -0.2 -0.8 3.7 -2.8 -0.1 -0.1 Capex Corporate costs, Share Corporate Asset Rotation Project Dividends Use of Excess Cash & Others buyback debt Proceeds2 Finance from SPVs on Balance

  36. Slide 36: Sustainability

    SUSTAINABILITY 36

  37. Slide 37: A strong ESG foundation built on five years of work

    A strong ESG foundation built on five years of work 2021 2023 2024 Policies and risks ESG reporting tool • Biodiversity strategy Human Reporting TCFD • ESG-linked bonus Rights Reduction targets Decarbonization • Double materiality ESG Ratings • CSRD Recycling 2026 Climate risks & opps ESG ROADMAP ES

  38. Slide 38: Focus on Impact

    We are moving towards an impact-driven strategy Turning our commitments into action A renewed approach placing local communities and environmental protection at the forefront FOCUS Streamlined reporting ON Built on a strong foundation IMPACT Resources rebalanced for greater impact Off-grid household

  39. Slide 39: Solid value creation for shareholders

    Sustainability SHAREHOLDERS (% participation as of total shares) Solid value creation Free Float for shareholders 49.99% General Daruan Group Holding1 Information 50.01% Share Currency: EUR Information Market: Spanish Stock Exchange ISIN: ES0105079000 BANKS COVERING THE STOCK Ticker code: GRE Market

  40. Slide 40: Appendices

    APPENDICES 40

  41. Slide 41: 1H26 Results Highlights

    Platform update 1H26 Results Highlights FINANCIAL HIGHLIGHTS BUSINESS HIGHLIGHTS OPERATIONAL HIGHLIGHTS 1H26 RESULTS ENERGY MANAGEMENT EXECUTION Chile PPAs >2 TWh/y Revenues €661m (+51% yoy) 2.3 GW + 8.5 GWh in operation and Hybrid USA PPA 400 GWh/y EBITDA €126m (+47% yoy) under construction Tolling

  42. Slide 42: Development - Platform overview

    Platform update Development - Platform overview USA 1.0 GW 1.4 GWh Solar PV Hybrid Standalone 1.4 GWh TOTAL 11 GW 63 GWh PLATFORM 33 GWh 30 GWh Identified Opportunities 0.8 GW 2.4 GWh 8.1 GWh 1 GW+3.2 GWh Early Stage 3.3 GW 9.9 GWh 11.4 GWh EUROPE Advanced 1.6 GW Development 3.6 GW 12.2 GWh 8.5 GWh

  43. Slide 43: Solar PV, Hybrid and Standalone

    Platform update Solar PV, Hybrid and Standalone MWh Under Backlog Advanced Early Ident. Total Total Platform EUROPE 1.6GW 3.8GWh 28.2GWh Probability In Const Dev Stage Opp. Pipeline Platform HYBRID - PV + BESS of execution Operation 100% 90% 70% 50% 20-40% LATAM 8.2GW 28.0GWh Spain Italy 680 1,260 1

  44. Slide 44: Projects In Operation, Under Construction & Backlog

    Platform update Projects In Operation, Under Construction & Backlog Country MWp BESS Resource In Operation Project Platform Type MWh (Hours) Offtaker Spain Los Escuderos Iberian Oasis Solar PV 200 0 2,035 4Q21 PPA PV Profile 85% Spain Ayora Solar PV 172 0 2,000 2Q26 PPA PaP 75% 15 Yrs Chile PMGDs (2

  45. Slide 45: Projects in Advanced Development

    Platform update Projects in Advanced Development BESS Resource In Operation Country Project Platform Type MWp MWh (Hours) EUROPE UK Fibden Farm Solar PV + BESS 53 160 1,100 2Q27 UK Scalm Park Solar PV + BESS 56 160 1,100 4Q28 UK Greenbox UK Greenbox BESS Standalone 0 440 2Q28 Italy Isole & Penisola

  46. Slide 46: Lifecycle Stages

    Platform update Lifecycle Stages Total Platform1 Includes projects in operation and total pipeline Project with technical and financial feasibility, given that 1) there is the possibility of land, 2) access IDENTIFIED OPPORTUNITIES 20-40% to the electricity grid is operationally viable and/or 3) the

  47. Slide 47: Key operating & financial data

    Platform update Key operating & financial data ✓ Total production +4%, mainly driven by Oasis de Atacama, PMGDs ✓ Revenues +51% and EBITDA +47% boosted by asset rotation and distribution assets in Colombia ✓ Net Profit grew +112%, reaching €74m ✓ 79% of total production was contracted ✓ Increase in

  48. Slide 48: 1H26 Revenues & EBITDA by division

    1H26 Revenues & EBITDA. Breakdown by division REVENUES (€m) 2Q26 2Q25 Var. 1H26 1H25 Var. Development & Construction 474.9 166.8 185% 575.2 372.1 55% Income from customer sales 376.9 153.2 146% 382.2 292.6 31% Income from capitalized works 98.0 13.6 620% 193.0 79.5 143% Energy 21.7 16.4 32% 39.8 34.

  49. Slide 49: 1H26 Results. Income Statement (P&L)

    1H26 Results. Income Statement (P&L) PROFIT AND LOSS (€m) 2Q26 2Q25 Var. 1H26 1H25 Var. Revenues 517.9 200.8 158% 661.3 438.1 51% Income from customer sales 419.9 187.2 124% 468.3 358.6 31% Income from capitalized works 98.0 13.6 620% 193.0 79.5 143% Procurement (366.6) (155.7) 135% (484.9) (311.4)

  50. Slide 50: 1H26 Results. Balance Sheet

    1H26 Results. Balance Sheet BALANCE SHEET (€m) 1H26 FY25 Var. (€m) 1H26 FY25 Var. Equity 518.7 415.3 103.4 Non-current assets 1,765.8 1,451.9 314.0 Non-current liabilities 1,278.7 1,119.1 159.6 Intangible assets 7.1 6.0 1.1 Deferred tax liabilities 65.7 64.1 1.6 Fixed asset 1,477.5 1,211.4 266.2 Non

  51. Slide 51: 1H26 Results. Cash Flow

    1H26 Results. Cash Flow CASH FLOW (€m) 2Q26 2Q25 Var. 1H26 1H25 Var. EBITDA 121.7 24.2 404% 126.5 85.8 47% + Change in operating NWK 119.3 18.2 556% 110.3 (66.0) n.m. + Taxes and Financial Exp. Cash (11.6) (20.2) (43%) (25.0) (29.2) (15%) Funds from operations 229.3 22.1 937% 211.8 (9.4) n.m. + Shor

  52. Slide 52: 1H26 Results. Net Debt

    1H26 Results. Net Debt NET DEBT (€m) 1H26 FY25 Var. Long-term financial debt 307.6 204.7 102.8 Short-term financial debt 263.0 296.6 (33.6) Long-term Lease debt (IFRS 16) 100.2 66.9 33.3 Short-term Lease debt (IFRS 16) 4.6 4.2 0.5 Other current financial assets 11.0 11.2 (0.2) Cash & cash equivalent

  53. Slide 53: Net Debt/EBITDA Reconciliation

    1H26 Results. Net Debt/EBITDA Reconciliation NET DEBT/EBITDA RECONCILIATION 1H26 FY25 (€m) Total Corporate Non-Recourse Total Corporate Non-Recourse Net Debt 1,212.1 489.7 722.3 1,064.5 328.1 736.4 Impact IFRS16 104.8 104.8 - 71.1 71.1 - Net Debt ex IFRS16 1,107.2 384.9 722.3 993.4 257.0 736.4 EBITD

  54. Slide 54: Disclaimer

    DISCLAIMER By attending this presentation and/or by accepting this presentation you will be taken to have re- be relied upon when making an investment decision. Certain financial and statistical information in presented, warranted and undertaken that you have read and agree to comply with the conten

  55. Slide 55: Green Must Go On

    ““GREEN MUST GO ON GRENERGY 3 7) grenergy. eu

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