Slide 1: Building Multi-GW Storage Platforms
Madrid, May 27th 2026 BUILDING MULTI-GW STORAGE PLATFORMS Investment Plan Update & 1Q26 Results Presentation
Slide 2: Business, operational and financial highlights
Highlights Business Review Financial Review Sustainability BUSINESS HIGHLIGHTS OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS ENERGY MANAGEMENT EXECUTION 1Q26 RESULTS Chile PPAs >1 TWh/y 2.2 GW + 8.6 GWh in operation Revenues €143m (vs €237m in 1Q25) Hybrid USA PPA 400 GWh/y and under construction EBIT
Slide 3: Investment Plan Update 2026-2028
Highlights Business Review Financial Review Sustainability 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 Billio
Slide 4: Development - Platform overview
Highlights Business Review Financial Review Sustainability Development - Platform overview USA 1.3 GW 2.0 GWh Solar PV Hybrid Standalone 2.7 GWh TOTAL 12 GW 71 GWh PLATFORM 38 GWh 33 GWh Identified Opportunities 2.6 GW 6.6 GWh 8.3 GWh 1 GW+3.2 GWh Early Stage 3.1 GW 10.2 GWh 14.2 GWh EUROPE Advanced
Slide 5: USA - Southeast gains momentum on strong AI demand
Highlights Business Review Financial Review Sustainability USA - Southeast gains momentum on strong AI demand FOCUS ON THE SOUTHEAST KEY MILESTONES Total generation >500 TWh/y (~Germany) >1 GW of Grenergy’s projects under Safe Harbor Strong electricity demand growth driven by AI, 2 BESS projects in
Slide 6: Remarkable Execution in 18 months - 1.3 GW and c.8 GWh built
Highlights Business Review Financial Review Sustainability 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 fig
Slide 7: Greenbox
Greenbox
Slide 8: The largest BESS platform in the EU with exponential growth
Highlights Business Review Financial Review Sustainability The largest BESS platform in the EU with exponential growth EUROPE CUMULATIVE BESS MARKET BESS pipeline GWh 30 GWh 700 600 500 300-400 GWh 400 High: 67% CAGR 25-29E 9 GWh In advanced development Medium: 51% CAGR 25-29E 300 Low: 35% CAGR 25-2
Slide 9: Advancing at a fast pace
Highlights Business Review Financial Review Sustainability Advancing at a fast pace GWh In Operation & Advanced Total Under Construction Dev Pipeline Spain 0.7 0.9 6.4 Italy 2.5 7.1 UK 0.4 4.4 Poland 1.4 4.8 Germany 1.2 1.6 Romania 3.0 5.5 TOTAL 0.7 9.4 29.9 IRR > 10% IRR: 8-9% IRR > 10% IRR: 9-11%
Slide 10: First flagship project in Spain
Highlights Business Review Financial Review Sustainability 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) Project Financing in pr
Slide 11: GRData
GRData
Slide 12: Market opportunity and Grenergy as prime partner
Highlights Business Review Financial Review Sustainability - 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 co
Slide 13: DC Cloud Santiago Campuses 600 MWIT
Highlights Business Review Financial Review Sustainability 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 Santi
Slide 14: DC AI Training - Atacama Data
Highlights Business Review Financial Review Sustainability 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 Kima
Slide 15: Oasis Platforms
-| OASIS PLATFORMS ® Oasis Atacama © Central Oasis Iberian Oasis
Slide 16: Oasis Platforms - Expanding the largest BESS project in the Americas
Highlights Business Review Financial Review Sustainability Oasis Platforms - 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 Quil
Slide 17: Oasis Atacama milestones 2025-2026
Highlights Business Review Financial Review Sustainability 2025 Gabriela Project Finance closed ($353m) Phase 4 Quillagua & Connected with BESS and in operation Victor Jara Phases 1-2-3 Gabriela M&A deal with DIF (a CVC company) for an EV Phase 4 of c.$0.5bn Elena I Project Finance closed ($270m) Ph
Slide 18: Oasis Platforms - Increasing the platform in central Chile
Highlights Business Review Financial Review Sustainability Oasis Platforms - 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 Cl
Slide 19: Central Oasis milestones
Highlights Business Review Financial Review Sustainability 2023 Gran Teno Solar PV PPAs signed for 381 GWh/y & Tamango Project finance closed ($148m) 2024 Gran Teno Inauguration of Grenergy’s biggest Project (241 MW) 2025 PPAs 0.5 TWh/y Baseload 24x7 PPA signed with Codelco through GR Power Solar PV
Slide 20: Oasis Platforms - Replicating our successful Chilean story in Spain
Highlights Business Review Financial Review Sustainability Oasis Platforms - Replicating our successful Chilean story in Spain 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 80 320 - - Pr
Slide 21: Our Pillars
OUR 3 PILLARS Energy Project M&A Management Financing Average 5.4 TWh/y >$2bn EV/IC 1.6x signed since 2015 signed since 2024 achieved since 2017 21
Slide 22: Energy Management - PPA Origination
Highlights Business Review Financial Review Sustainability Energy Management - PPA Origination Record volumes in a year: 2.1 TWh/y contracted + 4.2 GWh of capacity CHILE SPAIN Solar Monte Águila 390 GWh/y Financial Oviedo 600 MWh PPA and Planchón 12-15 years Tolling 10 years agreements Escuderos 680
Slide 23: A next-generation clean power utility
Highlights Business Review Financial Review Sustainability - A next-generation clean power utility 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 OF EXPER
Slide 24: Energy Management - Optimizing the revenue stack
Highlights Business Review Financial Review Sustainability Energy Management Optimizing the revenue stack CONTROL RISK OPTIMIZER FORECASTING CENTER MANAGEMENT Real-time optimization aligned Models based SCADAs, real time monitoring Settlements, prices volatility with system operator on machine learn
Slide 25: Financing - Project finance and corporate finance
Highlights Business Review Financial Review Sustainability Financing - PROJECT FINANCE c.$2 bn and c.$1bn mandated $1.3bn CORPORATE Issuing Banks Pool of Syndicated Banks FINANCE $370m July 2024 QUILLAGUA (Phases 1-2) €170m $323m VICTOR JARA (Phase 3) GREEN BOND December 2024 $353m January 2025 GABR
Slide 26: M&A - Crystallizing value through asset sales to reinvest in Europe
Highlights Business Review Financial Review Sustainability M&A Crystallizing value through asset sales 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 ACQUI
Slide 27: Financial Review & Investment Plan Update
FINANCIAL REVIEW & INVESTMENT PLAN UPDATE 27
Slide 28: Key operating & financial data
Highlights Business Review Financial Review Sustainability Key operating & financial data ✓ Total Production -4% due to the battery installation in Elena ✓ Revenues and EBITDA impacted by asset rotation in 1Q25 ✓ 87% of total production was contracted ✓ Net Profit reached €2m ✓ Realized prices incre
Slide 29: Revenue & EBITDA breakdown
Highlights Business Review Financial Review Sustainability Revenue & EBITDA breakdown ✓ D&C EBITDA -€2m as there was no contribution from Asset Rotation sales ✓ Energy Revenues grew +1% despite negative FX impact ✓ GR Power Retail revenues almost doubled driven by organic growth - 2.1 TWh/y of energ
Slide 30: CAPEX
Highlights Business Review Financial Review Sustainability CAPEX $m PV CAPEX2 BREAKDOWN PER MW 0.50 0.47 0.47 0.44 0.44 0.40 ✓ Over 85% of our CAPEX concentrated in Chile, mainly in Central Oasis 0.30 ✓ Investments in a ramp-up phase (Capex grew +59% vs 1Q25) 0.20 0.10 ✓ Slight pick-up on Solar PV C
Slide 31: Cash flow
Highlights Business Review Financial Review Sustainability Cash flow ✓ -€9m from changes in net working capital, mainly explained by payments to battery suppliers ✓ €133m of Capex invested ✓ €198m financing mainly from the new green bond issued of €170m ✓ The increase in financial debt primarily ref
Slide 32: Leverage & Liquidity
Highlights Business Review Financial Review Sustainability Leverage & Liquidity ✓ Total leverage stood at 8.1x (2.4x Proforma) NET DEBT & LEVERAGE (ex IFRS16) ✓ €170m Corporate Bond issued in March €m 1,156 ✓ $268m project financing for Monte Águila (Central Oasis) Total 993 Non-recourse Corporate 7
Slide 33: CAPEX & Asset Rotation
Highlights Business Review Financial Review Sustainability 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.1
Slide 34: Investment Plan & Leverage
Highlights Business Review Financial Review Sustainability Investment Plan & Leverage 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 Balan
Slide 35: Sustainability
SUSTAINABILITY 35
Slide 36: A strong ESG foundation built on five years of work
Highlights Business Review Financial Review Sustainability 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 Rating
Slide 37: Focus on Impact
Highlights Business Review Financial Review Sustainability We are moving towards an impact-driven strategy Our next step… A renewed strategy to place local communities and the environment at the forefront. FOCUS Streamlined reporting ON Built on a strong foundation IMPACT Resources reoriented toward
Slide 38: Appendices
APPENDICES 38
Slide 39: Platform update - Solar PV, Hybrid and Standalone
Platform update Under Backlog Advanced Early Ident. Total Total Solar PV, Hybrid and Standalone MWh Const Dev Stage Opp. Pipeline Platform Probability In 100% 90% 70% 50% 20-40% of execution Operation Spain 680 320 2,280 3,280 3,280 HYBRID - PV + BESS Italy 1,381 119 1,500 1,500 UK 320 140 460 460 P
Slide 40: Platform update - Projects In Operation, Under Construction & Backlog
Platform update Projects In Operation, Under Construction & Backlog Country MWp BESS Resource COD1 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 (22 projec
Slide 41: Platform update - Projects in Advanced Development
Platform update Projects in Advanced Development BESS Resource Country Project Platform Type MWp COD1 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 BESS Standalone 0 440 2Q28 Italy Isole & Penisola Projects Solar PV
Slide 42: Platform with relevant growth potential. Project Portfolio
Platform with relevant growth potential. Project Portfolio 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 operatio
Slide 43: 1Q26 Revenues & EBITDA. Breakdown by division
1Q26 Revenues & EBITDA. Breakdown by division REVENUES (€m) 1Q26 1Q25 Var. Development & Construction 100.2 205.3 (51%) Income from customer sales 5.3 139.4 (96%) Income from capitalized works 95.0 65.9 44% Energy 18.2 18.1 1% Retail 23.9 12.6 90% Services 1.0 1.3 (21%) Total 143.3 237.2 (40%) EBITD
Slide 44: 1Q26 Results. Income Statement (P&L)
1Q26 Results. Income Statement (P&L) PROFIT AND LOSS (€m) 1Q26 1Q25 Var. Revenues 143.3 237.2 (40%) Income from customer sales 48.4 171.4 (72%) Income from capitalized works 95.0 65.9 44% Procurement (118.3) (155.7) (24%) Procurement from third parties (28.4) (95.0) (70%) Activated cost (89.9) (60.8
Slide 45: 1Q26 Results. Balance Sheet
1Q26 Results. Balance Sheet BALANCE SHEET (€m) 1Q26 FY25 Var. (€m) 1Q26 FY25 Var. Equity 427.3 415.3 12.0 Non-current assets 1,599.1 1,451.9 147.2 Non-current liabilities 1,424.3 1,119.1 305.2 Intangible assets 6.1 6.0 0.1 Deferred tax liabilities 65.4 64.1 1.3 Fixed asset 1,345.3 1,211.4 133.9 Non-
Slide 46: 1Q26 Results. Cash Flow
1Q26 Results. Cash Flow CASH FLOW (€m) 1Q26 1Q25 Var. EBITDA 4.8 61.7 (92%) + Change in operating NWK (9.0) (84.2) (89%) + Taxes and Financial Exp. Cash (13.3) (9.0) 49% Funds from operations (17.5) (31.5) (44%) + Short-term liquid investments (0.2) (0.7) (72%) + Growth capex (132.5) (83.6) 59% Free
Slide 47: 1Q26 Results. Net Debt
1Q26 Results. Net Debt NET DEBT (€m) 1Q26 FY25 Var. Long-term financial debt 375.0 204.7 170.3 Short-term financial debt 273.1 296.6 (23.6) Long-term Lease debt (IFRS 16) 66.6 66.9 (0.2) Short-term Lease debt (IFRS 16) 4.3 4.2 0.1 Other current financial assets 11.0 11.2 (0.2) Cash & cash equivalent
Slide 48: 1Q26 Results. Net Debt/EBITDA Reconciliation
1Q26 Results. Net Debt/EBITDA Reconciliation NET DEBT/EBITDA RECONCILIATION 1Q26 FY25 (€m) Total Corporate Non-Recourse Total Corporate Non-Recourse Net Debt 1,226.9 390.2 836.7 1,064.5 328.1 736.4 Impact IFRS16 70.9 70.9 - 71.1 71.1 - Net Debt ex IFRS16 1,156.0 319.3 836.7 993.4 257.0 736.4 EBITDA
Slide 49: 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
Slide 50: Green Must Go On
““GREEN MUST GO ON GRENERGY 3 7) grenergy. eu