Grenergy Renovables S.a · BME:GRE
Grenergy Renovables — 9M 2025 Earnings Presentation
36 slides from Grenergy Renovables's earnings presentation, Nov 27, 2025
Slide 1: Results Presentation 9M25
Results Presentation 9M25 Madrid, Nov 27th 2025 grenergy.eu
Slide 2: 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 3: Business, Operational and Financial Highlights
Highlights Business Review Financial Review Sustainability BUSINESS HIGHLIGHTS OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Completion of the sale deal 2.1GW + 5.5GWh in operation and Revenues €687m (+147% yoy) José Cabrera and Tabernas (297MW) under construction for a total EV of €273m EBITDA €111m
Slide 4: Platform overview. Solar PV, Hybrid and Standalone
Highlights Business Review Financial Review Sustainability Platform overview. Solar PV, Hybrid and Standalone 11.9GW 35.9GWh 39.0GWh USA 1.9GW Identified Opportunities 3.0GW 8.2GWh 14.7GWh 2.5GWh Early 3.0GWh Stage 2.8GW 9.9GWh 15.9GWh EUROPE Advanced Development 2.4GW 7.7GWh 7.8GWh 2.7GW Backlog 1.
Slide 5: Hybrid PV + BESS
> |Hybrid ® Oasis Atacama © Central Oasis @® Escuderos
Slide 6: Platform update: Solar PV and Hybrid
Highlights Business Review Financial Review Sustainability Platform update Solar PV and Hybrid SOLAR PV HYBRID Concentrating efforts on quality Solar PV pipeline Positive dynamics in the Chilean market: 4GWh pipeline increased and delivery of 1.2GWh (OA I & II) Shifting resources to Hybrid and Stand
Slide 7: Pioneers with the largest BESS project in America
Highlights Business Review Financial Review Sustainability Pioneers with the largest BESS project in America c$2bn c2GW + c.11GWh TOTAL CAPEX 2023 2024 2025 2026 2027 PV BESS PPA (peak-hours) FINANCING MW MW MWh YEARS OUPUT OFFTAKER Phase 1 Quillagua 1 103 95 589 15 128GWh/y EMOAC Closed Phase 2 Qui
Slide 8: Oasis de Atacama milestones 2024-2025
Highlights Business Review Financial Review Sustainability 2024 Phases 1-4 Strategic agreement for BESS supply: BYD (phases 1, 2 and 3) and CATL (phase 4) Phase 4 Hybrid PPA signed Phases 1-3 Project finance closed ($644m) M&A deal with ContourGlobal (a KKR company) for an EV of c. $1bn 2025 Phase 4
Slide 9: Hybridization PV + BESS
Highlights Business Review Financial Review Sustainability Hybridization PV + BESS c.$0.9bn 1.1GW + 3.8GWh TOTAL CAPEX 2025 2026 2027 PV BESS PPA Global Utility PPA GR Power Project MW MW MWh Years Output Solar Years Output Night Phase 1 Gran Teno 241 200 800 10 285 GWh/y 6 292 GWh/y Phase 2 Tamango
Slide 10: Gran Teno
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 (241MW) 2025 PPAs 0.5 TWh/y Baseload 24x7 PPA signed with Codelco through GR Power Solar PV
Slide 11: Hybridization PV + BESS: Escuderos
Highlights Business Review Financial Review Sustainability Hybridization PV + BESS 2019 Solar PV PPA signed with GALP for 12 years starting in 2021 2020 Project finance closed (€97m) 2021 200MW Solar PV project inauguration in December 2021 2025 2026 2027 PV BESS 2025 Environmental permits for BESS
Slide 12: Greenbox
Greenbox
Slide 13: Platform update: Standalone BESS
Highlights Business Review Financial Review Sustainability Platform update c8GWh upgraded to Advanced Development stage STANDALONE Building one of the biggest platforms in Europe First flagship project in Spain and advancing in tolling agreements Under Advanced Early Ident. MWh Const Backlog Dev Sta
Slide 14: Spain and Germany BESS markets
Highlights Business Review Financial Review Sustainability SPAIN GERMANY • Auction for Capacity payments expected in 1Q26 Total consumption 2024 Total consumption 2024 • First Flagship project Oviedo c.270 TWh c.540 TWh Potential BESS 2030 Potential BESS 2030 • Tolling agreements in advanced negotia
Slide 15: UK and Italy BESS markets
Highlights Business Review Financial Review Sustainability UK ITALY • Country with the highest BESS adoption so far in Europe Total consumption 2024 Total consumption 2024 • Auction for Capacity payments in 1Q26 c.300 TWh c.280 TWh Potential BESS 2030 Potential BESS 2030 • Negotiations for Tolling a
Slide 16: Poland and Romania BESS markets
Highlights Business Review Financial Review Sustainability POLAND ROMANIA • Auction for Capacity payments results by year-end Total consumption 2024 Total consumption 2024 • European funding programs for capex by year-end c.180 TWh c.60 TWh Potential BESS 2030 Potential BESS 2030 c.40 GWh c.20 GWh •
Slide 17: StandAlone BESS: Oviedo
Highlights Business Review Financial Review Sustainability StandAlone BESS 2025 Tolling agreements expected to be signed before year end Project Financing in process Environmental permits and interconnection points granted 2026 Construction starting in 1H 2026 2027 BESS Project MW MWh Oviedo 150 600
Slide 18: Grenergy demonstrates value creation and cash generation
Highlights Business Review Financial Review Sustainability Grenergy demonstrates value creation and cash generation Chile: Rotation of Phases 1-4 of Oasis de Atacama (723MW and 3.64GWh) VICTOR JARA for a total EV of c $1.5bn (1.6x EV/IC), equivalent to 33% of total project QUILLAGUA GABRIELA Spain:
Slide 19: Key operating & financial data
Highlights Business Review Financial Review Sustainability Key operating & financial data ✓ Total production +32% mainly driven by Chilean Assets ✓ Revenues (+147%) and EBITDA (+109%) boosted by asset rotation ✓ 88% of total production was contracted (+55% YoY) ✓ Energy revenues grew +26% due to the
Slide 20: Revenue & EBITDA breakdown
Highlights Business Review Financial Review Sustainability Revenue & EBITDA breakdown ✓ D&C revenues +178% from the disposal of assets in Chile ✓ Energy Revenues grew +26% driven by higher production levels ✓ GR Power Retail revenues doubled (+103%) thanks to organic growth - 1.5TWh/y of energy alre
Slide 21: CAPEX
Highlights Business Review Financial Review Sustainability CAPEX ✓ Gross Capex of €713m in 9M25 including phases 1, 2 and 3 of Oasis de Atacama ✓ Over 80% of our CAPEX concentrated in Chile ✓ Investments on a rump up phase (+70% of Capex vs 9M24) 9M25 TOTAL CAPEX €m 221 713 492 68 395 28 Development
Slide 22: Cash flow
Highlights Business Review Financial Review Sustainability Cash flow ✓ The increase in financial debt primarily reflects the progress in the execution of Chilean projects ✓ €713m of gross capex invested in 9M25 of which €221m related to OA (I-II-III) ✓ Strong capex mainly fueled by project finance €
Slide 23: Leverage & Liquidity
Highlights Business Review Financial Review Sustainability Leverage & Liquidity NET DEBT & LEVERAGE (ex IFRS16) ✓ Total leverage stands at 4.9x in 9M25 (0.7x Proforma) €m 1,047 ✓ Financing closed of Phase 6 of Oasis de Atacama for a total amount of $270m Total Non-recourse Corporate 566 760 322 DEBT
Slide 24: ESG Roadmap 2024-2026. ESG Action Plan – II Phase
Highlights Business Review Financial Review Sustainability ESG Roadmap 2024-2026. ESG Action Plan – II Phase Climate Change Policy Development CLIMATE CHANGE Climate Transition Plan update for the formalisation of emission reduction targets in accordance with CSRD Biodiversity Policy Development ENV
Slide 25: Recognition in ESG ratings
Highlights Business Review Financial Review Sustainability Recognition in ESG ratings. Confirmation of leadership in ESG ratings Discloser 2024 RANKING Strong management of CDP recognized our climate strategy INDUSTRY GROUP all ESG material issues: with a B score in the Climate Index and 2025 Govern
Slide 26: Appendices
APPENDICES 26
Slide 27: Projects In Operation, Under Construction & Backlog
Platform update Projects In Operation, Under Construction & Backlog Type BESS Resource Country Project Platform MWp COD1 Offtaker MWh (Hours) Spain Los Escuderos Spain Hybrid Solar PV 200 0 2,035 4Q21 PPA PV Profile 85% Chile PMGDs (16 projects) Solar PV 151 0 2,109 4Q21-4Q24 Stabilized Price Chile
Slide 28: Projects in Advanced Development
Platform update Projects in Advanced Development BESS Resource Country Project Type MWp COD1 MWh (Hours) EUROPE UK Solstice Projects Solar PV + BESS 110 320 1,100 2Q27 UK Greenbox BESS Standalone 0 80 - 2Q27 Italy Isole & Penisola Projects Solar PV + BESS 550 1,775 1,864 3Q27-4Q28 Italy Greenbox BES
Slide 29: Platform with relevant growth potential. Project Portfolio
Platform with relevant growth potential. Project Portfolio Total Platfom1 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 operation
Slide 30: 9M25 Revenues & EBITDA. Breakdown by division
9M25 Revenues & EBITDA. Breakdown by division REVENUES (€m) 3Q25 3Q24 Var. 9M25 9M24 Var. Development & Construction 216.0 62.5 246% 588.2 211.9 178% Income from customer sales 42.9 4.7 811% 335.5 86.0 290% Income from capitalize works 173.2 57.8 200% 252.6 125.9 101% Energy 18.4 16.0 15% 52.9 41.9
Slide 31: 9M25 Results. Profit and Losses
9M25 Results. Profit and Losses PROFIT AND LOSSES (€m) 3Q25 3Q24 Var. 9M25 9M24 Var. Revenues 249.0 85.4 192% 687.0 277.7 147% Income from customer sales 75.8 27.6 175% 434.4 151.7 186% Income from capitalized works 173.2 57.8 200% 252.6 125.9 101% Procurement (204.5) (65.5) 212% (515.9) (196.2) 163
Slide 32: 9M25 Results. Balance Sheet
9M25 Results. Balance Sheet BALANCE SHEET (€m) 9M25 FY24 Var. (€m) 9M25 FY24 Var. Equity 390.6 473.5 (82.9) Non-current assets 1,357.9 1,209.2 148.7 Non-current liabilities 1,231.6 782.8 448.8 Intangible assets 6.0 6.3 (0.3) Deferred tax liabilities 51.4 59.6 (8.3) Fixed asset 1,102.9 920.3 182.6 No
Slide 33: 9M25 Results. Cash Flow
9M25 Results. Cash Flow CASH FLOW (€m) 3Q25 3Q24 Var. 9M25 9M24 Var. EBITDA 24.7 21.9 13% 110.6 52.9 109% + Change in operating NWK 32.5 (11.9) (374%) (33.5) (10.3) 225% + Taxes and Financial Exp. Cash (10.9) (10.3) 6% (40.1) (30.4) 32% Funds from operations 46.3 (0.3) (14,846%) 36.9 12.2 203% + Sho
Slide 34: 9M25 Results. Net Debt
9M25 Results. Net Debt NET DEBT (€m) 9M25 FY24 Var. Long-term financial debt 213.5 161.0 52.5 Short-term financial debt 301.1 194.1 107.0 Long-term Lease debt (IFRS 16) 72.0 65.4 6.7 Short-term Lease debt (IFRS 16) 4.1 4.5 (0.5) Other short term debt 11.1 14.6 (3.6) Other current financial assets 0.
Slide 35: 9M25 Results. Net Debt/EBITDA Reconciliation
9M25 Results. Net Debt/EBITDA Reconciliation NET DEBT/EBITDA RECONCILIATION 9M25 FY24 (€m) Total Corporate Non-Recourse Total Corporate Non-Recourse Net Debt 1,123.5 363.3 760.2 635.5 175.0 460.6 Impact IFRS16 76.1 76.1 - 69.9 69.9 - Net Debt ex IFRS16 1,047.4 287.2 760.2 565.7 105.1 460.6 EBITDA LT
Slide 36: Green must go on
““GREEN MUST GO ON GRENERGY 3 7) grenergy. eu