Ecoener Sa · BME:ENER
Ecoener Sa — H1 2026 Earnings Presentation
38 slides from Ecoener Sa's earnings presentation, 2026
Slide 1: Results Presentation H1 2026
Results Presentation H1 2026
Slide 2: Index
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 2 Results Index 01 Finance 02 Operations 03 ESG 04 Annex The power plants depicted along this presentation belong to Ecoener’s portfolio.
Slide 3: Highlights
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 3 Results Highlights Over 1 GW in 53% year-over-year Construction begins on assets - 1,015 MW EBITDA growth 200 MW in Guatemala 01 03 05 02 04 06 Record generation in a half-year, with a 51% New installed capacity Projected increase compared to in Colombia
Slide 4: Key milestones
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 4 Results Key milestones January Financial close of the Puerto Wilches photovoltaic plant with Banco Bogotá and Findeter. March May Ecoener secures €8.4 million from the Awarded 200 MW NextGenerationEU Ecoener receives the in Guatemala’s Funds to modernise
Slide 5: Finance
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 5 Results 01. Finance Lalín Wind Farm
Slide 6: Generation
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 6 Results Generation Latam’s strong contribution drives energy production GENERATION BY TECHNOLOGY (GWh) GENERATION BY REGION (%) Record power generation 612 +51% in a half-year 406 406 Generation in Latam has ≈65% increased by more than 100% 438 220 50% 10
Slide 7: Revenue by segment
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 7 Results Revenue by segment Revenue from power generation, up €15 million, drives revenue growth REVENUE (€m) REVENUE BREAKDOWN (€m) Change vs. +15 +0.9 -3.8 +12.1 1H 2025 54.2 6.9 0.2 54.2 47.1 42.1 +47% H1 2025 H1 2026 H1 2026 Generation Supply Co. Servi
Slide 8: Revenue by geography and type
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 8 Results Revenue by geography and type Revenue from Latam reaches 79% REVENUE BY GEOGRAPHY (€m) TYPES OF REVENUE (%) 13% Latam accounts 43.1 for 79% of 22.4 revenue Secured revenue: 87% of energy sales 87% 19.7 11.2 H1 2025 H12026 Latam Spain Secured Merch
Slide 9: Ebitda
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 9 Results Ebitda Ebitda grows by more than 50% EBITDA (€m) Difference vs +10.3 +53% H1 2025 Strength of generation Ebitda 29.9 19.6 H1 2025 H1 2026
Slide 10: Ebitda margin
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 10 Results Ebitda margin 8-point improvement in operating margin EBITDA MARGIN (%) +8 p. Improved Opex allocation 55% 47% H1 2025 H1 2026
Slide 11: Profit
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 11 Results Profit Normalised Net Profit grows along PL figures PROFIT BEFORE TAX (€m) NET PROFIT (€m) NET PROFIT BREAKDOWN (€m) 0.1 3 4.3 3 2.9 1.4 1.3 1 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 RI Accounting Adjustment Normalised Net Profit (1) (1)
Slide 12: Debt
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 12 Results Debt Debt reduction and a stronger balance sheet NET DEBT TO EBITDA NET DEBT (€m) 628.6 608.3 15x 14.4x 11.9x 7.3x The normalized ratio excludes debt linked with assets without Ebitda contribution 2024 2025 Base Normalized 2025 H1 2026 H1 2026
Slide 13: Strengthening the financial structure
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 13 Results Strengthening the financial structure A robust balance sheet 29.9 159.8 19.6 132.6 Profitability Equity 53% increase Net equity iIncreased by in Ebitda 27.3 €m (21%) H1 2025 H1 2026 H1 2025 H1 2026 01 02 03 Solvency 14.4 11.9 Reduction in the DFN
Slide 14: Capital raising moves
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 14 Results Capital raising moves New steps for financing growth 15 €m convertible bond Recap set of assets Conversion: €5 per share in 3 years Consolidation of individual financing 5% of post-capital increase equity facilities across one or more regions 01
Slide 15: Operations
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 15 Results 02. Operations Yolanda Photovoltaic Plant
Slide 16: Results
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 16 Results TARGET ACHIEVED ECOENER POWER CAPACITY IS MEASURED IN GIGAWATTS IPO 2021 2023 2024 2025 TODAY 283 MW 558 MW 787 MW 815 MW 1 GW + 0.3 GWh BESS 1,015 MW 3 TECHNOLOGIES + BESS SPAIN 195 MW (20%) UNDER CONSTRUCTION 335 MW TODAY TODAY 1,015 1,015 MW M
Slide 17: Assets in operation in 2026
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 17 Results LATAM Assets in operation in 2026 24 new MW in Colombia 88 MW IN OPERATION IN THE COUNTRY Tamarindo 1 & 2 CAPACITY 23.8 MWp
Slide 18: Assets under construction with COD 2027
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 18 Results LATAM Assets under construction with COD 2027 Solar plants with 87 MW across 2 Latam countries DOMINICAN REPUBLIC AND COLOMBIA Puerto Wilches Payita 2 PAYITA 2 PAYITA 2 Payita 2 CAPACITY 60 MWp ESTIMATED COD 2027 TOTAL Puerto Wilches 87 MW CAPACI
Slide 19: Assets under construction with COD 2028
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 19 Results LATAM Assets under construction with COD 2028 Solar plants with 248 MW across 2 Latam countries PANAMA AND GUATEMALA Offtakers San Bartolo La Mesa Aguaviva Santiago Panama CAPACITY 48 MWp ESTIMATED COD 2028 PANAMA La Hulera Payita 2 La Hulera CAP
Slide 20: Growth in operating capacity
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 20 Results Growth in operating capacity More than 500 MW in 2 years TODAY E2027 E2028 IN OPERATION 680 MW 767 MW 1,197 MW 1.2 GW + 0.4 GWh BESS GROWTH +87 MW +430 MW +517 MW
Slide 21: Guatemala: Projects with COD 2028
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 21 Results GUATEMALA Projects with COD 2028 200 MWp - 120 MWh OFFTAKER STRONG INDUSTRIAL HIGH LIQUIDITY AND GROWTH AND INCREASING La Hulera SOLVENCY IN THE PPA MARKET ENERGY DEMAND 60 MWp 40 MWh GUATEMALA HIGH REGULATORY INSTALLATION OF A BESS Cocales STABI
Slide 22: Colombia: Projects with COD 2027–2028
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 22 Results COLOMBIA Projects with COD 2027–2028 72 MWp Cactus SUSTAINED GROWTH IN OFFTAKER DEMAND AND RISK OF 32 MWp FRAMEWORK ENERGY SHORTAGES IN AGREEMENT FOR PPAs THE MEDIUM TERM Puerto Wilches 27.2 MWp COLOMBIA STRUCTURAL NEED TO FAVORABLE REGULATORY Mi
Slide 23: Romania: Projects with COD 2027–2028
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 23 Results ROMANIA Projects with COD 2027–2028 97 MW - 160 MWh OFFTAKER Miroslovesti 54.4 MW SOVEREIGN OFFTAKER: EU-BACKED GREEN CFD CONTRACT TRANSITION POLICY STRUCTURAL NEED FOR REGIONAL ENERGY HUB Morteni NEW RENEWABLE CAPACITY REGULATORY STABILITY 42.6
Slide 24: Italy: Projects with COD 2028
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 24 Results ITALY Projects with COD 2028 41 MWp HIGHEST ENERGY DEPENDENCE ON Alfina PRICE IN EUROPE FOSSIL FUELS Benano 29 MWp 12 MWp NET ENERGY IMPORTER, PUBLIC PROGRAMS CURRENT INABILITY TO WITH LONG-TERM MEET DEMAND PAYMENT SCHEMES Team 3 116 340 MW 224 A
Slide 25: Energy storage: the right time
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 25 Results Energy storage: the right time BESS hybridized with renewable power plants across three technologies FAVORABLE CONDITIONS KEY BENEFITS OBJECTIVE Increased profitability Greater operational safety TECHNICAL ECONOMIC REGULATORY Better average
Slide 26: ESG
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 26 Results 03. ESG Cumayasa 4 Photovoltaic Plant
Slide 27: Awards and accreditations
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 27 Results Awards and accreditations Ecoener has been recognized as one of the energy companies with the best reputation in Spain, Top rating in S&P according to the Merco Empresas 2026 ranking. Global Ratings’ Climate Transition Assessment (CTA). ENERGY, G
Slide 28: Transformative Initiatives at the Regional Level
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 28 Results Transformative Initiatives at the Regional Level CLIMATE LEADERSHIP 17.25% reduction in Scope 1+2 emissions. 2025 carbon footprint calculated and verified. ENVIRONMENTAL EXCELLENCE Registration of Cumayasa 4 and Payita 2 plants under the Gold Sta
Slide 29: Sustainability performance 2026
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 29 Results Sustainability performance 2026 2026 will be a year for closing out, Closure of the 2023–2026 Strategic Sustainability Plan evaluating, and validating the 2023–2026 Strategic Sustainability Plan, as well as for defining the priorities and objecti
Slide 30: Annex
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 30 Results 04. Annex Wind Farms in the Canary Islands
Slide 31: Profit & Loss (1/3)
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 31 Results Profit & Loss (1/3) 30.06.2026 - €k 30.06.2026 30.06.2025 CHG. (%) CHG. (€) REVENUES 54.163 42.092 29% 12.071 Procurements (11.426) (7.553) 51% (3.873) Capitalized personnel costs 3.158 4.294 -26% -1.136 Other operating income 4.548 451 907% 4.09
Slide 32: Profit & Loss (2/3)
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 32 Results Profit & Loss (2/3) 30.06.2026 - €k PL SEGMENTS BREAKDOWN HYDRO WIND SOLAR PV SUPPLY CO. SERVICES TOTAL REVENUE 4.641 6.171 36.282 6.850 219 54.163 Opex (1.867) (1.914) (8.006) (5.590) (6.865) (24.242) ADJUSTED EBITDA 2.774 4.257 28.276 1.260 (6.
Slide 33: Profit & Loss (3/3)
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 33 Results Profit & Loss (3/3) 30.06.2026 - €k PL GEOGRAPHIES BREAKDOWN SPAIN GUATEMALA HONDURAS DOMINICAN REP. COLOMBIA OTHER TOTAL REVENUE 10.986 16.906 1.238 19.259 5.694 80 54.163 Opex (8.412) (7.660) (320) (4.629) (2.345) (876) (24.242) ADJUSTED EBITDA
Slide 34: Balance sheet
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 34 Results Balance sheet 30.06.2026 - €k 30.06.2026 30.06.2025 Chg. (%) Chg. (€) 30.06.2026 30.06.2025 Chg. (%) Chg. (€) Non-current assets Non-current liabilities Intangible assets 8.080 8.205 -2% (125) Long-term provisions 4.259 4.131 3% 128 Right of use
Slide 35: Assets in operation
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 35 Results Assets In operation CAPACITY CAPACITY COUNTRY TECHNOLOGY PROJECT FINANC. COD COUNTRY TECHNOLOGY PROJECT FINANC. COD (MW) (MW) GALICIA Hydro San Bartolomé 1.2 Green Bond 1997 CANARY ISLANDS Wind La Gomera 11.8 Sicav 2022 GALICIA Hydro Cierves 5 Gr
Slide 36: Assets under construction and in development
H1 2026 INDEX FINANCE OPERATIONS ESG ANNEX 36 Results Assets Under COUNTRY TECHNOLOGY PROJECT CAPACITY (MW) LOAD FACTOR COD construction DOMINICAN REP. COLOMBIA Solar PV Solar PV Payita 2 Puerto Wilches 60 27.2 27% 24% 2027 2027 PANAMA Solar PV San Bartolo / Aguaviva / Santiago / La Mesa 48 23% 2028
Slide 37: Disclaimer
Disclaimer This document and the information it contains do not constitute an offer to sell, exchange, or purchase, nor a solicitation of an offer to purchase, nor any recommendation or advice regarding securities issued by Ecoener, S.A. (“Ecoener” or the “Company”). In particular, this document doe
Slide 38: Ecoener
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