Slide 1: 1H26 Results Presentation
Madrid, Sept 16th 2026 1H26 RESULTS PRESENTATION Focus. Execution. Value
Slide 2: Financial, Business and Operational Highlights
Highlights Business Review Financial Review Sustainability 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 c
Slide 3: Development - Platform overview
Highlights Business Review Financial Review Sustainability 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
Slide 4: Platform update: Solar PV and Hybrid
Highlights Business Review Financial Review Sustainability Platform update Solar PV and Hybrid HYBRID Focusing on project hybridization (Solar PV + BESS) Phase 4 of OA (Gabriela) deal closed (272 MW + 1.1 GWh) Phase 6 of OA (Elena) connected and in operation: 3 GWh Oasis Central: Teno, Tamango and P
Slide 5: Oasis Platforms Hybrid: PV + BESS
OASIS PLATFORMS Hybrid: PV+ BESS 05
Slide 6: 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 7: Oasis Atacama milestones
Highlights Business Review Financial Review Sustainability 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 i
Slide 8: 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 9: Central Oasis milestones: PPAs, financing, hybridization
Highlights Business Review Financial Review Sustainability 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) Hybri
Slide 10: Oasis Platforms - M&A accelerating the Iberian Oasis platform
Highlights Business Review Financial Review Sustainability Oasis Platforms - M&A accelerating the Iberian Oasis 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 Ini
Slide 11: Escuderos milestones
Highlights Business Review Financial Review Sustainability 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’ b
Slide 12: Greenbox Grenergy
Greenbox 12 ~GRENERGY
Slide 13: Developing one of the biggest platforms in Europe
Highlights Business Review Financial Review Sustainability 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 thr
Slide 14: First flagship project in Spain
Highlights Business Review Financial Review Sustainability First flagship project in Spain 2025 Environmental permits and interconnection points granted 2026 Financial Tolling signed: Day-Ahead Swap PPA, for 80% of the capacity (10 years) Render Oviedo BESS Standalone project €100m project financing
Slide 15: Romania & Poland: Projects upgraded to backlog
Highlights Business Review Financial Review Sustainability 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 g
Slide 16: Our 3 Pillars
OUR 3 PILLARS Energy Project M&A Management Financing 16
Slide 17: Energy Management
Highlights Business Review Financial Review Sustainability Energy Management Record volumes signed and an 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 Tolling 10 years 12-15 years agreements Escuderos 68
Slide 18: Financing
Highlights Business Review Financial Review Sustainability Financing PROJECT FINANCE Issuing Banks Pool of Syndicated Banks $355m GRAN TENO February 2026 $0.6bn TAMANGO PLANCHÓN (Phase 1, 2 and 3) $268m MONTE ÁGUILA May 2026 (Phase 4) Spain €100m OVIEDO July 2026 First financing close for a standalo
Slide 19: M&A: Crystallizing Value while Acquiring 1 GW of Projects
Highlights Business Review Financial Review Sustainability M&A Crystallizing Value while Acquiring 1 GW of Transformational Projects SELL SIDE 1H26 BUY SIDE 1H26 Chile: Closing of Phase 4 of Oasis de Atacama (272 MW and 1.1 GWh) for a total EV of $475m (1.7x EV/IC) Colombia: Rotation of 7 unlevered
Slide 20: Financial Review
ooo ooo ooo FINANCIAL REVIEW
Slide 21: Key operating & financial data
Highlights Business Review Financial Review Sustainability 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 tot
Slide 22: Revenue & EBITDA breakdown
Highlights Business Review Financial Review Sustainability Revenue & EBITDA breakdown ✓ D&C EBITDA +55%, reflecting the closing of the Gabriela sale in Chile ✓ Energy Revenues +15%, supported by higher prices and increased production ✓ GR Power Retail revenues +51% driven by organic growth - 2.1TWh/
Slide 23: CAPEX
Highlights Business Review Financial Review Sustainability CAPEX ✓ Gross Capex of €275m, mainly concentrated in Central Oasis ✓ Capex in ramp-up (+25% vs 1H25), in line with the construction schedule ✓ Capex expected to increase significantly in 2H26 1H26 TOTAL CAPEX €m 13.8 274.6 239.4 21.4 Develop
Slide 24: Cash flow
Highlights Business Review Financial Review Sustainability Cash flow ✓ €110m from changes in net working capital, reflecting part of the impact of the Gabriela sale (Capex deconsolidation and the pending payment from the buyer) ✓ €275m of gross capex invested ✓ €164m financing mainly due to the new
Slide 25: Leverage & Liquidity
Highlights Business Review Financial Review Sustainability Leverage & Liquidity NET DEBT & LEVERAGE (ex IFRS16) ✓ Total leverage stands at 4.6x (3.8x Proforma) €m ✓ Share buyback announced: up to €50m 1.107 Total 993 ✓ €100 million non-recourse financing for the Oviedo 935 Standalone BESS project in
Slide 26: An Impact-Driven Renewed Strategy
Highlights Business Review Financial Review Sustainability An Impact-Driven Renewed Strategy Turning our impact strategy into action 2 flagship initiatives SOCIAL delivering 20 measurable Electrification project “Luz Antofagasta” positive impact for communities • MoU with Chile’s Ministry of Energy
Slide 27: Appendices
APPENDICES 27
Slide 28: 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
Slide 29: 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
Slide 30: 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 31: 1H26 Revenues & EBITDA. Breakdown 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.
Slide 32: 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)
Slide 33: 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
Slide 34: 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
Slide 35: 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
Slide 36: 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
Slide 37: 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 38: Green Must Go On
““GREEN MUST GO ON GRENERGY 3 7) grenergy. eu