Terna Energy Societe Anonyme Commercial Technical Company
Terna Energy Societe Anonyme Commercial Technical — Terna Energy — FY2021 Earnings Presentation
14 slides from Terna Energy Societe Anonyme Commercial Technical's earnings presentation, Apr 14, 2022
Slide 1: Presentation FY 2021 Results
Presentation FY 2021 Results Athens, April 2022
Slide 2: Continued Strong Delivery of Operational & Financial Performance
Continued Strong Delivery of Operational & Financial Performance Leading company in RES sector in Greece Projects with fixed price long term PPAs contribute significantly to EBITDA Revenue, EBITDA and Net Income higher vs. last year Amfilochia 1st PCI (1) project in Greece ready to build (680 MW | C
Slide 3: Improvement on All Key Performance Indicators
Improvement on All Key Performance Indicators(1)… Revenue EBITDA 405.4m € 161.8m € (31.12.2020: 248.7m €, (31.12.2020: 130.3m €, +63.0% vs Last Year) +24.2% vs Last Year) Net Profit Adjusted Net Debt / EBITDA (Continuing Operations) 3.3x 69.0m € (31.12.2020: 4.7x) (31.12.2020: 58.4m € +18.2% vs Last
Slide 4: …and Across All Business Segments
…and Across All Business Segments(1) 55,4% 32,6% 5,2% 6,8% Revenue Energy Revenue Trading Revenue Concessions Revenue Construction Revenue 224.4m € 132.3m € 21.0m € 27.7m € (31.12.2020: 194.0m €, (31.12.2020: 35.9m €) (31.12.2020: 13.3m €, (31.12.2020: 5.5m €) +15.7% vs Last Year) +57.8% vs Last Yea
Slide 5: Accelerated Growth Whilst Increasing Balance Sheet Headroom
Accelerated Growth Whilst Increasing Balance Sheet Headroom Increasing Installed Capacity in MW by Technology Accelerated Capex Investment m€ 178 895 810 2,6 17,8 2,6 8,5 105 17,8 30 8,5 30 102 102 2020 2021 734,4 Reduced Net Leverage 649,3 x Gross / Net Debt: 954m € / 613m € Gross / Net Debt: 984m
Slide 6: Clear Path Towards a 2029 Target of 6.4+ GW
Clear Path Towards a 2029 Target of 6.4+ GW 2029 EBITDA over 700m and EBITDA margin over 55% c. 0.25 GW c.1.25 c. 4.0 c. 6.4 c. 0.9 Current Capacity Wind / Solar Projects Hydro Other Projects 2029 Target 2022 - 2029 Wind Energy Solar Energy Hydroelectric Projects Waste Management Biomass BESS 6
Slide 7: 2023 Capacity Already Underway
2023 Capacity Already Underway Current CAPEX Pipeline 15% 8% 9% 13% 12% 32% Project Equity / Capacity 12% Capex Finance Cash 569MW 840m € Debt 156m € 67% 619m € 72% 78% 78% Wind Photovoltaic Waste Management Hydro Biomass Project Type Capacity Capex Cash Grant/Tax Equity Project Finance Debt Equity
Slide 8: Appendix
Appendix
Slide 9: Asset Portfolio Overview
Asset Portfolio Overview(1) 53 Projects Assets in Operation Didimos Lofos Energy Energy Type Capacity (MW) COD PPA Life Left (Y) Type Capacity (MW) COD PPA Life Left (Y) Greece Mitoula Greece Evoia SPA 123.3 2020 20 Tsilikoka 11.2 2000 Dafnozonara 11.2 2011 17 Hilos Eleousa Tsouka Tsougari 12.0 2000
Slide 10: Electricity KPIs
Electricity KPIs Load Factor Energy Sales by Geography % m€ 31,7 30,2 29,4 27,4 200,0 27,6 26,3 166,4 27,4 23,3 Greece Bulgaria Poland Greece Europe 2020 2021 2020 2021 10
Slide 11: Group Profit & Loss Statement
Group Profit & Loss Statement(1) YE YE in m € vs. 2020 % 2021 Actual 2020 Actual Revenue 405.4 248.7 63.0% Cost of sales -263.4 -131.7 100.0% Gross profit 142.0 116.9 21.4% GP Margin 35.0% 47.0% Administrative expenses -24.8 -23.0 8.2% Research and development expenses -5.3 -2.9 81.8% Other income,
Slide 12: Group Balance Sheet
Group Balance Sheet YE 2021 YE 2020 in thousand € Actual Actual Intangible assets 54,902 50,301 Tangible fixed assets 983,391 1,346,966 Deferred tax assets 8,041 10,106 Other non-current assets 94,161 85,166 Non current-assets 1,140,495 1,492,539 Inventories 10,889 5,845 Trade receivables 76,208 84,
Slide 13: THANK YOU
THANK YOU 13
Slide 14: Mesogeion, 11526 Athens, GREECE
85 Mesogeion, 11526 Athens, GREECE ¢ TE R N A E N E RGY " T. +30 210 6968300 ~—-F. +30 2106968096 ___E.. info@terna-energy.com GEK TERNA GRO U P www.terna-energy.com