Grenergy Renovables S.a · BME:GRE

Grenergy Renovables — Investor Presentation (July 2026)

46 slides from Grenergy Renovables's investor presentation, July 2026

  1. Slide 1: Building Multi-GW Storage Platforms

    July 2026 BUILDING MULTI-GW STORAGE PLATFORMS INVESTOR PRESENTATION

  2. Slide 2: Solid foundations for a profitable growth story

    Solid foundations for a profitable growth story 1 Proven track record of value creation Growing to the next level 2 First mover into BESS From PV to HYBRID and STANDALONE 3 Vertically integrated 2.2 GW PV + 8.6 GWh in Op. & U/C 4 Highly visible Business Model 6.8 TWh + 4.2 GWh of Capacity signed sin

  3. Slide 3: Proven Track Record of Value Creation

    Proven Track Record of Value Creation Impressive improvement in all KPIs 2015 2019 2025 2025 vs 2015 IPO LISTING RECORD MAB GROWTH CONTINOUS MARKET RESULTS TECHNOLOGY GEOGRAPHICAL PRESENCE PIPELINE 300 MW 4 GW 12 GW + 71 GWh June 2026 EBITDA €4m €18m €201m 50x CAPEX per year €6m €56m €880m c150x NET

  4. Slide 4: First Mover into BESS

    First Mover into BESS Taking advantage of our positioning and expertise CAPEX DEVELOPMENT & CONSTRUCTION Strong relationship with BYD & CATL High expertise with c.8 GWh connected Vertical integration providing CAPEX Pipeline 71 GWh (Hybrid and StandAlone) advantage PPA FINANCING M&A Pioneers signing

  5. Slide 5: Downward trend in CAPEX accelerating the BESS adoption curve

    First Mover into BESS Downward trend in CAPEX accelerating the BESS adoption curve CAPEX EVOLUTION HYBRID BESS CAPEX1 BREAKDOWN PER MWh $m Stabilized/Upward trend in Solar PV per MW 0.20 0.20 Stabilized/Downward trend in BESS per MWh but downward trend for the medium term 0.12 0.09 0.09 0.10 PV CAPE

  6. Slide 6: Vertically integrated

    Vertically integrated Proven expertise on a Multi GW Scale Solar PV and Storage Platform CAPEX OPEX OPERATION & DEVELOPMENT CONSTRUCTION SERVICES MAINTENANCE >100 PLANTS 2.2 GW + 8.6 GWh in Op. & U/C ASSET MANAGEMENT Solar PV Hybrid Standalone TOTAL 12 GW 71 GWh $ PLATFORM 38 GWh 33 GWh SUPPORTED BY

  7. Slide 7: Remarkable Execution in 18 months - 1.3 GW and c.8 GWh built

    Vertically integrated 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 figures are expressed in terms of gross

  8. Slide 8: Highly visible Business Model

    Highly visible Business Model From Solar PV to Hybrid and Baseload PPAs SOLAR HYBRID & BASELOAD STANDALONE 2.6 TWh/y PPAs Solar PV 2.5 TWh/y for Phases 1-7 of Oasis de Atacama Oviedo and Escuderos project (1.3 GWh) signed 0.5 TWh/y Baseload PPA (24x7) with Codelco Day-ahead swap PPA for 80% of the c

  9. Slide 9: Record volumes in a year: 3.4 TWh/y contracted + 4.2 GWh

    Highly visible Business Model Record volumes in a year: 3.4 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 MWh BESS Algarrobal 350 GWh/y 12 years PPA 12 years Elena 1 TWh/

  10. Slide 10: Proven success in Financing

    Demonstrated efficient management of capital Proven success in Financing EQUITY STRUCTURED FINANCE 2021 €105m capital increase $m EXPECTED 3,000 2022 €90m capital increase FIXED INCOME 2,5000 2019 €22m 5y Corporate Green Bond (4.75%) 2,000 2022 €52m 5y Corporate Green Bond (4.0%) 2023 €200m Green co

  11. Slide 11: Project finance c.$2bn and c.$1bn mandated

    Demonstrated efficient management of capital PROJECT FINANCE c.$2bn 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 GABRIELA (Phase 4) $270m ELENA

  12. Slide 12: Selling Assets to reinvest in Europe

    Crystallizing value through M&A Selling Assets 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 ACQUISITIONS faster project deployment opportunities (3 GW in

  13. Slide 13: Oasis Platforms

    -| OASIS PLATFORMS ® Oasis Atacama © Central Oasis Iberian Oasis 13 GRENERGY

  14. Slide 14: Oasis Atacama - Expanding the largest BESS project in the Americas

    Hybridization PV + BESS 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 Quillagua 2 118 105 651 Closed Closed 1

  15. Slide 15: Hybridization PV + BESS: Oasis Atacama milestones

    Hybridization PV + BESS 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) Phase 6 2026 Gabriela Already connect

  16. Slide 16: Oasis Platforms - Increasing the platform in central Chile

    Hybridization PV + BESS 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 Closed Phase 3 Planchón 108 75 360 Cl

  17. Slide 17: Central Oasis milestones

    Hybridization PV + BESS 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 PPAs (Planchón and Monte Águila) s

  18. Slide 18: Replicating our successful Chilean story in Spain

    Hybridization PV + BESS 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 - - Projects Under Negotiation 700 560 2,

  19. Slide 19: GR Power

    GR Power 19 GRENERGY

  20. Slide 20: Key tool for PPAs origination

    Key tool for PPAs origination 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 EXPERIENCE) >165 CLIENTS AND >300 CONNECTIONS 2023 2024 2025 Clients 81 141 1

  21. Slide 21: Greenbox

    Greenbox

  22. Slide 22: The largest BESS platform in the EU with exponential growth

    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 25-29E 200 100 8 GWh 2028 Target 0 In operation and 2025 2026E

  23. Slide 23: Advancing at a fast pace

    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% IRR: 9-11% IRR > 12% Financial Tolling Capacity payments Ca

  24. Slide 24: First flagship project in Spain

    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 process Early construction works initiated 2026 2027 BESS Pro

  25. Slide 25: Revenue Stack drives market profitability in each market

    Revenue Stack drives market profitability in each market focus on Tolling Agreements DELIVERY YEARS DAYS HOURS MINUTES SECONDS CAPACITY MARKET WHOLESALE MARKET ANCILLARY SERVICES* SERVICES1 Day-ahead Market and Frequency Containment Reserve (FCR) • Ensures national Intraday Market security of supply

  26. Slide 26: GRData

    GRData

  27. Slide 27: 1.0 GWIT Powered land for AI & Cloud in Chile

    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 constraint for DC development <2% OF GLOBAL DC CAPACITY Region

  28. Slide 28: DC Cloud Santiago Campuses

    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 Santiago North Campus Polpaico (SCN I+II) Santiago South IT Capa

  29. Slide 29: DC AI Training - Atacama Data

    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 Kimal, Antofagasta KIMAL - LO AGUIRRE North IT Capacity RTB Pow

  30. Slide 30: Financial Review & Investment Plan Update

    FINANCIAL REVIEW & INVESTMENT PLAN UPDATE 30

  31. Slide 31: Investment Plan Update 2026-2028

    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 Billion Chile c.45% €0.2bn Corporate Debt ∆ €1.5bn in 2028 USA c.

  32. Slide 32: CAPEX & Asset Rotation

    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.15% in the previous plan) €bn ASSET ROTATION CAPEX 0.8 -0.2

  33. Slide 33: Investment Plan & Leverage

    Investment Plan & Leverage Self-funding through Asset Rotation and Project Finance 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 Balance

  34. Slide 34: Sustainability

    SUSTAINABILITY 34

  35. Slide 35: A strong ESG foundation built on five years of work

    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 Ratings • CSRD Recycling 2026 Climate risks & opps ESG ROADMAP ES

  36. Slide 36: Focus on Impact

    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 towards impact Solar kits donated to local Biodiversity Island, R

  37. Slide 37: Solid value creation for shareholders

    Sustainability SHAREHOLDERS (% participation as of total shares) Solid value creation Free Float for shareholders 49.99% General Daruan Group Holding1 Information 50.01% Share Currency: EUR Information Market: Spanish Stock Exchange ISIN: ES0105079000 BANKS COVERING THE STOCK Ticker code: GRE Market

  38. Slide 38: Appendices

    APPENDICES 38

  39. Slide 39: Building Multi-GW Storage Platforms

    Platform update Building Multi – GW Storage Platforms 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 2.4 GW Development 3.3 GW 11.2 GWh 9

  40. Slide 40: Solar PV, Hybrid and Standalone

    Platform update Solar PV, Hybrid and Standalone MWh Under Backlog Advanced Early Ident. Total Total Platform EUROPE 2.4GW 5.2GWh 29.9GWh Probability In Const Dev Stage Opp. Pipeline Platform HYBRID - PV + BESS of execution Operation 100% 90% 70% 50% 20-40% LATAM 8.6GW 30.6GWh Spain Italy 680 320 1,3

  41. Slide 41: USA - Southeast gains momentum on strong AI demand

    Platform update 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 operation (50 MWh) in ERCOT Data Centers an

  42. Slide 42: 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

  43. Slide 43: 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

  44. Slide 44: Lifecycle Stages

    Platform update Lifecycle Stages 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 operationally viable and/or 3) the

  45. Slide 45: 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

  46. Slide 46: Green Must Go On

    ““GREEN MUST GO ON GRENERGY 3 7) grenergy. eu

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