Slide 1: 2025 Results | April 2026
PROFITABLE ENERGY SUSTAINABLE WORLD 2025 RESULTS | April 2026
Slide 2: Disclaimer
DISCLAIMER This document may contain forward-looking statements and information (hereinafter, the “Information”) relating to Enerside Energy, S.A or Enerside Group (hereinafter “Enerside”, the “Company” or the “Enerside Group”). The Information reflects the current view of Enerside with respect to f
Slide 3: Table of Contents
Table of Contents 1. ABOUT ENERSIDE 2. OPERATIONAL RESULTS 2025 3. FINANCIAL RESULTS 2025 4. BUSINESS PLAN 2025 - 2028 5. TAKEAWAYS 6. APPENDICES
Slide 4: 1. About Enerside
enerside 1. ABOUT ENERSIDE
Slide 5: About Enerside – Executive Summary
ABOUT ENERSIDE – EXECUTIVE SUMMARY Execution of a turnaround plan under challenging circumstances > IPP operations generating a recurring EBITDA of €0,9M. > 23% OPEX reduction vs 2024. Key Highlights > Unique exposure of 4,7 GW + 13 GWh of Agri-PV & BESS pipeline in attractive markets such as Italy.
Slide 6: About Enerside – 2025 Consolidated Results
ABOUT ENERSIDE – 2025 CONSOLIDATED RESULTS Execution of a turnaround plan under challenging circumstances Pipeline PV Pipeline BESS IPP OPEX 4,7 GW 13 GWh 13 MW €7,6M Pipeline distributed across BESS stand-alone In operation -23% vs 2024 Italy, Spain, Chile and Brazil GAV1 Net Debt Loan to Value2 NA
Slide 7: 2. Operational Results 2025
2. OPERATIONAL RESULTS 2025
Slide 8: Operational Results 2025 – Enhanced Flexibility
OPERATIONAL RESULTS 2025 – ENHANCED FLEXIBILITY Proven & flexible Business Model focused on Value Creation Origination Project Development & Construction Flexible Strategy to crystallize Value Asset Rotation (Develop-to Sell & Build-to Sell) Sizable and Diversified Pipeline Originated from scratch a
Slide 9: Operational Results 2025 – 4.7 GW & 13 GWh of PV & BESS
OPERATIONAL RESULTS 2025 – 4.7 GW & 13 GWH OF PV & BESS International presence with unique exposure to Italy and BESS • Increased exposure to core markets (Italy) with 1GW of PV • Strategic positioning in BESS with 13 GWh of projects across different geographies Solar PV BESS Early In Total Early In
Slide 10: Operational Results – Diversified & Mature Pipeline
OPERATIONAL RESULTS – 4.7 GW | 13 GWH DIVERSIFIED & MATURE PIPELINE International presence with unique exposure to Italy and BESS Pipeline Overview1,2 Pipeline Overview by GAV1 % of Dev. Acc. Diversified Portfolio with unique exposure to Italy Stage GAV (€M) 68% of Assets under Management in Europe
Slide 11: Operational Results 2025 – IPP: 13 MW fully developed and operated
OPERATIONAL RESULTS 2025 – IPP 13 MW fully developed, constructed and operated internally PMGDs (DS 244) MWp COD EBITDA Status • Public purchase agreement with the Chilean grid Renaico 7.5 2Q 2023 €0,5M • Bridge financing through the issuance of green bonds €4M PMGDs (DS 244) MWp COD EBITDA Status •
Slide 12: 3. Financial Results 2025
3. FINANCIAL RESULTS 2025
Slide 13: Profit & Loss Statement 2025
FINANCIAL RESULTS 2025 – P&L Profit & Loss Statement 2025 EBITDA improvement vs. 2024 despite a challenging year P&L - €m 2025 2024 Variation Asset Sales - 2,6 (2,6) Construction - EPC / BOS - 1,6 (1,6) 2025 results reflect a transition phase following a turnaround IPP / O&M 1,3 1,5 (0,2) Net Sales
Slide 14: Cost Optimization since Plan Impulsa Implementation
FINANCIAL RESULTS 2025 – COST OPTIMIZATION Cost optimization since Plan Impulsa Implementation Enerside’s resilience through OPEX adaptation OPEX (M€) 25, 0 Since the Plan Impulsa implementation in 2023: 208 151 65 50 Head Counts 20, 0 17,8 • Successful execution of cost the optimization plan 15,5 1
Slide 15: Financial Results 2025 – Capital Market Insights
FINANCIAL RESULTS 2025 – CAPITAL MARKET INSIGHTS Sector still facing challenges, with early signs of stabilization Share price evolution relative to main sector competitors 2025: still a difficult year for renewables… Share price performance YTD 70% Geopolitical Tensions Volatile Energy Prices 50% 3
Slide 16: 4. Business Plan 2025-2028
enerside 4. BUSINESS PLAN 2025-2028
Slide 17: Business Plan 25/28 – The New Enerside
BUSINESS PLAN 25/28 – THE NEW ENERSIDE Plan Impulsa on track, entering a new phase of profitable growth Phase 1: Phase 2: Phase 3: Readjustment Stabilization Profitable Growth 2H 23 – 1H 24 2H 24 2025 – 2026 2027 – 2028 • EPC discontinuation • Refinancing with banks • Focus on Development • Focus on
Slide 18: Business Plan 25/28 – Portfolio
BUSINESS PLAN 25/28 - PORTFOLIO Portfolio Goals1: Pre-IPO (March-2022) 2025 2026 Technology Development Pipeline (MW) 4.6 GW 4.7 GW | 13GWh 5 GW | 5 GWh Weight Europe2 (%) 37% 68% 75% Asset Rotation (MW) 280 MW 506 MW 1.5 GW IPP (MW) - 13 MW 40 MW 1. Figures of the Strategic Goals have been approved
Slide 19: Business Plan 25/28 – Financials
BUSINESS PLAN 25/28 - FINANCIALS Financials Goals1: Pre-IPO (March-2022) 2025 2026 Revenues Asset Rotation (€M) 4 13 60 Recurring Ebitda from IPP (€M) - 1 >8 Gross Asset Value (€M) 166 1742 3003 Organic Growth Organic Growth Organic Growth Value Creation Inorganic Growth Inorganic Growth Inorganic G
Slide 20: Business Plan 25/28 – Uses & Sources
BUSINESS PLAN 25/28 – USES & SOURCES A Business Plan with two phases of growth 2025-26 -> Focus on Development 2027-28 -> Focus on Development & IPP 200 110-120 25 110-120 Alternative sources of capital 15-20 10-15 Asset 60 Rotation Equity / Debt RTB & Co-Inv. COD Total Uses Asset New Corporate Proj
Slide 21: 5. Takeaways
5. TAKEAWAYS
Slide 22: Takeaways: On track to a sustainable & profitable future
TAKEAWAYS On track to a sustainable & profitable future 1 2023,2024 & 2025 have been a difficult year for renewables, impacting Enerside’s financial KPIs • Geopolitical Tensions, volatile Energy Prices and higher interest rates have been a huge challenge for the industry as a whole. • Enerside has b
Slide 23: 6. Appendices
6. APPENDICES
Slide 24: A Solar PV specialist since 2007
APPENDICES – PROVEN TRACK RECORD A Solar PV specialist since 2007 Reaching key Targets since 2007 Key Company Milestones 2007-2012. 2012-2017 2018-2020 2021-2023 2024-26 Inception Internationalization Integrated Platform IPO Profitable Growth PURE DEVELOPER TRANSFORMATION TO IPP • Asset Rotation • C
Slide 25: Capturing BESS value in Italy through development
APPENDICES - ITALIAN BESS MARKET BESS Key Outputs & Capturing BESS value in Italy through development Value Drivers 1 Development 2 Construction 3 Operation Origination & Permitting until Financing & EPC contract until Asset Management and Exit >3-5x RtB status COD Strategy Exit Multiple in RtB Acco
Slide 26: Business Model & Strategic Positioning
APPENDICES – BUSINESS MODEL & STRATEGIC POSITIONING Value creation and cash flow through the life cycle of PV plant Overview of a Generic Solar PV Project (Illustrative) Development Construction Operation 1 - 5 years < 1 year 25-30 years Returns: +3x invested capital Project IRR +10% Yield compressi
Slide 27: Thank You
THANK YOU investors@enerside.com