2025 full year results Presentation

w w w . v o l t a l i a . c o m

M a r c h 1 2 , 2 0 2 6

3

2025 in a nutshell Financials SPRING update 2026 and beyond

Chief Executive Officer

2025 in a nutshell

2025 financials

SPRING execution update

2026 and beyond

4 A g e nd a

2025 in a nutshell

Financials

SPRING update

2026 and beyond

P.5

P.12

P.24

P.29

2 0 2 5 m a i n K P I s r e f l e c t i n g l a u n c h o f

5 t r a n s f o r m a t i o n w h i l e e n s u r i n g o p e r a t i o n a l e x e c u t i o n

2025 in a nutshell

Financials

SPRING update

2026 and beyond

2025

objectives

4.9 TWh

€211m

stable

+4%

Production*

3.6 GW

+9%

Total capacity

target reached

KPIs

€588m

+16%

-€128m

Turnover

Net result

At constant exchange rates *Initial 2025 target was 5.2 TWh

6 r e po s i t i o ni ng t o r e ma i n c o mpe t i t i v e

2025 in a nutshell

Financials

SPRING update

2026 and beyond

… and complexity factors

• Curtailment and negative prices: increasingly frequent with higher renewables penetration

• Permitting hurdles: longer and more complex, favouring experienced developers

  
  
  

  *Source: BloombergNEF LCOE 2026

• Policy supports declining: fewer subsidies,

  
  
  

  projects increasingly market-driven.

• Hybridisation and storage: increasingly required with more complex projects.

Lithium ion battery pack price

and installed capacity

$ per kilowatt-hour (real 2025) 1,800

1,500

1,200

900

600

300

0

2010 2015 2020

Terawatt-hour

6

5

4

3

2

1

0

2025

7 s o l a r , w i nd a nd s t o r a g e g r o w t h

Onshore wind turbine price

and installed capacity

$ per watt (real 2025) Terawatt

2.1 1.4

1.8 1.2

1.5 1.0

1.2 0.8

0.9 0.6

0.6 0.4

0.3 0.2

0.0 0.0

2010 2015 2020 2025

PV module price and installed capacity

Solar captured prices

in Europe (€/MWh)

$ per watt (real 2025) 3.0

2.5

2.0

1.5

1.0

0.5

0.0

Terawatt

3.0

2.5

2.0

1.5

1.0

0.5

0.0

2025

200

150

100

50

Italy Germany

Netherlands

France Spain

0

2010

2015

2020

Jan July Jan July Jan July Jan

2023 2024 2025 2026

Source: BloombergNEF LCOE 2026

2025 in a nutshell

2025 prices

$0.09/w for solar

$0.52/w for wind

$108/kWh BESS

Price stabilization at historic low level maintaining the renewable competitivity (including BESS)

Financials

SPRING update

2026 and beyond

8 a nd 3 0 5 M W l a u nc he d i n c o ns t r u c t i o n

2025 in a nutshell

Financials

SPRING update

2026 and beyond

3.1 GW

+7%

Capacity

3.3 GW

+9%

3.6 GW

Africa and International 16%

Total capacity per region

3.6 GW

Latin America 46%

Europe 38%

+408 MW

2.4

2.5

2.9

Storage

5%

Total capacity per technology

Others* 2%

2023 2024 2025

Wind 27%

3.6 GW

Solar 66%

*Biomass, hydro and hybrid

9 N e w c o nt r a c t s t o f u e l f u t u r e g r o w t h

2025 in a nutshell

Financials

SPRING update

2026 and beyond

PPAs - Government and Utilities - 404 MW

Main projects signed

Artemisya (Uzbekistan)

+200 MW / 100MWh

Wadi (Tunisia)

+132 MW

Laussat (French Guiana)

+5 MW

FER-X (Italy)

+68 MW

Corporate PPA - Helexia - 63 MW

Main projects signed

Helexia Europe

+63 MW

MoU for future PPA - 500 MW / 1 GWh

Main advancements

Storage (Uzbekistan)

+500 MW/1GWh

Projects sold

101wMW

of projects sold in France and Europe:

including multi-technology assets for 77 MW in exclusive negociation

10 pr o j e c t s t o i mpr o v e o u r pi pe l i ne v al u at i o n

Pipeline of projects

in development

Wind 22%

w

Compared with 17.4 GW end of 2024 (-30%)

• Rationalisation of pipeline €47m (non

  cash project write offs)

• Decrease of €13.8m in development cost versus 2024

* including hybrid projects

2025 in a nutshell

Financials

SPRING update

2026 and beyond

11 + 6 9 %

2025 in a nutshell

Financials

SPRING update

2026 and beyond

900

MW

under construction

8.7 GW

Operated for third parties

Construction

Maintenance

New Business Unit

Carve-out to be completed by the end of

2026 1st semester

Construction contract for two solar plants

in Ireland :

92.9 MW with ESB, adding to four other projects already built

Maintenance contract for a duration of five years with COPEL : 940 MW in Brazil making it possible to exceed the 2027 objective (8 GW operated for third party)

2025 in a nutshell Financials SPRING update 2026 and beyond

12

Chief Financial Officer

turnover

+16%

13 V o l t a l i a ' s 2 0 2 5 f u l l y e ar r e s u l t s

Net result

At constant exchange rates

EBITDA

stable

Cash flow from operations

2025 in a nutshell

Net debt/ EBITDA

Financials

SPRING update

2026 and beyond

14 a t c o ns t a nt e x c ha ng e r a t e

2025 in a nutshell

Financials

SPRING update

2026 and beyond

stable

EUR/BRL exchange rate as of december 31, 2025 is 6.32 versus 5.83 in 2024

15 C u r t a i l me nt i n B r az i l

2025 in a nutshell

Financials

SPRING update

2026 and beyond

Curtailment

Compensations and ongoing actions

Curtailment in Brazil in 2025

• 1,040 GWh curtailed in 2025, representing 23% of Brazil's production

• €36m EBITDA impact, an increase of

€6m compared with 2024

Why such high curtailment?

• Conservative approach from grid operator (ONS)

• Rapid increase of distributed generation capacities (> than 40 GW)

• Limited flexibility to curtail other

sources (distributed generation)

Significant progress on compensation Adoption of Law No. 15.2693 (November 2025)

• Reimbursement of compensation related to grid reliability curtailments (Sept 2023 to Nov 2025)

• Estimated compensation > €20m, expected in 2026

• Ongoing negotiations to increase this

amount

Future curtailment

• Discussions underway with regulators to define compensation mechanisms linked to supply-demand curtailment from 2026 onwards

16 S t abl e mar gi n

Energy Sales

2025 in a nutshell

Financials

SPRING update

2026 and beyond

* Project in development or plants being built backed by long term PPA **+1pt at current exchange rate

Production: +4% at 4.9 TWh, thanks to a +16% growth in capacity in operation reaching 2.9 GW (including projects commissioned in French Guiana, Greece and Helexia Brazil & France) but impacted by higher curtailment in Brazil ( 1, 040 Gwh)

Turnover: -8% at constant exchange rates at €315.8m

• Resource is stable overall vs last year but improved significantly in Brazil +9m€

• Estimate average price amounts to €64/MWh vs with €76/ MWh in 2024 mainly explained by early generation in Albania and France.

  Development

  Prospection costs decreased by -€3m. Total development cash costs for 2025 dropped by -€14m, which means a

  -17% cash savings.

  Pipeline of projects: 12.0 GW, down -30%, following countries exits and pipeline review. Meanwhile pipeline continues to mature with more than 1,2 GW backed by long term PPA*

  EBITDA

  EBITDA stands at €203.2m: with a stable EBITDA margin of 64% thanks to close monitoring of operating costs

  Out of which €15.9m results from the 2025 asset disposals

  
  
  

  Turnover: €228.8m in 2025, +76%

  • Positive volume effect thanks to new contracts

* Subsidiary dedicated to Construction & Maintenance activities ** Services for external clients

2025 in a nutshell

Financials

SPRING update

2026 and beyond

18 P r o f i t & l o s s i n 2 0 2 5

2025 in a nutshell

Financials

SPRING update

2026 and beyond

DepDreecpiraetciioantio, na,mamorotritsiasatitoionn,aanndd pprroovviissiioonnss

• +41% mainly due to the increase of operating assets

while 12 million euros refer to assets depreciation

OtheOr tnhoenr n-counr-creunrrtenintcinocmome eananddeexxppeennsseess

In the course of 2025, Voltalia initiated a process to withdraw from non-strategic activities. As of the end of December 2025, the criteria under IFRS 5 had been met. Consequently, the 2025 and 2024 revenue figures have been restated to reflect the impact of these activities.

19 e x c e pt i o na l i mpac t s o f - € 1 0 3 m

2025 in a nutshell

Financials

SPRING update

2026 and beyond

Depreciation, amortisation and provisions &

Other non-current income and expenses

Write-off of projects in development in the pipeline

Asset and minority participation impairments

SPRING

transformation & restructuring costs

-€47m

-€20m

-€8m

Discontinued operations

Discontinuation of non-core activities* and country exit

-€28m

Following the SPRING diagnosis, we implemented concrete actions in line with our announced roadmap

Define criteria to increase project and pipeline selectivity

Review of the asset portfolio

Review and refocusing of activities

Total -€103m

*(Maison Solaire Voltalia, MyWindParts, Buck & Co and equipment procurement)

20 2 0 2 5 ne t r e s u l t

2025 in a nutshell

Financials

SPRING update

2026 and beyond

SPRING exceptional items €103m

*

* without non-recurring items

Debt structure

Bridge to Project finance 6%

Corporate loans 30%

Gross debt

€2,492m

Project finance 64%

Net debt - €2,178m

21 a s s e t s a nd s u ppo r t e d by pr o j e c t f i na nc e

Fixed assets

2025 in a nutshell

Financials

SPRING update

2026 and beyond

Projects in development 11%

Projects in operation 72%

Gross fixed assets

€3,699m

Plants under construction 15%

Others

2%

Net fixed assets - €3,149m

Cash flow

* And cash costs from development ** EBITDA from Renvolt, Voltalia hub and Corporate costs

22 ma t u r i ng i n 2 0 2 6

2025 in a nutshell

Financials

SPRING update

2026 and beyond

Refinancing

Loan with a 3-year maturity, partially extendable to 5 years

Objective: refinancing and extending, in anticipation of future,

corporate loans maturing in 2026, and supporting

the

€244m

implementation of the SPRING plan announced in September 2025

Renewed confidence from our partners

A diverse pool of leading French and international financial institutions

Bank loan that can be increased through ongoing syndication

23 w e l l - s t r u c t u r e d d e bt pr o f i l e

2025 in a nutshell

Financials

SPRING update

2026 and beyond

68% leverage*

10.3x net debt to EBITDA multiple

(9.1x EBITDA run rate)

All-in cost of debt of 6.14% at group level (vs. 6.1% in 2024)

2025 2026 2030

Versus 18.1 years PPA remaining life

Residual project debt maturity of 12.99 years

* Net debt/ net debt and equity

24

2025 in a nutshell Financials SPRING update 2026 and beyond

Refocusing and performance improvement

Chief Executive Officer

Simplifying the operating model

Creation of Renvolt BU dedicated to services (Construction and Maintenance) activities

Refocusing on core activities

A business refocused on core activities, geographies and technologies:

• 5 countries are being closed: Spain, Slovakia, Hungary, Mexico, Romania reaching

  15 geographies (compared to a 12 geographies target for Development)

• Development activities focus on solar, onshore wind and storage

• End of the following activities: Maison Solaire Voltalia, MyWindParts, Buck and Co

25 2 0 2 5 : F o u nd at i o ns t o bu i l d t r ans f o r mat i o n

2025 in a nutshell

Financials

S PRING update

2026 and beyond

Performance

Efficiency and optimisation:

• Strengthening governance (Asset Management & Performance, new governance)

• Reducing cash costs (prospection and structure costs -€16m* run rate basis)

*compared with 2024 costs base

26 F o c u s R e nv o l t

2025 in a nutshell

Financials

S PRING update

2026 and beyond

Internal clients

~€230m

turnover

External clients

• Creation of Renvolt clarifies Voltalia's operating

  model

• Services now mostly serving external clients, with around 70% of its activity

• Strong commercial momentum,

• Leadership and organisation in place to support

  future growth, with the appointment of its new CEO

• A profitable and scalable business, targeting >10% EBITDA margin

People

400

Location

Europe & Africa

Technologies

Solar & Wind

EBITDA

margin

~9%

27 F o c u s H e l e x i a

2025 in a nutshell

Financials

S PRING update

2026 and beyond

People 428

Brazil

34% 774

MW*

Europe 66%

Technologies Solar

Helexia strengthens Voltalia's offer for corporates clients combining on-site solar generation and energy services

A fast-growing distributed solar platform mainly in Europe with 552 MW operating out of 774 MW total portfolio

EBITDA

margin

70%

A high-margin business model

Strong positioning in the corporate segment

Energy services, including storage

Strengthened leadership and transformation roadmap, with the appointment of new CEO

Clear operational plan supporting future growth

* current portfolio composed of capacity in operation, capacity in construction and project secured by power sales contracts

28 2 0 2 6 : A c c e l e r at i o n o f t he t r ans f o r mat i o n

Refocusing and acceleration of Cash costs reduction

• Continue process of country exits, to reach 12 geographies*

• Accelerate business refocusing though asset disposal

• Accelerate development and structure costs reduction in 2026**

• Project of workforce reduction plan in several countries including France, Portugal and Brazil reaching 10% of the Group (around 200 positions)***

Improved operating model

• Complete Renvolt subsidiary carve out

• Simplified operating model allowing better efficiency in management control

Profitability: accelerate deleveraging and cash generation

• Most of the non-core activities sales before June 2027 to reach 300-350 millions euros

• Positive net profit

• Debt level reduction trajectory starting in 2026

* Development and Energy Sales activity ** Average cost reduction between 2026 and 2030: 45 million euros (severance costs excluded)

***Subject to applicable local regulations and employee information and consultation procedures

2025 in a nutshell

Financials

S PRING update

2026 and beyond

29

2025 in a nutshell Financials SPRING update 2026 and beyond

Chief Executive Officer

30 M i s s i o n o bj e c t i v e s

2025 in a nutshell

Financials

SPRING update

2026 and beyond

Our mission:

Improve global environment while fostering local development

Avoided emissions

Stakeholder plan

Co-utilisation of soil

Carbon intensity

In 2027

2.4 million

More than

2.4 million tonnes of CO2 emissions

avoided

thanks to

Voltalia's Energy Sales activity

1.5 million in 2025

In 2027

100%

of held capacity under construction with a Stakeholder Engagement Plan aligned with IFC standards

(World Bank Group*)

93% in 2025**

In 2027

50%

of solar held capacity in operation

located on co-used or upgraded soil***

62% in 2025

In 2030

-35%

of carbon intensity for solar held capacity under construction (CO2/MW vs 2022)

-20% in 2025

* World Bank Group - Société Financière Internationale ou International Finance Corporation (IFC) ** in countries that are not designated by the Equator Principles Association

*** Land combining solar energy and other human activity

31 2 0 2 6 o bj e c t i v e s ( ne w anno u nc e me nt )

2025 in a nutshell

Financials

SPRING update

2026 and beyond

Operational objectives

~3.7 GW of capacity in

operation and under construction

Including ~3.0 GW

In operation

Financial objectives

€210 - 230m

EBITDA

including €190 - 210m

EBITDA from Energy Sales

Positive Net result

32 2 0 2 7 o bj e c t i v e s

2025 in a nutshell

Financials

SPRING update

2026 and beyond

Operational objectives

~4.2 GW of capacity in

operation and under construction

Including ~3.7 GW

In operation

Financial objectives

€300 - 325m

EBITDA

including €270 - 300m

EBITDA from Energy Sales

33 2 0 3 0 o bj e c t i v e s

2025 in a nutshell

Financials

SPRING update

2026 and beyond

Operational objectives

~5 GW of capacity in

operation and under construction

Including ~4.5 GW

In operation

Financial objectives

70% - 72%

EBITDA margin for Energy Sales

9% - 11%

EBITDA margin for Renvolt

34 e f f e c t s o f t r a ns f o r ma t i o n

2025 in a nutshell

Financials

SPRING update

2026 and beyond

Strategic priorities

Accelerating transformation

Enhance foundations

Refocus

on value creation

Financial objectives

EBITDA

€210 - 230m

Positive net result

Progressive Deleverage

35

2025 in a nutshell Financials SPRING update 2026 and beyond

Appendices

C l i e nt s : V o l t a l i a be ne f i t s f r o m a br o a d

36 c u s t o me r ba s e

2025 in a nutshell

Financials

SPRING update

2026 and beyond

KEY PPA COUNTERPARTIES

KEY SERVICE CLIENTS

CORPORATES

TRADERS

Shell Trading

Total Trading

EDF

Trading

STATES AND UTILITIES

INTEGRATED UTILITIES

FINANCIAL SPONSORS

OIL MAJORS

GREEN IPPs

37 S P R I N G e x pe c t e d f i na nc i a l o u t c o me

2025 in a nutshell

Financials

SPRING update

2026 and beyond

38 F u l l y e ar 2 0 2 5 ke y f i gu r e s

2025 in a nutshell

Financials

SPRING update

2026 and beyond

A c a pe x pl a n f i na nc e d by

39 V o l t a l i a ' s o w n ac t i v i t y

2025 in a nutshell

Financials

300 to

400 MW

per year

Launch of

construction

SPRING update

2026 and beyond

Self financing the growth

CAPEX/MW

Asset Lifetime Equity IRR

Project Gearing

• Solar - ~€0.7m

• Wind - ~€1.1m

• Solar rooftop - ~€1.3m

• Solar - 30-35 years

• Wind - 25-30 years

• BESS - 10-15 years

  • Developed

    countries - ~10%

    
    
    

  • Emerging countries - ~15%

    • Europe - 75-85%

    • LATAM - 50-65%

    • Africa - 70-80%

40 2 0 2 5 ba l a nc e s he e t

2025 in a nutshell

Financials

SPRING update

2026 and beyond

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