Focus. Execution. ValueRESUL TS PRESENTATION1H26Madrid, Sept 16th 2026
EXECUTION
2.3 GW + 8.5 GWh in operation and
under construction
1.5 GW + c.8 GWh built/two.numr in 18 months
PIPELINE
63 GWh Total BESS Pipeline
(Hybrid+Stand Alone)
10 GWh of pipeline under construction and advanced stage
IMPACT STRATEGY IN ACTION
Electrification Project "Luz Antofagasta" Restoration Project - National Park Nonguén OPERATIONAL HIGHLIGHTS
SUSTAINABILITY
02Highlights Business Review Financial Review Sustainability /one.numr Net debt ex IFRS16. | /two.numr BESS figures expressed in terms of gross capacity.
M&A BUY SIDE: • c.400 MW in Iberian Oasis • c.260 MW Greenbox in Spain • Oasis Central 340 MW SELL SIDE: • Oasis Atacama (Gabriela) 272 MW+1.1 GWh • Colombian distribution assets 88 MWFINANCING
PROJECT FINANCE:
$623 for Central Oasis Projects €100m for Oviedo Standalone
CORPORATE FINANCE:
€170m Green BondENERGY MANAGEMENT
Chile PPAs >2 TWh/y Hybrid USA PPA 400 GWh/y Tollings in Spain 1.3 GWh Auction Capacity Poland & UK 2.9 GWhBUSINESS HIGHLIGHTS
1H26 RESULTS
Revenues €661m (+51% yoy) EBITDA €126m (+47% yoy) Net Income €74m (+112% yoy)
CAPEX
€275m (+25% yoy) mostly concentrated in Oasis Central Investment expected to increase significantly during 2H26
BALANCE SHEET
ND/EBITDA 4.6x (1.7x corporate) Net debt1 €1.1bn Cash Position €273m Share buyback announced: up to €50m FINANCIAL HIGHLIGHTS
03Development - Platform overview
LATAM
8.2 GW
28.0 GWh
USA
1.0 GW1.4 GWh
1.4 GWh
Identified
OpportunitiesTOTAL
PLATFORM
Early
Stage
Advanced
Development
Under
Construction
In Operation10.8 GW 2.4 GWh11 GW63 GWh
33 GWh 30 GWh
3.3 GW 9.9 GWh
3.6 GW 12.2 GWh
0.8 GW 0.9 GWh 0.9 GWh
1.1 GW 4.8 GWh
1.2 GW 3.0 GWh 0.1 GWhBacklog8.1 GWh
11.4 GWh
8.5 GWh
0.6 GWh
Data as of September 2026. /one.numr Includes 24MW of wind in operation.
TOTAL
IN OPERATION& UNDER CONSTRUCTION2.3 GW8.5 GWh7.8 GWh 0.7 GWhStandalone Hybrid Solar PV
1.6 GW
3.8 GWh
28.2 GWhEUROPE1 GW+3.2 GWh
2.5 GW+14.1 GWh
1.4 GW+5.1 GWhHighlights Business Review Financial Review Sustainability
In
OperationBESS (Hybrid)Spain
ItalyUKTOTAL EUROPEChileMexicoPeruTOTAL LATAMTOTAL USATOTALMWh
Probability
of executionUnder
ConstBacklog
Advanced
DevEarly
StageIdent.
Opp.
100% 90% 70% 50% 20-40% 680 680
4,093
4,093
4,7731,260
1,410
320
2,990
9,095
114 22
9,231
12,22232
140 172
5,310
386
2,832
8,528
1,200
9,9002,370
2,370
2,370Total
PipelineTotal
Platform1
1,940
1,442
460
3,843
21,468
620
2,854
24,942
1,3831,940
1,442
460
3,843
24,478
620
2,854
27,952
1,3833,010
3,010
3,010 33,178 30,168600 120 720 183 903 In
OperationSOLAR PVSpain
ItalyUKGermanyTOTAL EUROPEChileColombiaMexicoPeruArgentina (Wind)TOTAL LATAMTOTAL USATOTALMW
Probability
of executionUnder
ConstBacklog
Advanced
DevEarly
StageIdent.
Opp.
100% 90% 70% 50% 20-40%
1,120
1,120
1,120583
434 109
1,126
1,809
50 158
464
2,481
3,60712
67 38
116 936
568
1,275
2,779
375
3,271818
818
818Total
PipelineTotal
Platform1
583 446
176 38
1,243
4,858
50 726
1,739
7,373
1,008958
446 176
38
1,617
5,454
216 762
1,739
24
8,194
1,008375
375 596
166 36
24 821
1,196 10,819 9,623175 175 633
808Platform update
Solar PV and 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 Planchón expected to be connected before year endHYBRID Data as of September 2026. /one.numr Platform refers to pipeline and in operation.Highlights Business Review Financial Review Sustainability 04
OASIS PLATFORMS
Hybrid: PV+ BESS 05
Oasis Platforms - Expanding the largest BESS project in the Americas 06TOTAL CAPEXc.$2.5bn 2.5 GW + 14.1 GWhHighlights Business Review Financial Review Sustainability PV MW 103 118 230 272 723 242 77 369 566 540
1,794
2,5172025 2026 2027 2028 2029 BESS
TOTAL OASIS ATACAMASUBTOTALMW
95 105
200 220
620 200
430 430
430
1,490
2,110MWh
589 651
1,300
1,100
3,640
1,412
3,010
3,010
3,010
10,442
14,082ClosedClosedClosedClosed
Advanced
Closed
InitialInitial
-Quillagua 1Quillagua 2Victor JaraGabriela
Algarrobal
Elena I
(BESS)
Elena I (PV) Elena IIAntofagastaPhase 1Phase 2Phase 3Phase 4SUBTOTALPhase 5
Phase 6
Phase 7
Phase 8
In Operation PPA RTB M&A
EV/ICFINANCING
ClosedClosedClosedClosed
Closed
Closed
Advanced
Closed
InitialProject
1.6x
1.7xPPAs
Gabriela2025
Project Finance closed ($353m) M&A deal with DIF (a CVC company) for an EV of
c.$0.5bn
Elena Inauguration2026Phase 4 Gabriela Connected and in operation M&A deal closedPhase 4 Elena Elena I BESS in operation and PV works initiated PPA signed for Elena I & II - 1 TWh/y (15 years)PPA Financing for Elena I PV and Elena II at an initial stagePhase 6-7 Algarrobal PPA closed for 350 GWh/y (12 years) Project Finance at an advanced stageConstruction works initiated and battery supply agreement executed with CATLPhase 5Elena I Project Finance closed ($270m)
Phase 6
07Highlights Business Review Financial Review Sustainability
08TOTAL CAPEXc.$1.2bn 1.4 GW + 5.1 GWhOasis Platforms - Increasing the platform in central Chile PV MW 241 49 108 340 175 165 340
1,4182025 2026 2027 BESS
TOTALMW
200 28
75 240
150 150
300
1,143MWh
838 148
360
1,034
600600
1,500
5,080Project
Gran Teno
Tamango
Planchón
Monte Águila
Pelequén
Parral
Sol de Caone In Operation PPA RTB2028 2029 PPA
ClosedClosedClosedClosedClosed
--FINANCING
ClosedClosedClosedClosed
Advanced
--Phase 1Phase 2Phase 3Phase 4Phase 5Phase 6Phase 7Highlights Business Review Financial Review Sustainability
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 Gran Teno, Tamango and Planchón
($355m)
Monte Águila ($268m)PPAs 2025
2026 Financing
Gran Teno, Tamango, Planchón batteries on site and expected to be connected by year end Monte Águila under construction and batteries will arrive in DecemberHybridization Pelequén energy contracted through GR Power agreements PPAs Buy side - Parral and Pelequén M&A 09Highlights Business Review Financial Review Sustainability Gran Teno project
TOTAL CAPEXc.€1bn 1 GW + 3.2 GWh
10 /one.numr Escuderos Solar PV already in operation.Oasis Platforms - M&A accelerating the Iberian Oasis platformHighlights Business Review Financial Review Sustainability PV MW 200 100 285 585 415
1,0002025 2026 2027 BESS
TOTALMW
170 85
230 485
325
810MWh
680 340
920
1,940
1,300
3,240Closed
Advanced
Advanced
-
-PPA
Advanced
InitialInitial
-
-Financing
Project
Escuderos/one.numr
Indalo
AndreaPhase 1Phase 2Phase 3SubtotalProjects Under Negotiation In Operation PPA RTB2028
11Highlights Business Review Financial Review Sustainability 2020Escuderos Project finance closed (€97m)2019 2026Escuderos Financial Tolling signed in 2Q26 for 12 years Refinancing including storage CAPEX in
progress
Escuderos’ batteries expected to depart before year end M&A: Acquisition of Indalo (100 MW) and Andrea (285 MW) PPAs for Indalo and Andrea under advanced negotiationsEscuderos Solar PV PPA signed with GALP for 12 years starting in 2021
Escuderos
12
Advanced
Dev 70%
1,656
2.,615
440
1,256
1,200
1,343
8,510
Spain
ItalyUKPolandGermanyRomaniaTOTALMWh
Probability
of executionUnder
ConstBacklogEarly
StageIdent.
Opp.
100% 90% 50% 20-40% 618
618128
816
9441,178
3,384
2.879
840
2,560
10,8412,040
1,120
2,287
1,840
7,287
Total
Pipeline
5,492
5,998
4,439
4,512
3,040
4.719
28,200
10 GWh• 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 through M&A • Projects in Poland and Romania upgraded to Backlog • Financial Tolling at advanced negotiations in Spain and RomaniaHighlights Business Review Financial Review Sustainability 13 Data as of September 2026.Developing one of the biggest platforms in Europe
2026 2027
TOTALProject
OviedoBESS
MW 154
154MWh
618 618First flagship project in Spain 14Render Oviedo BESS Standalone projectHighlights Business Review Financial Review Sustainability In Operation Financial tolling RTB2026Financial Tolling signed: Day-Ahead Swap PPA, for 80% of the capacity (10 years) €100m project financing closedConstruction initated and batteries expected to arrive before year end2025 2027In Operation in 1Q27Environmental permits and interconnection points granted
ROMANIA
• The project will apply for funding from the EU
Modernisation Fund
• Expected to be operational by 3Q28 • PPA in advanced
negotiationsBucharest
Romania & Poland: Projects upgraded to backlog 15Highlights Business Review Financial Review Sustainability Lebada RomaniaCOUNTRY PROJECT
1Q27RTB
204MW
816MWh
3Q28IN OPERATION
Alastor
AlbusPoland
PolandTotalCOUNTRY PROJECT
4Q26-1Q27
4Q26-1Q27RTB
18 14
32MW
72 56
128MWh
4Q274Q27IN OPERATION
WarsawPOLAND
• 2 projects within 15 km of
each other
• Secured PLN 34 million in Polish government grants, financed by EU funds.
• Expected to be operational by 4Q27
Render Lebada
BESS Standalone projectRender AlbusBESS Standalone projec
16 OUR 3 PILLARS
Energy
ManagementProject
FinancingM&A
17Energy Management
Record volumes signed and an additional 2.4 TWh/y + 4 GWh of capacity under negotiation
Solar
PPA Solar
PPA Monte Águila and PlanchónMonte Águila and Planchón390 GWh/y 12-15 years390 GWh/y
12-15 years
ContractedContracted > 700 GWh/y > 700 GWh/yFinancial
Tolling agreementsFinancial
Tolling agreements OviedoOviedo 600 MWh 10 years600 MWh
10 years
EscuderosEscuderos 680 MWh 12 years680 MWh
12 years
Solar CFD
AuctionSolar CFD
AuctionFibden
projectFibden
project53 MW + 160 MWh 20 years53 MW + 160 MWh
20 years
Capacity
Payments AuctionCapacity
Payments Auction 4 projects4 projects 760 MWh 15 years760 MWh 15 yearsGR PowerGR Power Baseload
24x7 PPABaseload
24x7 PPA500 GWh/y 15 years500 GWh/y 15 yearsElenaElena 1 TWh/y 15 years1 TWh/y 15 yearsBESS PPABESS PPA AlgarrobalAlgarrobal 350 GWh/y 12 years350 GWh/y
12 yearsCHILE SPAIN
UK
Capacity
Payments Auction Capacity Payments Auction 5 projects 5 projects 2.1 GWh 17 years2.1 GWh
17 yearsPOLAND
Hybrid
PPAHybrid
PPABeaver
CreekBeaver
Creek400 GWh/y
20 years400 GWh/y 20 yearsUSAHighlights Business Review Financial Review Sustainability
$0.6bnGRAN TENO
TAMANGOPLANCHÓN
(Phase 1, 2 and 3)February 2026$355m
OVIEDOJuly 2026
First financing close for a standalone asset €100mHighlights Business Review Financial Review Sustainability
18SpainMONTE ÁGUILA
(Phase 4)May 2026$268mFinancing
PROJECT FINANCE
GREEN BONDMarch 2026€170m
GREEN NOTES PROGRAMJuly 2026€200m
REVOLVING CREDIT FACILITY €105mCORPORATE FINANCE
Issuing Banks
Arranger BanksPool of Syndicated Banks
Hybrid
HybridHybridHybrid
BESS StandalonePelequénParralIndaloAndreaGreenbox SpainPROJECT TYPE
Chile
Chile
SpainSpainSpainCOUNTRY
175 165
100 285
260MW
600600
340 920
1,040BESS MWh
19M&A
Crystallizing Value while Acquiring 1 GW of Transformational ProjectsHighlights Business Review Financial Review Sustainability
CHILE
272MW + 1.1GWh
3Q25
$475m
1.7CLOSING OF GABRIELA
MW + GWh
Deal signedEVEV/IC (x)COLOMBIA
88MW
4Q25
-
1.07 DISTRIBUTION ASSETS
SELL SIDE 1H26
Chile: Closing of Phase 4 of Oasis de Atacama (272 MW and 1.1 GWh) for a total EV of $475m (1.7x EV/IC) Colombia: Rotation of 7 unlevered distribution PV assets (88 MW) with 1.0x EV/IC Equity proceeds from 2026 transactions c.30% of 2026-2028 asset rotation targets BUY SIDE 1H26
Opportunities screened
(3 GW+ in Spain)5 GW+ 985 MW
Acquired
(Chile + Spain)
FINANCIAL REVIEW
20
21Key operating & financial data /one.numr Calculated as Net debt with recourse divided by LTM Relevant EBITDA.
✓ Total production +4%, mainly driven by Oasis de Atacama, PMGDs and distribution assets in Colombia ✓ 79% of total production was contracted ✓ Increase in realized price (+11%), on strong performance of merchant prices due to hybrid platforms in Oasis de Atacama and Colombia ✓ Revenues +51% and EBITDA +47% boosted by asset rotation ✓ Net Profit grew +112%, reaching €74m✓ Net debt stood at €1.1bn , implying 4.6x EBITDA (1.7x Covenant)
1H26
661.3
39.8
126.5
24.2
98.3
74.2
274.6
1H26
1,477.5
518.7
1,107.2
384.9
4.6x
1.7x1H25
438.1
34.5
85.8
23.4
71.6
35.0
220.1
FY25
1,211.4
415.3
993.4
257.0
5.0x
1.4xVar.
51% 15%
47% 4%
37%
112%
25% Var.
22% 25%
11%
50%(€m)Revenues
ow Energy Revenues
EBITDA
ow Energy EBITDA
EBIT
Net Income
Gross Capex
Tangible Fixed Assets
Equity
Net debt
ow Corporate
Net debt/EBITDA
ow Covenant1KEY FINANCIAL DATA
1H26
1.17
1,196
552282
3,060
4,160
3,060
818,986
764,649
54,337
647,063
171,923
48.7
49.2
46.51H25
1.09
914 256
35 -
1,240
-
785,279
742,808
42,471
682,414
102,865
43.9
47.2
22.31H25
1.09
914 256
35 -
1,240
-
785,279
742,808
42,471
682,414
102,865
43.9
47.2
22.3Var.
7% 31%
116%
704%
n.m.
235%
n.m.
4% 3%
28%
(5%)
67% 11%
4% 108%Var.
7% 31%
116%
704%
n.m.
235%
n.m.
4% 3%
28%
(5%)
67% 11%
4% 108%Avg. Forex ($/€) PV Capacity (MW) Gross additions MWNet additions MW BESS Capacity (MWh) Gross additions MWh Net additions MWh Total production (MWh)Solar productionWind production
Contracted
MerchantRealized price (€/MWh)ow Contractedow MerchantKEY OPERATING DATA Highlights Business Review Financial Review Sustainability
22Revenue & EBITDA breakdown /one.numr GR Power. | /two.numr Services include O&M (Operation and Maintenance) and AM (Asset Management). | /three.numr Revenues exclude income from capitalized works.
✓ 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/y of energy already contracted -
✓ 1H26 EBITDA reaches €126m (+47%) being the main contributors D&C (€117m) and Energy (€24m)
Margins
EBITDA
55%
Var. YoY
€m 4%
1,519%
14% 24%
47% 117.324.2 1.5 0.6 -17.2
126.5
31%/three.numr
61% 3%
25%
27%/three.numr
D&C
Energy
Retail
Services
Corporate
TotalREVENUE
€m 55%
15% 51%
2% 51%
D&C
Energy
Retail/one.numr
Services/two.numr
Total
575.239.843.9 2.4 661.3 Var. YoYHighlights Business Review Financial Review Sustainability
23CAPEX
✓ 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
Development
Capex & Others
Latam
Hybrid Projects
Spain
Projects
Total
Capex
21.4239.413.8 274.6Highlights Business Review Financial Review Sustainability
€m FX
Diff. & Other
Fin costs
& taxes
Change
in NWK
EBITDA
Cash Position
FY25
Gross
Capex
Treasury
Shares
Bonds &
Commercial
Paper
Cash Position
1H26
-274.6-28.8-25 110.2
126.4
305.4-100
0.3164
-4.7 272.7
Financial
debt
Other
debts
24Cash 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 green bond issued of €170m✓ €100m reduction in short-term financial debt, reflecting lower usage of letters of credit and confirming Highlights Business Review Financial Review Sustainability
Highlights Business Review Financial Review Sustainability 25Leverage & Liquidity /one.numr Calculated as Net debt including all PF debt divided by LTM EBITDA. | /two.numr Calculated as Net debt with recourse divided by LTM Relevant Ebitda (from Dividends earned from SPVs + EBITDA from O&M and Asset Mgmt activities + EBITDA from the sale of Projects and D&C activity + EBITDA generated by the SPVs with Recourse PF Debt). | /three.numr Considering pending cash inflow and earn-outs from the transaction of Phase 4 of OA (Gabriela) and the Colombian distribution assets.
✓ Total leverage stands at 4.6x (3.8x Proforma) ✓ Share buyback announced: up to €50m ✓ €100 million non-recourse financing for the Oviedo Standalone BESS project in Spain ✓ $623m project financing for Central Oasis Projects (Teno, Tamango y Planchón and Monte Águila)
DEBT STRUCTURE
35%CORPORATE
65%NON-RECOURSENET DEBT & LEVERAGE (ex IFRS16)
€m
Total Leverage/one.numr
Covenant Leverage/two.numr
FY25
993 736
257
Total
Non-recourseCorporate
5.0x
1.4x
1H261.107
722 385
4.6x
1.7x
Proforma/three.numr935
722 212
3.8x
0.9x
26An Impact-Driven Renewed Strategy Turning our impact strategy into action Highlights Business Review Financial Review Sustainability
flagship initiatives
delivering measurable positive impact for communities and nature SOCIAL Electrification project “Luz Antofagasta” • MoU with Chile’s Ministry of Energy • Public–private collaboration • Solar electrification for off-grid households • Long-term community positive impact 202
households pilot
and a full regional assessment.
ENVIRONMENTAL
Reforestation project in National Park Nonguén • Native forest restoration • Key Biodiversity Area (KBA) • Habitat recovery for threatened wildlife • 3-year biodiversity monitoring 12Native
species
5Chilean endemic species
APPENDICES
27
28Platform update
Projects In Operation, Under Construction & Backlog
Spain
SpainChileChileChileChileColombiaMexicoUSAUSAArgentinaTotal in OperationLos EscuderosAyoraPMGDs (24 projects)Gran TenoTamangoElena IDistribution (13 projects)San Miguel de AllendeStadiumLa FeriaKostenIberian Oasis Central OasisCentral Oasis Oasis de Atacama
Greenbox
Iberian Oasis
Oasis de AtacamaOasis de Atacama Central OasisCentral OasisCentral OasisCentral Oasis
Central Oasis
Greenbox
GreenboxSolar PVSolar PVSolar PVSolar PVSolar PV Solar PV + BESS Solar PVSolar PV BESS StandaloneBESS Standalone
Wind200
172 231
241 49
77 166
36 00
24
1,196 MW2,035
2,000
2,109
2,0002,000
2,800
1,990
2,300
5,0334Q21
2Q26
4Q21-4Q24
4Q23
1Q24
1Q26
4Q21-2Q26
1Q21
4Q254Q25
1Q21PPA PV Profile 85%
PPA PaP 75% 15 Yrs
Stabilized Price
PPA PaP 12 Yrs
PPA PaP 15 Yrs
PPA 15 Yrs
PPA PaP 15 Yrs / Merchant Auction 15 Yrs 100% Merchant / Tolling (Initial)Merchant / Tolling (Initial) Auction 15 Yrs00000
3.010
00
2525
0
3,060 MWhBESS
MWhMWpResource
(Hours)In Operation Offtaker Type Project Platform Country OviedoLos EscuderosPMGDs (12 projects)AlgarrobalElena IGran Teno BESSTamango BESSPlanchónMonte ÁguilaBESS Standalone Solar PV + BESS
Solar PV
Solar PV + BESSSolar PV + BESSSolar PV + BESSSolar PV + BESSSolar PV + BESSSolar PV + BESS2,000
2,000-2,700
2,500
2,800
2,0002,0001Q27
2Q27
2Q26-2Q27
3Q27
4Q27
3Q26
4Q264Q26
1Q27Tolling Agreement 10 Yrs Tolling Agreement 12 Yrs
Stabilized Price
PPA 100% 12 Yrs
PPA (Advanced)
GR PowerGR Power PPA 60-70%/GR Power
PPA 60-70%
SpainSpainChileChileChileChileChileChileChile
Total Under Construction0 0 62 242 369 00 108 340
1,120 MW618
680 301
1,412
0 838
148 360
1,034
5,391 MWh
PelequénSan Miguel de Allende BESSBeaver CreekCreedShubutaFieldstoneGreenbox Poland (2)Greenbox Romania (1)Solar PV + BESSSolar PV + BESSSolar PV + BESS Solar PVSolar PVSolar PV BESS StandaloneBESS Standalone2,000
1,798
1,851
1,7394Q27
4Q26
3Q283Q28
4Q28
1Q29
4Q27
3Q28GR Power
Tolling Agreement (Initial) PPA 100% 20 Years PPA (Advanced)PPA (Advanced)PPA (Advanced) Tolling agreement (Initial) Tolling agreement (Advanced)ChileMéxicoUSAUSAUSAUSAPolandRomaniaTotal Backlog175 0 229 60 250 94 00
808 MW600
120 183
000 128
816
1,847 MWh600
120 183
000 128
816
1,847 MWh
Platform update
Projects in Advanced Development
Resource
(Hours)BESS
MWhMWp In Operation Type Platform Project Country
EUROPE
UKUKUKItalyItalySpainSpainSpainSpainGermanyRomaniaPolandLATAMChileChileChileChileChileChileColombiaPerúPerúMéxicoMéxicoTotal Advanced DevelopmentFibden FarmScalm ParkGreenbox UKIsole & Penisola ProjectsGreenbox ItalyIndaloClara CampoamorAndreaGreenbox SpainGreenbox GermanyGreenbox RomaniaGreenbox Poland PMGDs (2 projects) Elena IIAntofagastaParralSol de CaoneChanqueahueDistribution (4 projects)MacarenaLocumbaMezquitalVeladeroSolar PV + BESSSolar PV + BESS
BESS Standalone
Solar PV + BESS
BESS Standalone
Solar PV + BESS
Solar PV
Solar PV + BESS BESS StandaloneBESS StandaloneBESS StandaloneBESS Standalone Solar PV + BESSSolar PV + BESSSolar PV + BESSSolar PV + BESSSolar PV + BESSSolar PV + BESS Solar PVSolar PVSolar PV Solar PV + BESSSolar PV + BESSGreenbox
Greenbox
Iberian OasisIberian Oasis
Greenbox
GreenboxGreenboxGreenbox
Oasis de AtacamaOasis de Atacama Central OasisCentral Oasis53 56 0 434 0 100 198 285
0000
18 566
540 165
340 180
50 209
255 36
122
3,607 MW1,1001,100
1,864
1,850
2,000
2,300
2,8002,800
2,0002,000
2,154
2,536
2,484
2,3002,3002Q27
4Q28
2Q28
3Q27-4Q28
4Q27-1Q29
1Q28
4Q284Q28
3Q27-4Q28
1Q28-1Q32
1Q28-4Q28
4Q27-2Q31
4Q26
3Q28
2Q29
4Q27
2Q29
4Q29
4Q26-4Q27-1Q30
4Q264Q26
3Q29
3Q30160160
440
1,410
2,615
340 0
920
1,656
1,200
1,343
1,256
75
3,0103,010
600
1,500
900 0
10 12
24 90
20,732 MWh
29
30Platform with relevant growth potential.
Project Portfolio
/one.numr This classification of the pipeline phases has been made by the company itself on the basis of its previous experience in projects carried out, using its own internal criteria and procedures.
IDENTIFIED OPPORTUNITIESProject with technical and financial feasibility, given that 1) there is the possibility of land, 2) access to the electricity grid is operationally viable and/or 3) there is the possibility of sale to third parties.
Based on an identified opportunity, the project is approved internally to enter the investment phase, with applications for grid access being made and negotiations for land commencing.
Projects with an advanced technical and financial stage:
• +50% Probability to secure land; and/or • +90% Probability to get grid access; and/or• Environmental permits requested Ready to Build: Financing closed, PPA in place or negotiation of EPC Under Construction: EPC provider has been mandated to start
construction works
In Operation: Plant fully operational or at least Mechanical Completion achieved and under commissioningProjects in a final phase before construction:
• Secured land and grid access; and/or • +90% Probability to obtain environmental permits• Off-taker agreements, PPA, or bankable scheme of stabilized prices secured / ready to be signedEARLY STAGE ADVANCED DEVELOPMENTBACKLOGREADY TO BUILDUNDER CONSTRUCTIONIN OPERATIONTotal Platform/one.numr Includes projects in operation and total pipeline
20-40%
Success Rate
50%
Success Rate
70%
Success Rate
90%
Success Rate
311H26 Revenues & EBITDA. Breakdown by division
(€m)
Development & Construction Income from customer salesIncome from capitalized works
EnergyRetailServicesTotalREVENUES
(€m)Development & Construction
Energy
Retail
Services
CorporateTotalEBITDA 2Q26
474.9
376.9
98.0
21.7
19.9
1.4
517.92Q25
166.8
153.2
13.6
16.4
16.5
1.1 200.8Var.
185%
146%
620%
32% 21%
29%
158%
2Q26
119.3
11.7
(0.1)
0.3
(9.6)
121.72Q25
20.7
10.8
(0.0)
0.2
(7.5)
24.2Var.
477%
9%
265%
93% 29%
404% 1H26
575.2
382.2
193.0
39.8
43.9
2.4
661.31H25
372.1
292.6
79.5
34.5
29.1
2.3 438.1Var.
55% 31%
143%
15%51%
2% 51%
1H26
117.3
24.2
1.5 0.6
(17.2)
126.51H25
75.7
23.4
0.1 0.5
(13.9)
85.8Var.
55% 4%
1,519%
14% 24%
47%
(€m)
Revenues
Income from customer salesIncome from capitalized works
Procurement
Procurement from third partiesActivated cost Gross MarginPersonnel expensesOther operating expensesOther incomeEBITDADepreciation and amortizationEBITFinancial incomeNet financial resultsOther financial resultsFinancial resultResult before taxesIncome taxNet IncomePROFIT AND LOSS
2Q26
517.9
419.9
98.0
(366.6)
(273.8)
(92.8)
151.3
(14.1)
(16.1)
0.5
121.7
(20.6)
101.1
1.4
(16.1)
4.1
(10.7)
90.4
(18.3)
72.22Q26
517.9
419.9
98.0
(366.6)
(273.8)
(92.8)
151.3
(14.1)
(16.1)
0.5
121.7
(20.6)
101.1
1.4
(16.1)
4.1
(10.7)
90.4
(18.3)
72.22Q25
200.8
187.2
13.6
(155.7)
(147.8)
(7.8)
45.1
(12.3)
(8.9)
0.3
24.2
(6.8)
17.3
0.8
(10.2)
(3.6)
(13.0)
4.4
(1.7)
2.72Q25
200.8
187.2
13.6
(155.7)
(147.8)
(7.8)
45.1
(12.3)
(8.9)
0.3
24.2
(6.8)
17.3
0.8
(10.2)
(3.6)
(13.0)
4.4
(1.7)
2.7Var.
158%
124%
620%
135%
85%
1,082%
235%
14% 80%
107%
404%
201%
483%
67% 59%
n.m.
(17%)
1,966%
967%
2,609%Var.
158%
124%
620%
135%
85%
1,082%
235%
14% 80%
107%
404%
201%
483%
67% 59%
n.m.
(17%)
1,966%
967%
2,609%1H26
661.3
468.3
193.0
(484.9)
(302.3)
(182.7)
176.3
(24.7)
(25.9)
0.8
126.5
(28.2)
98.3
2.3
(30.0)
22.8
(4.9)
93.4
(19.1)
74.21H25
438.1
358.6
79.5
(311.4)
(242.8)
(68.6)
126.6
(23.8)
(17.4)
0.4
85.8
(14.3)
71.6
2.7
(21.0)
(11.1)
(29.4)
42.1
(7.1)
35.01H25
438.1
358.6
79.5
(311.4)
(242.8)
(68.6)
126.6
(23.8)
(17.4)
0.4
85.8
(14.3)
71.6
2.7
(21.0)
(11.1)
(29.4)
42.1
(7.1)
35.0Var.
51% 31%
143%
56% 24%
166%
39% 4%
49% 91%
47% 97%
37%
(15%)
43% n.m.
(83%)
122%
170%
112%Var.
51% 31%
143%
56% 24%
166%
39% 4%
49% 91%
47% 97%
37%
(15%)
43% n.m.
(83%)
122%
170%
112%
321H26 Results. Income Statement (P&L)
331H26 Results. Balance Sheet
1H26
1,765.8
7.1
1,477.5
102.2
103.4
75.6
565.5
17.0
243.5
20.7
11.6
272.7
2,331.3FY25
1,451.9
6.0
1,211.4
65.1
113.9
55.5
711.5
234.9
115.8
43.2
12.1
305.4
2,163.3Var.
314.0
1.1
266.2
37.1
(10.5)
20.2
(146.0)
(218.0)
127.7
(22.5)
(0.5)
(32.6)
168.0(€m)
Non-current assets
Intangible assets
Fixed asset
Assets with right of use Deferred tax assets Other fixed assets
Current assets
Inventories
Accounts receivable
Current financial investments Other current assets Cash & cash equivalents
TOTAL ASSETS1H26
518.7
1,278.7
65.7
14.4
1,198.5
170.9
903.7
23.4
100.5
-
533.9
3.1
214.9
315.9
195.3
98.6
6.2 4.9
11.0
2,331.31H26
518.7
1,278.7
65.7
14.4
1,198.5
170.9
903.7
23.4
100.5
-
533.9
3.1
214.9
315.9195.3
98.6
6.2 4.9
11.0
2,331.3FY25
415.3
1,119.1
64.1
11.0
1,044.0
59.6
887.8
29.3
67.2
-
628.9
6.0
260.8
362.0
142.6
196.9
6.9 4.5
11.2
2,163.3Var.
103.4
159.6
1.6 3.4
154.6
111.3
15.9
(5.9)
33.2
-
(95.0)
(3.0)
(45.9)
(46.1)
52.7
(98.3)
(0.6)
0.3
(0.2)
168.0(€m)Equity
Non-current liabilities
Deferred tax liabilities
Non-current provisions
Financial debt
Bonds & Commercial PaperDebt with financial entities
Derivatives Debt
Finance lease
Other debts
Current liabilitiesCurrent provisions
Accounts payable
Financial debt
Bonds & Commercial PaperDebt with financial entities
Derivatives Debt
Finance lease
Other debts
TOTAL EQUITY AND LIABILITIESBALANCE SHEET
341H26 Results. Cash Flow
(€m)
EBITDA
+ Change in operating NWK + Taxes and Financial Exp. Cash Funds from operations + Short term-Liquid Investments+ Growth capex
+ Divestment
Free cash flow + Bonds & CP + Bank borrowings+ Other debts + Share Buy-back programme + Exchange rate differencesNet cash increaseCASH FLOW
2Q26
121.7
119.3
(11.6)
229.3
(0.2)
(142.1)
-
87.1
(34.4)
(173.4)
(4.5)
(0.6)
(30.3)
(156.1)Var.
404%
556%
(43%)
937%
n.m.
4% -
(176%)
650%
n.m.
-
(87%)
135%
(305%)Var.
404%
556%
(43%)
937%
n.m.
4% -
(176%)
650%
n.m.
-
(87%)
135%
(305%)2Q25
24.2
18.2
(20.2)
22.1
0.1
(136.5)
-
(114.3)
(4.6)
212.5
-
(4.7)
(12.9)
76.01H26
126.5
110.3
(25.0)
211.8
(0.4)
(274.6)
-
(63.2)
164.0
(100.0)
(4.7)
(0.3)
(28.4)
(32.6)Var.
47% n.m.
(15%)
n.m.
(42%)
25% -
(73%)
4.778%
n.m.
(93%)
(99%)
(23%)
(64%)Var.
47% n.m.
(15%)
n.m.
(42%)
25% -
(73%)
4.778%
n.m.
(93%)
(99%)
(23%)
(64%)1H25
85.8
(66.0)
(29.2)
(9.4)
(0.6)
(220.1)
-
(230.1)
3.4
268.0
(70.7)
(25.1)
(36.8)
(91.2)
351H26 Results. Net Debt
(€m)
Long-term financial debt Short-term financial debt Long-term Lease debt (IFRS 16) Short-term Lease debt (IFRS 16)Other current financial assetsCash & cash equivalentsCorporate Net Debt with recourseProject Finance cash with recourseProject Finance Net Debt with recourseProject Finance debt with non-recourseProject Finance cash with non-recourseProject Finance Net Debt with non-recourseTotal Net Debt Total Net Debt ex IFRS16NET DEBT
1H26
307.6
263.0
100.2
4.6
11.0
(196.6)
489.7
-
-
798.5
(76.1)
722.3
1,212.1
1,107.21H26
307.6
263.0
100.2
4.6
11.0
(196.6)
489.7
-
-
798.5
(76.1)
722.3
1,212.1
1,107.2FY25
204.7
296.6
66.9
4.2
11.2
(252.4)
331.2
(3.1)
(3.1)
786.3
(49.9)
736.4
1,064.5
993.4FY25
204.7
296.6
66.9
4.2
11.2
(252.4)
331.2
(3.1)
(3.1)
786.3
(49.9)
736.4
1,064.5
993.4Var.
102.8
(33.6)
33.3
0.5
(0.2)
55.8
158.5
3.1 3.1
12.2
(26.3)
(14.1)
147.6
113.8Var.
102.8
(33.6)
33.3
0.5
(0.2)
55.8
158.5
3.1 3.1
12.2
(26.3)
(14.1)
147.6
113.8
361H26 Results. Net Debt/EBITDA Reconciliation /one.numr Calculated as Total Net Debt exIFRS16 divided by the last-12 month EBITDA exIFRS16; | /two.numr Calculated as Net debt with recourse divided by the last-12 month EBITDA per the covenant definition (Dividends from SPVs + EBITDA from O&M and AM + EBITDA from D&C and sale of Projects + EBITDA from SPVs with Project Finance Debt with recourse until the date of the lifting of the debt service guarantees assumed by the Company as sponsor under the corresponding Projects).
(€m)
Net Debt
Impact IFRS16
Net Debt ex IFRS16
EBITDA LTM
Impact IFRS16
EBITDA LTM ex IFRS16
Corporate costs LTM EBITDA LTM ex IFRS16 (covenant)Net debt/EBITDA Net debt/EBITDA ex IFRS16 1
Net debt/EBITDA (per covenant)21H26 FY25NET DEBT/EBITDA RECONCILIATION
Total
1,212.1
104.8
1,107.2
242.0
2.7
239.3
(31.9)
5.0x
4.6xCorporate
489.7
104.8
384.9
199.2
2.7
196.6
(31.9)
228.5
2.5x
2.0x
1.7xCorporate
489.7
104.8
384.9
199.2
2.7
196.6
(31.9)
228.5
2.5x
2.0x
1.7xNon-Recourse
722.3
-
722.3
42.8
-
42.8
-
16.9x16.9xTotal
1,064.5
71.1
993.4
201.4
2.5
198.9
(28.6)
5.3x
5.0xCorporate
328.1
71.1
257.0
158.1
2.5
155.6
(28.6)
184.2
2.1x
1.7x
1.4xCorporate
328.1
71.1
257.0
158.1
2.5
155.6
(28.6)
184.2
2.1x
1.7x
1.4xNon-Recourse
736.4
-
736.4
43.3
-
43.3
-
17.0x17.0x
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