Madrid, Feb 24th 2026

FY25

RESULTS

PRESENTATION

Focus. Execution. Value.



FINANCIAL HIGHLIGHTS

OPERATIONAL HIGHLIGHTS

BUSINESS HIGHLIGHTS



REVENUES €1,070m (+66% yoy)

EBITDA €201m (+26% yoy)

NET INCOME €87m (+46% yoy)

CAPEX €880m (+36% yoy)

on track for €3.5bn Target 2025-27

ASSET ROTATION PROCEEDS

2025-27 (€0.8bn) >60% accomplished

TOTAL LEVERAGE 5.0x (1.4x corporate) Net debtx €993m

2.2GW + 8.3GWh in operation and under construction

c1GW + c7GWh built in one year

PIPELINE

72GWh Total BESS Pipeline

(Hybrid+Stand Alone)

>9GWh of pipeline

in Advanced Development stage

ESG

2025 ESG Roadmap accomplished

  • Biodiversity TNFD¹ Report

  • 2025 Sustainability Report

ASSET ROTATION c.1bn$

Highlights

Business Review

Financial Review

Sustainability



Chile: 272MW + 1.1GWh (EV/IC: 1.8x) Spain: 297MW (EV/IC: 1.5x)

Colombia: 88MW (EV/IC: 1.0x)

ENERGY MANAGEMENT

Financial Tolling agreement in Spain: Oviedo 150MW / 600MWh

Capacity Payments in Poland:

2.1GWh Stand-Alone

PROJECT FINANCING >$700m in 2025

$355m for Central Oasis Projects (Teno, Tamango y Planchón) 1Q26

T TNFD: Taskforce on Nature-related Financial Disclosures. | ² Net debt ex IFRS16. 03



Highlights

Business Review

Financial Review

Sustainability

USA

1.2GW



1.7GWh

2.3GWh

LATAM

8.0GW

26.8GWh

5.3GWh



Platform overview. Solar PV, Hybrid and Standalone

11.6GW

34.2GWh

38.0GWh

Identified Opportunities

3.2GW

9.1GWh

12.5GWh

Early Stage

2.7GW

7.5GWh

15.5GWh

Advanced Development

2.4GW

7.6GWh

9.4GWh

Backlog

1.2GW

2.3GWh

Ready to Build

Under Construction

1.3GW

4.7GWh

0.7GWh

In Operation1

1.0GW

3.0GWh



Data as of February 2026. T Includes 24MW of wind in operation.



EUROPE

2.4GW

5.7GWh







30.4GWh

04





Hybrid PV+ BESS

05



Highlights Business Review Financial Review Sustainability

Platform update

Solar PV and Hybrid

SOLAR PV

Concentrating efforts on Hybridization (Solar PV + BESS)

JC&Tabernas and Tabernas (297MW) transferred in 4Q25

HYBRID

Phase 1 &2 of OA (221MW+1.3GWh) already delivered. Phase 6 connected: 3GWh

Progressing with Central Oasis: Teno, Tamango, Planchón and Monte Águila U/C

SOLAR PV

MW

Under Const

Backlog Advanced

Dev

Early Stage

Ident. Opp.

Probability of execution

In Operation

100%

90%

70%

50%

20-40%

Spain

200

172

198

68

0

Italy

550

UK

109

63

Germany

111 29

0

TOTAL EUROPE

200

172

857

174

970

Chile

570

1,040

611

1,078

626

1,351

Colombia

127

38

50

26

Mexico

36

741

Peru

437

720

510

Argentina (Wind)

24

TOTAL LATAM

758

1,078

661

1,515

2,087

1,887

TOTAL USA

539

400

295

TOTAL

958

1,250

1,200

2,372

2,661

3,152

Total Pipeline

1,050

550

173

401

2,173

4,706

114

741

1,667

7,229

1,234

Total Platform1

1,250

550

173

401

2,373

5,276

242

777

1,667

24

7,986

1,234

HYBRID - PV + BESS

MW

Under Const

Backlog Advanced

Dev

Early Stage

Ident. Opp.

Probability of execution

In Operation

100%

90%

70%

50%

20-40%

Spain

704

2,765

Italy

1,775

UK

320

140

TOTAL EUROPE

704

2,095

140

2,765

Chile

3,024

4,660

1,300

5,499

3,356

4,375

Mexico

90

500

Peru

2,400

1,600

TOTAL LATAM

3,024

4,660

1,390

5,499

6,256

5,975

TOTAL USA

183

1,092

400

TOTAL

3,024

4,660

2,277

7,594

7,488

9,140

Total Pipeline

Total Platform1

3,469

1,775

460

5,705

19,190

590

2,000

23,780

1,675

3,469

1,775

460

5,705

22,214

590

4,000

26,804

1,675

10,635 11,593

31,160 34,184

Data as of February 2026. T Platform refers to pipeline and in operation. 06

Highlights

Business Review

Financial Review

Sustainability

Pioneers with the largest BESS project in America


c$2bn TOTAL CAPEX

c2GW + c.11GWh

c11,000

1,684

c2,000

TOTAL OASIS ATACAMA

7,348

1,064

1,228

SUBTOTAL

3,024

432

540

Antofagasta

Phase 7

0

0

369

Elena (Stage 2)

3,024

432

77

Elena (Stage 1)

Phase 6

1,300

200

242

Algarrobal

Phase 5

3,640

620

723

SUBTOTAL

1,100

220

272

Gabriela

Phase 4

1,300

200

230

Victor Jara

Phase 3

651

105

118

Quillagua 2

Phase 2

589

95

103

Quillagua 1

Phase 1

MWh

MW

MW

BESS

PV

2027

2026

2025

2024

2023



PPA (peak-hours)

FINANCING

OUTPUT

OFFTAKER

128GWh/y

EMOAC

Closed

143GWh/y

EMOAC

Closed

270GWh/y

EMOAC

Closed

540GWh/y¹

Global utility

Closed

-

Advanced

Advanced

-

Advanced

Closed

-

Advanced

TBD

-

Initial

-





PPA RTB COD

T Hybrid PPA, implying that the volume contracted will amount to 75% of the energy produced both in solar and non-solar hours. 07



Highlights Business Review Financial Review Sustainability

2025

Phase 4

Project Finance closed ($324m)

Phases 1-2

Connected with BESS and fully in operation

Phase 4

M&A deal with DIF (a CVC company) for an EV of c.

$0.5bn

Phase 6

Project Finance closed ($270m)

Phase 3

Mechanical completion, energization and commissioning

2026

Phase 4

Already connected and in the energization phase

Phase 6

Mechanical completion and energized

Phases 5-6

PPA and Project Finance expected to be signed

Elena project under construction phase

08



Highlights

Business Review

Financial Review

Sustainability

1.1GW + 3.8GWh

TOTAL CAPEX

c.$0.9bn



Hybridization PV + BESS

3,760

843

1,500

PPA Global Utility

PPA GR Power

FINANCING

Output Solar

Output Night

285 GWh/y

170 GWh/y

Closed

96 GWh/y

30 GWh/y

Closed

110 GWh/y

55 GWh/y

Closed

140 GWh/y

500 GWh/y¹

Advanced

140 GWh/y

540 GWh/y

-

771 GWh/y

1,295 GWh/y

49

2025

Tamango

Phase 2

800

200

241

Gran Teno

Phase 1

MWh

MW

MW

Project

BESS

PV

2027

2026

340

1,078

TOTAL

300

340

Sol de Caone

Phase 5

960

240

28

Monte Águila

Phase 4

360

75

108

Planchón

Phase 3

140



PPA RTB COD

T Baseload 24x7 PPA with Codelco. 09



Highlights Business Review Financial Review Sustainability

2023 Gran Teno

& Tamango

2024 Gran Teno

Solar PV PPAs signed for 381 GWh/y Project finance closed ($148m)

Inauguration of Grenergy's biggest Project (241MW)

2025

PPAs

0.5 TWh/y Baseload 24x7 PPA signed with Codelco through GR Power

Solar PV PPAs signed for 390 GWh/y with a global utility

2026 Financing

Hybridization

Project Financing closed for Gran Teno, Tamango and Planchón ($355m)

Monte Águila Financing at an advanced stage

Early works initiated for Gran Teno, Tamango and Planchón

Gran Teno - Connection expected in 2Q26

Vessel Star Kvarven unloading battery packs

at the Iquique port (Chile) 10



Highlights Business Review Financial Review Sustainability

Hybridization PV + BESS

2019

Solar PV PPA signed with GALP for 12 years starting in 2021

2020

Project finance closed (€97m)

2021

200MW Solar PV project inauguration in December 2021

2025

Environmental permits for BESS fully granted

704

176

200

TOTAL

352

88

Escuderos 2

Phase 2

352

88

200

Escuderos 1

Phase 1

MWh

MW

Project

BESS

PV

2027

2026

€7m Next-Gen subsidy for the first phase

2026

Refinancing Escuderos Project Finance, including storage CAPEX

PPA/Tolling under negotiation

RTB

COD 11



12



Highlights Business Review Financial Review Sustainability

Platform update

>9GWh in Advanced Development stage

STANDALONE



Developing one of the biggest platforms in Europe

First flagship project in Spain under construction

Proven delivery: Financial Tolling in Spain and Capacity Payments Auction in Poland

70%

194

2,516

80

2,235

1,160

1,900

8,085

1,290

1,290

Total

5,706

7,258

4,439

4,720

1,520

6,752

30,395

5,280

5,280

2,345

Advanced Dev

9,375

STANDALONE - BESS

MWh

Under Const

Backlog

Probability of execution

100%

90%

Spain

600

Italy

UK

Poland

Germany

Romania

TOTAL EUROPE

600

Chile

TOTAL LATAM

TOTAL USA

50

TOTAL

650

Data as of February 2026.

38,020

Early Stage

50%

2,872

3,942

3,239

2,400

12,453

2,550

2,550

480

15,483

Ident. Opp.

20-40%

2,040

800

1,120

2,485

360

2,452

9,257

1,440

1,440

1,815

12,512



13



Highlights Business Review Financial Review Sustainability

Standalone BESS 2025

Environmental permits and

interconnection points granted

Render Oviedo BESS standAlone project

2026

Financial Tolling agreement signed

Project Financing in process

Early construction works initiated

2026

2027

BESS

Commercial Operation Date in 1Q

2027

Project Oviedo TOTAL

RTB

COD

MW

150

150

MWh

600

600

14





Energy Management Project Financing Asset Rotation

15





Energy Management

4.5TWh of generation and 6.3GWh of capacity under negotiation

CHILE

  • 0.5 TWh/y Baseload 24x7 PPA through GR Power

    • Offtaker: Codelco

    • Duration: 15 years, starting in January 2026

  • 390 GWh/y Solar PPA in Central Oasis

    • Offtaker: Global Utility

    • Duration: 12 years (280 GWh) and 15 years (110GWh)



  • Financial Tolling agreement

    • Oviedo Project 150MW / 600MWh

    • Day-Ahead Swap PPA for 80% of the capacity

    • Offtaker: Global Utility

    • Duration: 10 years, starting in January 2028

SPAIN

  • CFD Auction with LCCC (Low Carbon Contracts Company)

    • Fibden Project 53 MWp+160 MWh

    • Solar CFD for 32 MW at 65.23 £/MWh (indexed to CPI)

    • Duration: 20 years, starting in March 2028

    • Estimated revenues¹ >£55m

  • Capacity Payments Auction with PSE (Electricity System Operator)

    • Capacity contracts for 534 MW / 2.1 GWh

    • Remunerated at 465.02 PLN/KW (indexed to CPI)

    • Duration: 17 years, starting in January 2030

    • Estimated revenues¹ >€132m

UK POLAND





T Data does not include annual CPI updates. 16



Project Financing

$345m

QUILLAGUA

(Phases 1-2)

Financial close in July 2024

$299m

VICTOR JARA

(Phase 3)

Financial close in December 2024

$324m

GABRIELA

(Phase 4)

Financial close in January 2025

$270m

ELENA

(Phase 6)

Financial close in September 2025

with top International banks



$1.2bn

$355m

GRAN TENO TAMANGO PLANCHÓN

(Phase 1, 2 and 3)

Financial close in

February 2026



€99m

AYORA

Financial close in

December 2025

Spain







Issuing Banks Pool of Syndicated Banks





17





Asset Rotation

demonstrating value creation

Chile: Rotation of Phases 1-4 of Oasis de Atacama (723MW and 3.64GWh) for a total EV of c $1.5bn (1.6x EV/IC), equivalent to 33% of total project

Spain: completion of the sale deal José Cabrera and Tabernas (297MW) for a total EV of €273m (1.5x EV/IC)

Colombia: Rotation of 7 unlevered distribution PV assets (88MW) with

1.0x EV/IC

Equity proceeds from 2025 transactions exceeding 60% of 2025-2027 asset rotation targets

VICTOR JARA

QUILLAGUA

GABRIELA

DISTRIBUTION ASSETS

JOSE CABRERA

TABERNAS



7 DISTRIBUTION ASSETS

JOSE CABRERA & TABERNAS

CHILE

SPAIN

COLOMBIA

2024

GABRIELA

QUILLAGUA VICTOR JARA

2025



MW + GWh

Deal closing

EV

EV/IC (x)

221MW + 1.24GWh

230MW + 1.3GWh

4Q24

4Q24

$490m

$472m

1.5

1.7

272MW + 1.1GWh

3Q25

$475m

1.8

297MW

4Q25

€273m

1.5

88MW

4Q25

-

1.0

18



  • Revenues (+66%) and EBITDA (+26%) boosted by asset rotation

  • Net Profit grew +46%, reaching €87m

  • Net debt stood at €993m, implying 5.0x EBITDA (1.4x Covenant)

Key operating & financial data

  • Total production +37% mainly driven by Chilean Assets

  • 90% of total production was contracted (+61% YoY)

  • Decrease on realized price (-9%), partially impacted by FX



KEY OPERATING DATA

KEY FINANCIAL DATA

FY25

FY24

Var.

(€m)

FY25

FY24

Var.

Avg. Forex ($/€)

1.13

1.08

5%

Revenues

1,069.9

642.9

66%

PV Capacity (MW)

958

879

9%

ow Energy Revenues

75.5

60.5

25%

Gross additionsx MW

1,052

495

113%

EBITDA

201.4

160.0

26%

Net additions MW

79

(29)

n.m.

ow Energy EBITDA

49.6

41.5

20%

BESS Capacity (MWh)

3,024

-

n.m.

EBIT

151.3

118.6

28%

Gross adittionsx MWh

6,664

0

n.m.

Net Income

87.0

59.6

46%

Net additions MWh

3,024

-

n.m.

Gross Capex

879.6

648.8

36%

Total production (MWh)

1,652,762

1,208,174

37%

FY 25

FY24

Var.

Solar production

1,562,092

1,099,477

42%

Tangible Fixed Assets

1,211.4

920.3

32%

Wind production

90,670

108,697

(17%)

Equity

415.3

473.5

(12%)

ow Contracted

1,481,199

918,700

61%

Net debt

993.4

565.7

76%

ow Merchant

171,563

289,474

(41%)

ow Corporate

257.0

105.1

145%

Load Factor (%)

21%

20%

1 pp

Net debt/EBITDA

5.0x

3.6x

Realized price (€/MWh)

45.7

50.1

(9%)

ow Covenant1

1.4x

0.7x

ow Contracted

48.7

57.3

(15%)

ow Merchant

19.4

27.4

(29%)

T Calculated as Net debt with recourse divided by LTM Relevant EBITDA. | ² FY25 gross additions include Phase 1, 2, 3, 4 and 6 of Oasis Atacama, JC&Tabernas and distribution assets in Colombia and Chile. 19



  • D&C EBITDA +26% driven by the disposal of assets in Spain and Chile

  • Energy Revenues grew +25% driven by new additions and higher production levels

  • GR Power Retail revenues doubled thanks to organic growth - 1.5TWh/y of energy already contracted -

  • FY25 EBITDA up to €201m (vs €160m in FY24) boosted by D&C (+€37m) and Energy (+€8m) division

Highlights

Business Review

Financial Review

Sustainability

Revenue & EBITDA breakdown

REVENUE EBITDA

70%

25%

101%

18%

66%

Var. YoY

Var. YoY

26%

20%

16%

38%

17%

26%

€m

49.6 0.3 0.7 -28.6

201.4

179.4

€m

933.1

75.5

56.6

4.7

1,069.9

D&C¹ Energy Retail² Services Total D&C Energy Retail Services Corporate Total

Margins

31%ª

66%

1%

16%

28%ª

20

T €214 million recorded as inventories and not as income from capitalize works due to the pre-agreed sale of solar plants under construction. | ² GR Power. | Services include O&M (Operation and Maintenance) and AM (Asset Management). | ª Revenues exclude income from capitalized works.

0.47

0.44

0.44

0.47

$m

0.50

0.40

0.30

0.20

0.10

0.00

2023

Modules

2024

Trackers & Inverters

2025

Logistics

2026e

Other

PV CAPEX2 BREAKDOWN PER MW



CAPEX

  • Gross Capex of €880m including phases 1, 2 and 3 of Oasis de Atacama

  • Over 80% of our CAPEX concentrated in Chile

  • Investments on a ramp-up phase (Capex grew +36% vs FY24)

  • Slight pick-up on Solar PV Capex and stabilized trend in BESS for 2026

$m

0.20

0.23

0.15

0.12

0.12

0.10

0.00

2023

Battery

2024

Inverters

2025

Logistics

2026e

Other

BESS STANDALONE CAPEX2 BREAKDOWN PER MWh



FY25 TOTAL CAPEX

€m

229 880

650

89

519

41

Development Capex & Others

Latam Hybrid projects

Solar PV Spain

OA (I-II-III) Total Capex¹

Other

2026e

2025

Logistics

2024

Inverters

2023

Battery

0.00

0.09

0.09

0.10

HYBRID BESS CAPEX2 BREAKDOWN PER MWh

$m 0.20

0.20

0.12



T Includes €214 million recorded as inventories due to the pre-agreed sale of solar plants under construction. 2 CAPEX does not include the interconnection cost. 21



  • €-75m from changes in net working capital, mainly explained by payments to batteries suppliers, reverting the positive impact of FY24 (+€222m)

  • €880m of gross capex invested of which €229m related to OA (I-II-III)

  • €201m divestments related to the asset rotation in Spain (JC & Tabernas)

  • The increase in financial debt primarily reflects the progress in the execution of Chilean projects

Cash flow

€m 201 -75

-89

374

-35

-880

431

-72

305

229

42

-24

201

Cash Position EBITDA Change Fin costs

FX

Gross

Capex OA

Divestments

Treasury

Bonds

Financial

Other

Cash Position

FY24 in NWK & taxes

Diff. & Other

Capex

(I - II - III)

Shares

& CP

debt

debts1

9M25

T Payment to the vendor financing related to the acquisition from Repsol and Ibereólica. 22



  • Total leverage stands at 5.0x (1.4x Proforma)

  • €99 million non-recourse financing for the Ayora solar project in Spain

  • $355m project financing for Central Oasis Projects (Teno, Tamango y Planchón

Leverage & Liquidity

499

257

105

€m

Total

Non-recourse Corporate

3

FY24

FY25

FY25 Proforma

Total Leverage¹

Covenant Leverage²

NET DEBT & LEVERAGE (ex IFRS16)

461

736

(0.0x)

1.4x

0.7x

1.5x

5.0x

3.6x

501

566

993

CORPORATE

26%

NON-RECOURSE

74%

DEBT STRUCTURE



23

T Calculated as Net debt including all PF debt divided by LTM EBITDA. | ² 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). | Considering pending earn-outs from Phase 1, 2 and 3 of OA and the agreed sale of Phase 4 of OA and Colombian distribution assets.

CLIMATE CHANGE

Climate Transition Plan update for the formalisation of emission reduction targets in line with CSRD

Climate Change Policy Development

ENVIRONMENT

Preparation of the biodiversity risk management report in line with TNFD

Biodiversity Policy Development

Highlights

Business Review

Financial Review

Sustainability

Discloser

2024

B score



10.6

Low Risk



Sustainability Overview Roadmap 2024-2026 and ESG Ratings

ESG risk map update

Elaboration of the Sustainability Report in line with CSRD

Progress on the Internal Control over Non-Financial Information System

GOVERNANCE

RATED BY

A-

AAA

PEOPLE

Development of a corporate volunteering plan

Development of our "Grenergy Employer Branding" strategy

87/100



69/100



24



APPENDICES

25



Projects In Operation, Under Construction & Backlog

Country

Project Platform

Type

MWp

BESS

MWh

Resource (Hours)

COD¹ Offtaker

Spain

Los Escuderos

Spain Hybrid

Solar PV

200

0

2,035

4Q21

PPA PV Profile 85%

Chile

PMGDs (21 projects)

Solar PV

203

0

2,109

4Q21-4Q24

Stabilized Price

Chile

Gran Teno

Central Oasis

Solar PV

241

0

2,000

4Q23

PPA PaP 66% 12 Yrs

Chile

Tamango

Central Oasis

Solar PV

49

0

2,000

1Q24

PPA PaP 100% 15 Yrs

Chile

Elena

Oasis de Atacama

Solar PV + BESS

77

3,024

2,800

1Q26

Merchant/GR Power

Colombia

Distribution (10 projects)

Solar PV

127

0

1,990

4Q21-4Q24

PPA PaP 100% 15 Yrs / Merchant

Mexico

San Miguel de Allende

Solar PV

36

0

2,300

1Q21

Auction 15 Yrs 100%

Argentina

Kosten

Wind

24

0

5,033

1Q21

Auction 15 Yrs 100%

Total in Operation

958 MW

3,024 MWh



Spain

Ayora

Solar PV

172

0

2,000

1Q26

PPA PaP 75% 15 Yrs

Spain

Oviedo

Greenbox

BESS Standalone

0

600

1Q27

Tolling Agreements (Initial)

Chile

PMGDs (9 projects)

Solar PV

90

0

2,000-2,700

1Q25-4Q25

Stabilized Price

Chile

Victor Jara

Oasis de Atacama

Solar PV + BESS

230

1,300

2,800

1Q26

PPA 60% 15 Yrs

Chile

Gabriela

Oasis de Atacama

Solar PV + BESS

272

1,100

2,950

1Q26

PPA PaP 75% 15 Yrs

Chile

Gran Teno BESS

Central Oasis

Solar PV + BESS

0

800

2Q26

Chile

Tamango BESS

Central Oasis

Solar PV + BESS

0

140

4Q26

Chile

Planchón

Central Oasis

Solar PV + BESS

108

360

2,000

1Q27

PPA 60-70%

Chile

Monte Águila

Central Oasis

Solar PV + BESS

340

960

2,000

1Q27

PPA 60-70%

Colombia

Distribution (3)

Solar PV

38

0

1,990

1Q25-4Q25

PPA / Merchant

USA

Stadium

BESS Standalone

0

25

1Q26

Merchant / Tolling (Initial)

USA

La Feria

BESS Standalone

0

25

1Q26

Merchant / Tolling (Initial)

Total Under Construction 1,250 MW 5,310 MWh

Spain

Los Escuderos

Spain Hybrid

Solar PV + BESS

0

704

2,000

1Q27-3Q27

PPA/Tolling (Advanced)

Chile

Elena

Oasis de Atacama

Solar PV + BESS

369

0

2,800

3Q27

PPA 75% 15 Yrs (Advanced)

Chile

Algarrobal

Oasis de Atacama

Solar PV + BESS

242

1,300

2,500

2Q27

PPA 100% 15 Yrs (Advanced)

México

San Miguel de Allende BESS

Solar PV + BESS

0

90

2Q27

Colombia

Distribution (4)

Solar PV

50

0

2,037

4Q26-4Q27

PPA / Merchant

USA

Shubuta

Solar PV

250

0

1,739

4Q28

PPA (Advanced)

USA

Creed

Solar PV

60

0

1,851

3Q28

PPA (Advanced)

USA

Beaver Creek

Solar PV + BESS

229

183

1,798

3Q28

PPA (Advanced)

Total Backlog

1,200 MW

2,277 MWh

T Commercial Operation Date. 26



Projects in Advanced Development

Country

Project

Type

MWp

BESS

MWh

Resource (Hours)

COD¹

EUROPE

UK

Fibden Farm

Solar PV + BESS

53

160

1,100

2Q27

UK

Scal Park

Solar PV + BESS

56

160

1,100

4Q28

UK

Greenbox

BESS Standalone

0

80

2Q27

Italy

Isole & Penisola Projects

Solar PV + BESS

550

1,775

1,864

3Q27-4Q28

Italy

Greenbox

BESS Standalone

0

2,516

4Q27-4Q28

Spain

Clara Campoamor

Solar PV

198

0

2,000

2Q27

Spain

Greenbox

BESS Standalone

0

194

3Q27

Germany

Greenbox

BESS Standalone

0

1,160

2Q28-1Q32

Romania

Greenbox

BESS Standalone

0

1,900

1Q28-4Q30

Poland

Greenbox

BESS Standalone

0

2,235

3Q27-4Q31

LATAM

Chile

Antofagasta (Oasis de Atacama)

Solar PV + BESS

540

3,024

2,800

4Q27

Chile

Sol de Caone (Oasis Central)

Solar PV + BESS

340

1,500

2,000

4Q27

Chile

PMGDs (2 projects)

Solar PV + BESS

18

75

2,300

4Q26

Chile

Chanqueahue

Solar PV + BESS

180

900

2,154

4Q29

Chile

Greenbox

BESS Standalone

0

1,290

3Q27-3Q28

Perú

Macarena

Solar PV

196

0

2,536

3Q27

Perú

Locumba

Solar PV

241

0

2,484

4Q27

Total Advance Development

2,372 MW

16,969 MWh

T Commercial Operation Date. 27



Platform with relevant growth potential. Project Portfolio

Total Platfom¹

Includes projects in operation and total pipeline

IDENTIFIED OPPORTUNITIES

Project 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.

20-40%

Success Rate

EARLY STAGE

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.

50%

Success Rate

ADVANCED DEVELOPMENT

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

70%

Success Rate

BACKLOG

Projects in a final phase before construction:

  • Secured land and grid access; and/or

  • +90% Probability to obtain environmental permits

  • Off-take agreements, PPA, or bankable scheme of stabilized prices secured / ready to be signed

90%

Success Rate

READY TO BUILD

Ready to Build: Financing close, PPA in place or negotiation of EPC

UNDER CONSTRUCTION

IN OPERATION

Under Construction: EPC provider has been mandated to start construction works

In Operation: Plant fully operational or at least Mechanical Completion achieved and under commissioning

20-40%

Success Rate

T 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. 28



FY25 Revenues & EBITDA. Breakdown by division

REVENUES

(€m)

4Q25

4Q24

Var.

FY25

FY24

Var.

Development & Construction

345.0

338.4

2%

933.1

550.3

70%

Income from customer sales

239.4

358.8

(33%)

574.9

444.8

29%

Income from capitalize works

105.5

(20.4)

617%

358.2

105.5

239%

Energy

22.6

18.6

21%

75.5

60.5

25%

Retail

14.3

7.3

95%

56.6

28.1

101%

Services

1.0

0.9

12%

4.7

4.0

18%

Total

382.9

365.2

5%

1,069.9

642.9

66%

EBITDA

(€m)

4Q25

4Q24

Var.

FY25

FY24

Var.

Development & Construction

85.8

104.6

(18%)

179.4

142.3

26%

Energy

14.7

11.4

29%

49.6

41.5

20%

Retail

0.3

0.2

87%

0.3

0.3

16%

Services

(0.2)

0.2

(231%)

0.7

0.5

38%

Corporate

(9.7)

(9.2)

5%

(28.6)

(24.6)

17%

Total

90.8

107.1

(15%)

201.4

160.0

26%

29



FY25 Results. Profit and Losses

PROFIT AND LOSSES

(€m)

Revenues

4Q25

382.9

4Q24

365.2

Var.

5%

FY25

1,069.9

FY24

642.9

Var.

66%

Income from customer sales

277.3

385.6

(28%)

711.7

537.4

32%

Income from capitalized works

105.5

(20.4)

617%

358.2

105.5

239%

Procurement

(263.6)

(233.2)

13%

(779.5)

(429.4)

82%

Procurement from third parties

(164.9)

(258.9)

(36%)

(443.9)

(343.6)

29%

Activated cost

(98.7)

25.8

(483%)

(335.6)

(85.8)

291%

Gross Margin

119.3

132.0

(10%)

290.4

213.5

36%

Personnel expenses

(14.4)

(11.9)

21%

(47.9)

(37.9)

26%

Badwill

-

-

n.m

-

18.2

n.m

Other operating expenses

(13.6)

(14.2)

(4%)

(41.3)

(35.5)

16%

Other income

(0.5)

1.1

(140%)

0.2

1.7

(90%)

EBITDA

90.8

107.1

(15%)

201.4

160.0

26%

Depreciation and amortization

(27.9)

(26.8)

4%

(50.1)

(41.4)

21%

EBIT

62.9

80.3

(22%)

151.3

118.6

28%

Financial income

1.5

(0.2)

(811%)

5.7

1.4

313%

Net financial results

(12.4)

(16.4)

(25%)

(45.9)

(45.1)

2%

Other financial results

(3.8)

8.8

(143%)

(8.6)

(0.3)

n.m.

Financial result

(14.7)

(7.8)

88%

(48.9)

(44.0)

11%

Result before taxes

48.2

72.5

(34%)

102.4

74.6

37%

Income tax

(6.5)

(19.2)

(66%)

(15.4)

(15.0)

3%

Net Income

41.7

53.3

(22%)

87.0

59.6

46%

30



F

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

Grenergy Renovables SA published this content on February 24, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 24, 2026 at 17:19 UTC.