Encavis AG: Conference Call Q3/9M 2020

Welcome to the world of Encavis - Interim Statement Q3/9M 2020 dominated by strong operating Cash Flow

Encavis AG, Interim Statement Q3/9M 2020, Conference Call, November 16th, 2020

2

ENCAVIS: Improving efficiency and cost reduction through Economies of Scale and Economies of Scope

ENergy

Energy forms the basis of our collective activity and work

CApital

We invest capital to acquire wind farms and solar parks to generate attractive returns

Encavis Asset

Management

ENCAVIS AG

Encavis Technical

Services /

Stern Energy

VISion

We are working towards a future with decentralised power generation from wind power and solar energy

3

Highlights from July to November 2020

1. ENCAVIS set a clear commitment to sustainability and responsible action and published first insights into its sustainability strategy on its homepage at:www.encavis.com/en/sustainability/
2. Warburg Research re-initiated active coverage of Encavis AG on Sep 7th with "BUY" recommendation and a target price of EUR 17.20
3. HSBC Germany initiated active coverage of Encavis AG on Sep 28th with "BUY" recommendation and a target price of EUR 21.00
4. BlackRock increased their shareholdings in Encavis AG from 3.51% to 4.07% to 5.76%

Share	Wind farms and
	Solar parks

Encavis Asset

Management Finance

4

Highlights from July to November 2020

1ENCAVIS expands its participation in its solar park portfolio in France	Share
and now owns 100% of all its French solar parks and 95% of all solar parks
in the portfolio

Wind farms and

Solar parks

2 Encavis Asset Management AG acquires additional wind farms in France for special fund 'Encavis Infrastructure Fund II' as well as a floating solar park in The Netherlands

Encavis Asset Management

v

Finance

Highlights from July to November 2020

ENCAVIS successfully secured a EUR 63.8 million non-recourse project

1. refinancing for a portfolio of 10 ground-mounted photovoltaic plants located in Italy with a total capacity of 29.1 megawatts (MW)
   SCOPE Ratings affirms its investment grade issuer rating BBB- with
2. stable outlook on Encavis AG and Encavis Finance BV in an updated analysis in October 2020

5

Share	Wind farms and
	Solar parks

Encavis Asset	v
Management	Finance

La Cabrera

200 MW PV park "La Cabrera" is already connected to the grid

6

• The High Voltage section (substation and transmission line) is grid connected and energized since August 2020.
• The power plant is fully built up and achieved to start partial operations on September 3rd, while all sections were in operations since October 1st.
• At the end of October the cumulated actual production
  of energy was approximately 30,000 MWh despite the fact that the plant was still in commissioning phase.
• First invoices of energy production for the months of September and October were sent to AWS amazon web service in Spain.

Required as per EPC contract
Grid Connection	Date for Completion
08/18/2020	10/20/2020
Planned Key Dates

Date for Commissioning 08/25/2020

• PV plant is connected to the grid already.
• The agreed extra costs due to CoVid-19 are equal to TEUR 240 as of end of October.

Talayuela

Construction of 300 MW PV park "Talayuela" well underway

7

• All components and materials are on site.
• The whole HV section is finished off currently the cold commissioning activities are going on. The HV section is expected to be grid connected by end of November 2020.
• In the photovoltaic section:
• • 100% of the posts are installed,
  • 100% of the tracker are assembled,
  • 97.3% of the modules are installed.

The modules installation is expected to be finalized by end of November.

• The electrical works (installation of cables, inverters, transformers, switches, security system and SCADA) are expected to be completed by end of November.

Required as per EPC contract
Grid Connection	Date for Completion
11/23/2020	01/25/2021
Planned Key Dates

Date for Commissioning 11/30/2020 (latest on 01/10/2021)

• Grid connection is expected to occur during second half of December and the subsequent hot commissioning is expected to start first week of January.
• Expected delay due to CoVid-19 outbreak in the range of four weeks.
• Agreed extra costs due to Covid pandemic in spring are equal to TEUR 250.

8

Strong growing PPA markets - ENCAVIS is a European first mover in solar

		Pillars of the Encavis
		Growth Strategy >> Fast Forward 2025
Encavis has secured		Leveraging knowledge and		Strong Balance Sheet
preferred access to know-		network as experienced		with equity ratio > 24%
how for PPA by establishing		investor based on recently			giving corporates
a dedicated in-house		signed PPAs with			adequate comfort
competence team and		a leading European Utility		to handle risks from
by investing in market		and Amazon for in total of		long-term PPA contracts
leading competence platform		500 MW of Spanish solar
Pexapark (CH)		parks

Access to early stage projects without taking direct development risk by signing numerous partnership agreements with exclusive rights in Italy, France, Spain, The Netherlands, Denmark and Germany

9

Again strong 9M 2020 in line with guidance besides some one-time effects from disposal of minorities, meteorological effects and the virtual Stock Option Programme (SOP)

Operating figures Q1 2019 Q1 2020 Q2 2019 Q2 2020 Q3 2019 Q3 2020 9M 2019 9M 2020 (in EUR million)

Revenue	59.5	65.2	84.5	89.6	79.5	79.5	223.4	234.3
Oper. EBITDA	44.7	50.6	76.1	69.0	65.0	61.4	185.8	181.0
Oper. EBIT	23.4	28.1	54.8	46.4	43.6	38.7	121.8	113.2
Oper. Cashflow	15.9	50.8	60.5	64.4	56.4	51.4	132.8	166.6
Oper. EPS (EUR)	0.05	0.08	0.25	0.19	0.19	0.15	0.49	0.42

!		Detailed explanations on the following pages . . .

10

However, timing effects and the increase in the stock price reduced the improvement of key figures

Operating figures	9M 2019		9M 2020		Change
(in EUR million)					6M 2020/2019
Revenue	223.4		234.3		+ 5 %
Oper. EBITDA	185.8		181.0		- 3 %
Oper. EBIT	121.8		113.2		- 7 %
Oper. EPS in EUR	0.49		0.42		- 14 %
Oper. Cash Flow	132.8		166.6		+ 25 %

• Positive meteorological effect after 9M 2019 of EUR 12.9 m compared to 9M 2020 of EUR 7.1 m (EUR -5.8 m)
• Profit from disposal of participations after 9M 2019 of EUR 5.9 m comp. to 9M 2020 of EUR 1.9 m (EUR -4 m)
• Provisions for the virtual Stock Option Programme for the Management due to strong stock price development: after 9M 2019 EUR -1.1 m compared to 9M 2020 EUR -4.0 m (EUR -2.9 m)

11

Significant revenue and cash flow increases after 9M 2020 vs. 9M 2019

Operating figures	9M 2019		9M 2020		Change
(in EUR million)					9M 2020/2019
Revenue	223.4		234.3		+ 5 %
Oper. EBITDA	185.8		181.0		- 3 %
Oper. EBIT	121.8		113.2		- 7 %
Oper. EPS in EUR	0.49		0.42		- 14 %
Oper. Cash Flow	132.8		166.6		+ 25 %

• Enlarged portfolio due to newly acquired (Q4/2019) Danish wind farms (EUR +9.1 million)
• Positive swing of Encavis Asset Management (EUR +8.7 million)
• Planned payment of capital gain taxes (EUR 9 million) in Q1/2019 instead of Q4/2018 - Reimbursement from the tax office was expected during the year 2019 but happened in Q1/2020 (total effect: EUR +18 million)

12

9M 2020 vs 9M 2019 - adjusted for weather effects (wa)

Again significant positive weather effects after 9M 2020: EUR + 7.1 million (9M 2019: EUR + 12.9 million)

Operating figures	9M 2019	Weather		9M 2020	Weather	Change
(in EUR million)		adjusted			adjusted	9M 2020 (wa)/
		9M 2019 (wa)			9M 2020 (wa)	9M 2019 (wa)
Revenue	223.4	210.5		234.3	227.2	+ 8 %
Oper. EBITDA	185.8	172.9		181.0	173.9	+ 1 %
Oper. EBIT	121.8	108.9		113.2	106.1	- 3 %

!		Improved earnings development post weather adjustments

13

Higher SOP allocations (AM), not yet realised minority sale (wind) and less favourable weather effects (solar) result in Q3 margin decreases

Operating	Solar Parks	Wind Parks	Technical	Asset	HQ
P & L					Services (PV)	Management
(in EUR
million)
9M'19	9M'20	9M'19	9M'20	9M'19	9M'20	9M'19	9M'20	9M'19	9M'20
Revenue	174.9	172.2	44.1	55.6	3.5	3.5	5.4	6.3	-	-
EBITDA	151.1	143.7	38.2	40.8	1.1	3.1	1.6	0.8	- 6.2	- 7.4
EBITDA	86%	83%	86%	73%	31%	87%	29%	13%	-	-
margin
EBIT	104.5	96.0	22.1	21.5	1.0	3.1	1.1	0.4	- 6.9	- 7.9
EBIT margin	60%	56%	50%	39%	30%	87%	20%	6%	-	-

• Operating expenses distributed among Business Segments

14

Weather adjusted operating results after 9M 2020 vs 9M 2019 by wind and solar

Operating		Solar Parks			Wind Parks
P & L
(weather
adjusted)
(in EUR million)	9M'19 (wa)	9M'20 (wa)	Change	9M'19 (wa)	9M'20 (wa)	Change
			9M'20 (wa) vs.			9M'20 (wa) vs.
			9M'19 (wa)			9M'19 (wa)
Revenue	159.8	163.1	+ 2 %	46.3	57.6	+ 24 %
Oper. EBITDA	136.0	134.6	- 1 %	40.4	42.8	+ 6 %
Oper. EBIT	89.4	86.9	- 3 %	24.3	23.5	- 3 %

• Strong revenue growth in wind (due to acquired wind farms) & small revenue growth even in solar (due to improved performance) but declining margins due to minority sales in 2019 & stock option programme

15

Securing growth capital (2015 - 2020) while keeping a strong equity ratio

Financing measures implemented (in EUR million)

2020	35	10
2019		48		105	60
2018		50	28
2017		97			44
2016		49	20	25
2015	23

	(small) Capital Increase		Bilateral Debt, Bonded and "Green" Loans		Hybrid Convertible		Credit Lines

16

ENCAVIS #1 among the top 50 Western European solar PV portfolio owners is paving the way for attractive growth financing in the future

New ESG investors

First "Green Schuldscheindarlehen"

of EUR 50 million sucessfully placed in 2018

Bond certified by Climate Bond Standard

Executive Board

Encavis got a Primel-Label by ISS ESG (former ISS-oekom) and an A-Level by MSCI ESG Ratings

Investment grade issuer rating confirmed in 2020

Encavis received Investment Grade issuer rating by Scope Ratings (BBB-) initiated in 2019

Rating reflects Encavis' risk-adjustedbusiness model, regional diversification as well as the high proportion of non-recoursefinancing

Strong creditworthiness revealed

Positive impact on financing conditions realized

17

ENCAVIS Analysts' Consensus on the five corporate KPIs for Q3/2020e and 9M/2020e as of Nov 11th, 2020

• Average Analysts' Consensus for Q3/2020 and for 9M/2020 in general in line with ENCAVIS' results /
  Operating EBITDA mainly burdened by higher expenses for the Stock Option Programme (SOP) as planned Operating Cash Flow benefitted from growth in business

					Analysts' Consensus						Analysts' Consensus
					Average	Extrema						Average	Extrema
(in EUR '000)	Q3 2019		Q3 2020		Q3 2020e	Top	Bottom		9M 2019		9M 2020		9M 2020e	Top	Bottom
Revenues	79,492		79,516		81,026	84,790	73,210		223,406		234,292		235,805	239,550	227,980
Oper. EBITDA	64,979		61,349		65,232	68,200	60,748		185,794		180,964		184,839	187,790	180,360
Oper. EBIT	43,613		38,633		42,505	44,960	38,218		121,781		113,168		117,025	119,460	112,753
Oper. Cash Flow	56,415		51,399		56,010	60,700	52,851		132,775		166,582		171,002	175,900	168,030
Oper. EPS (in EUR)	0.19		0.15		0.180	0.280	0.130		0.49		0.42		0.455	0.550	0.400

18

ENCAVIS Analysts' Consensus on the five corporate KPIs for Q3/2020e and 9M/2020e as of Nov 11th, 2020

• Average Analysts' Consensus for FY 2020e is slightly above ENCAVIS' earnings guidance, whereas Analysts' Consensus of Operating Cash Flow is below ENCAVIS' guidance for FY 2020e

					Analysts' Consensus				Analysts' Consensus
					Average	Extrema		Guidance		Average	Extrema
(in EUR '000)	9M 2019		9M 2020		9M 2020e	Top	Bottom		FY 2020e		FY 2020e	Top	Bottom
Revenues	223,406		234,292		235,805	239,550	227,980		> 280,000		286,345	295,000	280,000
Oper. EBITDA	185,794		180,964		184,839	187,790	180,360		> 220,000		223,726	240,000	220,500
Oper. EBIT	121,781		113,168		117,025	119,460	112,753		> 130,000		133,886	138,786	131,700
Oper. Cash Flow	132,775		166,582		171,002	175,900	168,030		> 200,000		195,775	212,500	151,400
Oper. EPS (in EUR)	0.49		0.42		0.455	0.550	0.400		0.41		0.438	0.500	0.410

19

Moderate growth expected for FY 2020e vs FY 2019 (wa = adjusted for weather effects)

2020e will be a year of transition in which the acquired PPA parks in Spain will have COD in Q3 and in Q4 and new acquisitions don't contribute to 2020e P&L - but step-up in 2021e

Operating figures	FY 2019		Weather		Guidance		Change		Show case
(in EUR million)			adjusted		FY 2020e		Guidance		FY 2021e /
			FY 2019 (wa)				FY 2020e /		Change vs.
							FY 2019 (wa)		Guidance FY 2020e
Revenue	273.8		263.3		> 280.0		+ 6.3%		up to 320.0 / + 14%
Oper. EBITDA	217.6		210.6		> 220.0		+ 4.5%
Oper. EBIT	132.2		125.2		> 130.0		+ 3.8%
Oper. EPS	0.43		0.40		0.41		+ 2.5%
Oper. Cash flow	189.3				> 200.0

• Large Spanish projects Talayuela and La Cabrera will be connected to the grid late in 2020 and distribute significant FY revenue and operating cash flow to the Group in 2021

20

Guidance FY 2020e by Business Segments

Operating

Solar Parks

Technical

Wind Parks

Asset

HQ

P & L

Services

Management

(in EUR

million)

FY

FY 2019

Guidance

FY

Guidance

FY

FY 2019

Guidance

FY

Guidance

FY

Guidance

2019

(wa)

2020e

2019

2020e

2019

(wa)

2020e

2019

2020e

2019

2020e

Revenue

200.1

186.0

> 190

4.7

> 4

63.1

66.7

> 74

11.6

> 12

-

-

EBITDA

167.3

156.7

> 159

1.5

> 2

51.9

55.4

> 62

5.6

> 5

- 8.6

< - 9

EBIT

104.9

94.3

> 95

1.4

> 2

23.8

34.0

> 38

5.0

> 5

- 9.5

< - 10

• Guidance based on average meteorological conditions and the already secured solar park and wind farm portfolio

21

Strategic outlook:

>>Fast Forward 2025

22

Encavis Growth Programme: >> Fast Forward 2025

Growth Initiative

• Investment in RTB and securing early-stage projects primarily focused on PPA markets
• Ongoing opportunistic acquisitions in FiT markets
• European focus for the time being
• Disposal of minority participations in projects (mainly wind farms) to diversify local wind risk and to recycle cash

Economies of Scale and Scope

Optimisation of	Optimisation of
O&M cost	SPV-financing

Cash pooling

23

Encavis Growth Strategy: >> Fast Forward 2025

Increasing operating

EBITDA (wa) from

EUR 210 to 330 million

and CAGR of 8%

Doubling of signed

own capacity of

1.7 GW (2019) to

3.4 GW and CAGR of 12%

Increasing revenue

(wa) from EUR 260 to EUR 440 million and CAGR of 9%

Increasing oper. EPS (wa)

from EUR 0.40 to 0.70

and CAGR of 10%

Solid equity

ratio of 24%

Operatingor more EBITDA margin

of 75%

24

Selected measures to fulfill: >> Fast Forward 2025

Pipeline	Capacity Growth
> Currently strategic partnerships signed	> 1.7 GW (end of 2019) of signed own capacity
><<<<<<<<<<<<<<<<<
with several developers	will be doubled to 3.4 GW end of 2025
> Pipeline of more than 3.0 Gigawatt	(GW)	> Thereof currently 1.4 GW COD, end of 2020
minimum secured			1.7 GW and approx. 3.0 GW end of 2025
Recycling of Cash	Recycling of Debt
> Sale of minority stakes up to 49%	> Reduction of EUR ~100 million of debt p.a.
will be continued	at SPV level offers headroom for new debt
> Doubled capacity incl. diversified	in the same amount at corporate level
local wind risks	at better conditions

25

Sustainable business model - Outlook 2025 of Encavis Asset Management

+ 1.5 to 2.5 bn

+ 200 to 300 EUR Investment

+ 15 to 20 new	Megawatt p.a.
Power Plants p.a.
+ 150 to 200 million
EUR Equity p.a.
+ 3 to 5 new
Infrastructure Funds

26

Growth strategy based on 2019 fundamentals only

Profitable growth outside Europe

Profitable business models in storage technology

Potential reserves in equity capital market transactions and dividend policy post 2021

Further opportunities in

Mergers & Acquisitions

Base case scenario: >> Fast Forward 2025

27

The use of

infinite resources - this is our future

28

The "golden end" of ENCAVIS' power plants

Illustration of the different cash flows of a solar park (PV)

In EUR

"golden end"

Closing of

000'

debt

Financial Obligation

reserve

(loan)

accounts

Interest

of FIT

EBT

End

CF to Equity

t2

t3

t4

t5

t6

t7

t8

t9

t10

t11

t12

t13

t14

t15 t16 t17

t18

t19

t20

Time (t)

Assumptions

Solar-park connected to the grid in 2010 with FIT for 20 years (t20)

Park was bought in Q2 2011, 2012 first full year of operation (t2)

Non-recourse project financing will be serviced and paid-off by the park

• As the loan is paid-off during the FIT-period, parks are very profitable in the "golden end"

29

"golden end" - PV parks are still with high efficiencies and lowest marginal costs

Module performance in % 100

95

90

85

Performance of PV-modules after 20-years

Example: Cash flow for one solar park

Costs do not exist in golden end or are under Encavis' discretion

17,779
	Do not incur
	in golden end
58,082	16,096
40,303	5,579
1,826

80

75

Observed performance at our parks

Expected future performance of our PV parks according to observations

16,802

0

10	20	years in service

Performance of solar modules

Revenues OPEX Operating	Loan Interest	Tax Cash Flow
(EUR)	Cash Flow	repay-
	ment

30

Lifetime assumptions of PV parks differ nowadays substantially from IFRS accounting standards

Historical accounting rules

According to all GAAP/IFRS

it is mandatory to indicate a useful life for an asset that is capitalized. Due to the lack of historical data (utility-scale plants have been built from 2005 onwards)

accountants and investors have focused on the duration of the subsidy schemes (usually 20 years) and/or of the land leases

(usually 25 to 30 years) to estimate the useful life.

Todays business reality

As the technology has proven to be mature, investors are increasingly extending their

valuation period (up to 50 years) and land lease agreements are currently being renegotiated

or extended to allow a longer operation of the plants.

30 years can be taken for granted:

Performance warranties of 30 years for new modules is currently a "de facto" industry standard

as confirmed by the extracts from official data sheets on the following pages

30 years ++ can be assumed due to following reasons: *)

Consistently dropping technology costs will allow operators to either . . .

• Ongoing optimizations of the portfolio at very low replacement costs or
• Increase the power of the plants once the subsidy schemes are faded out

There is also an increasing portion of already acquired land as well as strategic ambitions

to acquire the land on which solar plants are operating or are being developed.

Encavis' land leases/acquisitions allow long useful life / Extension . . .

. . . to 30 years in 45% of Portfolio (PF) in NL

. . . to 30 years or longer in > 60% of PF in FRA / in 50% of PF in IT / in 30% of PF in UK

. . . up to 2050 plus unlimited number of extensions of 5-year-periodsin ES / an evergreen contract

*) https://www.pv-magazine.com/2018/12/17/revamping-and-repowering-the-size-of-the-opportunity/

31

PV module warranties of 30 years are current standard (I)

Longi

32

PV module warranties of 30 years are current standard (II)

RISEN ENERGY

Jinko Solar

33

National shutdown plans of nuclear and coal driven generating capacities

COUNTRY

Coal driven Power Plants

Nuclear Power Plants

Germany

Until 2038

47.0 GW

Until 2022

8.1 GW

Poland

----

29.5 GW

----

0.0 GW

Czech Republic

Until 2040*)

8.4 GW

----

3.9 GW

Austria

Today already

0.0 GW

Today already

0.0 GW

Italy

Until 2025

8.5 GW

----

0.0 GW

Spain

Until 2030

5.1 GW

Until 2035

7.1 GW

France

Until 2022

3.1 GW

----

63.1 GW

United Kingdom

Until 2024

6.3 GW

----

8.9 GW

Belgium

Today already

0.0 GW

Until 2025

5.9 GW

The Netherlands

Until 2029

4.5 GW

----

0.5 GW

Denmark

Until 2030

2.2 GW

----

0.0 GW

Sweden

Today already

0.0 GW

Until 2040

7.6 GW

Finland

Until 2029

1.8 GW

----

2.8 GW

TOTAL

116.6 GW

107.9 GW

*) Replace 2/3 of capacity

No plan

Fixed plan

Plans in progress

34

The World is changing: Significant decline in coal-driven energy production

Mind changer in fossil energy production

(Annual coal-driven energy production) TWh

Source: IEA / Forecasted consumption acc. to 'Stated Policies' scenario of the corresponding years (gray) and real data (black) for 2020

35

Surprisingly increasing share of Photovoltaic capacities

Solar Power totally underestimated

(Annual addition	GW
of PV capacities )

Source: IEA / Forecasted addition acc. to 'Stated Policies' scenario of the corresponding years (yellow) and real data (black)

The future is bright

for1 USPrenewablesof Encavis usine smodel. . .

2 Encavis at a glance with record high results in FY 2019

3 The future is bright for renewables 4TheNew erafuture- The growingisPPA market

5 NO impact of. .CoVid.resulting-19 on our businessinmodelgrowing

6brightFY 2019: Guidancefor fulfilled/ FY 2020e: The year of transition

7renewablesStrat gic outlook:demand>> Fast Forwaford 2025Green Energy

8 Appendix: Operational excellence

9 Supportive meteorlogical effects

10 Battery storage

11 The Management

12 The Encavis share

36

21

27

27

36

41

49

52

65

71

75

79

80

37

Worldwide growth in generating capacity of renewables by technology

Capacity growth in GW

1000

800

600

400

200

0

82%	Percentage of

PV/Wind of total

		68%	44
		45	119
	45%
		215			Others
28%	31	260	438		Hydropower
			Solar PV
	176				Wind
14	36	285	321
92	134
39
1994-2004	2005-2010	2011-2016	2017-2022

Source: International Energy Agency 2017

38

Development of Renewable energy proportion in power generation, 2006-2016

Canada

6%

5%

US

9%

3%

UK	Germany
25%	29%	China
2%	9%
10%
		6%
		Japan
Spain		12%
	7%
30%	Italy
13%	25%

Highest Mid / High

Mid

12%

India

4%

6%

Australia

12%

Mid / Low

Lowest

Note: Excludes large hydro;

Source: Bloomberg New Energy Finance

	Brazil		3%
		18%	South Africa
6%
		3%
			1%

39

Entering the Century of Renewable Power Generation

Gross capacity additions by technology group	Global utility PV and onshore wind capacity
Share in annual capacity additions	In GW

100%						5.500							5.090
						5.000
90%
80%						4.500
70%						4.000						3.485
					3.500
60%									CAGR +8%
					3.000
50%
					2.500
40%										2.119
					2.000
									1.503
30%						1.500
							1.134
20%
					1.000		566
10%						500
					211
0%						0
2015	2020	2025	2030	2035	2040		2010	2015	2020	2025	2030	2035	2040
		Renewables	Nuclear	Fossil Fuels				Large-scale PV	Onshore Wind

40

Demand for power from renewables from two strong players: public & private sector

Public Sector: Goal to limit global warming

• COP 21 Paris: 196 countries united to limit global warming below 2°C
• Europe 20-20-20 targets
• China: largest installed renewables fleets
• Denuclearization in Germany and Japan
• Creation of low-carb economies

Demand via FIT-schemes and competitive auctions

Private sector: Sustainability goals and long-term supply security

> Private companies create global initiatives in order to take action on climate change.

• Multinational companies such as Google, Facebook and Microsoft go ahead with ambitious targets
• 100% renewable targets help to create a positive brand awareness
• Furthermore, direct Power Purchase Agreements between companies and power producers from renewable energy resources offer long-term supply at fixed rates

Demand via PPAs and purchase of green certificates

41

Encavis is a European first mover

42

Competitive generation costs of PV & wind projects opens new business opportunities
Development of global Levelized Costs Of Energy (LCOE)	Forecasted generation costs for large-scale PV
(USD real 2018 /MWh)					and 2021 Forward Prices1 (EUR/MWh)
350								52	Merchant PPA
300						50	45		opportunity
						44
250						40		46
								40
200							38
					30
150
100						20
50						10
0						0
2010	2012	2014	2016	2018	2019	Spain	Italy	France
1H	1H	1H	1H	1H	1H
		2020 expected generations cost for PV
		Solar-PV	Onshore wind
					2021 Electricity Forward Price (Feb)

• In Southern-European markets the generation costs of renewables are already below prices of 2019 Electricity Forwards. This boosts PPA-Markets in countries such as Spain and Italy.

Source: BNEF, Fraunhofer ISE, Fraunhofer ISE Energy Charts, Goldman Sachs Global Investment Research, 1. Baseload Futures Year Ahead last price as of Feb 14, 2020

43

Solar PV utility scale with comparably low Levelized Costs Of Energy (LCOE) Production

Encavis'

focus

The cost of energy production from conventional sources

is set to increase, as prices for CO2 emissions in the EU rise with the application of taxes and certificates

(2nd phase of the EU CO2 certificate trading scheme and additional national legislations)

Securing the

cost advantage for renewable energy in the long term.

Source: CM-CIC Research on "Renewable Energies" covering Albioma, Encavis and Voltalia, June 5th, 2020

44

LCOE/Levelized Costs Of Energy Production continue to fall for PV/solar and wind power technologies

Today, plant construction costs (including components and materials)

in utility scale (10 MW and above) in Europe vary between EUR 0.4m/

MWp and EUR 0.475 m/MWp, including 30 years warranty on key

components such as modules. Common expectations are further decreases in the near, mid and long term.

Current O&M prices are at around 3.5 to 7 EUR/KW according to the age and size of the plant. The termination of old contracts and renegotiation of the terms will lead to a substantial reduction in the average O&M expenditures.

We expect additional reduction in O&M costs due to consolidation in the O&M market and increase of professionalization in the market.

Encavis' strategic move: Participation in Stern Energy (O&M company with 1+GW under management) and standardization of all O&M activities.

Source: IRENA, International Renewable Energy Agency, Renewable Power Generation Costs in 2019

45

Strong decline in LCOE/Levelized Costs Of Energy Production for PV/solar is mainly driven by PV module prices

Price development for PV modules (USD real 2,000/Wp)

This cost decrease applies to park maintenance,

lease payments and interest rates as well.

Source: BNEF, Warburg Research on SDAX, Renewables, Encavis, 07.09.2020

46

Electricity price fluctuations due to the Merit Order Effect

In the very conservative assumption of an energy only market, thus a market in which only the produced power is compensated, without any compensation for the mere readiness for power production (capacity market), the power price would be determined by the "merit order" - the sequence in which power stations contribute power to the market, with the cheapest offer made by the power station with the smallest operating costs setting the starting point - and not by the LCOE.

While it is true that renewables lower the entrance price due to their low operating costs and push more expensive conventional producers down the merit order

(see chart to the left), it is also true that the price for the energy is set by the plant with the highest operating cost that is still necessary to be activated in order to meet the demand.

Source: https://www.cleanenergywire.org/factsheets/setting-power-price-merit-order-effect

47

Positive development of PPA power prices are seen by all leading energy price forecasters

Liquid Market Horizon

Illiquid Market Horizon

Long-term PPAs

Standard products

Power Price	LCOE for Solar PV as of June 2020…
Baseload
		...are expected to decrease further
2021	2026	2031	2036
	Forecast 1	Forecast 2	Forecast 3

• All major forecasters of energy prices do see positive development of energy prices in the future.
• Main drivers for energy prices
  are: CO2 certificate prices, capacity additions of renewables acompanied with cut down of capacities of conventional power plants.
• Even the most conservative forecaster (#3) sees energy market prices which are fairly above current (and, obviously, future) LCOEs enabeling additional investments into renewables.

48

ENCAVIS manages uncertainties in power demand, power supply and corresponding pricing risks

Sophisticated Energy risk management as key value leaver short to mid term:

• Traded products in liquid markets (1-5 years ahead)
• PPAs for non-liquid markets (5 years ++)
• Matching inherent energy risks by portfolio optimization

European goal for CO2 free power production will either lead to . . .

• a CO2 price regime as part of power prices in order to stimulate investments in Renewable Energy
• the introduction of capacity markets for Renewable Energy (REE) in order to allow for new build
• a self-regulatedenergy only market where power prices incentivize enough new build capacities in REE

Long-term price curves*) observation as well as introduction of proprietary energy pricing model

• Captured prices for solar and wind (accounting for the expected cannibalization effect)
• Introduction of storage as appropriate

*) from various reknowed 3rd party providers

49

The Management

50

Management team with great industry expertise and strong passion for renewables

Dr Dierk Paskert

Chief Executive Officer

CEO since Sep 2017

Reappointed until Aug 2025

CEO Rohstoffallianz GmbH

Member of the Management Board of E.ON-Energie AG SVP Corporate Development of E.ON AG

Member of the Management Board of Schenker AG

Dr Christoph Husmann

Chief Financial Officer

CFO since Oct 2014

Reappointed until Sep 2025

Member (CFO) and later CEO of the Management Board of HOCHTIEF Projekt Entwicklung GmbH

Head of Corporate Controlling and M&A of STINNES AG and HOCHTIEF AG Controlling of VEBA AG

51

Supervisory Board

Dr Manfred Krüper (Chairman)

Member of the Board of Directors at E.ON AG (until Nov 2006)

Supervisory Board (a.o.): Power Plus Communication AG,

EQT Partners Beteiligungsberatung GmbH; EEW Energy from Waste GmbH

Peter Heidecker (dependent)

Chairman of the Supervisory Board at

CHORUS Clean Energy AG (until Oct 2016)

Founder of the CHORUS GmbH in 1998

Supervisory Board (a.o.):

Auszeit Hotel & Resort AG

Christine Scheel

Member of the Supervisory Board at

CHORUS Clean Energy AG (until Oct 2016)

Former Member of the German Parliament

Supervisory Board (a.o.):

NATURSTROM AG

Alexander Stuhlmann (Dep. Ch.)

CEO at HSH Nordbank (until Dec 2006) and thereafter CEO at WestLB AG (until April 2008)

Supervisory Board (a.o.): Euro-AviationVersicherungs-AG, Ernst Russ AG, GEV Gesell- schaft für Entwicklung und Vermarktung AG, M.M. Warburg & CO Hypothekenbank AG

Dr Henning Kreke (dependent)

Previously CEO at Douglas Holding AG for 15 years

Supervisory Board (a.o.): Deutsche EuroShop AG; Douglas GmbH, Thalia Bücher GmbH

Dr Marcus Schenck

Partner of Perella Weinberg Partners

Independent Advisory Council(a.o.): EQT Infrastructure

Albert Büll (dependent)

Entrepreneur and co-owner of the B&L Group

Advisory Council (a.o.):

BRUSS Sealing Systems GmbH, noventic GmbH

Dr Cornelius Liedtke (dependent)

Entrepreneur and co-owner of the B&L Group

Supervisory Board (a.o.): BRUSS Sealing Systems GmbH, SUMTEQ GmbH

Prof Fritz Vahrenholt

Chairman of the Supervisory Board

(until January 2014) at RWE Innogy GmbH

(previously CEO)

Supervisory Board (a.o.):

Aurubis AG

52

The Encavis share

An attractive Investment

53

Dividend of EUR 0.26 per share for FY 2019 fully in line with dividend target 2021

Significant majority (61.5 %) of shareholders preferred new ENCAVIS shares to cash dividend for FY 2019

Dividend policy reflects increasing cashflows from PV/Wind parks over time

50% increase of nominal dividend until 2021 (compared to 2016) based on the existing PV/Wind park portfolio as of March 31, 2017

	0.08
Further acquisitions of PV/Wind	0.05
parks will positively contribute
to the dividend potential

Nominal dividend to increase by 50% (base-year 2016) to 30 EUR cent in 2021

0.30
0.26
0.24
0.22
0.20
0.18
0.15
0.10

Dividend (EUR cent/share)

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

54

Entrepreneurial shareholder structure - strong and long-term anchor investors

Market Cap:	# shares: 138,437,234
> 2.4 billion EUR	(post scrip dividend of 2019)

Major investors within the free float:	26.7%	Pool of
5.8%	BlackRock Fund Managers Limited		AMCO Service GmbH (Büll Family) with
	Dr Liedtke Vermögensverwaltung GmbH
4.0%	Versicherungskammer Bayern		(Liedtke Family)
3.5%	Lobelia Beteiligungsgesellschaft/	Free float
	Kreke Immobilien KG
	73.3%
3.1%	DWS Investment GmbH, Frankfurt/Main
2.3%	PELABA Vermögensverwaltungs GmbH & Co. KG
0.4%	Management of Encavis AG

55

ENCAVIS share - Twelve active coverages with seven "buy" recommendations out of eleven

Coverage institution	Updated Ratings	Date	Target Price (EUR)
	Reduce	Nov 06, 2020	13.00
	Buy	Oct 14, 2020	20.80
	Buy	Sep 28, 2020	21.00
	Buy	Sep 07, 2020	17.20
	Hold	Sep 02, 2020	15.00
	Buy	Aug 28, 2020	18.50
	Buy	Aug 28, 2020	16.90
	Buy	Aug 26, 2020	18.30
	Neutral	Aug 26, 2020	15.00
	Hold	Aug 26, 2020	13.50
	(Buy)	Aug 26, 2020	14.60
Consensus	Further Ratings	Date	16.71
		Jan 24, 2020

!	Further coverages of the ENCAVIS share are initiated . . .

56

ENCAVIS share with strong upward trend got a dip from capital market panic also

210				ENCAVIS	DAX 30	SDAX	OEKODAX
200
190
180
170
160
150
140
130
120
110
100
90
80
70
60
12.11.19	12.12.19	12.01.20	12.02.20	12.03.20	12.04.20	12.05.20	12.06.20	12.07.20	12.08.20	12.09.20	12.10.20	12.11.20

57

ENCAVIS - One of the largest independent and listed European Renewable IPPs

Benchmarking by market capitalization as of Nov 12, 2020 (EUR million)

4,145
					European listed renewable companies
					Listed yield companies
2,644	2,576	2,472
		1,724
		1,509	1,401
			1,273
				701	698
					504
					253

58

Date 2020	Event (I)
Nov 16	Interim statement Q3/9M 2020
Nov 16-18	German Virtual Equity Capital Market
	Forum, Deutsche Börse, FFM (GER)
Nov 23	REUTERS Energy Transition Summit,
	London (UK)
Nov 23/24	Commerzbank Virtual Investors Days,
	Zurich/Geneva (CH)
Nov 24	DZ Bank Virtual Equity Conference 2020,
	Frankfurt/Main (GER)
Nov 25/26	16th Virtual Structured FINANCE,
	Stuttgart (GER)
Nov 30	Berenberg Virtual European Conf. 2020,
	Pennyhill Park, Surrey / London (UK)

Date 2020	Event (II)
Dec 8	REUTERS The Future of Renewables,
	London (UK)
Dec 11	Interest payment PNL 2015
Date 2021
Jan 11-13	ODDO BHF Forum/100% virtual, Lyon (FR)
Jan 20	Virtual UniCredit/Kepler Cheuvreux
	German Corporate Conference 2021,
	Frankfurt/Main (GER)
Feb 3	Virtual Solar Finance & Investment
	Summit Europe, London (UK)
Mar 13	Interest payment Hybrid Convertible

59

Date 2021	Event (III)
Mar 22	Berenberg Virtual Energy Transition
	Conference, London (UK)
Mar 23	Consolidated Financial Statements 2020
Mar 24	Analysts' Conference Call regarding the
	Consolidated Financial Statements 2020
Mar 26	Jefferies Equity-Linked Virtual Conference
	2021, London (UK)
Apr 12-14	RBI/Raiffeisen CENTROBANK Institutional
	Investors Conference Zürs (AT)
May 14	Interim statement Q1/3M 2021
May 27	Annual General Shareholders Meeting
	Hamburg (GER)

Date 2021	Event (IV)
Aug 13	Interim report Q2/6M 2021
Sep 1	Commerzbank Sector Conference,
	Frankfurt/Main (GER)
Sep 1-2	Stifel Cross Sector Insight Conference
	London (UK)
Sep 12	Interest payment PNL 2018 "Green SSD"
Sep 13	Interest payment Hybrid Convertible
Nov 15	Interim statement Q3/9M 2021
Dec 11	Interest payment PNL 2015

IR/ PR Contact

Jörg Peters

Head of Investor Relations & Public Relations

1. +49 (0)40 / 37 85 62 242 M +49 (0)160 / 429 65 40 [e-mail]

Encavis AG

Große Elbstraße 59

D- 22767 Hamburg

Germany

www.encavis.com

The information provided in this document has been derived from sources that we believe to be reliable. However, we cannot guarantee the accuracy or completeness of this information and we do not assume any responsibility for it. Encavis AG assumes no liability for any errors or omissions or for any resulting financial losses. Investments in capital markets, in particular in stock markets and futures markets, are fundamentally associated with risks and a complete loss of the invested capital cannot be ruled out. Recommendations provided herein do not represent an offer to buy or sell and are not intended to replace comprehensive and thorough advice before making a decision to buy or sell. Copies of the content of this presentation, in particular prints and copies or publications in electronic media, will only be authorized by written consent from Encavis AG.