Encavis : Factbook of Encavis AG / Short cut

FY results 2021 above guidance - H1 2022 results high above

previous year's key figures

Short Cut FY 2021 / Q2-6M 2022 Interim Report incl. raised Guidance FY 2022e, September 12th, 2022

Improving efficiency and cost reduction through Economies of Scale and 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

VISION

Encavis Asset

Management

Encavis

Technical Services /

Stern Energy

Encavis AG

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

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Encavis at a glance

Key Performance Indicators of H1 2022 are significantly

above comparable previous year's level and above plan

Operating figures				Absolute change	Change to
H1 2020	H1 2021	H1 2022
(in EUR million)	to H1 2021	H1 2021 in percent
Energy production in GWh	1,120.0	1,443.4	1,693.8	250.4	+ 17 %
thereof existing portfolio	-	1,410.7	1,542.0	131.3	+ 9%
Revenue	154.8	162.2	226.4	+ 64.2	+ 40 %
Operating EBITDA	119.6	122.3	170.6	+ 48.3	+ 40 %
Operating EBIT	74.5	68.7	109.8	+ 41.1	+ 60 %
Operating Cash Flow	115.2	109.4	160.2	+ 50.8	+ 46 %
Operating EPS in EUR	0.27	0.18	0.33	+ 0.15	+ 83 %

2022/06/30 Equity ratio 31.2 %

• Revenue growth driven by currently more favourable weather conditions compared to the unfavourable weather conditions in H1 2021 and higher wind and solar performance
• Increased production volume of the existing portfolio has been supported through additional volume effects of wind and solar parks newly connected to the grid in the past year as well as in the first half year 2022
• High electricity prices realised in H1 2022, especially since the Russian war in Ukraine (since February 24), were high above

the level of H1 2021 and above plan

12/09/2022

3

Encavis at a glance

All key figures could be improved significantly, although meteorological conditions in 2021 were below the outstanding year 2020

Operating figures	FY 2020	FY 2021	Absolute change to	Absolute change to
(in EUR million)	FY 2020	FY 2020 in percent
Revenue	292.3	332.7	+ 40.4	+ 14 %
Operating EBITDA	224.8	256.4	+ 31.6	+ 14 %
Operating EBIT	132.2	149.1	+ 16.9	+ 13 %
Operating Cash Flow	212.9	251.9	+ 39.0	+ 18 %
Operating EPS in EUR	0.43	0.48	+ 0.05	+ 12 %

• Revenue growth driven by new acquisitions and Encavis Asset Management (EAM)
• Cash Flow growth dominated by Spanish PV parks "La Cabrera" and "Talayuela"

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Encavis at a glance

Operating Key Figures in FY 2021 outperformed guidance and analysts' consensus

		Analysts'			Change to
Operating figures	Guidance	Consensus		Absolute change to
FY 2021	guidance
(in EUR million)	FY 2021e	FY 2021e	guidance FY 2021e
	FY 2021e in percent
		(2022-02-04)
Revenue	> 320	~ 323	332.7	> 12	+ 4 %
Operating EBITDA	> 240	~ 244	256.4	> 16	+ 7 %
Operating EBIT	> 138	~ 141	149.1	> 11	+ 8 %
Operating Cash Flow	> 210	~ 224	251.9	> 41	+ 20 %
Operating EPS in EUR	0.46	~ 0.46	0.48	+ 0.02	+ 4 %

• Strong increase in electricity prices especially in Q4/2021 compensated decline in energy production without new acquisitions
• PV parks outperformed guidance significantly and more than compensated weather-related deficiencies in wind farms

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