Q1 2021 Results

12 May 2021

Forward-Looking Statements

This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect of future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Falck Renewables S.p.A.'s current expectations and projections about future events and have been prepared in accordance with IFRS currently in force and the related interpretations as set out in the documents issued to date by IFRIC and SIC, with the exclusion of any new standard which is effective for annual reporting periods beginning after January 1st 2021. Because these forward- looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Falck Renewables S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Falck Renewables S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party.

This presentation does not constitute a recommendation regarding the securities of the Company. This presentation is not intended to be/does not contain any offer, under any applicable law, to sell or a solicitation of any offer to buy or subscribe any securities issued by Falck Renewables S.p.A. or any of its subsidiaries.

Neither the Company nor any member of the Company's Group nor any of its or their respective representatives, directors or employees accept any liability whatsoever in connection with this presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.

2

Agenda

Q1 2021 Highlights

Q1 2021 Results

Appendix

Toni Volpe

Chief Executive Officer

Business Highlights Q1 2021

Asset development

  • Pipeline: reached ~3.5 GW (+75% yoy)
  • Planning permission submitted for projects with a total of 1.1 GW (+150 MW vs. end of December 2020)
  • First Agrivoltaic PV permit obtained in Italy (10 MW)
  • Progressing on Floating Offshore: ScotWind bid due in July
  • Brattmyrliden 14 out of 19 WTGs commissioned, delay largely covered by EPC contract; Full COD expected by the end of May
  • Expanded to solar operating capacity in Spain with acquisition of 50 MW plant (COD in 2020)

Owned assets

  • Higher prices in Italy (+11% yoy), Spain (+18% yoy) and Nordics (+21% yoy)
  • Overall production of 821 GWh (-10% vs Q1 2020) partially compensated by growth in installed capacity
  • Wind and solar production lower than expected versus index (-5.3% in Q1 2021 compared with +14% in Q1 2020).
    Exceptionally low winds in Italy, France and Nordics in Q1 2021 vs exceptionally high wind in Q1 2020 in the UK and France
  • Q1 Results: EBITDA 62.8€M, EBT Adjusted 32.6€M

Services

  • Vector Renewables reached 3.5 GW of assets under management
  • Energy management: 512 GWh dispatched in Italy and UK
    (+34% yoy; of which 333 GWh from Falck + 179 GWh from third-party assets)
  • Energy management: first hedging arrangements for third party clients
  • Energy solutions: started development effort to generate pipeline of distributed PV projects (Italy)

Pipeline acceleration

Guidance confirmed

Expanding asset and energy

management expertise

4

2021: Accelerating Organic Pipeline Growth

MW under development

Q1 '20

Q1 '21

at 31 March 2021 (EU+USA)

+≈ 1 GW

Asset development

3.3

6.9

2x

"cash" costs in M€

vs 31-12

≈7 GW

Good progress on ScotWind

+≈700 MW

(not included in pipeline

vs 31-12

figures)

+600 MW

≈3,5 GW

Gross pipeline:country

vs 31-12

≈3,5

+150 MW

specific share

GW

vs 31-12

70

MW

74 MW of

10 MW

2.2

Italy

Brattmyrliden

Landolina in

28%

Phase IIIA*

GW

33%

Spain

expected to exit

construction phase

≈3,5 GW

UK

by H1 '21

1,1

Gross

Netherlands

175 MW

GW

pipeline

Nordics

1%

France

Under

Advanced

Mid-Early

Storage Gross pipeline Prospects

Gross pipeline

3%

19%

USA

construction

Development

Stage I-A+I-B

Phase 0

+ Prospects

5%

Phase IV

(Phase II+III)

11%

Projects (organic and M&A) identified for which a decision on whether to start development activities is yet to be taken or under evaluation

Strong Quarter for Development activity in US, Italy and Spain

5 * Project Consented: Permits released by local authorities with conditions

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Falck Renewables S.p.A. published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 15:55:05 UTC.