Falck Renewables S p A : The Board of Directors approves the draft financial statements and consolidated financial statements at December 31, 2020

PRESS RELEASE

The Board of Directors approves the draft financial statements and consolidated financial statements at December 31, 2020

RESULTS EXCEED EXPECTATIONS AND DEBT DECLINES

FURTHER BOOST FOR GROWTH IN THE PIPELINE OF PROJECTS UNDER DEVELOPMENT TO SUPPORT FUTURE GROUP GROWTH WITH

PIPELINE TARGET OF 15 GW BY 2025

DIVIDEND PROPOSED OF 6.7 EURO CENTS PER SHARE

RESULTS

•  Revenue totals Euro 384.4 million, compared to Euro 374.5 million in 2019;

•  EBITDA1 totals Euro 197.2 million, compared to Euro 204.0 million in 2019;

•  Profit/(loss) for the period Euro 59.8 million compared to Euro 63.2 million for 2019;

•  Profit/(loss) attributable to owners of the parent stands at 45.6 as compared with

  Euro 48.4 million for 2019;

•  Capex including plants acquisition amounts to Euro 188.0 million, versus Euro 197.2

  million in 2019;

•  Net financial debt, including the fair value of derivatives, comes to Euro 705.5 million

  compared to Euro 720.8 million at December 31, 2019.

INDUSTRIAL HIGHLIGHTS

•  Strong boost to development activities with significant growth in the pipeline, which stands at 2.8 GW at December 31, 2020, of which 175 MW under construction, 1 GW in advanced development (authorization and subsequent stages) and 1.6 GW in mid-early stage, plus approximately 2.8 GW of additional projects in the scouting phase. The capital allocated to development activities at December 31, 2020 amounted to Euro 18.8 million, up on the same period of the previous year (Euro 13.6 million);

•  Breakthrough year for new long-term contracts for energy sales, with 175 MW of new contracts signed in 5 different countries (Italy, Sweden, Norway, Spain and the United States);

1 EBITDA - The Group measures EBITDA as profit for the period before investment income and costs, net finance income/costs, amortization and depreciation, impairment losses, charges to risk provisions and tax.

Falck Renewables S.p.A.

Via Alberto Falck, 4-16 (ang. viale Italia), 20099 Sesto S. Giovanni (MI) - P [phone] - Wwww.falckrenewables.comShare Capital Euro 291,413,891.00 fully paid-in Management and coordination by Falck S.p.A.

Registered office: Corso Venezia, 16, 20121 Milan - Register of Companies, Tax Code and VAT No. 03457730962 - MI Economic and Administrative Index - 1675378

1

•  Reduction in average energy market prices in Italy (-26%) and the UK (-18%) in 2020. Considering the volumes covered by the active Energy Management policy and the incentive systems, the reduction for the Group was limited as follows: in Italy for wind plants by 3%, for solar plants by 4%, for WtE plants by 10%; in Spain for wind plants by 18% and in the United Kingdom for wind plants by 7%. In Italy, on the other hand, there was an increase in electricity prices for biomass plants of 4%, due to the incentive component, and in prices relating to waste disposal and treatment services of 6%, whilst in France and the USA the Feed-in Tariff mechanism neutralized price fluctuations (+1%);

•  Significant increase in generation volumes in 2020 that reach 2,712 GWh (+13% compared to 2019), as a result of increase in perimeter (+107.7 MW in Sweden, Norway, Italy and Spain) and improved wind levels in the UK (+9%) and in France, offset by low generation in Italy compared to 2019 (-11%), due to below-average wind levels;

•  Positive performance of the Energy Management business: dispatched 1,331 GWh showing significant growth compared to 964 GWh in 2019. Activities also started in the UK. A total of 851 GWh of energy produced by the Group in Italy and the United Kingdom was dispatched, in addition to production managed on behalf of third parties, amounting to 480 GWh. Sustained commercial activity in Energy Solutions, despite the current COVID emergency, growth of Cloe platform customers;

•  Strengthening of the sustainability action, both in terms of further ESG integration in the strategic decision-making process and in terms of the volume of the activity program implemented. Main achievements of the sustainability program: Euro 170.2 million the added value distributed to all stakeholders2; 45% the number of plants with a significant community engagement program3; 74% of local supplies4; avoided the emission of 569.8 thousand tonnes of CO2 equivalent into the atmosphere5; 30.3 individual average hours of training provided during the year. Adopted new sustainable construction guidelines for plant construction activities. Adopted in Italy an integrated agrivoltaic project development. The results achieved are in line with the progression to 2025 communicated in March 2020.

NEW TARGET FOR 2025

To reach at least 15 GW of pipeline through continuous growth in current markets and technologies and expansion into new geographies and new technologies (ongoing initiatives on green hydrogen and offshore floating).

• 2 To stakeholders such as employees, shareholders, providers of loan capital, central and local government and local communities.

• 3 To be understood as the involvement of local communities through cooperative, ownership and benefit programs, as well as crowdfunding initiatives, or with the local enabling of sustainable energy consumption services (i.e., community energy PPA, access to net metering credit programs, etc.) for the benefit of communities or entities/institutions of public utility.

• 4 Calculated by applying GRI 204-1 standard.

• 5 References of the emission factors applied in this report: USA: "Emission Factors for Greenhouse Gas Inventories" (US EPA, 2020); EU: "Fattori di emissione atmosferica di gas a effetto serra nel settore elettrico nazionale e nei principali Paesi Europei" [Atmospheric emission factors of greenhouse gases and other pollutants from the power sector] (ISPRA, 2020); Norway: "Electricity disclosure 2018" (NVE-RME, 2020 update). These factors are updated with respect to those applied in previous reporting. Data have been re-calculated accordingly.

Milan, March 11, 2021 - The Board of Directors of Falck Renewables SpA met today and approved the draft financial statements and consolidated financial statements as at and for the year ended December 31, 2020.

Chief Executive Officer Toni Volpe commented as follows: "In 2020, thanks to a resilient and

innovative business model, we were able to face the difficulties raised by the difficult moment in time. We continue to grow beyond expectations and operate in an excellent manner. We gave further impetus to development activities, with a significant increase in the pipeline of new projects, a new target of 15 GW of pipeline by 2025, and we have continued to invest, with determination, in digital. The favorable market environment for renewables and the dynamism of the company allow us to look forward to future challenges with confidence, with the overarching goal of generating more and more shared and sustainable value for all our stakeholders".

Consolidated results for the years ended December 31, 2020 and December 31, 2019

(thousands of Euro)

12.31.2020	12.31.2019
A	Revenue	384,359	374,494
Direct costs	(211,476)	(199,897)
Personnel costs	(46,123)	(41,222)
Other income	17,473	10,747
Administrative expenses	(32,984)	(29,683)
Net margin from trading activities	31	(44)
B	Operating profit/(loss)	111,280	114,395
Financial income/(expenses)	(33,197)	(39,139)
Investment income/(expenses)	10	37
Share of profit from investments accounted for using the	(2,506)	2,670
equity method
C	Profit/(loss) before tax	75,587	77,963
Total income tax expense	(15,762)	(14,782)
D	Profit/(loss) for the period	59,825	63,181
E	Profit/(loss) attributable to non-controlling interests	14,219	14,745
F	Profit/(loss) attributable to owners of the parent	45,606	48,436
Basic profit/(loss) attributable to owners of the parent per	0.158	0.167
share (Euro)
Dilute profit/(loss) attributable to owners of the parent per	0.157	0.167
share (Euro)
EBITDA *	197,240	204,011

(*) The Falck Renewables Group measures EBITDA as profit for the period before investment income and costs, net finance income/costs, amortization and depreciation, impairment losses, charges to risk provisions and tax. This amount has been determined in line with best market practice and considering the Group's most recent financing contracts.