Greenvolt Energias Renováveis S A : - Energias Renováveis, S.A. announces Financial Statements for the 1st Quarter 2022

Announcement

1Q 2022 Results

Announcement - 1Q 2022 Results

ANNOUNCEMENT - RESULTS FOR THE FIRST QUARTER 2022

(unaudited information)

This document is a translation of a document originally issued in Portuguese. In the event of discrepancies, the Portuguese

language version prevails.

1. HIGHLIGHTS
2. • Key figures for the 1st quarter of 2022 (1Q22) are as follows:

1. Total revenues of 56.6 million Euros (+167%, when compared to 1Q 2021);

1. EBITDA excluding transaction costs amounting to c. 22.0 million Euros (+241%);

• 1. Adjusted Net Profit attributable to GreenVolt of 1.3 million Euros (+43%);
• Incorporation of the company Sustainable Energy One, in Spain, in which GreenVolt has a 98.75% stake, for the development of small-scale solar projects, with a very fast time to market. Through this company, the Group signed a co-development agreement with Green Mind Ventures;
• Conclusion of the acquisition of a 35% stake in the German company MaxSolar GmbH (MaxSolar), a leading company in the development, implementation and management of solar photovoltaic and energy storage projects in the German and Austrian markets. The completion of this transaction occurred on 31 March 2022;
• It was established an agreement for the co-development of solar photovoltaic projects in Portugal with Infraventus, a reference promoter in the Portuguese market, with a pipeline of 243 MW. The conclusion of this operation took place on 9 March 2022;
• Incorporation of Perfecta Industrial, a new business unit of distributed generation of renewable energy, focused on the commercial and industrial segment in the Spanish market;
• During the second quarter of 2022, the following events stand out:
• 1. Launch of Energia Unida (EU), a subsidiary fully owned by GreenVolt, dedicated to the development of the concept of Energy Communities, promoting the sharing of energy produced from photovoltaic panels between community members;

1. Acquisition of 50% of Univergy Autoconsumo, a Spanish distributed generation company operating in the commercial and industrial market segment. The acquisition price of this operation amounted to 13.5 million Euros;

1. Conclusion of a bilateral agreement for the long-term supply of renewable energy (PPA - Power Purchase Agreement) with T-Mobile Polska, one of the largest Polish telecommunications operators. This agreement has a duration of 15 years and foresees the allocation of installed production capacity of 98 MW. The energy

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Announcement - 1Q 2022 Results

production will be made from solar and wind farms and will start in the first quarter of 2023;

1. Acquisition, through the subsidiary V-Ridium, of a 45 MWp solar photovoltaic park in operation in Romania, for an amount of c. 83 million Euros. In 2021, the LJG Green Source Energy Alpha (LIONS) park recorded an EBITDA of 12 million Euros. This figure is expected to growth in 2022, when compared to the previous year.

1. Acquisition, in Iceland, of a project for the development of a wind farm that will have an installed capacity of 90 MW, in what should be the first utility-scale project built in Iceland.

The results for the first quarter of 2022 were characterised by:

• Continued excellent financial performance of the renewable energy production operations through residual biomass;
• Strong growth in the distributed generation segment, with 67.9 MWp installed and in backlog, in Portugal and Spain, up to the end of March 2022;
• Deepening of the business plan established for the development of solar and wind renewable energy projects, through the establishment of the co-development agreement in the USA and the reinforcement of the presence in France;
• Ongoing construction of 72 MWp in Portugal and 112 MWp in Poland.

The first quarter of 2022 was definitively marked by the invasion of Ukraine by the Russian Federation, an act that, besides the obvious unfortunate social and human consequences, had a significant impact on the renewable energy market. European energy independence has become the order of the day, with solar and wind sources playing a leading role. At the European Union (EU) level, a European strategy ("Repower EU Package") was approved during the second quarter, aimed at promoting electricity generation through renewable sources, both at the level of large scale ("utility scale") and at the level of self-consumption (distributed generation), with the EU recognizing that the licensing process is the main limitation to the expansion of renewable energy sources.

Therefore, during the first quarter of 2022, electricity prices remained high, a trend that has been observed since September 2021, which has intensified, on the one hand, the demand - on a European scale - for long-term bilateral agreements, through Power Purchase Agreements ("PPA") and, on the other hand, the demand by individuals and companies for solar solutions aimed at self-consumption.

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Announcement - 1Q 2022 Results

According to João Manso Neto, CEO of GreenVolt:

"During the first quarter of 2022 GreenVolt continued the implementation of its strategy, with a reinforcement of investment in the areas we have identified as having the greatest growth potential: the development of utility scale solar and wind projects and distributed generation geared towards self-consumption.

The dramatic events we are currently witnessing in Eastern Europe reinforce the need for more renewable energy generation sources to strengthen energy independence. The urgency of the energy transition is now clear for everyone, with strong demand for licensed assets (RtB) or in an operational state (COD), although at the European level the licensing process remains complex and lengthy.

GreenVolt has in its genesis an innovative strategic positioning based on the licensing and development of utility scale projects and on the investment in the distributed generation segment, being currently a reference at European level in the capacity to generate, develop and construct solar and wind projects.

Therefore, GreenVolt, in the current context, presents a unique capacity to contribute with material solutions for energy transition and independence on a European scale, having currently in operation and under construction a total of circa 229 MWp of solar photovoltaic and wind energy projects in three geographies: Portugal, Poland and Romania, to which are added circa 142 MWp of projects in operation in the biomass segment."

2) ANALYSIS OF BUSINESS AREAS

2.1) Residual biomass and GreenVolt structure: EBITDA of 1Q22 increases 288%

GreenVolt operates in the energy generation segment through biomass exclusively derived from waste and is currently present in two geographies: Portugal and United Kingdom. In Portugal, GreenVolt has 5 power plants of residual forest biomass, with an installed capacity of around 100 MW. In the United Kingdom, GreenVolt holds a majority stake (51%) in TGP, operating a power plant with around 42 MW that uses exclusively urban waste.

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Announcement - 1Q 2022 Results

Main financial and operating indicators - 1Q 2022
	1Q 2022	1Q 2021	1Q22/1Q21
	Var%
GWh injected	261.6	179.2	46.0%
Total revenues	48,700	21,200	129.7%
EBITDA excluding transaction costs	25,286	6,471	290.8%

Concerning domestic operations, the first quarter of the current year was characterized by the scheduled maintenance shutdowns of the Constância (February) and SBM (March) power plants. In terms of total electricity generation, c. 262 GWh were injected into the grid, which corresponds to an increase of 46% when compared to the energy injected in the same period of the previous year.

Regarding financial performance, in the first quarter of 2022, total revenues of this segment amounted to c. 48.7 million Euros, which corresponds to an increase of c. 130% when compared to the first quarter of 2021; on the other hand, the recurring EBITDA (excluding transaction costs) amounted to c. 25.3 million Euros, which reflects an increase of c. 291%.

These results reflect the efficiency of the operational management, the inclusion of TGP in the consolidation perimeter (not included in the perimeter in 1Q 2021) and the price of electricity in the UK market, since, it should be noted, TGP's revenues have a fixed component - covered by the Renewables Obligation Certificates (ROCs) system, whose annual evolution is indexed to the evolution of the Retail Price Index (RPI) - plus a variable component, which depends on the evolution of the market electricity price.

2.2) Development of solar photovoltaic and wind energy projects: pipeline of projects in advanced stage amounts to 2.7 GW by the end of 2023 (+34% vs. December 2021)

In the solar photovoltaic and wind renewable energy segment, GreenVolt is essentially present in the most upstream segment of the value chain - the project development and promotion phase - through its subsidiary V-Ridium, positioning itself in the market as one of the largest project promoters on a European scale.

In this business segment, all utility scale electricity generation operations using solar photovoltaic and wind power sources are also included, such as the solar photovoltaic plants currently under construction in Portugal - the Tábua plant, with 48 MWp, and the Small Generation Units of Figueira da Foz and Ródão, totalling 14 MWp, and the portfolio of Infraventus, totalling 10 MWp.

During the first quarter of 2022, GreenVolt and Green Mind Ventures (GMV) created Sustainable Energy One (SEO), a company in which GreenVolt has a 98.75% stake, whose objective is the promotion,

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