Solarpack Corporacion Tecnologica S A : May 11, 2021 | Q1 2021 trading update presentation

Our purpose is… "to accelerate the transition to clean and affordable energy for all"

Q1 2021

Trading update

May 11, 2021

Disclaimer

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2021 Q1 trading update	2

1. Key Milestones
2. Operations Update
3. Financial Review
4. Long Term Outlook
5. Q&A

Appendix

2021 Q1 trading update

3

Key Milestones

Q1 2021 results show a robust visible segment EBITDA(1) of €12m coming mainly from POWGEN

• POWGEN and SVCS business units' results in line with company's expectations at the beginning of the year
• POWGEN's slightly lower results in Q1 2021 vs. Q1 2020 mainly due to the profitable sale of the 49% stake of the Peruvian Assets closed in Q2 2020
• DEVCON Q1 2021 shows lower gross margins than the above-average Q1 2020 margins. Margin erosion in 2021 coming mainly from higher costs in Araucana (Chile), partially compensated by Malaysia-3SP's gross margin expected to beat company´s estimates at the beginning of 2021

Intense development and commercial activity in 2021, with 3.6 GW of projects being candidates for order intake (Backlog) during the year

• Key markets for DEVCON activities in 2021 are Spain, USA, Chile, Colombia, South Africa, India, SEA and rest of the world
• El Aromo project in Ecuador (259MW) remains in Pipeline waiting for PPA and investment agreement negotiations after government elections held in the country
• Since Q4 '20 presentation, 0.7 GW of net additions to Pipeline and Identified Opportunities: +108 MW added to Pipeline and +554 MW to Identified Opportunities (mainly in USA and SEA)

DEVCON margin during 2021 impacted by COVID-19 and EPC cost increases in Chile and India. Strong DEVCON margin in 3SP and margin enhancement measures to partially offset these effects

• In Q1 Araucana projects (50 MW) are suffering execution delays and higher costs mainly due to lockdowns and logistics market disruptions
• Indian project Gorbea (419 MW) is experiencing delays in PPA signature. In addition, the severe COVID- 19 situation in India is increasing pressure on the project timeline and DEVCON margin is likely to be affected by current module prices. Margin enhancement measures identified expected to partially compensate impact on original targets
• 3SP project (116 MW) strong gross margin expected to remain unaffected by COVID-19/EPC cost increases and to beat company's estimates at the beginning of 2021

1. Segmented financial information, non-GAAP. Helps to better understand the performance of the different businesses and their cash generation. Certain eliminations/adjustments must be applied under IFRS, mainly linked to elimination of DEVCON revenues and gross margins of Build and Own projects

2021 Q1 trading update	4

Key Figures, Segment and IFRS information

Business Unit		Financials (EUR m)		Highlights

Segment information

IFRS information

	EBITDA	Operating Revenues	▪	Q1 2021 shows construction activities coming from
						Malaysia (B&O) and Chile (B&S)
DEVCON		21.4		18.7	▪	Q1 2021 gross margin, in line with guidance, lower than
(Development &	4.1					the above-average Q1 2020 gross margin
Construction)		0.7		▪	Margin reduction in 2021 mainly due to higher costs in
						Chile, partially compensated by 3SP, that is expected to
	Q1 2020	Q1 2021		generate strong margins during the year
	12.9	14.5	11.4	13.6	▪	In line with SPK's expectations at the beginning of the
POWGEN						year. Difference in EBITDA in Q1 2021 vs. Q1 2020
					explained mainly by the sale of the 49% stake in Tacna
(Power Generation)
Q1 2020	Q1 2021		and Panamericana in Q2 2020, partially off-set by higher
		contribution from Granja in Q1 2021
SVCS		2.2		1.9	▪	In line with SPK´s expectations at the beginning of the
0.4		0.6			year
(Services)
				▪	Better margins driven by increased efficiencies
	Q1 2020	Q1 2021
		38.1		34.2	▪	Difference explained mainly by DEVCON. Alignment with
					key strategic financial metrics:
	17.2
TOTAL(1)		12.2			▪	81% of POWGEN + SVCS revenues in hard
							currencies
	Q1 2020	Q1 2021		▪	77% contracted POWGEN revenues
		35.0		28.4
	18.9		12.2		▪	IFRS EBITDA in line with total segment EBITDA
TOTAL				▪	At revenues level, lower figure comes mainly from
						elimination of B&O DEVCON activity2
	Q1 2020	Q1 2021

1. Total EBITDA figures include corporate segment costs
2. For further details refer to Appendix I

2021 Q1 trading update	5