Solarpack Corporacion Tecnologica S A : September 13, 2021 | H1 2021 results presentation

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

H1 2021 trading update

September 13, 2021

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2021 H1 trading update	2

1. Key Milestones
2. Operations Update
3. Financial Review
4. 2021-2023ESG Master Plan running at full speed
5. Outlook
6. Q&A

Appendix

2021 H1 trading update	3

Key Milestones

H1 2021 continues to show robust results with segment EBITDA(1) of €24m coming mainly from

POWGEN

• POWGEN + SVCS business units' results slightly above company's expectations at the beginning of the year
• POWGEN's slightly lower results in H1 2021 vs. H1 2020 mainly due to the profitable farm-down in Q2 2020 of 49% stake in Peruvian Assets
• DEVCON H1 2021 Gross Margin remains within guidance range at 11.5%, although impacted by higher costs seen in Araucana (Chile) during Q2 2021. Decrease vs. H1 2020 mainly due to the above-average H1 2020 margins

Construction activities are making progress in Malaysia, Chile and Spain with 180 MW under construction

• 116 MW 3SP project in Malaysia (Build & Own) is on track to start operations within 2021
• 22 MW put in operation in Chile (Build & Sell) since the Q1 trading update and 54 MW still under construction in this market
• 10 MW have transitioned to Under Construction status in Spain

Development and commercial activity continues in all markets, with 3.6 GW of projects being candidates for order intake (Backlog) in the upcoming months

• Key markets remain Spain, USA, Chile, Colombia, South Africa, India, SEA and rest of the world
• Bids recently submitted in South Africa, Israel and Malaysia for 0.7 GW
• PPA signature schedule for Gorbea project in India (419 MW) extended to Q4 2021
• El Aromo project in Ecuador (259MW) is expected to sign the PPA in Q4 2021
• Since Q1 '21 trading update, Pipeline and Identified Opportunities remain at similar level, with an increase in Spain and reductions in USA, SAR and Colombia

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 H1 trading update	4

Key Figures, segment and IFRS information

Business Unit		Financials (EUR m)		Highlights

Segment information

IFRS information

		Operating Revenes	EBITDA	▪	H1 2021 shows construction activities coming mainly from
			Malaysia (B&O) and Chile (B&S)
			48.9
DEVCON	41.7				H1 2021 gross margin, in line with guidance, lower than
			▪
(Development &						H1 2020 due to the above-average Q1 2020 gross margin
Construction)		1.4		4.8	▪	Margin reduction in 2021 mainly due to higher costs in
						Chile, partially compensated by 3SP, that remains with
	H1 2021	H1 2020		strong margins expectations during the year
	27.0	22.7	28.3	25.0	▪	Slightly above SPK's expectations at the beginning of the
POWGEN						year. Difference in EBITDA in H1 2021 vs. H1 2020
					explained mainly by the sale of 49% of Tacna and
(Power Generation)
					Panamericana in Q2 2020, off-set by higher contribution
	H1 2021	H1 2020		from Granja and higher spot prices during 2021 vs 2020
	3.9		3.8
SVCS		1.0			▪	In line with SPK´s expectations at the beginning of the
		0.5		year
(Services)					▪	Better margins driven by increased efficiencies
	H1 2021	H1 2020
	72.7		81.0		▪	Difference explained mainly by DEVCON. Alignment with
						key strategic financial metrics:
TOTAL(1)		24.2		29.6		▪	82% of POWGEN + SVCS revenues in hard
							currencies
	H1 2021	H1 2020		▪	75% contracted POWGEN revenues
			78.8
	50.4				▪	Lower IFRS Revenues vs. segment revenues mainly
TOTAL				31.9
	22.0			explained from elimination2 of B&O DEVCON activity
	H1 2021	H1 2020

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

2021 H1 trading update	5