Voltalia : Présentation ODDO BHF Sustainability Forum

ODDO Forum Sustainability

M A Y 1 5 , 2 0 2 4

FORWARD- LOOKING

STATEMENTS

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This presentation has been prepared by Voltalia S.A. (the "Company") on a confidential basis, solely for use at its meetings with investors to be held in connection with the rights issue of the Company. The business and financial condition of the Company are described in the Company's offering documents, which are comprised of (i) the English language international offering circular (the "IOC") and (ii) the prospectus (the "Prospectus" and, together with the IOC, the "Offering Documents"), which was approved by the French Autorité des Marchés Financiers (the "AMF") on 15 November 2022 under number 22-447, comprising (A) the universal registration document filed with the AMF under number D.21- 0410 on 2 May 2022 (the "Universal Registration Document"), (B) an amendment to the universal registration document filed with the AMF on 15 November 2022 (the "Amendment"), (C) a securities note (the "Note d'Opération") and (D) the summary of the Prospectus (included in the Note d'Opération), to which investors are invited to refer. The Prospectus may be obtained on the website of the Company (www.voltalia.com) and on the website of the AMF (www.amf-france.org). In the event of discrepancies between this presentation and the Offering Documents, the Offering Documents shall prevail. Investors' attention is drawn to the risk factors described in Chapter 5 of the Amendment and Section 2 of the Note d'Opération.

The information contained in this document is of an indicative nature and has not been verified independently. No representation or warranty, whether express or implied, is given regarding the accuracy, comprehensiveness or accuracy of the information and opinions contained in this presentation. This document is not meant to serve as a basis for, and shall not be used in connection with, an investment decision. No person shall be entitled to rely on, or shall have any claims against the Company, any of its affiliates, officers, directors, employees, any of their advisers, consultants or any other person arising from this document. The information contained in this document is indicative as at the date of this presentation and may have to be updated, amended or completed significantly. This document contains only summary information and does not purport to be comprehensive. The Company does not undertake to update, amend or complete the information contained in the document in order to reflect new information, new events or for any other reason.

This document includes "forward-looking statements". All statements other than statements of historical facts included in this document, including, without limitation, those regarding the financial position, business strategy, plans and objectives of management for future operations of the Company, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Company and the environment in which the Company will operate in the future. Additional factors could cause actual results, performance or achievements to differ materially. These factors include the risk factors detailed in chapter 2 of the Amendment.

This document and the presentation do not constitute an offer to sell nor a solicitation of an offer to buy, nor shall there be any sale of ordinary shares in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The distribution of this document or any document relating to the presentation may, in certain jurisdictions, be restricted by local legislations. Persons into whose possession this document comes are required to inform themselves about and to observe any such potential local restrictions.

This document is not an advertisement and not a prospectus within the meaning of Regulation (UE) 2017/1129 of the European Parliament and of the Council of 14 June 2017 as amended (the "Prospectus Regulation") and as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the "UK Prospectus Regulation").

With respect to the member States of the European Economic Area, other than France (each, a "Relevant Member State"), no action has been or will be undertaken to make an offer to the public of the securities requiring a publication of a prospectus in any Relevant Member State. As a result, the preferential subscription rights and the new shares may not and will not be offered except in accordance with the exemptions set forth in Article 1(4) of the Prospectus Regulation or under any other circumstances that do not require the publication by Voltalia of a prospectus pursuant to Article 3 of the Prospectus Regulation and/or to applicable regulations of that Relevant Member State.

This document and the information it contains are being distributed to and are only intended for persons who are (x) outside the United Kingdom or (y) in the United Kingdom who are qualified investors (as defined in the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018) and are (i) investment professionals falling within the Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, (the "Order") (ii) high net worth entities and other such persons falling Article 49(2) (a) to (d) of the Order ("high net worth entities", "unincorporated associations", etc.) or (iii) other persons to whom an invitation or inducement to participate in investment activity (within the meaning of Section 21 of the Financial Services and Market Act 2000) may otherwise lawfully be communicated or caused to be communicated (all such persons in (y)(i), (y)(ii) and (y)(iii) together being referred to as "Relevant Persons"). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire securities to which this Presentation relates will only be engaged with Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

This document may not be published, distributed or transmitted in the United States (including its territories and dependencies). This document does not constitute or form part of any offer of securities for sale or any solicitation to purchase or to subscribe for securities or any solicitation of sale of securities in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the law of any State or other jurisdiction of the United States, and may not be offered or sold in the United States, directly or indirectly, absent registration under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Company does not intend to register all or any portion of the securities in the United States under the Securities Act or to conduct a public offering of the securities in the United States.

This document may not be published, forwarded or distributed, directly or indirectly, in the United States, Canada, Australia or Japan.

T O D A Y ' S S P E A K E R S

Sylvine BOUAN	Loan DUONG	Marine JACQUIER
Chief Financial Officer	Head of Communication	Group Sustainability
	& Marketing (including IR)	Manager
JOINED VOLTALIA IN 2022	JOINED VOLTALIA IN 2019	JOINED VOLTALIA IN 2020
20 years of experience	17 years of experience	15 years experience in
in finance, including	including 9 years in the	Sustainability and CSR
7 years in KPMG followed	energy sector in Business	positions, in consumer
by 13 years at Auchan	Development, Investor	goods and nursing home
Retail as finance director	Relations and	sectors, before joining
(subsidiaries and group)	Communication managing	Voltalia to support the
	positions	company in defining and
		achieving its Mission.

Armel AHIDAZAN

Investor Relations

Manager

JOINED VOLTALIA IN 2023

10 years of experience in Investment Banking, including 6 years within BNP Paribas in Strategy & Organization specialized on structured products deals and ESG operations

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A G E N D A

B U S I N E S S M O D E L A N D K E Y S T R AT E G I C P I L L A R S

P. 0 5

O U R M I S S I O N

P. 1 5

F I N A N C I A L P E R F O R M A N C E

P. 2 8

O U T L O O K 2 0 2 4 A N D B E Y O N D	P. 3 6

Business model and key strategic pillars

VOLTALIA'S

BUSINESS MODEL

2 0 2 3

T U R N O V E R B R E A K D O W N

		Africa	Europe
		6%
	Energy		59%
	Sales
	52%	Latin
Services		America
	35%
48%

POWER

PRODUCER Synergy

Independent renewable power producer

Owner of solar, wind, biomass, hydro, storage power plants

In 3 core regions: Europe, Africa, Latin

America

SERVICE

PROVIDER

Service provider

Development of renewable projects from scratch

Engineering, procurement and construction

Operation and maintenance

2 0 2 3

E B I T D A B R E A K D O W N

Africa	Europe
12%	54%

Services	Energy
40%	Sales	Latin
	60%
	America
		33%

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K e y s t r a t e g i c p i l l a r # 1

P O W E R P L A N T S B A C K E D B Y L O N G - T E R M ,

I N F L A T I O N - I N D E X E D S A L E S C O N T R A C T S ( P P A S )

2023 ACHIEVEMENTS

98%	17.1 years	93%
power volume	remaining PPA life	of the portfolio
under PPAs(1)	(weighted average)	is competitive2

€8.0 billion	74%
future revenues	of revenues from PPAs1
under contracted portfolio	are indexed on inflation

(1) PPAs ("Power Purchase Agreements"): long-term power sales contract

(2) A plant is competitive if its levelized cost of energy (LCOE) is lower than the one of the thermal technology (fuel oil, gas, coal, nuclear)

Castellet, France - 8.2 MW

Lower risk thanks to long-term and non-subsidised PPAs

Higher value creation from

inflation-indexed contractual revenues impacting positively profitability

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A G R O W I N G P O R T F O L I O A S P O W E R P R O D U C E R

In
MW	2023
IN OPERATION	2,370
UNDER CONSTRUCTION	480
IN OPERATION & UNDER CONSTRUCTION	2,851
AWARDED	1,248
TOTAL SECURED PORTFOLIO	4,099

Secured by regions (2023)

2022	VAR	VAR %
1,571	+ 799	+ 51%
1,022	- 542	- 53%
2,592	+ 259	+ 10%
1,128	+ 120	+ 11%
3,721	+ 378	+ 10%

Secured by technologies (2023)

Africa

Hydro/storage

2%

Latin

11%

4.1 46% GW

43%Europe

24% Wind

4.1 GW

Solar 73%

America

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K e y s t r a t e g i c p i l l a r # 2

I N T E G R A T E D P L A Y E R D E V E L O P I N G ,

B U I L D I N G A N D M A I N T A I N I N G P L A N T S F O R I T S E L F A N D F O R T H I R D P A R T I E S

2023 ACHIEVEMENTS

x6.8	32%
total EBITDA from Services	EBITDA margin from Services
to third party clients	to third party clients
of which
x7.5 from Development Construction & Procurement	2023 high level is mainly driven by more than
+48% from Operations & Maintenance	800 MW project sold
HIGHLIGHTS

€14m early generation EBITDA

EBITDA generated pre-PPA thanks to the flexibility of the integrated business model1

(1) Also include revenues generated between two PPAs

Capturing margins otherwise paid to development, construction and maintenance providers

Scale effects from dual internal- and-third-party business

Higher portfolio quality

after selectively selling internally developed projects

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A S T R O N G C O N T R I B U T I O N F R O M S E R V I C E S T O T H I R D P A R T Y C L I E N T S

>800 MW	DEVELOPMENT SERVICES
completed in	(with construction and/or maintenance)
2023

Casqueira ready-to-build wind farm, part of Serra Branca cluster in Brazil (90 MW)

Arinos C ready-to-build solar farm, part of the Arinos cluster in Brazil (420 MW)

Vila Acre operating wind farms, part of Serra branca cluster in Brazil (59 MW)

Sarry and Molinons operating wind farms, in France (33 MW)

Laignes ready-to-build wind farm (32 MW)

>480 MW

under CONSTRUCTION SERVICES

construction(with maintenance)

in 2023

Solar farm in

Ireland (108 MW)

Four solar farms in

Ireland (230 MW)

Solar farm with batteries in Mauritania (42.5 MW) and BESS (9 MW)

Services by Helexia

>4.6 GW	MAINTENANCE
maintained
(stand alone)
in 2023

Solar farms in Spain (345 MW)

Solar farms in

Portugal (19 MW)

Solar farms in the

United Kingdom (39 MW)

Solar farms in Brazil (212 MW)

Wind farms in Brazil (343 MW)

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