Polaris Renewable Energy (PIF) investor relations material

Corporate overview and market position

• Leading renewable energy platform in Latin America and the Caribbean, operating 8 plants across 6 countries with 182 MW installed capacity and 810,731 MWh produced in 2025.

• Diversified across solar, hydro, wind, and geothermal technologies, focusing on small to medium-sized projects and energy storage.

• 99% of revenues are fully contracted in USD under long-term, CPI-linked PPAs with government or regulated off-takers.

• Consistent dividend track record for over 10 years, supported by strong cash flows and robust EBITDA.

• TSX-listed with experienced management and 215 employees headquartered in Toronto.

Financial performance and capital structure

• Share price at C$14.70 (~US$10.66), market capitalization and total debt both at US$222 million as of March 31, 2026.

• LTM EBITDA of approximately US$55 million, dividend yield of 5.6%, and enterprise value of US$347 million.

• Closed a US$175 million senior secured green bond in December 2024, simplifying debt structure and enabling further growth.

• Net debt stands at US$124.5 million, with cash on hand of US$97.5 million and a net debt to EBITDA ratio of 2.3x.

• Sufficient capital and free cash flow to add 400–500 MW without new equity, targeting $60 million more EBITDA by 2029/2030.

Asset portfolio and contracts

• Eight high-quality assets across Nicaragua, Peru, Puerto Rico, Dominican Republic, Panama, and Ecuador.

• All assets operate under long-term PPAs, mostly with government or regulated entities, providing stable, low-risk cash flows.

• Portfolio includes geothermal (45%), hydro (18%), wind (14%), solar (14%), and other assets.

• Notable projects: San Jacinto (Nicaragua, 82 MW), Punta Lima (Puerto Rico, 26 MW), Canoa (Dominican Republic, 25 MW), and others.

• Battery energy storage is a strategic focus, with new projects such as the 71.4 MW BESS in Puerto Rico expected to contribute US$12 million EBITDA.