Voltalia (VLTSA) SG Bernstein Virtual Field Trip Presentation summary

Market context and growth drivers

• Renewable energy market is expanding rapidly, driven by global climate commitments and strong political support such as the Paris Agreement and European Green Deal.

• Renewables are projected to account for 89% of electricity generation by 2050, with cost competitiveness increasing due to high natural gas prices and technological progress.

• Demand for electrification is rising, with trends like electric vehicles and building heating accelerating the shift.

Business model and client base

• Operates as both an independent renewable power producer and a service provider, with 3.3 GW in operation or under construction across Europe, Africa, and Latin America.

• Services include project development, engineering, procurement, construction, and operations & maintenance.

• Diverse client base includes corporates, utilities, traders, financial sponsors, and states, with key clients such as Rio Tinto, EDF, ENGIE, and BlackRock.

Strategic pillars and achievements

• Integrated model enables development, construction, and maintenance for both internal and third-party projects, with a 6.8x increase in EBITDA from services since 2019.

• 98% of power volume is under long-term, inflation-indexed PPAs, providing €8.0 billion in future contracted revenues.

• Corporate market coverage expanded through Helexia, with 1.4 GW of corporate PPAs awarded since 2019 and rapid growth in self-production contracts.

• Project pipeline reached 16.6 GW in 2023, up 17% from 2022, with solar now dominating and Europe expanding rapidly.