GRENERGY RENOVABLES (+) : Corporate Contact: Key Takeaways

Research evidence excerpt

GRENERGY RENOVABLES (+) : Corporate Contact: Key Takeaways

EQUITIES

UTILITIES & CLEAN ENERGY

GRENERGY RENOVABLES OUTPERFORMPRICE* EUR121.0  TARGET PRICE EUR115 (DOWNSIDE 5%)

FLASH NOTE

Corporate Contact: Key Takeaways

19 MAY 2026 Securities Research Report Production time: 17:10* (London time)

Research Analyst & Publishing Entities

Gonzalo De Cueto Moreno BNP Paribas SA (+34) 91 114 83 05 gonzalo.decuetomoreno@bnpparibas.com

What happened?

We held a call with Grenergy IR ahead of 1Q’ 26 results and strategic update, scheduled for Wednesday 27th May at

their Madrid HQ, and highlight there has been no change to full-year guidance.

BNPP View:

We expect a weak set of results, as there have been no capital gains recorded from asset sales in Q1, and Energy

production has been in line with last year’s levels.

That said, Q1 was a very good quarter in terms of PPA and financing announcements, which are more important drivers

for the stock at the current stage, as reflected by the shares’ YTD performance. Additionally, we expect the company

to increase Capex guidance during the strategic update, not only driven by the incorporation of 2028 into guidance, but

also as a result of new projects and assets being factored in Latam and Europe.

Key takeaways for the call:

- Energy sales: Overall, generation was very much in line with 1Q25 production (c. 400k MWh), with lower

production in Chile as a result of the stoppage at Elena (Phase 6 Oasis Atacama) to install the BESS packs,

mitigated by a better outcome from wind and PMGD assets.

- Asset rotation: No capital gains were recorded in Q1 from asset sales.

- Retail business: GR Power is already generating a positive EBITDA contribution, thanks to the 0.5 TWh/y

baseload 24x7 PPA contract signed in Chile with Codelco during 2025.