Polaris Renewable-Update on expansion into Mexico and increasing diversification-07/08/2026

Research evidence excerpt

Polaris Renewable-Update on expansion into Mexico and increasing diversification-07/08/2026

announced and already approved Puerto Rico BESS which has total estimated capex of USD 45m (net of grants)

and expected EBITDA of USD 11.5m, increasing group total to USD 66m at implied capex / EBITDA multiple of 3.9x.

• The total capex for Mexico projects is USD 217m and will be developed as a joint venture with CFE (Comisión Federal de Electricidad)

with non-recourse financing at 70%. Equity contribution from Polaris will be around USD 70m and will result in EBITDA addition of USD

~25m.

• Net leverage as of Q1’26 was 2.3x, one of the lowest levels in the industry, positioning Polaris well for the upcoming investments and

growth. Sizeable capex can also be partially funded with own cash flow, noting levered FCF of USD ~30m p.a. on today’s EBITDA level.

• Polaris continues to work on final agreements, total operations & maintenance costs, final capex and PPA contracts before construction

start, and will provide an update in due course. This expansion into Mexico will lead to a substantial improvement in geographic

diversification and sizeably reduced dependence on the geothermal plant in Nicaragua.

Link to news release

Dominykas Rajuncius

+46 8 402 5168 , dominykas.rajuncius@paretosec.com

Axel Johansson

+46 8 402 5165, axel.johansson@paretosec.com

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein. When distributed in the US: This document is intended for institutional investors and is not subject to all of the independence and disclosure standards