#1Te Investor Day TERNA ENERGY GEK TERNA GROUP May 16, 2022#2Today's Speakers George Peristeris Emmanouil Maragkoudakis Aristotelis Spiliotis Executive Member of the BoD of TERNA ENERGY Michalis Verroiopoulos Development Director - Greece Chairman CEO TERNA ENERGY 1#3Agenda for Today Our Journey to Date 2 Unprecedented Growth Opportunity 3 Strategy and Targets 4 Financial Outlook TERNA ENERGY Presented by: George Peristeris Michalis Verroiopoulos Emmanouil Maragkoudakis Aristotelis Spiliotis 2#4SECTION 1 Our Journey To Date TERNA ENERGY GEK TERNA GROUP#5Key Investment Highlights The leading Renewables platform in Greece set to become one the largest players in Europe Sizeable and technologically diverse pipeline, underpinned by a clear and disciplined investment approach 5 1 Undisputed leader in Greece and uniquely positioned platform to grow internationally A highly efficient organisation with extensive in-house know-how and seasoned management team committed to exemplary ESG performance 6 2 TERNA ENERGY High-quality, young and technologically diversified asset portfolio, generating strong and secured cash- flows, underpinned by long-term PPAs 3 Consistent track record of growth and operational excellence spanning over 20 years (15 since IPO) OUR JOURNEY TO DATE 4#61 Leading Renewable Energy Company in Greece, with Established Presence in Poland and Bulgaria Large operating asset base located at the most favourable locations in the respective countries Key Figures O 3 Countries with Presence € 895 MW Total Installed Capacity Greece +370% / €176 m Last 5Y Share Price Increase/Dividends 17 Years Weighted Recurring Contracted Revenue 3.2% Effective Cost of Debt ~65% (1) Non-Recourse Debt of Total Debt Notes: 1% Capacity Breakdown by Technology 2% Do 0.3% O 895 MW 1. Adjusting for Kafireas intercompany loan TERNA ENERGY *+ 97% Capacity Breakdown Poland 11% by Country Bulgaria 4% 895 MW Greece Bulgaria 85% 734 MW | Wind Geographical Footprint 18 MW | Hydroelectric 30 MW Poland 00 4 9 MW | Solar # 102 MW 3 MW | Biomass OUR JOURNEY TO DATE 5#7Notes: 2 Exceptional Renewable Portfolio Characteristics High quality, diversified operating portfolio offering long-term and visible, secured cash-flow Largest Portfolio In The Greek Market TERNA ENERGY G/K TERIA GROUP >>>> 763 MW Installed Capacity Technologically Diversified + 11 GW Projects ✓ Wind Solar Hydroelectric Biomass Waste at various stages Exceptionally High Load Factors Vs GR Market 28% -31% Last 5Y Measurements (1) 25-27% Te TERNA ENERGY GEK TERNA Greece GROUP 1. Load factor (W/F) source: DAPEEP 2. €7 Bn Contracted Revenue and the 1.9 GW Operating and Near-term Pipeline under Secured PPAs includes Amari, Kafireas, Amfilochia TERNA ENERGY Long Term Contracted Revenue th 94% % of Greek Installed Capacity Contracted 1.9° GW Operating & Near-term Pipeline under Secured PPAs (2) €7 Bn Contracted Revenue OUR JOURNEY TO DATE 6#82 Additional Income from Attractive Long-term Regulated Activities Other activities generate strong profitability and predictable cash-flows D Waste Management 1 Epirus Waste Management Project (2017) 2 Peloponnese Waste Management Project (2021) Largest PPP on waste management in Greece 27 Year Concession €37 m Investment 105k tn Capacity 27 Year Concession €118 m Investment 200k tn Capacity Digital Transformation Projects Concessions for e-ticket projects across all major transportation companies in Greece 26-year concessions for installation of Ultra Fast Broadband (UFBB) awarded with regulated prices T TERNA ENERGY OUR JOURNEY TO DATE 7#93 Consistent Track Record of Growth and Operational Excellence Platform has been growing at a CAGR of more than ~19% (1) over the last 15 years Installed Capacity in MW Revenue Excl./ Incl. US CAGR 2007 - 2021: +16% / +19% (1) in € m 996 895 293(2) 508 703 118 2007 Energy Produced in GWh Notes: 2012 2017 2021 CAGR 2007 - 2021: +16% 0.8k 0.3k 2007 2012 1.6k 2017 2.3k 2021 1. Adjusting for the US operations. Added US Capacity (510 MW in 2020) in 2021 figure to calculate CAGR since 2007 2. US Capacity of 293 MW in 2017 TERNA ENERGY 60 60 CAGR 2007 - 2021: +15% 124 277 405 2007 2012 2017 2021 EBITDA in € m 25 25 CAGR 2007 - 2021: +14% 162 148 553 53 2007 2012 2017 2021 OUR JOURNEY TO DATE 8#104 Fully Integrated Organization with Unique Capabilities Extensive in-house knowhow and expertise with over 20 years of experience ensuring speed, efficiency and reliability across all the core activities Differentiating skills Development Process 1 World-Class In-House Wind Measurement Laboratory Wind and energy assessment and micro siting suitability Environmental assessment 2 Regulatory and Compliance Unit Grid connectivity and availability Special and spatial planning compatibility Constructability 3 Strong Construction and Operational Capabilities Construction: Decades of expertise across a variety of technologies ⚫ Financing: Secured project financing for over 1 GW 49€ Route-to-Market / The Largest Aggregator: Optimus Energy TERNA ENERGY Resilient PPAs of up to 20 years Route-to-Market / trading capabilities complement long-term PPAs OUR JOURNEY TO DATE 9#114 ESG performance 1st position in ESG scoring across Country's RES Companies and amongst Top Companies in Greece across all sectors, according to ISS ESG Ranking Based on ISS Ranking 5 2 3 2 5 2 2 2 TERNA ENERGY's climate change action plan 1 To decarbonize the company with reference to Scope 2 emissions, by using 100% green electricity from 2021 onwards in all the facilities in Greece 2 To broaden and intensify the assessment of climate change physical and transition risks and opportunities performed as part of the Environmental Management System, and to align it with the recommendations of TCFD(") 3 To contribute to global decarbonization by increasing the installed capacity of the energy production from RES, which in 2021 resulted in the prevention of 1.350.589 tCO2 eq in the atmosphere Jun-21 Sep-21 Mar-22 Target 2022 4 Governance Environmental Social Notes: 1. TCFD: Task Force on Climate-related Financial Disclosures TERNA ENERGY To accelerate investment plans in the field of energy storage, aiming to contribute decisively to the maximization of penetration of RES and to the achievement of the Greek national goals for energy and climate OUR JOURNEY TO DATE 10 10#125 Key Targets for 2029, Delivering Equity IRRS "Well Into the Teens" Asset base set to grow to ~6.4 GW by 2029 generating over ~€700 m of EBITDA 895 2021 162 Capacity (MW) EBITDA (€ m) >6,400 405 2029 2021 >700 Revenue (€ m) >1,250 2029 Full-Time Employees (FTEs) 518 > 800 2021 2029 2021 2029 T TERNA ENERGY OUR JOURNEY TO DATE 11#13SECTION 2 Te TEPNA ENEPTEIANH Unprecedented Growth Opportunity TERNA ENERGY GEKTERNA GROUP#14Greece: A Premium European Market for Renewables Unprecedent growth of renewable installed capacity over the next 30 years to meet the decarbonization targets Greece until 2030 2030 Onwards 1 Acceleration of decarbonization; Installed Renewable & Storage to reach 30 GW by 2030 1 Additional 10 GW of RES & Storage until 2040 reaching total installed capacity of 40 GW 2 Favorable regulatory framework, underpinned by energy account surplus 2 Electricity demand is expected to increase significantly due to electrification and green hydrogen 3 Establishing a framework for offshore wind with the aim of developing more than 2 GW by 2030 3 Development of mature Floating Offshore Wind Farms 4 Ambitious program run by system and network operators for new interconnections with neighboring countries, interconnection of islands and upgrading of the electricity network 4 Greece to become an electricity hub in South-East Europe 5 New framework for the development of storage (Hydro Pumping and Battery Storage) 5 Installed Hydro Pumping and Battery Storage to reach 7.5 GW by 2040 TERNA ENERGY to reach 5 GW by 2030 UNPRECEDENTED GROWTH OPPORTUNITY 13#15Greece: 18 GW to be Added by 2030 and 28 GW by 2040 With the recent update of the NECP indicating significant additional growth potential 28% Today 1% 12 GW 34% NECP(1) 2030 Target Estimated (1) 2040 Target 3% 12% 29% 3% 13% 32% 37% 16% 30 GW 14% 40 GW Wind Solar Hydroelectric Battery Storage Other Notes: 1. TERNA ENERGY's estimates TERNA ENERGY 40% 38% (↑) Further Upside - Hydrogen Plan Additional RES capacity is expected to serve Green Hydrogen Deployment based on the, currently under preparation, Climate Law and Europe's Hydrogen Strategy and Repower EU Hydrogen set to become a new fuel carrier for Natural Gas substitution UNPRECEDENTED GROWTH OPPORTUNITY 14#16Greece: Additional Growth Optionality from Regulated Activities Over €2 Bn of Waste Projects are expected to be auctioned by 2030 1 Waste Management Waste Management Facilities in Greece by 2023 ofe 2 TERNA ENERGY 7 31 Existing Facilities New Waste Management Facilities under construction ~ €1.5 Bn 2 Total estimated Capex 4 Major Projects Waste to Energy to be developed by 2030 ~ €1 Bn Total estimated Capex Key Waste Management Metrics in Greece vs EU - 28 78% 30% 28% 17% 23% 15% 5% 2% Composting Recycling Incineration ■Greece ■ EU - 28 Landfills UNPRECEDENTED GROWTH OPPORTUNITY | 15#17International: Significant Growth Opportunity Also Outside Greece Neighboring countries target to substantially increase RES capacity in the upcoming years Today 12% (2) 2030 NECP Targets 46% Poland 17 GW 7% 30% Onshore 42% 29 GW 43% 20% Offshore C 1% 1% 27% 29% 42% 11 GW 18 GW 60% 12% Romania 28% 3% 17% 5% 14% 34% 4 GW 7 GW 56% 24% 47% Bulgaria Albania Notes: 5% 0.2 GW 95% 3%5% 34% 1.8 GW 58% Target: ~200-300 MW (Wind) Target: ~200-300 MW (Wind & Solar) Target: ~300 MW (Wind & Solar) Target: ~100-150 MW (Wind & Solar) More than ~1 GW opportunity for TERNA ENERGY not yet included in our Business Plan 1. Poland other includes Hydro and Biomass 2. TERNA ENERGY's estimates regarding Poland, has not approved NECP yet TERNA ENERGY + Wind Solar Hydroelectric Other UNPRECEDENTED GROWTH OPPORTUNITY | 16#18SECTION 3 Strategy and Targets TERNA ENERGY GEK TERNA GROUP#19Well on Track Towards our 2025 Goals Over 2.4 GW of new capacity to be installed, with the company investing more than €2.3 Bn over the next 4 years By Status 36% 29% 14% 3% Capacity 2.4 GW Capex €2.3 Bn 2022-2025 Pipeline Breakdown By Technology 3%2% 32% 29% Capacity 2.4 GW 47% 2025 Target Covered 5.0x by Existing Pipeline 34% 18% 4% 16% 2% 36% Capex €2.3 Bn 26% 49% Under Construction RTB Advanced Stage Early Stage Wind Solar Hydroelectric TERNA ENERGY 20% Battery Storage Other STRATEGY AND TARGETS 18#202025 Capacity Target of 2.4 GW Already Secured More than 1.5 GW in advanced stage or already under construction Capacity Evolution In MW 410 85 1,120 895 330 18 866 3 Operating Capacity Today Under Construction TERNA ENERGY RTB 5 ~75 Capacity added: ~2,400 MW 75 75 680 ~70 ~360 Advanced Stage 640 ~3,300 ~35 10 ~40 75 ~740 ~710 ~820 ~1,630 Early Stage Capacity 2025 Capex (€ m) Wind Solar Hydroelectric Battery Storage Other STRATEGY AND TARGETS 19#21Flagship Near-Term Projects for the Greek Energy Sector Leading the way through innovation and operational excellence. Kafireas Wind Park . • Kafireas, Evia, Greece • Capacity: 330 MW • Capex: €555 m (o/w €207 m already spent) Partial operation by end of 2022/start of 2023 Largest wind park in Greece $ Amfilochia Hydro Pumped Storage Project • • Amfilochia, Greece Capacity: 680 MW Capex: €550 m Expected completion by 2025-2026 Largest energy storage investment in Greece Agia Triada Photovoltaic Project . • Agia Triada, Thessalia, Greece • Capacity: 470 MW • Capex: €240 m Expected completion by 2026 One of the largest photovoltaics in Greece Amari Hybrid Project (Hydro Pumped Storage and Wind) • . Crete, Greece Capacity: 153 MW Capex: €240 m Expected completion by 2025-2026 Largest hybrid project in Europe, integrating wind power with pumped storage TERNA ENERGY STRATEGY AND TARGETS 20 20#22TERNA ENERGY Will Add Another ~3.1 GW Between 2026-2029 Incremental ~€3.6 Bn by 2029 to create one of the largest renewable portfolios in South-East Europe Capex Invested (2026 - 2029) In € m 20% 21% 2%2% Capex €3.6 Bn Includes Off-shore wind TERNA ENERGY Capacity Additions In MW TERNA ENERGY Target 2029 Market Share + ~3,100 150 ~6,400 ~550 33% 21% ~1,450 ~950 ~3,300 55% 2025 Target 2026-2029 2029 Target + Wind Solar Hydroelectric Battery Storage Other 27% 10% Total 24% STRATEGY AND TARGETS 21 21#23SECTION 4 Financial Outlook TERNA ENERGY GEK TERNA GROUP#24Financial Outlook Reflecting the Expected Growth Robust EBITDA improvement resulting in increasing operating cash-flow generation EBITDA (€ m) CAGR 2022-2026 ~18% 360 - 400 290 - 320 240 - 260 190 220 160 - 170 2022 2023 2024 2025 2026 Operating Cash-flow (€ m) T CAGR 2022-2026 ~16% 240 - 260 190 210 170-190 150 - 170 110-130 2022 TERNA ENERGY 2023 2024 2025 2026 Considerable EBITDA improvement as a result of well-invested and high returns pipeline coming online Business plan underpinned by conservative economic assumptions that have already been outperformed by recently secured project terms Continuous improvement of profitability and low Working Capital needs bolster Operating Cash-flow FINANCIAL OUTLOOK 23 223#25Flexibility to Fully Fund Future Investments Significant investment over the coming years in order to achieve the ~6.4 GW target Capex (€ Bn) 0.6 0.4 1.0 0.8 2022 2023 2024 2025 Net Debt (€ Bn) 2.6 2.0 1.2 0.9 2022 2023 2024 2025 TERNA ENERGY High Capex investments secure long-term pipeline and sustained growth Headroom for leverage to grow to facilitate investment plan FINANCIAL OUTLOOK 24#26Secured Funding Sources to Deliver the 2025 Targets Whilst maintaining the current dividend levels (~€40 m per annum) in € Bn Project Capex: COD pre-2025: €2.3 Bn COD post-2025: €0.5 Bn ~2.8 ~0.2 2022-25 Capex Funding Plan ~0.6 ~0.7 ~3.6 Sources ~0.4 Target Recourse: ~80% Asset LTV gearing & > 15 years average tenor ~1.9 Total Capex 2022E-2025E Dividends Debt Repayments Total Uses and Other Related Operating Cashflow Grants Asset-Level Debt Funding Items T TERNA ENERGY ~0.6 Cash on Balance Sheet & Other Funding Sources FINANCIAL OUTLOOK 25#27Closing Remarks TERNA ENERGY GEK TERNA GROUP#28TERNA ENERGY, the Largest Renewable Energy Platform in Greece, is Leading The Way in Delivering the Upcoming, Unprecedented, Market Growth TERNA ENERGY 1 Fully integrated platform with unparalleled in-house expertise and operational excellence track record of more than 20 years... 2 ...Underpinned by a large operating portfolio with long-term, secured and stable PPAs... 3 ...Uniquely positioned to capture the highest capacity growth ever seen in the energy sector... 4 ...Reaching ~6.4 GW by 2029, representing a market share of almost ~25%... 5 ...Whilst delivering attractive equity returns for its shareholders and exemplary ESG performance 27 22#29Thank you TERNA ENERGY GEK TERNA GROUP#306 TERNA ENERGY e GEK TERNA GROUP 85 Mesogeion, 11526 Athens, GREECE T. +30 210 6968300 F. +30 210 6968096 E. [email protected] www.terna-energy.com