3Q23 & 9M23 Performance Overview

Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (US$ MILLION) Change q-o-q 169 0.3% -3.1% 2.9% 169 46 97 (72) Enterprise value 30-Jun-23 Net change in EV Enterprise value 30-Sep-23 Net debt Equity value 30-Sep-23 EQUITY FAIR VALUE COMPOSITION AT 30-SEP-23 (US$ MILLION) GEORGIA CAPITAL 21 Total value US$ 97 77 Operational assets Pipeline projects VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA US$ million, unless noted otherwise Enterprise value 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change 169.1 168.6 0.5 154.7 14.4 7.1x4 7.0x4 < 6.0x EBITDA² 12.0 12.1 (0.1) 12.2 (0.2) Implied EV/EBITDA multiple 12.5x 12.4x 0.1x 11.4x 1.1x Investments at cost (EV) 3 19.3 18.8 0.5 15.1 4.2 Net debt (71.7) (74.0) 2.3 (71.4) (0.3) Equity value 97.4 94.6 2.8 83.3 14.1 30-Jun-23 30-Sep-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 3. Investments at cost included the pipeline projects. 4. Ratio is calculated in US$ terms. 26129 55 65

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