Investment and Growth Strategy

Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 (US$ MILLION) Change q-o-q +9.6% +4.6% +14.0% 15 170 155 95 (75) Enterprise value 31-Dec-22 Net increase in EV Enterprise value 31-Mar-23 Net debt Equity value 31-Mar-23 EQUITY FAIR VALUE COMPOSITION AT 31-MAR-23 (US$ MILLION) GEORGIA CAPITAL 20 Total value US$ 95 75 Operational assets Pipeline projects VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA US$ million, unless noted otherwise 31-Mar-23 31-Dec-22 Change Enterprise value 169.6 154.7 14.9 EBITDA³ 12.1 12.2 (0.1) 6.4x4 6.8x4 < 6.0x Implied EV/EBITDA multiple 12.6x 11.4x 1.2x Investments at cost (EV)2 18.1 15.1 3.0 Net debt (74.7) (71.4) (3.3) Equity value 94.9 83.3 11.6 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 1 The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. Investments at cost included the pipeline projects. 3. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 4. Ratio is calculated in US$ terms. 26129 55 65

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