Company Overview - Voltalia is an international player in the renewable energy sector, producing and selling electricity from wind, solar, hydraulic, biomass, and storage facilities [2] - The company has a generating capacity in operation and under construction of over 3.3 GW, with a project portfolio representing a total capacity of 17.4 GW [2] Services Offered - Voltalia acts as a service provider, supporting investor clients in renewable energy projects from design to operation and maintenance [3] - The company offers a comprehensive range of services to private companies, including the supply of green electricity and energy efficiency services [3] Workforce and Global Presence - The company employs more than 2,000 individuals and operates in 20 countries across three continents, enabling it to serve clients worldwide [4] Market Position - Voltalia is listed on the Euronext regulated market in Paris and is included in the Enternext Tech 40 and CAC Mid&Small indices [5] - The company is also recognized in various ESG ratings, including MSCI ESG ratings and Sustainalytics ratings [5] Share Capital Information - As of June 30, 2025, Voltalia has a total of 131,318,716 shares and 406,220 voting rights, with 219,988 exercisable voting rights [1]

Company Overview - Voltalia is an international player in the renewable energy sector, producing and selling electricity from wind, solar, hydraulic, biomass, and storage facilities [1][2] - The company has a generating capacity of over 3.3 GW in operation and under construction, with a project portfolio representing a total capacity of 17.4 GW [1] - Voltalia employs more than 2,000 people and operates in 20 countries across 3 continents [3] Financial Highlights - As of June 30, 2025, the liquidity account managed by NATEXIS ODDO BHF included €697,040 in cash and 32,669 shares [1][5] - The number of transactions on the buy side during the period was 2,715, with a volume of 597,704 shares traded for €4,583,680 [5] - On the sell side, there were 2,851 transactions, with a volume of 618,793 shares traded for €4,754,679 [5] Market Position - Voltalia is listed on the regulated market of Euronext Paris and is included in the Enternext Tech 40 and CAC Mid&Small indices [4] - The company is recognized in MSCI ESG ratings and Sustainalytics ratings, indicating its commitment to sustainability [4] Upcoming Events - The next significant event for Voltalia is the announcement of Q2 2025 turnover, scheduled for July 23, 2025, after market hours [1]

Financial Performance - Adjusted EBITDA for Q4 FY25 reached INR 22.1 billion, a 32% year-over-year increase[51] - Adjusted EBITDA grew by 14+% year-over-year in FY25 to INR 79.2 billion[21] - Profit Before Tax (PBT) for FY25 increased by 23% year-over-year to INR 10.0 billion[21] - Profit After Tax (PAT) for FY25 increased by 11% year-over-year to INR 4.6 billion[21] Portfolio and Capacity - The company has a total committed portfolio of 18.5 GW (+1.1 GWh BESS)[9, 22] - Operational capacity reached 11.2 GW (+150 MWh BESS), with approximately 1.95 GW added since April 2024[9, 16] - The company has a pipeline of 25 GW+ of projects (+2.8 GWh BESS)[16] Manufacturing - The company's module manufacturing capacity is 6.4 GW, and cell manufacturing capacity is 2.5 GW[8] - The company's manufacturing business contributed INR 4.2 billion in adjusted EBITDA for FY25[42] - The company's manufacturing business contributed INR 3.6 billion in Q4 FY25[42] Capital and Debt - The company raised $900 million through capital recycling to date[21] - The company raised $260 million in the last six months through monetizing operational solar and transmission assets, plus a fund raise in the manufacturing business[21] - Net debt/adjusted LTM EBITDA for the operational portfolio is approximately 6.0x[65]

Core Viewpoint - Brookfield Renewable is positioned to outperform the S&P 500 over the next decade, despite its more than 5% dividend yield, due to its strong financial profile and growth potential [2][12]. Financial Profile - Brookfield Renewable supports its high dividend yield with a robust financial profile, selling approximately 90% of its renewable energy under long-term, fixed-rate power purchase agreements (PPAs) with an average remaining term of 14 years [5][8]. - The company’s PPAs index about 70% of its revenue to inflation, ensuring predictable and steadily growing cash flow [5][6]. - Brookfield has a strong investment-grade balance sheet, with $4.5 billion in liquidity at the end of Q1, and it utilizes long-term, fixed-rate debt to fund its operations [7][8]. Growth Potential - Brookfield Renewable can achieve a 4% to 7% annual growth rate in funds from operations (FFO) per share without additional capital investment, which is solid for a high-yielding dividend stock [9]. - The company plans to invest $8 billion to $9 billion into new growth opportunities over the next five years, including a significant backlog of renewable energy projects totaling 74 gigawatts (GW) [9][10]. - Development projects are expected to contribute an additional 4% to 6% to FFO per share annually, with a target commissioning run rate of 10 GW per year by 2027 [10]. Dividend Growth - Brookfield anticipates growing its FFO per share at a rate exceeding 10% annually through 2034, supporting its plan to increase dividends by 5% to 9% each year [12][13]. - The company has maintained a 6% compound annual growth rate in its dividend payouts since 2001, indicating a strong track record of returning value to shareholders [12][13]. Investment Outlook - The combination of a more than 5% yielding dividend and anticipated FFO growth positions Brookfield Renewable to potentially deliver total annual returns in the mid-teens, significantly outperforming the S&P 500 over the next decade [13].

Company Overview - Voltalia is an international player in the renewable energy sector, producing and selling electricity from wind, solar, hydraulic, biomass, and storage facilities [2] - The company has a generating capacity in operation and under construction of over 3.3 GW, with a project portfolio under development representing a total capacity of 17.4 GW [2] Services Offered - Voltalia acts as a service provider, supporting investor clients in renewable energy projects from design to operation and maintenance [3] - The company offers a comprehensive range of services to private companies, including the supply of green electricity, energy efficiency services, and local electricity production [3] Company Presence and Recognition - Voltalia employs more than 2,000 people and operates in 20 countries across 3 continents, enabling global service delivery for its clients [4] - The company is listed on the Euronext regulated market in Paris and is included in indices such as Enternext Tech 40 and CAC Mid&Small, as well as in MSCI ESG ratings and Sustainalytics ratings [4]

Financial Data and Key Metrics Changes - The company reported a revenue increase of 39% year-over-year, reaching $130 million, and adjusted EBITDA rose by 84% to $132 million [6][24][28] - Net income surged to $102 million, a 316% increase compared to $24 million in the previous year, largely driven by the Sunlight transaction [28][29] - The company reaffirmed its full-year guidance for 2025, expecting revenues between $490 million and $510 million and adjusted EBITDA between $360 million and $380 million [30] Business Line Data and Key Metrics Changes - Revenues from electricity sales increased by 21% to $110 million, attributed to new operational projects, with significant contributions from Atrisko and the Israel solar and storage cluster [24][26] - The Sunlight transaction contributed $42 million to adjusted EBITDA and $97 million to pretax profit, reflecting the higher valuation of the entire cluster [28][29] Market Data and Key Metrics Changes - The company secured financing of $1.5 billion for three major projects, demonstrating strong access to capital despite market uncertainties [9][29] - In Europe, there is rising demand for energy storage, with the company starting construction on 1.3 GWh of energy storage projects in Italy, Spain, and Sweden [12] Company Strategy and Development Direction - The company aims to triple its growth every three years, supported by a diversified supply chain strategy that mitigates tariff impacts [14][20] - The focus remains on meeting increasing energy demand from utilities across America, with a robust project pipeline [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model and the ability to navigate changes in trade policies, with minimal impact on project economics [20][22] - The company is optimistic about the potential for revenue adjustments due to PPA negotiations, but currently does not foresee changes in guidance for 2025 [36][37] Other Important Information - The company has entered the standalone energy storage market in Poland, with 3.2 GWh under development [12] - A significant milestone was reached with the financial close for Country Acres and Quail Ranch, further supporting expansion plans [9][29] Q&A Session Summary Question: Potential for negotiations affecting revenue expectations - Management is optimistic about project results and does not foresee significant changes in revenue expectations due to PPA adjustments [35][36] Question: Update on CapEx negotiations and tariff impacts - Management indicated that negotiations are ongoing, with some contracts having automatic adjustments to mitigate tariff impacts [38][39] Question: Update on US pipeline qualifying for IRA credits - Management confirmed that projects under construction are fully covered by safe harbor provisions, with efforts ongoing for future projects [46] Question: Current financing environment - The company has successfully closed major financing transactions, indicating a resilient financing environment despite market challenges [49][50] Question: Tariff impact on non-Tesla sourced storage - Management stated that 20% of storage sourced from Chinese suppliers is protected through existing contracts and prior deliveries [51] Question: Sensitivity to tariffs from other countries - The company has a diversified supply chain strategy to mitigate risks from tariffs imposed on various countries [56][57] Question: Growth signs in Europe - Management noted strong demand for energy storage projects in Europe and ongoing development in Israel, particularly in agrosolar and data centers [58][60]

Financial Performance - The company experienced a 39% year-over-year increase in revenue for 1Q25 [11] - Adjusted EBITDA increased by 84% in 1Q25 compared to 1Q24 [11] - Net income saw a significant increase of 316% in 1Q25 compared to 1Q24 [11] - The sale of 44% of the Sunlight cluster contributed $80 million to revenues and income and $42 million to Adjusted EBITDA in 1Q25 [14] - The company reaffirms its 2025 guidance with revenues and income projected between $490 million and $510 million, and Adjusted EBITDA between $360 million and $380 million [11] Growth and Expansion - The company's revenues and Adjusted EBITDA have a Compound Annual Growth Rate (CAGR) nearing 40% since 2018 [15] - The company plans to build 4.7 FGW of capacity in 2025 [37] - The company is targeting $1.4 billion in revenues and income by year-end 2027 [35] - The company is entering the data center sector, leveraging its core capabilities [38] Tariff Mitigation and Financial Strategy - The company has no exposure to tariffs on solar panels for projects reaching COD by the end of 2026 [11] - 80% of the batteries for projects are purchased from Tesla, resulting in lower tariff exposure [11, 24] - The company completed $1.5 billion in financial closings for three U S projects in the past four months [11]

Financial Data and Key Metrics Changes - The company reported a revenue increase of 39% year-over-year, reaching $130 million, and adjusted EBITDA rose by 84% to $132 million [6][24][28] - Net income surged to $102 million, a 316% increase compared to $24 million in the previous year, driven by the Sunlight transaction and new projects [27][28] Business Line Data and Key Metrics Changes - Revenue from electricity sales grew by 21% to $110 million, with new operational projects contributing $30 million [24][25] - The Sunlight transaction added $42 million to adjusted EBITDA and $97 million to pretax profit [6][27] Market Data and Key Metrics Changes - Revenue distribution: 34% in Israeli shekels, 30% in Europe, and 27% in U.S. dollars [26] - The company secured financing of $1.5 billion for three major projects, demonstrating strong capital access despite market uncertainties [8][28] Company Strategy and Development Direction - The company aims to triple growth every three years, focusing on a diversified and resilient supply chain [12][13] - Expansion plans include significant projects in the U.S., Europe, and Israel, with a focus on energy storage and data centers [11][12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate tariff impacts and maintain project economics [20][22] - The company anticipates strong demand for energy storage in Europe and is well-positioned to capitalize on growth opportunities in Israel [56][58] Other Important Information - The company has raised a total of $1.8 billion in financing to support expansion plans, with a revolving credit facility of $350 million available [28][29] - The company reiterated its 2025 guidance, expecting revenues between $490 million and $510 million and adjusted EBITDA between $360 million and $380 million [29] Q&A Session Summary Question: Potential changes to revenue expectations due to PPA adjustments - Management is optimistic about project results and does not foresee changes in the 2025 guidance despite tariff impacts being minor [32][35] Question: Update on CapEx negotiations and tariff adjustments - Contracts have automatic adjustments in some cases, and ongoing negotiations may yield better results [37][39] Question: Update on IRA credits and safe harbor qualifications - Projects under construction are fully covered by safe harbor provisions, with efforts ongoing for future projects [40][44] Question: Current financing environment and expectations - The company has successfully closed financing for major projects, indicating resilience in the current financing environment [47][48] Question: Tariff impact on storage sourced from non-Tesla suppliers - The company is protected through existing contracts and relationships, minimizing risks from tariffs [49][50] Question: Growth signs in Europe due to infrastructure spending - Strong demand for energy storage projects is noted in Europe, with a significant pipeline in development [56][57]

Core Viewpoint - Brookfield Renewable is positioned as a leading investment opportunity in the renewable energy sector, driven by increasing demand for clean power and strong operational performance [1][2]. Financial Performance - In the first quarter, Brookfield Renewable reported record funds from operations (FFO) of $315 million, or $0.48 per share, representing a 7% increase year-over-year and a 15% increase when adjusted for hydro generation strength [4]. - The company has a current dividend yield of over 5%, with plans to increase it by 5% to 9% annually [2][14]. Growth Strategy - Brookfield Renewable benefits from stable, inflation-linked cash flows from its diversified global assets, including hydro, wind, solar, and energy storage [5]. - The company has engaged in capital recycling, selling $900 million in assets this year, netting $230 million for itself, and reinvesting proceeds into new opportunities [6][7]. - It has signed contracts to deliver an additional 4,500 gigawatt hours per year, including a significant agreement with Microsoft for 10.5 GW of capacity [8][9]. Capacity Expansion - Brookfield completed 800 megawatts of new renewable energy capacity in the first quarter and aims to complete 8 GW of projects this year, with a target of reaching 10 GW of annual capacity additions in the coming years [10]. - The company’s large-scale platform of contracted assets supports durable cash flow and ongoing reinvestment [11]. Competitive Advantages - Brookfield's scale allows for better negotiation terms with vendors and a diversified supply chain, mitigating inflation and cost pressures [12]. - The company maintains a strong financial profile with approximately $4.5 billion in liquidity, providing flexibility for continued investments [13]. Future Outlook - Brookfield Renewable anticipates 10%+ annual growth in FFO per share through at least 2029, supported by organic growth and strategic acquisitions [14].

Core Viewpoint - Enlight Renewable Energy has signed a 12-year electricity supply agreement with Vishay Israel Ltd. valued at approximately $105 million, which includes an option to increase consumption volumes over the contract's duration [1][4]. Company Overview - Enlight Renewable Energy is a leading renewable energy platform in Israel, owning the largest portfolio of renewable energy assets in the country [3][6]. - The company operates across major renewable segments including solar, wind, and energy storage, and has a global presence in the United States, Israel, and 10 European countries [6]. Agreement Details - The agreement with Vishay will enable significant reductions in electricity costs for Vishay's manufacturing facilities in Israel [4]. - The environmental impact of this agreement is substantial, equating to the planting of approximately 740,000 new trees annually or the removal of about 17,000 fuel-powered vehicles from the road each year [4]. Industry Context - The agreement is part of a broader trend where large consumers in Israel are entering direct supply agreements with power producers following the deregulation of the electricity market [3][5]. - Other notable entities in Israel that have signed similar clean electricity supply agreements with Enlight include the Weizmann Institute of Science, Amdocs, and Applied Materials [2]. Strategic Importance - The partnership aligns with Vishay's commitment to sustainability and energy efficiency, providing clean, reliable energy at lower rates, which enhances operational efficiency and reduces environmental impact [5]. - This agreement exemplifies how renewable energy can increase competition and lower power costs in Israel's energy market [5].