ALBIOMA: Quarterly financial information as of March 31, 2022

VScommunicated Press

Paris La Défense, April 21, 2022

Quarterly financial information as of March 31, 2022

Strong increase in first quarter sales (+27%); excluding fuel price effect, 4% increase in revenue

Very good performance of thermal installations in Overseas France

Positive contribution of the second geothermal power plant in Turkey acquired at the beginning of the year

In the first quarter of 2022, the Group’s revenue rose sharply (+27% compared to the first quarter of 2021).

This increase results from:

• the surge in fuel prices, in particular coal and fuel oil, in a context of post-COVID economic recovery associated with the reduction in supply since the start of the conflict in Ukraine; excluding the fuel price effect, sales were up 4%;
• the very good performance of thermal installations in the overseas departments;
• the scope effect, linked to the integration of Albioma’s second geothermal power plant in Turkey.

1. Including Spain and Italy.

France

Thermal biomass

Very good availability of facilities during the quarter

Revenue from the Thermal Biomass business in France was up sharply by 29% compared to 1^er quarter of the 2021 financial year, at €143.1 million taking into account the contractual indexation of the sale price of electricity on the price of fuels. The price of the latter has soared, in a context of post-COVID economic recovery associated with the reduction in supply since the start of the conflict in Ukraine.

Excluding the fuel price effect, revenue increased by 4% due to the good availability of facilities; the maintenance shutdowns carried out during this quarter took place under good conditions.

The availability rate was 90.5% on 1^er quarter of 2022 compared to 83.3% in the 1^er quarter of 2021 and electricity production from thermal facilities reached 399 GWh, compared to 437 GWh in 1^er quarter of 2021 taking into account the continued reduction in call rates by EDF in La Réunion in connection with the high prices of coal and CO₂.

Project construction and development

Continuation of conversion work to 100% biomass at the Albioma Bois-Rouge plant

The conversion of the Bois-Rouge power plant to 100% biomass continued under good conditions at the start of 2022. The total abandonment of coal is planned for the end of 2023 and the local sources of available biomass (bagasse, forest wood, pruning wood, etc.) will be recovered as a priority, supplemented by imports of traceable biomass (in accordance with EU wood regulations) and sustainable (FSC or PEFC type standards required of our suppliers) in the form of wood pellets.

Conversion to 100% biomass of the Albioma Le Gol power plant

The Group took note of the publication of the deliberation of the Energy Regulation Commission (CRE) of February 24, 2022 validating the amendment to the electricity purchase contract and ruling on the cost of the complete conversion project biomass from the Albioma Le Gol power plant in Réunion, as well as its extension of operation until 2044. This favorable opinion follows the publication of the ministerial decree of January 17, 2022 establishing the rate of return on capital for carrying out the conversion work, which was set according to the proposal made by CRE.

Solar

Production steady

Revenue from the Solar business fell by 5% to €10.8 million. It includes the reductions resulting from the revision of the S06-S10 tariffs.

Production reached 28 GWh on 1^andr quarter of the fiscal year against 29 GWh in 1^er quarter 2021.

Project development

The Group continued the development and construction of photovoltaic power plant projects in all areas during the quarter.

Brazil

Thermal biomass

Intercampaign and plant maintenance operations

During the sugar inter-campaign during the 1^er quarter, the Group’s four power plants carried out their annual maintenance.

The activity recorded revenue of 2.5 million euros (compared to 2.6 million euros in the 1^er quarter of 2021).

Turkey

Geothermal

Integration of the central Kuyucak Jeotermal Elektrik Uretim A.Ş. and Pproduction in line with expectations

The Group’s two geothermal power plants performed well during the quarter. Production reached more than 45 GWh on 1^er quarter, in line with expectations. The production of the Gümüskoÿ plant is up by 38% compared to the 1^er quarter 2021.

As a reminder, the Group acquired the Kuyucak Jeotermal Elektrik Üretim A.Ş power plant. on February 14th.

Evolution of governance

On April 5, 2022, Marie-Claire Daveu informed Albioma of her intention to make her position as Director available to the Board as of July 31, 2022, her candidacy for the position of Director having been submitted to the General Meeting today. General of Engie shareholders. The composition of Albioma’s Board of Directors will be reviewed accordingly in the coming months.

Continuation of discussions with KKR

On March 9, 2022, Albioma confirmed, following market rumours, that it was conducting preliminary discussions with KKR. They are currently continuing.

Next meeting: Annual General Meeting, May 25, 2022 at 3:00 p.m.