25.10.2021

2021 meetingfor analysts and investors

repower.com 2

2021 meeting for analysts and investorsAgenda

Market and strategy Roland Leuenberger, CEO

Finance Lorenzo Trezzini, CFO

Outlook Roland Leuenberger

Questions

repower.com 3

Energy legislationMarket and strategy

Investment grants for large hydroMore resources for expanding large hydro

Blanket framework for secure electricity supplyRevision of energy supply and energy legislation

Girod parliamentary initiativeRigid water rate regime extended until 2030

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Electricity priceHigh electricity prices with pronounced volatility

0

20

40

60

80

100

120

140

160

180

Jan.2020 Apr.2020 Jul.2020 Okt.2020 Jan.2021 Apr.2021 Jul.2021 Okt.2021

EU

R/M

Wh

Cal22 Baseload - CH Cal22 Baseload - DE

80

90

100

110

120

130

140

150

160

170

180

31.Aug 07.Sep 14.Sep 21.Sep 28.Sep 05.Okt 12.Okt 19.Okt

EU

R/M

Wh

Cal22 Baseload - CH Cal22 Baseload - DE

Security of electricity supply

Will the lights soon go out on us?

Supply security in winter

Federal Office of Energy forecasts important balance of 14 TWH from 2034 According to ElCom, imports of more than 10 TWh will push the system to its limit

So far, connection with Europe has assured Switzerland, and Europe, a stable supply of electricity(CH is connected with Europe via 41 lines)

Shared responsibilities (Federal Council, BFE/FOE, ElCom, BWL/FONES, Swissgrid, distribution grid operators, balance groups)

Reversions of hydropower plants in Canton GraubündenConcentration of reversions between 2035 and 2050 (i.e. “today”)

Asset End ofconcession

Tinzen 2035

Zervreila, Safien, Rothenbrunnen, Realta

2037

Bergeller KW 2039

Soazza 2041

Ferrera, Bärenburg, Sils, Thusis

2042

Domat/Ems 2042

Filisur 2046

Serdun, Tavanasa 2048

Ova Spin, Pradella 2050

Tiefencastel Ost 2050

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Media conference for analysts and investors: 1st half of 2021Agenda

Market and strategy Roland Leuenberger, CEO

Finance Lorenzo Trezzini, CFO

Outlook Roland Leuenberger

Questions

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FinanceHighlights

Total operating revenue (CHF m) Group profit (CHF m)

Operating cash flow (CHF m) Number of employees (FTE)

EBIT (CHF m)

Equity (CHF m)

843

1’293

HY 2020 HY 2021

+53%

6860

HY 2020 HY 2021

-12%

41 42

HY 2020 HY 2021

+2%

64

92

HY 2020 HY 2021

+44%

863 892

HY 2020 HY 2021

+3%

563 594

HY 2020 HY 2021

+6%

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EBITDecline of CHF 8.5 m (-12%)

Gross margin: Good results from sales business (E2E) and renewables not enough to offset decline in trading

business (Italy and Switzerland)

Other income: Results underpinned by CHF 20.5 m payment from Swissgrid (transfer of transport grid)

Personnel expenses: Investment in 31 FTE in human resources (CH: +16 FTE; IT: +15 FTE)

Licences and concessions: Lower licences and concessions owing to lower volumes generated

Other expenses: Driven by increased investment in development costs (renewables business)

24.1

Personnel exp.

-5.0-1.9

Int.prod.&cap.assets

0.3

Associates

59.6

HY 2021HY 2020 Depr./amort.

0.1

68.1-25.1

Gross energy margin Oth. income Other exp.

0.8

Concessions

-1.8

-8.5CHF m

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EBITDecline of CHF 8.5 m (-12%) by segments

Switzerland: Compensation for the transfer of the transport grid to Swissgrid is

more than enough to offset a decline in gross margin (CHF -14.5 m).

Italy: The decline in Italy is due to a return to normal in the gross margin on

balancing energy (MSM margin) versus the prior year.

Corporate Centre: Helped by payments from positive court rulings, lower capital

taxes and IT costs

CHF m

11.617%

19.132%

56.583%

3.3

SwitzerlandHY 2020

-16.0

Italy

4.2

Corp. Center

40.568%

HY 2021

59.6

68.1

-8.5

CH*

IT

* including Corporate Centre

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Segment Switzerland: EBITEBIT up CHF 3.3 m

Service Provision Division: Reaches prior year level

Market Division: Prior year’s provisions for guarantees

of origin no longer apply in 2021

3.4

21.5

HY 2020

-0.1

MarketService Provision HY 2021

18.2

+3.3CHF m

* excluding Corporate Centre

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Segment Italy: EBITSharp (CHF 16 m) decline in EBIT driven by MSD margin

Trading activities: Normalisation of MSD margins, CHF -26.7 m (-46.5%) down on

2020, and downtime at Teverola in February, lead to sharp decline

Sales business: Increase in volumes sold (electricity: +17%; gas: +11%) reflected in

higher margins (electricity: CHF +9.6 m; gas CHF +6.7 m)

Renewables business: Higher volumes generated and gross margin (+50% versus

prior year) contributed to gratifying results

18.2

-34.3

Trading

-2.0

HY2020

2.1

Renewable

40.5

Sales HY 2021Other

56.5

- 16.0CHF m

*Other: finance/management and generation

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Tax expense and net profitTax expense: decline owing to lower taxable profits in Italy

CHF m CHF m

-17.2

-9.6

ItalyHY 2020

0

CH HY 2021

7.6

The decline in tax expense in Italy is mainly due to lower earnings

59.6

42.4

Taxes ProfitEBIT

-7.6

-9.6

Financial earnings

Financial earnings come to CHF -7.6 m (prior year CHF -10.1 m), primarily consisting of interest expense and the premature repayment of interest rate swaps

1H21 profit comes to CHF 42.4 m (up CHF 1.6 m from CHF 40.8 m in 1H20)

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EquityFurther strengthening in equity (CHF +23 m/3%)

Increase in equity

Thanks to strong half-year results, equity after dividend increased by CHF 23 m

1’876 1’9822’209

844 869 892

20202019

45% 44% 40%

HY 2021

Assets

Equity ratio

Equity

Equity ratio declines owing to higher total assets (higher replacement values)

Equity ratio of 40% within target range of 35% to 45%

42

Equity 30 Jun 21Equity 1 Jan 21

869

Earnings

-23

Dividend

4

Other

892

+3%CHF m CHF m

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CapexInvestment of CHF 53.5 m in tangible and intangible assets

Grid8.6 MCHF

Generation7.8 MCHF

Reversion waiver compensation

24.1 MCHF

Other assets1.8 MCHF

Italy11.2 MCHF

In the first year a total of CHF 53.5 m was

invested.

CHF 42.3 m was invested in Switzerland and

CHF 11.2 m in Italy

The biggest investment in Switzerland was CHF

24.1 m for reversion waiver compensation in

Valposchiavo

CHF 8.6 m was invested in grid assets and CHF

7.8 m in generation assets

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Net liquidityNet debt to EBITDA declines further

CHF mHY

2020HY

2021

Cash and cash equivalents 301 285

+ securities and fixed-term deposits

196 198

./. financial liabilities 405 377

./. Interest liabilities 3 3

Net liquidity* -89 -103

*Net liquidity, indicated by a minus sign, now comes to CHF -103 million

-31

-103

117 129

87

-0.3

-1.2

2019

-89-0.7

HY 20212020

Net debt EBITDA Net debt/EBITDA

CHF m

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Financial liabilities: Repower AGTotal CHF 256 m on 30 June 2021

Liabilities are broadly diversified in terms of counterparties and maturities

Broad range of debt instruments (bonds, credits, loans, registered bonds, etc.)

UBS ZKB ING ING GKB SET PAX DB

MCHF 96.4 10.0 27.5 27.5 50.0 21.9 20.0 2.7

Fälligkeit 20.07.2022 20.03.2023 23.01.2024 23.04.2025 04.07.2026 30.06.2027 28.06.2030 08.08.2034

Zinssatz 2.375% 3.625% 1.698% 1.922% 1.820% 3.900% 2.500% 3.400%

0.000%

0.500%

1.000%

1.500%

2.000%

2.500%

3.000%

3.500%

4.000%

4.500%

0.0

20.0

40.0

60.0

80.0

100.0

120.0

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ItalyOverdue receivables still at low level

0

50

100

150

200

250

300

350

9,0

6,0

0,0

10,5

7,5

4,5

1,5

3,02.12%

2013

7.65%

49,9

7.09%

2014 2015 2021-06

5.60%

2016

1.36%

2017

1.72%

2018 2020-06

1.74%

11,6

2019

27,4

2020

17,3

3.13%

9.29%

82,3 75,2 65,6

17,1

2.19%

2012

16,4

57,1

6.52%

19,8

Open accounts receivableIn % of sales (billed)

Long-term trend positive, thanks among other things to optimised accounts receivable management and selective customer checks

Despite sustained impact of Covid-19 receivables had declined to below 3% again by end-June 2021

repower.com 20

Capital market2021 ratings

repower.com 21

Financial policyThree central pillars

Healthy balance sheet structure

Good supply of liquidity

Adequate financing policy

Net debt/EBITDA < 0 thanks to net liquidity

Operating cash flow covers investment and dividends over a period of several

years

Adequate cover with unused lines of credit at various banks

Forward-looking management of liquidity and maturities of financing

Access to capital markets assured at all times

Financing instruments match the profile of the business

Forward-looking financial planning taking account of exchange rate

developments

repower.com 22

2021 media conference for analysts and investorsAgenda

Market and strategy Roland Leuenberger, CEO

Finance Lorenzo Trezzini, CFO

Outlook Roland Leuenberger

Questions

repower.com 23

OutlookWe put our energy into the future

CoronavirusElectricity consumption in 1st half of 2021 back to pre-Covid level

Earnings Second half of 2021 will be solid but less strong

Energy transitionPushing ahead hard with own hydro and PV projects

Electricity marketCharacterised by extraordinarily high electricity prices and great volatility

StrategyJoining forces, boosting profitability

repower.com 24

2021 media conference for analysts and investorsAgenda

Market and strategy Roland Leuenberger, CEO

Finance Lorenzo Trezzini, CFO

Outlook Roland Leuenberger

Questions

repower.com 25

QuestionsInstructions for webinar questions

1

2

Please enter your questions in the box

provided in the webinar tool

repower.com 26

AgendaNext dates in the financial agenda

Key dates

5 April 2022 Annual media conference

18 May 2022 Annual general meeting in Klosters

25.10.2021

MANY THANKS!