Half Year FY20 Results 21 February 2020 Image: Lake Bonney Wind - PowerPoint PPT Presentation

Half Year FY20 Results 21 February 2020 Image: Lake Bonney Wind Farm and SA Battery

H1FY20 Performance H1FY20 H1FY20 H1FY19 Change % Change % Ren enew ewable ble Ene nergy y ▪ Full period contributions from Bodangora WF and Kiata WF. 1,071 912 +17% Generation ion sold (G sold (GWh) Net Revenue ▪ Higher Renewable Energy Generation and first contributions 134.3 119.2 +13% (A (AUD m) D m) from Smithfield OCGT and SA Battery. Co Contracted Revenue ▪ Firming assets enabled higher levels of customer contracting. 116.3 94.6 +23% (AUD m) (A D m) ▪ Bodangora WF PPA contribution. ▪ Higher Net Revenue, partly offset by higher operating costs. EBITD EBITDA ▪ ‘AASB16 Leases’ adopted in H1FY20, resulting in $2.1m 98.2 88.2 +11% (A (AUD m) D m) positive impact to EBITDA*. NPAT ▪ Reflects strong business performance. 26.2 21.1 +24% (A (AUD m) D m) ▪ Reiterating Outlook from FY19 Results. Out utloo ook ▪ Financial results weighted towards first half. * In H1FY20, Infigen adopted AASB16, resulting in a positive EBITDA impact of $2.1m. Details of the impact of AASB16 on Infig en’ s accounts are contained in Note A2 of the Half Year FY20 2 Financial Report.

Sustainability Priorities We sell green energy to Australian ▪ Renewable energy sales +17% vs H1FY19. commercial and industrial customers ▪ One LTI in October 2019. Our first priority is the safety of our ▪ Lake Bonney 1 WF and Alinta WF are 11 years without LTI. people and our communities ▪ Programme of continuous improvement, focusing on eliminating risks wherever possible. ▪ Employee Net Promoter Score (eNPS) of +55. Our high performance workforce is ▪ Job Satisfaction 83%. engaged ▪ Current Motivation 86%. ▪ Strong culture of commitment to achieving corporate purpose. In October 2019, we hosted the 9 th Annual Run With The Wind event at Woodlawn Wind ▪ We invest in our communities and value Farm with a record 720 participants. their support ▪ Contributed $6.6m to local employment, local procurement, landowner payments and community projects. ▪ Increasing bushfire readiness of our communities via facility improvements. Bushfire Relief Plan ▪ Stimulating bushfire affected economies, including via a staff leave day initiative. ▪ Contributing to reconstruction of Two Thumbs Koala Sanctuary, NSW. ▪ Targeting Net Zero Scope 1 and 2 emissions by FY25. We are targeting carbon neutrality ▪ Offsetting 20% of Scope 1 and 2 emissions in FY20. 3

Infigen continues to deliver on strategy • Infigen combines low cost, intermittent renewables, with flexible fast start generators to deliver firm contracts to C&I customers. • H1FY20 saw higher renewable energy generation and growth of our firming capacity. Growth in renewable energy generation Growth in our firming portfolio 1,200 Smithfield OCGT: ▪ ▪ 1,071 First full half of contribution. 35 17 ▪ 107 15GWh in H1FY20. 1,000 ▪ 3% Capacity Utilisation. 912 ▪ 226 unit starts. Renewable Energy Generation Sold (GWh) SA B Battery: 800 ▪ Energised 29 th Nov 2019. ▪ ▪ 25MW/52MWh. 600 ▪ <1 second response time. ▪ Revenues split between energy and FCAS markets. 400 ▪ Performing above expectations, broadly offsetting the impact of Lake Bonney WF curtailment in February 2020. 200 South Australia Gas Turbines: ▪ ▪ Signed agreement to lease in August 2019. - ▪ Lease expected to commence May 2020, with H1FY19 Full period of Full period of Wind H1FY20 Infigen operating at Lonsdale, SA. Bodangora Kiata WF, variation ▪ Relocation to Bolivar, SA, where can run on dual WF Capital Lite fuel, expected by November 2021. ▪ Capex budget unchanged at $55m. Notes: Renewable Energy Generation includes Owned Assets and Contracted Assets. Excludes generation from Firming Assets. Renewable Energy Generation presented after application of marginal loss factors. 4

Firming assets are improving the quality of our earnings ▪ Smithfield OCGT and SA Battery enable higher levels of electricity contracting, increasing reliability of revenues and improving quality of earnings. ▪ Over 70% of expected renewable energy generation contracted for FY20, FY21 and FY22. Higher contracted revenue outcome High igher co contracted elec electricit icity y volume lumes H1FY19 vs H1FY20 FY1 Y19 vs vs H1FY2 Y20 160 Percentage of expected Renewable Energy Generation 100% Additional contracting opportunity $134.3m 140 90% Contracted $119.2m 81% Revenue 18.0 80% 120 +23% 72% 71% 67% 70% 24.6 contracted (GWh) 100 AUD m 58% 60% 50% 80 50% 45% 40% 60 87% 116.3 30% 94.6 79% 40 20% 10% 20 0% FY19 FY20 FY21 FY22 FY23 FY24 FY25 0 H1FY19 H1FY20 Total at FY19 results Total at H1FY20 results Contracted Revenue Uncontracted Revenue Notes: Contracted electricity includes C&I and PPA sales, represented as a percentage of expected Notes: Contracted Revenue includes electricity revenue from PPAs, electricity revenue from C&I customers and contracted LGC revenue. Uncontracted Revenue includes Merchant revenue and uncontracted LGC renewable energy generation in a given financial year. Renewable energy generation is inherently variable and hence realised percentages by channel may differ. revenue. Uncontracted Revenue is subject to price risk. 5

Diversifying our customer base ▪ Continued customer acquisition has diversified our customer base within the C&I channel to market. ▪ Contracted position of 70-80% of electricity for FY20, FY21 and FY22 in line with business strategy. Increasingly diversified customer base lowers counterparty and renewal risks. FY19 FY20 FY21 Ports & Food & Other Terminals Beverages 0% 2% 3% Ports & Terminals Other Government 10% 4% 12% Utilities Food & 35% Utilities Beverages 41% Government 8% 21% Construction 43% Utilities 54% Other Construction 2% 33% Construction Food & 24% Beverages 8% Notes: Data represents customer diversification by sector within Infigen’s C&I channel to market for electricity. Additional diversification provided via PPA and merchant channels to market. 6

Net Revenue drivers ▪ Success of contracting strategy resulted in higher revenues from C&I and PPA segments. Net R et Revenue enue ▪ Net Revenue: $134.3m, 13% increase, primarily driven H1FY19 1FY19 vs H1FY20 1FY20 by higher Renewable Energy Generation. 160 ▪ Higher C&I revenue: reflecting the continuing success of business strategy. 134.3 140 2.4 4.8 9.0 ▪ Higher PPA revenue: driven by Bodangora WF where, 1.1 119.2 120 from March 2019, 60% of generation is sold via PPA. ▪ Higher LGC revenue: as higher LGC volumes offset 100 AUD m lower LGC prices. ▪ Lower Merchant revenue: higher C&I contracting and 80 lower received electricity prices. 60 ▪ Net Revenue expected to to be be weighted to to H1FY FY20 20: 40 – Historic and modelled renewable energy generation exhibits consistent bias towards H1, with H1 20 representing between 51% and 60% of full year generation since FY13. – In addition, H1FY20 included higher priced CY2019 0 LGCs with lower priced LGCs to be recognised in H1FY19 Higher Higher Higher Lower H1FY20 Net C&I PPA LGC Merchant Net H2FY20, and wholesale electricity prices for CY20 Revenue revenue revenue revenue revenue Revenue are also more subdued. 7

Net Revenue to EBITDA bridge ▪ Higher Net Revenue (+13%) converted to higher EBITDA (+11%). H1FY20 1FY20 Net R et Revenue enue to E to EBI BITDA Owned Renewable Energy Asset Expenses: 160 ▪ slightly higher, reflecting contribution of Bodangora WF. ‒ Wind farm land leases now on balance sheet in 140 134.3 accordance with AASB16. ‒ Underlying unit costs were stable reflecting long (“O&M”) term Operations and Maintenance 120 contracts with Vestas and GE. Turbine Availability 20.1 2.8 1.3 20 th guarantees in place until anniversary of 98.2 100 commencement of commercial operations at each 12.0 wind farm. AUD m 80 FCAS Expense: higher Frequency Control Ancillary ▪ Services expense, as imposed by market operator, AEMO. 60 Firming Assets Fixed Operating Costs: primarily ▪ reflecting fixed operating costs at Smithfield OCGT. 40 Smithfield land lease now on Balance Sheet in accordance with AASB16. 20 Business Operating Costs: ▪ reflect investment in people and systems for transitioned business model, as 0 indicated in FY20 Outlook. H1FY20 Owned FCAS Firming Business H1FY20 Net Wind Farm Expense Assets Operating EBITDA Revenue Expenses Fixed Costs Costs 8