ReNew Energy Global : Q4 2024 Earnings Presentation

Q4 FY24 results and long-term outlook

June 6, 2024

Disclaimer

Forward-Looking Statements

This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by ReNew Energy Global, the markets in which ReNew Energy Global operates and ReNew Energy Global's future potential financial and operational results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward- looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive Renewable energy and related industries. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in ReNew Energy Global's annual report on Form 20-F filed with the Securities and Exchange Commission (the "SEC") on July 31, 2023 and other documents filed by ReNew Energy Global from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ReNew Energy Global assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. ReNew Energy Global gives no assurance that it will achieve its expectations.

Non - IFRS Financial Measures

This presentation contains financial measures which have not been calculated in accordance with International Financial Reporting Standards ("IFRS"), including EBITDA because they are a basis upon which our management assesses our performance and we believe they reflect the underlying trends and indicators of our business. Although we believe these measures may be useful for investors for the same reasons, these financial measures should not be considered as an alternative to IFRS financial measures as a measure of the Company's financial condition, profitability and performance or liquidity. In addition, these financial measures may not be comparable to similar measures used by other companies. We provide further descriptions of these non-IFRS measures and reconciliations of these non-IFRS measures to the corresponding most closely related IFRS measures in annual report on Form 20-F and other documents filed by ReNew Energy Global from time to time with the SEC filed with the Securities and Exchange Commission (the "SEC") on July 31, 2023.

2

AGENDA

1

OUR VISION

4 BUSINESS UPDATES

7 GUIDANCE

2 GROWTH OUTLOOK

5 FINANCE

8

ABOUT US

3

Q4 and FY24 RESULTS

6

ESG and

SUSTAINABILITY

9 ANNEXURE

3

Our vision

01

4

4

OUR PURPOSE

To create a

carbon-free world by accelerating the clean energy transition

OUR VALUES

Pioneer

Responsible

Excellence

Partner

5

Growth outlook

02

6

Summary of key messages

• Long term 16 - 18% annual growth, and deleveraging without issuing new shares
• • Growth funded through internal cash flow generation and capital recycling, no intention to issue new shares
  • Less leverage needed given better project cost/EBITDA for newer projects, limited need of corporate debt; sufficient internal cash

flows

• • Asset recycling improves leverage ratios
• Clarity of growth and higher returns: 21.4 GWs won (15.6 GWs with PPAs, another ~6 GWs awaiting PPAs)
• • Next 10-12 GWs has higher returns and needs less leverage than current 9.5 GWs operating

• Lower execution risk: 100% transmission access obtained or land parcels identified, >50% of cap ex cost locked in

• Asset recycling enhances returns and growth; core part of strategy
• • Expect to monetize 1.5 - 2.5 GWs through 2030
  • Capital recycling further increases IRR by ~3-5% from base levels
• Consolidated Returns, CFe and leverage ratios impacted by growth
• • FY24 assets operating >1 year (7.6 GW)
  • • ROCE: 11.3% vs 8.0% consolidated for RNW, vs WACC of 8.5-9.5%
    • CFe: ~INR 17 bn vs 13.7 bn consolidated

• Net Debt to LTM EBITDA: 5.3x vs 8.2x consolidated

• By 2030, consolidated ratios to improve meaningfully

•	Refers to share of 7.6 GW of projects that have been operational for 1 year or more. ROCE = EBIT/ Capital deployed. Refer to reconciliation of Adj EBITDA from operating projects to total adj EBITDA in the finance section,	7
•	Capital deployed = Total assets - current liabilities - surplus cash | ^ Analyst estimates

16-18% growth p.a. in operating capacity and Adj. EBITDA

~3.5x growth in operating capacity
(in GW)
25		Assets
	expected
Won recently,	21.4 GW
PPA not signed	to be sold

					Total
20						1.5-2.5
CAGR ~19%
			CAGR ~15-16%	5.8
15			13.7 GW	13.8 GW
		Total
			Total
		10.8 GW		0.4	6.1
9.9 GW
	Total		3.9
Total		5.7
10	0.1	3.1				19.4
0.3
4.3
5			8.0	9.5	9.5
		7.6
5.6
0
FY21		FY22	FY23	FY24	Current	FY29
					pipeline	operational

(Net of asset sales)

Commissioned Committed Assets sold Uncontracted pipeline

Note: We have used FY21 numbers to benchmark for listing

~3.5x growth in Adj. EBITDA

(INR Bn)

160
		142 - 150
140		CAGR ~16-18%
120		110
100
80
60
40		69
	62
	55
20	42
0

FY21	FY22	FY23	FY24	15.6 GW	19.4 GW
				(Run rate)	(Run rate)

Note: FY24 includes gains on asset sales | 15.6 GW and 19.4 GW, do not consider gains from asset sales8

Achieving 16-18% annual growth without issuing shares

Self funding enables us to	GW
grow to ~17 GW without
selling assets

Recycling capital enables us to fund additional growth without issuing shares

Growth trajectory for our operational projects

Self funded growth

Additional growth with capital recycling

3-519-20

7-816.5-17.5

1.5-2.5

2 GW sale funds

~4 GW of new

assets

Growth trajectory for run-rate CFe

Self funded growth

Additional growth with capital recycling

INR Bn

By selling 1.5-2.5 GW of RE assets we can fund another ~3-5 GW of assets

18-2232-36

3-4

Lower CFe due to sale of assets

6-835-42

Higher CFe after reinvestment

Note: The above is an illustration | Full year CFe for projects commissioned in FY29 will only be realized in FY30

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Projects operational for >1 year showcase underlying value

7.6 GW operational for over 1 year:

• 8.0 GW operating MWs as of Mar'23
• Less: 400 MW sold in FY24

INR 63.1 Bn EBITDA from 7.6 GW in FY24:

• Net Debt INR 324 Bn*
• Net Debt/EBITDA 5.3x*
• CFe: INR 17 bn for FY24*

Return on capital employed: 11.3%

• Capital employed: ~INR 412 Bn
• EBIT: INR 46.4 Bn*

By selling 1.5-2 GW of assets at

2x book value we can build twice as much with same amount of capital

GW	Healthy project level returns (7.6 GW operational)*

*Note: EBITDA, EBIT reconciliation, Net Debt and capital employed reconciliation on page 72 | ROCE = EBIT/ Capital deployed. Capital deployed = Total assets - current liabilities - cash

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