GLO.L Regulatory News (GLO)

22 May 2019

ContourGlobal plc ("ContourGlobal" or the "Company")

Quarterly update following AGM

Momentum continues in 2019 as ContourGlobal delivers strong growth in Q1

Highlights

· Adjusted EBITDA for the first quarter of 2019 of $147.0m, a rise of 23.5% compared to the prior year primarily due to the acquisition of the 250 MW Concentrated Solar Power facilities in the southwest of Spain (the "Spanish CSP business") in May 2018 (+$31.6m) as well as improved wind resource and availability (+$5.2m), partially offset by FX movements in the Euro and Brazilian Real (-$11.5m).

· As announced during its annual results presentation, the annual dividend is expected to be increased by 10% and ContourGlobal has moved to a quarterly dividend payout and today declares a first quarterly dividend for 2019 of $24.75 million corresponding to 3.6901 USD cents per ordinary share. This is expected to be paid on 21 June 2019 to shareholders on the register at 31 May 2019.

· 36.9% increase in FFO compared to prior year driven by the acquisition of the Spanish CSP business (+$28.0m), partially offset by a change in timing of Eurobond interest payment dates from June and December 2018 to August and February 2019 (-$13.7m).

· Further to the announcements made by the Company on 7 January 2019 and 5 April 2019 regarding the acquisition of natural-gas fired cogeneration plants in Mexico from Alpek S.A.B. de C.V. (the "Acquisition"), the Company today updates on the transaction status and timing. As previously announced, closing of the transaction is conditional upon, among other things, the entry into commercial service of the asset under construction (CGA1). Closing is now expected to occur in Q3 2019. As previously disclosed, the Acquisition is expected to make an Adjusted EBITDA contribution of $110m in its first full year of operations.

· On 3 May 2019, the Company announced it had reached a key milestone in the Kosova e Re Power Plant Project with a consortium of General Electric companies being selected as the Preferred Bidder in the tender for the turn-key engineering, procurement and construction and longterm maintenance contracts.

· Further to the announcement made on 6 December 2018, on 20 May 2019, the Company completed the sale of a 49% interest in the Spanish CSP business to a fund advised by Credit Suisse Energy Infrastructure Partners AG for a total consideration payable of €134 million in cash.

· Unchanged 2019 Adjusted EBITDA guidance of $720 - $770m.

Q1 2019 (figures in USDm unless otherwise stated)

* Non-IFRS metrics

Joseph Brandt, Chief Executive Officer, ContourGlobal said:

"We have made a strong start to 2019 with growth in Adjusted EBITDA in line with our expectations. During the quarter, we marked an important milestone in the development of the Kosova e Re project. Our M&A pipeline remains robust and other key projects such as our innovative hydroelectric refurbishment in Armenia and the modernization of our integrated renewable, storage and thermal generation facility on the island of Bonaire are on track."

ENQUIRIES

Investor Relations - ContourGlobal

Alice Heathcote

Tel: +1 617 690 9633

investor.relations@contourglobal.com

Media - Brunswick

Charles Pretzlik/Simon Maine

Tel: +44 (0) 207 404 5959

Contourglobal@brunswickgroup.com

About ContourGlobal

ContourGlobal is listed on the premium segment of the London Stock Exchange (TKR: GLO). ContourGlobal is an international owner and operator of contracted wholesale power generation businesses. Pro-forma for the Acquisition, it owns and operates approximately 4,830 MW in 103 power plants in 19 countries and three continents.

Certain information contained in this announcement, including any information as to ContourGlobal's strategy, plans or future financial or operating performance constitutes "forward-looking statements". These forward-looking statements can be identified by the use of terminology such as, "aims", "anticipates", "assumes", "believes", "budgets", "could", "contemplates", "continues", "estimates", "expects", "intends", "may", "plans", "predicts", "projects", "schedules", "seeks", "shall", "should", "targets", "would", "will" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements appear in a number of places throughout this announcement and include, but are not limited to, express or implied statements relating to ContourGlobal's business strategy and outlook; ContourGlobal's future results of operations; ContourGlobal's future financial and market positions; expectations as to future growth; general economic trends and other trends in the industry in which ContourGlobal operates; the impact of regulations on ContourGlobal and its operations; and the competitive environment in which ContourGlobal operates.

By their nature, forward-looking statements are based upon a number of estimates and assumptions that, whilst considered reasonable by the Directors and the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those indicated, expressed or implied in such forward-looking statements. Forward-looking statements are not guarantees of future performance. Any forward-looking statements in this announcement reflect the Directors' and the Company's current view with respect to future events and are subject to certain risks relating to future events and other risks, uncertainties and assumptions. The forward-looking statements contained in this announcement speak only as at the date of this announcement. The Directors and the Company disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in their expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law, the UK Prospectus Rules, the UK Listing Rules, the UK Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and the Market Abuse Regulation (EU) No. 596/2014 . You are cautioned against placing undue reliance on any forward-looking statement in this announcement.