SEDAR Interim Financial Statements

WESTBRIDGE RENEWABLE ENERGY S.A. (Formerly “Westbridge Renewable Energy Corp.”) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Expressed in Canadian dollars) FOR THE THREE MONTHS ENDED FEBRUARY 28, 2026 NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), released by the Canadian Securities Administrators, the Company discloses that its external auditor has not reviewed these interim condensed consolidated financial statements, notes to the interim condensed consolidated financial statements, or to the related Management’s Discussion and Analysis. The accompanying unaudited interim financial statements of the Company have been prepared by the Company’s management and approved by the Board of Directors of the Company. Vancouver, Canada April 27, 2026 2 WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian Dollars) See accompanying notes to the consolidated financial statements. 3 WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (cont’d…) (Expressed in Canadian Dollars) Subsequent events (Note 19) Approved on behalf of the Board: “Stefano Romanin” Director “Margaret McKenna” Director See accompanying notes to the consolidated financial statements. 4 WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE PROFIT (LOSS) (Expressed in Canadian Dollars) See accompanying notes to the consolidated financial statements. 5 WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in Canadian Dollars) See accompanying notes to the consolidated financial statements. 6 WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Expressed in Canadian Dollars) See accompanying notes to the consolidated financial statements. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 7 1. CORPORATE INFORMATION Westbridge Renewable Energy S.A. (formerly “Westbridge Renewable Energy Corp.” and referred to here within as the “Company”) was incorporated under the laws of British Columbia, on February 9, 1956. Its principal business activity is the acquisition and development of solar photovoltaic projects and the Company’s shares are listed on the TSX Venture Exchange (the “TSXV”) under the ticker symbol “WEB.” In the year ended November 30, 2024, the Company completed the sale of Georgetown and Sunnynook to Metka-EGN Ltd, a subsidiary of Metlen Energy & Metals subject to definitive agreements entered into on June 1, 2023. On May 12, 2025, the Company announced that the previously announced definitive agreements with Metka for the acquisition of the remaining Alberta-based projects expired on April 30, 2025, and the Company had returned the deferred consideration related to them. The Company has retained full ownership of the Dolcy, Eastervale and Red Willow projects which represent Solar and Battery Energy Storage Systems (“BESS”). On August 22, 2025, the Company reduced the number shares issued and outstanding from 101,149,851 Common Shares to approximately 25,287,462 Common Shares is --- sued and outstanding on the basis of one (1) post-consolidation Common Share for every four (4) pre-consolidation Common Shares. All share and per-share amounts in these consolidated financial statements have been retrospectively adjusted to account for the effect of this share consolidation. On April 8, 2026, the Company continued out of the Province of British Columbia, Canada, to the Grand Duchy of Luxembourg, as a public limited company (société anonyme) (the “Continuation”). The TSXV has approved the Continuation, under which the Company’s name changed from “Westbridge Renewable Energy Corp.” to “Westbridge Renewable Energy S.A.”. The address of the Company’s corporate office and principal place of business is 11, Avenue de la Porte-Neuve, L-2227, Luxembourg. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 8 2. BASIS OF PREPARATION (a) Statement of compliance These condensed consolidated interim financial statements of the Company for the three months ended February 28, 2026, have been prepared in accordance with IFRS Accounting Standards (“IFRS”), as issued by the International Accounting Standards Board ("IASB"). These condensed consolidated interim financial statements were approved and authorized for issue on April 27, 2026, by the board of directors. (b) Basis of presentation and measurement These consolidated financial statements have been prepared on an accrual basis (except for cash flow information), using the historical cost convention (except where specific items are measured at fair value) and are presented in Canadian dollars. The preparation of financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 9 3. MATERIAL ACCOUNTING POLICIES (a) Principles of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. All subsidiaries are wholly owned, except as indicated below:  Accalia Point Solar LLC, a company incorporated in the USA;  Albion Solar Holdings Inc, a company incorporated in the USA;  Albion Solar LLC, a company incorporated in the USA;  Aster BESS Holdings Inc., a company incorporated in the USA;  Aster BESS LLC, a company incorporated in the USA;  Brule BESS Inc, a company incorporated in Ontario, Canada**;  Corry Solar Holdings, Inc., a company incorporated in the USA;  Corry Solar LLC, a company incorporated in the USA;  Delphine Solar Holdings Inc, a company incorporated in the USA;  Delphine Solar LLC, a company incorporated in the USA;  Dolcy Solar Inc., a company incorporated in Alberta, Canada;  Dunrobin Solar Inc, a company incorporated in Ontario, Canada;  Eastervale Solar Inc., a company incorporated in Alberta, Canada;  Fiskerton BESS Limited, a company incorporated in England and Wales;  Fontus Development LLC, a company incorporated in the USA; ---  Gierre Solare s.r.l,. a company incorporated in Italy*;  Happy Life BESS Holdings Inc, a company incorporated in the USA;  Happy Life BESS LLC, a company incorporated in the USA;  Harvest Solar Inc, a company incorporated in Alberta, Canada;  Ivy Solar Holdings Inc, a company incorporated in the USA;  Ivy Solar LLC, a company incorporated in the USA;  Matherford Solar Inc, a company incorporated in Ontario, Canada;  Moundville Solar Holdings Inc, a company incorporated in the USA;  Moundville Solar LLC, a company incorporated in the USA;  NM Solare s.r.l, a company incorporated in Italy*;  Normandeau Solar Inc, a company incorporated in Alberta, Canada;  Red Willow Solar Inc., a company incorporated in Alberta, Canada;  Southern Prairie Solar Holdings Inc, a company incorporated in the USA;  Southern Prairie Solar LLC, a company incorporated in the USA;  Switzerville Solar Inc, a company incorporated in Ontario, Canada;  Westbridge BESS Devco Inc, a company incorporated in Alberta, Canada;  Westbridge Energy (U.S.) Corp, a company incorporated in the USA; WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 10 3. MATERIAL ACCOUNTING POLICIES (cont’d…) (a) Principles of consolidation (cont’d…)  Westbridge Energy UK Limited, a company incorporated in England and Wales;  Westbridge Renewable Energy Asset Management Limited, a company incorporated in England and Wales;  Westbridge Renewable Energy Holdco Corp., a company incorporated in Alberta, Canada;  Willard Renewable LLC, a company incorporated in the USA; and  Willard Solar Holdings Inc., a company incorporated in the USA. *- 70% ownership **- Disposed within three months ended February 28, 2026 (Note 13) Subsidiaries are included from the date control was acquired in each, until the time that the Company ceases to have control of the subsidiary. Control exists when the Company possesses power over an investee, has exposure to variable returns from the investee and has the ability to use its power over the investee to affect its returns. All significant intercompany transactions and balances have been eliminated on consolidation. (b) Impairment of long-lived assets At the end of each reporting period, the Company’s long-lived assets are reviewed to determine whether there is any indication that those assets may be impaired. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs of disposal and value in use. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount --- of the asset is reduced to its recoverable amount and the impairment loss is recognized in profit or loss for the period. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash- generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 11 3. MATERIAL ACCOUNTING POLICIES (cont’d…) (c) Income taxes Income tax expense comprises of current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive loss/income. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the year-end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting not taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. At the end of each reporting period the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. (d) Share-based payments The Company uses the fair value-based method for share-based payments and therefore all awards to employees are measured at fair value on the date of the grant and expensed over the period of vesting. The Company uses the Black-Scholes option pricing model to measure the fair value of each share option at the date of grant. Any consideration paid by the option holders to purchase shares is credited to share capital, along with the grant date fair value of the share option. Share-based payment arrangements in which the Company receives goods or services as consideration for its own equity instruments, or when share options are granted to non-employees, are accounted for as equity settled share-based payment transactions and measured at the fair value of goods or services received. If the fair value of the goods or services received cannot be estimated reliably, the share-based paymen --- t transaction is measured at the fair value of the equity instruments granted. Restricted Share Units (“RSUs”) are transactions whereby the compensation expense is measured based on the fair value of the Company’s common shares at the grant date and recognized over the related restriction period with a corresponding increase in share-based payment reserve. RSUs are settled in newly issued common shares of the Company, cash, or a combination of both as determined by the board upon grant. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 12 3. MATERIAL ACCOUNTING POLICIES (cont’d…) (d) Share-based payments (cont’d…) Similar to RSUs, Performance Share Units (“PSUs”) are transactions whereby the compensation expense is measured at the fair value of the Company’s common shares at the grant date and recognized over the related restriction period with a corresponding increase in share-based payment reserve. If the recipient of the units sufficiently meets the performance criteria over the restriction period as specified in the grant terms, PSUs are settled in newly issued common shares of the Company, cash, or a combination of both as determined by the board of directors upon grant. (e) Share capital Proceeds from the exercise of share options and warrants are recorded as share capital at the amount for which the share option and warrant enabled the holder to purchase shares of the Company. Share capital issued for non-monetary consideration is recorded at fair value based on the quoted market price on the date of issuance. Share issue costs, which include commissions and professional and regulatory fees are charged directly to share capital. (f) Basic and diluted earnings (loss) per share Basic earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the year. Diluted earnings per share takes into consideration the dilutive effect of options, warrants and similar instruments. The dilutive effect on earnings per share is recognized on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would be used to purchase common shares at the average market price during the year. Diluted loss per share is equivalent to basic loss per share, as the impact of potentially dilutive securities would be anti-dilutive. (g) Cash and cash equivalents Cash and cash equivalents include cash on hand, short-term redeemable GICs that are readily convertible to cash at the face value, without incurring a significant penalty beyond paying the interest incurred from redemption date to maturity date, and other short-term highly liquid investments. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 13 3. MATERIAL ACCOUNTING POLICIES (cont’d…) (h) Foreign currency translation The functional currencies of the Company and its subsidiaries are as follows: Company Currency Westbridge Renewable Energy S.A. Canadian Dollar Accalia Point Solar LLC US Dollar Albion Solar Holdings Inc US Dollar Albion Solar LLC US Dollar Aster BESS Holdings Inc US Dollar Aster BESS LLC US Dollar Brule BESS Inc Canadian Dollar Corry Solar Holdings Inc US Dollar Cor --- ry Solar LLC US Dollar Delphine Solar Holdings Inc US Dollar Delphine Solar LLC US Dollar Dolcy Solar Inc Canadian Dollar Dunrobin Solar Inc Canadian Dollar Eastervale Solar Inc Canadian Dollar Fiskerton BESS Limited British Pound Fontus Development LLC US Dollar Gierre Solare s.r.l. Euro Happy Life BESS Holdings Inc US Dollar Happy Life BESS LLC US Dollar Harvest Solar Inc Canadian Dollar Ivy Solar Holdings Inc US Dollar Ivy Solar LLC US Dollar Matherford Solar Inc Canadian Dollar Moundville Solar Holdings Inc US Dollar Moundville Solar LLC US Dollar NM Solare s.r.l. Euro Normandeau Solar Inc Canadian Dollar Red Willow Solar Inc Canadian Dollar Southern Prairie Solar Holdings Inc US Dollar Southern Prairie Solar LLC US Dollar Switzerville Solar Inc Canadian Dollar Westbridge BESS Devco Inc Canadian Dollar Westbridge Energy (U.S.) Corp. US Dollar Westbridge Energy UK Limited Westbridge Renewable Energy Asset Management British Pound British Pound WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 14 3. MATERIAL ACCOUNTING POLICIES (cont’d…) (h) Foreign currency translation (cont’d…) Company Currency Westbridge Renewable Energy Holdco Corp Canadian Dollar Willard Renewable LLC US Dollar Willard Solar Holdings Inc US Dollar The Company translates transactions in foreign currencies into Canadian dollars at the rates of exchange prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate in effect at the date of the consolidated statement of financial position. Non-monetary assets and liabilities are translated at historical rates. Exchange gains or losses in the parent company arising from the translation are included in profit or loss for the year. A subsidiary that has a functional currency different from the presentation currency is translated into the presentation currency as follows:  Assets and liabilities are translated at the closing rate at the reporting date;  Income and expenses are translated at average exchange rates for the period; and  All resulting exchange differences are recognized in OCI as cumulative translation adjustments. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 15 3. MATERIAL ACCOUNTING POLICIES (cont’d…) (i) Financial instruments i) Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (loss) (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of financial instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Compan --- y has opted to measure them at FVTPL. Financial assets/liabilities Classification Cash and cash equivalents Accounts receivable FVTPL Amortized cost Accounts payable and accrued liabilities Amortized cost ii) Measurement Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment, using the effective interest method. The ‘effective interest rate’ is the rate that discounts estimated future cash flows over the expected life of the financial instrument, or where appropriate, a shorter period. Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in profit or loss in the period in which they arise. Financial assets carried at FVTOCI are initially recognized at fair value plus transaction costs. These assets are subsequently measured at fair value. Interest income is calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 16 3. MATERIAL ACCOUNTING POLICIES (cont’d…) (i) Financial instruments (cont’d…) iii) Impairment of financial assets at amortized cost (cont’d…) If at the reporting date, the credit risk on the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in profit or loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. iv) Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in profit or loss. Financial liabilities The Company derecognizes a financial liability when its contractual obligations are discharged, cancelled or expired. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 17 3. MATERIAL ACCOUNTING POLICIES (cont’d…) (j) Property, plant, and equipment – Development projects An asset arising from the development of a project is recognized if, and only if, all of the following conditions have been demonstrated:  It is probable that future economic benefits associated with the item will flow to the Company; and  The cost of the item can be measured reliably. The amount initially recognized for development project assets is the sum of the expenditure incurred from the date when the develo --- pment project first meets the recognition criteria listed above. Costs eligible for capitalization must be incremental, clearly identified and directly attributable to a particular project. Development expenditure encompasses investment in new solar projects for costs including but not limited to:  Consulting and planning services for regulatory and permitting activities;  Design works;  Environmental studies;  Interconnection engineering services;  Grid connection costs; and  Planning fees. Where no asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. Development assets are depreciated over the useful lives of the resulting asset, from the date of first export of electricity. Expenditures on research and site selection costs for new development projects are recognized as an expense in the period in which they are incurred. (k) Leases and right of use assets The Company assesses whether a contract is or contains a lease at the inception of the contract. The Company recognises a right of use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments on a straight-line basis over the term of the lease, unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 18 3. MATERIAL ACCOUNTING POLICIES (cont’d…) (k) Leases and right of use assets (cont’d…) The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. The lease liability is presented as a separate line in the consolidated statement of financial position. Right of use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. Right of use assets are subsequently measured at cost less accumulated depreciation and impairment losses (if any). Right of use assets are depreciated over the shorter period of the lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right of use asset reflects that the Company expects to exercise a purchase option, the related right of use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. Right of use assets are presented as a separate line in the consolidated statement of financial position. The Company applies IAS 36 – Impairment of Assets to determine whether a right of use asset is impaired and accounts for any identified impairment loss as described in Note 3(b). (l) Environmental rehabilitation An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the construction of a development project. The estimated costs arising from the decommissioning of plant --- and other site preparation work, discounted to their net present value, are determined, and capitalized at the start of each project to the carrying amount of the asset, as soon as the obligation to incur such costs arises. Discount rates, using a pre-tax rate that reflects the time value of money, are used to calculate the net present value. These costs are charged against profit or loss over the economic life of the related asset. The related liability is adjusted at each reporting date for accretion, for changes to the current market-based discount rate, and for changes to the amount or timing of the underlying cash flows needed to settle the obligation. The Company has no material restoration, rehabilitation or environmental costs related to it development projects. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 19 3. MATERIAL ACCOUNTING POLICIES (cont’d…) (m) New accounting policies Accounting standards issued but not yet effective The following new standards, amendments to standards and interpretations have been published but are not yet effective as at February 28, 2026. Lack of Exchangeability (Amendments to IAS 21) – These amendments are designed to help an entity determine whether a currency is exchangeable into another currency and requirements the entity would apply when it is not. They are effective for annual periods beginning on or after 1 January 2025 (early adoption is available). Amendments to the classification and measurement of financial instruments (Amendments to IFRS 9 and IFRS 7) – These amendments clarify the requirements related to the date of recognition and derecognition of financial assets and liabilities, with an exception for derecognition of financial liabilities settled via an electronic transfer. They also clarify the requirements for assessing contractual cash flow characteristics of financial assets and characteristic of non-recourse loans and contractually linked agreements. They are effective for annual periods beginning on or after 1 January 2026 (early adoption is available only for amendments related to the classification of financial assets and the related disclosures). IFRS 18 Presentation and disclosure in financial statements (Replaces IAS 1 Presentation of Financial statements) – This standard sets out significant new requirements for how financial statements are presented, with particular focus on the statement of comprehensive income, including requirements for mandatory sub-totals to be presented, aggregation and disaggregation of information, as well as disclosure related to management-defined performance measures. This standard also results in narrow scope changes to the statement of cash flows. They are effective for annual periods beginning on or after 1 January 2027. The Company anticipates that these amendments will not have a material impact on the results of operations and financial position of the Company, other than IFRS 18, which is under review by the Company. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 20 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The Company makes estimates and assumptions about the future that affect the reported amounts of assets, liabilitie --- s and expenses. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The effect of a change in an accounting estimate is recognized prospectively by including it in profit or loss in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. Information about critical judgments in applying accounting policies that have the most significant risk of causing material adjustment to the carrying amounts of assets and liabilities recognized in the consolidated financial statements are discussed below: (a) Impairment of development projects The costs of development properties are capitalized as assets, if it is probable that future economic benefits associated with the item will flow to the Company, and the cost of the item can be measured reliably. Reviews are carried out at least annually to determine if any development projects have indicators of impairment. Judgment is required in the assessment of whether or not a development project has an indicator of impairment. If the Company determines that a development project has an indicator of impairment, management must evaluate whether the carrying value of development project is recoverable. Recoverable amount is determined as the greater of the fair value less costs of disposal, and value in use of the development project. The determination of recoverable amounts include judgments and assumptions regarding potential fair values by comparison to comparable assets in the market, and or estimates of the value in use, using techniques such as discounted cash flow analyses, which require the use of subjective inputs related to future revenues and costs of operating the asset. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 21 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (cont’d…) (b) Income taxes Significant judgment is required in determining the provision for income taxes. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The Company recognizes liabilities and contingencies for anticipated tax audit issues based on the Company’s current understanding of the tax law. For matters where it is probable that an adjustment will be made, the Company records its best estimate of the tax liability including the related interest and penalties in the current tax provision. Management believes they have adequately provided for the probable outcome of these matters. However, the final outcome may result in a materially different outcome than the amount included in the tax liabilities. In addition, the Company recognizes deferred tax assets relating to tax losses carried forward to the extent there are sufficient taxable temporary differences (deferred tax liabilities) relating to the same taxation authority and the same taxable entity against which the unused tax losses can be utilized. However, utilization of tax losses also depends on the ability of the Company to satisfy certain tests at the time the losses are recouped. WESTBRIDGE RENEWABLE --- ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 22 5. RELATED PARTY TRANSACTIONS Related parties are persons or entities that have control, joint control or significant influence over the Company, or who are members of key management personnel of the Company. The following amounts due to related parties are included in accounts payable, and accrued liabilities: Amounts owed to related parties are non-interest bearing, unsecured and have no specific terms of repayment. Key management personnel are persons responsible for planning, directing and controlling the activities of the Company, and include directors, the chief executive offices and chief financial officer of the Company. The Company incurred the following transactions with key management personnel comprised of officers, directors or companies controlled by directors: On March 21, 2023, the Company granted 833,750 share options with a weighted average exercise price of $3.00 for a period of 5 years. 420,000 of these share options were issued to Directors and Officers of the Company, for which a total share-based payment charge of $nil (2025: $39,073) was recorded in the three months ended February 28, 2026, as the options vested fully in the year ended November 30, 2025. On January 15, 2025, the Company granted 232,500 share options with a weighted average exercise price of $3.40 for a period of 3 years. 210,000 of these share options were issued to Directors and Officers of the Company, for which a total share-based payment charge of $43,074 (2025: $41,201) was recorded in the three months ended February 28, 2026. On January 15, 2025, the Company granted 917,500 RSUs which vest over twelve months. 840,000 of these RSUs were issued to Directors and Officers of the Company, for which a total share-based payment charge of $338,762 (2025: $324,033) was recorded in the three months ended February 28, 2026. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 23 6. SHARE CAPITAL AND SHARE-BASED PAYMENT RESERVE (a) Authorized: Unlimited number of common shares without par value. (b) Share options In 2021, the share option plan was converted into a rolling plan under which an aggregate total of 2,619,746 shares may be issued. This is inclusive of the 1,438,750 options outstanding at February 28, 2026, as described below. Exercise prices, vesting conditions and expiry dates are set by the Company’s Board of Directors pursuant to the Company’s incentive plan. The exercise price of each option is based on the market price of the Company’s common shares at the date of the grant less an applicable discount. The options can be granted for a maximum term of 10 years and vest at the discretion of the Board of Directors. On March 21, 2023, the Company granted 833,750 share options with a weighted average exercise price of $3.00 for a period of 5 years, which had all vested as at February 28, 2026. The fair value of the share-based payment expense totalling $1,890,000 or $2.27 per option over the vesting period was estimated using the Black-Scholes option pricing model assuming a weighted average risk-free rate of 3.17%, a weighted average expected annual volatility of 99.71%, an expected forfeiture rate of nil, and --- an expected life of 5 years. On May 27, 2024, the Company granted 25,000 share options with a weighted average exercise price of $4.00 for a period of 3 years, which had all vested as at February 28, 2026. The fair value of the share-based payment expense totalling $55,580 or $2.22 option over the vesting period was estimated using the Black-Scholes option pricing model assuming a weighted average risk-free rate of 4.00%, a weighted average volatility of 83.02%, an expected forfeiture rate of nil, and an expected life of 3 years. On January 15, 2025, the Company granted 232,500 share options with a weighted average exercise price of $3.40 for a period of 3 years, of which all had vested in the period to February 28, 2026. The fair value of the share-based payment expense totalling $312,700 or $1.34 per option over the vesting period was estimated using the Black-Scholes option pricing model assuming a weighted average risk- free rate of 2.97%, a weighted average expected volatility of 62.56%, an expected forfeiture rate of nil, and an expected life of 3 years. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 24 6. SHARE CAPITAL AND SHARE-BASED PAYMENT RESERVE (cont’d…) (b) Share options (cont’d...) Share option transactions are summarized as follows: Share options outstanding at February 28, 2026, are: (c) Share purchase warrants No share purchase warrants are outstanding at February 28, 2026. (d) Restricted Share Units (“RSUs”) (cont’d...) On January 15, 2025, the Company granted 917,500 RSUs and 12,500 PSUs with a grant price of $3.20 which vest over twelve months, subject to the satisfaction of certain vesting conditions. A share-based payment charge of $2,936,000 and $40,000 respectively will be recorded over the vesting period, of which $370,016 (2025: $353,929) and $5,041 (2025: $4,822) respectively was recorded during the three months ended February 28, 2026. On January 26, 2026, 905,000 of the RSUs and 12,500 PSUs were exercised and settled in common shares. On February 24, 2025, the Company granted 100,000 RSUs with a grant price of $3.32 which vest over twelve months, subject to the satisfaction of certain vesting conditions. A share-based payment charge of $332,000 will be recorded over the vesting period, of which $78,225 (2025: $3,638) was recorded during the three months ended February 28, 2026. On April 10, 2026, these RSUs were exercised and settled in common shares. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 25 6. SHARE CAPITAL AND SHARE-BASED PAYMENT RESERVE (cont’d…) (e) Share-based payment expense As a result of the above share option, RSU, and PSU grants, the Company recognized $500,971 (2025: $491,259) in share-based payment expense for options, RSUs, and PSUs granted and vested during the three months ended February 28, 2026. (f) Private Placements No private placements have taken place during the three months ended February 28, 2026, and February 28, 2025. (g) Earnings per share The calculation of basic and diluted earnings per share has been based on the following weighted- average number of ordinary shares outstanding, and weighted-average ordinary shares outstanding after adjustments for the effects --- of all dilutive potential ordinary securities. At February 28, 2026, 1,438,750 options (2025: 1,322,500), 710,667 restricted share units (2025: 475,694), and 4,583 performance share units (2025: nil) were excluded from the diluted weighted- average number of ordinary shares because their effect was anti-dilutive. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 26 7. FINANCIAL INSTRUMENTS, MANAGEMENT OF CAPITAL AND FINANCIAL RISK The Company's financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and deferred consideration. The carrying value of accounts receivable, accounts payable and accrued liabilities, and deferred consideration approximate their fair value because of the short-term nature of these instruments. The Company discloses the inputs used in making fair value measurements, including their classification within a hierarchy that prioritizes their significance. The three levels of inputs are: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and Level 3 – inputs that are not based on observable market data. Financial instruments measured at fair value on the consolidated statement of financial position are summarized in levels of fair value hierarchy as follows: The Company has exposure to the following risks from its use of financial instruments: credit risk, market risk and liquidity risk. Management, the Board of Directors, and the Audit Committee monitor risk management activities and review the adequacy of such activities. (a) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s cash and cash equivalents are primarily held in large Canadian financial institutions. The Company does not have any asset-backed commercial paper. The Company’s accounts receivable primarily consists of interest receivable on GICs and deposit accounts. Management believes that the credit risk concentration with respect to financial instruments included in receivables is minimal. The Company’s maximum exposure to credit risk with respect to these financial instruments is limited to the carrying values on the consolidated statement of financial position, which total $16,173,416 at February 28, 2026. The Company’s exposure to and approach to managing credit risk has not changed from that of the prior year. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 27 7. FINANCIAL INSTRUMENTS, MANAGEMENT OF CAPITAL AND FINANCIAL RISK (cont’d…) (b) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. The Company manages its liquidity risk by forecasting cash flows from operations and anticipating investing and financing --- activities. Management and the Board of Directors are actively involved in the review, planning and approval of significant expenditures and commitments. The Company’s accounts payable and accrued liabilities are current financial liabilities due on normal trade terms. The Company’s exposure to and approach to managing liquidity risk has not changed from that of the prior year. (c) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk. The Company’s exposure to and management of market risk has not changed materially from that of the prior year. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant other price risk arising from these financial instruments. (i) Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company’s functional and presentation currency is the Canadian dollar. The Company is exposed to currency risk by incurring certain development expenditures in currencies other than the Canadian dollar, as well as fluctuations related primarily to cash and accounts payable ad accrued liabilities that are denominated in the United States dollar (USD), the Euro, and Great British Pound (GBP). As at February 28, 2026, the Company’s foreign denominated financial assets and liabilities in USD, Euro, and GBP are as follows: WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 28 7. FINANCIAL INSTRUMENTS, MANAGEMENT OF CAPITAL AND FINANCIAL RISK (cont’d…) (i) Currency risk (cont’d…) A 10% change in all exchange rates versus the Canadian Dollar would result in an overall $14,646 change in net loss and net assets of the Company. (ii) Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s interest-bearing financial instruments are comprised of cash which bears interest at variable rates, and cash equivalents which bear interest at a weighted average rate of 2.04%. The Company considers its interest rate risk to be immaterial. Capital Management The Company's objective when managing capital is: • to safeguard the Company's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders. The Company considers the items included in shareholders’ equity as capital, as presented in the consolidated statement of financial position. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares through public and/or private placements, sell assets to reduce debt or return capital to shareholders. The Company is not subject to externally imposed capital requirements. There have been no changes to the Company’s approach to capital management for the periods presented. 8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.” --- ) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 29 9. DEVELOPMENT PROJECTS Development project assets relate to costs incurred in the development of the solar photovoltaic plants, which meet the recognition criteria following the acquisition of the projects. Development projects are depreciated over the useful life of the resulting asset, from the date of first export of electricity. Contingent consideration arrangements exist for the Accalia project which require specific milestones to be met in respect of the development of the project. Payment of any contingent consideration is at the sole discretion of the Company. During the three months ended February 28, 2026, additional contingent consideration of $nil (2025: $nil) was recognised as additions to Development projects for Accalia. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 30 10. PREPAID EXPENSES – DEVELOPMENT PROJECTS In February 2025, the Company withdrew cash deposits provided to the local system operator to secure grid connections of $4,725,000 and replaced this security with an equivalent letter of credit. A further $12,600,000 was withdrawn in March 2025 and similarly replaced with equivalent letters of credit in the amount of $6,300,000 each. In November 2025, the Company instructed $6,300,000 of Dolcy letter of credit to be paid out to the Alberta Electric System Operator (“AESO”) as the project received final permit and license; such payment was processed on December 8, 2025. The remaining funds are now recorded within cash and cash equivalents. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 31 11. RIGHT OF USE ASSETS *Depreciation for the three months ended February 28, 2026, as reported on Statement of operations and comprehensive loss, includes an additional $528 for depreciation of start-up costs. During the year ended February 28, 2026, the Company recorded impairments to right of use assets totalling $386,576 net of depreciation, relating to projects that are not proceeding. During the year ended November 30, 2025, the Company recorded impairments to right of use assets totalling $551,994 net of depreciation, relating to projects that are not proceeding. The Company derecognized $355,346 of right of use assets, net of accumulated deprecation relating to a lease transferred as part of the respective project disposal (Note 13). WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 32 12. LEASE LIABILITIES Amounts payable under leases: Undiscounted commitments under leases: During the three months ended February 28, 2026, the Company incurred $39,897 (2025: $65,155) in respect of short-term leases, recognised as an expense in profit or loss. During the three months ended February 28, 2026, the Company derecognized lease liabilities of $456,299 relating to leases cancelled as a result of the related development projects not proceeding. During the year ended November 30, 2025, the Company derecognized lease liabilities of $541,091 rela --- ting to leases cancelled as a result of the related development projects not proceeding, and derecognized lease liabilities of $374,271 relating to a lease on a project that was disposed of (Note 13). WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 33 13. DISPOSALS During the year ended November 30, 2025, the Company disposed of its interest in Homa Solar Inc to AK Renewables. Contingent consideration is due to the Company based on completion of certain milestones in the project’s development, which at this time cannot be measured reliably. During the three months ended February 28, 2026, the Company disposed of its interest in Brule BESS Inc to Brule Battery Holdings Inc, a subsidiary of Capital Power, for a consideration of $100. Contingent consideration is due to the Company based on completion of certain milestones in the project’s development, which at this time cannot be measured reliably. The amounts recognized in respect of the disposals are summarized as follows: 14. DIVIDENDS On September 23, 2025, the Company announced a cash dividend of $0.20 per share to shareholders. The record date for the dividend was October 3, 2025, and $5,055,992 was distributed to shareholders. WESTBRIDGE RENEWABLE ENERGY S.A. (FORMERLY “WESTBRIDGE RENEWABLE ENERGY CORP.”) Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars) For the three months ended February 28, 2026 34 15. SEGMENT DISCLOSURES The Company operates within one segment, being the acquisition and development of solar photovoltaic projects. The Company’s non-current assets related to the operating segment are located in three geographic locations as follows: 16. SUBSEQUENT EVENTS On April 8, 2026, the Continuation of the Company out of the Province of British Columbia, Canada, to the Grand Duchy of Luxembourg, as a public limited company (société anonyme) was completed (the “Continuation”). The TSX Venture Exchange has approved the Continuation, under which the Company’s name has changed from “Westbridge Renewable Energy Corp.” to “Westbridge Renewable Energy S.A.”. On April 10, 2026, 100,000 RSUs were exercised and settled in common shares.