Energeia AS

Earnings Release • Aug 21, 2024

Energeia AS: H1 2024 Financial Report

Energeia AS: H1 2024 Financial Report

Main events in the first half year 2024

Solar electricity production first half 2024 was 5 767 MWh, 12 per cent below budget. Expected full-year 2024 production is in the range 11 000 to 11 500 MWh. The reason for lower production is that Netherlands experienced record breaking rainfall in the first half 2024, 60 per cent higher than normal with consequential cloud cover.

First half EBITDA was NOK 0.9 million, while Q2 2024 EBITDA was NOK 4.5 million. First half EBIT came in at a loss of NOK 6.1 million, while Q2 2024 EBIT was positive with NOK 1 million.

Dutch operations delivered a positive EBITDA of NOK 5.5 million, Italy and Singapore had an EBITDA NOK 0.4 million, while Norway had an EBITDA loss of NOK 4.7 million mainly related to Norwegian project development costs.

Energeia delivered the concession application for the Seval Skog power plant to NVE on 4 March. NVE has started the application approval procedure and the next step is the ending of the public hearing period on 12 September.

YTD 2024 Energeia has delivered notification for 370 MWdc of solar PV power plants projects in Norway to NVE. At current Energeia has 8 projects representing 574 MWdc in process with NVE. Energeia has received grid reservation for 4 power plants representing 195 MWac, equivalent to 44 per cent of total grid reservations allocated to solar PV power plants in Norway. In addition, 3 power plants representing 272 MWac have received placement in the grid connection queue awaiting grid capacity, in total 467 MWac.

Net cash flow in the first half year was negative with NOK 3.8 million, decreasing Group cash position to NOK 27 million at the end of the period.

Norwegian solar power plant concession process takes much longer than originally anticipated by NVE in 2021/2022. In addition, access and availability of grid connection has become a bottleneck in development of power plants in Norway. This has lead to a 18 to 24 month delay in execution of Norwegian projects from original plan. Energeia’s Dutch operations generates a positive cash flow, however not sufficient to fully support current Norwegian development costs. Consequently, Energeia will need to secure additional liquidity to support Norway project development at the current phase going forward.

For further information, please contact:

CEO, Viktor Jakobsen, email: viktor@energeia.no and telephone: +47 916 11 009

Deputy CEO, Jarl Egil Markussen, email: jarl@energeia.no and telephone: +47 480 23 214

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.