New Sources Energy N.V.

Interim Report • Jul 31, 2025

Interim Financial Report 2025 UNAUDITED

New Sources Energy N.V. Apollolaan 151 1077AR Amsterdam the Netherlands www.newsources.energy

31 July 2025

This report contains 14 pages

© 2025 New Sources Energy N.V., a Dutch publicly listed company on Euronext Amsterdam. All rights reserved.

Document classification: FINAL

Contents

Board commentary	4
Interim financial statements 30 June 2025 (unaudited)	5
Consolidated statement of financial position as at 30 June 2025 (unaudited)	6
Consolidated statement of profit or loss (unaudited)	7
Consolidated statement of changes in equity (unaudited)	8
Consolidated statement of cash flows (unaudited)	9
Notes to the interim financial statements	10

Board commentary

Dear shareholder,

Herewith the board of directors of New Sources Energy N.V. present the semi-annual financial statements of 2025 for the period 1 January 2025 to 30 June 2025.

The board of directors declares that, to the best of its knowledge, the semi-annual financial statements give a true and fair view of the assets, liabilities, financial position and results of the company and the companies included jointly in the consolidation, and that this interim report gives a true and fair view of the significant events that occurred during the first six months of the fiscal year under review and their effect on the semi-annual financial statements, as well as a description of the principal risks and uncertainties for the remaining six months of the fiscal year under review. The semi-annual financial statements of 2025 have not been audited and as a result there is no auditor's report.

In our 2024 annual report, we consider risk assessment and mitigation a continuous process, which is carried out against the background of an evolving risk landscape that includes short-, medium- and longer-term challenges. We consider the major risk factors communicated in the annual report of 2024 still to be valid.

In the first half of the year, New Sources Energy N.V. (NSE or the Company) continued to focus on reorganising its organisation, which ultimately led to the successful removal of NSE's shares from the penalty bench of the Euronext Amsterdam on 2 June 2025. This is reflected in the 2025 interim financial report. No revenue was realized. One convertible loan of €100 thousand was provided to the Company by Mr. Vereecken. Operating expenses amounted to €441 thousand, of which the majority were director and management fees. This resulted in a total comprehensive loss of €441 thousand. Over the financial year of 2024 a total comprehensive loss was reported of €904 thousand.

At the AGM on 30 July 2025 all concerned agenda items, including the board's strategic ambitions, were approved by a qualified majority. Mr. Vereecken and Mrs. Dirkes term of appointment was extended confirming the Company's long-term ambitions. Consequently, the board continued on its chosen path and instructed the public notary to execute all the suggested amendments to the articles of association.

The Company is now ready to engage with its pipeline of eligible investment opportunities to conclude transactions to acquire valuable energy transition assets to position itself on a path of growth, prioritising companies which, besides positive climate impact, foster both cash flow as well as long term value growth potential.

Yours truly,

L.A. Vereecken A.D. Dirkes Chief Executive Officer Chairman of the board New Sources Energy N.V. New Sources Energy N.V.

Interim financial statements 30 June 2025 (unaudited)

• Consolidated statement of financial position as at 30 June 2025 (unaudited)
• Consolidated statement of profit or loss (unaudited)
• Consolidated statement of changes in equity (unaudited)
• Consolidated statement of cash flows (unaudited)
• Notes to the interim financial statements

Consolidated statement of financial position as at 30 June 2025 (unaudited)

(Before profit appropriation)

		30 June 2025	31 December 2024
	Note	€ 1,000	€ 1,000
Assets Computers Subsidiaries		8 15	8 - 8
Non-current assets		23	8
Other receivables Cash and cash equivalents		148 5	- 501
Current assets		153	501
Total assets		176	509
		30 June 2025	31 December 2024
		€ 1,000	€ 1,000
Equity Share capital Share premium Statutory reserves		3.536 16.834 -20.610	3.536 16.834 -20.168
Total equity attributable to the owners of the company		-240	200
Non-controlling interest Total equity		- -240	- 200
Non-current Liabilities Loans and borrowings Total non-current Liabilities		191 191	- -
Current Liabilities
Other payables		224	309
Total current liabilities		224	309
Total liabilities		315	309
Total equity and liabilities		176	509

Consolidated statement profit & loss (unaudited)

		2025 (6 months)		2024 (12 months)
	Note	€ 1,000	€ 1,000	€ 1,000	€ 1,000
Continuing operations
Revenue		-		-
Revenue		-		-
Other expenses		441		893
Operating loss		-441		-893
Finance costs		-		-11
Loss before taxation			-441		-904
Income tax			-		-
Loss after taxation from continuing operations			-441		-904
Total comprehensive loss attributable to the owners of
the company			-441		-904

Consolidated statement of changes in equity (unaudited)

		Issued share capital	Share premium	Other reserves	Total
	Note	€	€	€	€
		1,000	1,000	1,000	1,000
Balance at 1 January 2025 (previously reported)		3.535	16.833	-20.168	200
Changes in financial year 2025:
—Issued shares shareholder loans
—Issued convertible bonds
—Share-based payments
—Result of the first haff of 2025				-441	-441
Balance at 30 June 2025:		3.535	16.833	-20.610	-240

	st half of 1 2025	2024 Restated*
	€ 1,000	€ 1,000
Cash flows from operating activities	-	-
Loss for the period	-441	-904
Adjusted:	-180	-391
Changes in: —Other receivables —Other payables	48 -	61 225
Cash generated from operating activities Interest paid	48 -	-105 -1
Net cash from operating activities	-573	-106
Cash flows from investing activities	-23	-8
Net cash from (used in) investing activities	-	-8
Cash flows from financing activities Proceeds from issue of share capital Proceeds from issue of convertible notes	- -	- 90
Proceeds from loans and new borrowings	100	500
Net cash from (used in) financing activities	100	590
Net increase/decrease in cash and cash equivalents Cash and cash equivalents at 1 January	-496 501	476 25
Cash and cash equivalents at 30 June / 31 December	5	501

Consolidated statement of cash flows (unaudited)

Notes to the interim financial statements

1 General information

(a) Reporting entity and relationship with parent company

New Sources Energy N.V. (the "Company") is a public limited liability company domiciled in the Netherlands. The Company was incorporated in the Netherlands. The Company's registered office is at Apollolaan 151, 1077AR Amsterdam, the Netherlands. The Company was founded on 26 October 1978 and is registered in the Trade Register at the Chamber of Commerce under number 33154205.

The Company is publicly listed at the Euronext Amsterdam stock exchange.

These consolidated financial statements comprise the Company and its subsidiaries (collectively the "Group" and individually "Group companies"). The Company is a holding company. The main activities of the group of which the Company is the parent are related to investments in renewable energy assets. The activities of the Company and the Group are focussing on the market of the European Union.

(b) Financial reporting period

These interim financial statements cover the first six months of 2025, which ended at the balance sheet date of 30 June 2025.

(c) Going concern

The financial statements have been prepared on the basis of the going concern assumption.

2 General accounting principles

The general accounting policies applied in the preparation of these interim financial statements are set out below.

Basis of preparation

The interim financial statements for the first six months of 2025, ending on 30 June 2025, were prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the Group's last annual financial statements as at and for the year ended 31 December 2024 ('last annual financial statements'). They do not include all the information required for a complete set of financial statements prepared in accordance with IFRS Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

The interim financial statements are presented in Euros (EUR) and have been rounded to the nearest Euro unless otherwise stated. As a result of rounding adjustments, amounts and percentages may not add up to the total.

The interim financial statements were authorised for issue by the Board of Directors on 1 August 2025.

Use of judgements and estimates

In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements and estimates applied in the preparation of these interim financial statements are the same as those followed in the Group's last annual financial statements.

Significant accounting policies

The significant accounting policies applied in the preparation of these interim financial statements are the same as those followed in the Group's last annual financial statements. These accounting policies have been applied consistently to all years presented, unless otherwise stated.

Changes in accounting policies and pronouncements

The IASB issued the following standards and amendments which are effective 1 January 2025:

• General Requirements for Disclosure of Sustainability-related Financial Information (Standard IFRS S1)
• Climate-related Disclosures (Standard IFRS S2)
• Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)
• Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
• Non-current Liabilities with Covenants (Amendments to IAS 1)
• Supplier Finance Arrangements (Amendments to IAS 7 & IFRS 7)
• Lack of Exchangeability (Amendments to IAS 21)
• Amendments to the SASB standards to enhance their international applicability

The above-mentioned standards and amendments do not have a significant effect for the Group's financial reporting.

None of the already issued, but not yet effective accounting standards or amendments to such standards are expected to have significant effects for the Group's financial reporting.

3 Significant events and transactions

Related party transactions

There was one related party transaction (note 5).

Seasonality

The Group's operations are not subject to any significant fluctuations due to seasonality.

4 Financial risk management

Risk management in the Group is carried out by the CEO under policies approved by the board of directors. Potential risks are evaluated on a regular basis, and the CEO determines appropriate strategies related to how these risks are to be handled within the Group under the approved policies.

Among others, the Group is exposed to operational, market-, credit-, and liquidity- risk. The current macroeconomic environment is challenging with high inflation, raising interest risk, weaker business environment.

The financial risk management applied in the preparation of these interim financial statements are the same as those applied in the Group's last annual financial statements with the exception of credit risk.

Fairs values of financial instruments

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

• Level 1: quoted (unadjusted) prices in active markets for identical assets and liabilities.
• Level 2: other techniques for which inputs that have a significant effect on the recorded fair value are observable, directly, or indirectly.
• Level 3: techniques that use inputs that have a significant effect on the recoded fair value that are not based on observable market data.

The carrying amounts of trade and other receivables, cash and cash equivalents, as well as trade and other payables approximates their fair values because they are short term in nature.

5 Related parties

The Group's controlling parties included in these interim financial statements are the same as those in the Group's last annual financial statements.

Key management renumeration

Key management includes the executive director and CEO, L.A. Vereecken and its CTO, A.J.M. van Wijk.

Share-based compensation

The terms and conditions as well as the method of determining the fair value of the sharebased compensation are the same as those in the Group's last annual financial statements.

Transactions with related parties

One convertible loan was given to the Company of € 100 thousand by Mr. L.A. Vereecken. This shareholder has a share interest exceeding 10%.

6 Events after the reporting period

No events have occurred after the balance sheet date.

____________________________ ____________________________

Signature

The financial statements on pages 5 to 11 were approved by the board of directors and authorised for issue on 1 August 2025. They were signed on its behalf by:

L.A. Vereecken A.M. Dirkes Chief Executive Officer Chairman New Sources Energy N.V. New Sources Energy N.V.