Semi-Annual Report of ALTEO Nyrt. and its Subsidiaries

for H1 2025

Published on: September 1, 2025

1		The Management's report and analysis for H1 2025 5
	1.1		Executive summary of the operating profit or loss 9
	1.2		Executive summary on comprehensive income for H1 2025 10
	1.3		Executive summary on the performance of the segments 11
	1.3.1		Heat and Electricity Production and Management segment 12
		1.3.2	Renewables-based Energy Production segment 14
		1.3.3	Energy Services segment 16
		1.3.4	Circular Economy segment 18
		1.3.5	Retail Energy Trade segment 19
		1.3.6	Other segment 21
2			Disclosure of the Interim Consolidated Financial Statements under IAS 34 22
	2.1		Interim consolidated statement of income 22
	2.2		Consolidated statement of financial position 23
	2.3		Consolidated statement of cash-flows for the 6-month-period ending on June 30,
			2025 26
	2.4		Consolidated statement of changes in equity for the 6-month-period ending on June 30, 2025 27
	2.5		Other financial information 29
		2.5.1	Disclosure obligations of the IAS 34 16A, IFRS 8 Operating segments 29
		2.5.2	The basis for the preparation of the financial statements 30
		2.5.3	Accounting policies and changes to standards 30
		2.5.4	Impact of energy industry service charges and projects 30
		2.5.5	Changes in the reporting system 31
		2.5.6	Uncertainty from estimates and disclosures on fair value measurement 31
		2.5.7	Seasonality, cyclicity, unusual activities 32
	2.6		Employee headcount 33
	2.7		EPS indicator based on ALTEO's consolidated results 33
	2.8		Extraordinary financial management or economic environment impacts and events 33
	2.9		The Company's details 33
	2.10		Presentation of the companies involved in the consolidation 37
	2.11		Changes in the structure of the Group 38
	2.12		Description of significant events at the Company and its Subsidiaries between January 1, 2025 and the publication date of this Semi-Annual Report 38

	2.12.1	Key events relating to the Company and the Subsidiaries relevant in terms of company law in the period between January 1, 2025 and the publication date of this
		Semi-Annual Report 39
	2.12.2	Securities issued by the Company and their credit rating 41
	2.12.3	Strategy 43
	2.12.4	Financing 43
	2.12.5	Significant capital expenditure projects 44
	2.12.6	Remuneration and creation of a new organizational unit 44
	2.12.7	Pending litigations and non-litigious cases, and other significant findings by authorities 45
	2.12.8	Events after the interim period not reflected in the interim statements 46
	2.13	The business environment of ALTEO and classification of risks according to their characteristics 47
	2.14	Authorization to publish the Semi-Annual Report 47
3		Statements of the Issuer 47

Semi-Annual Report of ALTEO Group for H1 2025

Introduction

Pursuant to Act CXX of 2001 on the Capital Market, the Regulation of Budapest Stock Exchange Ltd. on Regulations on Listing and Continued Trading (hereinafter: "Regulation"), Decree No. 24/2008 (VIII.15.) of the Minister of Finance (hereinafter: "MF Decree"), ALTEO Energiaszolgáltató Nyilvánosan Működő Részvénytársaság (hereinafter: "Company" or "ALTEO") has prepared and hereby discloses "The Management Report and Analysis" on the consolidated semi-annual profit and the consolidated Semi-Annual Interim Financial Statements for H1 2025 (hereinafter collectively: "Semi-Annual Report"; the Company and the consolidated entities specified in Section 2.10 of the Semi-Annual Report are hereinafter referred to as "Subsidiaries"; the Subsidiaries and the Company hereinafter collectively: "Group" or "ALTEO Group").

The consolidated Semi-Annual Report of the Company has been prepared based on Annex 2 to the MF Decree, according to the requirements set forth in Act C of 2000 on Accounting, in accordance with the International Financial Reporting Standards published in the Official Journal of the European Union.

The data in the consolidated Semi-Annual Report of the Company for H1 2025 were not audited by an independent auditor.

The Semi-Annual Report of ALTEO Nyrt. and its Subsidiaries for H1 2025 contains the following reporting systems:

The Management's report and analysis, executive report

Interim consolidated condensed report according to IFRS 34

Statements of the Issuer

1 The Management's report and analysis for H1 2025

In H1 2025, ALTEO achieved a 10% year-on-year increase in revenues, mainly due to the successful expansion of the Retail and Renewable Production Management portfolios and the significant increase in renewable energy production capacities.

Despite the increase in revenue, the EBITDA was down 19% form H1 2024, mainly due to balancingrelated costs increased due to weather effects, and employee incentive schemes. The level of the payment of the latter depends significantly on the share price, which has increased significantly compared to 2024 year-end.

In addition to the above, net profit was 52% lower than in H1 2024, mainly due to higher depreciation due to increased asset portfolio and lower interest received due to lower cash balance and interest rate environment.

Thanks to its diversified portfolio, well-established risk management measures, fast reaction time, profitable strategic investments, and outstanding professional staff, ALTEO continues to remain on a sound financial footing and is committed to long-term sustainable growth.

Highlighted deviations:

The profit of the Heat and Electricity Production and Management segment is below that of the previous year, mainly due to increased balancing energy costs in the Renewable Production Management business, primarily as a result of the periodic sharp price increases in the balancing energy market. These price fluctuations are primarily the result of weather, system management challenges and a volatile market environment.
Renewables-based energy production achieved significant EBITDA growth, despite very low Q1 wind energy production nationwide. The 20 MW solar power plant, delivered in August 2024, and the 24 MW wind farm acquired in October 2024 as part of a closed acquisition are the main drivers of the increase.
The increased costs of other activities not allocated to segments were mainly caused by shortand long-term employee incentive schemes. Retaining and motivating its outstanding team of experts to implement its long-term strategy continue to be of major importance at ALTEO. Accordingly, in previous years ALTEO has maintained an employee share ownership program (ESOP) that keeps its experts, executives and management closely invested in long-term value creation through the implementation of the strategy. The ESOP programs include a share price contingent payment. Compared to ALTEO's price of around HUF 4,000 at the beginning of the year, there was a significant increase observed at the end of the half-year, which increases the amount paid and expected to be paid within the framework of the program.

Updated strategy

On January 9, 2025, ALTEO published its business strategy for 2025-2030. The strategy update not only took into account the fact that the Company has made use of arising market opportunities and exceeded the targets of the strategy well in advance, but also that its majority owners, with their presence in foreign markets, market knowledge and network of contacts, offer significant potential for both regional expansion and the exploitation of synergies.

ALTEO's revised strategy continues to focus on energy, laying the foundations for growth through the continuous development of market-leading digitalization and knowledge-based complex production management solutions, the expansion of its renewable portfolio and, in maintenance, operations and energy trading activities, through the exploitation of synergy opportunities within the ownership group in addition to new business acquisitions.

ALTEO aims to achieve a leap in scale in the circular economy by building competences and activities across the waste management value chain and further increasing the share of materials that are returned to the cycle by integrating new technologies and material streams, such as spent batteries or solar panels.

A significant new feature of the strategy published in January is its regional focus, with the aim of expanding the Company's presence in the domestic market as well as entering specific markets in the Central European region. In this regard, the regional markets are of particular interest since this is where ALTEO's majority ownership group already has a strong presence and market connections.

In H1 2025, ALTEO strengthened its position with the following measures and acquisitions:

On February 6, 2025, ALTEO signed the largest credit facility agreement in its history with MBH Bank Nyrt. and Gránit Bank Nyrt. Under the agreement, the financing parties provide ALTEO with a facility of up to HUF 40 billion for general corporate financing purposes. ALTEO intends to use the available facility to implement its strategy, to support its further growth and to optimize its financing structure. On June 30, 2025, ALTEO utilized HUF 26 billion from the corporate financing facility.
On March 10, 2025, ALTEO established a new, independent organizational unit to support its regional expansion, which started its operations under the direct supervision of Deputy CEO Magdolna Tokai.
On June 20, 2025, ALTEO decided to subscribe HUF 15 billion in investment units in the newly launched Andezit Private Equity Fund with a registered capital of HUF 50 billion. Gránit Alapkezelő Zrt. acts as the manager of the 15-year term Fund. The Fund will primarily

focuse on the promotion of renewables-based energy production, with investments mainly related to renewable energy, energy efficiency and decarbonization. In relation to this, ALTEO made an initial contribution of HUF 1.5 billion to the Fund.

On June 30, 2025, ALTEO acquired ÉLTEX Kereskedelmi és Fuvarozó Kft., one of the leading Hungarian waste management companies, the conditions precedent to closing were met, and the contract was signed on December 20, 2024 by ALTEO Nyrt. and Global Refuse Holding Zrt., meaning that ALTEO became 100% owner of the company.
On July 11, 2025, ALTEO delivered another milestone investment project in the Hungarian waste processing sector. The machinery line installed sorts and treats more than 14 thousand tons of waste collected in the deposit refund system per year, multiplying ALTEO's previous DRS processing capacity.

Other major events in H1 2025:

On April 17, 2025, ALTEO's Green Committee adopted a comprehensive biodiversity strategy. The 15-year strategy goes beyond site-related environmental activities: the Company is not only seeking to conserve and restore biodiversity within the grounds of its power plants, but is also planning proactive habitat restoration and water retention projects in areas away from the power plants.
On April 28, 2025, the General Meeting adopted ALTEO's 2024 Annual Report, Corporate Governance Report and Remuneration Report. The General Meeting resolved that the Company would not pay dividend against 2024, and that the profit be allocated to retained earnings for the implementation of its long-term strategic objectives. The General Meeting elected Attila László Chikán as a member of the Company's Board of Directors from April 30, 2025 until April 30, 2030.
On May 16, 2025, ALTEO executed own share transactions related to the 2025 ESOP Remuneration Policy launched under the Employee Share Ownership Program. The transaction involving 290,780 ALTEO ordinary shares (ISIN code: HU0000155726) was concluded between ALTEO Nyrt. as buyer and the ALTEO ESOP Organization as seller at a price of HUF 5,870.4 per share. In addition, shares related to the membership stakes of participating employees who were excluded from the scope of the 2025 Remuneration Policy – in particular due to termination or discontinuation of employment – or whose number of shares associated with their membership stakes decreased due to the application of an adjustment, have been also settled. The transaction involved 25,030 ALTEO ordinary shares, which were sold in the same manner and at the same time as described in the previous subsection.
On May 20, 2025, ALTEO executed own share transactions related to the 2025 ESOP Szikra, WATT and Senior Executive Remuneration Policies launched under the Employee Share Ownership Program. The transaction for 211,060 ALTEO ordinary shares (ISIN code: HU0000155726) was concluded between ALTEO Nyrt. as buyer and the ALTEO ESOP Organization as seller at a price of HUF 5,735.4 per share. In addition, shares related to the membership stakes of participating employees who were excluded from the scope of the 2025 Remuneration Policy – in particular due to termination or discontinuation of employment – or whose number of shares associated with their membership stakes decreased due to the application of an adjustment, have been also settled. The transaction involved 59,137 ALTEO ordinary shares, which were sold in the same manner and at the same time as described in the previous subsection.
On May 28, 2025, Scope Ratings GmbH carried out an annual review of the Company's credit rating on its bonds issued under the Bond Funding for Growth Scheme, as a result of which the rating remained unchanged, ALTEO as issuer remained in the BBB- category with a stable outlook, and its short-term debt rating also remained S-2.

Other events after the closing of the statement of financial position:

On July 2, 2025, ALTEO carried out an own share transaction in connection with the expansion of the adopted 2026 ESOP General Remuneration Policy. As a result, 7,370 ALTEO ordinary shares (ISIN code: HU0000155726) were transferred to the ALTEO ESOP Organization.
On July 16, 2025, the Budapest-Capital Regional Court passed a final ruling that the solutions applied by Sinergy Energiakereskedő Kft. do not infringe on CHP Kft.'s patent in question, thus ending a lawsuit that had been dragging on for years.
On July 24, 2025, ALTEO-Therm Kft. has successfully completed its investment project to replace its former 3.2 MW Wärtsilä 220 SG gas engine at its Tiszaújváros site with a modern, refurbished Jenbacher J620 engine.
On July 29, 2025, ALTEO updated its Green Financing Framework, which was developed and set up in 2023 because it needed to be updated due to recent regulatory changes in order to issue green bonds or take out green loans linked to green targets, if ALTEO considers it justified based on its financing needs. Through its certified green financing framework and other related commitments, the Company continues to emphasize its sustainability efforts, which form an integral part of its strategy.

1.1 Executive summary of the operating profit or loss

The following section presents the analysis of the comparative data of ALTEO Group for H1 2025 and H1 2024.

		2025 H1	2024 H1	Change	Change
				HUF million	%
data in HUF million	Ref.	non-audited	non-audited	over previous	over previous
			comparison	year	year
Sales revenues	1	54 526	49 787	4 739	10%
Material expenses	2	(37 642)	(32 015)	(5 627)	18%
Personnel expenses	3	(7 066)	(5 096)	(1 970)	39%
Depreciation and amortization	4	(3 193)	(2 222)	(971)	44%
Other revenues, expenses	5	(2 789)	(3 276)	487	(15%)
Capitalized own production	6	899	362	537	148%
Operating profit or loss	7	4 734	7 541	(2 807)	(37%)
Net financial income	8	(545)	(147)	(398)	271%
Profit or loss before taxes	9	4 190	7 394	(3 204)	(43%)
Income tax expenditures	1 0	(1 396)	(1 547)	151	(10%)
Net profit or loss	1 1	2 794	5 847	(3 053)	(52%)
Of which the owners of the Parent Company are entitled to:	1 2	2 794	5 683	(2 889)	(51%)
Of which the minority interest is entitled to:	1 3	-	164	(164)	(100%)
Base value of earnings per share (HUF/share)	1 4	141,31	286,28	(144,97)	(51%)
Diluted value of earnings per share (HUF/share)	1 5	140,18	285,14	(144,96)	(51%)
EBITDA*	1 6	7 927	9 763	(1 836)	(19%)

*EBITDA definition: In the opinion of the Company's management, the profit category that can most reliably be used to measure the profitability of the Group is EBITDA (from which financial items, taxes, depreciation, and profit effects recognized in no close relation to the business period, typically impairments, have been removed).

** The % data show the change in terms of the impact on the result.

The Group's Revenuesincreased by 10%, i.e. HUF 4.7 billion to HUF 54.5 billion, compared to H1 2024. Revenues increased due to growth in the scheduling and retail portfolio, changes in electricity prices on the world market and increased renewables-based production capacity, offset by less favorable weather compared to last year and lower official heat prices.

The increase in revenue was accompanied by a HUF 5.6 billion increase in material expenses, which outpaced the growth rate of revenues. This can primarily be explained with narrowing margins and the high balancing costs associated with Renewable Production Management (RPM).

The increase of nearly HUF 2 billion in personnel expenses is mainly due to the costs recognized in connection with the share-based employee share ownership program, which provides incentives to key employees and managers. The price has increased by 31% compared to the 2024 closing price. In addition to the above, growth is also driven by wage increases in line with the market and the increase in staff headcount needed to support growth.

The balance of other revenues, expenses, net shows a HUF 0.5 billion decrease in expenses. The change is mainly due to the elimination of the energy sector regulatory extra profit tax on revenues in the Heat and Electricity Production and Management segment, mitigated by the increase in the KÁT surcharge related to the RPM KÁT portfolio.

The increase in depreciation and amortization is due to a higher depreciation of assets as a result of investments and acquisitions.

The HUF 0.5 billion year-on-year increase in capitalized own production is due to increased Companyimplemented investment activities, mainly related to the ARTEMIS system developing complex digital production management.

The operating profit of ALTEO Group in H1 2025 amounted to HUF 4.7 billion, while its EBITDA stood at HUF 7.9 billion.

The net financial income decreased by HUF 0.4 billion. The interest paid was lower than in the base period, but interest income on the available funds decreased due to lower free cash balances and lower deposit rates, and a loss was also realized on the exchange difference.

In H1 2025, ALTEO Group realized a profit of HUF 4.2 billion before taxes.

Income tax expenses were HUF 0.15 billion lower than in the comparative period, mainly due to the decrease in the Group's profits, partly offset by an increase in deferred tax assets.

In H1 2025, the after-tax profit, i.e. net profit, of the Group was HUF 2.8 billion.

1.2 Executive summary on comprehensive income for H1 2025

Consolidated Comprehensive Statement of Profit or Loss
		2025 H1	2024 H1	Change HUF million	Change %
data in HUF million	Ref.	non-audited	non-audited comparison	over previous year	over previous year
Net profit or loss	1 7	2 794	5 847	(3 053)	(52%)
Other comprehensive income (after income tax)	1 8	(1 779)	1 948	(3 727)	(191%)
Comprehensive income	1 9	1 015	7 795	(6 780)	(87%)
Of which the owners of the Parent Company are entitled to:	2 0	1 015	7 631	(6 616)	(87%)
Of which the minority interest is entitled to:	-	164	(164)	(100%)
**Ref: Presentation of the relationships between the Statement of Financial Position, Statement of Profit or Loss, Cash-flow and Equity tables of the Interim Statements

**Ref: Presentation of the relationships between the Statement of Financial Position, Statement of Profit or Loss, Cash-flow and Equity tables of the Interim Statements

The Group recognized the cumulative effects(including deferred tax) of the end-of-period revaluation of hedges under other comprehensive income, which was a decrease of HUF 1.8 billion. Transactions are recognized, depending on comprehensive income or transaction profit nature, against the balance sheet items of other financial assets or other financial liabilities.

Consolidated other comprehensive income was most impacted by the exchange rate change of the Hungarian forint and the changes in the long-term interest rate environment. The majority of the Group's annual heat sales agreements are concluded at a fixed and regulated price level, the effect of which, however, cannot be included in other comprehensive income in accordance with the IFRS rules due to the impossibility of predicting the sales volume. The management estimates that fluctuations in the price of assets in kind required for regulated heat energy sales are eliminated through hedges by the Group under normal market conditions.

The Group adapts its natural gas purchases to its regulated heat energy sales pricing system and, in some cases, concluded forward contracts to manage foreign exchange rate volatilities.

The Group entered into interest rate swaps on most of its outstanding project loans in line with its risk management policy. With the interest rate swaps, the Group aims to manage the interest rate risk on project loans.

The Group presents the tax effect of the forward contracts shown in the comprehensive income by applying a corporate tax effect of 9%.

Accounting principles are presented in Section 2.5.6Uncertainty from estimates and disclosures on fair value measurement.

1.3 Executive summary on the performance of the segments

In relation to segment information, we present the detailed description, analysis and comparison of the segments in question. This is a segment-by-segment presentation of the main resources and risks for the business, related changes and uncertainties, as well as quantitative and qualitative information and indicators regarding performance measurement within the segments.

ALTEO GROUP MANAGEMENT STATEMENT – FINANCIAL STATEMENT BY ACTIVITIES
6/30/2025 data in HUF million	Heat and electricity production and management	Renewables based energy production	Energy services	Circular economy	Retail energy trade	Other segments	Administratio n costs	Items eliminated due to consolidation	Total
Revenue	34 636	4 672	2 145	2 800	19 081	3 2	-	(8 840)	54 525
Material expenses	(25 128)	(1 151)	(511)	(1 483)	(16 948)	(518)	(742)	8 840	(37 642)
Personnel expenses	(1 405)	(346)	(1 620)	(644)	(109)	(1 676)	(1 268)	-	(7 066)
Other revenues and Other expenses	(2 573)	(45)	1	2 2	(146)	(49)	0	-	(2 789)
Capitalized value of own production	676	4	153	4 4	-	-	2 2	-	899
EBITDA*	6 206	3 134	168	739	1 879	(2 211)	(1 988)	-	7 927

ALTEO GROUP MANAGEMENT STATEMENT – FINANCIAL STATEMENT BY ACTIVITIES
6/30/2024	Heat and electricity	Renewables	Energy services	Circular economy	Retail energy trade	Other segments	Administratio n costs	Items eliminated
	production and management	based energy production						due to	Total
data in HUF million								consolidation
Revenue	29 056	3 283	2 332	2 366	17 179	4	-	(4 433)	49 787
Material expenses	(17 684)	(931)	(910)	(936)	(14 914)	(536)	(537)	4 433	(32 015)
Personnel expenses	(1 063)	(233)	(1 388)	(512)	(87)	(737)	(1 076)	-	(5 096)
Other revenues and Other expenses	(3 036)	(10)	0	2 2	(238)	(15)	1	-	(3 276)
Capitalized value of own production	124	0	232	-	-	-	6	-	362
EBITDA*	7 397	2 109	266	940	1 941	(1 284)	(1 605)	(0)	9 763

* For a definition of EBITDA, see Section 1.1 Executive summary of key operating results. The profit or loss obtained by distributing administrative costs among the segments is the profit category called EBITDA II, described in the following sections.

In 2025, the allocation of administrative costs has been reviewed to reflect the rebalancing of the Company's activities and to track changes in central organizations. The time/resource allocation for the organizations to be allocated, and the role of existing and newly created areas in supporting operational or strategic operations have been reviewed in detail. The figures for the previous year are shown unchanged. The 2025 results are now shown broken down according to the new allocation, and the methodology is updated each year to reflect possible structural changes as growth occurs. The segment-based distribution of the value presented in the tables as administrative cost is represented by EBITDA II. See: as per the subsections of Section 1.3.

1.3.1 Heat and Electricity Production and Management segment

This segment includes the heat and electricity production activity from non-renewable sources, the Virtual Power Plant, as well as the Renewable Production Management (RPM) business. The Virtual Power Plant is responsible for planning and managing the production of electricity and/or heat generation and storage facilities owned by the Group and by external partners connected to the Virtual Power Plant. The RPM business provides complex services for the scheduling of own and external renewable power plants.

In the current period, the segment sold heat energy not only to district heating suppliers, but also to industrial customers, including Heineken Hungária Kft. With respect to these contracts, ALTEO's performance continued to be stable and predictable. Some of the heat supply contracts expire in 2025 and the parties are working together to extend these.

Heat and Electricity Production and Management
	6/30/2025	6/30/2024	Change HUF million	Change %
data in HUF million	non-audited	non-audited	over previous year	over previous year
Revenue	34 636	29 056	5 579	19%
Material expenses	(25 128)	(17 684)	(7 444)	42%
Personnel expenses	(1 405)	(1 063)	(341)	32%
Other revenues and Other expenses	(2 573)	(3 036)	463	(15%)
Capitalized own production	676	124	552	446%
EBITDA*	6 206	7 397	(1 191)	(16%)
Allocated administrative expenses	(644)	(553)	(91)	16%
EBITDA II*	5 562	6 844	(1 281)	(19%)

For a definition of EBITDA, see Section 1.1 Executive summary of key operating results. EBITDA II The segmentbased distribution of the value presented in the tables as administrative cost is represented by EBITDA II

The EBITDA II value of the segment for H1 2025 was HUF 5.6 billion, a 19% decrease over the previous period:

• The change in energy market prices was accompanied by a decrease in the specific margin (the socalled spark spread) of high-efficiency cogenerators from gas-fired electricity production, which significantly reduced the profit on electricity generation year-on-year.

In the capacity markets for ancillary services, there was minimal change in the price environment relative to the comparative period, but nevertheless significant profit was achieved, which partly compensates for the decrease presented in the previous subsection.
In H1 2025, the Virtual Power Plant realized profits on the balancing reserve capacity market similar to those in the comparative period.
The RPM business, which remains a significant player in terms of the ~1,800 MW of renewable installed capacity it manages, posted lower profits than before, due to a shift in the share of the KÁT/free market portfolio and an increase in balancing energy and regulatory surcharge costs. The main reason for the latter is the periodic sharp price increases in the balancing energy market. These price fluctuations are primarily due to system management challenges and weather effects.

The segment's revenues increased by 19% compared to the base period, driven mainly by the expanding portfolio of the RPM business and higher electricity prices.

Material expenses in the segment include three major items: purchased natural gas, purchased electricity (including balancing energy), and the operating costs of the division responsible for the operation and maintenance of the power plant portfolio. The large increase is mainly due to electricity trading, including balancing costs, increasing as a result of portfolio expansion.

The increase in capitalized own production is caused by the ramp-up of own developments in complex digital production management linked to ARTEMIS Zrt.

The drop in other expenses is due to the phasing out of the capacity tax from 2025, while the specific balancing surcharge for energy producers scheduled under KÁT has increased, mainly driven by external market impacts.

Description of the markets of the heat and electricity segment

The quantitative impact of structured electricity product sales on the segment's profit or loss

Electricity production dropped by 7% compared to the base period.

Self-generated electricity sold by the Virtual Power Plant in H1 2024 and H1 2025 (GWh)

The volume of balancing reserve capacity sold by the Virtual Power Plant decreased by 6%.

Impact of heat energy production (district and industrial heating) and sale on the segment's profit

Electricity production capacities sold by the Virtual Power Plant in H1 2024 and H1 2025 (aFRR: GWh; FCR: GWhsym)

The economic performance of the Heat Energy Production subsegment under review closed at a level comparable to that of the previous period.

The volume of heat energy sold by the segment increased by 5% during the period, essentially due to weather conditions. As a result of the hedging policy applied by the Group, the costs to cover the estimated resource needs for retail heat sales to final consumers are fixed, ensuring low volatility for hedging in this the subsegment.

The amount of natural gas used by the segment was almost the same as in the base period, with the effects of decreasing electricity production and increasing heat energy production offsetting one another.

1.3.2 Renewables-based Energy Production segment

The renewable-based energy production segment includes the results of all of ALTEO's power plants generating electricity from renewable sources (solar, wind, hydro and biogas). Some of the production units sell electricity under the KÁT subsidy system and under the KÁT premium and METÁR schemes, while others sell electricity without subsidies, under fully market conditions.

Investing in and implementing investments in renewable energy production is an integral part of ALTEO's strategy. Relative to the comparative period, a solar power plant with a nominal capacity of nearly 20 MW was delivered in August 2024 in the Tereske region, doubling the installed capacity of ALTEO Group's solar power plants in this segment. In Q4 2024, the purchase of the 100% stake of Mov-R Szélerőmű Kft. further increased the segment's installed capacity by 24 MW.

The capacity of ALTEO's power plant portfolio utilizing renewable sources of energy exceeds 116 MW.

Renewables-based Energy Production

	6/30/2025	6/30/2024	Change HUF million	Change %
data in HUF million	non-audited	non-audited	over previous year	over previous year
Revenue	4 672	3 283	1 389	42%
Material expenses	(1 151)	(931)	(220)	24%
Personnel expenses	(346)	(233)	(113)	48%
Other revenues and Other expenses	(45)	(10)	(35)	359%
Capitalized own production	4	0	4	1 058%
EBITDA*	3 134	2 109	1 024	49%
Allocated administrative expenses	(343)	(160)	(183)	114%
EBITDA II*	2 791	1 949	841	43%

* For a definition of EBITDA, see Section 1.1 Executive summary of key operating results. EBITDA II The segment-

based distribution of the value presented in the tables as administrative cost is represented by EBITDA II

EBITDA II realized by the Group's electricity production plants selling electricity within the Renewables segment increased by HUF 0.8 billion compared to the base period.

Several factors contributed to this increase:

In August 2024, the Tereske solar power plant with an installed capacity of 20 MW started production.
The inclusion of the Mov-R wind farm in the scope of consolidation in Q4 2024 further strengthened the Renewables segment's profitability.

The revenue of electricity production plants belonging to the Renewables segment increased by HUF 1.4 billion (42%) compared to the base period. There has been a change in the laws applicable to

The consolidation of the Mov-R wind farm in Q4 2024 had a positive impact on the segment's performance. At the same time, the decline in production volume was significantly affected by adverse weather conditions in Q1.

The increase in material and personnel expenses is mainly due to additional operating and other fees related to the Mov-R wind farm and the Tereske solar farm compared to last year.

The change in other expenses is mainly due to the price supplement effect specific to the METÁR system.

1.3.3 Energy Services segment

The Energy Services segment includes power plant operation and construction services provided to third parties, maintenance services provided to third parties and energy production segments, and emobility services. The Group also offers its customers engineering, project development and project management services, as well as main contractor construction services related to energy investments and developments, under individual orders and contracts, and contributes to increasing the production capacity of ALTEO's Energy Production division by providing project management support.

The greatest volume of services provided by the business line is used by major players in the Hungarian industry (e.g. MOL Petrolkémia, BorsodChem, Budapest Power Plant, FŐTÁV, MB Kecskemét, Uniper,

etc.), for whom the reliable and stable operation of energy infrastructure is critical. The services provided to them are typically implemented in the framework of construction and/or long-term operation and maintenance contracts with high added value.

Energy Services
	6/30/2025	6/30/2024	Change HUF million	Change %
data in HUF million	non-audited	non-audited	over previous year	over previous year
Revenue	2 145	2 332	(187)	(8%)
Material expenses	(511)	(910)	399	(44%)
Personnel expenses	(1 620)	(1 388)	(232)	17%
Other revenues and Other expenses	1	0	1	216%
Capitalized own production	153	232	(79)	(34%)
EBITDA*	168	266	(98)	(37%)
Allocated administrative expenses	(663)	(625)	(38)	6 %
EBITDA II*	(495)	(358)	(136)	38%

* For a definition of EBITDA, see Section 1.1 Executive summary of key operating results. EBITDA II The segmentbased distribution of the value presented in the tables as administrative cost is represented by EBITDA II

This year, the segment realized an EBITDA II loss of HUF 495 million, with the final figure down by HUF 136 million from the comparative period. The segment result does not include the profit content of the project development and implementation team's construction work within the Group.

Operating costs for operation and maintenance for external third-parties increased moderately in line with the national economy indicators, outpaced by the increase in revenues. The two effects resulted in a higher result in 2025 compared to the same period in 2024.

The Business and Project Development division has implemented less external (EPC) projects this year compared to the same period in 2024, and the value of the capitalized own production within own performance was also down. Due to these negative effects, the business' profits are below last year's. The primary focus of the area is the storage facilities under construction through RRF tenders, the largest investment project in ALTEO's history.

Maintenance Business Compared to the same period of the previous year, the business line carried out less external maintenance, resulting in decreased revenues. A significant proportion of the organization's costs are fixed or quasi-fixed, meaning these have not changed to the same extent as the revenue. ALTEO remains committed to building maintenance capacities and, in particular, to exploring the opportunities presented by new ownership.

As was expected, the E-mobility business has no significant profit-generating capacity at present.

The exploration of synergies with MOL as owner is ongoing. A significant part of the opportunities identified are related to this segment.

1.3.4 Circular Economy segment¹

The activity of the Circular Economy (previously Waste Management) segment is determined by the profits from the processing and management of organic and inorganic waste.

Circular economy
	6/30/2025	6/30/2024	Change HUF million	Change %
data in HUF million	non-audited	non-audited	over previous year	over previous year
Revenue	2 800	2 366	434	18%
Material expenses	(1 483)	(936)	(547)	58%
Personnel expenses	(644)	(512)	(132)	26%
Other revenues and Other expenses	2 2	2 2	0	1 %
Capitalized own production	4 4	-	4 4	n.a.
EBITDA*	739	940	(201)	(21%)
Allocated administrative expenses	(250)	(178)	(72)	40%
EBITDA II*	489	761	(273)	(36%)

*For a definition of EBITDA, see Section 1.1 Executive summary of key operating results. EBITDA II The segmentbased distribution of the value presented in the tables as administrative cost is represented by EBITDA II

MOHU MOL Hulladékgazdálkodási Zrt. has won the waste management concession tender announced by the Hungarian State, meaning that after July 1, 2023 it will collect and handle municipal solid waste in Hungarian settlements as a Concession Company for 35 years. FE-GROUP INVEST Zrt. participates in the process as a subcontractor of MOHU, having signed a two-year contract (plus two years of optional extension) on June 29, 2023. The contract, which is in force until mid-2027, is currently being negotiated and the parties are mutually satisfied.

The segment achieved an EBITDA II of HUF 489 million in the first half of the year.

Revenue increased by 18% compared to the base period. Revenue from concession activities was equal to the comparative period, with the increase mainly due to the growth in non-concession activities and organic waste services.

Material expenses increased by 58% and personnel expenses by 26%. The impact of the two rows should be considered together, mainly because of the fact that own workforce and contract work costs are recognized on two different rows.

¹ Previously Waste Management segment

The specific cost of processing concession material flows has increased, mainly due to increased wage and contract work costs. ALTEO aims to increase the share of its own workforce, which short-term cost increase can be offset by improvements in productivity and quality. Another cost increase is the change in the recognition of rental income related to real estate. Measures to reduce operating costs are underway.

In line with its strategy, ALTEO aims to play a leading role in Circular Economy. Accordingly, it is constantly exploring investment and acquisition opportunities, potential customers and cooperation possibilities.

On June 30, 2025, ALTEO successfully acquired 100% of the equity of ÉLTEX Kft, which will significantly increase the size of the segment. The handover of the DRS waste processing plant on July 11, 2025, the plant that uses the most modern technology in Hungary, also increases the size of the segment.

1.3.5 Retail Energy Trade segment

Energy trade by the Group involves selling electricity and natural gas on the free market. The Group does not pursue any sales activities under universal service.

Retail Energy Trade
	6/30/2025	6/30/2024	Change HUF million	Change %
data in HUF million	non-audited	non-audited	over previous year	over previous year
Revenue	19 081	17 179	1 902	11%
Material expenses	(16 948)	(14 914)	(2 034)	14%
Personnel expenses	(109)	(87)	(22)	25%
Other revenues and Other expenses	(146)	(238)	9 2	(39%)
EBITDA*	1 879	1 941	(62)	(3%)
Allocated administrative expenses	(89)	(90)	1	(1%)
EBITDA II*	1 791	1 851	(60)	(3%)

The segment's EBITDA II value decreased by a total of HUF 60 million compared to H1 2024.

The electricity and natural gas retail business has also seen significant portfolio growth thanks to strong sales activity, but competition is increasing as the market situation normalizes and uncertainties and risks are reduced, resulting in lower specific margins available.

The resulting decline in profitability was offset by the business line's outstanding sales performance, which led to significant portfolio growth in both electricity and natural gas trading.

Changes in the amounts of natural gas and electricity sold in 2023 and 2024 (GWh)

The volume of natural gas sold increased from 98 GWh to 139 GWh (+42%), partly due to colder winter weather compared to the comparative period and partly due to significant portfolio expansion. The average sales price continues to rise, but the specific margin available has fallen as risks have become lower.

The volume of electricity sold increased from 241 GWh to 319 GWh (+32%), and the average sales price, which is mainly influenced by the price environment at the time of contracting (typically end of 2023 or end of 2024), decreased.

The segment's H1 2025 revenue increased by HUF 1.9 billion over the same period in 2024. Within the segment, sales revenue increased for both natural gas and electricity, driven by the portfolio growth in both sub-segments.

Material-type items were dominant in the expenses of the Energy Retail segment. Natural gas and electricity procured and resold is presented under material expenses (COGS).

In Other revenues and Other expenses, the business line is charged significantly lower gas underconsumption penalties in 2025 than in the previous period.

On June 12, 2025, the act regulating the Energy Efficiency Obligation Scheme (EEOS) was amended, increasing the obligations for gas and electricity traders in the period 2025-2027 and changing the new obligation period from 2030 to 2035. The amendment also abolished the 1.5 and 2 discount multipliers for savings, which impose a significant cost burden on obligor companies. These increased liabilities were also reflected in the H1 profits of ALTEO's Retail business.

1.3.6 Other segment

The segment shows costs primarily related to strategic growth and stock exchange presence that are not linked to specific segments, but rather the future growth of the Group as a whole, and as such are not part of distributed administrative expenses.

Other segment
	6/30/2025	6/30/2024	Change HUF million	Change %
data in HUF million	non-audited	non-audited	over previous year	over previous year
Revenue	3 2	4	2 8	727%
Material expenses	(518)	(536)	1 8	(3%)
Personnel expenses	(1 676)	(737)	(939)	127%
Other revenues and Other expenses	(49)	(15)	(34)	224%
EBITDA*	(2 211)	(1 284)	(927)	72%

The profit or loss of the Group's Other segment is determined by the expenses related to the human resources necessary to perform the aforementioned functions and other material expenses.

Material expenses decreased slightly, mainly due to consultancy fees related to the appraisal of investments and acquisitions.

The personnel expenses of the segment were almost HUF 939 million higher compared to the previous year, mainly attributable to the effect of the Employee Share Ownership Program (ESOP). The ESOP programs include a share price contingent payment. Compared to ALTEO's price of around HUF 4,000 at the beginning of the year, there was a significant increase observed at the end of the half-year, which increases the amount paid and expected to be paid within the framework of the program. Further cost increases were due to wage increases and staff headcount increases related to the growing size of the Company, as detailed in Section 2.12.6.1.

ALTEO Nyrt.

Interim Consolidated Financial Statements prepared according to the International Financial Reporting Standards for the reporting date June 30, 2025

2 Disclosure of the Interim Consolidated Financial Statements under IAS 34

2.1 Interim consolidated statement of income

2025 H1 2024 H1 Change HUF million % non-audited over previous data in HUF million non-audited Ref comparison year year Sales revenues 54 526 49 787 4 739 1 Material expenses 2 (37 642) (32 015) (5 627) 3 Personnel expenses (7 066) (5 096) (1 970) Depreciation and amortization 4 (3 193) (2 222) (971) 5 (2 789) 487 Other revenues, expenses (3 276) Capitalized own production б 899 537 362 7 4 734 7 541 Operating profit or loss (2 807) Net financial income 8 (545) (147) (398) Profit or loss before taxes 9 4 190 7 394 (3 204) 10 (1 396) 151 Income tax expenditures (1547) Net profit or loss 11 2 794 5 847 (3 053 Of which the owners of the Parent Company are entitled to: 12 2 794 5 683 (2 889) Of which the minority interest is entitled to: 13 164 (164) Base value of earnings per share (HUF/share) 14 286,28 (144,97) 141,31 15 285,14 (144,96) Diluted value of earnings per share (HUF/share) 140,18	Consolidated Statement of Profit or Loss
				Change

				over previous

				10%
				18%
				39%
				44%
				(15%)
				148%
				(37%)
				271%
				(43%)
				(10%)
				(52%)
				(51%)
				(100%)
				(51%)
				(51%)
EBITDA* 16 7 927 9 763 (1 836)				(19%)

Consolidated Comprehensive Statement of Profit or Loss
		2025 H1	2024 H1	Change	Change
				HUF million	%
	Ref.		non-audited	over previous	over previous
data in HUF million		non-audited	comparison	year	year
Net profit or loss	1 7	2 794	5 847	(3 053)	(52%)
Other comprehensive income (after income tax)	1 8	(1 779)	1 948	(3 727)	(191%)
Comprehensive income	1 9	1 015	7 795	(6 780)	(87%)
Of which the owners of the Parent Company are entitled to:	2 0	1 015	7 631	(6 616)	(87%)
Of which the minority interest is entitled to:	2 1	-	164	(164)	(100%)
**Ref: Presentation of the relationships between the Statement of Financial Position, Statement of Profit or Loss, Cash-flow and Equity tables of the Interim Statements

**Ref: Presentation of the relationships between the Statement of Financial Position, Statement of Profit or Loss, Cash-flow and Equity tables of the Interim Statements

The results are analyzed in detail in Section 1.

The notes refer to the annual report as at December 31, 2024, in which the accounting policies disclosed

remain unchanged and in effect at the date of this report.

2.2 Consolidated statement of financial position

ALTEO Group closed H1 2025 with a balance sheet total of HUF 118 billion.

Consolidated Statement of Financial Position
data in HUF million		6/30/2025	12/31/2024	Change between 6/30/2025 and 12/31/2024
		non-audited	Comparison, audited	HUF million	%
Non-current assets	Ref.*	87 715	60 205	27 509	46%
Property, plant and equipment	9	53 111	48 122	4 989	10%
Intangible assets and developments	9	5 439	5 539	(100)	(2%)
Rights of use	9	3 122	2 898	224	8%
Goodwill	9	2 296	2 279	17	1%
Long-term deposits given	8	4 877	1 367	3 510	257%
Consolidated balance total of net assets of controlled interests**	11.	18 869	-	18 869	n/a
Current assets and assets held for sale		30 539	37 860	(7 320)	(19%)
Inventories	13.	1 322	1 300	22	2%
Trade receivables	14.	8 913	13 085	(4 172)	(32%)
Emission allowances	10.	2 953	1 587	1 366	86%
Other financial assets	15.	1 318	3 382	(2 064)	(61%)
Other receivables and accruals	16.	8 473	8 181	293	4%
Income tax receivables	17.	1 189	123	1 066	867%
Cash and cash equivalents	7	6 371	10 202	(3 831)	(38%)
TOTAL ASSETS		118 254	98 065	20 189	21%

Equity		40 313	39 463	850	2,2%
Equity attributable to parent company interests		40 313	39 463	850	2%
Issued capital	20.1	246	249	(3)	(1%)
Share premium reserves	20.2	5 066	6 696	(1 630)	(24%)
Reserve for share-based payments	20.3	(801)	(2 238)	1 437	(64%)
Hedge reserve	20.4	(303)	1 476	(1 779)	(121%)
Retained earnings	20.5	36 105	33 280	2 825	8%
Long-term liabilities		50 585	27 885	22 700	81%
Debts on the issue of bonds	21.	12 702	12 702	-	0%
Long-term loans and borrowings	22.	29 291	7 838	21 453	274%
Lease liabilities	23.	2 680	2 438	242	10%
Deferred tax liabilities	8	939	934	5	1%
Provisions	24.	2 363	2 359	4	0,2%
Deferred income	25.	975	908	67	7%
Other long-term liabilities	26.	1 635	706	929	132%
Short-term liabilities		27 356	30 717	(3 361)	(11%)
Short-term loans and borrowings	22.	5 006	1 449	3 557	245%
Short-term lease liabilities	23.	759	766	(7)	(1%)
Advances received	27.	2 178	2 146	32	1%
Trade payables	28.	3 388	8 704	(5 316)	(61%)
Other financial liabilities	29.	707	-	707	n/a
Short-term provisions	24.	134	134	-	0%
Other short-term liabilities and accruals	30.	15 143	17 183	(2 040)	(12%)
Income tax liabilities	7	41	335	(294)	(88%)
TOTAL EQUITY and LIABILITIES		118 254	98 065	20 189	21%

*Ref: Presentation of the relationships between the Statement of Financial Position, Statement of Profit or Loss, Cash-flow and Equity tables of the Interim Statements

The notes refer to the annual report as at December 31, 2024, in which the accounting policies disclosed

remain unchanged and in effect at the date of this report.

** The Éltex acquisition was closed on the balance sheet date of June 30, 2025, thus its impact could only be presented pro forma in the statement of financial position.

Analysis of major components in the statement of financial position and their changes

Non-current assets:

The value of Non-current assets increased by HUF 27.5 billion. In the period under review, capacity expansion and efficiency-enhancing projects with significant investment needs are underway, including energy storage projects, the DRS machinery line for the processing of waste subject to product charges, etc., and a HUF 1.5 billion contribution was made by ALTEO to the Andezit Private Equity Fund. Given that the Éltex acquisition closed on the balance sheet date of June 30, 2025, its impact could only be presented pro-forma in the statement of financial position.

Current assets:

The change in Current assets of HUF 7.3 billion means a 19% decrease compared to the 2024 closing value.

The HUF 1.3 billion, or 86%, increase in the portfolio of emission allowances is due to the settlement of CO2 and EEOS quotas for 2024 and purchases for subsequent years.
The aggregate HUF 3.8 billion decrease of trade receivables, other receivables and accruals is mainly a seasonal effect.
Decreasing energy prices also had a lowering effect on the level of deposits and collaterals required, which contributed significantly to the HUF 2.1 billion, i.e. 61% decrease in Other financial assets. Furthermore, hedging transactions had a significant impact, which are presented in the section on comprehensive income, see Section 1.2.
There was a HUF 3.8 billion, 38% decrease in Cash and cash equivalents. Changes in the cash balance are presented on an item-by-item basis in the consolidated Statement of Cash Flows, see Section 2.3.
Changes in Stocks are caused by the purchase of spare parts for normal course of business and maintenance projects.

Equity components:

The equity of the Group showed no significant change in H1 2025. The slight, 2.2% growth of equity resulted from the profit of 2025, the ESOP reserve and the effects of hedging transactions. For more information, see Section 2.4 of the Equity table.

Long-term liabilities:

Long-term liabilities of the Group increased by HUF 22.7 billion, by 81%.

The Group's long-term loans increased by HUF 21.4 billion, reflecting the partial drawdown of the corporate financing facility and the repayment of loans in line with contractual schedule.
Long-term Finance lease liabilities rose by HUF 0.2 billion to HUF 2.7 billion.
Other long-term liabilities increased by HUF 0.9 billion due to the ESOP programs launched in 2025.

Short-term liabilities:

Short-term liabilities declined by a total of HUF 3.3 billion, i.e. by 11%.

Short-term loans and borrowingsincreased by HUF 3.6 billion, i.e. 245%, due to the shortterm part of the partly utilized corporate financing facility.
Trade payables and Other short-term liabilities and accruals fell by HUF 7.3 billion, or 28%, compared to the year-end which, like similar receivables, is primarily a seasonal effect.
The revaluation of derivative transactions on the balance sheet date resulted in an increase of HUF 0.7 billion in Other financial liabilities.
Income tax liabilities decreased by HUF 0.3 billion relative to the comparative period.

2.3 Consolidated statement of cash-flows for the 6-month-period ending on June 30, 2025

The Group's business operations generated an increment of HUF 1.3 billion, HUF 29.7 billion was spent on investment projects, and the Group's Financing activities generated HUF 24.6 billion of positive cash flow. The Group closed the first six months of 2025 with a total HUF 3.8 billion increase in cash outflow. The Group presents the cash-flow changes arising from changes in the statement of financial position (indirect cash-flow) as follows:

Consolidated Statement of Cash Flows
data in HUF million		1/1/2025-6/30/2025 HUF million	1/1/2024-6/30/2024 HUF million
	Ref.		restated**
Profit or loss before taxes	9	4 190	7 394
(Interest income) and interest expenses, net	6.	537	521
Depreciation and amortization of fixed assets and intangible assets	9.	3 193	2 222
Recognition (reversal) of impairment of current assets in profit or loss	4.	9 0	1
Provisions recognized (released)	24.	6 7	3 4
Deferred income increase (decrease)	25.	3	(50)
Net cash-flow of business activity without change in current assets		8 080	10 122
Change in inventories	13.	(22)	(156)
Changes in emission allowances	15.	(1 366)	(272)
Change in trade receivables, other receivables, accrued income and deferred charges	14.	3 790	982
Change in other financial assets	16.	849	364
Change in trade payables, other liabilities, accrued expenses and deferred income	28.	(6 565)	(3 188)
Financial settlement of particular ESOP liabilities	35.	(2 508)	(854)
Advances received (final settlement -)	27.	3 2	8
Taxes paid	7.	(1 018)	(4 088)
Cash flow from business activities (use of funds)		1 271	2 919
Interests received on deposits and investments	6.	6 7	521
Purchase of production and other machinery, and intangible assets	9.	(7 381)	(6 699)
Acquisition of subsidiary (not including cash and cash equivalents)	32.	(18 869)	-
Change in long-term loans or deposits given	11.	(3 510)	(227)
Cash flow of investment activities (cash outflow)	-	(29 694)	(6 405)
Interest paid on bonds and loans	21.,6.	(437)	(884)
Long-term loans and borrowings received, financial liabilities received and repaid	22.	25 936	(1 097)
Lease liabilities capital repayment	23.	(708)	(309)
Dividend payment	20.6	(167)	(7 924)
Cash flow from financing activities		24 625	(10 214)
Changes in cash and cash equivalents		(3 798)	(13 700)
Opening cash and cash equivalents	7.	10 202	24 345
Exchange difference of cash and cash equivalents	-	(34)	4 8
Closing cash and cash equivalents	7.	6 371	10 694
* Ref: Presentation of the relationships between the Statement of financial position, Statement of profit or loss, Cash-flow and Equity tables of the Interim Statements

** In line with the restatements published in the annual report dated April 4, 2025

The notes refer to the annual report as at December 31, 2024, in which the accounting policies disclosed

remain unchanged and in effect at the date of this report.

2.4 Consolidated statement of changes in equity for the 6-month-period ending on June 30, 2025

In contrast with other tables in the report, this table is shown in HUF thousands, in consideration of the presentability of the low-amount items in the capital structure.

Data in HUF thousand	Issued capital	Share premium reserves		Reserve for share-based payments	Hedge reserve	Retained earnings	Equity attributable to the shareholders of the Parent Company	Non-controlling interest	Total equity
			I.	II.
Ref*	20.2	20.3		20.4	20.5	-	20.1	20.6	-
12/31/2023	247 534	6 174 087		-	(1 885 811) (2 389 024)	31 663 743	33 810 529		43 585 33 854 114
Dividend payment (approval)						(7 972 590)	(7 972 590)		(7 972 590)
Capital movements related to the Employee
Share Ownership Program (ESOP)
Shares transferred to for the implementation
of ESOP Programs	5 671	1 601 386		(1 607 057)			-		-
IFRS 2 vested benefit settlement
Through the ESOP Organization (ESOP 2024)	(3 192)	(974 428)		977 620			-		-
Szikra, ESOP 2025 Program share repurchase	(873)	(276 728)		277 601			-		-
ESOP Founder's assets forfeited dividend						41 078	41 078		41 078
ESOP Founder's assets dividend		197 119					197 119		197 119
FE-Group Zrt. inclusion of previous year's profit
or loss						(75 935)	(75 935)	75 935	-
FE-Group Zrt. inclusion of minority interest		(25 374)					(25 374)	(119 520)	(144 894)
Aggregate amount of rounding difference						(1)	(1)		(1)
Comprehensive income					3 865 117	9 624 055	13 489 172	-	13 489 172
12/31/2024	249 140	6 696 062		-	(2 237 647) 1 476 093	33 280 350	39 463 998	-	39 463 998
Capital movements related to the Employee
Share Ownership Program (ESOP)
Shares repurchased from ESOP Organization	(7 325)	(3 396 293)		- 3 403 618	-	-	-		-
Shares transferred to for the implementation
of ESOP Programs	4 196	1 963 002		- (1 967 198)			-		-
Dividend on non-vested shares						30 486	30 486		30 486
ESOP Founder's assets dividend		(197 119)					(197 119)		(197 119)
Aggregate amount of rounding difference		(1)					(1)		(1)
Comprehensive income					(1 779 112)	2 793 945	1 014 833	-	1 014 833
	246 011	5 065 651		-	(801 227) (303 019)	36 104 781	40 312 197	-	40 312 197

The Ref * notes refer to the annual report as at December 31, 2024, in which the accounting policies disclosed remain unchanged and in effect at the date of this report.

Comparative period: 12/31/2022-6/30/2024

Data in HUF thousand	Issued capital	Share premium reserves	Reserve for share-based payments		Hedge reserve	Retained earnings	Equity attributable to the shareholders of the Parent Company	Non-controlling interest	Total equity
			I.	II.
Ref*	4 0	4 1	4 2		4 3	4 4	3 9	4 5	3 8
12/31/2022	249 066	6 573 148		(322 802) (1 136 742) 2 069 245		19 170 998	26 602 913		84 949 26 687 862
Fulfillment of employee share ownership
program with shares	2 4	5 518					5 542		5 542
Acquisition of own shares	(5 201)	(1 123 942)	271	45 765			(1 083 107)		(1 083 107)
Capital movements related to the Employee
Share Ownership Program (ESOP)							-		-
Shares transferred to ESOP organization	3 645	791 190		(794 835)			-		-
ESOP IFRS2 remuneration formerly
recognized in profit or loss			(552 218)			552 218	-		-
ESOP IFRS2 reserve de-recognition de
recognized carrying amount upon share
transfer			866 672			(866 672)	-		-
Recognition of share benefits against profit or
loss							-		-
Cash transferred for ESOP operation		(2 874)	8 077			2 874	8 077		8 077
ESOP operating cost		(5 808)					(5 808)		(5 808)
Minaqua Kft. absorption						(1 055)	(1 055)		(1 055)
Re-entry of ECO-First Kft. prescribed dividend						1 900	1 900		1 900
Aggregate amount of rounding difference				1		2	3		3
Comprehensive income					(4 458 269)	12 803 478	8 345 209	(41 364)	8 303 845
12/31/2023	247 534	6 174 087	-		(1 885 811) (2 389 024)	31 663 743	33 810 529		43 585 33 854 114
Capital movements related to the Employee
Share Ownership Program (ESOP)							-		-
Shares transferred to for the implementation
of ESOP Programs	5 672	1 601 387		(1 607 059)			-		-
IFRS 2 vested benefit settlement through the
ESOP Organization (ESOP 2024)	(3 192)	(974 428)		977 620			-		-
Szikra, ESOP 2025 Program share repurchase	(874)	(276 728)		277 602			-		-
ESOP Founder's assets dividend						41 078	41 078		41 078
Aggregate amount of rounding difference						(2)	(2)		(2)
Comprehensive income					1 947 995	5 683 162	7 631 157	164 125	7 795 282
6/30/2024	249 140	6 524 318	-		(2 237 648) (441 029)	29 415 391	33 510 172		207 710 33 717 882

The Ref * notes refer to the annual report as at December 31, 2024, in which the accounting policies disclosed remain unchanged and in effect at the date of this report.

Statement of changes in equity in the period between 1/1/2025 - 6/30/2025

Capital movements related to the Employee Share Ownership Program (ESOP)

Pursuant to the provisions of IFRS 12, the Company presents the asset items of the ALTEO Employee Share Ownership Program Organization (hereinafter the ALTEO ESOP Organization) in its consolidated statements. The ALTEO ESOP Organization, as the manager of the Issuer's employee share ownership program, is in the process of implementing the following ESOP remuneration policies:

o General ESOP Remuneration Policy 2026 (Reserve for share-based payments II)
o Executive Remuneration Policy 2026 (Reserve for share-based payments II)
o ESOP General Remuneration Policy 2027 (Reserve for share-based payments II)
o ESOP Szikra Remuneration Policy 2027 (Reserve for share-based payments II)
o Watt Remuneration Policy 2027 (Reserve for share-based payments II)
o Executive Remuneration Policy 2027 (Reserve for share-based payments II)

The following ESOP remuneration policies were accounted for in H1 2025:

o Remuneration Policy 2025 (Reserve for share-based payments II)
o Executive Remuneration Policy 2025 (Reserve for share-based payments II)
o Szikra Remuneration Policy for Middle Management 2025
o WATT Remuneration Policy for talented young managers and experts 2025 (Reserve for sharebased payments II)

The Remuneration Policies are accounted for in profit or loss in accordance with IFRS 2, as fair value liabilities recognized as pro-rated personnel expenses. Until the Liabilities are settled, the Company provides coverage for these outstanding and future liabilities by realigning the Reserves.

Shares transferred to the ALTEO ESOP Organization for the implementation of programs: Within the framework of the above remuneration policies launched in 2025, ALTEO has transferred 335,634 ALTEO ordinary shares worth HUF 1,967 million to the ALTEO ESOP Organization as coverage for the programs. The HUF 1,967 million capital component stated in the accounts is intended to cover the benefits of the remunerated employees. Once the benefits are transferred, they are stated in the Company's books as financially settled liabilities.

The Company carried out own share transactions within the framework of the ESOP programs detailed in Section 2.12.6.1, as a result of which it purchased 586,252 own shares from the ALTEO ESOP Organization in a value of HUF 3.403 million in 2025.

The own shares allocated to the ALTEO ESOP Organization for the implementation of the remuneration policies are entitled to dividends, the ultimate beneficiaries of which are the participants of the ESOP remuneration policies. With a view to the fact that certain participants were excluded from the scope of the remuneration policy that expired in 2024, the dividend on the shares allocated to them was returned to the Company, amounting to HUF 30 million.

Comprehensive income:

In line with its hedging strategy, the ALTEO Group entered into forward transactions in order to hedge transactions to be realized in the coming years. As at the reporting date, the aggregated fair value of open forward hedging transactions was HUF 303 million, with a decrease of HUF 1.8 billion. The increment deriving from the after-tax profit for the parent company amounted to HUF 2.79 billion in H1 2025.

2.5 Other financial information

2.5.1 Disclosure obligations of the IAS 34 16A, IFRS 8 Operating segments

6/30/2025	Heat and electricity	Renewables	Energy	Circular	Retail energy	Other	Administratio	Items eliminated
data in HUF million	production and management	based energy production	services	economy	trade	segments	n costs	due to consolidation	Total
Revenue	34 636	4 672	2 145	2 800	19 081	3 2	-	(8 840)	54 525
Capitalized value of own production	676	4	153	4 4	-	-	2 2	-	899
Material expenses	(25 128)	(1 151)	(511)	(1 483)	(16 948)	(518)	(742)	8 840	(37 642)
Personnel expenses	(1 405)	(346)	(1 620)	(644)	(109)	(1 676)	(1 268)	-	(7 066)
Other revenues and Other expenses	(2 573)	(45)	1	2 2	(146)	(49)	0	-	(2 789)
EBITDA*	6 206	3 134	168	739	1 879	(2 211)	(1 988)	-	7 927

ALTEO GROUP MANAGEMENT STATEMENT – FINANCIAL STATEMENT BY ACTIVITIES
6/30/2024	Heat and electricity	Renewables						Items eliminated
data in HUF million	production and management	based energy production	Energy services	Circular economy	Retail energy trade	Other segments	Administratio n costs	due to consolidation	Total
Revenue	29 056	3 283	2 332	2 366	17 179	4	-	(4 433)	49 787
Capitalized value of own production	124	0	232	-	-	-	6	-	362
Material expenses	(17 684)	(931)	(910)	(936)	(14 914)	(536)	(537)	4 433	(32 015)
Personnel expenses	(1 063)	(233)	(1 388)	(512)	(87)	(737)	(1 076)	-	(5 096)
Other revenues and Other expenses	(3 036)	(10)	0	2 2	(238)	(15)	1	-	(3 276)
EBITDA*	7 397	2 109	266	940	1 941	(1 284)	(1 605)	(0)	9 763

* For a definition of EBITDA, see Section 1.1 Executive summary of key operating results.

The segment-related information provided to the Chief Decision Officer was made available and disclosed in Section 1.3 of this document − Executive summary on the performance of the segments. That section includes a description of the deviations in the segmentation basis or the measurement basis of the segment result as compared to the data included in the latest annual financial statements. The aggregate "Totals" of segment data correspond to the descriptions and amounts stated in the consolidated interim statements of income presented in this document.

Items eliminated due to consolidation represent the turnover between individual segments.

Metrics of the segment result: revenue, EBITDA (interoperable segment measures and financial indicators), kWh, Mwh, Gwh, natural measures (non-interoperable segment measures, non-financial indicators)

Employee headcount describes the Group, rather than being a financial indicator.

The assets and liabilities of individual segments are not presented to the Chief Decision Officer; consequently, there is no content to be displayed as part of the statements.

The Group presents the key clients of each segment in accordance with the economic interests of the Group.

2.5.2 The basis for the preparation of the financial statements

These interim financial reports were prepared in line with the IAS 34 Interim Financial Reporting standard. The Group exercises the option available to it under IAS 34, whereby it does not repeat any data or information disclosed prior to the date of the financial statement. These interim financial statements are to be interpreted together with the financial statements for the business year that ended on December 31, 2024 (hereinafter: complete financial statements). Moreover, the contents of any significant events or disclosures published through the Group's disclosure points are deemed disclosed. By exercising this option, the Group avoids all unnecessary repetitions in its interim statements, whereby the Group improve the transparency of its financial statements according to its own beliefs. In consideration of the integrated nature of the report, the content of Section 1 is not repeated in the section on IFRS 34.

Along with its financial reports, the Group ensures the appropriate availability of such disclosed data. The Group's interim financial statements do not contain any information that has already been presented in the end-of-year financial statements prepared in accordance with the IAS 1 Presentation of Financial Statements standard and published in the Group's places of disclosure.

The management of the Group makes the declarations and statements prescribed in the Decree of the Minister of Finance on interim financial statements in its Semi-Annual Report.

2.5.3 Accounting policies and changes to standards

The Group's accounting policies are identical with those disclosed for the reporting date of 12/31/2024. The Group does not repeat the data disclosed up to the H1 2025 report, and makes a clear reference to such data when omitting such repetition [IAS 34.10A].

2.5.4 Impact of energy industry service charges and projects

Revenues relating to ongoing projects are presented by the Group in accordance with the rules of the IFRS 15 standard. The Group records its costs concerning the construction/installation contracts separately for each project. Using the costs incurred during the implementation of the projects as the projection base, revenues and claims from customers are shown in relation to the analysis and probability of the stage of completion and the envisaged (expected) profit.

2.5.5 Changes in the reporting system

The Group management is committed to the transparent presentation of the Group statement of financial position, profits and segment profit or loss. The comprehensibility of presentation and the segmenting of activities are reviewed each year and in each report. No significant changes were made in the reporting period.

2.5.6 Uncertainty from estimates and disclosures on fair value measurement

The Company's management uses estimates in several areas when preparing its financial statements. Pursuant to IAS 34, the Group is required to disclose its information on fair value measurement. These accounting estimates reflect the management's best and most up-to-date knowledge in all cases. The purpose of the accounting estimates is to generate the financial statements of the reporting period with the best possible information content available at the time of the reporting. Any changes in the values of estimates have an effect on the reporting period and the subsequent period, but they have no retroactive effect.

We relied on estimates for presenting assets and liabilities when we prepared the Group's financial statements. The estimates applied give rise to uncertainties, and future changes in estimates may cause significant deviations in the following items:

estimates concerning the depreciation of fixed assets (e.g.: useful life),
estimates concerning the creation of provisions (e.g.: methodology of calculation, indicators for determining provisions),
estimates concerning the evaluation of inventories and receivables,
estimates concerning fair value,
estimates relating to construction and installation projects (investment contracts),
determination of the fair value of the contingent purchase price.

Reasons for the review of accounting estimates:

changes in laws,
changes in the economic environment,
changes in the operation and the procedures of the company.

Procedures for the above estimates remained unchanged in the reporting period.

Material impacts of the above estimates in the current period:

• For the purposes of this report, the estimate for forward natural gas price transactions was prepared using the prevailing natural gas futures prices. Natural gas futures are TTF and VTP stock market prices quoted for the maturity date of the transaction.

Public link: https://www.ice.com/products/71523204/Austrian-CEGH-VTP-Natural-Gas-Futures/data?marketId=6277423
For the gas years commencing on October 1, 2024 and October 1, 2025, the Group has entered into a natural gas price hedging option transaction with a fair value loss cap of the amount recognized under other comprehensive income.
The valuation of interest rate swaps resulted from the change in BUBOR. Public link: https://www.mnb.hu/monetaris-politika/penzpiaci-informaciok/referenciamutato-jegyzesi bizottsag/bubor
The Group has concluded forward transactions to hedge certain FX liabilities. The impact of fluctuations in the HUF/EUR exchange rate in 2025 is reflected in the value of other comprehensive income.

In view of the dynamics of market prices and changes in the environment, additional future changes cannot be ruled out; consequently, changes in estimates may have a material impact in the coming periods as well, which are presented under other comprehensive income.

For the impact of recognition, see Section 1.2 Executive summary on comprehensive income. Fair value changes recognized against profit/loss, current fair value estimates

Goodwill valuation: Due to unchanged circumstances, the Issuer has not changed the value of goodwill compared to the comparative period.
Off-balance sheet forward transactions classified to have production purpose: The Company has forward transactions for energy products classified as having an open production purpose in a total of EUR 17,563 thousand, of which EUR 15,834 thousand are within-one-year transactions and EUR 1,729 thousand longer than one year transactions.

2.5.7 Seasonality, cyclicity, unusual activities

The Group publishes its financial statements in accordance with IAS 34. There are certain seasonal factors relating to its business to be aware of. Important factors relating to the interpretation of the periodical financial figures of ALTEO:

the heating season (typically Q1 and Q4) is when a substantial portion of the revenue generated by the Group's heating power plants is realized,
the strong seasons for wind farms are Q1 and Q4,
the strong production seasons for solar power plants are Q2 and Q3,
the construction and installation activity of the Enterprise business line is adjusted to client needs based on individual orders and typically entails high-volume projects and accordingly, the comparability of individual periods is limited by the varying volume and type of orders in progress in the given period.

The production of the power plants listed above is described in detail in Section 1.3.

The Issuer did not identify any events in its activity that may have an impact on assets, liabilities, equity, net P&L or cash-flows, and can otherwise be deemed unusual due to their nature, amount or frequency.

2.6 Employee headcount

The Group's closing employee headcount as at June 30, 2025 was 564 people. Its statistical headcount in H1 2025 was 520.4 people on average. The present headcount does not yet include the headcount of Éltex Kft., acquired on June 30, 2025.

2.7 EPS indicator based on ALTEO's consolidated results

Calculation of earnings per share (EPS)	Period ending on 6/30/2025 HUF thousand	Year ending on 12/31/2024 HUF thousand
Number of shares for EPS	19 771 342	19 851 780
Number of shares for diluted EPS	19 931 474	19 931 474
Profit or loss attributable to controlled interests	2 793 945	9 624 055
Base value of net earnings per share (HUF/share)	141,31	484,80
Diluted value of net earnings per share (HUF/share)	140,18	482,86

As the ALTEO shares owned by the ALTEO ESOP Organization are eligible for dividend, they are also included in the diluted share number.

The change in the number of shares can be attributed to the equity transactions listed in Section 0.

2.8 Extraordinary financial management or economic environment impacts and events

In H1 2025, the Group did not identify any extraordinary operational environmental impacts.

2.9 The Company's details

Company name	ALTEO Energiaszolgáltató Nyilvánosan Működő Részvénytársaság
Abbreviated company name:	ALTEO Nyrt.
Company name in a foreign language:	ALTEO Energy Services Public Limited Company
Abbreviated company name in a foreign language:	ALTEO Plc.

The Company's registered office	H-1117 Budapest, Dombóvári út 252
The Company's telephone number	+36 1 236 8050
The Company's central electronic mailing address	[email protected]
The Company's website	www.alteo.hu
The Company's place of registration,	Budapest
date of registration and	April 28, 2008
company registration number	Cg.01-10-045985
The Company's tax number:	14292615-4-44
The Company's EU VAT number:	HU14292615
The Company's statistical code:	14292615-7112-114-01
Duration of the Company's operation	indefinite
The Company's legal form	public limited company
Governing law	Hungarian
The Company's share capital	249,143,425 Hungarian forints
Date of the effective Articles of Association	August 12, 2025 (in effect from: August 6, 2025)
The Company's core activity	Engineering activities and related technical consultancy
Financial year	same as the calendar year

2As of September 1, 2025

Place of publication of notices	The Company discloses its notices regarding regulated information on its website https://investors.alteo.hu/, on the website of the BSE at www.bet.hu and on the www.kozzetetelek.mnb.hu website operated by the Central Bank of Hungary (hereinafter: MNB); furthermore, if specifically required by relevant laws, the notices of the Company are also published in the Company Gazette.
ISIN code of the Shares	HU0000155726
Stock exchange listing	19,931,474 shares of the Company have been listed on the Prime Market of the Budapest Stock Exchange (BSE).
Other securities	Bonds
	ALTEO NKP/2029: registered bonds with a fixed coupon rate, issued by private placement, having a face value of HUF 50,000,000 and 10 years maturity, total face value: HUF 8,600,000,000, listed on the BSE. ISIN code: HU0000359252
	ALTEO2031: registered bonds with a fixed coupon rate, issued by public offering, having a face value of HUF 50,000,000 and a maturity of 11 years, total face value: HUF 3,800,000,000, listed on the BSE. ISIN code: HU000036003
The Company's Board of Directors	Attila László Chikán, Chairman of the Board of Directors, CEO
	Dr. György Bacsa, Deputy Chairman of the Board of Directors
	Ágnes Bencsik, Member of the Board of Directors
	Álmos Mikesy, Member of the Board of Directors
The Company's Supervisory Board	Dr. Ákos Székely, Chairman of the Supervisory Board
	Péter Kaderják, Member of the Supervisory Board
	Márton Oláh, Member of the Supervisory Board

The Company's Audit Committee	Dr. Ákos Székely, Chairman of the Audit Committee
	Péter Kaderják, Member of the Audit Committee
	Márton Oláh, Member of the Audit Committee
The Company's Auditor	The current auditor of the Company is Authentic Audit Korlátolt Felelősségű Társaság (registered office: H-1139 Budapest, Teve utca 24-28. B. lház. 8. em. 2., company registration number: 01-09-355573). The mandate of the auditor is for the period from April 19, 2024 until the date of adoption of the General Meeting's resolution on the report for the fiscal year ending on December 31, 2026 or until May 31, 2027, whichever occurs earlier. The auditor personally responsible for auditing the Company is Andrea Zsoldos-Horváth.
Shareholders of the Company with a share exceeding 5%	MOL RES Investments Zártkörűen Működő Részvénytársaság
	Riverland Private Equity Fund (Riverland Magántőkealap)
	Főnix Private Equity Fund (Főnix Magántőkealap)

2.10 Presentation of the companies involved in the consolidation

Subsidiaries mean the following companies (with their influence indicated):

Name of Subsidiary		Rate of influence
6/30/2025	Activity	6/30/2025	12/31/2024	6/30/2024
Aerope Holding Kft.	electricity production using renewable sources	100%	100%	-
ALTE-A Kft.	electricity production using renewable sources	100%	100%	100%
ALTE-GAS Kft.	supplementary service for land transport	100%	100%	100%
ALTE-GO Kft.	commissioning of industrial machinery and equipment	100%	100%	100%
ALTEO-Depónia Kft.	electricity production using renewable sources	100%	100%	100%
ALTEO Energiakereskedő Zrt. gas trade		100%	100%	100%
ALTEO-Therm Kft.	electricity production using non-renewable sources	100%	100%	100%
ARTEMIS Technologies Zrt.	computer consultancy activities and operation of IT tools and systems	100%	100%	-
Domaszék 2MW Kft.	electricity production using renewable sources (solar power plant)	100%	100%	100%
EDELYN SOLAR Kft.	electricity production using renewable sources	100%	100%	100%
Energigas Kft.	electricity production using renewable sources	100%	100%	100%
Energikum Zrt.	business and other consultancy services	100%	100%	100%
Energy Corp Hungary Kft.	Other professional, scientific and technical activities n.e.c.	100%	100%	-
EURO GREEN ENERGY Kft.	electricity production using renewable sources	100%	100%	100%
ÉLTEX Kft.	wholesale of waste and scrap	100%	-	-
ÉLTEX SR HULLADÉKKEZELŐ ÉS FUVAROZÓ Kft.3	precious metals production	The rate of voting rights exceeds 50%.	-	-
FE-GROUP INVEST Zrt.	wholesale of waste and scrap, recycling	100%	100%	75.1%
Monsolar Kft.	electricity production using renewable sources	100%	100%	100%
Mov-R H1 Szélerőmű Kft.	electricity production using renewable sources	100%	100%	-
Pannon Szélerőmű Kft.	electricity production using renewable sources	100%	100%	100%
Peregium Green Zrt.4	manufacture of electronic components	The rate of voting rights exceeds 50%.	-	-
Sinergy Energiakereskedő Kft. electricity trading		100%	100%	100%
Sinergy Kft.	electricity production using renewable sources	100%	100%	100%

³ The influence is indirect, ALTEO's influence in ÉLTEX SR HULLADÉKKEZELŐ ÉS FUVAROZÓ Kft. exists through ÉLTEX Kft.

⁴ The influence is indirect, ALTEO's influence in Peregium Green Zrt. exists through ÉLTEX Kft.

Name of Subsidiary	Activity	Rate of influence
6/30/2025		6/30/2025	12/31/2024	6/30/2024
SUNTEO Kft.	electricity production using renewable sources	100%	100%	100%
Tisza-WTP Kft.	water collection, treatment and supply	100%	100%	100%

2.11 Changes in the structure of the Group

The acquisition of ÉLTEX Kft.

On December 20, 2024, ALTEO signed a quota sale and purchase agreement with Global Refuse Holding Zártkörűen Működő Részvénytársaság on the acquisition of 100% of the business quotas of ÉLTEX Kft. On June 30, 2025, the conditions precedent to closing were met, and ALTEO became the owner of 100% of ÉLTEX Kft.

The core activities of ÉLTEX Kft. include the treatment, transport and sorting of electronic waste and other hazardous and non-hazardous waste, and seeking out and exploring markets for recycled materials, which has made it one of the leading waste management companies in Hungary over the past decade. The acquisition will enable ALTEO's waste management business to manage even more material streams and at the same time return even more valuable waste materials into the cycle. By concluding the acquisition, ALTEO has taken a significant step towards achieving its strategic goal of becoming the leading player in the domestic circular economy by 2030.

2.12 Description of significant events at the Company and its Subsidiaries between January 1, 2025 and the publication date of this Semi-Annual Report

This section is intended to describe other financial information and events with a financial impact that are either prescribed by the applicable accounting standards or deemed by the management to be material for shareholders.

Any material information that may have a significant impact on the activity of ALTEO Group – outside of ordinary day-to-day business operations – has been regularly disclosed by the Board of Directors through the Company's official disclosure points.

2.12.1 Key events relating to the Company and the Subsidiaries relevant in terms of company law in the period between January 1, 2025 and the publication date of this Semi-Annual Report

2.12.1.1 Key events at the Company relevant under company law

The Company held its ordinary General Meeting on April 28, 2025, where the following resolutions were adopted:

a) The General Meeting adopted the Company's Separate Annual Financial Statements prepared for the fiscal year ending on December 31, 2024 according to the International Financial Reporting Standards (IFRS) as proposed for approval by the Company's auditor (comprehensive income: HUF 8,680,722 thousand, total assets: HUF 64,849,764 thousand), its Business (Annual) Report, the Report of the Board of Directors, the relevant report of the auditor, as well as the Company's Separate Sustainability Report for 2024.
b) The General Meeting adopted the Company's Consolidated Annual Financial Statements prepared for the fiscal year ending on December 31, 2024 according to the International Financial Reporting Standards (IFRS) as proposed for approval by the Company's auditor (comprehensive income: HUF 13,489,172 thousand, total assets: HUF 98,063,528 thousand), its Business (Annual) Report, the Report of the Board of Directors, the relevant report of the auditor, as well as the Company's Consolidated Sustainability Report for 2024.
c) The General Meeting adopted the Corporate Governance Report relating to the Company's 2024 operations with the proposed content.
d) The General Meeting resolved that the Company not pay dividend against 2024, and that the profit not paid as dividend be reclassified to retained earnings.
e) The General Meeting has given the discharge to the members of the Board of Directors in accordance with Section 3:117(1) of Act V of 2013 on the Civil Code, with the conditions described therein.
f) The General Meeting elected Attila László Chikán as a member of the Company's Board of Directors from April 30, 2025 until April 30, 2030. With regard to the remuneration, the General Meeting resolved that the mandate be carried out for the same remuneration, i.e. for HUF 1,220,000 gross per month, and in accordance with Resolution No. 11/2024 (IV. 19.) of the General Meeting. Such remuneration shall be adjusted annually in accordance with the rate of the minimum wage increase applicable for the fiscal year in question, by applying the rules of rounding to 5,000 to determine the specific value. The General Meeting authorized the Company to conclude a services agreement with Attila László Chikán.
g) The General Meeting appointed Authentic Audit Korlátolt Felelősségű Társaság to audit the Company's Sustainability Reports from April 28, 2025 until the date on which the resolution of the General Meeting on the report for the fiscal year ending on December 31, 2026 is adopted, but until no later than May 31, 2027. The General Meeting elected Andrea Zsoldos-Horváth as the person personally liable for the Company's audit. The General Meeting set the auditor's fee for the two years on the basis of the annual fee for the base period of 2025 (not including HCSO and company size indexation, which will be included in the contract with the auditor and, as such, the fee will be adjusted accordingly from 2025) in the total amount of HUF 18,000,000 + VAT for the audit of the Consolidated Sustainability Report and the total amount of HUF 15,000,000 + VAT for the audit of the Separate Sustainability Report. The General Meeting authorized the CEO to decide on the other conditions of the agreement, and to enter into a contract for professional services with the auditor.
h) The General Meeting adopted the Company's Remuneration Report for 2024 with the proposed content.
i) The General Meeting approved the extension of the scope of the 2026 ESOP General Remuneration Policy and the 2026 Executive Remuneration Policy to include Attila László Chikán, who is a member of the Board of Directors, and further approved, in an advisory vote, a consolidated amendment of the Remuneration Policy.
j) The General Meeting acknowledged and accepted the information provided on transactions involving own shares with the proposed content.
k) The General Meeting decided to extend the authorization given to the Board of Directors regarding own share transactions for eighteen months starting from April 28, 2025 with the proposed conditions.
l) The General Meeting authorized the Board of Directors to increase the Company's share capital at its own discretion by a maximum amount of HUF 250,000,000, calculated at the face value of the shares issued by the Company, during the five-year period starting on April 28, 2025.
m) The General Meeting authorized the Board of Directors to exclude at same time as raising the Company's share capital by issuing new shares – the possibility of exercising preferential rights in connection with the trading of shares.
n) The General Meeting authorized the Board of Directors to appoint the persons entitled to receive the newly issued shares in connection with a possible increase of the share capital of the Company.
o) The General Meeting adopted the Company's Articles of Association in a consolidated structure with the amendments, with the proposed content.

2.12.1.2 Key events at the Company's Subsidiaries relevant in terms of company law

Considering the number of its subsidiaries and the company law events affecting them, the Company only addresses the major events of its subsidiaries relevant in terms of company law in this chapter; thus, in particular, decisions regarding changes in personnel, establishments and branches will not be covered below.

In March 2025, ALTEO approved the annual reports of the subsidiaries for 2024. The Company decided to pay dividends in the case of the following subsidiaries:

Name of subsidiary	Amount of dividend
Pannon Szélerőmű Kft.	HUF 660,000,000
Mov-R H1 Szélerőmű Kft.	HUF 200,000,000
Domaszék 2MW Kft.	HUF 40,000,000
Energy Corp Hungary Kft.	HUF 200,000,000
SUNTEO Kft.	HUF 200,000,000

2.12.2 Securities issued by the Company and their credit rating

2.12.2.1 Own share transactions

In May 2025, ALTEO executed own share transactions related to the implementation of the 2025 ESOP Remuneration Policy launched under the ESOP. On the one hand, the transactions took place because the remuneration condition of the 2025 Remuneration Policy was met, meaning that the participating employees received remuneration, which was achieved by the ALTEO ESOP Organization converting the shares held by the participating employees in respect of their membership stakes into cash by selling the shares to ALTEO as founder, over the counter. As a result, on May 16, 2025, ALTEO as buyer signed over-the-counter share sale and purchase agreements with the ALTEO ESOP Organization as seller for 290,780 ALTEO ordinary shares at a price of HUF 5,870.4 per share.

On the other hand, the own share transactions relate to the settlement – with regard to the 2025 ESOP Remuneration Policy – of the fate of the shares that were linked to the membership stakes of participating employees who – in particular due to the discontinuation/termination of their employment – were excluded from the 2025 Remuneration Policy or whose number of shares linked

to their membership stake decreased due to the application of an adjustment. Pursuant to the 2025 Remuneration Policy, a total of 25,030 ALTEO ordinary shares were attached to the previously not involved membership stakes thus transferred to ALTEO. These shares were sold in the same manner and at the same time as described in the previous paragraph.

Subsequently, also in May 2025, the Company executed own share transactions with the ALTEO ESOP Organization in connection with the 2025 ESOP Szikra, WATT and Executive Remuneration Policies (hereinafter: Remuneration Policies). In this context, on the one hand, own share transactions were carried out because the remuneration conditions in the Remuneration Policies were met, thus participating employees received remuneration in the form of cash conversion as described in the first paragraph of this Section. Thus, the ALTEO ESOP Organization sold the shares to ALTEO as founder in this case as well. As a result, on May 20, 2025, ALTEO as buyer signed over-the-counter share sale and purchase agreements with the ALTEO ESOP Organization as seller for 211,060 ALTEO ordinary shares at a price of HUF 5,735.4 per share.

On the other hand, the own share transactions relate to the settlement – with regard to the Remuneration Policies – of the fate of the shares that were linked to the membership stakes of participating employees who – in particular due to the discontinuation/termination of their employment – were excluded from the Remuneration Policies or whose number of shares linked to their membership stake decreased due to the application of an adjustment. Pursuant to the Remuneration Policies, a total of 59,137 ALTEO ordinary shares were attached to the previously not involved membership stakes thus transferred to ALTEO. These shares were sold in the same manner and at the same time as described in the previous paragraph.

In its announcement published on July 2, 2025, the Company informed investors that it has carried out an own share transaction in connection with the expansion of the 2026 ESOP General Remuneration Policy adopted in 2024, with a view to the expansion of the scope of participants. As a result, 7,370 ALTEO ordinary shares were transferred to the ALTEO ESOP Organization from the Company.

2.12.2.2 Annual review of the credit rating

Scope Ratings GmbH carried out an annual review of the Company's credit rating on its bonds issued under the Bond Funding for Growth Scheme announced by the MNB, as a result of which ALTEO's rating remained unchanged, ALTEO as issuer remained in the BBB- category with a stable outlook, and its short-term debt rating also remained S-2.

For the report of the credit rating agency, follow the link below:

https://scoperatings.com/ratings-and-research/rating/EN/178826#

2.12.2.3 Stock tracking

Kalliwoda Research GmbH updated its model on February 28, 2025, which is available at:

https://kalliwoda.com/pdf/ALTEO\_Nyrt\_Dr\_Kalliwoda\_Research\_Comprehensive\_Update\_2024\_Q3.pdf

2.12.2.4 Company analysis

Erste Befektetési Zrt. updated its model.

The analysis is available at the following link:

https://www.erstemarket.hu/files/ALTEO\_CR\_20250107.pdf

2.12.3 Strategy

2.12.3.1 Updated strategy

On January 9, 2025, ALTEO published its business strategy for 2025-2030.

The strategy for 2025-2030 is available at:

https://bet.hu/newkibdata/129182148/ALTEO\Strategia\_2030\\_20250109.pdf

2.12.3.2 Comprehensive biodiversity strategy

ALTEO's Green Committee adopted a comprehensive biodiversity strategy. This 15-year strategy goes beyond site-related environmental activities: the Company is not only seeking to conserve and restore biodiversity within the grounds of its power plants, but is also planning proactive habitat restoration and water retention projects in areas away from the power plants.

2.12.4 Financing

On February 6, 2025, ALTEO signed a credit facility agreement with MBH Bank Nyrt. as agent and first original creditor and Gránit Bank Nyrt. as second original creditor.

Under the agreement, the financing parties provide ALTEO with a facility of up to HUF 40 billion for general corporate financing purposes.

ALTEO intends to use the available facility to implement its strategy, support its further growth and optimize its financing structure.

Pursuant to the above credit facility agreement, a HUF 26 billion loan was utilized on June 30, 2025 to finance investments in line with ALTEO's strategy.

2.12.5 Significant capital expenditure projects

2.12.5.1 DRS investment

On June 18, 2025, a new waste processing machine line with the most efficient sorting technology available in Hungary was delivered to the Kőbánya site of ALTEO subsidiary FE-GROUP INVEST Zrt., which will allow the Company to appropriately sort and treat more than 14 thousand tons of waste collected in the deposit refund system per year, multiplying the Company's existing waste processing capacity from the DRS.

2.12.5.2 Private equity fund investments

In June 2025, ALTEO informed investors that it intends to subscribe HUF 15 billion in investment units in the newly launched Andezit Private Equity Fund with a registered capital of HUF 50 billion, which aims to promote the dissemination of green energy and support carbon neutrality efforts. The Fund's objectives are closely aligned with ALTEO's long-term strategy, thus in the future ALTEO and the Fund can work together on joint acquisition and investment projects, including some of strategic importance.

Gránit Alapkezelő Zrt. acts as the manager of the 15-year term Fund. The establishment of the Fund started in June 2025, with the commencement of the subscription period, with ALTEO making an initial contribution of HUF 1.5 billion as a first step. The Central Bank of Hungary registered the fund in August 2025.

2.12.6 Remuneration and creation of a new organizational unit

2.12.6.1 ALTEO ESOP Remuneration Policies

As specified in Section 2.12.2.1, the 2025 Remuneration Policy and the 2025 ESOP Szikra, Watt and Executive Remuneration Policies (hereinafter collectively: Remuneration Policies) expired in May 2025 and participating employees received remuneration.

As the Company has informed its investors in recent years, ALTEO's fundamental goal is to promote the future improvement of the Company's business performance based on innovation. In this context, it is in the Company's interest to improve the performance and enhance the loyalty of its employees by giving them a share in the success of the Company. With respect to this, in May 2025 the Company's Board of Directors adopted the 2027 ESOP General Remuneration Policy and the 2027 ESOP Szikra, Watt and Executive Remuneration Policies.

2.12.6.2 The establishment of a new organizational unit

In March 2025, ALTEO set up a standalone organizational unit under the name International Relations, to support the achievement of its regional growth objectives. The new unit is responsible for strengthening and coordinating the Company's international relations and supporting the departments in the implementation of regional expansion plans. The new organizational unit started its operations under the direct supervision of Deputy CEO Magdolna Tokai.

2.12.7 Pending litigations and non-litigious cases, and other significant findings by authorities

2.12.7.1 Litigation – patent

ALTEO's consolidated subsidiary, Sinergy Energiakereskedő Korlátolt Felelősségű Társaság (hereinafter: Sinergy), which operates ALTEO Group's Virtual Power Plant, requested the Hungarian Intellectual Property Office (hereinafter: HIPO) to establish that the six control procedures it uses in total in the course of operating ALTEO's Virtual Power Plant are not in violation of the patent "Decentralized energy production system, control tool and procedure, controlling the energy production of the system" registered for VPP Magyarország Zártkörűen Működő Részvénytársaság (current registered office: H-1117 Budapest, Budafoki út 91-93; company registration number: Cg.01- 10-048666) as holder under number E031332. In 2023, the patent holder changed, the new holder became CHP Energia Befektetési és Vagyonkezelő Zártkörűen Működő Részvénytársaság (registered office: H-2040 Budaörs, Szabadság út 301, company registration number: 13-10-041945; hereinafter: CHP), and the so-called lack of infringement proceedings against CHP continued accordingly.

In 2023, the HIPO, upholding Sinergy's requests, established in all six cases that the solutions used by Sinergy did not infringe the given patent. The CHP appealed against the decisions. The decisions of the HIPO were upheld by the Budapest-Capital Regional Court in 2024 in the first instance, and by the Budapest-Capital Regional Court of Appeal in 2025 in the second instance.

The decisions of the Budapest-Capital Regional Court of Appeal represent a final ruling that the solutions applied by Sinergy do not infringe on CHP Kft.'s patent in question.

2.12.7.2 Legal dispute concerning the automatic renewal of contracts

Following the unsuccessful conclusion of amicable out-of-court negotiations between the parties, arbitration proceedings were opened between ALTEO Energiakereskedő Zrt., a subsidiary of ALTEO, and its former user DAB Pumps Hungary Kft., before the Permanent Arbitration Court attached to the Hungarian Chamber of Commerce and Industry (HCCI) concerning the extension of the fixed-term electricity sale and purchase agreement, for the payment of a principal claim of EUR 433,000 and the incidentals thereof.

ALTEO Energiakereskedő Zrt. submitted a counterclaim for the payment of an amount of approximately EUR 224,000 on the grounds of underconsumption under the existing contract.

The Group has not identified any situation affecting its statement of financial position with respect to this case.

2.12.8 Events after the interim period not reflected in the interim statements

2.12.8.1 Gas engine replacement

ALTEO's subsidiary ALTEO-Therm Kft. successfully completed the investment project to replace its former 3.2 MW Wärtsilä 220 SG gas engine at its Tiszaújváros site with a modern, refurbished Jenbacher J620 engine.

The project not only involved the replacement of the gas engine, but also included mechanical, electrical and control updates to auxiliary plant systems. As part of the investment project, a new tray cooling unit was also installed, which ensures that the gas engine is available without output limitation even on extremely hot summer days. As a result of the investment, the efficiency of the Tiszaújváros heating plant has been significantly improved, while the compact equipment installed ensures easier handling. The modernization is also expected to reduce maintenance costs, as the new Jenbacher gas engine has easier access to and better supply of spare parts. The new gas engine is not only more reliable, but also has better control characteristics. Due to its better load gradient, the control capabilities of the system have also improved, which is an advantage for ALTEO's Virtual Power Plant in providing system balancing services.

2.12.8.2 Update of the Green Financing Framework

In 2023, ALTEO has developed and set up its own Green Financing Framework, which needed to be updated due to recent regulatory changes in order to issue green bonds or take out green loans linked to green targets, if ALTEO considers it justified based on its financing needs.

Through its certified green financing framework and other related commitments, the Company continues to emphasize its sustainability efforts, which form an integral part of its strategy.

The Company has published the updated framework and the relevant rating on its website on July 29, 2025.

https://investors.alteo.hu/wp-content/uploads/2025/07/ALTEO\_Zold-finanszirozasi keretrendszer\_20250722\_signed.pdf

[VJ1] megjegyzést írt: Augusztus végén frissítendő, ha szükséges

2.12.8.3 Registered Office Relocation

Pursuant to the decision of the Board of Directors, with effect from 1 September 2025, the Company's registered office has been relocated to 1117 Budapest, Dombóvári út 25. The new registered office of the Company also serves as the location of central administration and the customer service office.

2.12.8.4 Capacity expansion in Győr

ALTEO has carried out a further capacity expansion, with a 6 MW gas engine commencing operation in the Győr Industrial Park. The project was implemented as a greenfield investment under the general contracting of ALTEO Plc. Together with the previously commissioned 8 MW / 16 MWh battery energy storage system (BESS), the project also carries additional development potential due to the free area adjacent to the power plant building, the proximity of the industrial park, and the utilizable heat output of the gas engine.

2.13 The business environment of ALTEO and classification of risks according to their characteristics

The risk factors associated with ALTEO Group are described in detail in Section 1.18 of the Consolidated Financial Statements of ALTEO Nyrt. and its subsidiaries published by the Company on April 28, 2025.

2.14 Authorization to publish the Semi-Annual Report

This Semi-Annual Report was approved and authorized to be published on September 1, 2025 by the Group's Board of Directors.

3 Statements of the Issuer

The Company declares that its consolidated Interim Financial Statements and Semi-Annual Report for H1 2025 were prepared in accordance with the International Financial Reporting Standards as adopted by the EU, based on the Company's best knowledge, providing a true and fair view of the assets, liabilities, financial situation and profit or loss of the Company as an issuer and of the companies involved in the consolidation. The Company also declares that its consolidated Semi-Annual Report for H1 2025 provides a true and fair view of the situation, development and performance of the issuer and of the companies included in the consolidation, outlining the risks and uncertainties that are likely to arise in the remainder of the fiscal year. The Company declares that the data of this Semi-Annual Report were not audited by an independent auditor.

Budapest, September 1, 2025

On behalf of ALTEO Nyrt.

Attila László Chikán Chairman of the Board of Directors, CEO Zoltán Bodnár CFO

AI Terminal

MASTERPLAST Nyilvánosan Működő Részvénytársaság

2013_rns_2025-09-01_c3b15175-b748-4d4b-aa1d-d2580134c3e3.pdf

Contents

Semi-Annual Report of ALTEO Group for H1 2025

Introduction

1 The Management's report and analysis for H1 2025

Highlighted deviations:

Updated strategy

1.1 Executive summary of the operating profit or loss

The operating profit of ALTEO Group in H1 2025 amounted to HUF 4.7 billion, while its EBITDA stood at HUF 7.9 billion.

In H1 2025, ALTEO Group realized a profit of HUF 4.2 billion before taxes.

In H1 2025, the after-tax profit, i.e. net profit, of the Group was HUF 2.8 billion.

1.2 Executive summary on comprehensive income for H1 2025

1.3 Executive summary on the performance of the segments

1.3.1 Heat and Electricity Production and Management segment

Description of the markets of the heat and electricity segment

1.3.2 Renewables-based Energy Production segment

Renewables-based Energy Production

1.3.3 Energy Services segment

1.3.4 Circular Economy segment1

1.3.5 Retail Energy Trade segment

1.3.6 Other segment

ALTEO Nyrt.

Interim Consolidated Financial Statements prepared according to the International Financial Reporting Standards for the reporting date June 30, 2025

2 Disclosure of the Interim Consolidated Financial Statements under IAS 34

2.1 Interim consolidated statement of income

2.2 Consolidated statement of financial position

ALTEO Group closed H1 2025 with a balance sheet total of HUF 118 billion.

Analysis of major components in the statement of financial position and their changes

Non-current assets:

Current assets:

Equity components:

Long-term liabilities:

Short-term liabilities:

2.3 Consolidated statement of cash-flows for the 6-month-period ending on June 30, 2025

2.4 Consolidated statement of changes in equity for the 6-month-period ending on June 30, 2025

Comparative period: 12/31/2022-6/30/2024

Statement of changes in equity in the period between 1/1/2025 - 6/30/2025

Capital movements related to the Employee Share Ownership Program (ESOP)

Comprehensive income:

2.5 Other financial information

2.5.1 Disclosure obligations of the IAS 34 16A, IFRS 8 Operating segments

2.5.2 The basis for the preparation of the financial statements

2.5.3 Accounting policies and changes to standards

2.5.4 Impact of energy industry service charges and projects

2.5.5 Changes in the reporting system

2.5.6 Uncertainty from estimates and disclosures on fair value measurement

2.5.7 Seasonality, cyclicity, unusual activities

2.6 Employee headcount

2.7 EPS indicator based on ALTEO's consolidated results

2.8 Extraordinary financial management or economic environment impacts and events

2.9 The Company's details

2.10 Presentation of the companies involved in the consolidation

2.11 Changes in the structure of the Group

The acquisition of ÉLTEX Kft.

2.12 Description of significant events at the Company and its Subsidiaries between January 1, 2025 and the publication date of this Semi-Annual Report

2.12.1.1 Key events at the Company relevant under company law

2.12.1.2 Key events at the Company's Subsidiaries relevant in terms of company law

2.12.2 Securities issued by the Company and their credit rating

2.12.2.1 Own share transactions

2.12.2.2 Annual review of the credit rating

2.12.2.3 Stock tracking

2.12.2.4 Company analysis

2.12.3 Strategy

2.12.3.1 Updated strategy

https://bet.hu/newkibdata/129182148/ALTEO\Strategia\_2030\\_20250109.pdf

2.12.3.2 Comprehensive biodiversity strategy

2.12.4 Financing

2.12.5 Significant capital expenditure projects

2.12.5.1 DRS investment

2.12.5.2 Private equity fund investments

2.12.6 Remuneration and creation of a new organizational unit

2.12.6.1 ALTEO ESOP Remuneration Policies

2.12.6.2 The establishment of a new organizational unit

2.12.7 Pending litigations and non-litigious cases, and other significant findings by authorities

2.12.7.1 Litigation – patent

2.12.7.2 Legal dispute concerning the automatic renewal of contracts

2.12.8 Events after the interim period not reflected in the interim statements

2.12.8.1 Gas engine replacement

1.3.4 Circular Economy segment¹