Energeia AS

Interim / Quarterly Report • Sep 8, 2025

CONTENTS	2
HIGHLIGHTS H1 2025	3
MAIN EVENTS IN THE FIRST HALF YEAR 20253
HALF YEAR REPORT	5
ENERGEIA GROUP IN SHORT 5
REPORTING CURRENCY 5 OPERATIONAL REPORT THE NETHERLANDS 5
OPERATIONAL REPORT NORWAY7
FINANCIAL STATUS 8
CONSOLIDATED INTERIM FINANCIAL INFORMATION	10
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 10
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 11
CONSOLIDATED STATEMENT OF CASH FLOW 12

SELECTED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS	14
NOTE 1 GENERAL INFORMATION AND ACCOUNTING POLICIES	14
NOTE 2 ENERGEIA GROUP COMPANIES 15
NOTE 3 REVENUE &EBITDA 15 BY COUNTRY
NOTE 4 FINANCIAL INCOME AND EXPENSES 15
NOTE 5 CASH &CASH EQUIVALENTS 16
NOTE 6 RECEIVABLES 16
NOTE 7 ISSUE OF NEW EQUITY16
NOTE 8 SHAREHOLDERS16
NOTE 9 LIABILITIES 16
NOTE 10 POWER PRODUCTION16
STATEMENT FROM THE BOARD AND CEO17

Highlights H1 2025

Main events in the first half year 2025

• Energeia AS received its first concession in Norway on 18 June 2025. This is a major milestone for the group and represents the start of developing the Norwegian pipeline. The concession gives the rightto build, own and operate the Seval Skog solar power plant and the Seval Skog transformer station in Gjøvik municipality, Innlandet county. NVE has granted permission for a solar power plant with an installed capacity of 46 MWp, transformer stations with associated station buildings, fences, internal underground cable system, battery plant with associated buildings and other necessary high-voltage systems. The area will be operated in combination with agriculture.
• YTD 2025 Energeia AS has delivered applications to NVE equal to 108 MWdc, including Seval Skog, and delivered notifications to NVE for 355 MWdc. The firm part of the pipeline equals 463 MWdc.

Project	Size MW dc/ac	SAT or FT	Agri-PV	Project status	Licensing status	COD
Seval Skog	46/38	Single axis tracker	Yes	Preparing FID	Granted June 2025	2028
Store Nøkleberg	32/26	Single axis tracker	Yes	Awaiting licensing decision	Expected Q4 2025	2028
Mæhlum	24/20	Single axis tracker	Yes	Awaiting licensing decision	Expected Q3 2026	2028
Gunnhus	6/5	Fixed tilt	No	Awaiting licensing decision	Expected Q3 2026	2027
Total	108/89

Project	Size MW dc/ac	SAT or FT	Agri-PV	Project status	Licensing status	COD
Ålamoen	103/86	Single axis tracker	Yes	Preparing EIA	Expected Q4 2027-Q2 2028	2029/2035*
Tranmya	117/97	Single axis tracker	Yes	Preparing EIA	Expected Q4 2027-Q2 2028	2032
Bolstadmarka	97/81	Single axis tracker	Yes	Preparing EIA	Expected Q4 2027-Q2 2028	2032
Øystadmarka	38/32	Single axis tracker	Yes	Preparing EIA	Expected Q2 2027	2032
Sum	355/296

• Energeia AS has with Seval Skog taken a leading role in the development ground mounted solar in Norway. Total concessions granted by NVE prior to Seval Skog was 104MWdc, meaning that Seval Skog increases the total market with 44% and is by far the largest project in Norway, more than 3 times larger than the second largest.
• Energeia AS has raised the necessary capital to secure operations for the next 12 months. The group conducted two private placements in February and April raising 25 MNOK and 10 MNOK respectively and is currently in the process of raising 31 MNOK in a fully underwritten rights issue.
• Solar electricity production first half 2025 was 6 457 MWh, 4.6 % above budget. Expected full-year 2025 production is in the range 11 000 to 11 500 MWh. The reason for higher production is that Leeuwarden has experienced more sun hours in the first half of 2025 than expected. Part of the production in Q1 was lost due to theft of cables at the site. Revenue for the lost production is covered by insurance.
• First half year EBITDA for the group was negative NOK 11.7 million. First half EBIT came in at a loss of NOK 19.0 million.
• Dutch operations delivered a positive EBITDA of NOK 0.9 million, while Norway had an EBITDA loss of NOK 10.7 million mainly related to Norwegian project development costs. Negative EBITDA of NOK 1.9 million relates to closing down of Italy and Singapore.
• Net cash flow in the first half year was positive with NOK 3.9 million, increasing the group cash position to NOK 17 million at the end of the period. Main source of cash was issuance of new shares.
• In January the board of directors appointed Jarl Egil Markussen as group CEO.

• Key Figures

•

Group Key figures H1 2025

NOK 1 000	H1 2025 Unaudited	H1 2024 Unaudited	FY 2024 Audited	FY 2023 Audited	FY 2022 Audited	FY 2021 Audited
Power production (MWh)	6 457	5 767	10 803	11 730	13 026	11 597
Revenues	30 380	34 427	67 587	71 116	79 232	24 160
Cost of goods sold	-8 430	-8 288	-16 945	-20 608	-15 654	0
Gross margin	21 951	26 139	50 643	50 507	63 577	24 160
Operating costs	-33 675	-25 250	-56 991	-58 737	-50 737	-21 663
EBITDA	-11 725	889	-6 350	-8 229	12 840	2 496
Depreciation & amortization	-7 276	-7 010	-22 631	-15 274	-11 523	-4 172
EBIT	-19 000	-6 121	-28 980	-23 503	1 317	-1 675
Net financial items	-4 246	1 187	2 423	5 014	-209	-6 431
Profit/loss before tax	-23 246	-4 934	-26 558	-18 489	1 108	-8 106
Taxes	1 086	-1 413	-10 103	2 048	2 659	-1 983
Net profit/loss	-22 160	-6 347	-36 661	-16 441	3 767	-10 089
Earnings per share	-0,02	-0,05	-0,31	-0,14	0,032	-0,27
Par value No. of shares	0,02 1 119 215 312 119 215 312 119 215 312 119 215 312 117 545 871	0,02	0,02	0,02	0,02	60,00 38 049 000

Half year report

Energeia group in short

This interim report should be read in conjunction with the Annual Report 2024 and stock exchange notices in the reporting period.

The group's main business activity is to develop, own and operate solar PV power plants and energy storage systems, and to sell, install and service energy equipment. Geographical focus is Norway and the Netherlands.

At the end of June 2025 the group has 44 employees, 39 in the Netherlands and 5 in Norway.

Reporting currency

Functional currency is EUR for most revenues and assets. The financial reporting is conducted in NOK, consequently, exchange rate fluctuations impact the financial reporting.

Operational report the Netherlands

First half 2025 (H1) revenues for the Dutch operations were NOK 29.3 million with an EBITDA of NOK 0.9 million.

H1 25 revenues are down by NOK 1.1 million (3.6 %) and EBITDA is down by NOK 4.5 million (82.7 %) compared to H1 24.

The reason for the drop in margin is due to increase in personnel cost and other operating costs and drop in revenue.

The Power division

Power division revenue was NOK 6.7 million with an EBITDA of NOK 5.4 million (EBITDA margin of 80 %) when excluding group internal costs in the first half year of 2025.

Power production

Energeia produced 6 457 MWh of electricity for sale in the first half year of 2025, compared with 5 598 MWh in the same period last year.

Production in the first half of 2025 was 4.6 % higher than budget due to favourable weather conditions.

The group conducts operation & maintenance services (O&M) with its own personnel in ASN, with focus on continuous optimization of the power plant operation to secure high operational performance. The excellence of the team was demonstrated in harsh conditions during the first quarter to bring the power plant back online after the theft.

Electricity prices & sales in the Netherlands

Drachtsterweg power plant has a 15-year fixed price SDE+ contract with the Dutch government agency RVO (The Netherlands Enterprise Agency). The fixed electricity price is EUR 90 per MWh. If market prices are higher than the SDE+ contract, the power plant benefits from the higher price. If market prices are lower than EUR 26 per MWh the SDE+ contract price is reduced accordingly.

RVO decides the preliminary annual invoice price for SDE+ contracts in Novemberthe year before invoicing. Final invoice price is determined in May/June in the year after the invoicing year. The preliminary market price for 2025 was set by RVO to EUR 41 per MWh meaning that the subsidy part is EUR 49 per MWh. The subsidy part is paid out monthly with equal amounts of the yearly production, multiplied with 0.8. A difference between invoicing price and actual final price 2025 is settled in 2026. Reported revenues is based on a sales price of electricity of EUR 90 per MWh.

The final market price for 2024 was communicated by RVO in the beginning of June and set to EUR 37 per MWh, meaning that the subsidy part ended at EUR 53 per MWh.

There is a dispute regarding the settlement amount between Energie VanOns ("EvO") and Energeia for 2024. Energeia's evaluation is that EvO has applied an incorrect electricity tariff amount for 2024. Discussions with EvO to resolve the issue is ongoing at the date of this report.No liability has been recorded.

Given the current developments in solar in general regarding negative price hours there is a risk that not all produced electricity will be compensated by RVO.

The Services division

The H1'25 services division revenue was NOK 22.3 million with a negative EBITDA of NOK 3 million and a negative EBITDA margin of 13.3% when excluding group internal costs. Gross margin was 62.6%.

The slow-down in the Dutch market roof mounted solar systems is due to the announcement of the Dutch Government to terminate the net-metering system starting 1 January 2027, as well as grid congestion and the recent introduction of feed-in tariff fees by the utility companies.

Although ASN considers the solar installation slow-down as temporary, short term cost reduction measures have been implemented. Without a net-metering system the pay-back time of an average solar PV retail customer is approx. 7 years.

ASN expect a significant growth in sales and installation of retail electricity storage systems going forward based on initial experience with deliveries of such systems to customers. First half year resulted in a growing appetite for these systems, and quotes sent to customers reached NOK 14 million. In the first half year, ASN has experienced a conversion rate from quote to sale of 10%.

Business development in the Netherlands

Project development

The Netherlands, equal to most European countries, is experiencing electricity grid congestion as electricity consumption is growing and a significant growth in negative price hours.

The Netherlands has initiated a large grid investment programme to connect energy consumers and energy producers. Expectations are that this process will take years. On the positive side, this situation creates opportunities for off-grid production and intermediate energy storage.

6 Energeia Group

Operational report Norway

H1'25 Norway revenues were NOK 0.7 million with a negative EBITDA of NOK 10.7 million. Costs capitalized as "Assets under construction" increase in the first half of 2025 with NOK 5.4 million.

The company has implemented several cost-cutting measures in Norway and the Netherlands, and will continue to look for areas where savings are possible. This includes reductions in the number of employees, and other areas are also being assessed on an ongoing basis. Some of the cost reductions have already had an effect, while others will only become effective in the second half of the year 2025.

Project development

Energeia is the leading project developer of ground mounted solar in Norway. Total concessions granted by NVE prior to Seval Skog was 104MWdc, meaning that Seval Skog increases the total market with 44% and is by far the largest project in Norway, more than 3 times larger than the second largest.

The mature and secured pipeline at the release of this report includes applications to NVE for 108 MWdc, including Seval Skog and notifications for 355 MWdc. Together they equal 463 MWdc. Timing for when licenses are granted is difficult to predict, the dates indicated are based on the timeline for Seval Skog where it took approximately 1 year from the date of application acceptance until the decision was reached be NVE.

Pipeline

Project	Size MW dc/ac	SAT or FT	Agri-PV	Project status	Licensing status	COD
Seval Skog	46/38	Single axis tracker	Yes	Preparing FID	Granted June 2025	2028
Store Nøkleberg	32/26	Single axis tracker	Yes	Awaiting licensing decision	Expected Q4 2025	2028
Mæhlum	24/20	Single axis tracker	Yes	Awaiting licensing decision	Expected Q3 2026	2028
Gunnhus	6/5	Fixed tilt	No	Awaiting licensing decision	Expected Q3 2026	2027
Total	108/89

Project	Size MW dc/ac	SAT or FT	Agri-PV	Project status	Licensing status	COD
Ålamoen	103/86	Single axis tracker	Yes	Preparing EIA	Expected Q4 2027-Q2 2028	2029/2035*
Tranmya	117/97	Single axis tracker	Yes	Preparing EIA	Expected Q4 2027-Q2 2028	2032
Bolstadmarka	97/81	Single axis tracker	Yes	Preparing EIA	Expected Q4 2027-Q2 2028	2032
Øystadmarka	38/32	Single axis tracker	Yes	Preparing EIA	Expected Q2 2027	2032
Sum	355/296

Seval Skog power plant development

Following the concession granted by NVE, NVE also received a complaint against the project. Energeia has provided its comments to NVE regarding the complaint, and it is up to NVE to evaluate if the complaint is merited and changes their decision to grant the concession. If the decision is upheld, the complaint will be sent to the Ministry of Energy for a final decision. It is difficult to predict the timeline for the process, but less than 6 months is faster than expected and more than 12 months is later than expected.

Regardless of the complaint, the work to bring the project to final investment decision ("FID") continues with full force.

The project organisation is receiving updated prices for all components and services needed to realise the project. This also includes cost of financing and revenue estimation.

The geotechnical survey which gives important input on ground conditions has already been conducted and results are expected to arrive shortly.

Energeia AShas nominated Kiwa PI Berlin as its technical advisor for the project. Kiwa PI Berlin is the leading technical consultant for complex PV projects with a track record exceeding 400GW of projects over the last 19 years.

Key metrics for the project will be communicated after FID.

Financial status

Income

Group revenues amounted to NOK 30.4 million in the first half year of 2025, with energy installation and services revenues of NOK 22.5 million. Reported electricity sales were NOK 4.5 million and other revenues were NOK 3.4 million. Of the other revenue NOK 2.2 million is related to claim under the insurance policy.

Cost of goods sold

The Services division in the Netherlands purchase goods and services in conjunction with installation and services of energy systems. All cost of goods sold (COGS) are related to the Services division.

First half year 2025 COGS was NOK 8.4 million, with a gross margin of NOK 14.1 million equivalent to 62.6%.

Cost of power plant operations

The cost of power plant operations was NOK 0.9 million at the end of the June 2025.

Drachtsterweg power plant achieved an EBITDA margin of 86% at the end of June 2025.

Other operating costs

Total operating costs for the group in the first half year of 2025 amounted to NOK 33.6 million.

EBITDA and operating profit

Group EBITDA was negative with NOK 11.7 million with an operating loss (EBIT) of NOK 19.0 million in the first half year of 2025.

Depreciation and amortization of goodwill

Ordinary depreciation for the first half of 2025 was NOK 3.1 million.

The group had a total goodwill and brand name at the end of June 2025 of NOK 34.6 million. Goodwill is depreciated over 5 years, equivalent to an annual depreciation of NOK 8.3 million.

Financial costs

At the end of June 2025, the non-recourse debt of the Drachtsterweg power plant was EUR 5.6 million (NOK 65.6 million) with an annual fixed interest rate of 1.26% for the duration of the loan. Group gross interest costs for the first half of 2025 were NOK 780 000.

Financial result

First half year of 2025 came in at a loss before taxes of NOK 23.3 million with an estimated net loss after tax of NOK 22.2 million.

Solidity

At the end of June 2025, the group's assets were NOK 201.4 million, with main fixed asset being the Drachtsterweg power plant of NOK 92 million.

The group equity ratio was approximately 48.2% at the end of the reporting period with a book equity of NOK 97 million.

Net working capital at the end of the reporting period was negative with NOK 12.5 million compared with a negative working capital of NOK 15.8 million at year-end 2024.

Cash flow, liquidity, and financing

The group had a positive cash flow of NOK 3.9 million at the end of the first half year of 2025, increasing the group cash position from NOK 13.1 million at year end 2024 to NOK 17 million.

Cash flow from operations was negative with NOK 17 million.

Net cash flow from investments was negative with NOK 1.1 million mainly due to investments in machinery and equipment.

Net cash flow from finance was positive with NOK 22 million due to the raise of new equity.

NOK 3.3 million are restricted funds, of which NOK 2 million is related to tax-guarantee obligations following the sale of Varmo and Codroipo in 2020.

The first half year 2025 report assumes going concern.

Christian Dovland	Petter Myrvold	Merete L. Holen	Knut Bringedal	Jarl Egil Markussen
Chair	Director	Director	Director	CEO

Consolidated interim financial information

Consolidated statement of comprehensive income

	Notes	H1 2025	H1 2024	FY 2024	FY 2023
NOK 1 000		Unaudited	Unaudited	Audited	Audited
Power production (MWh)		6 457	5 767	10 803	11 730
Revenues	3	30 380	34 427	67 587	71 116
Sale of electricity		4 527	6 178	12 290	12 793
Energy installation & services		22 524	23 761	46 537	50 579
Management services revenues		1 125	4 131	2 183	6 085
Other operating income		2 204	357	6 577	1 658
Reversal of previous revenues		0	0	0	0
Cost of goods sold		-8 430	-8 288	-16 945	-20 608
Gross margin		21 951	26 139	50 642	50 507
Operating costs		-33 675	-25 250	-56 991	-58 737
Cost of power plant operations		-940	-441	-940	-1 538
Wages & social costs		-21 878	-18 283	-39 417	-44 007
Other operating costs & taxes		-10 858	-6 526	-16 634	-13 192
EBITDA	3	-11 725	889	-6 351	-8 229
Depreciation & amortization		-7 276	-7 010	-22 632	-15 274
Depreciation and write downs		-3 068	-2 846	-14 001	-5 589
Amortization of goodwill		-4 207	-4 164	-8 631	-9 685
EBIT		-19 000	-6 121	-28 981	-23 503
Financial income		163	2 334	6 127	8 585
Financial costs	4	-4 409	-1 147	-3 704	-3 572
Net financial items		-4 246	1 187	2 423	5 014
Profit/loss before tax		-23 246	-4 934	-26 559	-18 489
Taxes	4	1 086	-1 413	-10 103	2 048
Net profit/loss		-22 160	-6 347	-36 662	-16 441

Consolidated statement of financial position

	Notes	H1 2025	H1 2024	FY 2024	FY 2023
NOK 1 000		Unaudited	Unaudited	Audited	Audited
Current assets	11	38 349	56 936	35 441	56 941
Cash & cash equivalents	5	17 008	26 989	13 138	30 834
Receivables	6	5 764	17 509	10 240	13 729
Inventories		6 592	8 544	7 648	8 687
Other current assets		8 985	3 894	4 415	3 691
Non-current assets		163 036	178 679	162 052	176 712
Property, plant & equipment		92 017	99 308	93 874	99 996
Assets under construction		27 988	17 445	22 621	10 050
Financial assets		1 488	2 347	8	4 966
Other operating assets		6 947	5 932	6 815	5 252
Capitalized development costs		0	1 591	0	1 520
Brand name		21 846	21 038	21 774	20 751
Goodwill from acquisition		12 749	20 711	16 960	24 625
Deferred tax assets		0	10 307	0	9 552
Assets		201 385	235 615	197 493	233 653
Liabilities		104 365	125 237	114 426	115 775
Current liabilities		33 881	39 075	38 069	38 946
Payables		19 987	23 169	7 620	8 144
Taxes and public duties		2 371	2 653	1 727	2 874
Other current liabilities	9	11 523	13 253	28 722	27 928
Non-current liabilities	9	70 484	86 161	76 357	76 829
Non-recourse debt		65 642	68 979	68 290	70 989
Commercial debt		0	9 993	0	0
Deferred taxes		3 548	6 304	5 252	4 808
Other long-term debt		1 294	885	2 815	1 032
Equity	7,8	97 020	97 031	83 066	117 879
Share capital		22 384	22 384	2 384	2 384
Own shares		-24	-13	-13	-13
Premium fund		131 963	131 963	117 820	117 820
Retained earnings		-56 138	-56 138	-36 405	-2 205
Minority interest		-1 165	-1 165	-721	-108
Equity and liabilities		201 385	222 268	197 493	233 653

Consolidated statement of cash flow

	Notes	H1 2025	H1 2024	FY 2024	FY 2023
NOK 1 000			Unaudited Unaudited	Audited	Audited
Cash flow from operations
Pre-tax profit/loss		-23 246	-4 934	-26 552	-18 488
Payable taxes		-316	-1 413	-902	2 078
Depreciation		7 276	7 010	14 309	15 273
Write-down of assets		0	0	8 323	-1 073
Change in inventory		1 056		1 040	0
Change receivables	6	4 476	-3 780	3 488	21 167
Change payables		12 367	15 025	-525	-2 950
Effect of foreign currency exchange rate changes		-381	0	0	0
Changes in other items		-18 302	-11 807	-20 527	748
Net cash flow from operations		-17 071	100	-21 347	16 756
Cash flow from investments
Cash from sale of assets		0	2 620	87	0
Investment in assets	9	-1 081	-8 064	-2 373	-9 751
Cash from sale of shares		0	0	7 672	0
Investment in shares		-30	0	-8	0
Net cash flow from investments		-1 111	-5 445	5 377	-9 751
Cash flow from financing activities
Net change in short term debt		-10 102	4 735	4 845	5 258
Net proceeds from non-recourse financing	9	-2 835	-3 236	-6 572	-6 455
Net proceeds commercial debt & shareholder loans		0	0	0	-3 207
Equity issue	7	35 000	0	0	4 264
Purchase of own shares		-11	0	0	0
Net cash flow from financing activities		22 053	1 499	-1 727	-140
Net change in cash and cash equivalents	5	3 870	-3 845	-17 697	6 865
Cash and cash equivalents at the beginning of period		13 138	30 834	30 834	23 969
Cash and cash equivalents at the end of period		17 008	26 989	13 138	30 834

Consolidated statement of changes in equity

NOK
Equity	Share capital	Own shares		Premium Other equity Minority share		Total equity
Opening balance 1 Jan 2025	2 384 306		-13 019 117 820 467	-36 404 760	-720 713	83 066 281
Net profit				-21 716 403	-444 032	-22 160 435
Issuance of shares	20 000 000		14 142 332			34 142 332
Translation differences currency				1 982 809		1 982 809
Purchase of own shares		-10 607				-10 607
Equity at 30 June 2025	22 384 306		-23 626 131 962 799	-56 138 354	-1 164 745	97 020 380

Selected notes to the interim consolidated financial statements

Note 1 General information and accounting policies

The interim accounts are prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles under the assumption of continued operations.

Use of estimates

The preparation of financial statements in accordance with the Norwegian Accounting Act requires the use of estimates. Management has used estimates and assumptions that have affected the income statement and the valuation of assets and liabilities, as well as uncertain assets and liabilities at the balance sheet date during the preparation of the interim accounts in accordance with good accounting practice.

Sales revenue

Sales of electricity and services are recognised as they are delivered.

Classification and assessment of balance sheet items

Assets destined for permanent ownership or use are classified as fixed assets.

Fixed assets are assessed at acquisition cost. Current assets and current liabilities normally include items that are due for payment within one year of the balance sheet date, as well as items related to the commodity cycle. Current assets are assessed at the lowest acquisition cost and assumed fair value.

Receivables are classified as current assets if they are to be repaid within one year. For debt, similar assessment criteria are applied. However, first-year principal payments on longterm receivables and long-term liabilities are not classified as current assets and short-term liabilities.

Intangible assets

Development expenses are capitalized to the extent that a future economic benefit associated with the development of an identifiable intangible asset can be identified and expenses can be measured reliably. Otherwise, such expenses are expensed on an ongoing basis. Capitalised development is depreciated on a straight-line basis over an economic lifetime.

Property, plant, and equipment

Fixed assets are recognised in the balance sheet and depreciated on a straight-line basis to residual value over the expected life of the fixed assets. In the event of a change in depreciation schedule, the effect is distributed over the remaining depreciation period.

Maintenance of operating assets is expensed on an ongoing basis. Costs or improvements are added to the cost price of the operating asset and depreciated in line with the operating asset.

Expenses for renting operating assets are expensed. Prepayments are capitalized as prepaid costs and are distributed over the lease period.

Investments in other companies

The investments in subsidiaries, associated companies and joint ventures are accounted for according to the cost method. The cost price is increased when funds are transferred through capital increases, or when group contributions are made to subsidiaries.

Distributions received are recognized in the income statement as income. Dividends/group contributions from subsidiaries are accounted for in the same year in which the subsidiary sets aside the amount. Dividends from other companies are recognised as financial income when the dividend is approved. Investments are written down to fair value if the decline in value is not temporary.

Receivables

Trade receivables and other receivables are listed on the balance sheet at face value after deducting provisions for expected losses. Provisions for losses are made based on individual assessments of the individual receivables.

Pensions

Premiums for defined contribution pension schemes organised through life insurance companies are expensed for the period covered by the contribution and are included among wage costs in the income statement.

Tax

The tax expense in the income statement includes both the tax payable for the period and the change in deferred tax.

Tax-increasing and tax-reducing temporary differences that reverse or can reverse during the same period are offset. The inclusion of deferred tax assets on net tax-reducing differences that have not been offset and losses carried forward are justified by assumed future earnings. Deferred tax assets that can be recognised on the balance sheet and deferred tax are listed net on the balance sheet.

The respective country's tax rate of each subsidiary Is used as a basis for tax assessments.

Currency

The company's accounting currency is Norwegian kroner.

Foreign currency receivables and liabilities that are not secured by means of forward contracts are recognised in the balance sheet at the exchange rate at the end of the financial year. Capital gains and capital losses related to the sale of goods and purchases of goods in foreign currency are recognised as operating income and cost of goods.

Financial revenues

Interest income is recognized as income as it is earned.

Shares in subsidiaries and associated companies

Subsidiaries are companies where the parent company has control, and thus decisive influence on the unit's financial and operational strategy, normally by owning more than half of the voting capital. Investments with 20–50 per cent ownership of voting capital and significant influence are defined as associated companies.

Cash flow statement

The cash flow statement has been prepared using the indirect method. Cash and cash equivalents include cash, bank deposits and other short-term, liquid investments.

Consolidation principles

Subsidiaries are consolidated from the time control is transferred to the group (time of acquisition).

In the consolidated accounts, the item "shares in subsidiary" are replaced by the subsidiary's assets and liabilities.

The consolidated accounts are prepared as if the group were one economic unit. Transactions, unrealized profits, and balances between the companies in the group are eliminated.

Purchased subsidiaries are accounted for in the consolidated accounts based on the parent company's acquisition cost.

Acquisition cost is assigned to identifiable assets and liabilities in the subsidiary, which are entered in the consolidated accounts at fair value at the time of acquisition. Any additional value beyond what can be attributed to identifiable assets and liabilities is entered in the balance sheet as goodwill. Goodwill is treated as a residual and entered in the balance sheet with the proportion observed in the acquisition transaction. Surplus values in the consolidated accounts are written off over the expected life of the acquired assets.

Translation of foreign subsidiaries is done by converting the balance sheet to the exchange rate on the balance sheet date, and the profit and loss account being converted to an average exchange rate. Any significant transactions are converted to the exchange rate on the day of the transaction. All translation differences are entered directly against equity.

Note 2 Energeia group companies

End of June 2025, the Energeia group consisted of 22 subsidiaries and one jointly controlled entity. Group employees are employed in Energeia AS, Energeia Netherlands Holding BV and the ASN companies. The other subsidiaries are special purpose vehicles (SPVs).

Subsidiaries	Group ownership Office		Country
Group companies
Energeia Seval Skog AS	51 %	Gjøvik	Norway
Energeia Mæhlum AS	51 %	Gjøvik	Norway
Energeia Øystadmarka AS	51 %	Hov	Norway
Energeia Store Nøkleberg AS	51 %	Østre Toten Norway
Energeia Veldre AS	51 %	Ringsaker	Norway
Energeia Bolstadmarka AS	51 %	Ringsaker	Norway
Energeia Ålamoen AS	51 %	Oslo	Norway
Energeia Marigaard AS	51 %	Oslo	Norway
Energeia Opsal AS	51 %	Oslo	Norway
Energeia Gunnhus AS	51 %	Oslo	Norway
Energeia Hagen Gård AS	51 %	Oslo	Norway
Energeia Notodden AS	27 %	Oslo	Norway
Energeia Norway Holding AS	100 %	Oslo	Norway
Energeia Italy Holding AS	100 %	Oslo	Norway
Energeia Netherlands Holding BV	100 %	Leeuwarden Netherlands
Energeia Power BV	100 %	Leeuwarden Netherlands
Energeia Leeuwarden BV	100 %	Leeuwarden Netherlands
Energeia Kampen BV	100 %	Leeuwarden Netherlands
Energeia Services BV	100 %	Leeuwarden Netherlands
Aardgasservice Noord BV	100 %	Dokkum	Netherlands
ASN Duurzaam BV	100 %	Dokkum	Netherlands
EAM Energeia GmbH	100 %	Erfurt	Germany
Energeia Italy Holding Srl	100 %	Milano	Italy

Note 3 Revenue & EBITDA by country

In the first half year of 2025 approximately 98% of group revenues were in EUR. The average NOK/EUR exchange rate used in the period was 11.6610 in the period.

YTD 2025	Revenues	EBITDA
NOK 1 000
Group	30 380	-11 725
Netherlands	29 255	944
Norway	683	-10 666
Other & Eliminations	442	-2 003

The Netherlands through Drachtsterweg power plant and ASN installation business is the largest contributor to revenues in the group in the reporting period.

The Drachtsterweg solar PV power plant contributed with NOK 4.5 million in revenues from power sales and NOK 2.2 million from the insurance coverage. This resulted in and EBITDA of NOK 5.4 million representing an EBITDA margin of 80% in the reporting period.

The ASN installation business contributed with NOK 22.5 million in revenues and NOK 3.2 million in negative EBITDA representing a negative EBITDA margin of 13% in the reporting period.

Norway revenues in the reporting period amounted to NOK 683 000 from management services. EBITDA in Norway in the reporting period is negative with NOK 10.7 million due to costs relating to the Norwegian project development.

Note 4 Financial income and expenses

Interest payment for non-recourse debt was NOK 675 000 in the first half year of 2025.

The non-recourse loan carries an annual fixed interest of 1.26% for the duration of the loan.

The average exchange rate used for the reporting period is EUR/NOK 11.661, whereas the exchange rate used on 30 June 2025 is EUR/NOK 11.8345.

Note 5 Cash & cash equivalents

The group has a positive net cash flow of NOK 3.9 million in the first half year of 2025. At the end of the reporting period the group had NOK 17 million in bank deposits.

NOK 3.3 million are restricted funds, of which NOK 2 million is related to tax-guarantee obligations following the sale of Varmo and Codroipo in 2020.

Note 6 Receivables

The group has NOK 5.7 million in receivables at the end of the reporting period.

Note 7 Issue of new equity

Energeia AS' registered share capital at the end of June 2025 is NOK 22 384 306.24 divided into 1 119 215 312 shares, each with a par value of NOK 0.02 per share.

Note 8 Shareholders

Energeia AS had 1 713 shareholders by the end of June 2025.

Shareholders 30 June 2025	Shares & ownership
Total	1 119 215 312	%
Obligo Nordic Climate Impact Fund	600 274 801	53,63 %
EIDSIVA VEKST AS	408 718 863	36,52 %
NORTH SEA GROUP AS	8 498 813	0,76 %
CANICA AS	7 285 762	0,65 %
AS BRDR MICHAELSEN AVD I NORGE	6 750 000	0,60 %
NABEN AS	5 765 250	0,52 %
ØYGARD	5 250 000	0,47 %
JAKOBSEN ENERGIA AS	4 344 145	0,39 %
BORSHEIM	4 271 351	0,38 %
Nordnet Bank AB	4 210 559	0,38 %
MP PENSJON PK	3 916 323	0,35 %
MARKHUS	3 830 000	0,34 %
Vako Prosjekt AS	3 153 550	0,28 %
Trimtabber BV	2 527 000	0,23 %
JEMMA INVEST AS	2 527 000	0,23 %
TVENGE	2 500 000	0,22 %
NORDNET LIVSFORSIKRING AS	2 032 768	0,18 %
KNUTSON	1 364 747	0,12 %
Avanza Bank AB	1 282 585	0,11 %
ENERGEIA AS	1 281 286	0,11 %
Other shareholders	39 430 509	3,52 %

By the end of June 2025, the 20 largest shareholders owned 96,5% of the shares. Group management owns 24% of the shares.

Group CEO, Jarl Egil Markussen controls Jemma Invest AS, Dutch CEO, Robert Veenstra controls Trimtabber BV and Project Director, Ingar Vatndal and related parties controls Vako Prosjekt AS.

Note 9 Liabilities

Interest bearing debt

The group's only interest-bearing debt is the non-recourse financing by Hamburg Commercial Bank (HCOB) of the Drachtsterweg solar PV power plant.

The financing has a fixed interest rate of 1.26% for the duration of the loan until 2038.

At the end of June 2025, the debt was NOK 65.6 million.

There is a dispute regarding the settlement amount between Energie VanOns ("EvO") and Energeia for 2024. Energeia's evaluation is that EvO has applied an incorrect electricity tariff amount for 2024. Discussions with EvO to resolve the issue is ongoing at the date of this report.No liability has been recorded.

Note 10 Power production

The group has one operational power plant at the end of the reporting period. The Drachtsterweg power plant in the Netherlands with an installed capacity of 12.13 MW.

The invoiced power production for the first half year of 2025 and full year of 2021-2024 is shown in the table.

MWh	2025	2024	2023	2022	2021
Q1	1 249	1 124	1 565	2 012	1 696
Q2	5 208	4 474	5 180	5 172	4 645
Q3		4 276	4 101	4 663	4 141
Q4		928	884	1 197	1 116
FY	6 457	10 803	11 730	13 026	11 597

Statement from the board and CEO

Today, the board has reviewed and approved the unaudited consolidated financial statements and the interim report as at 30 June 2025. The interim financial statements have been consolidated, prepared and presented in accordance with NGAAP. The interim reporting has been prepared in accordance with current accounting standards. The information in the accounts give a true and fair view of the group's assets, liabilities, financial position and result as of 30 June 2025. The interim report for the first half year of 2025 also includes a true overview of important events in the reporting period and their effects on the accounts for the first half of the year. It also provides a true and fair description of the most important risks and uncertainties for the business in the coming reporting period.

Oslo, 7 September 2025

Chair Director Director Director CEO

Christian Dovland Petter Myrvold Merete L. Holen Knut Bringedal Jarl Egil Markussen

Energeia Group