Energeia AS

Investor Presentation • Sep 18, 2025

Investor Webinar Energeia AS

September 2025

H1 – 2025 report Seval Skog Financing

• Steady cash flow from existing business in the Netherlands

• No significant changes expected to current business going forward

• NVE concession received

• NVE in process with additional concessions
• Final Investment Decision (FID) on Seval Skog expected in 2-3 months

• Competitive offers from suppliers and contractors already received

• Ongoing guaranteed rights issue, subscription period ends Sept.

  • 25th (secures working capital for minimum the next year)
• Seval Skog financing multiple dialogues in process

Seval Skog: Key milestones

Presenting today

Jarl Egil Markussen – CEO

+10 years of experience from the PV industry in Energeia AS:

• Deputy CEO since 2022
• Four years as leader of project development
• +20 years of experience from accounting and financial reporting

Growth, Oslo Roughly 1/3 of all Norwegian approved existing and planned

• First company in Norway to gain concession for large-scale PV solar power plant (Seval Skog)

• Founded in 2010, listed since 2022 on Euronext

• 2 solid owners: Obligo (50%) and Eidsiva (34%) where Eidsiva is also a direct co-investor in solar PV projects
• Energeia has built, bought, owned and operated Solar PV power plants since 2011
• Currently has operations in Norway and the Netherlands
• Two current cash-generating business units in NL:
  • Drachtsterweg agrivoltaic solar PV power plant
  • ASN installation and service business

Energeia © All rights reserved 4

Energeia is the leader in the Norwegian utility PV solar market

Why Agrivoltaics?

• Achievable: Irradiation in Norway is on par with top solar markets in Europe like the Netherlands and Germany
• Green transition: Supports increased power demand and reduces dependence on fossil fuels

• Food + energy: Dual use of land for crops and power
• No land wasted: Keeps farmland productive between and under panels

Energeia © All rights reserved

By combining solar power production with in -field sheep grazing we can produce sustainable energy while providing much -needed grazing pastures for local farmers " "

5

Drachtsterweg agrivoltaic solar PV power plant

• Power division revenue H1 2025 was NOK 6.7 m with an EBITDA of NOK 5.4 m (EBITDA margin of 80 %)
• About the Drachsterweg power plant:
  • 12 MWp Agrivoltaic Solar Power Plant (Fixed Tilt)
  • Contract: 15-year Contract for Difference (CfD) with the Dutch government at €90/MWh
  • Financing: Loan from KfW with a fixed interest rate of 1.26% over 18 years

Service & installation business

• ASN is a wholly owned subsidiary and a well-known name in the three northern provinces of the Netherlands
• Our product offering includes a combination of products and service subscriptions
• Revenues first half of 2025 was NOK 23.3 m with an EBITDA of NOK -3 m

Mature and solid project pipeline

Project	Size MW dc/ac	Concession status	Grid connected
Seval Skog	46/30	License received June 2025	2028
Store Nøkleberg	32/26	Expected Q4 2025	2028
Gunnhus	6/5	Expected Q3 2026	2027
Mæhlum	24/20	Expected Q3 2026	2028
Total	108/81

Project	Size MW dc/ac	Application status	Grid connected
Ålamoen	103/86	Expected Q4-26 / Q2-28	2029/2035
Tranmyra	117/97	Expected Q4-26 / Q2-28	2032
Bolstadmarka	97/81	Expected Q4-26 / Q2-28	2032
Total	317/264

• Additionally, ~18 additional early-stage projects

Seval Skog obtained a concession from NVE in June 2025

• Norway's first large-scale PV solar power plant
• License to build, own and operate for 30 years (46 MWdc / 30 MWac)
• Option to include 6MW/12MWh battery if deemed profitable in FID
• Single axis trackers with estimated 49 GWh annual production
• Agri-PV on 72 hectares of land owned by the municipality of Gjøvik

Expected grid connection and cash flow generation starting in 2027

• ~23% increase in production
• ~38% increase in revenue vs fixed tilt
• Higher realised prices due to increased «shoulder» production (morning + evening, spring + autumn)

Single-axis tracker, bifacial panels: Optionality: Adding battery storage

• Potentially significant revenue from participating in markets for frequency services and regulation
• Increase in realised prices due to avoided cannibalisation
• Can be further added to existing concessions quickly and with low regulatory risk

Increase in energy production tracker vs fixed-tilt (MWh)

• Increased production during high-value hours of the day and during key spring and autumn months

Significant increase in realised price

Hourly value of production tracker vs fixedtilt (Power plant simulation)

• Example: Single Axis Tracker achieves a 33.8% higher production value compared to Fixed Tilt

Future electricity prices in Norway: Capture price and cannibalisation

Capture price and cannibalisation

• Key challenge for solar PV industry caused by high solar production during summer season

Tracking PV panels increase production

Added production yield tracker vs. fixed tilt(1)

• Approximately 22.7% higher production volumes vs. fixed tilt

Conservative future power price expectations leave significant upside

expectation

Seval Skog's preliminary calculations indicate 7-8% expected IRR

Estimated key financial metrics (Equity cash flows)(1)

~7-8% Equity IRR

~17-18 Payback time (yrs)

~10-11% Avg. dividend yield

(1)Modelled with an assumed 2030 NO1 power price of 0.0596 and a 10 year PPA at 50% offtake

Equity IRR sensitivity: Direct drop through of higher power prices

Equity IRR sensitivity

Power Purchase Agreement:

• Potential to enter into a direct agreement between the Seval Skog SPV and an industrial endcustomer (for instance datacenters, industrial companies etc.)
• Secures volume and price for a given period of time

Equity IRR sensitivity table

		0.08	0.07	0.06	0.05
Off-take % of annual production	60 %	13.7 %	11.7 %	9.9 %	8.4 %
	55 %	12.8 %	11.1 %	9.5 %	8.1 %
	50 %	12.0 %	10.5 %	9.1 %	7.8 %
	45 %	11.2 %	9.9 %	8.7 %	7.6 %
	40 %	10.4 %	9.3 %	8.3 %	7.3 %

PPA price EUR/KWh (PPA duration = 10 years)

Growth strategy: Executing on the extensive project pipeline

Energeia has a portfolio of large, mature agrivoltaic projects (+400 MWdc). A solid basis for growth ¹

Build, Own, Operate: Energeia is a long-term owner of solar PV powerplants receiving cash flow from power sales over the full life span of its assets ²

3

First revenues in Norway expected from 2027, already steady revenue streams from Netherlands

4

External capital requirements over the coming 12 months is estimated at NOK 20-25 m (excl. project construction) – Fully guaranteed

Ongoing Rights issue:

• Fully guaranteed
• NOK 31 m
• Subscription rights tradeable until Friday Sept. 19th
• Last subscription day: Sept. 25th