Energeia AS

Investor Presentation • Nov 25, 2025

Energeia is the leader in the Norwegian utility PV solar market

• Founded in 2010, listed since 2022 on Euronext Growth, Oslo
• First company in Norway to gain concession for large-scale PV solar power plant (Seval Skog)
• 2 solid owners: Obligo (33%) and Eidsiva (22%) 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

Highlights

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

• Complaint rejected
• Final Investment Decision (FID) on Seval Skog expected in 2-3 months

• Competitive offers from suppliers and contractors already received

• Rights issue raised NOK 31M in H2 2025 securing operations for 12 months

• Seval Skog financing multiple dialogues in process

Seval Skog: Key milestones

Q2 – 2025: NVE concession received

H1 – 2026: FID & construction start Seval Skog

2027: Start of operations

Attractive ownership and an opportunity for growth

Rank	Investor	Holding	Stake	Туре	Country
1	OBLIGO NORDIC CLIMATE IMPACT FUND	781,608,133	33.59%	Ordinary	SWE
2	EIDSIVA VEKST AS	518,718,863	22.29%	Ordinary	NOR
3	NORTH SEA GROUP AS	200,000,000	8.60%	Ordinary	NOR
4	NORDNET LIVSFORSIKRING AS	119,196,296	5.12%	Ordinary	NOR
5	ØYGARD JOAR KARSTEN	104,346,784	4.48%	Ordinary	NOR
6	AS BRDR MICHAELSEN AVD I NORGE	57,724,754	2.48%	Ordinary	NOR
7	MP PENSJON PK	47,235,827	2.03%	Ordinary	NOR
8	AUSTRÅTT KURT ODDVAR	40,366,666	1.73%	Ordinary	NOR
9	NORDNET BANK AB	39,279,166	1.69%	Nominee	SWE
10	GRUNNFJELLET AS	38,781,905	1.67%	Ordinary	NOR
11	BKS CAPITAL AS	19,000,000	0.82%	Ordinary	NOR
12	HAUGEN LARS PETTER HOLTE	18,000,000	0.77%	Ordinary	NOR
13	HELGELAND & CO AS	17,100,000	0.73%	Ordinary	NOR
14	THAMES MANAGEMENT AS	15,000,000	0.64%	Ordinary	NOR
15	AUSTRÅTT ELISABETH	11,800,000	0.51%	Ordinary	NOR
16	TROLLGARNET AS	10,000,000	0.43%	Ordinary	NOR
17	KARLSEN LARS ERIK	9,965,476	0.43%	Ordinary	NOR
18	NORDEA BANK ABP	7,685,983	0.33%	Nominee	DNK
19	CANICA AS	7,285,762	0.31%	Ordinary	NOR
20	MOGOS SOLOMON GHIRMAI	7,262,149	0.31%	Ordinary	NOR
	Total top 20 shareholders	2,070,357,754	88.98%
	Other shareholders	256,289,288	11.02%
	Total	2,326,647,042	100.00%

Energeia © All ri ghts reserved 4

Market cap below book value – substantial upside

	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 cos	ts	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		^	0.003	0	0
Deferred taxes		1 294		5 252	4 808
Other long-term debt				2 815	1 032
Equity 7,	8 (	97 020	) {	83 066	117 879
Share capital		22.204	4	2 384	2 384
		22 384	-13 1	2 384 -13
Share capital		22 384 131 963	131 963		-13
Share capital Own shares		-24	131 963 -56 138	-13	-13 117 820
Share capital Own shares Premium fund		131 963		- 13 117 820	2 384 -13 117 820 -2 205 -108

Energeia © All ri ghts reserved 5

Netherlands - Power production

• The 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
• Dividend since 2020: EUR 2.7 million

Netherlands - 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
• The service division revenues first half of 2025 was NOK 23.3 m with an EBITDA of NOK -3 m

Norwegian pipeline

Project	Size MW dc/ac	SAT or FT	Agri-PV	Project status	Licensing status	COD
Seval Skog, Gjøvik	46/30	Single axis tracker	Yes	Preparing FID	Granted June 2025	2027
Store Nøkleberg, Østre Toten	32/26	Single axis tracker	Yes	Awaiting licensing decision	Expected Q4 2025	2028
Mæhlum, Gjøvik	24/20	Single axis tracker	Yes	Awaiting licensing decision	Expected Q3 2026	2028
Gunnhus, Modum	6/5	Fixed tilt	No	Awaiting licensing decision	Expected Q3 2026	2027
Total	108/81

Project	Size MW dc/ac	SAT or FT	Agri-PV	Project status	Licensing status	COD
Ålamoen, Hjartdal	103/86	Single axis tracker	Yes	Preparing EIA	Expected Q4 2026-Q2 2027	2028
Tranmya, Ringsaker	117/97	Single axis tracker	Yes	Preparing EIA	Expected Q4 2027-Q2 2028	2032
Bolstadmarka, Ringsaker	97/81	Single axis tracker	Yes	Preparing EIA	Expected Q4 2027-Q2 2028	2032
Øystadmarka, Søndre Land	38/32	Single axis tracker	Yes	Preparing EIA	Expected Q2 2027	2032
Sum	355/296

Energeia © All rights reserved 8

Seval Skog project moving towards FID

• License to build, own and operate for 30 years (46MWdc / 30MWac)
• License to install up to 6 battery containers. 10MW/20MWh
• Single axis trackers with estimated 49 GWh annual production
• Agri-PV on 72 hectares of land owned by the municipality of Gjøvik

Timeline for the Seval Skog project

Expected grid connection and cash flow generation starting in 2027

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

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

Future electricity prices in Norway: Capture price and cannibalisation

Single-axis-trackers increases shoulder production

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

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

First revenues in Norway expected from 2027, already steady revenue streams from Netherlands 3

Attractive owners with a strategy to grow the business 4

Working capital :

• Fully guaranteed rights issue in September of NOK 31 m
• Secures operation and project development until September 2026