Alternus Energy Group

Report Publication Announcement • May 31, 2022

Alternus Energy Audited Annual Financial Report 2021

Alternus Energy Audited Annual Financial Report 2021

Dublin, 31 May 2022 International Renewable Independent Power Producer (IPP) Alternus Energy Group Plc (OSE: ALT) (the “Company” or “Alternus”) today announces its audited financial results for the 2021 fiscal year.

The 2021 annual financial report is attached to this OSE filing and is available to view on the Alternus Energy website here https://alternusenergy.com/reports-presentations/

Extracts from the audit report are outlined below:

Consolidated Statement of Comprehensive Income

For the year ended

December 31, 2021

(EUR millions)

Revenue 20,616

Cost of sales (5,554)

Gross profit 15,062

General and administration expenses (5,428)

Depreciation (5,558)

Amortisation (36)

Operating profit/(loss) 4,040

Finance costs (15,109)

Assets held for disposal (4,693)

Finance forgiveness 4,982

Gain on Bargain purchase 19,882

Profit/(loss) on ordinary activities before taxation 9,102

Income Tax (446)

Net profit for the financial year 8,656

Other comprehensive income for the year

Foreign exchange differences on translation of operations of foreign subsidiaries 3,391

Total comprehensive income for the year attributable to the owners of the Group 12,047

Consolidated Statement of Financial Position

As at December 31, 2021

(EUR millions)

Assets

Non-current assets

Goodwill 3,020

Property Plant and equipment, net 170,839

Current assets

Trade and other recdivables 17,434

Restriced cash 7,553

Cash and cash equivalents 16,068

Total Assets 214,914

Liabilities / SE Equity

Current liabilities

Trade and other payables 16,435

Capital lease - short term 117

Borrowing Short term 2,600

Non-current

Asset Retirement Obligation 552

Capital Lease - long term 3,896

Borrowings - long term 148,337

Total Liabilities 171,937

Non Controllling Interest 188

Capital and Reserves

Share Capital 263

Share Premium 44,780

Foregin Exchange Reserve 3,315

Accumulated Deficit (5,569)

Total Equity 42,977

Total Liabilities and Equity 214,914

About Alternus Energy

Alternus Energy Group Plc is an international vertically integrated independent power producer (IPP). Headquartered in Ireland, and listed on the Euronext Growth Oslo, the Company develops, installs, owns, and operates midsized utility scale solar parks. The Company also has offices in Rotterdam and America. Alternus Energy aims to own and operate over 3.5 gigawatts of solar parks by the end of 2025.

Forward Looking Statements: Certain information contained in this letter, including any information on the Company’s plans or future financial or operating performance and other statements that express the Company’s management’s expectations or estimates of future performance, constitute forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Such statements are based on a number of estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the control of the Company. The Company cautions that such forward-looking statements involve known and unknown risks and other factors that may cause the actual financial results, performance or achievements of the Company could differ materially from the Company’s estimated future results, performance or achievements expressed or implied by the forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.