Enefit Green

Earnings Release • Jul 12, 2023

Company	Enefit Green AS
Type	Company Release
Category	Other corporate action
Disclosure time	12 Jul 2023 09:00:00 +0300

Currency

Enefit Green production data – June and Q2 2023 Title

Enefit Green produced 69.7 GWh electricity during June 2023 or 10.9% more than in the same period last year. The result was driven by 157.5% growth in solar energy production to 12.3 GWh, most notably by new solar farms in Purtse and Zambrow, which produced 7.3 GWh of electricity in June. June wind energy production experienced a small decline to 41.9 GWh, mainly due to somewhat lower wind speed in Estonian wind farms - 4.8 m/s vs 5.0 m/s in in previous year (average wind speed in Lithuania was unchanged 5.0 m/s). New wind farms - Shilale II and Purtse - accounted for 7.8 GWh of added production.

Electricity production from cogeneration grew by 2.9% y-o-y to 15.5 GWh in June.

For the second quarter as a whole electricity production decreased by 2.2% to 264.6 GWh. The result was negatively affected mostly by wind energy production (-9.2% y-o-y) and balanced by strong growth by solar energy production (+126%). As in first quarter, there was strong 55.8 GWh contribution to the total electricity production from the new wind and solar farms under construction (+39.9 and +15.9 GWh respectively).

According to Innar Kaasik, Member of the Management Board and Head of Production at Enefit Green, the new wind and solar farms under construction have gradually started operating, which has an impact on production results. "Enefit Green has six wind farms and five solar farms under construction, the first of which have already started to produce electricity. Each new wind and solar farm brings reasonably priced electricity to the market, helps to ensure energy security and brings us closer to renewable energy goals of our core markets," Kaasik commented.

Heat energy production was practically flat at 49 GWh in June 2023 and decreased by 7.1% y-o-y to 141.2 GWh in Q2 2023.

Pellet production increased by 4.6% y-o-y to 15.1 thousand tonnes in June 2023 and by 4.8% to 37.3 thousand tonnes in Q2 2023.

Monthly production of electricity by geography, GWh		June 2023 June 2022 Change, %
Estonia	43.6	41.3	5.6%
Lithuania	19.0	15.5	22.7%
Latvia	3.0	3.3	-9.6%
Poland	4.1	2.8	47.4%
Total	69.7	62.8	10.9%
Monthly production of electricity by segment, GWh
Wind	41.9	43.0	-2.5%
incl. new wind farms	7.8
Cogeneration	15.5	15.0	2.9%
Solar	12.3	4.8	157.5%
incl. new solar farms	7.3
Other	0.1	0.1	-26.9%
Total	69.7	62.8	10.9%
Heat energy, GWh	49.0	48.6	1.0%
Pellets, th t	15.1	14.4	4.6%
Quarterly production of electricity by geography, GWh	Q2 2023		Q2 2022 Change, %
Estonia	150.1	168.3	-10.8%
Lithuania	95.7	85.0	12.5%

Latvia	7.9	9.6	-18.4%
Poland	10.9	7.5	45.4%
Total	264.6	270.5	-2.2%

Quarterly production of electricity by segment, GWh

Wind	191.1	210.4	-9.2%
incl. new wind farms	39.9
Cogeneration	43.6	46.7	-6.5%
Solar	29.5	13.0	126.3%
incl. new solar farms	15.9
Other	0.4	0.4	-1.6%
Total	264.6	270.5	-2.2%
Heat energy, GWh	141.2	152.0	-7.1%
Pellets, th t	37.3	35.6	4.8%

Further information: Sven Kunsing Head of Finance Communications investor@enefitgreen.ee (https://www.globenewswire.com/Tracker?data=eahglFI0K4UUxwsmqXkQdO3N_ld1uojlGTE_ vteiKcyQu1wfu3r9tXxEfe64TI9iPjXXdLcA-1wKJKK402r4cwPqdjBXLG-Ga36PZFEEUJ4=) https://enefitgreen.ee/en/investorile/ (https://www.globenewswire.com/Tracker?data=2hvtWZj2Sah7P5FHBmegLeIoMx1_pu7PK9v_ TsWBkf9HVGRVBco0gBWNAR8sTIf_RfHfPw1v74a_H6m3SjVkIBzGyIVVbjGOe57EOq9 agKg8ttz2h5EHYmF0la-hs-rAYHvQm2Fvlu3QknP8tcDCA==)

Enefit Green is one of the leading diversified renewable energy producers in the Baltic Sea area. The Company wind farms in Estonia and Lithuania, cogeneration plants in Estonia and Latvia, solar farms in Estonia and Poland, a pellet plant

in Latvia and a hydroelectric plant in Estonia. In addition, the Company is developing several wind and solar farms in the mentioned countries and Finland. As of the end of 2022, the Company had a total installed electricity production capacity of 457 MW and a total installed heat production capacity of 81 MW. During 2022, the Company produced 1,118 GWh of electricity, 565 GWh of heat energy and 154 thousand tonnes of wood pellets.