Energeia AS

Earnings Release • Aug 23, 2023

Energeia AS: H1 Financial Report

Energeia AS: H1 Financial Report

23 August 2023

Highlights H1 2023

Power production in the first half year was 6 787 MWh, 6 per cent above budget and representing 58 per cent of expected full-year 2023 production.

Estimated sales price of electricity in the Netherlands the first half 2023 has dropped 47 per cent compared to realized sales price in 2022, from EUR 205 per MWh to EUR 107 per MWh. Although RVO (The Netherlands Enterprise Agency) decided the 2023 invoice price of EUR 150 per MWh, the financial report reflects revenue recognition of EUR 107 per MWh for the first half 2023.

Net cash flow in the first half year was positive with NOK 22.7 million, increasing Group cash position to NOK 46.7 million at the end of period.

EBITDA in the period came at a loss of NOK 0.83 million. Dutch operations delivered a positive EBITDA of NOK 7.5 million, Italy and Singapore had a positive EBITDA of NOK 0.6 million, while Norway had an EBITDA loss of NOK 8.8 million due to Norwegian project development costs.

Energeia AS sent its first concession application for a ground mounted Solar PV power plant in Norway to the Norwegian Water Resources and Energy Directorate (NVE) in December 2022. Based on changes to the concession approval procedure the concession application was resubmitted in June after amendments. In July NVE conducted additional changes to the approval procedure that has further delayed NVE’s execution of concession application procedures in Norway.

Energeia and Eidsiva entered in June into a negotiation with Hydro Rein (Norsk Hydro) on joint solar project development in Norway, and between Energeia and Hydro Rein in the Netherlands. A formal collaboration agreement may be entered into during the third quarter 2023. The collaboration concerns projects beyond the currently reported pipeline of projects.

For further information, please contact:

CEO, Viktor Jakobsen, email: viktor@energeia.no and telephone: +47 916 11 009

Deputy CEO, Jarl Egil Markussen, email: jarl@energeia.no and telephone: +47 480 23 214

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.