Energeia AS

Earnings Release • May 16, 2023

Energeia AS: Q1 2023 Financial Report

Energeia AS: Q1 2023 Financial Report

16 May 2023

Highlights Q1 2023

The main events in the first quarter 2023 may be summarized as follows:

The Netherlands Enterprise Agency (RVO) decided the full-year 2022 market price for Solar PV power plants under SDE+ contract to be EUR 203 per MWh. Consequently, The full year 2022 revenues was increased by NOK 4.1 million, resulting in a change from a full-year net loss of NOK 1.9 million to a net profit of NOK 2.6 million.

Power production in the quarter was 1 568 MWh, representing 13.5 per cent of expected full-year 2023 production. 92 per cent of the power production is in the Netherlands. Preliminary SDE+ invoicing price for 2023 is set at EUR 150 per MWh.

The Dutch operations delivered an EBITDA of NOK 2.5 million in the quarter while Norway, Italy and Singapore delivered an EBITDA loss of NOK 5 million, mainly due to cost of project development in Norway.

Energeia AS submitted its first concession application to NVE for the Seval Skog project in December 2022. NVE changed its concession approval procedure with regards to grid connection clarification for Solar PV power plants in Norway in the first quarter 2023. Consequently, the Company agreed with NVE to file an amended concession application in May 2023.

Final payment for electricity delivered in the Netherlands in 2022 will be received in May 2023 and will increase company cash balance to NOK 40 million.

Interest cost in the quarter was NOK 0.25 million on an interest bearing debt of NOK 76 million. Group equity ratio is 57 per cent at the end of the quarter.

There will not be a presentation in connection with the release of the report.

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.