Energeia AS

Earnings Release • Mar 7, 2023

Energeia AS: Q4 2022 Financial Report

Energeia AS: Q4 2022 Financial Report

7 March 2023

Highlights Q4 & FY 2022

The main events in the fourth quarter and for the full- year of 2022 can be summarized as follows:

Energeia Group’s shares was listed on the Oslo Stock Exchange in December 2022 under the ticker ENERG, following two equity issues of in total NOK 110m net of costs. By year-end Energeia has 1 890 shareholders.

The ASN group of companies was acquired in December 2022 for NOK 42m net of cash in the companies. ASN is included in the accounts for the full year 2022 and contributed with a gross revenues of NOK 38m and an EBITDA of NOK 6,5m.

Power production in 2022 was 13 026 MWh, 12% higher than 2021 due to higher irradiation, performance, and power plant uptime.

Very high electricity prices in the Netherlands have created an unexpected significant profit for the group’s electricity production and sales in the Netherlands, contributing with NOK 10,6m in additional revenues above original budget.

FY 2022 EBITDA on a Group level amounted to NOK 4,6m.

EBITDA adjusted for one-off costs related to project development in Norway and the equity issue and stock exchange listing was NOK 12m for the full year 2022.

EBITDA contribution to the Group in 2022 from the Dutch business was NOK 21,8m.

During 2022, solar PV power plant projects in formal concession application process in Norway grew from 1 project of 75MW to 8 projects of 632MW at year-end 2022. The final concession application for the 75MW Seval Skog project was delivered in December 2022.

In May 2022 Energeia entered into a collaboration agreement with the Eidsiva group for development and ownership of solar PV power plants in the geographical area of Innlandet, Viken and Oslo. In December the collaboration area was expanded to entail all of Norway. The Eidsiva group also became the largest shareholder in Energeia AS in conjunction with the equity issue in December 2022.

There will not be a presentation in connection with the release of the report, but Viktor Jakobsen will be present at Finansavisen's "Børsmorgen" on Thursday 9 March.

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.