Energeia AS

Investor Presentation • Jan 18, 2024

Energeia AS

Presentation at Pareto Securities Annual Power & Renewable Energy Conference

18 January 2024

Cost competitiveness - 2021 Germany LCOE by technology | EURc/kWh

¹⁸ January 2024 Energeia © All rights reserved 2

• Established 2010.
• Purchased, sold, operated and constructed Solar PV power plants since 2011.
• Operating an agrivoltaic power plant in the Netherlands since construction in 2020. 12MWp.
• Geographical business focus is Norway and the Netherlands.
• Energy system installation and services operation in the Netherlands with 47 employees and NOK 40m in revenues.
• Development of utility scale Solar PV power plants with BESS in Norway in collaboration with industrial partners. 12 employees

Norway project development & portfolio

Portfolio under contract Projects in development No. Area Capacity Power Investment Hectare MWp GWh NOKm Ready for consession process 4 384 264 316 1 714 Land lease & development 7 792 578 679 3 756 LoI & grid discussion 9 378 213 271 1 386 Project under contract 20 1 554 1 055 1 266 6 855

Project development Norway

• 40 utility scale Solar PV + BESS projects in development in Norway. 20 projects under contract representing approx. 1 000 MWp/1.2 TWh.
• National concession authority (NVE) now requires a declaration from all 3 levels before handling concession applications. TSO and DSOs.
• Energeia has received declaration for 30MW in 2024 and 151MW in the planned grid.
• Proposed changes to the Energy Act and Planning and Building Act. The proposed changes will align utility solar with onshore wind.

Eidsiva Group:

• Exclusive partner to Energeia in Norway
• Total assets NOK 50bn, revenues of NOK 11bn and EBITDA of NOK 4.3bn in 2022.
• 100% owner of grid company Elvia.
• 43.5% owner of Hafslund ECO producing 6.3 TWh of Hydropower.
• Investing and developing grid connected BESS systems.

Hydro Rein:

• Partner in selected municipalities in Norway.
• Subsidiary of Norsk Hydro with mission to produce CO2 emission-free power from Solar PV and Wind.
• 1 700 MWp portfolio in operation and under construction.
• Macquarie group to invest and own 49% in JV with Norsk Hydro.

Norway – Agrivoltaics / Agri-PV

Foto: Nextracker, and Alfen

• The planned mode of operation for large solar power plants in Norway is a combination of agricultural activities and energy production. Agrivoltaics is not new or innovative, it is done today in many countries – Energeia does it in the Netherlands (see picture).
• In the main, the areas proposed to be used are productive forests that are newly cultivated by surface cultivation or full cultivation. It provides better area utilization than a solar power plant alone.
• Planned agricultural activity is the production of forage, infield grazing for small livestock, and in some cases the production of vegetables or grain.
• A solar power plant represents a different type of natural intervention than what we are used to from other sources of power production.
• The biggest intervention is the change in terrain during the construction/cultivation and that the area must be fenced off.

Vegetation control is needed regardless of the type of operation

Netherlands

• ASN is 100% owned and is a household name in the 3 northern provinces of the Netherlands.
• Our product offering includes a combination of product installations and service subscriptions.
• Utility scale solar is still on the map but heavy grid connections are setting limitations.

Revenue and cost

9m revenues 2022 & 2023 | NOKm 9m 2023 EBITDA | NOKm

9m 2023 vs. 9m 2022 YoY change

• Electricity sales; Price down by 49%, Volume down by 8%.
• Estimated FY'23 realized price above SDE+ contract of EUR 90 per MWh.
• Energy installation & services organic sales growth of 28%
• Management revenues reduced by 41%.

Cash profitability

• Running profitable business in power production & energy installation & services are funding project development costs in Norway & the Netherlands.

development & SG&A

Sale of electricity Energy services Project

9m EBITDA

Current assets	63	35	Short term debt
Cash	37	11	Payables
Receivables	16	4	Tax & duties
Inventories & other	10	20	Short term debt
Long-term assets	169	80	Long term debt
Power plants	106	72	Interest bearing debt
Assets in construction	8	8	Other long-term debt
Other lt. assets	12
Brand & Goodwill	43
		118	Equity
Total assets	233	233	Total financing

Asset base Sept. 2023

• 78% of asset base (NOK 180m) in operating business in the Netherlands.
• Interest bearing debt is for PV power plant. 1,26% fixed interest for duration of loan to 2038.
• Goodwill from acquisition (NOK 22m) depreciated over 5 years.

Assets & financing | NOKm Human resources | Employees

Netherlands	47	37,6
Management & HR	6	5
Accounting	2	1,6
Sales & services support	10	7,3
Technical & installation	29	23,7
Norway & Italy	14	12,9
Management	2	2
Accounting & administration	6	5,4
Legal	1	1
Project development & technical	5	4,5
Energeia Group	61	50,5

Human resources

• 61 employees representing 50,5 FTEs
• Increase of technical staff in the Netherlands to meet increasing demand for energy systems installation & services.

Focus & opportunities going forward:

• Continue organic growth of the Dutch business.
• Get Norwegian projects through concession approval process with NVE and grid companies.
• Develop the industrial partnerships further in Norway and the Netherlands.
• Exploring M&A opportunities within operational Solar PV power plants in the Netherlands.
• Exploring M&A opportunities within Energy system installation and services businesses in the Netherlands
• Exploring synergies between Netherlands operations and Norway within equipment B2B wholesale activity.