PannErgy

Regulatory News Service • Oct 15, 2025

PannErgy Nyrt.

QUARTERLY PRODUCTION REPORT 2025 Q3

15 October 2025

This announcement is published in Hungarian and English languages. In case of any contradiction between these two versions, the Hungarian version shall prevail.

Introduction

PannErgy Nyrt. publishes a production report on a quarterly basis, presenting its production and utilisation of green energy. In its report, in addition to other useful information, PannErgy presents the green heat sales figures of its key geothermal energy production systems in the reporting period.

In its extraordinary publication of 1 October 2024, the Company informed the public that, in contrast to previous practice, the relevant legislation sets district heating producer tariffs not only in the form of a sales heat tariff for the heat volume sold, but also in the form of a split heat supply tariff for the heat volume sold, and a monthly supplier base tariff, i.e. using a so-called two-element pricing system.

With the introduction of the two-element pricing referred to above,

• the sustainable profitability of the Company derived from the regulatory pricing has become more predictable;
• the impact on the Company's profitability due to changes in the demand for heat affected by the regulatory pricing (e.g. the weather) has been minimised;
• due to the lower heat supply tariff (HUF/GJ) and, compared to other quarters (adjusted to the 35% intrayear heat input share typical of the fourth quarter), the higher supplier base tariff in Q4, the weight and proportion of the operating profit generation capacity decreased in H1 of the financial year and increased in H2.

I. Information about the consolidated production

Figure 1 Consolidated volume of heat sold (GJ)

The chart presents the aggregate volume of heat sold across all operational projects, in a monthly breakdown

	2021	2022	2023	2024	2025	2025 PLAN
January	221,966	197,923	232,696	225,521	241,489
February	194,173	199,600	193,989	206,080	196,147
March	211,762	209,267	211,365	214,659	233,192
Q1	627,901	606,790	638,050	646,259	670,828	653,982
April	192,053	207,861	192,834	159,116	154,333
May	96,333	78,637	92,125	68,687	104,216
June	38,595	58,955	56,645	52,745	52,522
Q2	326,981	345,453	341,604	280,548	311,071	287,272
July	42,919	56,299	50,385	47,662	52,654
August	48,023	54,838	50,659	47,099	53,336
September	53,870	90,033	53,905	68,343	71,946
Q3	144,812	201,170	154,949	163,104	177,937	163,099
October	180,427	179,453	133,450	209,679
November	197,872	224,871	208,031	224,674
December	221,198	226,770	229,190	242,321
Q4	599,497	631,094	570,671	676,675	0	666,246
Total	1,699,190	1,784,507	1,705,274	1,766,586	1,159,836	1,770,598

Figure 2 Consolidated actual and target volumes of heat sold, in a table format (GJ)

Figure 3 Average temperatures

The weather in the period under review was slightly colder compared to the corresponding period in 2024, while the Group-level geothermal heat sales potential was similar to the average of recent years.

A comparison of the 2025 Q3 heat sales figures with the average values of the corresponding period in historical years indicates that PannErgy achieved average heat sales in the period under review, while exceeding both the heat sales of the base period and the target for the period. PannErgy surpassed the quarterly target by approximately 9.1% and the base period sales also by approximately 9.1%.

In view of the information presented in this production report, PannErgy maintains the previously published (15 January 2025) consolidated EBITDA target range of HUF 4,000–4,150 million for the 2025 business year.

II. Key projects

Miskolc Geothermal Project

(Miskolci Geotermia Kft., Kuala Kft.)

Figure 4 Quantity of heat sold in Miskolc (GJ)

The Geothermal System of Miskolc sold a total of 72,350 GJ of thermal energy in 2025 Q3, exceeding the heat sales achieved in the same period in 2024 significantly, by 18.4%. The primary reason for the increase was the cooler weather in September.

Győr Geothermal Projects

(DD Energy Kft., Arrabona Koncessziós Kft.)

In 2025 Q3, the Geothermal System of Győr sold 103,982 GJ of thermal energy – an average figure, but still 3.4% above the heat sales achieved in the same period of 2024, due to the weather conditions.