Photon Energy N.V.

Consolidated and Entity Financial Reports

For the period from 1 October to 31 December 2022

15 February 2023 | Amsterdam, The Netherlands

1. Selected Financial Results

1.1 Selected financial results for Photon Energy Group, for the period of 1 October to 31 December 2022

	EUR		PLN		CZK
in Thousands	Q4 2021	Q4 2022	Q4 2021	Q4 2022	Q4 2021	Q4 2022
Total revenues	11,734	26,438	54,172	124,980	297,767	644,729
EBITDA	1,030	1,209	4,756	5,713	26,140	29,472
EBIT	-621	-355	-2,867	-1,678	-15,760	-8,658
Profit / loss before taxation	-1,239	-2,379	-5,720	-11,245	-31,440	-58,009
Profit / loss	-991	-3,768	-4,573	-17,810	-25,136	-91,878
Total comprehensive income	977	-2,081	4,511	-9,839	24,794	-50,754
Operating cash flow	5,800	147	26,776	694	147,181	3,579
Investment cash flow	-3,351	-17,630	-15,471	-83,344	-85,038	-429,946
Financial cash flow	19,296	14,798	89,085	69,953	489,673	360,865
Net change in cash	21,745	-2,686	100,391	-12,697	551,817	-65,502
EUR exchange rate - low	-	-	4.546	4.642	24.860	24.115
EUR exchange rate - average	-	-	4.617	4.727	25.377	24.387
EUR exchange rate - end of period	-	-	4.597	4.681	24.860	24.115
EUR exchange rate – high	-	-	4.716	4.870	25.735	24.595

	31.12.2021	31.12.2022	31.12.2021	31.12.2022	31.12.2021	31.12.2022
Non-current assets	142,463	171,157	654,889	801,137	3,541,639	4,127,458
Current assets	54,155	69,078	248,946	323,335	1,346,301	1,665,821
Of which Liquid assets	39,362	21,352	180,944	99,945	978,548	514,915
Total assets	196,618	240,234	903,831	1,124,467	4,887,916	5,793,255
Total equity	51,538	60,522	236,914	283,285	1,281,233	1,459,482
Current liabilities	33,957	29,476	156,097	137,970	844,171	710,821
Non-current liabilities	111,122	150,236	510,815	703,209	2,762,489	3,622,935

Notes: Exchange rates provided by the European Central Bank.

All balance sheet data as of 31.12.2021 have been extracted from audited figures for FY 2021.

The P&L and Cash-flow data presented are based on published quarterly reports.

Financial highlights:

► Unaudited consolidated revenues increased to EUR 26.438 million in Q4 2022 from EUR 11.734 million in Q4 2021 (+125.3% YOY). YTD, revenues increased by 159.1% to EUR 94.223 million, exceeding its guidance of EUR 85.0 million for 2022.
► EBITDA increased to EUR 1.209 million in Q4 2022 from EUR 1.030 million in Q4 2021 (+17.3% YOY). YTD, EBITDA rose by 151.1% to EUR 24.062 million, meeting its guidance of EUR 24.0 million for 2022.
► EBIT of EUR -0.355 million in Q4 2022 compared to EUR -0.621 million in Q4 2021. YTD, EBIT swung to a positive EUR 14.549 million from EUR -0.712 million. YTD, the Company's EBIT amounted to EUR 14.549 million, compared to EUR -0.712 million in 2021.
► A net loss of EUR -3.768 million was recorded in Q4 2022 compared to a EUR -0.991 million loss a year ago. YTD, the Company's net profit came in at EUR 2.785 million, compared to a EUR –6.433 million loss for the same period last year.
► Total comprehensive income (TCI) of EUR -2.081 million in Q4 2022, compared to a positive EUR 0.977 million in Q4 2021. YTD, TCI increased to EUR 4.277 million from EUR 2.096 million (+104.1% YOY) in 2021.
► Increased equity of EUR 60.522 million at the end of Q4 2022, compared to EUR 51.538 million at the end of 2021.

► The adjusted equity ratio (defined as total equity divided by total capital, being the sum of interest-bearing debt and equity) rose to 29.3%, compared to 28.8% at the end of 2021.

Other highlights:

► Photon Energy secured EUR 28.1 million long-term refinancing for its Czech Portfolio.
► Photon Energy tapped its 6.50% green bond to EUR 77.5 million.
► Photon Energy fully repaid its 7.75% corporate bond 2017/2022.
► Photon Energy acquired a solar and battery storage project in Australia.
► Photon Energy launched a B2B eCommerce platform.
► Photon Energy acquires majority stake in Lerta S.A. and owns 85.62% as of the year end.
► Photon Energy shares started trading in XETRA.
► Photon Energy announced share buyback programme.
► Lerta succeeded in Polish capacity auction for 2027 with 157 MW of DSR and secured EUR 13.6 million in revenue.

After the reporting period:

► Photon Energy completed full takeover of Lerta S.A. by acquiring the founders' remaining equity stake.

1.2 Standalone financial results for Photon Energy N.V. for the period of 1 October to 31 December 2022

	EUR		PLN			CZK
in Thousands	Q4 2021	Q4 2022	Q4 2021	Q4 2022	Q4 2021	Q4 2022
Net turnover	837	1,921	3,864	9,079	21,240	46,837
Total operating income	230	2,112	1,062	9,984	5,836	51,502
Results before tax	827	-641	3,818	-3,032	20,986	-15,640
Net result after tax	6,097	17,773	28,148	84,020	154,721	433,432
EUR exchange rate – low	-	-	4.546	4.642	24.860	24.115
EUR exchange rate – average	-	-	4.617	4.727	25.377	24.387
EUR exchange rate - end of period	-	-	4.597	4.681	24.860	24.115
EUR exchange rate – high	-	-	4.716	4.870	25.735	24.595

	31.12.2021	31.12.2022	31.12.2021	31.12.2022	31.12.2021	31.12.2022
Fixed assets	65,725	98,590	302,129	461,473	1,633,913	2,377,507
Current assets	101,883	92,615	468,346	433,502	2,532,816	2,233,404
Cash at banks and in hand	20,602	1,994	94,704	9,336	512,161	48,097
Total assets	167,608	191,205	770,475	894,975	4,166,729	4,610,911
Total equity	79,336	102,962	364,698	481,934	1,972,287	2,482,925
Current liabilities	28,869	7,972	132,709	37,315	717,691	192,248
Long-term debt	59,403	80,271	273,067	375,726	1,476,749	1,935,738

Notes:

Exchange rates are provided by the European Central Bank.

All balance sheet data as of 31.12.2021 have been extracted from audited figures for FY 2021.

All references to growth rate percentages compare the results of the reporting period to those of the prior year comparable period.

Total Comprehensive Income (TCI) is the sum of the profit after taxes plus Other Comprehensive income (OCI). According to IAS 16, Other comprehensive income includes revaluation of PPE in a proprietary portfolio to their fair values, share on OCI of associates and joint ventures and foreign currency translation differences.

EPC stands for Engineering, Procurement and Construction and refers to services related to project design, engineering, procurement and construction of solar power plants.

Throughout this report Photon Energy Group is referred to as the "Group", the "Company", the "Issuer" and/or "Photon Energy".

2. Management Discussion and Analysis

2.1 A note from the management board

The Company celebrated its 15th anniversary last month in January 2023. This is a major milestone and an auspicious occasion to remember where we are coming from as well as the challenges and successes we have witnessed since the establishment of our Company.

The past fifteen years, we have provided services for solar installations around the world, built a proprietary portfolio of 88 PV power plants with a total capacity of 92 MWp, become an independent clean energy provider, and expanded the scope of our work, establishing Photon Water to deliver ground-breaking clean water solutions. Over this time, our team has grown from six people to over 300 in seven countries across two continents.

Since the very beginning, the fuel for our strategy has been project development. That means that we control a pipeline of projects that very often we develop from scratch or co-develop in some instances. Having control is extremely important as the integration of in-house development and engineering to our projects makes us the master of our destiny. From the moment we have all permits, the construction process is executed based on projects which are designed in the right way for long-term ownership.

We have been constantly looking for new markets to develop, a way how to diversify our risks and put the company on a more solid basis. Assessing risks but also not being afraid or risks, as on the other side of the coin are opportunities, which are immense in the energy sector going forward.

In 2017, we decided to enter the Hungarian market and shortly afterwards the Romanian market. At that time, Romania was probably the least popular solar market in Europe after they had their own boom in the years 2013 and 2014. We have started sowing the seeds of our presence in this market, where we have built 32 MWp in 2022, being among the very first investors in this resuming market, where everybody now wishes to invest. We entered the market at a time where it was very countercyclical, though. In Hungary, we have built nearly 52 MWp, of which 46.2 MWp operate on a merchant basis.

Switching for a merchant model is the financial backbone of our business, improving the Group's profitability and maximizing the return on investment on its Independent Power Producer (IPP) portfolio. There is now a regulatory response to high energy prices with the decision made, at the EU level, that power plants should not generate more than EUR 180 per MWh. While it has a certain impact on our business, this amount remains well above our requirements when compared to our Levelized Cost Of Electricity (LCOE), to be profitable.

The strategic decision to take over and integrate Lerta – a decision that was taken a long time ago, first as a minority investor-, is bringing significant opportunities in the future. Thanks to our combined businesses, we will be able to serve an endless group of customers with various types of solutions. Demand Side Response (DSR) is currently the most promising area in the whole energy sector. With base load generation capacity from coal, nuclear and other polluting technologies being switched off, and more renewable energy sources added to the grid, the latter becomes more unstable, making balancing more and more complex. Outside energy storage, which is adding flexible generation capacity, DSR is another solution, requiring small investments through contracts with energy users.

In the area of remediation, which is used to eliminate various contaminants from groundwater, including PFAS, we successfully filed for a patent of our in-situ nanoremediation technology. PFAS

contaminants are harmful substances that we are all exposed to, mainly present in water repellent products. Australia was at the forefront of recognizing the threat, introducing regulation, and constantly reducing the limit. In 2022, we managed to commence with the Australian Department of Defence a pilot project and are now in the final phase for which the results are very encouraging. We also managed to win a risk assessment study for Prague airport.

The past year has been a year of extremes, during which we benefited from high electricity prices, but have also been able to grow the volume of electricity generated and sold into the market. As a result, this year has been very successful, but not only based on high energy prices. We have also seen significant growth in the volume of modules, inverters and batteries that we have been able to sell to our customers, and have experienced continuous organic growth in other business lines. Now with the integration of Lerta, we believe that these dynamics are going to continue as we move closer to our vision of a world where clean energy and water are accessible to everyone.

Key highlights for the fourth quarter of 2022 up to the reporting date are detailed below:

Financial results

In the fourth quarter of 2022, the Company more than doubled its consolidated revenue to EUR 26.428 million (+125.3% YOY). Despite a lower production volume of 18.6 GWh (-6.6% YoY) due to unfavourable weather conditions, electricity sales revenues from the Company's 91.9 MWp proprietary portfolio of PV power plants increased by 27.0% YoY to EUR 3.820 million. This increase in revenues was supported by the high electricity prices on the market-linked direct sales component of the "Green Bonus" support scheme, into which the Czech portfolio switched since the beginning of the year, as well as by the Group's Hungarian IPP portfolio, of which the Company also temporarily switched most power plants (46.2 MWp out of 51.8 MWp) to a merchant model in April 2022. Year to date, the Company reports 121.6 GWh of clean electricity produced as compared to 103.3 GWh in 2021 (+17.8% YoY). The Company has achieved record electricity revenues of EUR 35.239 million in 2022 as compared to EUR 19.402 in 2021 (+81.6% YoY).

In addition to the electricity generation revenues, the spectacular growth of other revenue streams was mainly attributable to the momentum experienced by the Company's component trading business line, which distributes modules, inverters and batteries, bringing total other revenues for the quarter to EUR 22.617 million (+159.2%) and increasing year-to-date total other revenues to EUR 58.984 million (+247.8%).

Unaudited consolidated EBITDA improved by 17.3% YoY to EUR 1.209 million, while quarterly EBIT improved to EUR -0.355 million after EUR -0.621 million one year ago. The Company's quarterly profitability was impacted by a higher contribution of lower margin revenues from the sale of technology, the booking of provisions for the Hungarian windfall taxes adopted by the Hungarian government, and a growing headcount, which is crucial to support the development of our existing business lines as well as our new business activities.

Overall interest expenses increased by 34.4% to EUR -2.481 million in Q4 2022, driven by the placement of the Company's 6.50% Green EUR Bond 2021/2027 in November 2021 – tapped up from EUR 50.0 million to EUR 77.5 million during the year - leading to a net loss of EUR -3.768 million (vs. a EUR -0.991 million net loss in Q4 2021).

Ultimately, Photon Energy Group posted a negative Total Comprehensive Income (TCI) for the quarter amounting to EUR -2.081 million, compared to EUR 0.977 million for the same period last year.

Year-to-date, the Company posted a record revenue of EUR 94.223 million (+159.1%) in 2022 and hit a record EBITDA of EUR 24.062 million (+151.1% YOY). EBIT swung from a loss of EUR -0.712 million to a EUR 14.549 million profit. Photon Energy reported a net profit of EUR 2.785 million compared to a EUR -6.433 million loss in 2021. At the bottom line, TCI amounted to EUR 4.277 million compared to EUR 2.096 million a year ago, while the adjusted equity ratio increased at a sound level of 29.3%.

Photon Energy meets its guidance for 2022 an announces 2023 financial guidance

The Company has met its guidance for 2022 to increase its consolidated revenues to EUR 85 million from EUR 36.4 million in 2021, and to increase its EBITDA to EUR 24 million from EUR 9.6 million in 2021.

In keeping with its strategy, the Company will continue actively investing in new PV power plants on the back of its proprietary project pipeline, currently totalling 918 MWp, including the 32 MWp built and up to be commissioned in Romania.

Increases in other revenue streams are also anticipated thanks to the great momentum in the Group's EPC revenues and the significant interest in 'behind-the-meter' PV installations for industrial customers and off-takers. The Group's PV component trading business, which distributes modules, inverters and batteries is also expected to enjoy very dynamic growth in 2023.

DSR services will become a key revenue driver for the Group as Lerta has secured DSR capacities and expands to new markets, meeting exploding global demand for grid flexibility, with Australia as the next target.

Based on the above and the Group's operating leverage manifesting across all its business lines, consolidated revenues for 2023 are expected to increase to EUR 150.0 million from EUR 94.2 million in 2022, representing a 59.2% increase YoY, leading to an increase of EBITDA to EUR 29.0 million from EUR 24.1 million in 2022 (+20.5% YoY).

Photon Energy Group Secured EUR 28.1 million long-term refinancing for its Czech portfolio

During the reporting period, the Company announced that it has closed a long-term non-recourse project refinancing agreement with UniCredit Bank Czech Republic and Slovakia a.s. ('UCB') for its proprietary photovoltaic (PV) power plants in the Czech Republic. The refinanced portfolio is comprised of nine PV power plants with a combined capacity of 14.6 MWp that were connected to the grid in 2009 and 2010.

The refinancing, which totals EUR 28.1 million, is split into financing in Euros, for EUR 9.7 million, and Czech crowns, for CZK 451 million (EUR 18.4 million). The facilities are being provided for a period of 7 years and 3 months, until 31 December 2029.

Through this refinancing agreement with UniCredit Bank, we have again secured long-term project refinancing for most of our Czech portfolio, allowing us to free up significant additional liquidity after the repayment of our EUR Bond 2017/2022 to finance the expansion of our portfolio.

Photon Energy Group tapped its 6.50% green bond to EUR 77.5 million

During the reporting period, the Company announced that it has tapped its 6.50% Green EUR Bond 2021/2027 in the amount of EUR 12.5 million to a total outstanding amount of EUR 77.5 million.

The bonds, which bear interest at a rate of 6.50% p.a. with quarterly interest payments, were offered to bondholders of the existing 2017/2022 corporate bonds in form of an exchange offer with a 1.5% loyalty premium plus the difference in net accrued interest on each exchanged bond. Existing investors registered around 6.0 million euros nominally for exchange, which corresponds to a ratio of 30% of the outstanding bond. Together with the initial exchange offer organized in November 2021, 60% of the outstanding volume of the Company's 2017/2022 bond has been exchanged for the new Green EUR Bond.

Investors from Germany, Austria and Luxembourg were given the opportunity to subscribe for the bond until 11 October 2022 directly through the Company's website in form of a public offer. In addition, a private placement was launched towards the end of the subscription period.

The tap issuance of the 2021/2027 Green bonds were included into trading on the Quotation Board trading segment of the Open Market (Freiverkehr) on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse).

The Company intends to use net proceeds of the tap issuance to finance photovoltaic projects or hybrid solutions combined with energy storage, as well as financial instruments that were used to finance such projects or assets, in accordance with the Company's Green Financing Framework issued in September 2021.

Photon Energy Group repaid 7.75% corporate bond 2017/2022

During the reporting period, the Company successfully repaid the outstanding nominal value of EUR 15.232 million of its 7.75% EUR corporate bond 2017/2022 (ISIN: DE000A19MFH4) at the end of the five-year term in accordance with the bond conditions. The repayment was made together with the final interest payment to the bondholders.

With a flawless track record in serving our quarterly bond coupons and our transparent and proactive communication with investors during the whole bond tenor, the final repayment of our second bond marked a crucial milestone in our capital market financing activities.

The bond was issued on 27 October 2017 with a 7.75% annual coupon and quarterly coupon payments in Germany, Austria and Luxemburg. The original target volume of EUR 30 million was successfully increased in two taps with all parameters unchanged, to an outstanding amount of EUR 45.0 million.

The bond, with a nominal value of EUR 1,000, had been traded on the Open Market of the Frankfurt Stock Exchange since 27 October 2017. It was also listed on the stock exchanges in Berlin, Hamburg, Hannover, Munich and Stuttgart.

Photon Energy acquired solar and battery storage project in Australia

The Company has agreed to acquire the development rights and land for a 9.8 MWp/10 MWh solar and battery energy storage system facility in New South Wales. Located in the vicinity of the town of Boggabri, the project will extend over 22 hectares of greenfield land and will be equipped with over 16,500 high-efficiency bifacial solar modules mounted on single-axis trackers.

The facility will deliver around 16.4 GWh of renewable energy annually to the grid operated by Essential Energy. The electricity will be sold on the energy market on a merchant basis. Photon Energy Group expects to break ground on the project towards the end of the second quarter of 2023.

The project represents the Company's first utility-scale solar-plusstorage installation and will serve as a prototype for a future rollout across Photon Energy Group's European market.

Photon Energy launched B2B eCommerce platform

During the reporting period, the Company has launched its B2B eCommerce platform at eshop.photonenergy.com. Our new platform is a key strategic element in fortifying our position as a leading supplier of PV modules, inverters and batteries across the CEE region at a time of surging growth in demand.

The platform aims to complement traditional sales channels, grow, and diversify the Company's customer base and minimise the speed and costs of transactions for PV installers on a user-friendly platform that is available 24/7. The Company's existing customers will be migrated to the platform, while new B2B customers can onboard in an easy process, with approval taking less than 24 hours.

Photon Energy shares started trading in XETRA

Since 7 December, the Company shares traded as well on the electronic trading platform XETRA, Germany's leading trading platform for listed companies provided by Deutsche Börse AG.

The Company has mandated BankM AG as designated sponsor. BankM AG will provide additional liquidity by committing to enter binding bid and ask prices (quotes) in the XETRA order book and therefore will provide for extra liquidity in the respective shares. With the inclusion of the shares to the XETRA trading platform, the Company's shares continue to trade on the Frankfurt, Warsaw and Prague Stock Exchanges.

Photon Energy to see only modest revenues impact amid recent regulatory changes across markets

During the reporting period, the Company provided an overview of the regulatory situation and the expected impact of price caps and windfall taxation on the Company's operating (and future) solar PV generation assets in the Czech Republic, Slovakia, Hungary, Romania, and Poland in 2023.

Based on the status quo of price caps and windfall taxes adopted by the governments in the Group's core markets in the CEE region the management board of the Company expects a modest negative impact in the Czech Republic and Hungary and no negative impact in Slovakia and Romania, with a potential slowdown in rollout plans in Poland.

New capacity additions in Romania and Australia in 2023 are expected to drive material revenue and EBITDA growth in 2023 and beyond.

Photon Energy announced share buyback programme

On 16 December, the Company's Board of Directors adopted a share buyback programme, with the purpose of meeting the obligations arising from its Employee Share Purchase Programme policy.

The Company intends to buy back a maximum of 250,000 shares in the capital of the Company, which constitutes approx. 0.42% of the Company's issued share capital as of the day of 16 December 2022. The amount of funds allocated for the implementation of the Programme will not exceed PLN 3.75 million (EUR 801,000). The Programme commenced on 19 December 2022 and will last no longer than 6 months, i.e. until 19 June 2023.

The conditions and terms of the share buyback are available in the Investor relations section of the company's website.

Photon Energy completed full takeover of Lerta

Lerta is a Poland-based VPP (Virtual Power Plant) company which aggregates and manages distributed energy resources. Its proprietary AI software platform allows Lerta to forecast and optimise the output of renewable power plants and the load of industrial clients based on current prices and grid needs. This results in demand and supply flexibility which is offered to grid operators under different programs and services. In addition, Lerta provides a variety of energy-related services to consumers, such as behind-the-meter PV installations, energy management systems and PPAs. Lerta maintains energy trading licenses in Poland, Hungary, Romania, the Czech Republic, Slovakia and Serbia. Lerta manages a total capacity of almost 300 MWp, aggregated from more than 300 units across four countries. Of this, 150 MWp represents contracted DSR capacity in Poland, making Lerta the third largest aggregator in the country. In 2022, Lerta generated revenues of EUR 23 million.

The integration of Lerta into Photon Energy Group provides the Group with energy trading licenses in six countries, a cutting-edge scalable VPP platform and the number 3 position in the Polish DSR market with 134 MW capacity secured for 2023.

The acquisition of Lerta now expands the Group's team by some 100 members, raising the headcount to over 300, nearly one third of which will be based in Poland. Lerta adds two new locations to the Group's footprint in Poland, with offices now in Warsaw, Poznań, Łódź and Gdańsk.

Lerta succeeded in Polish capacity auction with 157 MW of DSR and secured EUR 13.6 million in revenue

The Company's subsidiary Lerta JRM Sp. z o.o. (part of the Lerta Group) succeeded in the Polish capacity auction for 2027 with 157 MW of Demand Side Response (DSR).

The Polish transmission system operator (TSO) procures peak generation and DSR capacity through two auctions for future years. The main auction is held approximately four years prior to the specified year, with an additional auction held in March of the preceding year. On 15 December, PSE conducted its main auction for the year 2027 in which Lerta participated with 157 MW in DSR capacity. Reflecting tight supply, the auction cleared in the first round, and based on preliminary results Lerta managed to secure an average price of PLN 406,350 (EUR 86,827) per MW/year, locking in contracted revenues of PLN 63.8 million (EUR 13.6 million) for the year 2027.

Lerta's success in the Polish capacity auction for 2027 is an important milestone towards becoming the market leading DSR provider in Poland with a target of 600 MW by 2027 and 900 MW by 2030.

2.2 Strategy and its execution

The Group's focus for future growth lies on the established Australian and Hungarian markets and the newly added Polish and Romanian markets for the expansion of PV generation capacity. Further markets in Central, Eastern and South-Eastern Europe, the Middle East and Africa as well as Asia remain under the Group's investigation.

The Group also intends to continue to disrupt and transform the PV industry. This is illustrated by the recent acquisition of Lerta, developing Virtual Power Plant technologies and energy market services and the strategic investment concluded with RayGen, a company specialized in high efficiency concentrated PV generation with thermal absorption and storage.

In addition, the Group's focus remains on the expansion of operations & maintenance (O&M) solutions in Central and Eastern Europe and Australia and selective entry to new markets following its customers, and the development of various water treatment technologies and the preparation for their commercialization.

The Group's strategic goals include:

► An increase in the production of clean energy by expanding the Group's global electricity generation capacity of its proprietary portfolio of photovoltaic power plants;
► the acquisition of new PV projects to develop, design and construct them for the proprietary portfolio supporting the growth of recurring revenue streams from clean electricity generation with a clear focus on Australia, Hungary, Poland and Romania;
► an efficient delivery of a 'one-stop shop' offering that combines assets, services and IT solutions to establish Photon Energy Group as the preferred partner for commercial and industrial customers in the CEE region and Australia on their journey from passive energy users to proactive energy flexumers;
► a significant acceleration in the deployment of utility-scale and on-site energy storage capacities both as an EPC supplier as well as an investor, leveraging the Group's experience in Australia such as the Lord Howe Island hybrid energy system and the planned utility-scale hybrid plant in Boggabri, New South Wales;
► a close monitoring of the emergence of markets for grid flexibility and other ancillary services worldwide and evaluation of opportunities as they emerge, which may lead to relatively low-risk and low-cost market entries into new locations currently not served by the Company;
► the provision of O&M services allowing PV power plants to run smoothly at high generation levels and increasing revenues while reducing risks for the Group's customers;
► the procurement and trading of PV components through cooperation with PV technology manufacturers; and
► the remediation of contaminated sites and ground water pollution deploying water treatment technologies with a focus on PFAS nano-remediation solutions.

2.3 Proprietary portfolio, generation results and O&M services

Proprietary portfolio

The table below presents the portfolio of operating power plants owned directly or indirectly by Photon Energy N.V. at the end of the reporting period i.e. as of 31 December 2022, consisting of 88 power plants in the Czech Republic, Slovakia, Hungary and Australia with a total installed capacity of 91.9 MWp.

More information on the Group structure can be found in chapter 10. Group structure.

Table 1. The proprietary portfolio of Photon Energy N.V. as of 31 December 2022

Nr Proprietary portfolio	Legal entity	Country	Cap. (kWp)	Share	Cap. Pro-rata (kWp)	Completed
1 Komorovice	Exit 90 s.r.o.	CZ	2,354	100%	2,354	Dec-10
2 Zvíkov I	Photon SPV8 s.r.o.	CZ	2,031	100%	2,031	Nov-10
3 Dolní Dvořiště	Photon SPV10 s.r.o.	CZ	1,645	100%	1,645	Dec-10
4 Svatoslav	Photon SPV4 s.r.o.	CZ	1,231	100%	1,231	Dec-10
5 Slavkov	Photon SPV6 s.r.o.	CZ	1,159	100%	1,159	Dec-10
6 Mostkovice SPV 1	Photon SPV1 s.r.o.	CZ	210	100%	210	Dec-10
7 Mostkovice SPV 31	Photon SPV3 s.r.o.	CZ	926	100%	926	Dec-09
8 Zdice I	Onyx Energy I s.r.o.	CZ	1,499	100%	1,499	Dec-10
9 Zdice II	Onyx Energy projekt II s.r.o.	CZ	1,499	100%	1,499	Dec-10
10 Radvanice	Photon SPV11 s.r.o.	CZ	2,305	100%	2,305	Dec-10
11 Břeclav rooftop	Photon SPV1 s.r.o.	CZ	137	100%	137	Dec-10
12 Babiná II	Sun4Energy ZVB s.r.o.	SK	999	100%	999	Dec-10
13 Babina III	Sun4Energy ZVC s.r.o.	SK	999	100%	999	Dec-10
14 Prša I.	Fotonika s.r.o.	SK	999	100%	999	Dec-10
15 Blatna	ATS Energy s.r.o.	SK	700	100%	700	Dec-10
16 Mokra Luka 1	EcoPlan 2 s.r.o.	SK	963	100%	963	Jun-11
17 Mokra Luka 2	EcoPlan 3 s.r.o.	SK	963	100%	963	Jun-11
18 Jovice 1	Photon SK SPV2 s.r.o.	SK	979	100%	979	Jun-11
19 Jovice 2	Photon SK SPV3 s.r.o.	SK	979	100%	979	Jun-11
20 Brestovec	Photon SK SPV1 s.r.o.	SK	850	50%	425	Jun-11
21 Polianka	Solarpark Polianka s.r.o.	SK	999	50%	500	Jun-11
22 Myjava	Solarpark Myjava s.r.o.	SK	999	50%	500	Jun-11
23 Symonston	Photon Energy AUS SPV 1 Pty. Ltd.	AUS	144	100%	144	Feb-13
24 Leeton	Leeton Solar Farm Pty Ltd	AUS	7,261	100%	7,261	Aug-21
25 Fivebough	Fivebough Solar Farm Pty Ltd	AUS	7,261	100%	7,261	Aug-21
26 Tiszakécske 1	Ekopanel Befektetési Kft.	HU	689	100%	689	Dec-18
27 Tiszakécske 2	Onyx-sun Kft.	HU	689	100%	689	Dec-18
28 Tiszakécske 3	Solarkit Befektetesi Kft.	HU	689	100%	689	Dec-18
29 Tiszakécske 4	Energy499 Invest Kft.	HU	689	100%	689	Dec-18
30 Tiszakécske 5	Green-symbol Invest Kft.	HU	689	100%	689	Dec-18
31 Tiszakécske 6	Montagem Befektetési Kft.	HU	689	100%	689	Dec-18
32 Tiszakécske 7	SunCollector Kft.	HU	689	100%	689	Dec-18
33 Tiszakécske 8	Future Solar Energy Kft.	HU	689	100%	689	Dec-18
34 Almásfüzitő 1	Rácio Master Kft.	HU	695	100%	695	Mar-19
35 Almásfüzitő 2	Rácio Master Kft.	HU	695	100%	695	Mar-19
36 Almásfüzitő 3	Rácio Master Kft.	HU	695	100%	695	Mar-19
37 Almásfüzitő 4	Rácio Master Kft.	HU	695	100%	695	Mar-19
38 Almásfüzitő 5	Rácio Master Kft.	HU	695	100%	695	Mar-19
39 Almásfüzitő 6	Rácio Master Kft.	HU	660	100%	660	Mar-19
40 Almásfüzitő 7	Rácio Master Kft.	HU	691	100%	691	Mar-19
41 Almásfüzitő 8	Rácio Master Kft.	HU	668	100%	668	Mar-19
42 Nagyecsed 1	Photon Energy Solutions HU Kf	HU	689	100%	689	Jul-19
43 Nagyecsed 2	Photon Energy Solutions HU Kf	HU	689	100%	689	Jul-19
44 Nagyecsed 3	Photon Energy Solutions HU Kf	HU	689	100%	689	Jul-19
45 Fertőd I No 1	Fertöd Napenergia-Termelö Kft.	HU	528	100%	528	Mar 18

46 Fertőd II No 2 Photon Energy HU SPV 1 Kft HU 699 100% 699 Nov-19 47 Fertőd II No 3 Photon Energy HU SPV 1 Kft. HU 699 100% 699 Nov-19 48 Fertőd II No 4 Alfemo Alpha Kft. HU 699 100% 699 Nov-19 49 Fertőd II No 5 Ráció Master Kft. HU 691 100% 691 Nov-19 50 Fertőd II No 6 Photon Energy HU SPV 1 Kft. HU 699 100% 699 Nov-19 51 Kunszentmárton I No 1 Ventiterra Kft. HU 697 100% 697 Nov-19 52 Kunszentmárton I No 2 Ventiterra Kft. HU 697 100% 697 Nov-19 53 Kunszentmárton II No 1 Ventiterra Alpha Kft. HU 693 100% 693 May-20 54 Kunszentmárton II No 2 Ventiterra Beta Kft. HU 693 100% 693 May-20 55 Taszár 1 Optisolar Kft. HU 701 100% 701 Dec-19 56 Taszár 2 Optisolar Kft. HU 701 100% 701 Dec-19 57 Taszár 3 Optisolar Kft. HU 701 100% 701 Dec-19 58 Monor 1 Photon Energy HU SPV 1 Kft. HU 688 100% 688 Oct-19 59 Monor 2 Photon Energy HU SPV 1 Kft. HU 696 100% 696 Oct-19 60 Monor 3 Photon Energy HU SPV 1 Kft. HU 696 100% 696 Oct-19 61 Monor 4 Photon Energy HU SPV 1 Kft. HU 696 100% 696 Oct-19 62 Monor 5 Photon Energy HU SPV 1 Kft. HU 688 100% 688 Oct-19 63 Monor 6 Photon Energy HU SPV 1 Kft. HU 696 100% 696 Oct-19 64 Monor 7 Photon Energy HU SPV 1 Kft. HU 696 100% 696 Oct-19 65 Monor 8 Photon Energy HU SPV 1 Kft. HU 696 100% 696 Oct-19 66 Tata 1 Tataimmo Kft. HU 672 100% 696 Mar-20 67 Tata 2 ALFEMO Beta Kft. HU 676 100% 696 Mar-20 68 Tata 3 ALFEMO Gamma Kft. HU 667 100% 696 Feb-20 69 Tata 4 Tataimmo Kft. HU 672 100% 696 Mar-20 70 Tata 5 Öreghal Kft. HU 672 100% 696 Mar-20 71 Tata 6 Tataimmo Kft. HU 672 100% 696 Feb-20 72 Tata 7 European Sport Contact Kft. HU 672 100% 696 Feb-20 73 Tata 8 Tataimmo Kft. HU 672 100% 696 Mar-20 74 Malyi 1 Zuggo - Dulo Kft. HU 695 100% 695 May-20 75 Malyi 2 Egespart Kft. HU 695 100% 695 May-20 76 Malyi 3 Zemplenimpex Kft. HU 695 100% 695 May-20 77 Püspökladány1 Ladány Solar Alpha Kft. HU 1,406 100% 1,406 Nov-20 78 Püspökladány 2 Ladány Solar Alpha Kft. HU 1,420 100% 1,420 Oct-20 79 Püspökladány 3 HU 100% 1,420 Oct-20 Ladány Solar Alpha Kft. 1,420 80 Püspökladány 4 Ladány Solar Beta Kft. HU 100% 1,406 Oct-20 1,406 81 Püspökladány 5 Ladány Solar Beta Kft. HU 1,420 100% 1,420 Oct-20 82 Püspökladány 6 Ladány Solar Beta Kft. HU 1,394 100% 1,394 Oct-20 83 Püspökladány 7 Ladány Solar Gamma Kft. HU 100% 1,406 Nov-20 1,406 84 Püspökladány 8 Ladány Solar Gamma Kft. HU 100% 1,420 Oct-20 1,420 85 Püspökladány 9 Ladány Solar Delta Kft. HU 100% 1,406 Oct-20 1,406 86 Püspökladány 10 Ladány Solar Delta Kft. HU 1,420 100% 1,420 Oct-20 87 Tolna 1 Barbican Solar Kft. HU 1,358 100% 1,358 Dec-21 88 Tolna 2 Hampstead Solar Kft. HU 100% 1,358 May-22 1,358 Total 91,905	Nr Proprietary portfolio	Legal entity	Country	Cap. (kWp)	Share	Cap. Pro-rata (kWp)	Completed

Photon SPV 3 owns two power plants: Mostkovice SPV 3 (795 kWp) and Mostkovice SPV3R (131 kWp).

Generation results

The cumulative generation results of the power plants in the portfolio connected and feeding electricity to the grid in Q4 2022 amounted to 18.6 GWh, which was 11.4% lower YOY and 7.4% below estimates. The Company reports 121.6 GWh of electricity produced in 2022 compared to 103.3 GWh in 2021 (+17.8%). This represents an avoidance of 49,013 tonnes of CO² emissions for the year 2022. For the full year, the portfolio outperformed the production plans by 0.9%. Detailed generation results for each power plant are published in our monthly reports.

Table 2. Generation results versus projections between 1 October and 31 December 2022

Project name	Capacity	AVG revenue (EUR)	Prod. Q4 2022	Proj. Q4 2022		Perf. YTD Prod.	YTD Proj.	Perf.	YTD YoY
Unit	kWp	per MWh	kWh	kWh	%	kWh	kWh	%	kWh
Komorovice	2,354	738 EUR	315,312	277,918	13.5%	2,586,992	2,477,578	4.4%	9.3%
Zvíkov I	2,031	743 EUR	306,345	267,773	14.4%	2,282,152	2,281,816	0.0%	2.6%
Dolní Dvořiště	1,645	746 EUR	216,931	207,877	4.4%	1,663,524	1,670,096	-0.4%	0.2%
Svatoslav	1,231	742 EUR	132,850	124,422	6.8%	1,228,843	1,194,293	2.9%	7.1%
Slavkov	1,159	746 EUR	147,025	152,047	-3.3%	1,389,238	1,322,565	5.0%	4.2%
Mostkovice SPV 1	210	755 EUR	21,950	24,314	-9.7%	226,217	218,212	3.7%	5.2%
Mostkovice SPV 3*	926	801 EUR	98,163	100,090	-1.9%	1,027,624	964,847	6.5%	5.1%
Zdice I	1,499	743 EUR	200,586	196,946	1.8%	1,750,615	1,673,405	4.6%	7.8%
Zdice II	1,499	745 EUR	202,213	198,979	1.6%	1,774,069	1,686,667	5.2%	6.8%
Radvanice	2,305	748 EUR	259,605	275,209	-5.7%	2,576,461	2,481,904	3.8%	4.2%
Břeclav rooftop	137	760 EUR	18,215	19,028	-4.3%	164,781	152,793	7.8%	5.1%
Total Czech PP1	14,996		1,919,195	1,844,604	4.0%	16,670,515	16,124,174	3.4%	5.2%
Babiná II	999	271 EUR	103,877	103,446	0.4%	1,013,759	962,816	5.3%	2.4%
Babina III	999	271 EUR	99,369	106,574	-6.8%	1,002,519	976,833	2.6%	-0.1%
Prša I.	999	270 EUR	103,937	116,733	-11.0%	1,066,299	1,048,133	1.7%	3.8%
Blatna	700	272 EUR	63,506	76,178	-16.6%	732,096	714,114	2.5%	1.1%
Mokra Luka 1	963	258 EUR	152,035	152,826	-0.5%	1,234,419	1,129,082	9.3%	2.9%
Mokra Luka 2	963	257 EUR	158,912	158,542	0.2%	1,256,418	1,171,137	7.3%	2.5%
Jovice 1	979	267 EUR	94,706	99,573	-4.9%	926,565	886,231	4.6%	6.7%
Jovice 2	979	267 EUR	93,701	98,344	-4.7%	919,104	876,427	4.9%	6.8%
Brestovec	850	257 EUR	120,794	121,195	-0.3%	1,055,088	1,013,477	4.1%	7.7%
Polianka	999	261 EUR	101,557	105,538	-3.8%	1,008,127	972,128	3.7%	3.8%
Myjava	999	259 EUR	119,184	129,855	-8.2%	1,138,769	1,111,400	2.5%	1.2%
Total Slovak PP	10,429		1,211,578	1,268,805	-4.5%	11,353,164	10,861,777	4.5%	3.4%
Tiszakécske 1	689	213 EUR	109,507	115,207	-4.9%	885,198	838,413	5.6%	1.5%
Tiszakécske 2	689	214 EUR	111,398	117,601	-5.3%	890,688	843,815	5.6%	1.6%
Tiszakécske 3	689	211 EUR	100,640	108,639	-7.4%	857,875	820,891	4.5%	1.7%
Tiszakécske 4	689	214 EUR	112,607	117,601	-4.2%	889,678	843,815	5.4%	1.1%
Tiszakécske 5	689	213 EUR	110,121	115,207	-4.4%	886,549	838,413	5.7%	6.7%
Tiszakécske 6	689	214 EUR	110,423	117,601	-6.1%	887,118	843,815	5.1%	1.4%
Tiszakécske 7	689	214 EUR	111,090	114,938	-3.3%	889,559	837,798	6.2%	1.9%
Tiszakécske 8	689	213 EUR	108,190	113,782	-4.9%	875,681	834,993	4.9%	1.0%
Almásfüzitő 1	695	204 EUR	97,394	113,755	-14.4%	866,111	833,740	3.9%	3.4%
Almásfüzitő 2	695	205 EUR	94,032	113,570	-17.2%	841,200	833,151	1.0%	0.5%
Almásfüzitő 3	695	206 EUR	96,556	111,945	-13.7%	842,285	829,120	1.6%	0.3%
Almásfüzitő 4	695	205 EUR	97,463	114,500	-14.9%	867,116	835,745	3.8%	0.4%
Almásfüzitő 5	695	206 EUR	101,198	112,242	-9.8%	880,596	830,197	6.1%	2.7%
Almásfüzitő 6	660	205 EUR	100,338	107,936	-7.0%	875,234	798,499	9.6%	0.3%
Almásfüzitő 7	691	205 EUR	99,008	111,453	-11.2%	870,652	825,317	5.5%	0.2%
Almásfüzitő 8	668	205 EUR	98,616	109,754	-10.1%	856,438	808,072	6.0%	0.0%
Nagyecsed 1	689	178 EUR	88,886	110,793	-19.8%	853,678	819,166	4.2%	-1.0%
Nagyecsed 2	689	209 EUR	111,904	110,793	1.0%	869,510	819,166	6.1%	0.8%
Nagyecsed 3	689	209 EUR	112,832	110,381	2.2%	877,397	819,574	7.1%	1.4%
Fertod I	528	208 EUR	75,914	78,164	-2.9%	676,103	607,271	11.3%	-0.7%
Fertod II No 2	699	213 EUR	105,808	107,141	-1.2%	887,825	827,038	7.4%	-0.5%
Fertod II No 3	699	212 EUR	106,384	107,141	-0.7%	883,853	827,038	6.9%	-2.5%

Project name	Capacity	AVG revenue (EUR)	Prod. Q4 2022	Proj. Q4 2022		Perf. YTD Prod.	YTD Proj.	Perf.	YTD YoY
Unit	kWp	per MWh	kWh	kWh	%	kWh	kWh	%	kWh
Fertod II No 4	699	212 EUR	105,975	107,141	-1.1%	878,889	827,038	6.3%	-2.3%
Fertod II No 5	691	213 EUR	104,389	109,337	-4.5%	878,256	831,694	5.6%	-2.4%
Fertod II No 6	699	212 EUR	105,576	107,141	-1.5%	874,289	827,038	5.7%	-2.8%
Kunszentmárton I No 1	697	213 EUR	121,770	121,214	0.5%	917,654	878,417	4.5%	1.0%
Kunszentmárton I No 2	697	212 EUR	118,397	121,290	-2.4%	913,106	878,551	3.9%	1.3%
Kunszentmárton II No 1	693	213 EUR	122,257	114,266	7.0%	927,317	849,019	9.2%	0.4%
Kunszentmárton II No 2	693	214 EUR	124,239	114,462	8.5%	932,260	849,316	9.8%	0.4%
Taszár 1	701	208 EUR	118,414	128,493	-7.8%	887,106	878,233	1.0%	-0.2%
Taszár 2	701	208 EUR	120,436	128,493	-6.3%	900,449	878,233	2.5%	0.7%
Taszár 3	701	208 EUR	120,674	128,493	-6.1%	902,765	878,233	2.8%	0.3%
Monor 1	688	200 EUR	99,050	111,127	-10.9%	888,790	845,537	5.1%	-0.8%
Monor 2	696	212 EUR	106,045	114,189	-7.1%	886,933	855,996	3.6%	0.4%
Monor 3	696	213 EUR	107,658	114,189	-5.7%	897,932	855,996	4.9%	1.1%
Monor 4	696	213 EUR	107,322	114,189	-6.0%	896,977	855,996	4.8%	0.5%
Monor 5	688	204 EUR	71,434	108,077	-33.9%	861,609	839,673	2.6%	-3.6%
Monor 6	696	213 EUR	107,850	114,189	-5.6%	896,606	855,996	4.7%	0.5%
Monor 7	696	213 EUR	107,514	114,189	-5.8%	895,235	855,996	4.6%	0.2%
Monor 8	696	213 EUR	108,536	114,189	-5.0%	902,131	855,996	5.4%	1.0%
Tata 1	672	208 EUR	96,065	101,041	-4.9%	940,621	915,901	2.7%	2.6%
Tata 2	676	204 EUR	103,994	112,777	-7.8%	839,875	828,579	1.4%	1.4%
Tata 3	667	205 EUR	105,219	108,004	-2.6%	843,405	809,326	4.2%	1.7%
Tata 4	672	209 EUR	97,968	104,187	-6.0%	957,397	937,898	2.1%	2.5%
Tata 5	672	209 EUR	95,850	104,673	-8.4%	948,602	941,081	0.8%	7.0%
Tata 6	672	211 EUR	90,803	102,452	-11.4%	920,636	926,101	-0.6%	-0.6%
Tata 7	672	209 EUR	94,939	101,124	-6.1%	946,090	916,499	3.2%	2.8%
Tata 8	672	209 EUR	97,401	103,048	-5.5%	958,505	930,294	3.0%	2.0%
Malyi 1	695	208 EUR	94,363	106,734	-11.6%	856,728	821,957	4.2%	0.3%
Malyi 2	695	208 EUR	95,843	107,048	-10.5%	876,568	823,080	6.5%	2.0%
Malyi 3	695	208 EUR	96,469	107,048	-9.9%	877,174	823,080	6.6%	1.9%
Püspökladány 1	1,406	86 EUR	208,216	215,440	-3.4%	1,972,150	1,899,780	3.8%	0.5%
Püspökladány 2	1,420	210 EUR	217,952	201,976	7.9%	2,047,443	1,846,648	10.9%	0.9%
Püspökladány 3	1,420	209 EUR	206,391	195,408	5.6%	2,011,092	1,804,753	11.4%	0.7%
Püspökladány 4	1,406	208 EUR	207,063	212,978	-2.8%	1,986,366	1,886,364	5.3%	-0.6%
Püspökladány 5	1,420	210 EUR	217,642	200,407	8.6%	2,050,711	1,841,830	11.3%	0.2%
Püspökladány 6	1,394	86 EUR	202,137	204,901	-1.3%	1,981,915	1,864,979	6.3%	0.5%
Püspökladány 7	1,406	86 EUR	213,477	213,777	-0.1%	1,996,171	1,886,269	5.8%	0.0%
Püspökladány 8	1,420	209 EUR	210,233	196,233	7.1%	2,010,315	1,809,932	11.1%	0.3%
Püspökladány 9	1,406	86 EUR	214,736	213,610	0.5%	2,001,423	1,885,219	6.2%	3.5%
Püspökladány 10	1,420	209 EUR	210,575	195,157	7.9%	2,009,415	1,803,165	11.4%	0.6%
Tolna 1	1,358	217 EUR	229,513	251,859	-8.9%	2,098,737	2,089,923	0.4%	nm
Tolna 2	1,358	216 EUR	233,288	252,233	-7.5%	1,503,024	1,502,132	0.1%	na
Total Hungarian PP	51,814		7,877,978	8,236,930	-4.4%	68,783,013	65,206,800	5.5%	6.3%
Symonston	144	263 EUR	56,283	60,978	-7.7%	158,133	176,750	-10.5%	-6.9%
Leeton	7,261	137 EUR	3,765,970	4,344,950	-13.3%	12,393,092	14,180,103	-12.6%	112.8%
Fivebough	7,261	136 EUR	3,754,911	4,309,417	-12.9%	12,248,620	14,004,545	-12.5%	113.2%
Total Australian PP	14,666		7,577,164	8,715,345	-13.1%	24,799,845	28,361,399	-12.6%	111.3%
Total	91,905		18,585,916	20,065,684		-7.4% 121,606,537	120,554,150	0.9%	17.8%

Notes: * Total result for Mostkovice SPV 3 and Mostkovice SPV 3R, as the same company "SPV3" owns both power plants.

1 - Green Bonus + realized electricity price during the reporting period in the Czech Republic.

- Realized electricity price in Hungary.

- Realized electricity price + Australian Large-scale Generation Certificate spot closing price in Australia.

Chart 1.a Total production of the Czech portfolio Chart 1.b Total production of the Slovak portfolio

O&M services

Photon Energy remained focused on delivering Operations & Maintenance services. As of the end of Q4 2022, full O&M services contracts amounted to approximately 333.6 MWp (+22.3% YOY). This can be broken down geographically into 132.1 MWp in Hungary, 94.9 MWp operated in the Czech Republic, 62.7 MWp in Poland, 15.4 MWp in Australia, 15.3 MWp in Slovakia, and 13.3 MWp in Romania. The O&M portfolio divides into 241.7 MWp serviced for external clients and 91.9 MWp of PV capacity from the proprietary portfolio.

As far as the "Inverter Cardio" services contracts are concerned, the Group is servicing 49.8 MWp of central inverters (-20.1% YOY).

2.4 Reporting on Photon Energy's project pipeline

Project development is a crucial activity in Photon Energy's business model of covering the entire value chain of PV power plants. The main objective of project development activities is to expand the PV proprietary portfolio, which provides recurring revenues and free cash flows to the Group. For financial or strategic reasons Photon Energy may decide to cooperate with third-party investors either on a joint-venture basis or with the goal of exiting the projects to such investors entirely. Ownership of project rights provides Photon Energy with a high level of control and allows locking in EPC (one-off) and O&M (long-term) services. Hence, project

In detail, at the end of Q4 2022, the total capacity of central inverters serviced can be divided regionally into 18.3 MWp in France, 9.7 MWp in Belgium, 6.5 MWp in the Czech Republic, 6.0 MWp in Italy, 5.5 MWp in Slovakia, 2.0 MWp in Slovenia and 1.8 MWp in Germany. In some countries like France or Germany the Group is holding a leading market position while in Belgium in particular, the Group is servicing all of the Satcon inverters ever installed.

After the end of the reporting period, the total capacity under O&M contract (full O&M services and Inverter Cardio services contracts) amounted to 383.3 MWp.

development is a key driver for Photon Energy's future growth. The Group's experience in project development and financing in the Czech Republic, Slovakia, Germany, Italy and Hungary is an important factor in selecting attractive markets and reducing the inherent risks related to project development.

Photon Energy is currently developing PV projects in Australia (309.8 MWp), Hungary (78.1 MWp), Romania (227.7 MWp) and Poland (303.0 MWp) and is evaluating further markets for opportunities.

Country	1. Feasibility*	2. Early development	3. Advanced development	4. Ready-to-build technical	5. Under construction	Total in MWp
Romania	8.4	75.9	79.8	31.6	31.5	227.3
Poland	270.4	30.3	2.3	-	-	303.0
Hungary	60.5	13.6	-	4.1	-	78.1
Australia	-	300.0	9.8	-	-	309.8
Total in MWp	339.3	419.8	91.9	35.7	31.5	918.2

*Development phases are described in the glossary available at the end of this chapter.

PV projects have two definitions of capacity. The grid connection capacity is expressed as the maximum of kilowatts or megawatts which can be fed into the grid at any point in time. Electricity grids run on alternating current (AC). Solar modules produce direct current (DC), which is transformed into AC by inverters. Heat, cable lines, inverters and transformers lead to energy losses in the system between the solar modules and the grid connection point. Cumulatively system losses typically add up to 15-20%. Therefore, for a given grid connection capacity a larger module capacity (expressed in Watt peak – Wp) can be installed without exceeding the grid connection limit. At times of extremely high production, inverters can reduce the volume of electricity so that the plant stays within the grid connection limits. Photon Energy will refer to the installed DC capacity of projects expressed in Megawatt peak (MWp) in its reporting, which might fluctuate over the project development process.

Projects having reached an advanced development phase, as well as projects for which sufficient details can be disclosed are described in the table below:

Country	Location	Dvt Phase	Project function	Share	MWp	Commercial Model	Land	Grid con nection	Construction permit	Expected RTB
Romania	Siria	5	Own portfolio	100%	5.7	Merchant/PPA	Secured	Secured	Secured	Under construction
Romania	Aiud	5	Own portfolio	100%	4.7	Merchant/PPA	Secured	Secured	Secured	Under construction
Romania	Calafat	5	Own portfolio	100%	6.1	Merchant/PPA	Secured	Secured	Secured	Under construction
Romania	Teius	5	Own portfolio	100%	4.8	Merchant/PPA	Secured	Ongoing	Secured	Under construction
Romania	Sahateni 1	5	Own portfolio	100%	7.1	Merchant/PPA	Secured	Secured	Secured	Under construction
Romania	Faget 1	5	Own portfolio	100%	3.2	Merchant/PPA	Secured	Secured	Secured	Under construction
Romania	Faget 2	3	Own portfolio	100%	3.8	Merchant/PPA	Secured	Secured	Secured	Q1 2023
Romania	Faget 3	3	Own portfolio	100%	6.5	Merchant/PPA	Secured	Secured	Ongoing	Q2 2023
Romania	Sarulesti	3	Own portfolio	100%	2.7	Merchant/PPA	Secured	Secured	Ongoing	Q1 2023
Romania	Tamadau Mare	3	Own port folio	100%	10.1	Merchant/PPA	Secured	Secured	Secured	Q1 2023
Romania	Magureni	3	Own portfolio	100%	1.4	Merchant/PPA	Secured	Secured	Ongoing	Q1 2023
Romania	Sannicolau Mare	3	Own portfolio	100%	7.8	Merchant/PPA	Secured	Secured	Secured	Q1 2023
Romania	Bocsa	3	Own portfolio	100%	3.9	Merchant/PPA	Secured	Secured	Secured	Q1 2023
Hungary	Tolna 3-4	4	Own portfolio	100%	2.7	Merchant/PPA	Secured	Secured	Secured	Q4 2022
Hungary	Tolna 5	3	Own portfolio	100%	1.3	Merchant/PPA	Ongoing	Secured	Secured	Q1 2023
Hungary	Tolna 6-13	2	Own portfolio	100%	21.8	Merchant/PPA	Ongoing	Secured	Secured	Q3 2023
Australia	Boggabri	3	Own portfolio	100%	9.8	Merchant/PPA	Secured	Secured	Ongoing	Q2 2023
Australia	Yadnarie	2	All options open	100%	300.0	All options open	Secured	Ongoing	Ongoing	Q4 2023

Australia

Below is a short summary of projects and progress achieved in the reporting period.

► Raygen project (300 MWp): In November 2021, the Group secured 1,200 hectares of land in South Australia to develop a 300 MWp solar farm with a grid connection capacity of 150 MW suitable for RayGen's solar technology in combination with its energy storage solution. The target storage energy storage capacity is 3.6 GWh, equivalent to 24 hours of full load, to the grid, from storage. This will exceed the 3 GWh capacity of the Ouarzazate Solar Power Station in Morocco, which currently has the world's largest energy storage capacity of any type, excluding pumped hydro.

The project received Crown Sponsorship from the South Australian Government for development approval. Crown Sponsorship is a development process undertaken directly with, in this case, the Department of Energy and Mining, as a development of public infrastructure under section 49(2)(c) of the Development Act 1993 for the approval of the project with the South Australian Government. The proposed development complies with the requirements of the Technical Regulator in relation to the security and stability of the State's power system. In parallel, Photon Energy has applied for grid connection for the project to the Electranet transmission network and has engaged a grid connection consultant to manage the process and conduct Grid Performance Studies which will be submitted for approval.

In Q1 2022, Photon Energy conducted Community consultation sessions with very positive response from both the community and the local council. The local council is very supportive of the project and has expressed interest in working with Photon Energy on accommodation and local supply chain in any areas that will be mutually beneficial to both the local community and the project.

► Boggabri project (9.8 MWp): In November 2022, the Company acquired the development rights and land for a 9.8 MWp/10 MWh solar and battery energy storage system facility in New South Wales. The project is located in the vicinity of the town of Boggabri, nearly 500km north-west of Sydney. It will extend over 22 hectares of greenfield land and will be equipped with over 16,500 high-efficiency bifacial solar modules mounted on single-axis trackers.

The project represents the Company's first utility-scale solarplus-storage installation and will serve as a prototype for a future roll-out across Photon Energy Group's European markets.

Hungary

Below is a short summary of projects and progress achieved in the reporting period.

► Tolna 3-13 projects (25.8 MWp under development, 1.4 MWp commissioned on 9 December 2021 and 1.4 MWp commissioned on 5 May 2022): In total thirteen projects with a total planned installed DC capacity of 28.6 MWp located in the Tolna region in the south of Hungary. Two power plants have a grid connection capacity of 5.0 MW AC each, whereas 1 MW AC have been secured for each of the remaining eleven projects. The grid connection points have been secured and the negotiations for suitable land plots have been finalized for several projects. Grid connection plans have been initiated and partially approved, to allow us to conclude grid connection agreements with E.ON. with a validity of two years.

In December 2020, one of the 1MW AC (approx. 1.4 MWp DC) projects was granted a METAR premium of 24,470 HUF/MWh (approx. EUR 68 per MWh) with a maximum supported production of 21,585 MWh over a period of up to 15 years. This achievement results from the approval of the project application to the first pilot tender for the METAR system organized in September 2019.

Two power plants have been constructed and commissioned to date, with a third one in advanced development after securing the binding extraction and construction permits. These additions expand the Company's portfolio in Hungary to a total of 63, with a combined capacity of 51.8 MWp. They are the first European utility-scale PV power plants in our IPP portfolio operated without a support scheme. The annual production of each power plant is expected to be around 2.1 GWh. Each of these power plants extends over 2.2 hectares, uses bi-facial PV modules mounted on single-axis trackers and is connected to the grid of E.ON Dél-dunántúli Áramhálózati Zrt.

The electricity is sold on the national electricity market on a merchant basis. Entering into a contract-for-difference based on a METÁR license (for the project that has proven successful through the auction process) or entering into PPAs in the future, remain possible options.

Romania

Below is a short summary of projects and progress achieved in the reporting period.

► Siria (5.7 MWp) project:

In June 2022, the Company broke ground on the construction of its very first Romanian PV power plant with a capacity of 5.7 MWp. High efficiency bifacial solar modules mounted on single-axis trackers will deliver around 8.7 GWh of renewable energy annually to the grid of Enel E-Distributie Banat. The power plant will extend over 9.3 hectares of greenfield land and will be equipped with some 10,600 solar panels. The construction of the power plant including MV works has been completed and will be energized for testing mid-February.

► Aiud (4.7 MWp) project:

In July 2022, the Company announced that it started the construction of its second Romanian PV power plant in Aiud with a capacity of 4.7 MWp and an expected annual generation of 6.8 GWh that will be delivered to the grid of Distribuție Energie Electrică Romania. Located near Aiud in Romania's Alba County, the power plant will extend over 6.6 hectares of

greenfield land and is equipped with around 8,700 solar panels. The low-voltage works of the power plant have been completed and awaits medium-voltage connection cable installation. The project energization and testing period is planned for early March.

► Calafat (6.1 MWp) project:

In July 2022, the Company announced that it started the construction of another three Romanian PV power plant with a combined capacity of 6.1 MWp and an expected annual generation of 9.6 GWh that will be delivered to the grid of Distribuție Energie Oltenia. Located near Calafat in Romania's Dolj County, the power plants will extend over 10.2 hectares of greenfield land and will be equipped with some 10,800 solar panels. Currently, the construction of the power plant has been completed including MV works while installation of the monitoring system is on-going. Energization and testing is planned for March 2023.

► Teius (4.8 MWp) project:

In August 2022, the Company announced that it started the construction of another Romanian PV power plant with a capacity of 4.8 MWp and an expected annual generation of 7.1 GWh that will be delivered to the grid of Distribuție Energie Electrică Romania. Located near Teiuș in Romania's Alba County, the power plant will extend over 10 hectares of greenfield land and will be equipped with some 8,700 solar panels. The low-voltage works of the power plant have been completed and awaits medium-voltage connection cable installation. The project energization and testing period is planned for early March with project Aiud.

► Săhăteni (7.1 MWp) project:

In September 2022, the Company announced that it started the construction of another Romanian PV power plant with a generation capacity of 7.1 MWp and an expected annual generation of 11.4 GWh that will be delivered to the grid of SDEE Electrica Muntenia Nord. Located near Săhăteni in Romania's Buzău County, the power plant will extend over 10 hectares of greenfield land and will be equipped with some 12,700 solar panels using mounting structures of fixed modules and trackers. All low voltage works including Structure, tracking system, invertors and modules have been completed. Medium Voltage connection works and monitoring systems are to be installed.

► Faget (3.2MWp) project:

At the end of 2022, the Company started the construction of another Romanian PV power plant with a generation capacity of 3.2 MWp and an expected annual generation of 4.7 GWh that will be delivered to the grid of E- Distributie Dobrogea. The power plant is starting to take shape it awaits the last pieces of modules, security and medium voltage connection cables. The project is on schedule to complete physical construction by end of Q1 2023.

Commission requests have started for these projects with the construction almost finalized. All projects to be built in Romania will be selling electricity after grid connection on a merchant basis into the grid.

Upon the commissioning of these plants, the Company will own and operate 96 solar power plants with a combined generation capacity of 122 MWp in its IPP portfolio. A combined 107 MWp will be selling subsidy-free clean electricity directly on the energy market.

Glossary of terms	Definitions
Development phase 1: "Feasibility"	LOI or MOU signed, location scouted and analyzed, working on land lease/purchase, environmental assessment and application for grid connection.
Development phase 2: "Early development"	Signing of land option, lease or purchase agreement, Environmental assessment (environmental impact studies "EIS" for Australia), preliminary design. Specific to Europe: Application for Grid capacity, start work on permitting aspects (construction, connection line, etc.). Specific to Australia: community consultation, technical studies.
Development phase 3: "Advanced development"	In Europe: Finishing work on construction permitting, Receiving of MGT (HU)/ATR (ROM) Letter, Finishing work on permitting for connection line, etc. In Australia: Site footprint and layout finalised, Environmental Impact Statement and development application lodged. Grid connec tion studies and design submitted.
Development phase 4: "Ready-to-build technical"	In Europe: Project is technical ready to build, we work on offtake model (if not FIT or auction), securing financing (internal/external). In Australia: Development application approved, offer to connect to grid received and detailed design commenced. Financing and off-take models/arrangements (internal/external) under negotiation.
Development phase 5: "Under construction"	Procurement of components, site construction until the connection to the grid. On top for Australian projects, signature of Financing and off-take agreements, reception of Construction certificate, conclusion of connection agreement, EPC agreement, Grid connection works agreements.

2.5 Enterprise value & Share price performance

2.5.1 Main market of the Warsaw Stock Exchange

On 31 December 2022 the Company's shares (ISIN NL0010391108) closed at a price of PLN 13.10 (+23.6% QoQ, +83.2% YTD), corresponding to a price to book ratio of 2.83. The Company also reports an average monthly trading volume of 317,708 shares in Q4 2022, compared to an average monthly trading volume of 447,171 over the past twelve months.

Trading of the Company's shares on the regulated market of the Warsaw Stock Exchange (WSE) (Giełda Papierów Wartościowych w Warszawie) commenced on 5 January 2021. Prior to that date, data presented in this section have been extracted from the trading activity on NewConnect.

Chart 3. Total monthly volumes vs. daily closing stock prices

Notes:

EV – Enterprise value is calculated as the market capitalisation as of the end of the reporting month, plus net debt, defined as Interest-bearing liabilities minus Liquid assets.

The trailing 12-month EBITDA is the sum of EBITDA reported in the last four quarterly reports including this reporting period, ie. Q1 2022, Q2 2022, Q3 2022 and Q4 2022.

2.5.2 Main market of the Prague Stock Exchange

On 31 December 2022 the share price (ISIN NL0010391108) closed at a level of CZK 67.20 (+17.9% QoQ, +75.9% YTD), corresponding to a price to book ratio of 2.82. The Company reports an average monthly trading volume of 256,344 shares in Q4 2022 compared to an average of 418,070 over the past twelve months.

2.5.3 Quotation Board of the Frankfurt Stock Exchange

On 31 December 2022, the share price (FSX: A1T9KW) closed at a level of EUR 2.74 (+27.9% QOQ, +81.6% YTD), corresponding to a price to book ratio of 2.77.

The Company reports a monthly trading volume of 5,416 shares in Q4 2022 compared to an average of 40,940 over the past twelve months.

The Company's shares have been traded on the Quotation Board of the Frankfurt Stock Exchange since 11 January 2021.

Since 28 July 2020, the Company's shares have already been traded on the Free Market (Freiverkehr) of the Munich Stock Exchange.

2.5.4 XETRA Trading Platform (German Stock Exchange)

On 31 December 2022, the share price (FSX: A1T9KW) closed at a level of EUR 2.74 (+27.9% QOQ, +81.6% YTD), corresponding to a price to book ratio of 2.77.

2.6 Bond trading performance

In December 2016 the Company issued a 7-year corporate bond with a 6% annual coupon and monthly payments in the Czech Republic. The corporate bond (ISIN CZ0000000815) with a nominal value of CZK 30,000 has been traded on the Free Market of the Prague Stock Exchange since 12 December 2016. The outstanding amount is CZK 75.9 million (EUR 3.1 million) and will be repaid on 13 December 2023.

On 27 October 2017 the Company issued a 5-year corporate EUR bond with a 7.75% annual coupon and quarterly coupon payments in Germany, Austria and Luxemburg. The original target volume of EUR 30 million was successfully increased in two steps with all parameters unchanged, to an outstanding amount of EUR 45.0 million prior to the completion of the exchange offer described below. The corporate bond (ISIN DE000A19MFH4) with a nominal value of EUR 1,000 has been traded on the Open Market of the Frankfurt Stock exchange since 27 October 2017. The bond was also listed on the stock exchanges in Berlin, Hamburg, Hannover, Munich and Stuttgart. The total outstanding bond volume of EUR 15.232 million was fully repaid together with the final interest payment to the bondholders on 27 October 2022.

On 17 November 2021, The Company successfully placed its 6.50% Green EUR Bond 2021/2027 (ISIN: DE000A3KWKY4) in the amount of EUR 50 million. The bond issuance was met with strong demand from the Company's existing bondholders, who subscribed to EUR 21.281 million in the exchange that was offered Price/book ratio – is calculated by dividing the closing price of the stock as of the end of the reporting period by the book value per share reported in the last quarterly report.

EV/EBITDA ratio – is calculated by dividing the Enterprise Value by the Trailing 12 months (TTM) EBITDA.

Trading of the Company's shares on the regulated market of the Prague Stock Exchange (PSE) (Burza cenných papírů Praha) commenced on 5 January 2021. Prior to that date, data have been extracted from the trading activity on the Free Market of the Prague Stock Exchange.

In addition, the Company's shares have also been traded on the Free Market (Freiverkehr) of the Berlin Stock Exchange since 13 January 2021 and on the Free Market (Freiverkehr) of the Stuttgart Stock Exchange since 14 January 2021.

The Company's shares have been listed on the electronic trading platform XETRA (provided by the German Stock Exchange) since 7 December 2022.

The Company reports a monthly trading volume of 5,416 shares in Q4 2022 compared to an average of 40,940 over the past twelve months.

for the existing EUR Bond 2017/2022. The green bond – with an interest rate of 6.50% p.a., paid quarterly – was confirmed by imug | rating with regard to its sustainability in a Second Party Opinion, and can be traded on the Open Market of the Frankfurt Stock Exchange.

On 29 November 2021, the Group successfully increased the bond placement by EUR 5 million with all parameters unchanged, bringing the total outstanding bond volume to EUR 55 million.

In May 2022, the Company successfully tapped its 6.50% Green EUR Bond 2021/2027 (ISIN: DE000A3KWKY4) in the amount of EUR 10 million to a total outstanding amount of EUR 65 million.

In October 2022 and November 2022, the Company announced that it has tapped its 6.50% Green EUR Bond 2021/2027 (ISIN: DE000A3KWKY4) in the amount of another EUR 12.5 million to a total outstanding amount of EUR 77.5 million.

The bonds, which bear interest at a rate of 6.50% p.a. with quarterly interest payments, were also offered to bondholders of the existing 2017/2022 corporate bonds in form of an exchange offer with a 1.5% loyalty premium plus the difference in net accrued interest on each exchanged bond. Existing investors registered around 6.0 million euros nominally for exchange, which corresponds to a ratio of 30% of the outstanding bond. Together with the initial exchange offer organized in November 2021, 60% of the outstanding volume of the Company's 2017/2022 bond got exchanged for the new Green EUR Bond.

This tap issuance of the 2021/2027 Green bonds was included into trading on the Quotation Board trading segment of the Open Market (Freiverkehr) on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) on 14 October 2022.

2.6.1 EUR Bond 2017-22 trading performance

EUR Bond 2017/22 trading performance

In the trading period from 25 October 2017 until 26 October 2022, the trading volume amounted to EUR 32.403 million with an opening price of 100.00 and a closing price of 99.75 in Frankfurt. During this period the average daily turnover amounted to EUR 25,474.

The Company intends to use the net proceeds of the green bond placement to finance or refinance, in part or in whole, new and/or existing eligible assets, as well as financial instruments that were used to finance such projects or assets, in accordance with the Company's Green Finance Framework, enabling Photon Energy Group to make a significant contribution to an environmentally friendly future.

The total outstanding bond volume of EUR 15.232 million was fully repaid together with the final interest payment to the bondholders on 27 October 2022.

2.6.2 Green EUR Bond 2021/27 trading performance

Green EUR Bond 2021/27 trading performance to date

In the trading period from 17 November 2021 until 31 December 2022, the trading volume amounted to EUR 8.268 million with an opening price of 100.00 and a closing price of 102.40 in Frankfurt. During this period the average daily turnover amounted to EUR 27,468.

2.6.3 CZK Bond trading performance in Prague

In the trading period from 12 December 2016 until 31 December 2022, the trading volume amounted to CZK 40.500 million with a closing price of 98.00.

2.7 Financial statement analysis

Profit and Loss statement

Green EUR Bond 2021/27 trading performance in Q4 2022

In Q4 2022, the trading volume in Frankfurt amounted to EUR 578,000 (compared to EUR 1,019,000 in Q3 2022), with an opening price of 99.75 and a closing price of 102.40. The average daily turnover in Q4 2022 amounted to EUR 8,892 compared to EUR 15,439 in Q3 2022.

Ultimately, Photon Energy Group posted a negative Total Comprehensive Income (TCI) for the quarter amounting to EUR -2.081 million, compared to EUR 0.977 million for the same period last year.

The data presented above are based on published quarterly reports, with figures adjusted to be consistent with the annual audited figures for 2021 made available after the publication of the 4th quarter.

Balance Sheet

Coming to the balance sheet, Total fixed assets amounted to EUR 171.157 million at the end of Q4 2022, representing a 20.1% increase of compared to the end of 2021. This development is resulting from the recording of EUR 12.251 million in intangible reflecting the acquisition of Lerta S.A., the impact of weakening Hungarian Forint (HUF) over the past year, impacting the EUR value of the Company's Hungarian portfolio, the ongoing depreciation of our portfolio power plants, offset by the addition of the power plant commissioned in Tolna in May 2022, Hungary and by an increase of our assets in progress in Romania.

Current assets increased by 27.6% compared to the end of 2021 to EUR 69.078 million as of the end of Q4 2022, resulting from an increase in trade and other receivables connected to our business growth, and an increased inventory related to our Technology sales and our procurement strategy, a positive revaluation of derivatives, partially offset by a decrease in Liquid assets (see below "Cash flow").

Chart 8. Net current assets

Changes in equity

Long term liabilities increased by 35.2% compared to the end of 2021 to EUR 150.236 million at the end of Q4 2022, due to the increased placement of our Green EUR bond amounting to EUR 10.0 million in May 2022, and to EUR 12.5 million in Q4 2022, the closing of a long-term non-recourse project refinancing agreement with UniCredit Bank Czech Republic and Slovakia a.s. ('UCB') for the proprietary portfolio in the Czech Republic for EUR 28.1 million, offset by the repayment of loans in accordance with the financing plans of the Company's portfolio of power plants, as well as to early loan repayments related to our Hungarian portfolio.

Current liabilities amounted to EUR 29.476 million at the end of Q4 2022, corresponding to a -13.2% decrease compared to the end of 2021, mainly due to the repayment of the Group's EUR 2017/22 bond, offset by an increase in trade and other payables and the reclassification of our 2016/23 CZK bond to be repaid on 13 December 2023.

The adjusted equity ratio increased to 29.3%, compared to 28.8% at the end of 2021.

Chart 9. Breakdown of liabilities and equity

Equity increased by 17.4% compared to the end of 2021 and amounted to EUR 60.522 million at the end of Q4 2022, reflecting the Total Comprehensive Income for the period and the transfer of 2,330,110 treasury shares to Borys Tomala, the co-founder of Lerta

Cash Flow

The Group posted a positive operating cash flow, which amounted to EUR 0.147 million, compared to EUR 5.800 million in Q4 2021, mainly driven by adjustments in the net working capital, including increased inventories in line with the strong growing Technology sales and our procurement strategy.

Investment cash flow equalled to EUR -17.630 million in Q4 2022 compared to EUR -3.351 million in Q4 2021, mainly related to work in progress for our proprietary portfolio in Romania and Hungary, and the acquisition of Lerta S.A..

2.8 Financial forecasts

The Company has outperformed its revised guidance for 2022 to increase its consolidated revenues to EUR 85 million from EUR 36.4 million in 2021, and to increase its EBITDA to EUR 24 million from EUR 9.6 million in 2021.

Increases in other revenue streams are also anticipated thanks to the great momentum in the Group's EPC revenues and the significant interest in 'behind-the-meter' PV installations for industrial customers and off-takers. The Group's PV component trading S.A. in accordance with the investment agreement concluded on 20 December 2022. The adjusted equity ratio increased to 29.3% (vs. 28.8% at the end of 2021).

Financial cash flow amounted to EUR 14.798 million in Q4 2022, compared to EUR 19.296 million in Q4 2021, driven by the longterm non-recourse project refinancing of our proprietary portfolio in the Czech Republic, the additional placement of our EUR Green bond 2021/27, scheduled repayments of bank financing, and interest expenses, and the repayment of our EUR Bond 2017/22.

Overall, liquid assets decreased to EUR 21.352 million at the end of Q4 2022 compared to EUR 21.931 million at the end of Q3 2022 and EUR 39.362 million at the end of 2021.

business, which distributes modules, inverters and batteries is also expected to enjoy very dynamic growth in 2023.

3. General Information About the Issuer

The table below presents general information about Photon Energy NV, hereinafter referred to as the "PENV", "Issuer", "the Group" and/or the "Company".

Company name:	Photon Energy N.V.
Registered office:	Barbara Strozzilaan 201, 1083 HN, Amsterdam, the Netherlands
Registration:	Dutch Chamber of Commerce (Kamer van Koophandel)
Company number:	51447126
Tax-ID:	NL850020827B01
Ticker:	PEN
Web:	www.photonenergy.com

4. Share Capital of the Issuer

The Company's share capital is EUR 600,000 divided into 60,000,000 shares with a nominal value of EUR 0.01 each. The share capital is fully paid-up.

Share capital as of 31 December 2022

Series / issue	Type of shares	Type of pref erence	Limitation of right to shares	Number of shares	Nominal value of se ries/issue (EUR)	Capital covered with
A	bearer	-	-	60,000,000	600,000	cash
Total number of shares				60,000,000
Total share capital					600,000
Nominal value per share = EUR 0.01

In the reporting period there were no changes to the share capital.

Share capital as of 15 February 2023

Series / issue	Type of shares	Type of pref erence	Limitation of right to shares	Number of shares	Nominal value of se ries/issue (EUR)	Capital covered with
A	bearer	-	-	61,238,521	612,385.21	cash
Total number of shares				61,238,521
Total share capital					612,385.21
Nominal value per share = EUR 0.01

5. Shareholder Structure

As of the reporting date to the knowledge of the Board of Directors of Photon Energy N.V., the shareholder structure was as follows:

Shareholdership as of 31.12.2022	No. of shares	% of capital	No. of votes at the Share holders Meeting	% of votes at the Share holders Meeting
Solar Future Cooperatief U.A.	21,775,075	36.29%	21,775,075	37.12%
Solar Power to the People Cooperatief U.A.	20,713,375	34.52%	20,713,375	35.31%
Photon Energy N.V.	1,332,797	2.22%	0	0.00%
Free float	16,178,753	26.96%	16,178,753	27.58%
Total	60,000,000	100.00%	58,667,203	100.00%

As of the publishing date to the knowledge of the Board of Directors of Photon Energy N.V., the shareholder structure was as follows:

Shareholdership as of 15.02.2023	No. of shares	% of capital	No. of votes at the Shareholders Meeting	% of votes at the Shareholders Meeting
Solar Future Cooperatief U.A.	21,775,075	35.56%	21,775,075	36.37%
Solar Power to the People Cooperatief U.A.	20,485,557	33.45%	20,485,557	34.21%
Photon Energy N.V.	1,359,697	2.22%	0	0.00%
Free float	17,618,192	28.77%	17,618,192	29.42%
Total	61,238,521	100.00%	59,878,824	100.00%

The free float includes shares allocated to the employee incentive programme and to the founders of Lerta. The disposition rights to these shares are limited and holders can dispose of these shares only under specific conditions.

6. Statutory Bodies of the Issuer

Board of directors as of 31 December 2022

The Board of Directors is responsible for the day-to-day operations of the Company. The Issuer's Board of Directors has the following members:

Name Position		Date of birth	Start of function
Georg Hotar	Director (Bestuurder)	21. 04. 1975	4 December 2020*
Michael Gartner	Director (Bestuurder)	29. 06. 1968	4 December 2020*

Mr Hotar and Mr Gartner have been the Company's managing directors since 9 December 2010, however, new term of their office (previously unlimited and currently term of four years) has started on 4 December 2020, due to the changes in the Company's corporate structure.

Supervisory board

On 4 December 2020, the shareholders of Photon Energy established in an extraordinary general meeting a two-tier board structure comprised of the existing management board and a new supervisory board.

The supervisory board provides guidance and oversight to the management board on the general affairs of the company. They also serve as audit committee.

7. Description of the Issuer's Business

Photon Energy NV is the holding company of the Photon Energy Group and was incorporated under the laws of the Netherlands on 9 December 2010. The Photon Energy Group ("Group") offers comprehensive solutions and maintenance services for photovoltaic systems that cover their entire lifecycle globally.

The Group is vertically integrated in the downstream segment of the photovoltaic industry. The company focuses on life cycle services and delivers:

► Projects: Project development for rooftop and green-field installations from 300 kW to 300 MW.
► Solutions (Engineering): Design and construction of ongrid and off-grid installations, including battery storage solutions,
► Technology: Trading of PV-components (modules, inverters and batteries).

On 31 May 2022, the Supervisory Board of the Company was extended from two to three members, Mrs. Boguslawa Skowronski, Mr. Marek Skreta, and Mr. Ariel Sergio Davidoff

As of the reporting date, the provisions in Dutch law, which are commonly referred to as the "large company regime" (structuurregime), do not apply to the Company. The Company does not intend to voluntarily apply to the "large company regime.

► Investments (Electricity Generation): Investments in PV power plants and sustainable production and sale of electricity.
► Operations: Operations and maintenance of PV power plants, including a proprietary control room and monitoring platform.

In addition, the Company launched a service line Water which offers comprehensive services in the fields of contaminated land, ground water remediation and water purification.

Starting from 2023, the New Energy division will be added to the Company's business lines. It will consist of Lerta in its current form (capacity market, energy trading, real-time asset aggregator, DSR) and will absorb Photon Energy Solutions to develop and provide next generation energy services to energy consumers with energy storage playing growing role.

Country-specific references

Currently Photon Energy is active with 220 (283 including Lerta employees) professionals in nine countries across three continents (headquartered in Amsterdam), with a track record of building more than 120 MWp of grid-connected PV plants across five countries, a proprietary portfolio of 91.9 MWp of PV plants and 383 MWp of PV power plants under O&M management across two continents.

8. Implementation of Innovative Activities in the Company

None during the reporting period.

9. Employees

As of the end of Q4 2022, Photon Energy had 220 employees (compared to 144 employees at the end of Q4 2021) translating into 211.7 FTE (compared to 141.3 FTE as of the end of Q4 2021).

Chart 10. Total number of employees and full-time equivalent employees per quarter

Full-time equivalent (FTE) is a unit that indicates the workload of a person in a way that makes workloads comparable across various contexts. An FTE of 1.0 means that the person is equivalent to a full-time employee, while an FTE of 0.5 signals that the employee is only half-time.

Employee Share Purchase Programme

The management of the Company recognises the significant contribution of the team members to the future development of the Group. Therefore, it operates an Employee Share Purchase Programme as a part of its motivation system. Under the terms of the programme, the Group periodically purchases shares for participating employees equal to 10% of their gross compensation.

According to the Company's Employee Share Purchase Program Policy, starting from 1 January 2023, participants of the Employee Share Purchase Programme have the right to dispose their shares during the employment contract, after three years of holding the shares.

The total number of employees including Lerta's is 283.

10. Group Structure

The following table presents the Group's structure (subsidiaries and joint ventures) and the holding company's stake in the entities comprising the Group as of the reporting date.

Name	% of share capital held by the holding company	Country of registration	Consolid. method	Legal Owner
1 Photon Energy N.V. (PENV)	Holding	NL	Full Cons.	-
2 Photon Energy Operations NL B.V. (PEONL, former Photon Directors B.V.)	100%	NL	Full Cons.	PEONV
3 Photon Energy Engineering B.V. (PEEBV)	100%	NL	Full Cons.	PENV
4 Photon Energy Operations N.V. (PEONV)	100%	NL	Full Cons.	PENV
5 Photon Remediation Technology N.V. (PRTNV)	100%	NL	Full Cons.	PENV
6 Photon Energy Australia Pty Ltd.	100%	AU	Full Cons.	PENV
7 Photon Energy AUS SPV 1 Pty. Ltd.	100%	AU	Full Cons.	PENV
8 Leeton Solar Farm Pty Ltd (former Photon Energy AUS SPV 2 Pty. Ltd.)	100%	AU	Full Cons.	PENV
9 Fivebough Solar Farm Pty Ltd. (former Photon Energy AUS SPV 3 Pty. Ltd.)	100%	AU	Full Cons.	PENV
10 Photon Energy AUS SPV 4 Pty. Ltd.	100%	AU	Full Cons.	PENV
11 Photon Energy AUS SPV 6 Pty. Ltd.	51%	AU	Equity	PENV

12 Photon Energy Operations Australia Pty.Ltd.	100%	AU	Full Cons.	PEONV
13 Photon Energy Engineering Australia Pty Ltd	100%	AU	Full Cons.	PEEBV
14 Photon Remediation Technology Australia Pty Ltd.	100%	AU	Full Cons.	PRTNV
15 Photon Energy SGA Pty. Ltd.	100%	AU	Full Cons.	PENV
16 Photon Water Australia Pty. Ltd.	100%	AU	Full Cons.	PENV
17 Raygen Resources Pty. Ltd.	7.85%	AU	Equity	PENV
18 Photon New Energy Pty. (former Photon Energy AUS SPV 12 Pty. Ltd.)	100%	AU	Full Cons.	PENV
19 Global Investment Protection AG (GIP)	100%	CH	Full Cons.	PENV
20 Photon Energy Investment AG (former ALFEMO AG (ALAG))	100%	CH	Full Cons.	PENV
21 KORADOL AG (KOAG)	100%	CH	Full Cons.	PENV
22 Photon Energy Solutions AG	100%	CH	Full Cons.	PENV
23 Photon Property AG,	100%	CH	Full Cons.	PENV
24 Photon Energy Corporate Services CZ s.r.o.	100%	CZ	Full Cons.	PENV
25 Photon Energy Solutions CZ a.s.(former Photon Energy Solutions CZ s.r.o.) (PESCZ)	100%	CZ	Full Cons.	KOAG
26 Photon SPV 11 s.r.o.	100%	CZ	Full Cons.	KOAG
27 Photon Energy Operations CZ s.r.o. (PEOCZ)1	100%	CZ	Full Cons.	PEONV
28 Photon Energy Control s.r.o.	100%	CZ	Full Cons.	PEOCZ
29 Photon Energy Technology CEE s.r.o.	100%	CZ	Full Cons.	PEEBV
30 Photon Water Technology s.r.o.	65%	CZ	Full Cons.	PENV
31 Photon Remediation Technology Europe s.r.o. (former Charles Bridge s.r.o.)	100%	CZ	Full Cons.	PENV
32 Photon Energy Engineering s.r.o. (former Photon Energy Solutions s.r.o. ) (PEECZ)	100%	CZ	Full Cons.	PENV
33 Photon Energy Projects s.r.o. (PEP)	100%	CZ	Full Cons.	PENV
34 Photon Energy Cardio s.r.o.	100%	CZ	Full Cons.	PEOCZ
35 Photon Maintenance s.r.o. (former The Special One s.r.o.)	100%	CZ	Full Cons.	PENV
36 Exit 90 SPV s.r.o.	100%	CZ	Full Cons.	KOAG
37 Onyx Energy s. r. o.	100%	CZ	Full Cons.	KOAG
38 Onyx Energy projekt II s.r.o.	100%	CZ	Full Cons.	KOAG
39 Photon SPV 3 s.r.o.	100%	CZ	Full Cons.	KOAG
40 Photon SPV 4 s.r.o.	100%	CZ	Full Cons.	KOAG
41 Photon SPV 6 s.r.o.	100%	CZ	Full Cons.	KOAG
42 Photon SPV 8 s.r.o.
43 Photon SPV 10 s.r.o.	100% 100%	CZ CZ	Full Cons. Full Cons.	KOAG KOAG

44 Kaliopé Property, s.r.o.	100%	CZ	Full Cons.	KOAG
45 PESPV 1 s.r.o.	100%	CZ	Full Cons.	PESCZ
46 PESPV 2 s.r.o.	100%	CZ	Full Cons.	PESCZ
47 Photon Energy Solutions s.r.o.	100%	CZ	Full Cons.	PESCZ
48 Lerta Czech Republic s.r.o.	85.62% (*)	CZ	Full Cons.	Lerta S.A.
49 Photon Energy Technology EU GmbH	100%	DE	Full Cons.	PENV
50 Photon Energy Corporate Services DE GmbH	100%	DE	Full Cons.	PENV
51 EcoPlan 2 s.r.o.	100%	SK	Full Cons.	PENV
52 EcoPlan 3 s.r.o.	100%	SK	Full Cons.	PENV
53 Fotonika s.r.o.	100%	SK	Full Cons.	PENV
54 Photon SK SPV 1 s.r.o.	50%	SK	Equity	PENV
55 Photon SK SPV 2 s.r.o.	100%	SK	Full Cons.	PENV
56 Photon SK SPV 3 s.r.o.	100%	SK	Full Cons.	PENV
57 Solarpark Myjava s.r.o.	50%	SK	Equity	PENV
58 Solarpark Polianka s.r.o.	50%	SK	Equity	PENV

Name	% of share capital held by the holding company	Country of registration	Consolid. method	Legal Owner
59 SUN4ENERGY ZVB s.r.o.	100%	SK	Full Cons.	PENV
60 SUN4ENERGY ZVC s.r.o.	100%	SK	Full Cons.	PENV
61 ATS Energy, s.r.o.	100%	SK	Full Cons.	PENV

62 Photon Energy Operations SK s.r.o.	100%	SK	Full Cons.	PEONV
63 Photon Energy HU SPV 1 Kft. b.a	100%	HU	Full Cons.	ALAG
64 Fertod Napenergia-Termelo Kft.	100%	HU	Full Cons.	ALAG
65 Photon Energy Operations HU Kft.	100%	HU	Full Cons.	PEONV
66 Photon Energy Engineering HU Kft. (former Photon Energy Solutions HU Kft.)	100%	HU	Full Cons.	PENV
67 Future Solar Energy Kft	100%	HU	Full Cons.	ALAG
68 Montagem Befektetési Kft.	100%	HU	Full Cons.	ALAG
69 Solarkit Befektetesi Kft.	100%	HU	Full Cons.	ALAG
70 Energy499 Invest Kft.	100%	HU	Full Cons.	ALAG
71 SunCollector Kft.	100%	HU	Full Cons.	ALAG
72 Green-symbol Invest Kft.	100%	HU	Full Cons.	ALAG
73 Ekopanel Befektetési és Szolgaltató Kft.	100%	HU	Full Cons.	ALAG
74 Onyx-sun Kft.	100%	HU	Full Cons.	ALAG
75 Tataimmo Kft	100%	HU	Full Cons.	ALAG
76 Öreghal Kft.	100%	HU	Full Cons.	ALAG
77 European Sport Contact Kft.	100%	HU	Full Cons.	ALAG
78 ALFEMO Alpha Kft.	100%	HU	Full Cons.	ALAG
79 ALFEMO Beta Kft.	100%	HU	Full Cons.	ALAG
80 ALFEMO Gamma Kft.	100%	HU	Full Cons.	ALAG
81 Archway Solar Kft.	100%	HU	Full Cons.	PENV
82 Barbican Solar Kft.	100%	HU	Full Cons.	ALAG
83 Belsize Solar Kft.	100%	HU	Full Cons.	ALAG
84 Blackhorse Solar Kft.	100%	HU	Full Cons.	ALAG
85 Caledonian Solar Kft	100%	HU	Full Cons.	ALAG
86 Camden Solar Kft	100%	HU	Full Cons.	ALAG
87 Hampstead Solar Kft.	100%	HU	Full Cons.	ALAG
88 Ráció Master Oktatási	100%	HU	Full Cons.	ALAG
89 Aligoté Kereskedelmi és Szolgáltató Kft.	100%	HU	Full Cons.	ALAG
90 MEDIÁTOR PV Plant Kft. (former MEDIÁTOR Ingatlanközvetítő és Hirdető Kft.)	100%	HU	Full Cons.	ALAG
91 PROMA Mátra PV Plant Kft. (former PROMA Mátra Ingatlanfejlesztési Kft.)	100%	HU	Full Cons.	ALAG
92 Optisolar Kft.	100%	HU	Full Cons.	ALAG
93 Ladány Solar Alpha Kft.	100%	HU	Full Cons.	ALAG
94 Ladány Solar Beta Kft.	100%	HU	Full Cons.	ALAG
95 Ladány Solar Gamma Kft.	100%	HU	Full Cons.	ALAG
96 Ladány Solar Delta Kft.	100%	HU	Full Cons.	ALAG
97 ÉGÉSPART Energiatermelő és Szolgáltató Kft	100%	HU	Full Cons.	ALAG
98 ZEMPLÉNIMPEX Kereskedelmi és Szolgáltató Kf	100%	HU	Full Cons.	ALAG
99 ZUGGÓ-DŰLŐ Energiatermelő és Szolgáltató Kft	100%	HU	Full Cons.	ALAG
100 Ventiterra Környezetgazdálkodási és Szolgáltató Kft.	100%	HU	Full Cons.	ALAG
101 VENTITERRA ALFA Kft.	100%	HU	Full Cons.	ALAG
102 VENTITERRA BETA Kft.	100%	HU	Full Cons.	ALAG
103 Hendon Solar Kft.	100%	HU	Full Cons.	ALAG
104 Mayfair Solar Kft.	100%	HU	Full Cons.	ALAG
105 Holborn Solar Kft.	100%	HU	Full Cons.	ALAG
106 Lerta Energy HU Kft.	85.62% (*)	HU	Full cons.	Lerta S.A.
107 LERTA Magyarország Kft.	85.62% (*)	HU	Full cons.	Lerta S.A.
108 Lerta Lithuania UAB	85.62% (*)	LI	Full cons.	Lerta S.A.
109 Photon Energy Project Development XXK (PEPD)	99%	MN	Full Cons.	PEP
110 PEPD Solar XXK.	100%	MN	Full Cons.	PEPD
111 Photon Energy Solutions PL S.A.(former Solar Age Polska S.A.)	100%	PL	Full Cons.	PENV
112 Photon Energy Polska Sp. Z o.o.	100%	PL	Full cons.	PENV
113 Photon Energy Operations PL Sp. z o.o.	100%	PL	Full cons.	PEONV
114 Alperton Solar Sp. z o.o.	100%	PL	Full cons.	PENV
115 Beckton Solar Sp. z o.o.	100%	PL	Full cons.	PENV
116 Debden Solar Sp. z o.o.	100%	PL	Full cons.	PENV
117 Chigwell Solar Sp. z o.o.	100%	PL	Full cons.	PENV
118 Ealing Solar Sp. z o.o.	100%	PL	Full cons.	PENV
119 Lerta S.A.	85.62% (*)	PL	Full cons.	PENV
120 Lerta Poland Sp. z o.o.	85.62% (*)	PL	Full cons.	Lerta S.A.
121 Lerta Power Poland Sp. z o.o.	85.62% (*)	PL	Full cons.	Lerta S.A.
122 Lerta JRM Sp. z o.o.	85.62% (*)	PL	Full cons.	Lerta S.A.
123 Lerta Technology Sp. z o.o.	85.62% (*)	PL	Full cons.	Lerta S.A.
124 Stanford Solar Srl.	100%	RO	Full cons.	PEP & PEECZ

Name	% of share capital held by the holding company	Country of registration	Consolid. method	Legal Owner
125 Halton Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
126 Aldgate Solar Srl	100%	RO	Full cons.	PEP & PEECZ
127 Holloway Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
128 Moorgate Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
129 Redbridge Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
130 Watford Solar Srl	100%	RO	Full cons.	PEP & PEECZ
131 Photon Energy Operations Romania Srl. (former Becontree Solar Srl.)	100%	RO	Full cons.	PEONV &
132 Greenford Solar Srl.	100%	RO	Full cons.	PEOCZ PEP & PEECZ
133 Chesham Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
134 Photon Energy Romania Srl.	100%	RO	Full cons.	PENV & PEP
135 Siria Solar SRL	100%	RO	Full Cons.	ALAG&KOAG
136 Brentford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
137 Camberwell Solar SRL	100%	RO	Full cons.	PEP & PEECZ
138 Deptford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
139 Harlow Solar SRL	100%	RO	Full cons.	PEP & PEECZ
140 Kenton Solar SRL	100%	RO	Full cons.	PEP & PEECZ
141 Lancaster Solar SRL	100%	RO	Full cons.	PEP & PEECZ
142 Perivale Solar SRL	100%	RO	Full cons.	PEP & PEECZ
143 Romford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
144 Stratford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
145 Weston Solar SRL	100%	RO	Full cons.	PEP & PEECZ
146 Photon Energy Engineering Romania SRL	100%	RO	Full cons.	PENV & PEP
147 Lerta Energy S.r.l.	85.62% (*)	RO	Full cons.	Lerta S.A.
148 Photon Renewable Energy Pty. Ltd.	100%	SA	Full Cons.	PENV
149 Solar Age SPV 1 Pty. Ltd.	100%	SA	Full Cons.	PENV

Notes:

Country of registration:
AU – Australia	DE – Germany	NL – Netherlands	PE – Peru
CH – Switzerland	HU – Hungary	MN – Mongolia	RO – Romania
CZ –Czech Republic	LI - Lithuania	PL – Poland	SK – Slovakia

Consolidation method:

Full Cons. – Full Consolidation Not Cons. – Not Consolidated Equity – Equity Method

SA – South Africa PEP & PESCZ – Photon Energy Projects s.r.o. owns 95% and Photon Energy Solution s.r.o. owns 5%

(*) As of the publishing date, Photon Energy N.V. has become holder of 100% of the share capital of Lerta S.A..

In the reporting period, the following changes to the Group structure took place:

► On 5 October 2022, Photon AUS SPV 12 Pty. Ltd. has changed its name to Photon New Energy Pty. Ltd..
► On 19 October 2022, Photon Energy Solutions CZ a.s. became 100% shareholder of Photon Energy Solutions s.r.o..
► On 20 October 2022, Photon Energy Solutions HU Kft has changed its name to Photon Energy Engineering HU Kft..
► On 24 November 2022, Photon Energy N.V. acquired additional 33% and currently holds 56.75% shareholder stake of Lerta S.A..
► On 21 December 2022, Photon Energy N.V. acquired additional almost 30% bringing its shareholding to 85.62% of Lerta S.A..
► On 30 December 2022, ALFEMO AG has changed its name to Photon Energy Investment AG.

After the reporting period, the following events occurred from the beginning of January 2023

► On 1 February 2023, Photon Energy N.V. became holder of 100% of the share capital of Lerta S.A..

11. Report on the Key Events Material for the Group's Operations

11.1 Summary of the key events from 1 October until 31 December 2022

In the period covered by this report the following current reports were published in the EBI (Electronic Database Information) system of Warsaw Stock Exchange:

► None.

In the period covered by this report the following current reports were published in the ESPI (Electronic Information Transmission System) system of Warsaw Stock Exchange:

► ESPI report 41 03.10.2022 Photon Energy Secures Longterm Refinancing for 14.6 MWp in the Czech Republic.
► ESPI report 42 10.10.2022 Photon Energy Group Continues Strong Growth in Third Quarter 2022 on the Back of Record Revenues from Electricity Sales.
► ESPI report 43 13.10.2022 Photon Energy N.V. Announces Results of 6.50% Corporate Green Bond 21/27 Tap Placement.
► ESPI report 44 13.10.2022 Monthly Report for September 2022.
► ESPI report 45 27.10.2022 Photon Energy Group Repays Its 7.75% Corporate Bond 2017/2022.
► ESPI report 46 10.11.2022 Quarterly Report for Q3 2022
► ESPI report 47 11.11.2022 Photon Energy Group Increases Green Bond to EUR 77.5 Million with EBRD
► ESPI report 48 14.11.2022 Monthly Report for October 2022
► ESPI report 49 24.11.2022 Change in Substantial Blocks of Shares
► ESPI report 50 24.11.2022 Public disclosure of the delayed inside information related to a commencement of negotiations for potential acquisition of up to 32.48% of shares in the share capital of Lerta S.A..
► ESPI report 51 24.11.2022 Non-public Report Non Public Disclosure of the Delayed Inside Information Related to a Commencement of Negotiations for Potential Acquisition of up to 32.48% of Shares in the Share Capital of Lerta S.A..

11.2 Summary of the key events after 31 December 2022

After the period covered by this report, the following current reports were published in the EBI (Electronic Database Information) system of Warsaw Stock Exchange:

► None.

After the period covered by this report the following current reports were published in the ESPI (Electronic Information Transmission System) system of Warsaw Stock Exchange:

► ESPI report 1 02.01.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 2 09.01.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 3 12.01.2023 Monthly Report for December 2022.
► ESPI report 4 16.01.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 5 01.02.2023 Photon Energy Group Completes the Acquisition Process of Lerta.
► ESPI report 52 24.11.2022 Photon Energy Group Acquires Majority Stake in Lerta and Plans Full Takeover Before Year-End 2022.
► ESPI report 53 08.12.2022 Photon Energy Group Mandates BankM AG as Designated Sponsor, Shares Start Trading in XETRA.
► ESPI report 54 13.12.2022 Photon Energy Group to See Only Modest Revenues Impact Amid Recent Regulatory Changes Across Markets.
► ESPI report 55 14.12.2022 Publication Dates of Periodic Reports in 2023
► ESPI report 56 14.12.2022 Monthly Report for November 2022.
► ESPI report 57 14.12.2022 Change in substantial blocks of shares.
► ESPI report 58 14.12.2022 Change in substantial blocks of shares (Correction to the ESPI 57/2022).
► ESPI report 59 17.12.2022 Photon Energy Group Announces Share Buyback Programme.
► ESPI report 60 21.12.2022 Lerta Succeeds in Polish Capacity Auction with 157 MW of DSR and Secures EUR 13.6 Million in Revenue.
► ESPI report 61 21.12.2022 Photon Energy Group Completes Full Takeover of Lerta by Acquiring the Founders' Equity Stake.
► ESPI report 62 23.12.2022 Correction of the ESPI Report 59 / 2022.
► ESPI report 63 23.12.2022 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 64 29.12.2022 Change in Substantial Blocks of Shares.

These reports have also been provided to the Prague stock exchange.

corresponding period of the previous year. The reported data is presented in accordance with International Financial and Report-

ing Standards (IFRS).

12. Detailed Consolidated Financial Results for Q4 2022

The tables below present the consolidated and unaudited financial statements of Photon Energy N.V. for the period starting on 1 October 2022 and ending on 31 December 2022 and the

Statement of Comprehensive Income

	EUR		PLN		CZK
in Thousands	Q4 2021	Q4 2022	Q4 2021	Q4 2022	Q4 2021	Q4 2022
Total revenues	11,734	26,438	54,172	124,980	297,767	644,729
Out of that: Revenues from electricity generation	3,008	3,820	13,886	18,059	76,326	93,160
Out of that: Other revenues	8,726	22,617	40,286	106,921	221,441	551,570
Other income	418	316	1,929	1,496	10,600	7,717
Raw materials and consumables used	-7,361	-17,107	-33,986	-80,869	-186,810	-417,178
Solar levy	-124	-232	-571	-1,095	-3,136	-5,648
Personnel expenses	-1,806	-3,145	-8,338	-14,870	-45,829	-76,707
Other expenses	-1,830	-5,062	-8,451	-23,929	-46,451	-123,441
Earnings before interest, taxes, depreciation & amortisation (EBITDA)	1,030	1,209	4,756	5,713	26,140	29,472
Depreciation	-1,984	-1,629	-9,159	-7,702	-50,343	-39,734
Impairment charges	-227	-15	-1,050	-71	-5,770	-364
Gain (loss) on disposal of investments	543	0	2,505	0	13,767	0
Share of profit equity accounted investments (net of tax)	18	81	81	382	445	1,968
Result from operating activities (EBIT)	-621	-355	-2,867	-1,678	-15,760	-8,658
Financial income	185	56	854	266	4,696	1,374
Financial expenses	-1,795	-2,336	-8,289	-11,041	-45,560	-56,959
Gains less losses on derecognition of fin. liabilities recognised at amortised costs	-420	0	-1,939	0	-10,658	0
Revaluation of derivatives	1,412	256	6,521	1,209	35,842	6,234
Profit/loss before taxations (EBT)	-1,239	-2,379	-5,720	-11,245	-31,440	-58,009
Income tax due/deferred	248	-1,389	1,147	-6,565	6,304	-33,868
Profit/loss from continuing operations	-991	-3,768	-4,573	-17,810	-25,136	-91,878

Profit/loss Other comprehensive income	-991	-3,768	-4,573	-17,810	-25,136	-91,878
Items that will not be reclassified subsequently to profit or loss

Revaluation of property, plant and equipment	419	0	1,934	0	10,632	0
Revaluation of other investments	-702	0	-3,241	0	-17,815	0
Items that will be reclassified subsequently to profit or loss
Foreign currency translation diff. - foreign operations	1,235	1,540	5,702	7,280	31,344	37,553
Derivatives (hedging)	1,020	146	4,709	692	25,886	3,570
Items that will be reclassified subsequently to profit or loss - related to JV Derivatives (hedging)	-5	0	-21	0	-117	0
Other comprehensive income for the period	1,968	1,686	9,084	7,972	49,930	41,124
Total comprehensive income for the period	977	-2,081	4,511	-9,839	24,794	-50,754

Profit attributable to:
Attributable to the equity holders	-991	-3,782	-4,573	-17,881	-25,136	-92,241
Attributable to non-controlling interest	0	15	0	70	0	363
Profit for the period	-991	-3,768	-4,573	-17,810	-25,136	-91,878
Total comprehensive income attributable to:
Attributable to the equity holders	977	-2,096	4,511	-9,909	24,794	-51,117
Attributable to non-controlling interest	0	15	0	70	0	363
Total comprehensive income for the period	977	-2,081	4,511	-9,839	24,794	-50,754
Average no. of shares outstanding (in thousand)	56,243	57,533	56,243	57,533	56,243	57,533
Earnings per share outstanding	-0.018	-0.066	-0.081	-0.311	-0.447	-1.603
Comprehensive income per share outstanding	0.016	-0.036	0.076	-0.172	0.415	-0.888
EUR exchange rate – low			4.546	4.642	24.860	24.115
EUR exchange rate – average			4.617	4.727	25.377	24.387
EUR exchange rate – high			4.716	4.870	25.735	24.595

Statement of Financial Position

	EUR		PLN		CZK
in Thousands	31.12.2021	31.12.2022	31.12.2021	31.12.2022	31.12.2021	31.12.2022
Intangible assets	844	13,016	3,881	60,923	20,988	313,875
Property, plant and equipment	127,492	145,304	586,066	680,126	3,169,446	3,504,007
PPE – Lands	5,169	5,675	23,761	26,562	128,500	136,850
PPE – Photovoltaic power plants	118,265	110,246	543,653	516,031	2,940,075	2,658,593
PPE – Equipment	1,006	1,641	4,624	7,681	25,008	39,573
PPE – Assets in progress	3,052	27,742	14,028	129,851	75,863	668,992
Right of use - leased asset	2,139	3,449	9,832	16,143	53,170	83,170
Long term advances for PPE	98	0	450	0	2,434	0
Investments in equity-accounted investees	1,626	1,670	7,473	7,817	40,416	40,272
Other receivables - non current	529	543	2,432	2,540	13,150	13,085
Other non-current financial assets	9,736	7,176	44,755	33,589	242,034	173,049
Non-current assets	142,463	171,157	654,889	801,137	3,541,639	4,127,458
Inventories	2,197	15,840	10,101	74,143	54,627	381,985
Contract asset	1,131	769	5,197	3,600	28,104	18,549
Trade receivables	3,756	11,961	17,268	55,988	93,383	288,450
Other receivables	5,327	15,797	24,489	73,942	132,437	380,951
Loans to related parties	1,811	2,447	8,324	11,456	45,017	59,019
Current income tax receivables	303	0	1,393	0	7,534	0
Prepaid expenses	268	910	1,230	4,261	6,652	21,952
Liquid assets	39,362	21,352	180,944	99,945	978,548	514,915
Cash and cash equivalents	32,506	11,266	149,426	52,731	808,094	271,668
Liquid assets with restriction on disposition	3,629	6,373	16,684	29,829	90,228	153,680
Precious metals	3,227	3,714	14,835	17,385	80,226	89,567
Assets held for sale	0	0	0	0	0	0
Current assets	54,155	69,078	248,946	323,335	1,346,301	1,665,821
Total assets	196,618	240,234	903,831	1,124,467	4,887,916	5,793,255

Share capital	600	600	2,758	2,808	14,916	14,469
Share premium	31,443	36,251	144,541	169,682	781,679	874,203
Reserves	44,312	43,053	203,696	201,516	1,101,590	1,038,211
Legal reserve	13	13	61	63	332	322
Retained earnings	-24,680	-19,097	-113,453	-89,388	-613,553	-460,527
Other capital funds	38	38	175	178	945	916
Treasury shares held	-38	-139	-175	-651	-945	-3,352
Equity attributable to owners of the Company	51,688	60,719	237,604	284,209	1,284,964	1,464,242
Non-controlling interests	-150	-197	-690	-924	-3,731	-4,760
Total equity	51,538	60,522	236,914	283,285	1,281,233	1,459,482

Loans and borrowings	41,106	58,446	188,961	273,569	1,021,903	1,409,428
Issued bonds	57,223	77,035	263,049	360,578	1,422,568	1,857,696
Lease liability	1,676	2,745	7,706	12,848	41,676	66,193
Other non-current liabilities	373	230	1,716	1,077	9,280	5,549
Provisions	545	1,757	2,506	8,225	13,555	42,378
Deferred tax liabilities	10,197	10,022	46,877	46,912	253,508	241,690
Non-current liabilities	111,122	150,236	510,815	703,209	2,762,489	3,622,935
Loans and borrowings	4,354	7,259	20,015	33,977	108,241	175,052
Issued bonds	24,107	3,146	110,816	14,726	599,292	75,867
Trade payables	2,275	12,385	10,459	57,969	56,560	298,655
Other payables	2,201	2,879	10,119	13,478	54,723	69,436
Contract liabilities	423	592	1,946	2,771	10,524	14,277
Lease liability	597	881	2,743	4,122	14,832	21,237
Current tax liabilities	0	2,335	0	10,927	0	56,296
Current liabilities	33,957	29,476	156,097	137,970	844,171	710,821
Total Liabilities	145,079	179,712	666,912	841,179	3,606,660	4,333,756
TOTAL Equity & Liabilities	196,618	240,235	903,831	1,124,469	4,887,918	5,793,262
No. of shares outstanding in thousand	56,252	58,667	56,252	58,667	56,252	58,667
Book value per share outstanding	0.916	1.032	4.212	4.829	22.777	24.877

Cash Flow Statement

	EUR		PLN		CZK
in Thousands	Q4 2021	Q4 2022	Q4 2021	Q4 2022	Q4 2021	Q4 2022
Cash flows from operating activities
Profit/Loss for the year before tax	-1,239	-2,379	-5,720	-11,245	-31,440	-58,009
Adjustments for:
Depreciation	1,984	1,629	9,159	7,702	50,343	39,734
Impairment charges		15	0	71	0	364
Other changes in fixed assets	-1	0	-5	0	-25	0
Share of profit of equity-accounted investments	-18	-81	-81	-382	-445	-1,968
Profit/Loss on sale of property, plant and equipment	0	0	0	0	0	0
Other non-cash items	4,277	-3,084	19,746	-14,579	108,537	-75,209
Gain on disposal of financial investments	-543	0	-2,505	0	-13,767	0
Net finance costs	618	2,024	2,853	9,567	15,681	49,351
Changes in:
Trade and other receivables	2,490	7,195	11,498	34,013	63,200	175,462
Gross amount due from customers for contract work	445	72	2,054	338	11,292	1,745
Precious metals	0	0	0	0	0	0
Prepaid expenses	108	119	497	564	2,730	2,910
Inventories	439	-8,038	2,027	-37,998	11,139	-196,019
Trade and other payables	-322	1,934	-1,487	9,144	-8,174	47,171
Income tax paid (advances)	-2,439	740	-11,259	3,498	-61,888	18,047
Net cash from operating activities	5,800	147	26,776	694	147,181	3,579

Cash flows from investing activities
Acquisition of property, plant and equipment	-3,083	-12,221	-14,233	-57,772	-78,237	-298,026
Acquisition of subsidiaries, associates, joint ventures	124	-6,166	572	-29,150	3,147	-150,375
Acquisition of precious metals	0	0	0	0	0	0
Acquisition of other non-current financial investments	-1,952	757	-9,012	3,578	-49,536	18,456
Proceeds from sale of investments	1,560	0	7,202	0	39,588	0
Proceeds from sale of property, plant and equipment	0	0	0	0	0	0
Interests received	0	0	0	0	0	0
Net cash from investing activities	-3,351	-17,630	-15,471	-83,344	-85,038	-429,946
Cash flows from financing activities
Proceeds from issuance of ordinary shares/Repurchase of treasury shares	0	21	0	101	0	521
Change of consolidation method (acquisition of JV)	0	0	0	0	0	0
Proceeds from borrowings	0	29,428	0	139,115	0	717,645
Transfer to/from restricted cash account	1,486	-1,818	6,858	-8,593	37,698	-44,328
Repayment of borrowings	-13,093	-1,434	-60,447	-6,777	-332,259	-34,960
Repayment of principal element of lease liability	-455	-381	-2,103	-1,800	-11,558	-9,285
Proceeds from issuing bonds	55,188	12,500	254,790	59,092	1,400,501	304,836
Payment of placement fees	-1,202	-303	-5,549	-1,435	-30,503	-7,400
Repayment of long term liabilities/bonds	-21,281	-20,900	-98,249	-98,802	-540,046	-509,685
Interest payments	-1,346	-2,316	-6,215	-10,948	-34,159	-56,478
Net cash from financing activities	19,296	14,798	89,085	69,953	489,673	360,865

Net decrease/increase in cash and cash equivalents	21,745	-2,686	100,391	-12,697	551,817	-65,502
Cash and cash equivalents at the beginning of the period	10,761	13,952	49,679	65,958	273,069	340,253
Cash and cash equivalents at the end of the period	32,505	11,266	150,069	53,260	824,886	274,751
EUR exchange rate – low			4.546	4.642	24.860	24.115
EUR exchange rate – average			4.617	4.727	25.377	24.387

EUR exchange rate – high			4.716	4.870	25.735	24.595

13. Detailed Consolidated Financial Results for Q1–Q4 2022

The tables below present the consolidated and unaudited financial statements of Photon Energy N.V. for the period starting on 1 January 2022 and ending on 31 December 2022 and the corresponding period of the previous year. The reported data is presented in accordance with International Financial and Reporting Standards (IFRS).

Statement of Comprehensive Income

	EUR		PLN		CZK
in Thousands	Q1-Q4 2021	Q1-Q4 2022	Q1-Q4 2021	Q1-Q4 2022	Q1-Q4 2021	Q1-Q4 2022
Total revenues	36,359	94,223	165,970	441,407	932,436	2,314,606
Out of that: Revenues from electricity generation	19,402	35,239	88,566	165,084	497,573	865,654
Out of that: Other revenues	16,957	58,984	77,404	276,322	434,864	1,448,952
Other income	418	552	1,907	2,585	10,713	13,555
Raw materials and consumables used	-12,729	-44,144	-58,105	-206,800	-326,439	-1,084,395
Solar levy	-883	-1,969	-4,029	-9,224	-22,636	-48,367
Personnel expenses	-6,742	-9,532	-30,777	-44,655	-172,908	-234,158
Other expenses	-6,839	-15,068	-31,219	-70,590	-175,393	-370,154
Earnings before interest, taxes, depreciation & amortisation (EBITDA)	9,584	24,062	43,747	112,723	245,773	591,086
Depreciation	-10,670	-8,955	-48,707	-41,950	-273,638	-219,971
Impairment charges	-230	-684	-1,048	-3,205	-5,886	-16,807
Gain (loss) on disposal of investments	464	0	2,116	0	11,889	0
Share of profit equity accounted investments (net of tax)	141	126	641	589	3,604	3,088
Result from operating activities (EBIT)	-712	14,549	-3,250	68,157	-18,258	357,395
Financial income	245	141	1,118	660	6,280	3,460
Financial expenses	-6,770	-9,251	-30,903	-43,337	-173,619	-227,245
Gains less losses on derecognition of financial liabilities recognised at amor tised costs	-420	0	-1,917	0	-10,771	0
Revaluation of derivatives	1,730	797	7,898	3,731	44,373	19,567
Profit/loss before taxations (EBT)	-5,927	6,235	-27,054	29,211	-151,995	153,176
Income tax due/deferred	-506	-3,451	-2,309	-16,165	-12,970	-84,765
Profit/loss from continuing operations	-6,433	2,785	-29,363	13,046	-164,964	68,411
Profit/loss	-6,433	2,785	-29,363	13,046	-164,964	68,411
Other comprehensive income
Items that will not be reclassified subsequently to profit of loss
Revaluation of property, plant and equipment	738	433	3,370	2,027	18,932	10,627
Revaluation of other investments	2,656	0	12,124	0	68,114	0
Items that will be reclassified subsequently to profit of loss
Foreign currency translation diff. - foreign operations	2,769	-1,256	12,642	-5,885	71,023	-30,860
Derivatives (hedging)	2,347	2,309	10,713	10,818	60,187	56,725
Items that will be reclassified subsequently to profit of loss - related to JV
Derivatives (hedging)	17	6	80	29	449	154
Other comprehensive income for the period	8,528	1,492	38,929	6,989	218,705	36,646
Total comprehensive income for the period	2,096	4,277	9,566	20,035	53,740	105,057
Profit attributable to:	2,096	4,277	9,566	20,035	53,740	105,057
Attributable to the equity holders	-6,404	2,832	-29,232	13,268	-164,228	69,573
Attributable to non-controlling interest	-29	-47	-131	-222	-736	-1,162
Profit/Loss for the year	-6,433	2,785	-29,363	13,046	-164,964	68,411
Total comprehensive income attributable to:
Attributable to the equity holders	2,124	4,324	9,697	20,256	54,477	106,219
Attributable to non-controlling interest	-29	-47	-131	-222	-736	-1,162
Total comprehensive income for the period	2,096	4,277	9,566	20,035	53,740	105,057
Average no. of shares outstanding (in thousand)	54,359	56,608	54,359	56,608	54,359	56,608
Earnings per share outstanding	-0.118	0.050	-0.538	0.234	-3.021	1.229
Comprehensive income per share outstanding	0.039	0.076	0.178	0.358	1.002	1.876
EUR exchange rate – low			4.451	4.493	24.860	24.115
EUR exchange rate – average			4.565	4.685	25.645	24.565
EUR exchange rate – high			4.716	4.953	26.420	25.865

Cash Flow Statement

	EUR		PLN			CZK
in Thousands	Q1-Q4 2021	Q1-Q4 2022	Q1-Q4 2021	Q1-Q4 2022	Q1-Q4 2021	Q1-Q4 2022
Cash flows from operating activities
Profit/Loss for the year before tax	-5,928	6,235	-27,059	29,211	-152,020	153,176
Adjustments for:
Depreciation	10,670	8,955	48,707	41,950	273,638	219,971
Impairment charges	0	684	0	3,205	0	16,807
Other changes in fixed assets	0	0	0	0	0	0
Share of profit of equity-accounted investments	-141	-126	-641	-589	-3,604	-3,088
Profit/Loss on sale of property, plant and equipment	0	0	0	0	0	0
Other non-cash items	4,346	-410	19,838	-1,921	111,454	-10,072
Gain on disposal of financial investments	-464	0	-2,116	0	-11,889	0
Net finance costs	5,215	8,313	23,805	38,946	133,736	204,219
Changes in:
Trade and other receivables	-1,478	-10,943	-6,746	-51,265	-37,901	-268,817
Gross amount due from customers for contract work	-106	361	-483	1,693	-2,711	8,876
Precious metals	0	0	0	0	0	0
Prepaid expenses	-7	-157	-34	-735	-192	-3,857
Inventories	-1,187	-13,402	-5,419	-62,786	-30,446	-329,229
Trade and other payables	-2,351	4,976	-10,730	23,312	-60,285	122,242
Income tax paid (advances)	-2,349	-750	-10,721	-3,515	-60,233	-18,430
Net cash from operating activities	6,221	3,737	28,399	17,507	159,547	91,799

Cash flows from investing activities
Acquisition of property, plant and equipment	-8,619	-28,437	-39,345	-133,219	-221,044	-698,562
Acquisition of subsidiaries, associates, JV	0	-6,214	-1	-29,112	-5	-152,654
Acquisition of precious metals	-2,849	-277	-13,005	-1,298	-73,063	-6,805
Acquisition of other non-current financial investments	-4,325	638	-19,741	2,988	-110,905	15,668
Proceeds from sale of investments	1,560	0	7,121	0	40,006	0
Proceeds from sale of property, plant and equipment	0	0	0	0	0	0
Interests received	0	0	0	0	0	0
Net cash from investing activities	-14,233	-34,290	-64,971	-160,641	-365,011	-842,353

Cash flows from financing activities
Proceeds from issuance of ordinary shares	7,754	0	35,395	0	198,853	0
Change of consolidation method (acquisition of JV)	0	0	0	0	0	0
Proceeds from borrowings	15,416	33,925	70,368	158,927	395,334	833,364
Transfer to/from restricted cash account	397	-2,785	1,813	-13,047	10,188	-68,414
Repayment of borrowings	-19,898	-10,592	-90,829	-49,618	-510,287	-260,184
Repayment of principal element of lease liability	-577	-918	-2,635	-4,299	-14,804	-22,544

Proceeds from issuing bonds	56,092	22,500	256,043	105,406	1,438,477	552,718
Payment of placement fee	-1,202	-411	-5,487	-1,926	-30,825	-10,101
Repayment of long-term liabilities/bonds	-21,281	-23,719	-97,142	-111,117	-545,755	-582,663
Interest payments	-6,076	-8,686	-27,733	-40,689	-155,808	-213,363
Net cash from financing activities	30,625	9,314	139,793	43,636	785,372	228,812
Net decrease/increase in cash and cash equivalents	22,612	-21,239	103,220	-99,499	579,898	-521,741

Cash and cash equivalents at the beginning of the period	9,893	32,505	45,159	152,278	253,708	798,502

Cash and cash equivalents at the end of the period	32,505	11,266	148,379	52,780	833,606	276,761

EUR exchange rate - low			4.451	4.493	24.860	24.115
EUR exchange rate - average			4.565	4.685	25.645	24.565
EUR exchange rate - high			4.716	4.953	26.420	25.865

14. Detailed Entity Financial Results for Q4 2022

The tables below present the unaudited entity financial statements of Photon Energy N.V. for the three-month period starting on 1 October 2022 and ending on 31 December 2022 and the corresponding period of the previous year. The reported data is presented in accordance with Dutch Accounting Standards.

Income Statement

in Thousands (except EPS)		EUR	PLN		CZK
		Q4 2022	Q4 2021	Q4 2022	Q4 2021	Q4 2022
Net turnover	837	1,921	3,864	9,079	21,240	46,837
Other operating income	-607	191	-2,803	904	-15,405	4,665
Total operating income	230	2,112	1,062	9,984	5,836	51,502
Costs of raw materials and consumables	0	0	0	0	0	0
Wages and salaries	-19	-3	-88	-16	-482	-83
Amortisation of intangible fixed assets and depreciation of tangible fixed assets	0	0	0	0	0	-2
Impairment of current assets	0	0	0	0	0	0
Other operating expenses	-150	-1,829	-693	-8,646	-3,807	-44,603
Total operating expenses	-169	-1,832	-780	-8,663	-4,289	-44,688
Other interest income and similar income	899	472	4,150	2,233	22,814	11,517
Changes in value of fixed asset investments	1,242	579	5,734	2,737	31,518	14,121
Interest expense and similar expenses	-1,375	-1,972	-6,348	-9,323	-34,893	-48,092
Results before tax	827	-641	3,818	-3,032	20,986	-15,640
Taxes	-13	0	-59	0	-326	0
Share in profit/loss of participations	5,283	18,415	24,390	87,052	134,062	449,072
Net result after tax	6,097	17,773	28,148	84,020	154,721	433,432

Balance Sheet

	EUR		PLN		CZK
in Thousands	31.12.2021	31.12.2022	31.12.2021	31.12.2022	31.12.2021	31.12.2022
A. Fixed assets	65,725	98,590	302,129	461,473	1,633,913	2,377,507
I. Intangible fixed assets	36	12,251	164	57,343	885	295,433
3. Concessions, licences and intellectual property	36	12,251	164	57,343	885	295,433
II. Tangible fixed assets	0	0	0	0	0	0
III. Financial fixed assets	65,689	86,339	301,965	404,129	1,633,029	2,082,074
1. Interests in group companies	30,882	55,575	141,961	260,129	767,727	1,340,182
2. Accounts receivable from group companies	25,060	23,589	115,198	110,412	622,992	568,843
5. Other investments	9,747	7,176	44,806	33,589	242,310	173,049
B. Current assets	101,883	92,615	468,346	433,502	2,532,816	2,233,404
I. Inventories	0	0	0	0	0	0
II. Accounts receivable	81,281	90,620	373,642	424,167	2,020,654	2,185,307
1. Trade debtors	7,953	11,457	36,557	53,627	197,703	276,286
2. From group companies	70,165	74,704	322,541	349,665	1,744,302	1,801,476
4. Other accounts receivable	3,158	3,455	14,517	16,171	78,508	83,312
6. Prepayments and accrued income	4	1,005	17	4,704	92	24,233
IV. Cash at banks and in hand	20,602	1,994	94,704	9,336	512,161	48,097
Assets	167,608	191,205	770,475	894,975	4,166,729	4,610,911

A. Equity	79,336	102,962	364,698	481,934	1,972,287	2,482,925
I. Called-up share capital	600	600	2,758	2,808	14,916	14,469
II. Share premium	44,554	50,555	204,812	236,633	1,107,623	1,219,133
III. Revaluation reserve	19,037	19,470	87,511	91,133	473,260	469,519
IV. Legal and statutory reserves	38	13	175	60	945	308
V. Other reserves	1,533	4,047	7,047	18,945	38,110	97,605
VI. Retained earnings	9,945	13,612	45,718	63,715	247,241	328,257
Profit for the year	3,667	14,804	16,857	69,292	91,162	356,991
Treasury shares	-38	-139	-175	-652	-945	-3,357
C. Long-term debt	59,403	80,271	273,067	375,726	1,476,749	1,935,738
2. Other bonds and private loans	57,223	78,024	263,048	365,210	1,422,564	1,881,560
7. Accounts payable to group companies	2,180	2,247	10,019	10,516	54,185	54,178
D. Current liabilities	28,869	7,972	132,709	37,315	717,691	192,248
2. Other bonds and private loans	24,107	3,146	110,817	14,726	599,300	75,867
5. Trade creditors	1,008	614	4,635	2,875	25,067	14,810
7. Accounts payable to group companies	3,493	3,869	16,057	18,111	86,836	93,310
11. Other liabilities	12	141	55	660	298	3,401
12. Accruals and deferred income	249	202	1,145	943	6,190	4,860
Equity and liabilities	167,608	191,205	770,475	894,975	4,166,727	4,610,911
No. of shares outstanding in thousand	56,252	58,667	56,252	58,667	56,252	58,667
Book value per share outstanding	1.410	1.755	6.483	8.215	35.061	42.322

15. Detailed Entity Financial Results for Q1–Q4 2022

The table below presents the unaudited entity financial statements of Photon Energy N.V. for the twelve-month period starting on 1 January 2022 and ending on 31 December 2022 and the corresponding period of the previous year. The reported data is presented in accordance with Dutch Accounting Standards.

Income Statement

in Thousands (except EPS)		EUR	PLN		CZK
		Q1-Q4 2022	Q1-Q4 2021	Q1-Q4 2022	Q1-Q4 2021	Q1-Q4 2022
Net turnover	3,269	5,472	14,924	25,633	83,842	134,410
Other operating income	484	191	2,207	896	12,401	4,699
Total operating income	3,753	5,663	17,131	26,529	96,243	139,110
Costs of raw materials and consumables	0	0	0	0	0	0
Wages and salaries	-77	-29	-351	-136	-1,969	-716
Amortisation of intangible fixed assets and depreciation of tangible fixed assets	0	0	0	0	-2	-2
Impairment of current assets	0	0	0	0	0	0
Other operating expenses	-3,717	-5,374	-16,969	-25,174	-95,333	-132,003
Total operating expenses	-3,794	-5,403	-17,320	-25,310	-97,305	-132,720
Other interest income and similar income	2,144	2,588	9,787	12,125	54,983	63,582
Changes in value of fixed asset investments	1,242	579	5,669	2,713	31,851	14,224
Interest expense and similar expenses	-4,948	-7,047	-22,586	-33,013	-126,892	-173,109
Results before tax	-1,603	-3,620	-7,319	-16,956	-41,119	-88,914
Taxes	-13	0	-59	0	-333	0
Share in profit/loss of participations	5,283	18,423	24,115	86,307	135,479	452,568
Net result after tax	3,667	14,804	16,741	69,351	94,052	363,654

16. Financial Results per Operating Segments

The tables below present the consolidated and un-audited financial results per operating segment of Photon Energy N.V. for the period starting on 1 January 2022 and ending on 31 December 2022 and the corresponding period of the previous year. The reported data are presented in accordance with International Financial and Reporting Standards (IFRS).

Operating segments for the period from 1 January 2022 to 31 December 2022

In thousands of EUR	Solutions	Technology	Investments	Operations and Maintenance	Other	Total for segments before elimination	Elimination	Consolidated financial information
External revenues from the sale of products,	4,069	51,437	35,239	2,721	757	94,223	0	94,223
goods & services Internal revenues from the sale of products,	10,467	13,584	37	2,321	7,880	34,289	-34,289	0
goods & services Total revenues	14,536	65,021	35,276	5,042	8,637	128,512	-34,289	94,223
Other external income	-12	7	11	30	516	552	0	552
Raw materials and consumables used	-5,114	-55,014	-33	-426	-78	-60,664	16,521	-44,144
Solar levy	0	0	-1,969	0	0	-1,969	0	-1,969
Personnel expenses and other expenses	-6,925	-3,175	-5,302	-4,737	-12,915	-33,053	8,453	-24,600
EBITDA	2,485	6,840	27,982	-90	-3,840	33,377	-9,315	24,062
Depreciation	-52	-41	-7,419	-625	-817	-8,955	0	-8,955
Impairment charges	-1	-657	0	-20	-5	-684	0	-684
Gain/(Loss) on disposal of investments	0	0	0	0	0	0	0	0
Profit/loss share in entities in equivalency	0	0	126	0	0	126	0	126
Result from operating activities (EBIT)	2,432	6,141	20,689	-735	-4,663	23,864	-9,315	14,549
Financial income	440	7	392	275	3,907	5,020	-4,879	141
Interest expense	-730	-342	-4,039	-475	-8,470	-14,055	4,879	-9,176
Other net financial expenses	377	-30	-571	90	59	-75	0	-75
Revaluation of derivatives	0	0	217	0	579	797	0	797
Profit/loss before taxation (EBT)	2,520	5,776	16,688	-846	-8,588	15,551	-9,315	6,236
Income Tax (income and deferred)	-564	-708	-2,145	-27	-7	-3,451	0	-3,451
Profit/loss after taxation	1,955	5,069	14,544	-873	-8,595	12,100	-9,315	2,785
Other comprehensive income	113	82	3,108	-30	-1,780	1,492	0	1,492
Total comprehensive Income	2,068	5,150	17,652	-903	-10,374	13,592	-9,315	4,277
Assets	50,625	37,486	172,409	18,200	189,752	468,471	-228,172	240,300
Liabilities	-46,555	-31,495	-110,410	-26,970	-181,482	-396,912	218,955	-177,956
Investments in JV accounted for by equity	0	0	1,670	0	0	1,670	0	1,670
method Additions to non-current assets	0	0	0	0	0	0	0	0

In thousands of EUR	Solutions	Technology	Investments	Operations and Maintenance	Other	Total for segments before elimination	Elimination	Consolidated financial information
External revenues from the sale of products, goods & services	5,594	8,315	19,402	2,572	476	36,359	0	36,359
Internal revenues from the sale of products, goods & services	4,551	906	1,287	1,888	2,692	11,325	-11,325	0
Total revenues	10,145	9,221	20,690	4,460	3,168	47,684	-11,325	36,359
Other external income	174	5	10	21	209	418	0	418
Raw materials and consumables used	-9,123	-7,479	-1,893	-1 893	-669	-21,057	8,328	-12,729
Solar levy	0	0	-883	0	0	-883	0	-883
Personnel expenses and other expenses	-3,701	-282	-767	-2,422	-8,837	-16,009	2,428	-13,581
EBITDA	-2,505	1,464	17,156	167	-6,128	10,154	-570	9,584
Depreciation	-40	-6	-9,191	-732	-701	-10,670	0	-10,670
Impairment charges	0	0	-231	0	0	-231	0	-231
Gain (loss) on disposal of investments	0	0	0	0	464	464	0	464
Profit/loss share in entities in equivalency	0	0	141	0	0	141	0	141
Results from operating activities (EBIT)	-2,545	1,459	7,876	-566	-6,365	-142	-570	-712
Financial income	86	48	452	468	2,318	3,371	-3,126	245
Interest expense	-304	-108	-3,088	-365	-5,836	-9,701	3,126	-6,575
Other net financial expenses	-160	41	-983	29	879	-195	0	-195
Gains less losses on derecognition of financial liabilities recognised at amortised costs	0	0	0	0	-420	-420	0	-420
Revaluation of derivatives	0	0	488	0	1,242	1,730	0	1,730
Profit/loss before taxation (EBT)	-2,924	1,439	4,744	-434	-8,182	-5,357	-570	-5,926
Income Tax (income and deferred)	14	-26	-458	-15	-20	-506	0	-506
Profit/loss after taxation	-2,909	1,412	4,286	-449	-8,202	-5,863	-570	-6,433
Other comprehensive income	-18	25	6,336	-122	2,307	8,528	0	8,528
Total comprehensive Income	-2,927	1,438	10,622	-572	-5,896	2,665	-570	2,095
Assets	20,351	5,009	144,679	14,770	188,085	372,894	-176,276	196,618
Liabilities	-19,870	-4,369	-101,327	-24,303	-174,407	-324,276	179,196	-145,080
Investments in JV accounted for by equity method	0	0	1,626	0	0	1,626	0	1,626
Additions to non-current assets	0	46	8,493	80	3,795	12,414	0	12,414

17. Board of Directors Statement

The board of directors hereby represents, to the best of its knowledge, that the quarterly and year-to-date financial statements of the Company and its consolidated subsidiaries for the period ended 31 December 2022 are prepared in accordance with the applicable accounting standards and that they give a true and fair view of the assets, liabilities, financial position and the result of the Company and its consolidated subsidiaries, and that the Management Report for the period ended 31 December 2022 gives a true and fair view of the most important events that have occurred during the reporting period.

Amsterdam, 15 February 2023

Georg Hotar, member of the board of directors Michael Gartner, member of the board of directors

18. Investor Relations Contact

Emeline Parry, Investor relations & Sustainability manager E-mail: [email protected]

Photon Energy N.V. Barbara Strozzilaan 201 1083 HN Amsterdam The Netherlands

Phone: +420 277 002 910 Web: www.photonenergy.com

AI Terminal

Photon Energy N.V.

5761_rns_2023-02-15_f40e8cf8-4243-4ded-87cf-5b779f42942d.pdf

Consolidated and Entity Financial Reports

1. Selected Financial Results

1.1 Selected financial results for Photon Energy Group, for the period of 1 October to 31 December 2022

Financial highlights:

Other highlights:

After the reporting period:

1.2 Standalone financial results for Photon Energy N.V. for the period of 1 October to 31 December 2022

2. Management Discussion and Analysis

2.1 A note from the management board

Financial results

Photon Energy meets its guidance for 2022 an announces 2023 financial guidance

Photon Energy Group Secured EUR 28.1 million long-term refinancing for its Czech portfolio

Photon Energy Group tapped its 6.50% green bond to EUR 77.5 million

Photon Energy Group repaid 7.75% corporate bond 2017/2022

Photon Energy acquired solar and battery storage project in Australia

Photon Energy launched B2B eCommerce platform

Photon Energy shares started trading in XETRA

Photon Energy announced share buyback programme

Photon Energy completed full takeover of Lerta

Lerta succeeded in Polish capacity auction with 157 MW of DSR and secured EUR 13.6 million in revenue

2.2 Strategy and its execution

2.3 Proprietary portfolio, generation results and O&M services

Proprietary portfolio

Table 1. The proprietary portfolio of Photon Energy N.V. as of 31 December 2022

Generation results

Table 2. Generation results versus projections between 1 October and 31 December 2022

Chart 1.a Total production of the Czech portfolio Chart 1.b Total production of the Slovak portfolio

O&M services

2.4 Reporting on Photon Energy's project pipeline

Australia

Hungary

Romania

► Săhăteni (7.1 MWp) project:

2.5 Enterprise value & Share price performance

2.5.1 Main market of the Warsaw Stock Exchange

Trading of the Company's shares on the regulated market of the Warsaw Stock Exchange (WSE) (Giełda Papierów Wartościowych w Warszawie) commenced on 5 January 2021. Prior to that date, data presented in this section have been extracted from the trading activity on NewConnect.

Chart 3. Total monthly volumes vs. daily closing stock prices

2.5.2 Main market of the Prague Stock Exchange

2.5.3 Quotation Board of the Frankfurt Stock Exchange

2.5.4 XETRA Trading Platform (German Stock Exchange)

2.6 Bond trading performance

2.6.1 EUR Bond 2017-22 trading performance

EUR Bond 2017/22 trading performance

2.6.2 Green EUR Bond 2021/27 trading performance

Green EUR Bond 2021/27 trading performance to date

2.6.3 CZK Bond trading performance in Prague

2.7 Financial statement analysis

Profit and Loss statement

Green EUR Bond 2021/27 trading performance in Q4 2022

Balance Sheet

Changes in equity

Chart 9. Breakdown of liabilities and equity

Cash Flow

2.8 Financial forecasts

3. General Information About the Issuer

4. Share Capital of the Issuer

Share capital as of 31 December 2022

Share capital as of 15 February 2023

5. Shareholder Structure

6. Statutory Bodies of the Issuer

Board of directors as of 31 December 2022

Supervisory board

7. Description of the Issuer's Business

Country-specific references

8. Implementation of Innovative Activities in the Company

9. Employees

Chart 10. Total number of employees and full-time equivalent employees per quarter

Employee Share Purchase Programme

10. Group Structure

Notes:

Consolidation method:

In the reporting period, the following changes to the Group structure took place:

After the reporting period, the following events occurred from the beginning of January 2023

11. Report on the Key Events Material for the Group's Operations

11.1 Summary of the key events from 1 October until 31 December 2022

11.2 Summary of the key events after 31 December 2022

12. Detailed Consolidated Financial Results for Q4 2022