Photon Energy N.V.

Consolidated and Entity Financial Reports

For the period from 1 January to 31 March 2023

11 May 2023 | Amsterdam, The Netherlands

1. Selected Financial Results

1.1 Selected financial results for Photon Energy Group, for the period of 1 January to 31 March 2023

	EUR		PLN		CZK
in Thousands	Q1 2022	Q1 2023	Q1 2022	Q1 2023	Q1 2022	Q1 2023
Total revenues	9,137	19,280	42,244	90,767	225,268	458,564
EBITDA	2,024	330	9,357	1,555	49,896	7,857
EBIT	528	-1,569	2,443	-7,387	13,027	-37,319
Profit / loss before taxation	-1,349	-4,173	-6,237	-19,648	-33,260	-99,262
Profit / loss	-1,491	-4,170	-6,891	-19,630	-36,748	-99,173
Total comprehensive income	1,789	-1,649	8,269	-7,764	44,095	-39,225
Operating cash flow	-6,502	-2,428	-30,058	-11,429	-160,288	-57,742
Investment cash flow	-904	-2,732	-4,178	-12,862	-22,279	-64,979
Financial cash flow	-4,916	2,525	-22,725	11,889	-121,184	60,063
Net change in cash	-12,321	-2,635	-56,961	-12,403	-303,750	-62,663
EUR exchange rate - low	-	-	4.493	4.668	24.150	23.425
EUR exchange rate - average	-	-	4.623	4.708	24.653	23.785
EUR exchange rate - end of period	-	-	4.653	4.670	24.385	23.490
EUR exchange rate – high	-	-	4.953	4.787	25.865	24.175

	31.12.2022	31.03.2023	31.12.2022	31.03.2023	31.12.2022	31.03.2023
Non-current assets	189,259	205,645	885,868	960,360	4,563,990	4,830,611
Current assets	64,547	63,840	302,124	298,130	1,556,543	1,499,592
Of which Liquid assets	21,358	19,149	99,969	89,426	515,041	449,813
Total assets	253,806	269,485	1,187,992	1,258,490	6,120,532	6,330,203
Total equity	70,475	71,604	329,872	334,391	1,699,502	1,681,985
Current liabilities	33,539	43,892	156,984	204,973	808,783	1,031,015
Non-current liabilities	149,792	153,989	701,131	719,125	3,612,228	3,617,199

Notes: Exchange rates provided by the European Central Bank.

All balance sheet data as of 31.12.2022 have been extracted from audited figures for FY 2022.

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

Financial highlights:

► Unaudited consolidated revenues increased to EUR 19.280 million in Q1 2023 from EUR 9.137 million in Q1 2022 (+111.0% YOY).
► EBITDA decreased to EUR 0.330 million in Q1 2023 from EUR 2.024 million in Q1 2022 (-83.7% YOY).
► EBIT of EUR -1.569 million in Q1 2023 compared to EUR 0.528 million in Q1 2022.
► A net loss of EUR -4.170 million was recorded in Q1 2023 compared to a EUR -1.491 million loss a year ago.
► Total comprehensive income (TCI) of EUR -1.649 million in Q1 2023, compared to a positive EUR 1.789 million in Q1 2022.
► Increased equity of EUR 71.604 million at the end of Q1 2023, compared to EUR 70.475 million at the end of 2022.
► The adjusted equity ratio (defined as total equity divided by total capital, being the sum of interest-bearing debt and equity) decreased to 31.3%, compared to 32.0% at the end of 2022.

Other highlights:

► Photon Energy completed full takeover of Lerta S.A. by acquiring the founders' remaining equity stake.
► Photon Energy commissioned its first Romanian utility-scale PV power plant.
► Photon Energy Group secured EUR 21.9 Million financing for Romanian projects.
► Photon Energy Group increased its green bond to EUR 80.0 million
► Photon Energy Group secured DSR capacity of 389 MW and locked-in EUR 24.8 million in 2024 revenue.

After the reporting period:

► After the reporting period, Photon Energy commissioned another five PV power plants in Romania bringing its proprietary portfolio to 113.1 MWp.
► imug | rating renewed its ESG rating of 'very good', based on the following scale: weak, moderate, good, very good, excellent.

1.2 Standalone financial results for Photon Energy N.V. for the period of 1 January to 31 March 2023

	EUR			PLN		CZK
in Thousands	Q1 2022	Q1 2023	Q1 2022	Q1 2023	Q1 2022	Q1 2023
Net turnover	962	1,960	4,449	9,229	23,723	46,623
Total operating income	962	1,960	4,449	9,229	23,723	46,623
Results before tax	-223	-991	-1,031	-4,667	-5,499	-23,581
Net result after tax	-232	-991	-1,071	-4,667	-5,711	-23,581
EUR exchange rate – low	-	-	4.493	4.668	24.150	23.425
EUR exchange rate – average	-	-	4.623	4.708	24.653	23.785
EUR exchange rate - end of period	-	-	4.653	4.670	24.385	23.490
EUR exchange rate – high	-	-	4.953	4.787	25.865	24.175

	31.12.2022	31.03.2023	31.12.2022	31.03.2023	31.12.2022	31.03.2023
Fixed assets	79,813	102,495	373,583	478,648	1,924,698	2,407,601
Current assets	114,443	102,934	535,675	480,701	2,759,798	2,417,924
Cash at banks and in hand	1,994	1,523	9,336	7,112	48,097	35,771
Total assets	194,257	205,429	909,258	959,349	4,684,497	4,825,525
Total equity	107,015	106,024	500,906	495,128	2,580,666	2,490,494
Current liabilities	8,484	18,267	39,713	85,305	204,603	429,083
Long-term debt	78,757	81,139	368,639	378,916	1,899,227	1,905,948

Notes:

Exchange rates are provided by the European Central Bank.

All balance sheet data as of 31.12.2022 have been extracted from audited figures for FY 2022.

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 Board of Directors

After an eventful year 2022, the opening quarter of 2023 showed our ability to further accelerate the Company's growth across all our business lines materially, despite challenging weather and market conditions affecting the electricity generation from our proprietary portfolio.

We are very excited to have commissioned our first power plants in Romania – our very first one during the reporting period with 5.7 MWp, five additional ones with a combined capacity of 15.5 MWp after the reporting period, supporting the growth of a recurring revenue stream from clean electricity generation. The power plants mark another important step in our efforts to grow our IPP portfolio, while representing a true milestone for Photon Energy in the Romanian renewable energy market, where we plan to commission an additional capacity of around 10 MWp, expanding our IPP portfolio to over 120 MWp in the coming months. The financing agreement secured with Austrian Raiffeisen Bank International (RBI) for this portfolio, confirms that our integrated business model based on the ability to develop, engineer, construct, finance and operate PV installations, as well as monetise the generated electricity, has been successfully deployed in the Romanian market. Our decision last year to commit to the construction of PV power plants with a total capacity of 31.5 MWp and sell electricity into the market represents very strong confidence in the Romanian energy sector, as does the non-recourse project financing for these power plants provided by RBI. They are also proof that a private sector marketbased solution to the significant investment needs and plans for the energy transition in Romania is viable and available.

A "New Energy Division" has been created in January 2023 by combining the Group's behind-the-meter activities with newly integrated Lerta. Thanks to our combined businesses, we are 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. During the reporting period, the Company secured DSR capacity of 375 MW in the additional Polish TSO auction for 2024. With the previously contracted capacity of 14 MW for 2024, the Company's total DSR capacity of 389 MW will lock-in PLN 116.8 million (EUR 24.8 million) in total DSR revenues for 2024. The great news is that our success in the Polish capacity auction, coupled with what we still believe to be significant growth potential for DSR services and the expected start of a market for ancillary services in Poland, is still only the tip of the iceberg. Markets for DSR, multiple forms of supply flexibility and ancillary services are being established in our current home markets in the CEE region and in Australia, as well as a rapidly growing number of markets worldwide, at a rapid pace. While EUR 24.8 million in contracted DSR revenues in Poland for 2024 represent a new strong pillar of stable revenues and underscore the financial logic of Lerta's integration into the Photon Energy Group, our ability to leverage our people, experience and Virtual Power Plant (VPP) tool to address a rapidly developing global market is the even more exciting message for today. The auction results also confirm our ability to maintain a very satisfactory growth rate, which is primarily due to our transparent approach to our partners and the comprehensiveness of our integrated offer, including participation in DSR, energy supply and technical solutions such as photovoltaic power plants. We are also excited to continue our mission of transforming passive energy consumers into grid-saving flexumers, thus unlocking new revenue streams for them, now not only in Poland, but also in neighbouring countries, and soon in Australia.

Key highlights for the first quarter of 2023 up to the reporting date are detailed below:

Financial results

In the first quarter of 2023, the Company more than doubled its consolidated revenue to EUR 19.280 million (+111.0% YOY) despite a challenging quarter marked by a 16.2% decrease YOY in revenues from electricity generation, which amounted to EUR 4.150 million as of the end of the quarter. This development was the result of a lower production (-9.8% YOY) due to unfavourable weather conditions, combined with decreased electricity prices, which affected our Czech and Australian portfolios, which were already selling electricity on a merchant model basis during the first quarter of 2022. However, this could be compensated by a 261.4% growth YOY of other revenue streams bringing total other revenues for the quarter to EUR 15.129 million. This remarkable growth was mainly attributable to the momentum experienced by the Company's component trading business line, revenues from our recent acquisition of Lerta, as well as Engineering revenues in Australia.

Unaudited consolidated EBITDA dropped by 83.7% YOY to EUR 0.330 million, while quarterly EBIT swung from EUR 0.528 million in Q1 2022 to EUR -1.569 million for the first quarter of 2023. The Company's quarterly profitability was impacted by a higher contribution of lower margin revenues from the sale of technology, and Lerta, transaction costs related to the acquisition of Lerta and a growing headcount, which is crucial to support the development of our existing business lines as well as our new business activities.

Depreciation increased by 30.5%YOY to EUR -1.952 million in Q1 2023, due to the grid connection of a power plant in Hungary in 2022, our first power plant in Romania, and the additional depreciation coming from Lerta DSR contracts, which were activated as intangible assets.

Overall interest expenses increased by +16.4% to EUR -2.467 million in Q1 2023, driven by increased interest costs related to the Company's 6.50% Green EUR Bond 2021/2027, which was tapped from EUR 50.0 million to EUR 77.5 million during the year 2022, and to EUR 80.0 million in March 2023, the refinancing of our Czech portfolio, and an additional working capital line dedicated to Photon Energy Technology CEE, the Company's component trading business line. On the other side, deferred tax items could be reclassified from the Profit and Loss statement to be activated as deferred tax assets for EUR 1.312 million.

As a result, the Group recorded a net loss of EUR -4.170 million (vs. a EUR -1.491 million net loss in Q1 2022).

Bottom line, positive effects consisting in the revaluation difference related to our newly connected Romanian power plants in Siria (EUR 1.224 million) and a positive Foreign exchange difference in the Czech Republic and Hungary incurred a total comprehensive income (TCI) of EUR -1.649 million comparing to EUR 1.789 million a year earlier.

Photon Energy Group Confirms its Guidance for 2023

Our results for the first quarter, traditionally our weakest quarter, were driven by multiple factors including one-off items, energy production below expectations and our investment into our new business lines, which led to higher operating expenses. However, based on the ongoing expansion of our proprietary portfolio in Romania in combination with a dynamic growth across all our business lines, we confirm our target to increase our consolidated revenues for 2023 which are expected to increase to EUR 150.0 million from EUR 95.1 million in 2022, representing a 57.7% increase YoY, leading to an increase of EBITDA to EUR 29.0 million from EUR 24.3 million in 2022 (+19.3% YoY).

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.

Photon Energy Commissioned Its First Romanian Utility-Scale PV Power Plants, another Five After the Reporting Period

During the reporting period, the Company has completed and gridconnected its first Romanian PV power plant with a capacity of 5.7 MWp in the municipality of Șiria. After the reporting period, another five power plants with a total capacity of 15.5 MWp were commissioned in Calafat (6.0 MWp), Aiud (4.7 MWp), and Teius (4.7 MWp). The electricity generated will be sold on the energy market on a merchant basis, without any support or a power purchase agreement with an energy offtaker.

The power plants mark another important step in our efforts to grow our IPP portfolio, while representing a true milestone for Photon Energy in the Romanian renewable energy market, where we plan to commission an additional capacity of around 10 MWp, expanding our IPP portfolio to over 120 MWp in the coming months. As of the end of the reporting period, the Company's IPP portfolio included 89 solar power plants, with a combined generation capacity of 97.6 MWp and as of the publication date 94 solar power plants, with a combined generation capacity of 113.1 MWp.

We are currently developing utility-scale solar PV projects with a combined capacity of over 940 MWp in Australia and its key CEE markets, including 239 MWp in Romania, of which a capacity of 10.4 MWp is set to be commissioned in the coming months. The remaining Romanian projects in the project development pipeline are expected to be built and commissioned in 2023 and 2024, making the Romanian market a significant contributor to the Company's goal of expanding the global electricity generation capacity of its IPP portfolio.

Photon Energy Group Secured EUR 21.9 Million Financing for Romanian Projects

During the reporting period, the Company has closed a non-recourse project refinancing agreement in the amount of EUR 21.9 million with Austrian Raiffeisen Bank International (RBI) for its portfolio of PV power plants in Romania with a total installed capacity of 31.5 MWp.

The signing of the agreement represents the Group's first project financing of European PV assets that operate on a merchant basis, selling energy to the market without a power purchase agreement or state support. To date, only the Company's two merchant utilityscale power plants in Leeton, Australia, which have a combined installed capacity of 14.6 MWp, have obtained non-recourse project financing.

The signing of the financing agreement confirms that our integrated business model based on the ability to develop, engineer, construct, finance and operate PV installations, as well as monetise the generated electricity, has been successfully deployed in the Romanian market.

Photon Energy Group Increased its Green Bond to EUR 80.0 Million

During the reporting period, the Company announced that it has successfully increased its first 6.50% Photon Energy Green EUR Bond 2021/27 (ISIN: DE000A3KWKY4) (the 'Bond') to a total amount of EUR 80.0 million. The additional nominal amount of EUR 2.5 million has been placed through a private placement to institutional investors in the UK, Switzerland, Germany, and Austria. The Bond – with a nominal value of EUR 80.0 million, a maturity in 2027 and 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 started trading on the Open Market of the Frankfurt Stock Exchange on 23 November 2021. The Company intends to use the net proceeds of the 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 Green Finance Framework, enabling Photon Energy Group to make a significant contribution to an environmentally friendly future.

Photon Energy Secured DSR Capacity of 389 MW and Lockedin EUR 24.8 Million in 2024 Revenue

During the reporting period, the Company announced that its subsidiaries Lerta JRM Sp. z o.o. and Lerta S.A. have succeeded in the additional 2024 Polish capacity auction with 375 MW of Demand Side Response ('DSR'). With the previously contracted capacity of 14 MW for 2024, the Company's total DSR capacity of 389 MW will lock-in PLN 116.8 million (EUR 24.8 million) in total DSR revenues for 2024. Photon Energy's success in the Polish capacity auction for 2024 is an important milestone on its journey to becoming the market leading DSR provider in Poland, with a target of 1 GW in 2030. The PSE auctions are for the readiness to provide DSR services on-demand in case of grid stress events, which todate have occurred rarely.

imug rating renewed its ESG rating of 'very good'

After the reporting period, the Company announced that it has received a "very good" sustainability rating for its ESG practices and business model from imug rating, an independent institution that assessed the Company's policies and activities in the area of sustainability. imug rating renewed its rating of 'very good', based on the following scale: weak, moderate, good, very good, excellent, two years after an initial evaluation conducted in May 2021. imug rating is one of the leading sustainability rating agencies in

Germany and a specialist in ESG research. imug rating has been active in the fields of sustainable finance and socially responsible investment for over 25 years. Its references include major asset managers and alternative banks as well as institutional investors and NGOs.. We are proud that our ESG practices have been rated 'very good' by imug rating. This validates our strategy, which sees sustainability as a key driver of value creation for our Company. Since it is our mission to make a positive societal contribution through a strong focus on sustainability, we attach much value to this rating as a demonstration of our commitment to transparency and trustworthiness to our stakeholders.

In April 2023, the Company released its third annual sustainability report, formally expressing the Company's commitment to delivering sustainable outcomes.

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.

► Utility:

The development and 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 increase in the production of clean energy by expanding the Group's global electricity generation capacity of its proprietary portfolio of photovoltaic power plants;

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.

► New Energy:

The 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 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 expansion of the Group's PPA business and the construction of commercial behind-the-meter PV projects for industrial customers and off-takers in Australia and in Europe.

► Technology Distribution:

An utilisation of existing economies of scale through a business-to-business online sales platform to generate additional trading revenues from PV modules, inverters, batteries, and other components.

► Operations and Maintenance:

The increase of the Group's operations and maintenance (O&M) services to maximise the energy generation output of both proprietary and third-party power plants and to optimise the useful life of PV assets;

► Water Solutions:

The development of the Group's suite of water services and products to become a leading worldwide player in the PFAS remediation industry on the back of its proprietary patentpending nano remediation technology, as well as other technologies currently under development.

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 March 2023, consisting of 89 power plants in the Czech Republic, Slovakia, Hungary, Romania and Australia with a total installed capacity of 97.6 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 March 2023

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

Nr Proprietary portfolio	Legal entity	Country	Cap. (kWp)	Share	Cap. Pro-rata (kWp)	Completed
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	Ladány Solar Alpha Kft.	HU	1,420	100%	1,420	Oct-20
80 Püspökladány 4	Ladány Solar Beta Kft.	HU	1,406	100%	1,406	Oct-20
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	1,406	100%	1,406	Nov-20
84 Püspökladány 8	Ladány Solar Gamma Kft.	HU	1,420	100%	1,420	Oct-20
85 Püspökladány 9	Ladány Solar Delta Kft.	HU	1,406	100%	1,406	Oct-20
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	1,358	100%	1,358	May-22
89 Siria	Siria Solar Srl.	RO	5,691	100%	5,691	Feb -23
Total			97,596

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 Q1 2023 amounted to 24.1 GWh, which was 9.8% lower YOY and 6.2% below estimates. This represents an avoidance of 10,575 tonnes of CO² emissions for the first quarter of the year 2023. Detailed generation results for each power plant are published in our monthly reports.

Table 2. Generation results versus projections between 1 January and 31 March 2023

Project name	Capacity	AVG revenue (EUR) 1	Prod. Q1 2023	Proj. Q1 2023	Perf.	YTD YoY
Unit	kWp	per MWh	kWh	kWh	%	kWh
Komorovice	2,354	679 EUR	368,628	411,287	-10.4%	-25.0%
Zvíkov I	2,031	679 EUR	353,358	406,619	-13.1%	-25.8%
Dolní Dvořiště	1,645	679 EUR	247,598	271,971	-9.0%	-21.0%
Svatoslav	1,231	679 EUR	172,325	189,220	-8.9%	-22.2%
Slavkov	1,159	679 EUR	208,696	234,928	-11.2%	-27.8%
Mostkovice SPV 1	210	617 EUR	34,981	37,396	-6.5%	-24.9%
Mostkovice SPV 3*	926	762 EUR	156,243	165,054	-5.3%	-24.6%
Zdice I	1,499	679 EUR	259,957	288,382	-9.9%	-21.5%
Zdice II	1,499	679 EUR	259,947	295,617	-12.1%	-23.4%
Radvanice	2,305	679 EUR	375,014	414,127	-9.4%	-27.2%
Břeclav rooftop	137	618 EUR	24,005	27,766	-13.5%	-29.9%
Total Czech PP	14,996		2,460,752	2,742,368	-10.3%	-24.7%
Babiná II	999	271 EUR	145,025	151,011	-4.0%	-21.7%
Babina III	999	271 EUR	111,002	154,314	-28.1%	-39.7%
Prša I.	999	270 EUR	154,139	164,204	-6.1%	-23.5%
Blatna	700	273 EUR	101,817	109,906	-7.4%	-20.2%
Mokra Luka 1	963	258 EUR	214,235	221,576	-3.3%	-23.7%
Mokra Luka 2	963	257 EUR	221,553	229,416	-3.4%	-24.1%
Jovice 1	979	263 EUR	144,105	141,640	1.7%	-16.4%
Jovice 2	979	263 EUR	139,500	140,585	-0.8%	-18.0%
Brestovec	850	257 EUR	157,989	181,490	-12.9%	-30.4%
Polianka	999	261 EUR	134,646	146,323	-8.0%	-26.8%
Myjava	999	259 EUR	167,440	186,065	-10.0%	-30.6%

Total Slovak PP	10,429		1,691,450	1,826,531	-7.4%	-25.3%
Tiszakécske 1	689	126 EUR	157,759	153,969	2.5%	-14.8%
Tiszakécske 2	689	127 EUR	159,665	153,969	3.7%	-14.8%
Tiszakécske 3	689	126 EUR	148,257	153,969	-3.7%	-14.2%
Tiszakécske 4	689	127 EUR	160,827	153,969	4.5%	-14.7%
Tiszakécske 5	689	127 EUR	158,436	153,969	2.9%	-14.6%
Tiszakécske 6	689	127 EUR	158,727	153,969	3.1%	-14.9%
Tiszakécske 7	689	127 EUR	159,253	153,969	3.4%	-14.9%
Tiszakécske 8	689	126 EUR	156,555	153,969	1.7%	-14.5%
Almásfüzitő 1	695	124 EUR	144,400	150,416	-4.0%	-15.7%
Almásfüzitő 2	695	124 EUR	139,784	146,104	-4.3%	-15.4%
Almásfüzitő 3	695	124 EUR	141,962	145,844	-2.7%	-16.5%
Almásfüzitő 4	695	124 EUR	144,821	150,600	-3.8%	-15.6%
Almásfüzitő 5	695	125 EUR	150,073	152,663	-1.7%	-16.3%
Almásfüzitő 6	660	125 EUR	147,838	151,804	-2.6%	-16.0%
Almásfüzitő 7	691	124 EUR	147,188	151,100	-2.6%	-15.6%
Almásfüzitő 8	668	124 EUR	146,220	148,654	-1.6%	-15.1%
Nagyecsed 1	689	130 EUR	146,762	144,986	1.2%	-13.2%
Nagyecsed 2	689	130 EUR	146,300	144,986	0.9%	-13.0%
Nagyecsed 3	689	130 EUR	145,142	144,789	0.2%	-15.1%
Fertod I	528	124 EUR	109,104	111,435	-2.1%	-21.3%
Fertod II No 2	699	125 EUR	145,096	149,395	-2.9%	-24.6%
Fertod II No 3	699	125 EUR	145,357	148,726	-2.3%	-24.5%
Fertod II No 4	699	125 EUR	144,800	147,553	-1.9%	-24.8%

Project name	Capacity	AVG revenue (EUR) 1	Prod. Q1 2023	Proj. Q1 2023	Perf.	YTD YoY
Unit	kWp	per MWh	kWh	kWh	%	kWh
Fertod II No 5	691	125 EUR	143,628	146,058	-1.7%	-24.9%
Fertod II No 6	699	125 EUR	144,432	147,099	-1.8%	-24.8%
Kunszentmárton I No 1	697	129 EUR	169,044	159,691	5.9%	-13.1%
Kunszentmárton I No 2	697	128 EUR	166,217	159,691	4.1%	-12.3%
Kunszentmárton II No 1	693	128 EUR	148,375	153,935	-3.6%	-24.2%
Kunszentmárton II No 2	693	129 EUR	170,503	153,935	10.8%	-12.6%
Taszár 1	701	126 EUR	157,569	139,107	13.3%	-20.9%
Taszár 2	701	125 EUR	154,060	141,217	9.1%	-22.8%
Taszár 3	701	126 EUR	157,242	141,602	11.0%	-21.1%
Monor 1	688	124 EUR	167,147	153,033	9.2%	-14.5%
Monor 2	696	126 EUR	157,925	151,364	4.3%	-17.0%
Monor 3	696	126 EUR	160,079	153,138	4.5%	-17.8%
Monor 4	696	126 EUR	159,908	153,006	4.5%	-17.6%
Monor 5	688	126 EUR	161,376	147,059	9.7%	-17.2%
Monor 6	696	126 EUR	160,849	152,834	5.2%	-17.7%
Monor 7	696	126 EUR	159,369	152,612	4.4%	-17.4%
Monor 8	696	126 EUR	160,921	153,791	4.6%	-17.8%
Tata 1	672	124 EUR	137,514	167,550	-17.9%	-16.8%
Tata 2	676	126 EUR	134,556	168,164	-20.0%	-20.1%
Tata 3	667	126 EUR	134,866	168,164	-19.8%	-20.4%
Tata 4	672	124 EUR	139,244	170,484	-18.3%	-17.9%
Tata 5	672	124 EUR	138,523	168,164	-17.6%	-17.5%
Tata 6	672	126 EUR	130,125	163,921	-20.6%	-22.1%
Tata 7	672	125 EUR	129,276	168,164	-23.1%	-22.0%
Tata 8	672	126 EUR	132,519	170,700	-22.4%	-22.1%
Malyi 1	695	129 EUR	146,422	141,823	3.2%	-18.3%
Malyi 2	695	129 EUR	147,063	142,078	3.5%	-18.6%
Malyi 3	695	129 EUR	147,674	142,078	3.9%	-18.5%
Püspökladány 1	1,406	104 EUR	283,119	361,681	-21.7%	-20.7%
Püspökladány 2	1,420	129 EUR	312,950	374,112	-16.3%	-16.6%
Püspökladány 3	1,420	129 EUR	313,722	367,454	-14.6%	-14.2%
Püspökladány 4	1,406	126 EUR	292,766	358,068	-18.2%	-19.6%
Püspökladány 5	1,420	130 EUR	321,943	368,049	-12.5%	-14.5%

Püspökladány 6	1,394	104 EUR	302,250	356,108	-15.1%	-16.5%
Püspökladány 7	1,406	104 EUR	309,143	365,784	-15.5%	-15.1%
Püspökladány 8	1,420	129 EUR	312,568	368,431	-15.2%	-14.6%
Püspökladány 9	1,406	104 EUR	310,005	366,324	-15.4%	-14.8%
Püspökladány 10	1,420	129 EUR	312,981	367,891	-14.9%	-14.5%
Tolna 1	1,358	125 EUR	320,047	375,885	-14.9%	-16.6%
Tolna 2	1,358	125 EUR	325,904	382,219	-14.7%	na
Total Hungarian PP	51,814		11,338,150	12,163,272	-6.8%	-14.9%
Siria	5,691	89 EUR	397,480	401,970	-1.1%	na
Total Romanian PP	5,691		397,480	401,970	-1.1%	na
Symonston	144	204 EUR	45,400	48,853	-7.1%	-3.2%
Leeton	7,261	73 EUR	4,217,000	4,273,862	-1.3%	7.7%
Fivebough	7,261	71 EUR	3,935,000	4,232,883	-7.0%	1.1%
Total Australian PP	14,666		8,197,400	8,555,598	-4.2%	4.4%
Total	97,596		24,085,232	25,689,739	-6.2%	-9.8%

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.

-Applicable FIT in Slovakia.

- 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

Chart 1.c Total production of the Hungarian portfolio Chart 1.d Total production of the Australian portfolio

O&M services

Photon Energy remained focused on delivering Operations & Maintenance services. As of the end of Q1 2023, full O&M services contracts amounted to approximately 384.2 MWp (+58.4% YOY). This can be broken down geographically into 161.2 MWp in Hungary, 95.8 MWp operated in the Czech Republic, 77.7 MWp in Poland, 19.0 MWp in Romania, 15.3 MWp in Australia, and 15.3 MWp in Slovakia. The O&M portfolio divides into 286.6 MWp serviced for external clients and 97.6 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 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 (78.8 MWp), Poland (313.1 MWp), and Romania (239.0 MWp) and is evaluating further markets for opportunities.

In detail, at the end of Q1 2023, 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 433.9 MWp.

Country	1. Feasibility*	2. Early development	3. Advanced development	4. Ready-to-build technical	5. Under construction	Total in MWp
Romania	28.9	90.1	73.3	36.3	10.4	239.0
Poland	275.1	34.1	3.9	-	-	313.1
Hungary	60.5	13.6	0.7	4.1	-	78.8
Australia	-	300.0	9.8	-	-	309.8
Total in MWp	364.4	437.8	87.7	40.4	10.4	940.7

*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	Calafat	-	Own portfolio	100%	6.0	Merchant/PPA	Secured	Secured	Secured	Commissioned in April 2023
Romania	Aiud	-	Own portfolio	100%	4.7	Merchant/PPA	Secured	Secured	Secured	Commissioned in May 2023
Romania	Teius	-	Own portfolio	100%	4.7	Merchant/PPA	Secured	Ongoing	Secured	Commissioned in May 2023
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	4	Own portfolio	100%	3.8	Merchant/PPA	Secured	Secured	Secured	Q2 2023
Romania	Sarulesti	4	Own portfolio	100%	2.7	Merchant/PPA	Secured	Secured	Ongoing	Q2 2023
Romania	Tamadau Mare	4	Own port folio	100%	12.2	Merchant/PPA	Secured	Secured	Ongoing	Q2 2023
Romania	Magureni	4	Own portfolio	100%	1.4	Merchant/PPA	Secured	Secured	Ongoing	Q2 2023
Romania	Sannicolau Mare	4	Own portfolio	100%	7.8	Merchant/PPA	Secured	Secured	Secured	Q2 2023
Romania	Bocsa	4	Own portfolio	100%	3.9	Merchant/PPA	Secured	Secured	Secured	Q2 2023
Romania	Faget 3	3	Own portfolio	100%	6.5	Merchant/PPA	Secured	Secured	Ongoing	Q2 2023
Hungary	Tolna 3-4	4	Own portfolio	100%	2.7	Merchant/PPA	Secured	Secured	Secured	Q4 2022
Hungary	Tolna 5	4	Own portfolio	100%	1.3	Merchant/PPA	Secured	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 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 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 three more in advanced development after securing the binding extraction and construction permits. These three projects expect to initiate construction in late 2023 and look forward to commissioning in 2024 in support of the Distribution System Operators required timelines. While the additions of the commissioned plants 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.

► Calafat (6.0 MWp) project:

On 13 April 2023, the Company announced that it commissioned three Romanian PV power plants near Calafat in Romania's Dolj County, with a combined capacity of 6.0 MWp and an expected annual generation of 9.6 GWh that will be delivered to the grid of Distribuție Energie Oltenia. The power plants extend over 10.2 hectares of greenfield land and are equipped with some 10,800 solar panels.

► Aiud (4.7 MWp) and Teius (4.7 MWp) projects:

On 9 May 2023, the Group announced that it has completed and grid-connected another two solar photovoltaic (PV) power plants in its Romanian market. The plants have a combined generation capacity of 9.5 MWp.

High efficiency bifacial solar modules mounted on single-axis trackers will deliver a combined 13.9 GWh of renewable energy annually to the grid managed by Distribuție Energie Electrică Romania. The electricity generated by the plant will be sold on the energy market on a merchant basis, without any support or power purchase agreement with an energy offtaker. Located near Aiud and Teiuș in Romania's Alba County, the power plants extend over 6.6 and 10 hectares of greenfield land, respectively, and are equipped with some 8,700 solar panels each. The power plants are owned and operated by special-purpose companies fully owned by Photon Energy Group.

► 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. The medium voltage connection works and transformer station were finalized in March. Some delays were experienced with the installation of the monitoring system. Once installed, the energization and testing period will be implemented.

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 main portion of the project's construction is complete (2.7 MWp) and awaits finalization of the security and monitoring systems. The project will see additional capacity added to the DC during Q2 2023 and subsequent energization and testing period is anticipated for late May.

Commission requests have started for these projects with the commissioning process finalized for the Calafat, Aiud and Teius power plants after the reporting period. 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 March 2023 the Company's shares (ISIN NL0010391108) closed at a price of PLN 11.66 (-11.0% YTD), corresponding to a price to book ratio of 1.97. The Company also reports an average monthly trading volume of 274,234 shares in Q1 2023, compared to an average monthly trading volume of 425,013 over the past twelve months.

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

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 4. Enterprise value vs. trailing 12 months (TTM) EBITDA Chart 5. Enterprise value / trailing 12 months EBITDA and

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. Q2 2022, Q3 2022, Q4 2022 (adjusted according to audited figures), and Q1 2023.

2.5.2 Main market of the Prague Stock Exchange

On 31 March 2023 the share price (ISIN NL0010391108) closed at a level of CZK 58.80 (-12.5% YTD), corresponding to a price to book ratio of 2.09. The Company reports an average monthly trading volume of 232,329 shares in Q1 2023 compared to an average of 361,109 over the past twelve months.

2.5.3 Quotation Board of the Frankfurt Stock Exchange

On 31 March 2023, the share price (FSX: A1T9KW) closed at a level of EUR 2.45 (-10.4% YTD), corresponding to a price to book ratio of 2.05.

price to book ratio

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.

The Company reports a monthly trading volume of 11,880 shares in Q1 2023 compared to an average of 35,279 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.

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

2.5.4 XETRA Trading Platform (German Stock Exchange)

On 31 March 2023, the share price (FSX: A1T9KW) closed at a level of EUR 2.49 (-9.6% YTD), corresponding to a price to book ratio of 2.08.

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 nom-inal value of CZK 30,000 has been traded on the Free Market of the Prague Stock Exchange since 12 December 2016. The out-standing amount is CZK 75.9 million (EUR 3.1 million) and will be repaid on 13 December 2023.

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 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 un-changed, 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.

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 41,310 shares in Q1 2023 compared to an average of 36,278 since the listing date (7 December 2022).

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. In this round the bonds were again offered to bondholders of the older 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.

In March 2023, the Company successfully tapped its 6.50% Green EUR Bond 2021/2027 (ISIN: DE000A3KWKY4) to a total amount of EUR 80.0 million. The additional nominal amount of EUR 2.5 million has been placed through a private placement to institutional investors in the UK, Switzerland, Germany, and Austria.

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.

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 March2023, the trading volume amounted to EUR 9.237 with an opening price of 100.00 and a closing price of 97.96 in Frankfurt. During this period the average daily turnover amounted to EUR 25,238.

2.6.3 CZK Bond trading performance in Prague

In the trading period from 12 December 2016 until 31 March 2023, the trading volume amounted to CZK 40.500 million with a closing price of 98.00.

Green EUR Bond 2021/27 trading performance in Q1 2023

In Q1 2023, the trading volume in Frankfurt amounted to EUR 969,000 (compared to EUR 578,000 in Q4 2022), with an opening price of 102.40 and a closing price of 97.96. The average daily turnover in Q1 2023 amounted to EUR 14,908 compared to EUR 8,892 in Q4 2022.

2.7 Financial statement analysis

Profit and Loss statement

As a result, the Group recorded a net loss of EUR -4.170 million (vs. a EUR -1.491 million net loss in Q1 2022).

The data presented above are based on published quarterly reports, with figures adjusted to be consistent with the annual audited figures for 2022 made available after the publication of the 4th quarter.

Balance Sheet

Coming to the balance sheet, Total fixed assets amounted to EUR 205.645 million at the end of Q1 2023, representing an 8.7% increase compared to the end of 2022. This development is resulting from the ongoing depreciation of our portfolio of power plants, offset by the addition of the power plant commissioned in Siria during the reporting period, an increase of our assets in progress in Romania, and advances paid related to Lerta activities.

Current assets slightly decreased by -1.1% compared to the end of 2022 to EUR 63.840 million as of the end of Q1 2023, resulting from an increase in trade and other receivables connected to our business growth and to Lerta activities, offset by a decrease in Liquid assets (see below "Cash flow").

Long term liabilities increased by 2.8% compared to the end of 2022 to EUR 153.989 million at the end of Q1 2023, due to the increased of our Green EUR bond in the amount of EUR 2.5 million in March 2023, the leasing of new facilities in Australia and Romania.

Current liabilities amounted to EUR 43.892 million at the end of Q1 2023, corresponding to a 30.9% increase compared to the end of 2022, mainly due to the conclusion of a new credit line up to EUR 5.0 million between Photon Energy Technology CEE s.r.o. and Unicredit Bank Czech Republic and Slovakia a.s., meant to be used for working capital needs of the trading business activities, and to an increase in trade and other payables connected to Lerta.

The adjusted equity ratio decreased to 31.3%, compared to 32.0% at the end of 2022.

Chart 8. Net current assets Chart 9. Breakdown of liabilities and equity

Changes in equity

Equity increased by 1.6% compared to the end of 2022 and amounted to EUR 71.604 million at the end of Q1 2023, reflecting the Total Comprehensive Income for the period and to an increase in currency translation reserves.

Cash Flow

The Group posted a negative operating cash flow, which amounted to EUR -2.428 million, compared to EUR -6.502 million in Q1 2022, mainly driven by the results of the current reporting period, adjustments in the net working capital, including increased inventories and activities connected to Lerta.

Investment cash flow equalled to EUR -2.732 million in Q1 2023 compared to EUR -0.904 million in Q1 2022, mainly related to work in progress for our proprietary portfolio in Romania and Hungary.

2.8 Financial forecasts

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 940 MWp.

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.

The adjusted equity ratio decreased to 31.3% (vs. 32.0% at the end of 2022).

Financial cash flow amounted to EUR 2.525 million in Q1 2023, compared to EUR -4.916 million in Q1 2022, driven by scheduled repayments of bank financing, interest expenses, compensated by the additional placement of our EUR Green bond 2021/27 and the working capital financing of Photon Energy Technology CEE s.r.o..

Overall, liquid assets decreased to EUR 19.149 million at the end of Q1 2023 compared to EUR 21.358 million at the end of 2022.

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, we confirm our target to increase our consolidated revenues for 2023 which are expected to increase to EUR 150.0 million from EUR 95.1 million in 2022, representing a 57.7% increase YoY, leading to an increase of EBITDA to EUR 29.0 million from EUR 24.3 million in 2022 (+19.3% YoY).

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 612,385.21 divided into 61,238,521 shares with a nominal value of EUR 0.01 each. The share capital is fully paid-up.

Share capital as of 31 March 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

With reference to the investment agreement signed on 20 December 2022 with the founders of Lerta S.A., Photon Energy N.V. has become holder of 100% of the share capital of the company on 1 February 2023. Acting based on a General Meeting authorization from 31 May 2021, the Management Board of the Company decided on 1 February 2023 to issue 1,238,521 new shares with a nominal value of EUR 0.01 each. Pursuant to the issuance of the new shares on 1 February 2023, the share capital of the Company has increased from EUR 600,000.00 to EUR 612,385.21.

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 31.03.2023	No. of shares	% of capital	No. of votes at the Shareholders Meeting	% of votes at the Shareholders Meeting
Solar Future Cooperatief U.A.	21,769,075	35.55%	21,769,075	36.39%
Solar Power to the People Cooperatief U.A.	20,060,136	32.76%	20,060,136	33.53%
Photon Energy N.V.	1,418,683	2.32%	0	0.00%
Free float	17,990,627	29.38%	17,990,627	30.07%
Total	61,238,521	100.00%	59,819,838	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 March 2023

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:

► Engineering: Design and construction of on-grid and off-grid installations, including battery storage solutions,
► Technology: Trading of PV-components (modules, inverters and batteries).
► Investments (Electricity Generation): Investments in PV power plants and sustainable production and sale of electricity.

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.

► Operations: Operations and maintenance of PV power plants, including a proprietary control room and monitoring platform.
► Starting from 2023, the New Energy division was added to the Company's business lines. It consists of Lerta in its current form (capacity market, energy trading, real-time asset aggregator, DSR) and absorbed Photon Energy Solutions to develop and provide next generation energy services to energy consumers with energy storage playing growing role.

In addition, the Company's service line Water which offers comprehensive services in the fields of contaminated land, ground water remediation and water purification is presented in the Other segment in the table presented in the paragraph 14. Below.

Country-specific references

As of the end of the reporting period, Photon Energy is active with 322 professionals in nine countries across three continents (headquartered in Amsterdam), with a track record of building more than 130 MWp of grid-connected PV plants across five countries, a proprietary portfolio of 97.6 MWp (113.1 MWp as of the publication date) of PV plants and 434 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 Q1 2023, Photon Energy had 322 employees (compared to 158 employees at the end of Q1 2022) translating into 309.9 FTE (compared to 154.6 FTE as of the end of Q1 2022).

The total number of employees now includes Lerta's employees.

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

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.	100%	CZ	Full Cons.	KOAG
43 Photon SPV 10 s.r.o.	100%	CZ	Full Cons.	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.	100%	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	Country of registration	Consolid. method	Legal Owner
59 SUN4ENERGY ZVB s.r.o.	company 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. 78 ALFEMO Alpha Kft.	100% 100%	HU HU	Full Cons. Full Cons.	ALAG 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 Belsize Solar Kft.	100%	HU	Full Cons.	ALAG
83 Blackhorse Solar Kft.	100%	HU	Full Cons.	ALAG
84 Camden Solar Kft	100%	HU	Full Cons.	ALAG
85 Ráció Master Oktatási	100%	HU	Full Cons.	ALAG
86 Aligoté Kereskedelmi és Szolgáltató Kft.	100%	HU	Full Cons.	ALAG
87 MEDIÁTOR PV Plant Kft. (former MEDIÁTOR Ingatlanközvetítő és Hirdető Kft.)	100%	HU	Full Cons.	ALAG
88 PROMA Mátra PV Plant Kft. (former PROMA Mátra Ingatlanfejlesztési Kft.)	100%	HU	Full Cons.	ALAG
89 Optisolar Kft.	100%	HU	Full Cons.	ALAG
90 Ladány Solar Alpha Kft.	100%	HU	Full Cons.	ALAG
91 Ladány Solar Beta Kft.	100%	HU	Full Cons.	ALAG
92 Ladány Solar Gamma Kft.	100%	HU	Full Cons.	ALAG
93 Ladány Solar Delta Kft. 94 ÉGÉSPART Energiatermelő és Szolgáltató Kft	100% 100%	HU HU	Full Cons. Full Cons.	ALAG ALAG
95 ZEMPLÉNIMPEX Kereskedelmi és Szolgáltató Kf	100%	HU	Full Cons.	ALAG
96 ZUGGÓ-DŰLŐ Energiatermelő és Szolgáltató Kft	100%	HU	Full Cons.	ALAG
97 Ventiterra Kft.	100%	HU	Full Cons.	ALAG
98 VENTITERRA ALFA Kft.	100%	HU	Full Cons.	ALAG
99 VENTITERRA BETA Kft.	100%	HU	Full Cons.	ALAG
100 Hendon Solar Kft.	100%	HU	Full Cons.	ALAG
101 Mayfair Solar Kft.	100%	HU	Full Cons.	ALAG
102 Holborn Solar Kft.	100%	HU	Full Cons.	ALAG
103 Lerta Energy HU Kft.	100%	HU	Full cons.	Lerta S.A.
104 LERTA Magyarország Kft.	100%	HU	Full cons.	Lerta S.A.
105 Lerta Lithuania UAB	100%	LI	Full cons.	Lerta S.A.
106 Photon Energy Project Development XXK (PEPD)	99%	MN	Full Cons.	PEP
107 PEPD Solar XXK. 108 Photon Energy Solutions PL S.A.(former Solar Age Polska S.A.)	100% 100%	MN PL	Full Cons. Full Cons.	PEPD PENV
109 Photon Energy Polska Sp. Z o.o.	100%	PL	Full cons.	PENV
110 Photon Energy Operations PL Sp. z o.o.	100%	PL	Full cons.	PEONV
111 Alperton Solar Sp. z o.o.	100%	PL	Full cons.	PENV
112 Beckton Solar Sp. z o.o.	100%	PL	Full cons.	PENV
113 Debden Solar Sp. z o.o.	100%	PL	Full cons.	PENV
114 Chigwell Solar Sp. z o.o.	100%	PL	Full cons.	PENV
115 Ealing Solar Sp. z o.o.	100%	PL	Full cons.	PENV
116 Lerta S.A.	100%	PL	Full cons.	PENV
117 Lerta Poland Sp. z o.o.	100%	PL	Full cons.	Lerta S.A.
118 Lerta Power Poland Sp. z o.o.	100%	PL	Full cons.	Lerta S.A.
119 Lerta JRM Sp. z o.o.	100%	PL	Full cons.	Lerta S.A.
120 Lerta Technology Sp. z o.o.	100%	PL	Full cons.	Lerta S.A.
121 Stanford Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
122 Halton Solar Srl. 123 Aldgate Solar Srl	100% 100%	RO RO	Full cons. Full cons.	PEP & PEECZ PEP & PEECZ
124 Holloway 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 Moorgate Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
	126 Redbridge Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
	127 Watford Solar Srl	100%	RO	Full cons.	PEP & PEECZ
	128 Photon Energy Operations Romania Srl. (former Becontree Solar Srl.)	100%	RO	Full cons.	PEONV &
	129 Greenford Solar Srl.	100%	RO	Full cons.	PEOCZ PEP & PEECZ
	130 Chesham Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
	131 Photon Energy Romania Srl.	100%	RO	Full cons.	PENV & PEP
	132 Siria Solar SRL	100%	RO	Full Cons.	ALAG&KOAG
	133 Brentford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
	134 Camberwell Solar SRL	100%	RO	Full cons.	PEP & PEECZ
	135 Deptford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
	136 Harlow Solar SRL	100%	RO	Full cons.	PEP & PEECZ
	137 Kenton Solar SRL	100%	RO	Full cons.	PEP & PEECZ
	138 Lancaster Solar SRL	100%	RO	Full cons.	PEP & PEECZ
	139 Perivale Solar SRL	100%	RO	Full cons.	PEP & PEECZ
	140 Romford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
	141 Stratford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
	142 Weston Solar SRL	100%	RO	Full cons.	PEP & PEECZ
	143 Photon Energy Engineering Romania SRL	100%	RO	Full cons.	PENV & PEP
	144 Lerta Energy S.r.l.	100%	RO	Full cons.	Lerta S.A.
	145 Faget Solar Three Srl.	100%	RO	Full cons.	PEP & PEE CZ
	146 Photon Renewable Energy Pty. Ltd.	100%	SA	Full Cons.	PENV
	147 Solar Age SPV 1 Pty. Ltd.	100%	SA	Full Cons.	PENV
Notes:

SA – South Africa

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

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 1 February 2023, Photon Energy N.V. became holder of 100% of the share capital of Lerta S.A..
► On 17 February 2023, the merger of Barbican Solar Kft., Caledonian Solar Kft., Hampstead Solar Kft. and Ladány Solar Delta Kft. into Ladány Solar Delta Kft. was registered. The three SPV's - Barbican Solar Kft., Caledonian Solar Kft., Hampstead Solar Kft. ceased to exist as of 16 February 2023.

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

► On 11 April 2023, Photon Energy Projects s.r.o. became 95% shareholder and Photon Energy Engineering s.r.o. became 5% shareholder of Faget Solar Three Srl..

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

11.1 Summary of the key events from 1 January until 31 March 2023

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

► EBI report 1 -21.03.2023 Information on Incidental Breach of Best Practice 2021.
► EBI report 2 -22.03.2023 Report on the Scope of Compliance with the WSE Best Practice.

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 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 6 15.02.2023 Quarterly Report for Q4 2022 and Financial Guidance for 2023.
► ESPI report 7 16.02.2023 Monthly Report for January 2023.
► ESPI report 8 20.02.2023 Photon Energy Group Reports on its Share Buyback Programme.

11.2 Summary of the key events after 31 March 2023

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 21 03.04.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 22 13.04.2023 Photon Energy Exceeds 100 MWp in IPP Portfolio With Three New Romanian PV Power Plants.
► ESPI report 23 13.04.2023 Monthly Report for March 2023.
► ESPI report 24 17.04.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 25 24.04.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 26 24.04.2023 Convocation of the Annual General Meeting of Shareholders on 21 June 2023.
► ESPI report 27 24.04.2023 Photon Energy Group Publishes 2022 Annual Report and Sustainability Report.
► ESPI report 9 23.02.2023 Photon Energy Commissions Its First Romanian Utility-Scale PV Power Plant.
► ESPI report 10 27.02.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 11 06.03.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 12 07.03.2023 Photon Energy Group Announces the Resignation of Clemens Wohlmuth as CFO and Appoints Andrej Horansky as New CFO.
► ESPI report 13 13.03.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 14 14.03.2023 Monthly Report for February 2023.
► ESPI report 15 20.03.2023 Photon Energy Group Secures EUR 21.9 Million Financing for Romanian Projects.
► ESPI report 16 20.04.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 17 21.03.2023 Photon Energy Secures DSR Capacity of 389 MW and Locks-in EUR 24.8 Million in 2024 Revenue.
► ESPI report 18 27.03.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 19 28.03.2023 Photon Energy Group Increases Green Bond to EUR 80.0 Million.
► ESPI report 20 30.03.2023 Publication Date of the Annual and Sustainability Reports 2022.
► ESPI report 28 02.05.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 29 09.05.2023 Photon Energy Group Reports on its Share Buyback Programme.
► ESPI report 30 09.05.2023 Photon Energy Commissions Two PV Power Plants with 9.5 MWp in Romania.
► ESPI report 31 10.05.2023 Photon Energy Group Receives Renewal of 'Very Good' Rating from ESG Rating Agency imug rating.

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

period of the previous year. The reported data is presented in accordance with International Financial and Reporting Standards

12. Detailed Consolidated Financial Results for Q1 2023

The tables below present the consolidated and unaudited financial statements of Photon Energy N.V. for the period starting on 1 January 2023 and ending on 31 March 2023 and the corresponding

Statement of Comprehensive Income

in Thousands		EUR		PLN		CZK
		Q1 2023	Q1 2022	Q1 2023	Q1 2022	Q1 2023
Total revenues	9,137	19,280	42,244	90,767	225,268	458,564
Out of that: Revenues from electricity generation	4,951	4,150	22,887	19,539	122,047	98,712
Out of that: Other revenues	4,187	15,129	19,357	71,228	103,221	359,852
Other income	24	104	111	491	591	2,480
Raw materials and consumables used	-2,973	-13,034	-13,746	-61,364	-73,301	-310,018
Solar levy	-384	-251	-1,775	-1,182	-9,466	-5,973
Personnel expenses	-1,829	-4,006	-8,456	-18,861	-45,092	-95,289
Other expenses	-1,951	-1,762	-9,021	-8,295	-48,104	-41,906
Earnings before interest, taxes, depreciation & amortisation (EBITDA)	2,024	330	9,357	1,555	49,896	7,857
Depreciation	-1,496	-1,952	-6,916	-9,190	-36,879	-46,430
Impairment charges	0	-2	0	-8	0	-42
Gain (loss) on disposal of investments	0	0	0	0	0	0
Share of profit equity accounted investments (net of tax)	0	55	2	257	10	1,296
Result from operating activities (EBIT)	528	-1,569	2,443	-7,387	13,027	-37,319
Financial income	241	119	1,114	561	5,941	2,832
Financial expenses	-2,119	-2,806	-9,794	-13,210	-52,229	-66,740
Gains less losses on derecognition of fin. liabilities recognised at amortised costs	0	0	0	0	0	0
Revaluation of derivatives	0	83	0	389	0	1,965
Profit/loss before taxations (EBT)	-1,349	-4,173	-6,237	-19,648	-33,260	-99,262
Income tax due/deferred	-141	4	-654	18	-3,488	89
Profit/loss from continuing operations	-1,491	-4,170	-6,891	-19,630	-36,748	-99,173
Profit/loss	-1,491	-4,170	-6,891	-19,630	-36,748	-99,173
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss

Revaluation of property, plant and equipment	0	1,224	0	5,765	0	29,124
Revaluation of other investments	0	0	0	0	0	0
Items that will be reclassified subsequently to profit or loss
Foreign currency translation diff. - foreign operations Derivatives (hedging)	1,809 1,461	1,084 212	8,364 6,755	5,103 998	44,603 36,020	25,783 5,042
Items that will be reclassified subsequently to profit or loss - related to JV
Derivatives (hedging)	9	0	41	0	220	0
Other comprehensive income for the period	3,279	2,520	15,160	11,866	80,843	59,949
Total comprehensive income for the period	1,789	-1,649	8,269	-7,764	44,095	-39,225

Profit attributable to:
Attributable to the equity holders	-1,463	-4,130	-6,763	-19,446	-36,066	-98,242
Attributable to non-controlling interest	-28	-39	-128	-184	-682	-929
Profit for the period	-1,491	-4,170	-6,891	-19,630	-36,748	-99,171
Total comprehensive income attributable to:
Attributable to the equity holders	1,816	-1,610	8,397	-7,580	44,777	-38,294
Attributable to non-controlling interest	-28	-39	-128	-184	-682	-929
Total comprehensive income for the period	1,789	-1,649	8,269	-7,764	44,095	-39,222
Average no. of shares outstanding (in thousand)	56,267	51,225	56,267	51,225	56,267	51,225
Earnings per share outstanding	-0.026	-0.081	-0.120	-0.380	-0.641	-1.918
Comprehensive income per share outstanding	0.031	-0.031	0.145	-0.148	0.771	-0.748
EUR exchange rate – low			4.493	4.668	24.150	23.425
EUR exchange rate – average			4.623	4.708	24.653	23.785
EUR exchange rate – high			4.953	4.787	25.865	24.175

(IFRS).

Statement of Financial Position

	EUR		PLN		CZK
in Thousands	31.12.2022	31.03.2023	31.12.2022	31.03.2023	31.12.2022	31.03.2023
Intangible assets	7,479	6,940	35,008	32,410	180,363	163,024
Goodwill	15,466	15,462	72,393	72,208	372,968	363,208
Property, plant and equipment (PPE)	145,549	157,407	681,271	735,087	3,509,906	3,697,486
PPE – Lands	5,318	5,542	24,894	25,882	128,256	130,188
PPE – Photovoltaic power plants	110,603	117,740	517,699	549,841	2,667,187	2,765,702
PPE – Equipment	1,519	1,662	7,109	7,763	36,628	39,046
PPE – Assets in progress	28,108	32,463	131,567	151,600	677,835	762,550
Right of use - leased assets	3,449	4,917	16,143	22,962	83,170	115,501
Long term advances for PPE	780	2,946	3,650	13,760	18,806	69,213
Other receivables - non current	543	553	2,540	2,584	13,085	12,998
Long term receivable from derivatives	5,087	5,284	23,809	24,678	122,662	124,130
Investments in equity-accounted investees	1,509	1,555	7,062	7,263	36,384	36,532
Deferred tax assets	1,601	2,913	7,494	13,605	38,608	68,431
Other non-current financial assets	7,816	7,686	36,587	35,892	188,494	180,535
Non-current assets	189,259	205,645	885,868	960,360	4,563,990	4,830,611
Inventories	20,328	20,300	95,148	94,799	490,201	476,838
Contract asset	1,154	606	5,400	2,828	27,822	14,225
Trade receivables	9,624	11,415	45,046	53,309	232,077	268,142
Other receivables	9,039	8,465	42,308	39,529	217,973	198,832
Loans to related parties	2,447	2,493	11,456	11,642	59,019	58,559
Current income tax receivables	0	0	0	0	0	0
Prepaid expenses	597	1,413	2,792	6,597	14,385	33,184
Liquid assets	21,358	19,149	99,969	89,426	515,041	449,813
Cash and cash equivalents	11,271	8,635	52,755	40,326	271,794	202,841
Liquid assets with restriction on disposition	6,373	6,595	29,829	30,800	153,680	154,924
Precious metals	3,714	3,919	17,385	18,300	89,567	92,048
Assets held for sale	0	0	0	0	0	0
Current assets	64,547	63,840	302,124	298,130	1,556,543	1,499,592
Total assets	253,806	269,485	1,187,992	1,258,490	6,120,532	6,330,203
Share capital	600	612	2,808	2,860	14,469	14,385
Share premium	40,524	40,512	189,682	189,192	977,242	951,634
Reserves	45,044	50,284	210,838	234,825	1,086,238	1,181,170
Legal reserve	13	13	63	61	322	305
Retained earnings	-15,408	-19,227	-72,122	-89,790	-371,573	-451,643

Other capital funds	38	38	178	177	916	893
Treasury shares held	-139	-392	-651	-1,830	-3,352	-9,205
Equity attributable to owners of the Company	70,672	71,841	330,796	335,495	1,704,262	1,687,539
Non-controlling interests	-197	-236	-924	-1,104	-4,760	-5,554
Total equity	70,475	71,604	329,872	334,391	1,699,502	1,681,985
Loans and borrowings	58,446	58,750	273,569	274,359	1,409,428	1,380,026
Issued bonds	76,511	79,008	358,125	368,968	1,845,060	1,855,909
Lease liability	2,914	4,175	13,640	19,498	70,272	98,074
Other non-current liabilities	230	202	1,077	942	5,549	4,738
Provisions	566	581	2,647	2,711	13,637	13,637
Deferred tax liabilities	11,125	11,273	52,073	52,647	268,282	264,814
Non-current liabilities	149,792	153,989	701,131	719,125	3,612,228	3,617,199
Loans and borrowings	7,259	10,775	33,977	50,320	175,052	253,112
Issued bonds	3,670	3,687	17,178	17,220	88,503	86,617
Trade payables	11,988	14,846	56,112	69,331	289,090	348,736
Other payables	6,610	9,511	30,941	44,417	159,407	223,418
Contract liabilities	592	532	2,771	2,484	14,277	12,496
Lease liability	712	894	3,330	4,175	17,159	20,999
Current tax liabilities	2,708	3,646	12,674	17,025	65,295	85,636
Current liabilities	33,539	43,892	156,984	204,973	808,783	1,031,015
Total Liabilities	183,330	197,881	858,116	924,098	4,421,012	4,648,214
TOTAL Equity & Liabilities	253,806	269,485	1,187,992	1,258,489	6,120,537	6,330,200

No. of shares outstanding in thousand Book value per share outstanding	58,667 1.201	59,820 1.197	58,667 5.623	59,820 5.590	58,667 28.969	59,820 28.118

Cash Flow Statement

	EUR		PLN		CZK
in Thousands	Q1 2022	Q1 2023	Q1 2022	Q1 2023	Q1 2022	Q1 2023
Cash flows from operating activities
Profit/Loss for the year before tax	-1,349	-4,173	-6,237	-19,647	-33,260	-99,259
Adjustments for:
Depreciation	1,496	1,952	6,916	9,190	36,879	46,430
Impairment charges	0	2	0	9	0	48
Other changes in fixed assets	0	0	0	0	0	0
Share of profit of equity-accounted investments	0	-55	-2	-257	-10	-1,296
Profit/Loss on sale of property, plant and equipment	0	0	0	0	0	0
FX translation difference and Other non-cash items	-1,864	-4,186	-8,618	-19,707	-45,954	-99,563
Gain on disposal of financial investments	0	0	0	0	0	0
Net finance costs	1,878	2,604	8,680	12,260	46,287	61,940
Changes in:
Trade and other receivables	-4,325	-3,430	-19,996	-16,149	-106,633	-81,585
Gross amount due from customers for contract work	-242	548	-1,120	2,580	-5,973	13,037
Precious metals	0	0	0	0	0	0
Prepaid expenses	-41	-816	-189	-3,842	-1,007	-19,412
Inventories	-264	28	-1,220	132	-6,507	667
Trade and other payables	-1,598	5,671	-7,389	26,697	-39,403	134,874
Income tax paid (advances)	-191	-573	-883	-2,696	-4,708	-13,622
Net cash from operating activities	-6,502	-2,428	-30,058	-11,429	-160,288	-57,742

Cash flows from investing activities
Acquisition of property, plant and equipment	-819	-2,667	-3,788	-12,555	-20,197	-63,431
Acquisition of subsidiaries, associates, joint ventures	-10	-65	-46	-306	-247	-1,547
Acquisition of precious metals	0	0	0	0	0	0
Acquisition of other non-current financial investments	-74	0	-344	0	-1,835	0
Proceeds from sale of investments	0	0	0	0	0	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	-904	-2,732	-4,178	-12,862	-22,279	-64,979
Cash flows from financing activities
Proceeds from issuance of ordinary shares/Repurchase of treasury shares	27	0	125	0	666	0
Change of consolidation method (acquisition of JV)	0	0	0	0	0	0
Proceeds from borrowings	0	4,460	0	20,997	0	106,080
Transfer to/from restricted cash account	-1,934	-223	-8,941	-1,048	-47,679	-5,293
Repayment of borrowings	-779	-1,384	-3,601	-6,516	-19,205	-32,918
Repayment of principal element of lease liability	-142	-287	-656	-1,349	-3,501	-6,814
Proceeds from issuing bonds	0	2,500	0	11,770	0	59,462
Payment of placement fees	0	-75	0	-353	0	-1,784
Repayment of long-term liabilities/bonds	-100	0	-462	0	-2,465	0
Interest payments	-1,988	-2,467	-9,189	-11,613	-48,999	-58,670
Net cash from financing activities	-4,916	2,525	-22,725	11,889	-121,184	60,063

Net decrease/increase in cash and cash equivalents	-12,321	-2,635	-56,961	-12,403	-303,750	-62,663
Cash and cash equivalents at the beginning of the period	32,505	11,270	150,277	53,058	801,364	268,054
Cash and cash equivalents at the end of the period	20,184	8,635	93,316	40,655	497,614	205,392
EUR exchange rate – low			4.493	4.668	24.150	23.425
EUR exchange rate – average			4.623	4.708	24.653	23.785

EUR exchange rate – high			4.953	4.787	25.865	24.175

13. Detailed Entity Financial Results for Q1 2023

The tables below present the unaudited entity financial statements of Photon Energy N.V. for the three-month period starting on 1 January 2023 and ending on 31 March 2023 and the corresponding period of the previous year. The reported data is presented in accordance with Dutch Accounting Standards.

Income Statement

		EUR	PLN		CZK
in Thousands (except EPS)	Q1 2022	Q1 2023	Q1 2022	Q1 2023	Q1 2022	Q1 2023
Net turnover	962	1,960	4,449	9,229	23,723	46,623
Other operating income	0	0	0	0	0	0
Total operating income	962	1,960	4,449	9,229	23,723	46,623
Costs of raw materials and consumables	0	0	0	0	0	0
Wages and salaries	-19	-4	-88	-17	-467	-87
Amortisation of intangible fixed assets and depreciation of tangible fixed assets	0	-4	0	-17	0	-86
Impairment of current assets	0	0	0	0	0	0
Other operating expenses	-170	-1,963	-787	-9,241	-4,196	-46,687
Total operating expenses	-189	-1,970	-874	-9,275	-4,663	-46,859
Other interest income and similar income	553	1,073	2,556	5,051	13,629	25,518
Changes in value of fixed asset investments	0	-131	0	-616	0	-3,113
Interest expense and similar expenses	-1,549	-1,923	-7,161	-9,056	-38,188	-45,750
Results before tax	-223	-991	-1,031	-4,667	-5,499	-23,581
Taxes	0	0	0	0	0	0
Share in profit/loss of participations	-9	0	-40	0	-213	0
Net result after tax	-232	-991	-1,071	-4,667	-5,711	-23,581

Balance Sheet

	EUR		PLN			CZK
in Thousands	31.12.2022	31.03.2023	31.12.2022	31.03.2023	31.12.2022	31.03.2023
A. Fixed assets	79,813	102,495	373,583	478,648	1,924,698	2,407,601
I. Intangible fixed assets	15,026	15,022	70,333	70,155	362,354	352,878
Concessions, licences and intellectual property	21	17	98	81	507	408
Goodwill	15,005	15,005	70,234	70,073	361,848	352,469
II. Tangible fixed assets	0	0	0	0	0	0
III. Financial fixed assets	64,787	87,472	303,250	408,494	1,562,344	2,054,723
Interests in group companies	56,055	56,175	262,376	262,334	1,351,763	1,319,542
Accounts receivable from group companies	776	23,219	3,634	108,433	18,720	545,418
Treasury shares	139	393	652	1,835	3,357	9,228
Other investments	7,817	7,686	36,589	35,892	188,504	180,535
B. Current assets	114,443	102,934	535,675	480,701	2,759,798	2,417,924
I. Inventories	0	0	0	0	0	0
II. Accounts receivable	112,449	101,411	526,340	473,589	2,711,701	2,382,153
Trade debtors	11,750	8,954	54,998	41,816	283,348	210,336
From group companies	97,516	89,450	456,443	417,731	2,351,596	2,101,189
Other accounts receivable	3,150	988	14,744	4,612	75,959	23,197
Prepayments and accrued income	33	2,019	155	9,429	798	47,430
IV. Cash at banks and in hand	1,994	1,523	9,336	7,112	48,097	35,771
Assets	194,257	205,429	909,258	959,349	4,684,497	4,825,525

A. Equity	107,015	106,024	500,906	495,128	2,580,666	2,490,494
I. Called-up share capital	600	612	2,808	2,860	14,469	14,385
II. Share premium	53,636	53,623	251,053	250,420	1,293,424	1,259,611
III. Revaluation reserve	19,738	19,738	92,389	92,177	475,988	463,651
IV. Legal and statutory reserves	13	13	60	60	308	300
V. Other reserves	2,115	2,115	9,898	9,876	50,996	49,674
VI. Retained earnings	13,949	30,914	65,291	144,366	336,379	726,161
Profit for the year	16,965	-991	79,407	-4,630	409,102	-23,288
Treasury shares	0	0	0	0	0	0
C. Long-term debt	78,757	81,139	368,639	378,916	1,899,227	1,905,948
Other bonds and private loans	76,510	79,008	358,123	368,968	1,845,049	1,855,909
Accounts payable to group companies	2,247	2,130	10,516	9,948	54,178	50,039
D. Current liabilities	8,484	18,267	39,713	85,305	204,603	429,083
Other bonds and private loans	3,670	3,687	17,181	17,220	88,514	86,617
Trade creditors	626	380	2,931	1,773	15,100	8,919
Accounts payable to group companies	3,870	12,216	18,113	57,047	93,318	286,945
Other liabilities	141	142	659	662	3,393	3,332
Accruals and deferred income	177	1,842	830	8,602	4,278	43,270
Equity and liabilities	194,257	205,429	909,258	959,349	4,684,497	4,825,525
No. of shares outstanding in thousand	58,667	59,820	58,667	59,820	58,667	59,820
Book value per share outstanding	1.824	1.772	8.538	8.277	43.988	41.633

14. 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 2023 and ending on 31 March 2023 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 2023 to 31 March 2023

In thousands of EUR	Engineering	New Energy	Technology	Investments	Operations and Maintenance	Other	Total for seg ments before elimination	Elimination	Consolidated financial information
External revenues from the sale of products, goods & services	1,618	4,682	7,944	4,150	731	154	19,280	0	19,280
Internal revenues from the sale of products, goods & services	12,138	2,378	1,236	0	593	3,011	19,355	-19,355	0
Total revenues	13,756	7,060	9,180	4,150	1,324	3,165	38,635	-19,355	19,280
Other external income	2	23	1	1	2	76	104	0	104
Raw materials and consumables used	-4,387	-3,562	-8,005	-3	-123	-17	-16,098	3,063	-13,034
Solar levy	0	0	0	-251	0	0	-251	0	-251
Personnel expenses and other expenses	-5,817	-3,239	-641	-735	-1,323	-2,082	-13,837	8,069	-5,768
EBITDA	3,553	282	535	3,161	-119	1,141	8,554	-8,223	330
Depreciation	-27	-84	-13	-1,322	-163	-343	-1,952	0	-1,952
Impairment charges	0	0	0	0	0	-2	-2	0	-2
Gain/(Loss) on disposal of investments	0	0	0	0	0	0	0	0	0
Profit/loss share in entities in equivalency	0	0	0	54	0	0	54	0	54
Result from operating activities (EBIT)	3,527	198	522	1,894	-283	797	6,654	-8,223	-1,569
Financial income	6	16	2	237	30	1,200	1,490	-1,371	119
Interest expense	-189	-37	-194	-1,176	-125	-2,117	-3,838	1,371	-2,467
Other financial expenses	-79	-67	538	1,243	211	-2,185	-339	0	-339
Revaluation of derivatives	0	0	0	213	0	-131	83	0	83
Profit/loss before taxation (EBT)	3,265	109	868	2,412	-167	-2,437	4,050	-8,223	-4,172
Income Tax (income and deferred)	-1,087	-178	-134	-214	0	1,617	4	0	4
Profit/loss after taxation	2,178	-70	733	2,198	-167	-820	4,053	-8,223	-4,169
Other comprehensive income	2	-42	62	1,436	-158	1,220	2,520	0	2,520
Total comprehensive Income	2,180	-112	795	3,634	-325	401	6,573	-8,223	-1,649
Assets	44,888	20,039	28,642	186,131	19,081	217,984	516,765	-247,280	269,485
Liabilities	-35,898	-17,437	-23,523	-118,830	-28,477	-210,661	-434,825	236,944	-197,881
Investments in JV accounted for by equity method	0	0	0	1,458	0	0	1,458	0	1,458
Additions to non-current assets	0	0	0	0	0	0	0	0	0

In thousands of EUR	Engineering	New Energy	Technology	Investments	Operations and Maintenance	Other	Total for seg ments before elimination	Elimination	Consolidated financial information
External revenues from the sale of products, goods & services	230	0	3,246	4,951	635	75	9,137	0	9,137
Internal revenues from the sale of products, goods & services	269	0	158	0	484	1,693	2,604	-2,604	0
Total revenues	499	0	3,404	4,951	1,119	1,768	11,741	-2,604	9,137
Other external income	-18	0	5	6	7	28	29	-5	24
Raw materials and consumables used	-141	0	-2,933	-17	-53	-3	-3,148	175	-2,973
Solar levy	0	0	0	-384	0	0	-384	0	-384
Personnel expenses and other expenses	-1,001	0	-256	-640	-994	-2,361	-5,252	1,472	-3,780
EBITDA	-661	0	220	3,916	79	-568	2,986	-962	2,024
Depreciation	-13	0	-8	-1,150	-147	-178	-1,496	0	-1,496
Impairment charges	0	0	0	0	0	0	0	0	0
Gain/(Loss) on disposal of investments	0	0	0	0	0	0	0	0	0
Profit/loss share in entities in equivalency	0	0	0	0	0	0	0	0	0
Result from operating activities (EBIT)	-674	0	212	2,767	-68	-747	1,491	-962	528
Financial income	320	0	22	181	188	624	1,336	-1,095	241
Interest expense	-105	0	-31	-965	-109	-2,003	-3,213	1,095	-2,119
Other financial expenses	0	0	0	0	0	0	0	0	0
Revaluation of derivatives	0	0	0	0	0	0	0	0	0
Profit/loss before taxation (EBT)	-459	0	203	1,982	11	-2,125	-387	-962	-1,349
Income Tax (income and deferred)	0	0	0	-141	0	0	-141	0	-141
Profit/loss after taxation	-459	0	203	1,841	11	-2,125	-529	-962	-1,491
Other comprehensive income	22	0	-19	2,372	14	890	3,279	0	3,279
Total comprehensive Income	-413	0	185	4,197	16	-1,234	2,750	-962	1,789
Assets	20,175	0	6,954	156,818	12,537	196,865	393,349	-196,986	196,363
Liabilities	-22,079	0	-6,525	-106,504	-23,659	-181,104	-339,870	196,023	-143,847
Investments in JV accounted for by equity method	0		0	1,679	0	0	1,679	0	1,679
Additions to non-current assets	0		0	0	0	0	0	0	0

15. 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 March 2023 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 March 2023 gives a true and fair view of the most important events that have occurred during the reporting period.

Amsterdam, 11 May 2023

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

16. 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_2023-05-12_8dbf67af-c23c-4087-ad02-7e72dbb5d0bc.pdf

Consolidated and Entity Financial Reports

1. Selected Financial Results

1.1 Selected financial results for Photon Energy Group, for the period of 1 January to 31 March 2023

Financial highlights:

Other highlights:

After the reporting period:

1.2 Standalone financial results for Photon Energy N.V. for the period of 1 January to 31 March 2023

2. Management Discussion and Analysis

2.1 A note from the Board of Directors

Financial results

Photon Energy Group Confirms its Guidance for 2023

Photon Energy completed full takeover of Lerta

Photon Energy Commissioned Its First Romanian Utility-Scale PV Power Plants, another Five After the Reporting Period

Photon Energy Group Secured EUR 21.9 Million Financing for Romanian Projects

Photon Energy Group Increased its Green Bond to EUR 80.0 Million

Photon Energy Secured DSR Capacity of 389 MW and Lockedin EUR 24.8 Million in 2024 Revenue

imug rating renewed its ESG rating of 'very good'

2.2 Strategy and its execution

► Utility:

► New Energy:

► Technology Distribution:

► Operations and Maintenance:

► Water Solutions:

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 March 2023

Generation results

Table 2. Generation results versus projections between 1 January and 31 March 2023

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

Chart 1.c Total production of the Hungarian portfolio Chart 1.d Total production of the Australian portfolio

O&M services

2.4 Reporting on Photon Energy's project pipeline

Australia

Hungary

Romania

► Aiud (4.7 MWp) and Teius (4.7 MWp) projects:

► Săhăteni (7.1 MWp) project:

Faget (3.2MWp) project:

2.5 Enterprise value & Share price performance

2.5.1 Main market of the Warsaw Stock Exchange

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

Chart 4. Enterprise value vs. trailing 12 months (TTM) EBITDA Chart 5. Enterprise value / trailing 12 months EBITDA and

Notes:

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

2.6.2 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

Green EUR Bond 2021/27 trading performance in Q1 2023

2.7 Financial statement analysis

Profit and Loss statement

Balance Sheet

Changes in equity

Cash Flow

2.8 Financial forecasts

3. General Information About the Issuer

4. Share Capital of the Issuer

Share capital as of 31 March 2023

5. Shareholder Structure

6. Statutory Bodies of the Issuer

Board of directors as of 31 March 2023

Supervisory board

7. Description of the Issuer's Business

Country-specific references

8. Implementation of Innovative Activities in the Company

9. Employees

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

10. Group Structure

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 April 2023

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

11.1 Summary of the key events from 1 January until 31 March 2023

11.2 Summary of the key events after 31 March 2023

12. Detailed Consolidated Financial Results for Q1 2023