PNE AG — Investor Presentation 2024

Aug 19, 2024

PNE - PURE NEW ENERGY COMPANY PRESENTATION

August 2024

PNE

DISCLAIMER

This presentation is for information purposes only and does not constitute a public offer or invitation to subscribe for or purchase any securities of PNE AG and neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person in whole or in part.

All information contained herein has been carefully prepared. Nevertheless, we do not guarantee its accuracy or completeness.
The information contained in this presentation is subject to amendment, revision and updating. Certain statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on the company's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements as a result of, among others, factors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of applicable Securities Laws.

AGENDA

01 - COMPANY PROFILE \& BUSINESS MODEL

PNE

PNE - FULL OF ENERGY

WE ARE ONE OF THE MOST EXPERIENCED PROJECT DEVELOPERS IN THE FIELD OF RENEWABLE ENERGIES
" $>30$ years industry experience
»Active in 14 countries on 4 continents
» Leading wind farm developer in Germany
» Relevant O\&M Manager in Germany with >2,900 MW
» $>6,600$ MW / MWp of renewable energy projects realised
» $>\boldsymbol{\epsilon} 13$ billion of investments initiated
» Clean energy for $>4.3$ million households, savings of $>9.3$ million t CO2 p.a.
»Attractive wind and PV pipeline of $>17,900$ MW / MWp
» Fast-growing IPP with an internally operated portfolio of 412 MW

OUR INTERNALLY OPERATED WIND FARMS

LOCATIONS AND INTERNAL WIND FARMS IN GERMANY

" PNE is becoming an Independent Power Producer (IPP):

31 internally operated wind farms in Germany generate stable, predictable income over at least 20 years

" 412 MW in operation and 226 MW under construction

" Further markets planned for our own generation portfolio:
France \& Poland
Spain \& Italy only PV

WE ARE A RELIABLE PARTNER. OUR WORD COUNTS.

COMPREHENSIVE INDUSTRY KNOW-HOW \& RELIABILITY

• CEO since August 2024 (Chairman of Supervisory Board 2017 - 2024)
• Industry experience since 2000
• Project Development Offshore, Special Markets, Business Development, M\&A, Communications, Public Affairs
  

HARALD WILBERT Chief Financial Officer (CFO)

• CFO since April 2024 (PNE Board of Management since October 2023)

• 25 years of experience in finance with a focus on energy and technology

• Controlling, accounting, treasury, taxes, risk management, HR, IT, legal, ESG
  

Roland Stanze
Chief Operating Officer (COO)

• COO since August 2024 (Executive Vice President since 2008)
• Experience in wind industry since 1992
• Project Development Onshore national and international, IPP, Services, Commercial Solutions, Quality Management, Organisation Development

BUSINESS MODEL COVERING THREE SEGMENTS

COMPLEMENTARY BUSINESS AREAS OFFER STABILITY, GENERATE SYNERGIES AND THUS OFFER HIGH GROWTH POTENTIAL

Project Development

" Onshore and offshore wind energy
" Photovoltaics (PV)
") Hybrid solutions (wind, PV and/or battery storage/hydrogen storage)
") Diversified project pipeline of $>17.9$ GW/GWp

Electricity Generation
") Erection and operation of internal strategic generation portfolio of up to 1,500 MW/MWp by until 2027
") 412 MW of onshore wind farms in operation

Services
") Technical and commercial management -
$>2,900$ MW under management
") Construction management \& grid connection
") Financial services
") Technical tests
") Services for energy supply, e.g., power purchase agreements (PPAs)

BUSINESS MODEL ALONG THE ENTIRE VALUE CHAIN

POTENTIAL FOR DIVERSE GROWTH

WIND | PV | STORAGE | POWER-TO-X

EXCELLENT TRACK RECORD

SIGNIFICANT TRANSACTIONS IN RECENT YEARS

PROJECT PIPELINE OFFERS EXCELLENT GROWTH PROSPECTS

OFFSHORE WIND

Project development in Vietnam

" Project area identified (total 2,000 MW in 3 phases)
" Team established
" First development work has begun
" Memorandum of understanding signed at the level of the province designated for the future feed-in of energy
" Future remuneration system for electricity from offshore wind turbines currently being developed by the government

Project development in Latvia

" Project area off the west coast of Latvia
" Development in a 50/50 joint venture with Swedish partner (total 1,000 MW)
" Early project stage
" Project earmarked for future tendering system

WE ARE WELL POSITIONED

KEY ASPECTS

») We are independent and well financed

") Our business model is resilient
") We develop premium projects and have projects in our own portfolio

" We have highly qualified employees

" We have a lean organisation and efficient processes

02 - MARKET

PNE

THE CURRENT MARKET ENVIRONMENT IS SUBJECT TO MAJOR CHANGES

OFFERS CHALLENGES, BUT ALSO OPPORTUNITIES

STRONG GROWTH OF THE RENEWABLE ENERGIES MARKET

HIGH DEMAND FORECAST IN THE MEDIUM AND LONG TERM
» Worldwide electricity generation (PWh/yr)

Floating offshore wind
Fixed offshore wind
Onshore wind
Solar PV
Solar+storage
Hydropower
Bioenergy
Geothermal
Nuclear
Gas-fired
Oil-fired
Coal-fired

• Source: DNV GL - Energy Transition Outlook 2023

NEW TECHNOLOGIES OPEN UP NEW OPPORTUNITIES IN THE MARKET

FOCUS ON THE VALUE CHAIN AFTER ELECTRICITY GENERATION

Source: $\mathrm{e} / \mathrm{m} / \mathrm{w} 2017$

03 - SCALE UP 2.0

PNE

EXPANSION AND EXTENSION OF OUR SUCCESSFUL BUSINESS MODEL

Targets:

Exploit the market opportunities of the expansion of clean energies while minimising the risks (Resilient Model)
Establish and expand a low-volatility, stable, predictable and increasing earnings stream at low cost and thus continuously increase the value of the company
Benefit from as many - also future - value drivers in the clean energy sector as possible

Power generation: Massive expansion of the existing portfolio in the areas of wind onshore and PV

Project development: Expansion of development in the areas of wind onshore, wind offshore, PV and hybrid projects with electrolysers for hydrogen production, battery and gas storage as well as heat generators (CHP)

Services: Expansion of additional products as services in the areas of electricity trading, optimisation of wind and PV projects, life cycle management of clean energy projects, engineering services e.g. stand-alone clean energy solutions, power purchase agreements (PPAs)

WE WANT TO IMPROVE IN ALL AREAS

REMARKABLE INVESTMENTS - HIGH EBITDA GROWTH EXPECTED UNTIL 2027
» EBITDA is expected to grow to $>150$ million euro in 2027 and therefore multiply compared with the EBITDA of 2023 (euro 39.9 million)!
» We want to expand the internally operated portfolio to 1,500 MW/MWp, sell an additional $>600 \mathrm{MW} / \mathrm{MWp}$ of projects on average p.a. and increase the pipeline to $>20 \mathrm{GW} / \mathrm{GWp}$
»PNE plans to invest 1.6 billion euro in its internal portfolio from 2023 to 2027 and to make further investments in new markets and technologies
» PNE has established access to equity and debt capital markets and a stable network in the area of project financing/banking market

Targets 2027

1. ELECTRICITY GENERATION

MASSIVE EXPANSION OF INTERNAL ELECTRICITY GENERATION PORTFOLIO

Areas:

" Electricity generation portfolio
" Currently 412 MW wind in Germany

Targets/ measures:

" Increase of the electricity generation portfolio up to 1,500 MW/MWp (1,000 MW wind energy / 500 MWp PV)
" Markets wind and PV: Germany, France, Poland
" PV markets exclusively: Italy and Spain.

• Criteria for IPP markets:
• Stable political environment with long-term expansion targets for clean energies
• Good wind or solar radiation conditions
• Stable tariff system

Remark: $\quad$ PNE builds up an electricity generation portfolio from its own project development work

• The focus is also on the continuous optimisation of all plants in order to ensure high technical availabilities and an optimised yield structure, as well as to sell the green electricity at the best possible prices.

II. PROJECT DEVELOPMENT I - WIND AND PV

Abstract PIPELINE IS GROWING

Areas:

» Wind energy
» Onshore
» Offshore
»PV

Targets / measures:

» Massive increase in the greenfield and repowering project pipeline
» Development of offshore wind energy projects abroad (Vietnam and a further market)
» Land availability is limited - increase in expansion possibilities through integration of hybrid projects (combination of wind/PV and new technologies such as Power-to-X or E-Fuels)
» Projects outside the IPP markets are sold

Remark: » Currently (H1 2024), PNE has a project development pipeline of approx. >17.9 GW/GWp.
» In 2027, PNE aims to develop a pipeline of $>20$ GW/GWp of projects - of which approx. $>10$ GW wind onshore projects, approx. $>8$ GWp PV projects and $>2$ GW wind offshore projects.

II. PROJECT DEVELOPMENT II - NEW TECHNOLOGIES

PNE STRENGTHENS ITS COMMITMENT TO FUTURE TECHNOLOGIES

Areas:

» Power-to-Liquid (e-fuels such as kerosene etc.)
» Power-to-gas projects
» Storage
» Power-to-heat
» Hybrid projects

Targets / measures:

» Projects for power-to-liquid (e-fuels such as kerosene etc.)
» Projects for power-to-gas - hydrogen as an alternative to the electricity market
» Storage, e.g. battery storage
» renewable energy power plants/island solutions
» power-to-heat solutions for the replacement of old power plants

Remark: $\quad$ The technical competence for the development, construction and operation of power-to-X and battery solutions is to be further expanded.
» The focus of activities is on project development of hybrid projects (wind energy or PV and power-to-X or batteries) in Germany, South Africa and Poland. In addition, Canada and Spain are under observation as further future markets.

3. SERVICES

WE MANAGE THE ENTIRE LIFE CYCLE OF A PROJECT

Areas:

" Services of all kinds for the operational business such as: Operational
Management, Power
Purchase Agreements
(PPA), Construction

Targets / measures:

") PNE aims to become one of the leading operational management companies in Europe
") Services to be further expanded from 2,930 MW in 2024 to $>3,500$ MW of wind and PV projects
") The aim is to provide additional, recurring, highmargin services over the life cycle of the projects and to offer new utilisation opportunities at the end of the life cycle, e.g. through repowering

Remark: $\quad$ The service segments should follow the development of PNE and the IPP footprint; Germany, France and Spain are the most attractive markets
" The marketing of electricity, gas and heat from clean energy is also to be strengthened.

04 - OPERATIVE DEVELOPMENTS

PNE

STRONG PIPELINE GROWTH AND HIGH CONSTRUCTION ACTIVITY

LAYING THE GROUND FOR FUTURE SUCCESS BY STRONG TENDER RESULTS AND PERMITS

" Project pipeline grew despite the sale of the US business

In total, our pipeline for wind and photovoltaic projects increased year-onyear to 17,937 MW/MWp (H1 2023: 16,590 MW/MWp). We are therefore well positioned for further development in our core business of project development.

Expansion of internally operated portfolio in progress
The wind farm portfolio operated by PNE had a capacity of 412 MW at the end of the first half of 2024 (H1 2023: 346 MW).

" The service business is still on track for success

The order volume we manage in operations management was increased to approx. 2,930 MW (H1 2023: 2,710 MW). By expanding our service business, we are also contributing to further increase the share of stable earnings.

CONTINUOUS INCREASE IN ALL AREAS

VERY GOOD PROGRESS IN THE IMPLEMENTATION OF THE STRATEGY

PNE IS IDEALLY POSITIONED IN THE MARKET

As a Clean Energy Solutions Provider, we benefit from the global hunger for clean energy and increasing electrification
Our integrated business model covers the entire value chain, opens up further growth and margin potential and is resilient
The expansion of the electricity generation portfolio will sustainably increase the share of recurring income to $>60 \%$ and thus further improve the risk profile

We occupy future technologies such as hydrogen and develop additional services to participate directly in market development

High cash position, secured financing and strong project pipeline ensure the implementation of the strategy
Over 25 years of experience, the excellent track record and the comprehensive industry know-how ensure a sustainable leading market position

05 - CAPITAL MARKET INFORMATION

SHARE PRICE OUTPERFORMS RENIXX IN H1

SHAREHOLDER STRUCTURE OF PNE AG

Shareholder	Date of latest disclosure	Share- holding
Morgan Stanley	19.1.2023	$44.20 \%$
Active Ownership Fund SCS	9.12.2021	$11.99 \%$
Samson Rock	8.1.2024	$7.93 \%$	holds 7.93\% PNE shares and additional 0.22\% of the voting rights through other instruments, overall $8.16 \%$ of the voting rights
ENKRAFT	12.12.2022	$4.96 \%$
JPMorgan Chase \& Co.	24.6.2024	$4.73 \%$	holds 4.73\% PNE shares and additional 1.01\% of the voting rights through other instruments, overall $5.74 \%$ of the voting rights
Goldman Sachs	25.6.2024	$0.01 \%$	holds 0.01\% PNE shares and additional 6.24\% of the voting rights through other instruments, overall $6.25 \%$ of the voting rights

*As of: June 30, 2024 according to published notifications relating to voting rights and directors' dealings

PNE BOND

STABLE DEVELOPMENT SINCE 01.08.2022

Corporate bond

140
-Corporate bond 2022/2027
130
120
110

80
70
60
Aug. 22
Nov. 22
Feb. 23
May 23
Aug. 23
Nov. 23
Feb. 24
May 24

CONTACT

ALEXANDER LENNEMANN

HEAD OF CORPORATE COMMUNICATIONS
Alexander.lennemann@pne-ag.com
$+49(0) 4721718-453$

CHRISTOPHER RODLER

HEAD OF INVESTOR RELATIONS
christopher.rodler@pne-ag.com
$+49(0) 4087933114$