Slides
Page 1
H1 2026 Results Recurring segments in the domestic market are driving growth in the first half of 2026.
Page 2
Disclaimer The contents of this document, including all statements made therein, are based on estimates, assumptions and other information currently available to the management. Certain statements in this presentation may be deemed to be forward-looking. Such forward-looking statements are based on current expectations and are influenced by various risks and uncertainties. Consequently, EnergyVision cannot provide any guarantee that such forward-looking statements will, in fact, materialize and cannot accept any obligation to update or revise any forward-looking statement as a result of new information, future events or for any other reason. This document, including all information contained therein, is not intended as, and may not be construed as, an offer or solicitation by EnergyVision for the purchase or disposal of, trading or any transaction in any EnergyVision securities. Investors must not rely on this information for investment decisions and are solely responsible for forming their own investment decisions. The information provided in this document is intended for information purposes only and do not constitute a prospectus or any other type of offering document pursuant to any applicable legislation.
Page 3
Key developments & business update
Page 4
Customer satisfaction keeps rising Underlying EBITDA up 45.2% Net profit up 53.3% Growth across all segments, except EPC Energy Supplier >175,000 PODs1 Half-year results 2026 Underlying EBITDA increased by 45.2% to €22.8 million, compared with €15.7 million in H 1 2025, confirming the continued growth and profitability of the business. NPS increased from 40 to 43, Trustpilot stands at 4.7/5 based on +1,000 reviews. EnergyVision was recognised as “Beste van de Test” by Testaankoop, resulting in monthly churn of just 1.3% (including group purchases). Net profit increased from €4.5 million in H1 2025 to €6.9 million, reflecting the strong operational and financial performance of the business. Growth was almost entirely driven by our home market, where all segments grew except EPC, in line with expectations. 1. PODs is points of distribution Guidance raised with strong visibility Management expects H2 2026 underlying EBITDA to exceed H1, raising 2026 growth guidance from at least 30% to 35%; 2027 growth is expected to reach at least 40%, with more than 90% already secured. Our energy supplier business continued to scale strongly, driven by strong organic growth, with the number of PODs reaching 175,826. Recurring segments in the domestic market are driving growth.
Page 5
• Gained market share during the Iran crisis while most suppliers lost ground. • Remained available and flexible when customer demand peaked. • Kept prices stable while other suppliers raised tariffs by 28% to 60%. • Added thousands of customers through organic growth, with limited marketing investment. • Maintained very low monthly churn of just 1.3%. (sector average: 1.8%). Strength of business model in full force thanks to challenging market conditions.
Page 6
Financial Performance
Page 7
H1 2026 Revenue bridge • Revenue growth of 57.0%, driven by strong increase in recurring business, while EPC business declines.
Page 8
H1 2026: Revenue per country • We continue to grow high double digit figures in Belgium, while in foreign EPC markets we remained relatively stable, in line with the growth strategy and deployment of resources in the asset-based segments in Belgium.
Page 9
H1 2026 Profit & Loss • uEBITDA growth of 45.2% to €22.4 million and net profit growth of 53.3% to €6.9 million.
Page 10
Net financial debt well below 3.0x uEBITDA In million euro • Net financial debt increases to €110.5 million, from the recurring half-year seasonality in construction of own assets • Resulting in temporary increased working capital and straight loan usage. • Available straight loans per 30/06 amount to €27.8 million • Net financial debt / uEBITDA amounts to 2.4x with year-end expectation below 2.5x H1 2026 Full year 2025 H1 26 – FY 25 Non-current assets 272.0 249.7 +22.3 Current assets 105.8 92.4 +13.4 Total assets 377.8 342.0 +35.8 Equity 141.6 134.2 +7.4 Non-current Liabilities 128.8 118.8 +10.0 - Of which financial 96.5 88.8 +7.7 Current-Liabilities 107.5 89.0 +18.5 - Of which financial 35.7 13.7 +22.0 Total Liabilities 236.2 207.8 +28.4 Net Debt excl. IFRS16 110.5 82.0 +28.5 Net Debt/uEBITDA x2.4 x2.1
Page 11
ABE – Asset-Based Energy Scaling of assets translates into strong earnings growth • uEBITDA increase by 43.5% to 15.5M€ supported by increased portfolio expansion. • Portfolio growth (+87.4%) is increasingly translating into earnings growth (+43.5%). • Renewable assets capacity reached 192.3 MW(p), with accelerated growth in both solar as wind. 78.4 MWp 102.6 MWp 154.9 MWp 37.4 MW 0.0 MWp 50.0 MWp 100.0 MWp 150.0 MWp 200.0 MWp 250.0 MWp H1 2024 H1 2025 H1 2026 Portfolio capacity in MW(p) Solar portfolio capacity Wind portfolio capacity +30.9% +87.4% 10.8 M€ 15.5 M€ 0.0 M€ 2.0 M€ 4.0 M€ 6.0 M€ 8.0 M€ 10.0 M€ 12.0 M€ 14.0 M€ 16.0 M€ 18.0 M€ H1 2025 H1 2026 uEBITDA +43.5%
Page 12
ABE – Asset-Based Energy The integrated model unlocks its value generation • Improved production to consumption matching leads to sustainable profitability and predictability. • The valorisation of produced GWh increased by 171.6%. • B2C storage (plug & play batteries) rollout started in Q2, reaching 1,096 operational units at half-year. 2.3 M€ 6.2 M€ 8.8 M€ 10.0 M€ 0.0 M€ 2.0 M€ 4.0 M€ 6.0 M€ 8.0 M€ 10.0 M€ 12.0 M€ 14.0 M€ 16.0 M€ 18.0 M€ H1 2025 H1 2026 Revenue +45.9% Valorisation through other segments External revenue +13.1% +171.6%
Page 13
ABM – Asset-Based Mobility Strong growth driven by higher utilisation and network expansion. • Higher utilisation drives organic growth - Chargyclick average offtake per charging point per month increased from 836 kWh H1 2025 to 982 kWh in H1 2026. - Aalter concession usage is growing to already 788 kWh. - Recent concessions & points show strong growth towards similar levels. • Revenues increase by 66.7%, reflecting both higher utilisation levels and ongoing expansion of our charging infrastructure. • Roll-out of NMBS and MOW tenders remain on track (c.3,000 charging point per year). 2,130 2,515 3,99814 54 122 6.1 M€ 10.3 M€ 14.5 M€ 0.0 M€ 2.0 M€ 4.0 M€ 6.0 M€ 8.0 M€ 10.0 M€ 12.0 M€ 14.0 M€ 16.0 M€ 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 H1 2024 H1 2025 H1 2026 Charging portfolio & GWh charged AC charging points DC charging points GWh charged 0.4 M€ 0.1 M€ 3.2 M€ 5.9 M€ 0.0 M€ 1.0 M€ 2.0 M€ 3.0 M€ 4.0 M€ 5.0 M€ 6.0 M€ 7.0 M€ H1 2025 H1 2026 Revenue +66.7% Valorisation through other segments External revenue
Page 14
ABM – Asset-Based Mobility Sustainable margins & strong operating leverage. • Stable uEBITDA margins remaining at 33%, despite declining prices for e-credits. • Strong operating leverage, with uEBITDA increasing 66.7% to €2.0m, in line with revenue growth. • Own-asset sourcing reduces market price exposure, enhancing stability and predictability in ABM. 1.2 M€ 2.0 M€ 0.0 M€ 0.5 M€ 1.0 M€ 1.5 M€ 2.0 M€ 2.5 M€ H1 2025 H1 2026 uEBITDA +66.7%
Page 15
NABE – Non-Asset-Based Energy Rapid customer growth creates a scalable energy supply platform. • PODs more than doubled to 176k, despite expected loss of 16k injection points Aster. • Asset-backed contracts increased to 81.1k PODs, up from 14.1k in H1 2025, strengthening the recurring customer base. • Revenue more than doubled to €65.3 million. • Growth remains concentrated in Flanders, with Walloon market penetration gaining traction. • DATS 24 portfolio adds c.33k PODs and c.18k customers from September onwards, further accelerating scale. 1,241 31,993 101,416 0 23,931 67,065 3,541 17,416 7,345 0 20,000 40,000 60,000 80,000 100,000 120,000 H1 2024 H1 2025 H1 2026 Evolution of PODs PODs injection PODs gas PODs ele 2.2 M€ 3.1 M€ 27.6 M€ 62.2 M€ 0.0 M€ 10.0 M€ 20.0 M€ 30.0 M€ 40.0 M€ 50.0 M€ 60.0 M€ 70.0 M€ H1 2025 H1 2026 Revenue +119% Valorisation through other segments External revenue
Page 16
NABE – Non-Asset-Based Energy Third consecutive half-year with positive and growing uEBITDA margin. • uEBITDA increased to €3.0m, with margin expanding to 4.6% as the customer portfolio scales. • H1 2026 uEBITDA margin considered structural (growth is driven by structural customer and contract growth, not by temporary market events or one-off effects). • Rapid customer acquisition, accelerating asset- backed contract penetration and further portfolio additions provide strong visibility for continued NABE growth. 0.2 M€ 3.0 M€ 0.0 M€ 0.5 M€ 1.0 M€ 1.5 M€ 2.0 M€ 2.5 M€ 3.0 M€ 3.5 M€ H1 2025 H1 2026 uEBITDA +1,400%
Page 17
EPC Engineering, Procurement & Construction – build to sell. • Revenue declined by 12% Y oY , while uEBITDA decreased by 34.3%, reflecting challenging market conditions and a significant slowdown in tender activity under the Aster project. • China revenues remain stable, mainly reflecting a shift from a year-end loaded profile towards a more evenly distributed revenue contribution throughout the year. • Morocco experienced a slower start to the year. • In our home market, we won a public tender regarding charging points (Opdrachtencentrale), that could contribute to Q4 2026 figures and beyond. 22.8 M€ 20.0 M€ 0.0 M€ 5.0 M€ 10.0 M€ 15.0 M€ 20.0 M€ 25.0 M€ H1 2025 H1 2026 Revenue -12% Valorisation through other segments External revenue 3.5 M€ 2.3 M€ 0.0 M€ 0.5 M€ 1.0 M€ 1.5 M€ 2.0 M€ 2.5 M€ 3.0 M€ 3.5 M€ 4.0 M€ H1 2025 H1 2026 uEBITDA -34.3%
Page 18
Outlook
Page 19
Management now expects underlying EBITDA growth of 35% in 2026 (instead of at least 30%), and underlying EBITDA growth of at least 40% in 2027. More than 90% of expected 2027 underlying EBITDA is already secured through existing contracts, volumes and production assets. Outlook
Page 20
Q&A