Earnings release
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Press release 1 Regulated Information – Half-Year Results 2026 3 September 2026, 07:00 CEST Ghent, Belgium P R E S S R E L E A S E Recurring segments in the home market boost growth engine in the first half of 2026 GHENT – EnergyVision once again achieved strong growth in the first half of 2026. Revenue increased by 57.0% to €98.1 million (H1 2025: €62.5 million). Underlying EBITDA rose by 45.2% to €22.8 million. Net profit grew by 53.3% to €6.9 million. EnergyVision has therefore delivered another strong first half, with clear growth in customer numbers, energy production, revenue and profitability. We are consequently raising our growth expectations further. Highlights – H1 2026 • Exceptionally high customer satisfaction: Net Promoter Score rises from 40 to 43, Trustpilot score stands at 4.7/5 and Energy Vision was awarded the ‘Best of the Test’ label among energy suppliers by Testaankoop in 2026. • Revenue growth of 57.0% to €98.1 million, an increase of €35.6 million compared with H1 2025. Growth is almost entirely in the home market, where all segments are growing, except EPC (Engineering, Procurement, Construction). • Underlying EBITDA increased by 45.2% to €22.8 million (compared with €15.7 million in the first half of last year). • Net profit increased by 53.3% to €6.9 million, compared with €4.5 million in the first half of last year. • Further growth and diversification of the production portfolio, with a substantial contribution from wind energy and a signifi cant portion of the energy requirements for 2027 already covered by own and contracted production. • The acceleration in growth continues and is generating sustainable profitability. We are raising our underlying EBITDA growth target for 2026 from +30% to 35%, and expect underlying EBITDA to grow by at least 40% in 2027 (more than 90% of underlying EBITDA for 2027 has already been secured based on ongoing contracts, volumes and production assets). Maarten Michielssens, CEO: “While most energy suppliers lost market share and margins as a result of the Iran crisis, EnergyVision has been able to fully leverage the strength of its business model. The local nature of our production assets means that they do not respond to market-price fluctuations resulting from geopolitical shocks. The result is predictable prices and long-term certainty for customers. This translated into many new customers and virtually no churn among existing customers. It is important to emphasize that this growth has nothing to do with price increases or any temporary impact from the Iran crisis. It is structural: more and more customers are joining us , and are staying with us. We are not suddenly making more profit per kWh, because we have not raised our prices. In this respect too, we are deliberately going against the tide. Growth was entirely organic and, as has always been the case to date, achieved with virtually no marketing investment. This s ummer, we acquired the customer portfolio of DATS 24, our first acquisition in energy supply. It is a path we will continue to pursue. All customer contracts are hedged, so we take no risk in this area either: fixed gas contracts have been hedged on the market , while more than 75% of electricity comes from our own production assets and a limited portion from the lease of wind turbines. As always, new contracts mainly contribute to EBITDA in the following year. We are therefore moderately raising our growth expectation for this year (underlying EBITDA for 2026 is expected to grow by 35%, rather than the previously reported 30%), while alr eady seeing growth of at least 40% in 2027, which is largely secured based on the current customer and asset portfolio. In other words, the growth engine is accelerating further, while maintaining our high customer satisfaction score and strong cost and cash flow control.
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Press release 2 Key financial figures Explanation of key financial figures Strong growth while maintaining a stable profit margin Revenue increased by 57.0% to €98.1 million, compared with €62.5 million in the same period last year. Despite strong volume-driven growth within the NABE segment, EnergyVision has largely maintained its margins thanks to its integrated model, which optima lly aligns own production with the consumption portfolio. Revenue growth is broad-based across the various segments. Within NABE, growth is mainly driven by the strong increase in the number of customers. In ABE, the investment level of the past twelve months is translating into a further expansion of production capacity. ABM is also continuing to grow thanks to the rollout of additional charging hubs and charging points, combined with higher utilisation an d increasing energy offtake per charging session. These developments strengthen the basis for further growth and a growing share of recurring revenues in the coming years. The EPC segment, by contrast (as expected), is reporting a decline in revenue, mainly due to lower activ ity within the Aster tender (solar panels on social housing in Flanders). 1 EBITDA is defined and calculated as operating profit adjusted for depreciation and impairment losses. 2 Underlying EBITDA is defined and calculated as EBITDA plus non-underlying items. 3 Net financial debt is defined as interest-bearing liabilities, excluding lease liabilities recognised under IFRS 16, less cash and cash equivalents and term deposits. Revenue by segment Asset-based energy (ABE) 16.2 11.1 + 5.1 + 45.9% Asset-based mobility (ABM) 6.0 3.6 + 2.4 + 66.7% Non-asset-based energy (NABE) 65.3 29.8 + 35.5 + 119.1% EPC 20.0 22.8 - 2.8 -12.3% Inter-segment revenue -9.4 -4.9 - 4.5 + 91.8% Total revenue 98.1 62.5 + 35.6 + 57.0% EBITDA1 22.4 15.2 + 7.2 + 47.4% EBITDA margin 22.8% 24.3% Underlying EBITDA2 22.8 15.7 + 7.1 + 45.2% Underlying EBITDA margin 23.2% 25.1% Depreciation and amortisation - 11.8 - 7.6 - 4.2 + 55.3% Financial result - 3.1 - 2.3 - 0.8 +34.8% Income taxes - 0.7 - 0.8 + 0.1 - 12.5% Net profit 6.9 4.5 + 2.4 + 53.3% Total assets 377.8 342.0 + 35.8 + 10.5% Equity 141.6 134.2 + 7.4 + 5.5% Net financial debt3 110.5 82.0 + 28.5 + 34.8% Net financial debt / underlying EBITDA (trailing for H1 2026) 2.4 2.1 Investments 34.1 75.0 H1 2026 H1 2025 H1 2026 – 2025 H1 2026/2025 Expressed in million euros H1 2026 12 month 2025 H1 26 -12 month 25 H1 26/2025 Expressed in million euros
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Press release 3 Growth is geographically almost entirely concentrated in Belgium. In China, revenue and EBITDA increased slightly compared wi th the first half of 2025, while Morocco recorded a limited decline. This trend is in line with EnergyVision’s strategy of prioritising its Belgian home market. Underlying EBITDA increased by €7.1 million to €22.8 million, compared with €15.7 million in the same period last year. Operating profitability therefore remained at a solid level despite the significant growth in activities. Non-underlying items amounted to €0.4 million, a decrease of €0.2 million compared with the same period last year (when they were mainly related to IPO costs). Depreciation and amortisation increased to €11.8 million as a result of investments in solar and wind energy and the associated growth in assets, both fully owned and held through lease arrangements. In line with the higher level of investment activity and related project financing, financial expenses also increased, albeit to a limited €3.1 million. Income taxes declined slightly compared with last year. The effective tax rate remained stable at around 9%. Increasing inter-segment revenue highlights further integration of production and offtake The significant increase in inter -segment revenue reflects the growing extent to which own energy production within the Group is aligned with the offtake profiles of residential customers and charging activities. This trend is mainly driven by two effects: the further expansion of solar and wind production capacity, and the strong growth of the offtake portfolio within both NABE and ABM. In addition, the increasing scale and complementarity between solar and wind production are creating an ever better match between the Group’s production and consumption profiles. This enables a larger share of own production to be allocated internally and mor e efficiently to the growing energy offtake of customers and charging activities. The increase in inter -segment revenue thus illustrates the further strengthening of EnergyVision’s integrated business model. It improves profitability and reduces dependence on market prices and volatility. Net financial debt remains under control Net financial debt amounted to €110.5 million as at 30 June 2026, or 2.4 times trailing underlying EBITDA for the past twelve months. Net debt as at 30 June is temporarily elevated by the seasonal build -up of working capital. This seasonal effect is also v isible in the ratio, which increased from 3.1 at year-end 2024 to 3.3 in H1 2025 and from 2.1 at year -end 2025 to 2.4 in H1 2026, before normalising again towards year-end. A large number of projects were still under construction on 30 June, meaning that additional funds had temporarily been invested in working capital. As these projects are completed, invoiced and collected in the second half of the year, this working capital will be released again. The debt position as at 30 June should therefore, as every year, be viewed as a snapshot within the Group’s normal operating and investment cycle. EnergyVision applies an internal maximum leverage ratio of 3.0 times underlying EBITDA as a matter of financial discipline. By year -end, we expect to keep the ratio of net financial debt to underlying EBITDA below 2.5 times. Investments aligned with consumption growth Further investments in production and mobility assets are being specifically aligned with the strong growth of the consumption portfolio. As at 30 June 2026, the total solar portfolio amounted to 154.9 MWp, an increase of 52.3 MWp or 51.0% compared with 30 June 2025. Over the same period, the wind portfolio grew from 0.0 MW to 37.4 MW . Own charging infrastructure was also significantly expanded to 4,120 charging points as at 30 June 2026, 1,551 more charging points or an increase of 60.4% compared with 30 June 2025. A new addition to the asset portfolio is the rollout of plug -in batteries for residential customers with solar panels. Since their launch in April 2026, 1,631 plug-in batteries have already been ordered, of which 1,096 are operational. This adds a new category of behind-the-meter assets that is growing along with the rapidly expanding customer portfolio.
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Press release 4 Comments by segment Asset-Based Energy (ABE) The asset-based energy segment (energy-as-a-service) comprises all activities related to the production and valorisation of green electricity from own production assets (from own solar panels, wind turbines and plug-in batteries). In the ABE segment, EnergyVision continued to grow its own production portfolio, with the previously initiated diversification into wind energy making a substantial contribution to results for the first time in the first half of the year. This broadens the production portfolio and reduces dependence on a single production technology. In the first half of the year, we added 28.9 MWp of solar capacity and 33.0 MW of wind capacity to our portfolio. These assets were acquired, built or are currently under construction. At the same time, EnergyVision succeeded in covering a substantial portion of its energy requirements for 2026 with own and c ontracted production. The combination of a growing production portfolio and greater coverage of energy demand further strengthens the integration between own production and the rapidly growing customer portfolio. EnergyVision is also continuing to expand its own production and storage assets at customers’ homes, further strengthening th e customer relationship. The continued growth of own production assets, together with the contribution from wind energy, therefore provides an important basis for further underlying EBITDA growth within ABE. EnergyVision also continues to actively and selectively explore opportunities to further expand and diversify its production portfolio. The addition of plug -in batteries and preparations for micro -hydropower installations are part of this effort. Asset-Based Mobility (ABM) The asset-based mobility segment (mobility-as-a-service) comprises all activities related to operating our electric charging infrastructure. The ABM segment continued its growth in the first half of 2026, driven both by the expansion of the number of operational cha rging points and by increasing use of the existing infrastructure. The rollout of new charging infrastructure will accelerate significantly in the coming years. EnergyVision expects to install approximately 3,000 new charging points per year in both 2026 and 2027, keeping it on track to execute the major contracts with NMBS (charging po ints in the car parks of Belgian railway stations) and the Department of Mobility and Publi c Works (public charging points in three Flemish provinces). These projects will significantly expand the own charging-point portfolio in the coming years, laying the basis for further recurring growth. ABE Revenue 16.2 11.1 + 5.1 + 45.9% of which inter-segment 6.2 2.3 + 3.9 + 169.6% of which external 10.0 8.8 + 1.2 + 13.6% Underlying EBITDA 15.5 10.8 4.7 + 43.5% Underlying EBITDA margin 95.7% 97.3% ABM Revenue 6.0 3.6 + 2.4 + 66.7% of which inter-segment 0.1 0.4 -0.3 - 75.0% of which external 5.9 3.2 2.7 + 84.4% Underlying EBITDA 2.0 1.2 + 0.8 + 66.7% Underlying EBITDA margin 33.3% 33.3% H1 2026 H1 2025 H1 2026 – 2025 H1 2026/2025 Expressed in million euros H1 2026 H1 2025 H1 2026 – 2025 H1 2026/2025 Expressed in million euros
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Press release 5 Utilisation of newly deployed charging points is developing positively. Use of new charging points gradually increases as the y remain operational for longer, in line with EnergyVision’s earlier experience with ChargyClick (public charging points in the Brussels-Capital Region), which can be considered a reference project. When first commissioned, ChargyClick charging points averaged around 200 kWh per charging point per month. Following a steady increase, this figure reaches approximately 1,000 kWh after two years. Initial usage figures from more recent locations show a similar trend. The margin within the ABM segment remains stable, despite a sharp decline in the market price of e -credits since the beginning of 2026 (a decline of almost 40%, a trend running counter to market prices in neighbouring countries). Non-Asset-Based Energy (NABE) The non-asset-based energy segment comprises all activities related to our role as an energy supplier. In the NABE segment, EnergyVision continued the strong growth of its residential customer portfolio and has now climbed from ninth to sixth place4 in terms of market share among residential energy suppliers in Flanders. This growth was achieved largely organically and wit hout significant marketing costs, thanks to an extremely customer-focused and flexible approach, including during the Iran crisis, precisely when customer demand peaked and several other suppliers failed to respond. Daily organic growth is also accelerating. Customer retention remains exceptionally strong. Average customer churn was 1.3% per month over the period from July 2025 through June 2026 (including the group -purchase segment), compared with 1.8% 5 per month for the sector. Excluding group purchases, customer churn was less than 0.7% per month. High customer satisfaction and stable pricing play an important role in this. EnergyVision kept its prices stable, while most other suppliers increased their rates by 28% to 60%. The combination of competitive prices and high customer satis faction supports structurally low churn and the recurring nature of the customer portfolio. Growth is continuing in the second half of the year. In August, approximately 10,000 additional connection points will be add ed through a new group purchase. From September, more than 30,000 connection points will be added through the acquisition of the residential customer portfolio of DATS 24. The strong customer growth in 2026 is also laying the foundation for further underlying EBITDA growth in 2027. Customers joining during the year contribute only partially to results in 2026, but will contribute to recurring revenue and underlying EBITDA for a full year in 2027. EPC The EPC segment comprises all activities related to the development, construction and sale of energy installations and related equipment. 4 Source: Vlaamse Nutsregulator, publicly available market data: https://www.vlaamsenutsregulator .be/marktaandelen-en-switches-elektriciteit-dashboard 5Source: Vlaamse Nutsregulator, publicly available market data: https://www.vlaamsenutsregulator .be/marktaandelen-en-switches-elektriciteit-dashboard NABE Revenue 65.3 29.8 + 35.5 + 119.1% of which inter-segment 3.1 2.2 + 0.9 + 40.9% of which external 62.2 27.6 +34.6 +125.4% Underlying EBITDA 3.0 0.2 + 2.8 + 1400.0% Underlying EBITDA margin 4.6% 0.7% EPC Revenue 20.0 22.8 - 2.8 -12.3% of which inter-segment 0 0 0 - of which external 20.0 22.8 - 2.8 -12.3% Underlying EBITDA 2.3 3.5 - 1.2 - 34.3% Underlying EBITDA margin 11.5% 15.4% H1 2026 H1 2025 H1 2026 – 2025 H1 2026/2025 Expressed in million euros H1 2026 H1 2025 H1 2026 – 2025 H1 2026/2025 Expressed in million euros
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Press release 6 The development within the EPC segment is in line with the budget and expectations, but remains, as anticipated, under significant pressure. The decline in revenue is mainly situated in Belgium, where the ASTER project has almost completely come to a standstill over the past twelve months and no further activity is expected. This decline is part of the expected phase-out of traditional EPC activities and contrasts with the strong growth of the Group’s recurring segments. In its home market, however, EnergyVision won a major tender from Opdrachtencentrale for charging infrastructure. Through this tender, various public bodies, including hospitals, police zones and other government organisations, can directly call on EnergyVisio n to roll out charging infrastructure. The framework agreement could generate a substantial contribution to revenue in the coming months and years, but since actual take-up and timing are not guaranteed, no revenue from this tender has been included in our budget. Any resulting revenue therefore represents additional upside to current expectations. The foreign EPC projects show a slight decline in Morocco and a slight increase in China, respectively, but remain in line wi th the budget. Turbulent (the micro-hydropower company acquired at the end of 2025) completed one project and has two projects unde r construction, and was slightly EBITDA-positive for the first time in its history. We continue to engage with the Belgian authorities to establish a framework for hydropower, while Turbulent is already generating revenue abroad. Customer satisfaction Customer satisfaction remains an important pillar for the predictability of our recurring revenues and our long -term growth. In 2026, we further embedded this importance by making customer satisfaction a criterion for our employees’ collective bonus. In th is way, we directly link part of our shared objectives to the quality of our service and the satisfaction of our customers. Customer satisfaction scores also remained high in the first half of 2026. Our Trustpilot score remained stable at 4.7 out of 5, now based on more than 1,300 reviews. Our Google score rose further from 4.6 to 4.7 out of 5. Our Net Promoter Score (NPS), which we have systematically measured through a broad customer survey since early 2025, also continued its positive trend, rising from 40 as at 31 December 2025 to 43 as at 30 June 2026. This high level of customer satisfaction was also recognised externally in 2026: at the end of August, EnergyVision was awarded the ‘Best of the Test’ label among energy suppliers by Testaankoop. In awarding the label, Testaankoop considers not only price, but also criteria such as accessibility, transparency and quality of service. In addition, more than 6,000 Testaankoop members are surveyed about their experience with energy suppliers in Belgium, including customer service, information provision and complaint handling. In previous years, DATS 24 ranked first in this assessment. Outlook Based on the results in the first half of the year, the continued growth of our customer and asset portfolio and the increase in recurring activities, EnergyVision is raising its expectations for 2026. As every year, we expect underlying EBITDA to be higher in the second half of the year than in the first half. New customers and projects contribute gradually throughout the year. In addition, more projects will be completed in the second half than in the first half. We are therefore raising our expectation for underlying EBITDA growth in 2026 from at least 30% to 35%. For 2027 as well, the recurring nature of our revenues provides a high degree of visibility. EnergyVision expects underlying EBITDA to grow by at least 40%. More than 90% of expected underlying EBITDA for 2027 has already been secured based on ongoing contracts, volumes and production assets. Interim financial figures The unaudited interim financial figures for the six months ended 30 June 2026 are available on EnergyVision’s website, togeth er with this press release, via the following link. Governance Since 14 May 2026, Jonas Vermeulen, previously Deputy CFO, has been CFO of EnergyVision. He succeeded Michèle Adams, who step ped down as CFO and director for personal reasons. This change was announced publicly earlier. Financial calendar 15 October 2026 Third-quarter 2026 business update 25 February 2027 2026 annual results 31 March 2027 Publication of 2026 annual report 8 April 2027 Q1 2027 business update 11 May 2027 Annual General Meeting 19 August 2027 Half-year results 2027
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Press release 7 Webcast CEO Maarten Michielssens, Deputy CEO Koen Decourt and CFO Jonas Vermeulen will hold an information call for financial media o n 3 September 2026 at 13:00 (CEST). Prior registration by email via ir@energyvision.be is mandatory. The presentation for the call will be available on the website on 3 September 2026 at approximately 08:00 (CEST). About EnergyVision EnergyVision (ENRGY , Euronext Brussels) is an integrated energy and mobility company founded in 2014. It is the country’s fastest-growing energy supplier, driven by an obsessive focus on an outstanding customer experience. The goal? To make the sustainable energy transition affordable and accessible to everyone. EnergyVision does this by building a decentralised energy network in which local production and consumption are intelligently aligned. The company produces renewable energy from solar, wind and hydropower and combines it with battery storage, affordable energy contracts and charging networks for electric mobility. Energy generated locally but not consumed on site is supplied by EnergyVision to its customers or used for electric vehicles through its charging networks. This allows EnergyVision to maximise the use of renewable energy, help balance the electricity grid and offer households, businesses and governments sustainable energy solutions without major upfront investments. Technology and innovation play a central role in this model. By con necting production, storage and consumption intelligently and in a data-driven way, EnergyVision is building a scalable, future-proof energy system that combines growth with tangible climate impact, always with the customer as its starting point. Im po rtan t in fo rmation regard ing fo rward -lo o kin g statem en ts Certain statements in this press release may be considered forward -looking. Such forward -looking statements are based on current expectations and are subject to various risks and uncertainties. EnergyVision can therefore give no assurance that such forwa rd-looking statements will actually materialise and assumes no obligation to update or revise any forward -looking statement as a result of new information, future events or for any other reason. In the event of discrepancies between the English translation and the Dutch original of this press release, the Dutch version shall prevail.
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Press release 8 Operational KPIs by segment Total production (GWh) 100.0 GWh 95.0 GWh 47.4 GWh 58.7 GWh 27.7 GWh Total solar energy production (GWh) 67.7 GWh 89.4 GWh 47.4 GWh 58.7 GWh 27.7 GWh Total wind energy production (GWh) 32.3 GWh 5.6 GWh 0.0 GWh 0.0 GWh 0.0 GWh Average ABE price – solar energy (EUR/GWh) € 78 € 70 € 68 € 60 € 60 Average ABE price – wind energy (EUR/GWh) € 99 € 99 n/a n/a n/a Total operational solar portfolio capacity (MWp) 154.9 MWp 144.8 MWp 102.6 MWp 95.9 MWp 78.4 MWp Total wind portfolio capacity (MW) 37.4 MW 4.4 MW 0.0 MW 0.0 MW 0.0 MW Total number of batteries 1,096 1 1 0 0 Plug-in battery B2C 1,095 0 0 0 0 Battery B2B 1 1 1 0 0 Investments in ABE assets (EURm) € 33.0 € 55.5 € 15.5 € 26.7 € 8.0 Solar energy B2C operational € 5.3 € 11.7 € 5.8 € 11.4 € 4.1 Solar energy B2C under construction € 0.9 € 0.9 € 1.0 € 0.7 € 0.2 Solar energy B2B operational € 3.8 € 24.5 € 1.8 € 6.2 € 1.5 Solar energy B2B under construction € 8.9 € 8.7 € 6.5 € 8.4 € 2.2 Wind energy € 12.9 € 9.3 0 0 0 Battery € 1.2 € 0.4 € 0.4 0 0 Total electricity sold (GWh) 14.5 GWh 21.2 GWh 10.3 GWh 14.6 GWh 6.1 GWh Total number of charging points 4,120 3,063 2,569 2,276 2,144 Total number of AC charging points 3,998 2,950 2,515 2,249 2,130 Total number of DC charging points 122 113 54 27 14 Total number of charging sessions 714,602 1,135,184 563,111 865,312 380,388 Investments in ABM assets (EURm) € 7.2 € 11.0 € 3.6 € 3.1 € 1.7 Operational AC charging points € 3.5 € 2.3 € 0.9 € 0.8 € 0.4 AC charging points under construction € 1.4 € 0.7 € 0.1 € 0.3 € 0.1 Operational DC charging points € 0.7 € 6.5 € 2.0 € 2.0 € 1.1 DC charging points under construction € 2.4 € 2.8 € 1.3 €0.4 € 0.1 Total electricity sold (GWh) 117.0 GWh 144.5 GWh 50.5 GWh 15.3 GWh 4.2 GWh Total fossil gas sold (GWh) 326.0 GWh 439.0 GWh 164.7 GWh 6.7 GWh 0.0 GWh Total number of connection points (PODs) 175,826* 133,363 73,340 13,146 4,782 Electricity 101,416 63,299 31,993 5,510 1,241 H1 2026 FY 2025 H1 2025 FY 2024 H1 2024 Asset Based Energy (ABE) H1 2026 FY 2025 H1 2025 FY 2024 H1 2024 Asset Based Mobility (ABM) H1 2026 FY 2025 H1 2025 FY 2024 H1 2024 Non Asset Based Energy (NABE)
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Press release 9 * As of 1 April, approximately 16,000 Aster injection points are no longer part of the portfolio. * In the first half of the year, Turbulent completed a project in South Africa in the EPC segment and has projects under construction in Zambia and the Philippines. Fossil gas 67,065 47,003 23,931 2,260 0 Injection only 7,345 23,061 17,416 5,376 3,541 Total number of customers 99,430 68,160 34,664 4,385 369 Long-term customers (in EnergyVision products) 81,098 26,516 14,056 4,113 246 Customers via group purchases 18,332 41,644 20,608 272 123 Total revenue (in EURm) € 20.0 € 76.0 € 22.8 € 77.1 € 33.2 Belgium € 2.0 € 13.3 € 6.4 € 24.4 € 11.7 China € 15.5 € 50.8 € 13.9 € 41.0 € 15.2 Morocco € 2.0 € 11.9 € 2.5 € 11.7 € 6.3 Other* € 0.5 n/a n/a n/a n/a Total number of customers 122,274 87,677 50,837 19,508 13,175 H1 2026 FY 2025 H1 2025 FY 2024 H1 2024 Engineering, Procurement, Construction (EPC) H1 2026 FY 2025 H1 2025 FY 2024 H1 2024