Interim report
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MPC Energy Solutions N.V. FINANCIAL REPORT H1 2026
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MPC ENERGY SOLUTIONS IS A INDEPENDENT POWER PRODUCER (IPP) MPC Energy Solutions (“MPCES”, “Company”, together with its subsidiaries “Group”, “we”) owns and operates utility-scale solar photovoltaic (PV) power plants in Central America. We generate and deliver clean and affordable energy to public and private off-takers in developing and emerging markets. To sell the energy we produce in our plants, we usually sign long-term power purchase agreements (PPA) which help us secure predictable cash flows for our projects while simultaneously allowing off-takers to purchase energy at reliable prices that are usually lower than the applicable tariffs from public or private power utilities. Contents 4 MPC Energy Solutions in Brief 6 Year-to-Date 2026 Results - Summary 7 Report of the Management Board 13 Consolidated Financial Statements 2 MPC Energy Solutions N.V. Financial Report H1 2026
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FINANCIAL DISCLAIMERS AND DEFINITIONS Amounts reported in thousands or millions throughout this report are computed based on the underlying numbers in US dollars (USD). As a result, the sum of the components reported in the underlying numbers in USD may not equal the total amount reported in thousands or millions due to rounding. Certain columns and rows within tables may therefore not add up due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in USD. To supplement our consolidated financial statements presented on International Financial Reporting Standards as adopted by the European Union (EU-IFRS) basis, we disclose cer tain non-IFRS financial measures (Alternative Performance Measures, APM), including, without being limited to, proportionate revenues, proportionate earnings before interest, taxes, depreciation and amortization (EBITDA) and proportionate earnings before interest and taxes (EBIT), including percentages and ratios derived from those measures. EBITDA and EBIT are commonly used performance indicators in the Company’s industry. The difference between consolidated values and proportionate values is explained by the following pro-rata considerations: Project Share considered to calculate consolidated values Share considered to calculate proportionate values Los Santos I, Mexico 100% 100% Santa Rosa & Villa Sol, El Salvador 100% 100% San Patricio, Guatemala 100% 100% Los Girasoles, Colombia 100% 100% Planeta Rica, Colombia1 0% 50% 1The project was sold on 30 September 2 025. In the proportionate values presented in this annual report, the contribution of the project is included for the period of January to September 2 025. The APMs we use are not necessarily in accordance with generally accepted accounting principles stipulated by IFRS and should not be considered in isolation from or as a replacement for the most directly comparable IFRS financial measures. Furthermore, other companies may calculate these APMs differently than we do, which may limit the usefulness of those measures for comparative purposes. Management uses supplemental APMs to evaluate performance period over period, to analyse the underlying trends in our business, to assess our performance relative to our competitors and to establish operational goals and forecasts that are used in allocating resources. In addition, management uses APMs to further its understanding of the performance of our operating projects and help isolate actual performance from adjustments required by accounting standards. Please refer to the table before Note 4 for an overview of the main differences between selected APMs and our consolidated group figures. FORWARD-LOOKING STATEMENTS Certain information and statements shared in this document, including financial estimates and comments about our plans, expectations, beliefs, or business prospects, and other information and statements that are not historical in nature, may constitute forward-looking statements under the securities laws. We make these statements based on our views and assumptions regarding future events and business performance at the time we make them. We do not under take any obligation to update these information and statements in the future. For ward-looking statements are subject to several risks and uncertainties, and actual results may differ materially from the results expressed or implied considering a variety of factors, including factors contained in our financial statements, filings, and other releases. 3 MPC Energy Solutions N.V. Financial Report H1 2026
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MPC Energy Solutions in Brief 4 MPC Energy Solutions N.V. Financial Report H1 2026 MPC ENERGY SOLUTIONS N.V.
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MPC ENERGY SOLUTIONS IN BRIEF MPCES was founded on 4 June 2020 as a Dutch public limited liability company incorporated in the Netherlands and governed by Dutch law. The Company is registered with the Dutch company register under the organization number 78205123, and its registered office is at Apollolaan 151, 1077 AR Amsterdam. MPCES has an additional office in Bogotá (Colombia). The shares of the Company are listed on the Euronext Growth segment of the Oslo Stock Exchange under stock ticker MPCES (ISIN: NL0015268814). MPC Energy Solutions in Brief 5 MPC Energy Solutions N.V. Financial Report H1 20264 MPC Energy Solutions N.V. Financial Report H1 2026
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YEAR-TO-DATE 2026 RESULTS - SUMMARY in million USD unless stated otherwise H1 2026 H1 2025 Installed capacity (MW, proportionate, cumulated) 49 63 Energy output (GWh, proportionate, as generated) 49.4 60.5 Project revenue (proportionate) 5.3 6 .1 Project EBITDA* (proportionate) 3.8 4.4 Project EBITDA margin (proportionate) 72% 73% Group EBITDA* (proportionate) 2.3 2.6 Group EBITDA margin (proportionate) 44% 43% Revenue of continuing operations (consolidated) 2.8 5.4 EBITDA* of continuing operations (consolidated) 0 .1 2.2 Group EBITDA* margin (consolidated) 4% 41% Total assets (consolidated, group level) 123.2 128.4 Equity ratio (consolidated, group level) 32% 37% Free cash** 3.4 2.2 EPS of continuing operations (consolidated, basic and diluted, USD) (0 .13) (0.06) Cash flow from operations (consolidated) (2.2) (3.5) Cash flow from investing activities (consolidated) (1.4) (5.9) Cash flow from financing activities (consolidated) (1.2) 8.2 FX translation differences (consolidated) 0 .1 0.0 Total cash flow for the period (consolidated) (4.7) (1.1) Note: Rounding differences may occur. * EBITDA stands for earnings before interest, taxes, depreciation and amortization. ** We define free cash as funds available for immediate deployment for project investments, project development and group overhead. This figure excludes cash available in our project companies as well as cash deposited as collateral to secure project-related bank guarantees or energy trading activities, and balances held in connection with minimum cash requirements related to past or upcoming transactions. Free cash, in principle, can also be (partially) used to distribute cash to shareholders. Year-to-date 2026 results - Summary 6 MPC Energy Solutions N.V. Financial Report H1 2026
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REPORT OF THE MANAGEMENT BOARD 7 MPC Energy Solutions N.V. Financial Report H1 2026
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FINANCIAL AND OPERATIONAL RESULTS Project Performance During the first six months of 2026, three projects were delivering energy to power grids in Mexico (Los Santos), El Salvador (Santa Rosa & Villa Sol) and Colombia (Los Girasoles). While our project in Guatemala (San Patricio) completed construction in 2025, the project was not yet connected to the power grid at the end of June 2026 and was still going through the final permitting stages to be allowed to commence the testing and commissioning of the plant. The testing was completed and operations of the power plant began in mid-July 2026. The plant has generated nearly 10 GWh and generated around USD 0.7 million in revenues during the month of July. These contributions are naturally not included in the H1 2026 financials. In September 2 025, we divested our financial interests in Planeta Rica (Colombia), which contributed revenues and operating profits during the first nine months of that year. In the like-for-like comparison shown for the individual per formance parameters below, we eliminate the 2025 contributions from that project for a better view of the remaining portfolio’s results year-over-year. proportionate, in thousand USD Energy output (GWh) Revenue (project level) EBITDA (project level) EBITDA margin (project level) H1 2026 49.4 5,325 3,847 72% H1 2025 60.5 6,059 4,409 73% H1 2024 5 9 .1 6 ,10 4 3,889 64% Relative change 2026 vs. 2025 -18% -12% -13% Note: Rounding differences may occur. H1 2026 H1 2025 Change Energy output (proportionate, in GW h) Santa Rosa & Villa Sol, El Salvador 21.9 21.3 +3% Los Santos I, Mexico 17.4 18.3 -5% Los Girasoles, Colombia 10 .1 10.6 -5% Planeta Rica, Colombia - 10.3 -10 0% Total 49.4 60.5 -18% Elimination of Planeta Rica - (10.3) Total energy output, like-for-like 49.4 50.3 -1% Revenue (proportionate, in thousand USD) Santa Rosa & Villa Sol 2,557 2,491 +3% Los Santos I 1,901 2 ,10 0 -9% Los Girasoles 867 835 +4% Planeta Rica - 632 -10 0% Total 5,325 6,059 -12% Elimination of Planeta Rica - (632) Total revenue, like-for-like 5,325 5,427 -2% Report of the Management Board 8 MPC Energy Solutions N.V. Financial Report H1 20267 MPC Energy Solutions N.V. Financial Report H1 2026
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El Salvador: Our 21.3 MW solar PV project Santa Rosa & Villa Sol performed slightly below expectations, with only slight improvements compared to last year. This was mainly supported by continued elevated energy tariffs and few grid-side shutdowns than in previous periods, which mostly compensated for a slightly higher cost base. Mexico: The project lost nearly one month of revenue due to a metering error at the main off-taker ’s location in Januar y of this year. Consequently, a substantial portion of the energy output could not be invoiced. This loss directly impacted the project’s operating profit and margin. We expect to recover the loss of income over the remainder of the year. The un-invoiced energy is stored in the so called “energy bank” and will be sold to the spot market, in whole or in part, over the coming months. In addition, poor weather conditions kept the energy output during the first six months below expectations and affected the project ’s overall financial performance negatively. Colombia: Our project Los Girasoles experienced subpar weather conditions throughout the entire first half of the year, which negatively affected the plant’s energy output and required us to purchase more energy than planned in the spot market to compensate for the loss of production and meet our PPA delivery obligations. We nonetheless managed to maintain an operating profit margin in line with the same period last year and above the full-year margin of 2025 (36%), and positive currency effects elevated the revenue and operating profit of the project in absolute USD. H1 2026 H1 2025 Change EBITDA (proportionate, in thousand USD) Santa Rosa & Villa Sol 2,219 2 ,18 5 +2% Los Santos I 1,295 1,582 -18% Los Girasoles 333 307 +8% Planeta Rica - 335 -10 0% Total 3,847 4,409 -13% Elimination of Planeta Rica - (335) Total EBITDA, like-for-like 3,847 4,074 -6% EBITDA margin Santa Rosa & Villa Sol 87% 88% Los Santos I 68% 75% Los Girasoles 38% 37% Planeta Rica - 53% Total 72% 73% Note: Rounding differences may occur. Report of the Management Board 9 MPC Energy Solutions N.V. Financial Report H1 2026
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Corporate Overhead Costs After significant cost reductions year-over-year in 2024 (-30%) and 2025 (-8%), we were able to continue the trend during the first half of 2026, lowering overhead expenses compared to the same period last year by 18%. Cost discipline and a strict spending regime will remain a focus area for the remainder of 2026, for which we target an overall overhead cost reduction between 25% and 30%. in thousand USD H1 2026 H1 2025 Change Employee expenses (765) (838) -9% Other overhead (741) (990) -25% Total (1,506) (1,828) -18% Note: Rounding differences may occur. Free Cash Position and Free Cash Flow We define free cash as funds available for immediate deployment for project investments, project development and group overhead. This figure excludes cash available in our project companies as well as cash deposited as collateral to secure project-related bank guarantees or energy trading activities, and balances held in connection with minimum cash requirements related to past or upcoming transactions. Free cash can, in principle, also be (partially) used for distributions to shareholders. in thousand USD 30.06.2026 31. 12.2025 Consolidated group cash position 9,284 13,948 Restricted deposits (2,072) (223) Cash held in consolidated project entities (3,768) (4,769) Free cash position of the Group 3,445 8,956 Note: Rounding differences may occur. The free cash position decreased during the first half of 2026 as additional funding was provided to the project in Guatemala (USD 2.5 million) to bridge the period until the project can start operations and the agreed sale of the project can be closed. The funds were required to pay for debt service, site personnel and support services in different areas. In addition, we allocated USD 2.0 million to restricted cash as of 30 June 2026 in connection with a legal dispute in El Salvador, for which we already recorded a provision at the end of financial year 2025. The dispute was settled in July 2026, and the restricted funds were disposed accordingly. The settlement amount was higher than originally anticipated and was therefore only partially reflected in the sales price of the power plant (Project Merlin). in thousand USD H1 2026 H1 2025 Operating cash flow (2,211) (3,485) Capital expenditure (net of divestments) (1,366) (5,857) Net borrowing (1,10 6) 8,320 Free cash flow to equity (FCFE) of the Group (4,683) 1,022 Note: Rounding differences may occur. The FCFE we calculate excludes certain cash flow items, especially in investment and financing cash flows, that do not relate to capital expenditure, acquisitions, divestments or the receipt and repayment of loan amounts. Small deviations from our overall cash flow for the period therefore occur. The operating cash flow in the first half of 2026 was negative, mainly due to interest paid on non-recourse loans (USD 2.7 million). Interest payments are classified as operating cash flow under IFRS. Report of the Management Board Report of the Management Board 9 MPC Energy Solutions N.V. Financial Report H1 2026 10 MPC Energy Solutions N.V. Financial Report H1 2026
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OUTLOOK 2026 MPCES has defined milestones for the current financial year. The following are driving our Company’s activities in 2026: + Closing the sale of San Patricio (Guatemala) and Santa Rosa & Villa Sol (El Salvador) + Pursue additional project divestments to increase free, distributable cash As of the writing of this report, we are on track to achieve the set targets. The transaction announced in November 2 025 was closed in late July. Given these recent developments and the impact of timing of the divestments compared to the original expectations was broadly in line with our expectation, MPCES confirms its year- end projections for 2026. Proportionate values, in million USD unless stated otherwise Projection 2026 Actual 2025 Energy output (in GW h) 75 113 Revenue 7.5 11.6 Project EBITDA 5.5 8.6 Group EBITDA 3.2 5.3 Note: Rounding differences may occur. We still expect full-year overhead spending of USD 2.3 million in 2026. Report of the Management Board 11 MPC Energy Solutions N.V. Financial Report H1 2026
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RISK MANAGEMENT The Group is exposed to a variety of risks which may or may not materialize and could potentially have an adverse effect on the Group’s business and prospects. It is considered practically impossible to generate risk-free profits systematically and sustainably, as risks are part of every company’s business activity. Therefore, identifying and mitigating risks is among the most important entrepreneurial duties. The Company regularly reviews its methodology of risk management to check whether it meets the current needs and requirements of the Management Board. As part of this review, MPCES evaluates its internal controls and systems for risk management and updates them where needed and encourages employees to actively contribute to the improvement of the Company’s risk management system and policies. For a detailed overview of the Company’s risks and risk assessment, please refer to our Annual Report 2025. MANAGEMENT BOARD As of 30 June 2026, the Group’s Chief Financial Officer (CFO), Stefan H.A. Meichsner, and the Group’s Managing Director for Central America, Fernando Zuñiga, were the only members of the Management Board. GOING CONCERN In preparing the consolidated and company-only financial statements, the Management Board is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease its operations. Assessing whether going concern is the correct presumption requires judgement by the Management Board on different matters concerning the Company’s ability to continue its operations in the future. This judgement is based on the financial position of the Company, the Company’s existing operational projects, projects under construction and the project development backlog, business opportunities and financial projections. As the Company is not generating positive cash flows at the moment, the uncertainty of maintaining sufficient liquidity to support the going concern assumption has been assessed. Based on internal financial projections and preparations made to secure additional funding from external sources (asset sales, equity and debt), as well as the fact that the Company has currently no long-term debt on corporate level, the Management Board currently sees no significant risk materializing from this uncertainty. A significant part of our business is what we refer to as asset rotation, i.e. the buying and selling of projects throughout the project lifecycle. In the last financial year (2025), we continued to divest several projects across the region, and are currently also not developing any new projects in the region. We are continuously assessing ways and opportunities to create shareholder value and operate our business successfully while balancing short-term objectives with long-term prospects. At this point in time, we consider the entit y/group to be going concern and, as such, the financial statements are prepared on a going concern basis. EVENTS AFTER THE REPORTING DATE On 12 July 2026, the 66.1 MWp solar PV plant San Patricio in Guatemala officially commenced operations. The project will deliver energy under a long-term fixed-price PPA to the IMSA Group. On 24 July 2026, MPCES concluded a legal dispute in El Salvador against a settlement payment of USD 2.0 million. On 28 July 2026, the Company successfully closed the sale of its project San Patricio (Guatemala) and Santa Rosa & Villa Sol (El Salvador). The transaction, referred to as Project Merlin, was approved by our shareholders in December 2025. Total proceeds from the divestment were USD 28.3 million. An amount of USD 2.2 million of these proceeds related to post- closing milestones and the finalization of the transaction closing accounts was deposited in escrow and will possibly be collected by MPCES later this year. Report of the Management Board Report of the Management Board 11 MPC Energy Solutions N.V. Financial Report H1 2026 12 MPC Energy Solutions N.V. Financial Report H1 2026
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CONSOLIDATED FINANCIAL STATEMENTS 13 MPC Energy Solutions N.V. Financial Report H1 2026 Financial Report Q1 2024 MPC Energy Solutions N.V. 14
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Consolidated Statement of Financial Position 15 Consolidated Income Statement 16 Consolidated Statement of Cash Flows 17 Notes to the Consolidated Financial Statements 18 14 MPC Energy Solutions N.V. Financial Report H1 202613 MPC Energy Solutions N.V. Financial Report H1 2026 Financial Report Q1 2024 MPC Energy Solutions N.V. 14
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Consolidated Statement of Financial Position in thousands USD Notes 30.06.2026 31. 12.2025 Intangible assets 12,581 12,909 Property, plant and equipment 27,821 26,407 Right-of-use assets 857 814 Financial fixed assets 1,500 1,500 Deferred tax assets 1,554 1,958 Non-current assets 44,313 43,588 Trade and other receivables 984 782 Current tax receivables 1,15 4 1,054 Prepayments and accrued income 196 85 Cash and cash equivalents 1 6,745 10,515 Current assets 9,079 12,436 Assets held for sale 2 69,771 69,318 Total assets 12 3 ,16 3 125,342 Shareholders’ equity 39,561 39,906 Total equity 39,561 39,906 Project finance loans 3 21,368 21,502 Lease liabilities 1,079 984 Deferred tax liabilities 4,10 4 4,17 1 Provisions 268 246 Non-current liabilities 26,820 26,903 Trade and other payables 882 758 Current tax payables 61 61 Project finance loans 3 1,233 1,528 Lease liabilities 78 114 Provisions 2,070 1,264 Current liabilities 4,326 3,726 Liabilities directly associated with assets held for sale 2 52,457 54,807 Total equity and liabilities 12 3 ,16 3 125,342 Note: Rounding differences may occur. For the period ended 30 June, unaudited (before appropriation of results) Consolidated Interim Financial Statements Consolidated Statement of Financial Position 15 MPC Energy Solutions N.V. Financial Report H1 2026
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Consolidated Income Statement in thousands USD H1 2026 FY2025 Revenue 4 2,768 5,576 Cost of sales (1,14 0) (1,905) Employee expenses (765) (1,363) Other operating expenses (741) (1,944) Depreciation, amortization, and impairment charges (1,413) (7,031) Operating income from continuing operations (1,291) (6,667) Other income and expenses (5 41) (1,945) Financial result incl. foreign currency effects (953) (723) Profi t / loss before income tax from continuing operations (2,784) (9,335) Income tax expenses (63) (679) Net profi t / loss for the period from continuing operations (2,847) (10,014) Net profit from discontinued operations (1,471) 977 Net profi t / loss for the year (1,376) (9,037) Attributable to MPCES: Profi t / loss from continuing operations (2,847) (10,014) Profi t / loss from discontinued operations 1,471 977 Profi t / loss attributable to owners of the parent (1,376) (9,037) Weighted average shares outstanding 22,250,000 22,250,000 Basic EPS, in USD, continuing operations (0 .13) (0.45) Diluted EPS, in USD, continuing operations (0 .13) (0.45) Basic EPS, in USD, discontinued operations 0.07 0.04 Diluted EPS, in USD, discontinued operations 0.07 0.04 Note: Rounding differences may occur. For the period ended 30 June, unaudited Consolidated Interim Financial Statements Consolidated Statement of Financial Position Consolidated Income Statement Consolidated Interim Financial Statements 15 MPC Energy Solutions N.V. Financial Report H1 2026 16 MPC Energy Solutions N.V. Financial Report H1 2026
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Consolidated Statement of Cash Flows in thousand USD Notes H1 2026 FY2025 Cash flow from operating activities (2,211) (2,539) Cash flow from investment activities (1,366) (2,410) Cash flow from financing activities (1,16 1) 6,416 Net change in cash and cash equivalents (4,737) 1,467 Effects of currency translation 74 66 Cash and cash equivalents at the beginning of the period 13,948 12,415 Cash and cash equivalents at the end of the period 9,284 13,948 Less cash and cash equivalents of discontinued operations (2,539) (3,433) Cash and cash equivalents at the end of the period 6,745 10,515 Note: Rounding differences may occur. For the period ended 30 June, unaudited Consolidated Interim Financial Statements Consolidated Statement of Cash Flows 17 MPC Energy Solutions N.V. Financial Report H1 2026
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Notes to the Consolidated Financial Statements GENERAL Company profile As an independent power producer (IPP), the principal activities of the Company and its subsidiaries are to own and operate renewable energy projects. This is currently focused on solar PV power plants in Central America. The registered and actual address of MPC Energy Solutions N.V. is Apollolaan 151, 107 7 AR Amsterdam, the Netherlands. The Company is registered at the Dutch chamber of commerce under number 78205123. The Company was incorporated on 4 June 2020. MPCES has an additional office in Bogotá (Colombia). Following a private placement of shares on 22 Januar y 2021, the shares of the Company were listed in the Euronext Growth segment of the Oslo Stock Exchange. Going concern In preparing the consolidated and company-only financial statements, the Management Board is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless it is expected to liquidate the Company or to cease its operations. Assessing whether going concern is the correct presumption requires judgement by the Management Board on different matters concerning the Company’s ability to continue its operations in the future. This judgement is based on the financial position of the Company, the Company ’s existing operational projects, projects under construction and the project development backlog, business opportunities and financial projections. As the Company is not generating positive cash flows at the moment, the uncertainty of maintaining sufficient liquidity to suppor t the going concern assumption has been assessed. Based on internal financial projections and preparations made to secure additional funding from external sources (asset sales, equity and debt), as well as the fact that the Company has currently no long-term debt on corporate level, the Management Board currently sees no significant risk materializing from this uncertainty. A significant part of our business is what we refer to as asset rotation, i.e. the buying and selling of projects throughout the project lifecycle. In the last financial year (2025), we continued to divest several projects across the region, and are currently also not developing any new projects in the region. We are continuously assessing ways and opportunities to create shareholder value and operate our business successfully while balancing short-term objectives with long-term prospects. At this point in time, we consider the entit y /group to be going concern and, as such, the financial statements are prepared on a going concern basis. Reporting Period and IFRS The Company’s financial year corresponds to the calendar year. The consolidated financial statements have been prepared in accordance with IFRS as adopted by the European Union and comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code. The consolidated financial statements have been prepared on a historical cost basis unless stated otherwise. The consolidated financial statements are presented in USD. All financial information presented in USD has been rounded to the nearest thousand USD unless indicated otherwise. The Group's intention is to adopt the relevant new and amended standards and interpretations when they become effective, subject to European Union approval before the consolidated financial statements are issued. Consolidated Interim Financial Statements Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Consolidated Interim Financial Statements 17 MPC Energy Solutions N.V. Financial Report H1 2026 18 MPC Energy Solutions N.V. Financial Report H1 2026
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NOTES TO THE CONSOLIDATED FINANCIAL POSITION, CONSOLIDATED INCOME STATEMENT AND CONSLIDATED STATEMENT OF CASH FLOWS 1. Cash and Cash Equivalents in thousand USD 30.06.2026 31.12.2025 Consolidated group cash position 9,284 13,948 Restricted deposits (2,072) (223) Cash held in consolidated project entities (3,768) (4,769) Free cash position of the Group 3,445 8,956 The free cash position decreased during the first half of 2026 as additional funding was provided to the project in Guatemala (USD 2.5 million) to bridge the period until the project can start operations and the agreed sale of the project can be closed. The funds were required to pay for debt service, site personnel and support services in different areas. In addition, we allocated USD 2.0 million to restricted cash as of 30 June 2026 in connection with a legal dispute in El Salvador, for which we already recorded a provision at the end of financial year 2025. The dispute was settled in July 2026, and the restricted funds were disposed accordingly. The settlement amount was higher than originally anticipated. 2. Assets and Liabilities Held for Sale On 7 November 2 025, MPCES signed an agreement to sell its subsidiaries Terra Firma Renovables Holdings SLU (Spain), San Patricio Renovables SA (Guatemala), and Bonilla Zelaya Ingenieros Constructores SA de CV (El Salvador), and the assets and liabilities owned by these entities. Each project qualifies as a component of the entity as it constitutes a distinct cash-generating unit with operations and cash flows that can be clearly separated from the rest of the business for both operational and financial reporting purposes. The decision to sell these projects results in the disposal of operations within a specific geographical area and forms part of a single coordinated plan to exit that area. In addition, the entire divestment is part of a larger plan to dispose of all plants within that region, rather than isolated asset sales. Accordingly, selling the projects meets the definition of discontinued operations. At the date of classification as held for sale, the disposal group was measured at the lower of its carrying amount and fair value less costs to sell in accordance with IFRS 5 . No impairment loss was recognised, as the fair value less costs to sell (based on the agreed selling price) exceeded the carrying amount of the disposal group. The disposal is expected to be completed within 12 months after classification. For further details, please refer to our annual report 2025. in thousand USD H1 2026 FY2025 Revenue 2,557 4,979 Expenses (1,086) (4,002) Profit/loss after tax 1,471 977 in thousand USD 30.06.2026 31. 12.2025 Non-current assets 62,209 61,491 Current assets 7,562 7,827 Total assets held for sale 69,771 69,318 Non-current liabilities 47,696 48,567 Current liabilities 4,761 6,240 Total liabilities held for sale 52,457 54,807 Consolidated Interim Financial Statements Notes to the Consolidated Financial Statements 19 MPC Energy Solutions N.V. Financial Report H1 2026
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3. Project Finance Loans in thousand USD 30.06.2026 31.12.2025 Current portion of project finance loans 1,233 1,528 Non-current portion of project finance loans 21,386 21,502 Total project finance loans 22,601 23,030 Project breakdown: Los Santos I SAPI de CV, Mexico 22,601 23,030 Total project finance loans 22,601 23,030 The Group mostly includes non-recourse financing structure in its projects, with loans being provided by commercial banks with tenors usually tied to the term of the respective project’s power purchase agreement(s). The solar PV plant Los Santos I SAPI de CV, Mexico, has loans from the Nor th American Development Bank (NADB) and the Development Finance Corporation (DFC), which each provide around 50% of the total outstanding debt. The loans originally had a tenor of 17 years and 20 years, respectively, and will mature in March 2034 and March 2037. Repayments are made semi-annually. The interest rate on both loans is currently 5.15% per year. The current portion of the loans as of 30 June 2026 included accrued interest of USD 0.6 million. MPCES has no short-term or long-term bank debt on corporate level. 4. Revenue in thousand USD Energy output (GWh) Revenue (project level) EBITDA (project level) EBITDA margin (project level) Santa Rosa & Villa Sol (El Salvador) 21.9 2,557 2,219 87% Los Santos I (Mexico) 17.4 1,901 1,295 68% Los Girasoles (Colombia) 10.1 867 333 38% Total proportionate values 49.4 5,325 3,847 72% Discontinued operations (21.9) (2,557) (2,219) - Total consolidated values 37.5 2,768 1,628 59% Consolidated Interim Financial Statements Notes to the Consolidated Financial Statements Notes to the Consolidated Financial Statements Consolidated Interim Financial Statements 19 MPC Energy Solutions N.V. Financial Report H1 2026 20 MPC Energy Solutions N.V. Financial Report H1 2026
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COMMITMENTS The Group had no off-balance commitments at the end of June 2026. EVENTS AFTER THE REPORTING DATE On 12 July 2026, the 66. 1 MWp solar PV plant San Patricio in Guatemala officially commenced operations. The project will deliver energy under a long-term fixed-price PPA to the IMSA Group. On 24 July 2026, MPCES concluded a legal dispute in El Salvador against a settlement payment of USD 2.0 million. On 28 July 2026, the Company successfully closed the sale of its project San Patricio (Guatemala) and Santa Rosa & Villa Sol (El Salvador). The transaction, referred to as Project Merlin, was approved by our shareholders in December 2025. Total proceeds from the divestment were USD 28.3 million. An amount of USD 2.2 million of these proceeds related to post-closing milestones and the finalization of the transaction closing accounts was deposited in escrow and will possibly be collected by MPCES later this year. Consolidated Interim Financial Statements Notes to the Consolidated Financial Statements 21 MPC Energy Solutions N.V. Financial Report H1 2026
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