Slides
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Q2 2025 Results Conference Georg Hotar, CEO David Forth, CFO Photon Energy N.V. 20 August 2025
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This presentation is for information purposes only and may not be copied in whole or in part for any purpose, or forwarded to third parties or published. This presentation includes written material or slides for a presentation on Photon Energy N.V. (“the Company") and their business activities. This presentation does not constitute a solicitation or offer to buy, sell or subscribe for any shares or bonds in the Company. The information contained herein is not used as the basis for any contract or investment decision. This presentation contains forward-looking statements, i.e. statements that are not based on historical facts, including statements about the opinions and expectations of the Company and the Company's objectives for the future development of its business. These statements are based on current plans, estimates and projections and should not be overvalued by investors. Forward-looking statements speak only as of the date of their publication and the Company is under no obligation to update these statements with respect to new information or future developments and to publish any amended statements. Although this presentation was prepared with the greatest care in terms of the accuracy of the facts and the appropriateness of the statements, this presentation was not reviewed by the Company in sight of its content. Neither the Company nor its directors nor any third party assumes any warranty, expressively or implied, for the accuracy or completeness of the information or opinions underlying this presentation. Neither the Company nor its members, directors, authorized representatives or employees or third parties assume any liability for any damage resulting from the use of this presentation or its content or in connection therewith. 2 Disclaimer Q2 2025 Results Presentation
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Business Results Financial Results Q&As Lord Howe Island, Australia (1.3 MWp / 3.7 MWh )
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Business Results Financial Results Q&As Slavkov, Czech Republic (1.2 MWp)
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Segment: Investments / Electricity Generation Q2 2025 Results Presentation ► No additions to IPP portfolio in Q2 2025. Year-on-year changes include: a) commissioning of 10.7 MWp in Romania and 5.7 MWp in Hungary and b) sale of 14.5 MWp of operating PV assets in Australia ► Electricity generation declined to 50.1 MWh (-11.6% YoY), due to: a) the TSO-mandated shutdown of 19.4 MWp in Romania, b) switching-off the power plants during weekends, as this output is not longer compensated and c) the sale of 14.5 MWp of operating assets in Australia in October 2024. IPP Portfolio (MWp) 5 Electricity Generation (GWh) ► Output declined only in the merchant portfolio, while generation from assets under support schemes (feed-in tariff or green bonus) increased from 27.1 GWh to 28.7 GWh (+5.9% YoY), partially offsetting the negative revenue impact." ► Specific yield of 372 kWh/kWp in Q2 2025 compared to 429 kWh/kWp in Q2 2024 (-13.4% YoY); Generation increased in CZ, HU and SK assets, thanks to favourable weather conditions. It declined in AU and RO, due to reasons mentioned above. ► In May, Aiud and Făget 3 were reconnected to the Transelectrica grid. Săhăteni was reconnected in August. Further shut-downs shall be expected due to on-going licensing process. 29.5 21.4 27.1 28.7 0 10,000 20,000 30,000 40,000 50,000 60,000 Q2 2024 Q2 2025 -11.6%56.6 GWh 50.1 GWh Support SchemeMerchant Electricity Generation per Country 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 Q2 2024 Q4 2024 Q2 2025 CZ SK HU AU RO 132.8 MWp 129.6 MWp 134.7 MWp +5.1 MWp 0 5,000 10,000 15,000 20,000 25,000 30,000 CZ SK HU AU RO Q2 2024 Q2 2025 +4.5% +3.2% +21.2% -29.1% -99.5%
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Segment: Investments / Revenues Q2 2025 Results Presentation 6 Realized Average Revenue in Q2 (EUR/MWh) ► Total revenues from sales of electricity reached EUR 8.1 million in Q2) 2025 (-4.7% YoYand EUR 12.3 million YTD (+0.3 YoY). Under- performance of merchant portfolio was partially compensated with outperformance of support-scheme portfolio. ► Realised prices on sale of electricity in Q2 increased from EUR 158/MWh in Q2 2024 to EUR 169/MWh in Q2 2025, up by 6.7% YoY. This improvement was primarily driven by higher average realised prices in the Czech Republic, combined with increased production from those power plants – which carry the highest weight in the portfolio. ► The combined effect of stronger pricing and higher generation from key assets contributed to the overall uplift in the portfolio’s average. Additionally, the sale of Australian assets – which had previously reported below-average realised prices – further supported the increase in the total portfolio average. ► EBITDA declined to EUR 6.3 million (-4.6% YoY) as a result of lower generation output. Total Revenues (EUR 000s) FIT to Merchant Split in Q2 (MWp) Consolidated EBITDA (EUR 000s) 661 263 100 57 181 169 0 200 400 600 800 Czech Republic Slovak Republic Hungary Romania Australia Total IPP Portfolio Q2 2025 Q2 2024 +6.8% 66.6 67.9 66.2 66.8 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 Q2 2024 Q2 2025 Merchant FIT 134.7132.8 8,495 7,487 155 664 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Q2 2024 Q2 2025 External revenues Internal revenues -5% 6,655 6,348 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Q2 2024 Q2 2025 -4.6%
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Segment: Engineering Q2 2025 Results Presentation 7 External Revenues (EUR 000s) ► External revenues of EUR 5.2 million in Q2 2025 (-8.5 YoY), reflecting a transition phase between the completion of major projects and the preparation for new ones. ► Main streams of external revenues were related to EPC contracts for C&I clients in Australia and New Zealand. In CEE region the Group signed a 34 MWp EPC contract in Romania with Hyperion Renewables. ► Slowdown in the segment of on-site PV and battery storage driven by regulatory and administrative changes, which led to extended permitting processes and delays in the launch of subsidy programmes. ► External EBITDA of EUR 0.2 million compared to EUR -1.6 million in comparable period. ► Margins were positively impacted by lower costs on the ongoing EPC contracts for commercial and industrial (C&I) clients in Australia and New Zealand and signing of a new 34 MWp contract in Q2 2025, where the costs will be incurred in Q3 2025. Consolidated EBITDA (EUR 000s) 5,733 5,248 0 1,000 2,000 3,000 4,000 5,000 6,000 Q2 2024 Q2 2025 -8.5% -1,600 226 -2,000 -1,500 -1,000 -500 0 500 Q2 2024 Q2 2025
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Segment: New Energy Q2 2025 Results Presentation 8 External Revenues (EUR 000s) ► External revenues amounted to EUR 5.2 million in Q2 2025 (-17% YoY), primarily reflecting lower capacity market revenues of EUR 1.9 million, compared to EUR 4.3 million in Q2 2024 (-55.3% YoY), driven by both lower contracted capacities and weaker prices." ► In Q2 2025 the weighted average price contracted amounted to 150 PLN/kW/year (35.5 EUR/kW/year) per year, compared to 243 PLN/kW/year in Q2 2024 (56.2 EUR/kW/year) per year (-38.2% YoY). ► In O&T the total volume of electricity traded increased to 58.8 GWh (+89% YoY); the revenues from O&T increased to EUR 2.9 million, up by +49% YoY; slower growth of revenues was related to weaker energy market conditions and increased number of negative hours. External EBITDA (EUR 000s) ► External EBITDA amounted to EUR -0.96 million in Q2 2025 (Q2 2024: EUR 0.68 million), reflecting a reduced contribution from capacity market activities, which represent the Group’s highest-margin business ► Progress towards launching ancillary services – reaching the final stages of implementing the LFC node – a technology required to enable communication with PSE. This product will be dedicated to photovoltaic installations, battery storage, wind farms, and biogas plants. Its primary objective is to be offered in combination with our balancing services for renewable generation, thereby enhancing value for our clients and strengthening our market position. DSR/Contracted Capacity (MW) Trading Volumes (MWh) 6,245 5,175 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Q2 2024 Q2 2025 -17% 0 100 200 300 400 500 Q2 2024 Q2 2025 Main Auctions Additional Auctions 387 239 -38% 31,073 58,801 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Q2 2024 Q2 2025 +89% 676 -960 -1,000 -800 -600 -400 -200 0 200 400 600 800 Q2 2024 Q2 2025
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Segment: O&M Q2 2025 Results Presentation 9 External Revenues (EUR 000s) ► External revenues of EUR 1.1 million in Q2 2025 (+8.5% YoY) grew more slowly than capacities under O&M contracts, which rose by 25% YoY. ► About 20% of capacities are not yet actively generating revenues as they are still undergoing construction or in the commissioning phase. For larger power plants this process can be prolonged and often depends on the DSO schedule. External EBITDA (EUR 000s) ► External EBITDA of EUR -0.366 million declined due to a) delay between contracting and operational phase of the assets and b) higher costs related to market expansion and personnel costs etc. ► External EBITDA does not include the revenues related to O&M services of the proprietary portfolio (134.7 MWp), which are excluded through eliminations. Contracted Capacity (EUR 000s) 0 200 400 600 800 1,000 1,200 Q2 2024 Q2 2025 O&M Cardio Assets under Management 1,109 889 +25% 1,027 1,114 0 200 400 600 800 1,000 1,200 Q2 2024 Q2 2025 +8.5% -327 -366 -400 -200 0 Q2 2024 Q2 2025
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Segment: Technology Trading Q2 2025 Results Presentation External EBITDA (EUR 000s) 10 ► EBITDA of EUR 0.454 million represents a material improvement of margins and continues efforts of the team to expand market share and outperform competitors during the ongoing consolidation of the sector. ► Going forward we expect continued strong demand throughout remaining half of the year, supported by: a) government tenders and green transition funding across Poland, Romania, and Slovakia, b) Agrivoltaic demand rising in Moldova, Hungary, and Southern Ukraine and c) new storage mandates and incentives pushing C&I clients to adopt hybrid systems. ► External revenues of EUR 6.2 million in Q2 2025, compared to EUR 2.2 million in Q2 2024 (+183% YoY). ► Module sales remained the dominant growth driver, reflecting strong execution of utility-scale projects in Romania and Hungary, as well as rising commercial demand in Poland and the Western Balkans. ► Inverter sales remained stable YoY, while battery sales declined slightly, primarily due to supply-side volatility and procurement delays. External Revenues (EUR 000s)Capacity Traded (MW) 0.0 10.0 20.0 30.0 40.0 50.0 Batteries, MWh Modules, MW Inverters, MW Q2 2024 Q2 2025 2,223 6,284 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Q2 2024 Q2 2025 +183% -466 454 -600 -400 -200 0 200 400 600 Q2 2024 Q2 2025
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Segment: Photon Water Q2 2025 Results Presentation 11 ► The patent procedure for our nano-remediation technology has been successfully completed in China and Japan - the first two of a dozen countries in which a patent application had been filed. The patent covers the company’s proprietary nanoremediation technology, which has proven highly effective in the removal of per- and polyfluoroalkyl substances (PFAS) from groundwater – without the need for pumping or surface treatment. ► Environment Protection License for our mobile PFAS water filtration plant was secured. This innovative system can treat a wide range of contaminated water sources including groundwater, contaminated surface or runoff water, and landfill leachate – removing PFAS to nil-detect levels. ► Three new small projects were secured in Australia including a remediation contract with Fire and Rescue NSW, to deliver solutions at a fire station site in Sydney. Major Milestone Achieved with In-situ PFAS Remediation
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Siria, Romania (5.7 MWp) Business Results Financial Results Q&As
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13 Financial Results Q2 2025 Results Presentation ► Consolidated revenues reached EUR 25.707 million in Q2 2025, marking a 7.5% YoY increase. Revenues from electricity generation totalled EUR 8.151 million, down 4.7% YoY, as stronger realised electricity prices only partially offset weaker generation output. ► Other revenues increased by 14.3% YoY to EUR 17.556 million in Q2 2025. The most significant growth was recorded in the technology trading business, which surged by 182.7% YoY. The strongest contraction of revenues by 17.1% YoY was recorded in the New Energy division due to lower capacity market contracts and lower contractual prices. ► EBITDA of EUR 2.839 million in Q2 2025 compared to EUR 5.274 million in Q2 2024, down by 46.2% YoY due to contraction of volumes in the segments with the highest margins i.e. capacity market contracts and electricity generation and sales. ► EBIT was negative of EUR 0.496 million mainly due to the depreciation cost of about EUR 3.3 million. ► Other comprehensive income was positive and amounted to EUR 0.491 million as a result of a revaluation of the power plants in the amount of EUR 2.096 million reflecing a decline in Hungarian risk-free interest rates. ► Total comprehensive income was EUR -2.767 million in Q2 2025 compared to EUR -5.112 million in Q2 2024. In thousand EUR Q2 2025 Q2 2024 YoY change H1 2025 H1 2024 YoY change Total revenues 25,707 23,914 7.5% 47,756 41,289 15.7% of which from electricity generation 8,151 8,549 -4.7% 12,329 12,295 0.3% other revenues 17,556 15,365 14.3% 35,427 28,994 22.2% EBITDA 2,839 5,274 -46.2% 4,045 6,057 -33.2% EBIT -496 2,268 NA -1,279 843 NA Net profit/Net loss -3,258 -2,789 NA -6,963 -4,109 NA Total Comprehensive Income (TCI) -2,767 -5,112 NA -2,753 -6,220 NA
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Balance Sheet Q2 2025 Results Presentation ► Fixed assets amounted to EUR 221.268 million compared to EUR 216.890 million at the end of 2024. This increase can be primarily explained by the commissioning of 5.1 MWp in Hungary and revaluation of Hungarian assets. ► Current assets declined to EUR 48.904 million, down by EUR 7.042 million compared to YE 2024. The main changes include further reduction in inventories by EUR 2.670 million and decline in other receivables by EUR 5.061 million. ► Equity of EUR 57.306 million and has declined by EUR 2.759 million compared to the level recorded at YE 2024 due to the negative result in the period. Adjusted equity ratio stood at 25.9% excluding Hungarian regulatory changes and 25.0% without a carve-out effect. ► Long-term liabilities stood at EUR 170,975 million, up by EUR 3.314 million compared to YE 2024. This increase was driven primarily by a reclassification of EUR 5.0 million EBRD loan, back to long-term liabilities. ► Current liabilities amounted to EUR 41.891 million, down by EUR 3.219 million compared to YE 2024, this is partly due to the above-mentioned reclassification of EBRD loan back to long-term liabilities. Assets Total liabilities and equity 14 216.9 M 221.3 M 41.6 M 38.5 M 14.4 M 10.4 M 0 25,000 50,000 75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 275,000 300,000 31.12.2024 30.06.2025 Current assets -12.6% Cash and Liquid assets Other current assets Non-current assets 60.1 M 57.3 M 167.7 M 171.0 M 45.1 M 41.9 M 0 25,000 50,000 75,000 100,000 125,000 150,000 175,000 200,000 225,000 250,000 275,000 300,000 31.12.2024 30.06.2025 Current liabilities -7.1% Total equityCurrent liabilities Non-current liabilities Total assets -1.0% Fixed assets +2.0% Equity -4.7% Non-current liabilities +2.0% EUR 272.8 M EUR 270.2 M
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0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 15 Q2 2025 Results Presentation Cash Flow ► Operating cash flow of EUR 8.202 million, thanks to positive developments of working capital, declining inventories and increase of payables and contracted liabilities related to EPC business. ► Investment cash flow of EUR -1.714 million and was primarily driven by the completion of Hungarian projects and investment outlays related to EPC projects. ► Financial cash flow of EUR -10.549 million results from repayment of borrowing and interests paid. ► Net cash position decreased by EUR 4.062 million to EUR 3.878 million but does not include the positive impact of the sale transaction of Yadnarie project and refinancing of Hungarian power plants which were completed in Q3 2025. Operating cash flow Investment cash flow Financial cash flow In thousand EUR Q2 2025 Q2 2024 Operating cash flow 8,202 1,898 Investment cash flow -1,714 -2,471 Financial cash flow -10,549 4,007 Net change in cash -4,062 3,434 Cash 31.03.2025 Cash 30.06.2025 3.9 M 8.2 M -1.7 M -10.5 M7.9 M
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Q&A
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Thank you for joining us today!