Interim report
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Photon Energy N.V. Q2 and H1 2025 Report For the period from 1 January to 30 June 2025 Amsterdam, The Netherlands
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 2/67 Selected Financial Results 1.1 Selected Consolidated, Unaudited Financial Results for Q2 and H1 2025 In thousands of EUR Q2 2025 Q2 2024 H1 2025 H1 2024 Total revenues 25,707 23,914 47,756 41,289 EBITDA 2,839 5,274 4,045 6,057 EBIT -496 2,268 -1,279 843 Profit/loss before taxation -3,477 -2,627 -6,838 -4,944 Profit/loss from continuing operations -3,258 -2,789 -6,963 -4,109 Other comprehensive income 491 -2,323 4,210 -2,111 Total comprehensive income -2,767 -5,112 -2,753 -6,220 Operating cash flow 8,202 1,898 12,062 6,634 Investment cash flow -1,714 -2,471 -5,269 -4,666 Financial cash flow -10,549 4,007 -11,353 811 Net change in cash -4,062 3,434 -4,560 2,779 31.06.2025 31.12.2024 Non-current assets - - 221,268 216,890 Current assets - - 48,904 55,946 Of which Liquid assets - - 10,445 14,352 Total assets - - 270,172 272,837 Total equity - - 57,306 60,065 Non-current liabilities - - 170,975 167,661 Current liabilities - - 41,891 45,110 All references to financial results relate to the reporting period from 1 April until 30 June 2025, unless specified otherwise. The financial data for the reporting period has not been audited. All balance sheet data as of 31.12.2024 have been extracted from the audited annual report for the year 2024. Financial highlights: Consolidated revenues reached EUR 25.707 million in Q2 2025 (+7.5 YoY), driven primarily by a significant rise in PV technology sales. H1 2025 revenues reached EUR 47.756 million, up by 15.7% YoY. EBITDA reached EUR 2.839 million in Q2 2025 (-46.2% YoY) and EUR 4.045 million in H1 2025 (-33.2 YoY); contraction is primarily attributable to lower volumes and prices in the capacity market and lower electricity generation. Operating CF amounted to EUR 8.202 million in Q2 2025 and EUR 12.062 million in H1 2025 on the back of positive working capital developments. Total comprehensive income of EUR -2.767 million in Q2 2025 and EUR -2.753 million in H1 2025. Equity of EUR 57.306 million compared to EUR 60.065 million at YE 2024, translating into an adjusted equity ratio of 25.91%, in- cluding the carve out due to regulatory changes in Hungary. Business highlights: Electricity generation of 50.1 GWh in Q2 2025 (-11.6% YoY) and 73.8 GWh in H1 2025 (+0.1% YoY); strong generation of power plants in Hungary, the Czech Republic and Slovakia ; lower out- put in Australia (sale of 14.5 MWp) and Romania ( shutdown of 19.4 MWp). Signing a large -scale EPC contract with Hyperion Renewables for design, procurement and construction for a 34 MWp PV so- lar park in Saliste, Romania – a large-scale turnkey solar solution for Hyperion Renewables. Signing the first BESS optimisation contract in Poland for a hy- brid PV system and a battery storage in Nehrybka - a strategic expansion into hybrid asset management combined ancillary services. Securing development approval for the Yadnarie project – up to 150 MW of concentrated solar generation and 90 MW of ther- mal generation – and subsequent sale to AGL Energy for EUR 3.9 million. Signing re-financing agreement with K&H Bank for 31.5 MWp of operating assets in Hungary. Positive developments in PFAS remediation business recorded by securing Environment Protection License for our mobile PFAS water filtration plant and having two patents approved in China and Japan.
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 3/67 1.2 Selected, Entity Financial Results of Photon Energy N.V. for Q2 and H1 2025 In thousands of EUR Q2 2025 Q2 2024 H1 2025 H1 2024 Net turnover 2,081 2,447 4,243 4,709 Total operating income 2,081 2,447 4,243 4,709 Results before tax -667 125 -1,078 422 Net result after tax -667 125 -1,078 422 30.06.2025 31.12.2024 Fixed assets - - 135,475 136,356 Accounts receivable - - 119,084 113,515 Cash at banks and in hand - - 30 232 Total assets - - 254,589 250,103 Total equity - - 141,850 143,516 Current liabilities - - 32,123 26,114 Long-term liabilities - - 80,616 80,473 Notes: All references to financial results relate to the reporting period from 1 April until 30 June 2025, unless specified otherwise. The financial data for the reporting period has not been audited. All balance sheet data as of 31.12.2024 have been extracted from the audited annual report for the year 2024. All references to growth rate percentages compare the results of the reporting period to those of the prior year comparable p eriod. Total Comprehensive Income (TCI) is the sum of the profit after taxes plus Other Comprehensive Income (OCI). According to IAS 16, Other Comprehensive Income includes revaluation of PPE in a proprietary portfolio to their fair values, share on OCI of associates and joint ventures an d foreign currency translation differ- ences. Throughout this report Photon Energy Group is referred to as the “Group”, the “Company”, the “Issuer” and/or “Photon Energy”.
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 4/67 Management Report 2.1 A Note from the Management Board The financial results for Q2 2025 reflect continued business ex- pansion, although profitability was weighed down by weaker performance in the capacity market and lower electricity gener- ation. Consolidated revenues reached EUR 25.707 million in Q2 2025, marking a 7.5% year -on-year (YoY) increase. Revenues from electricity generation amounted to EUR 8.151 million, down by 4.7% YoY. Generation output declined by 11.6% YoY, primarily due to the TSO-mandated shutdown of 19.4 MWp in Romania and the sale of 14.5 MWp of operating assets in Aus- tralia in October 2024. The first event was beyond the Com- pany’s control, while the second was a planned step aimed at reducing exposure to markets with the highest price volatility and lower profitability. The problem in Romania is being gradu- ally resolved, with 12.2 MWp of capacity reconnected to the grid during the reporting period and the remaining 7.5 MWp recon- nected in August. This should bring generation back to its nor- mal levels going forward. Thanks to the 50/50 split be tween merchant exposure and fixed revenues (feed -in tariffs and green bonuses), we achieved solid average revenues of EUR 169/MWh in Q2 2025, compared to EUR 158/MWh in Q2 2024 (+6.7% YoY). This strategy helped partially offset the negative impact of lower generation output. Other revenues also increased to EUR 1 7.556 million in Q 2 2025, up by 14.3% YoY. The most notable growth came from Technology trading, which surged by 182.7% YoY. PV 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. While the total volume of technology traded was slightly below Q1 2025’s peak, the performance remains signif- icantly above the last year’s levels. All other segments performed well, either increasing revenues or improving profitability, except for the New Energy division. Revenues in this segment fell by 17.1% YoY, driven by lower vol- ume of contracted market capacities and weaker average prices. Origination and Trading recorded a solid growth in en- ergy offtake and trading revenues however, profitability was af- fected as unfavourable market conditions led to negative trading margins. In terms of profitability, the Group reported an EBITDA of EUR 2.839 million in Q2 2025, reflecting a 46.2% year -on-year de- cline. The primary cause of this decrease was the weakening profitability in the New Energy division, driven by the market trends outlined above and lower generation volumes in the In- vestments segment – a result of capacity shutdowns and changes to the regulatory framework in Romania. On the operational front, several key achievements are worth highlighting. The Origination and Trading team is in the final stages of implementing the LFC node – a technology required to enable communication with PSE and the launch of ancillary services. This product will be dedicated to photovoltaic installa- tions, battery storage, wind farms, and biogas plants. Its pri- mary objective is to be offered in combination with our balancing services for renewable generation, thereby enhanc- ing value for our clients and strengthening our market position. The Group has signed another utility -scale EPC contract for a construction of 34 MW PV solar project in Săliște, Romania with Hyperion, a leading Portuguese renewable energy developer. Another success on the same front is the signing of an agree- ment for the optimisation of a hybrid solar and energy storage asset with R. Power Renewables in Poland, which marks the Group’s strategic expansion into hybrid asset management. Photon Energy will operate as both a balancing responsible party and a provider of ancillary services, enabling participation in multiple energy markets. Further success has been achieved by the Project Development team, which obtained Development Approval for the Yadnarie project, assuming up to 150 MW of concentrated solar genera- tion and 90 MW of thermal generation. Following that success , the Group entered into an agreement with AGL Energy Ltd. – Australia’s largest energy generator – for the sale and transfer of 100% of the project rights. The expected proceeds from this transaction amount to EUR 1.1 million to be received in H2 2025 and EUR 2.2 million in 2026. Additionally, an estimated EUR 0.6 million is expected after the final commissioning of the power plant. The agreement also provides for a potential additional compensation if the project is extended to its full capacity. Also Photon Water has secured an Environment Protection Li- cense for its mobile PFAS water filtration plant. This innova- tive system can treat a wide range of contaminated water sources including groundwater, contaminated surface or run- off water, and landfill leachate – removing PFAS to nil-detect lev- els. At the same time , the patent procedure for our nanoremediation technology has been successfully completed in China and Japan and we have secured other contracts includ- ing a remediation contract with Fire and Rescue NSW, to deliver solutions at a fire station site in Sydney. For more details , please see comments in Section 2.6, Strategy and Execution. On the financing front, we have successfully signed a refinanc- ing agreement with the Hungarian K&H bank for 31.5 MWp of operating assets in Hungary . This transaction unified the total outstanding loans into fully HUF-denominated facility and brought about EUR 5 million of extra funds for the Group, which will be booked in Q3 2025. Equity declined further in Q2 2025 with a consequent reduction in the adjusted equity ratio to 25.0%. The terms of the Green Bond provides that in the event of a shortfall in the ratio result- ing from regulatory changes a carve out is allowed. As described in our Q4 2024 report, the effect of changes in the Hungarian KAT feed in tariff (FiT) applicable from 1 January 2025 has re- duced the valuation of that part of our PV portfolio dependent on KAT FiT. If the carve out was applied, the adjusted equity ra- tio as of 30 June 2025 would be 25.9%. In conclusion while our revenue increased, EBITDA declined due to temporary market pressures. At the same time our refinanc- ing activities and operational successes strengthen the founda- tion for recovery. Looking ahead, we remain confident in improving profitability and delivering long-term value for our in- vestors. For more details on our financial results please see section 5. 2.2 Comments to the Consolidated Financial Re- sults of the Group Comments to financial statements can be found in section 5. Comments to consolidated Financial Statements for Q2 2025.
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 5/67 2.3 Summary of Key Events Material for the Group’s Operations in the Reporting Period In the management’s view , the most important events that in- fluenced the Group’s operations and consolidated financial re- sults in the reporting period include: Electricity Generation of 50.1 GWp in Q2 and 73.8 GWh in H1 2025 Electricity generation in Q2 2025 amounted to 50.1 GWh, repre- senting an approximate 11.6% decrease year-on-year. This de- cline was driven by: (a) lower output from Romanian assets due to the TSO-mandated shutdown of 19.4 MWp, and (b) the sale of 14.5 MWp of operating assets in Australia in October 2024. Additionally, other power plants in Romania were not produc- ing electricity during weekends, as this output is no longer com- pensated under new regulation effective from 1 October 2024. Other assets performed w ell, increasing their overall genera- tion year-on-year, thanks to favourable weather conditions in the CEE region and an expansion of the asset base in Hungary by 5.1 MWp. The total generation year-to-date (YTD) amounted to 73.8 GWh and remained nearly flat year-on-year, compared to 73.7 GWh reported in H1 2024. As of the end of June 2025, the total IPP portfolio stood at 134.7 MWp compared to 13 2.7 MWp at the end of June 2024 (up by 1.4% YoY). The average specific yield in Q 2 2025 (total genera- tion in the period / average capacity in the period) was 371.6 kWh/kWp down from 429.0 kWh/kWp in Q2 2024, a 13.4% YoY decrease. Electricity SPOT Prices Deteriorated in Q2 2025 but Re- mained Above Last Year Level In Q2 2025 average SPOT base load prices deteriorated com- pared to Q1 2025 but remained higher than a year ago. On a monthly basis, June was the only month in 2025 where average monthly SPOT prices were lower than in the same month of 2024. The main factors influencing prices in Q2 2025 included in- creased PV production and above-average wind generation, re- duced hydro availability, both planned and unplanned outages, demand fluctuations, and overall market sentiment. In May, the average monthly price in the Iberian market was lower than in Scandinavia — a rare occurrence. From the second half of May, afternoon peak hours began showing significantly higher price levels, which contributed to an increase in the monthly av er- ages. This trend contin ued into June, but the dominant factor during that period was the extreme heat across Western Eu- rope (Italy, Spain, Portugal, the UK, and France), which led to increased electricity demand and reduced generation capacity — both of which contributed to notable price increases. As a result, average prices in Romania in Q2 2025 amounted to 86 EUR/MWh compared to 134 EUR/MWh in Q 1 2025 and 80 EUR/MWh in Q 2 2024 (+7.5% YoY). Hungary recorded similar trends, and prices amounted to 84 EUR/MWh compared to 136 EUR/MWh in Q1 2025 and 76 EUR/MWh in Q2 2024 (up by 10.5% YoY). In the Czech Republic average day-ahead prices amounted to EUR 77/MWh compared to 120 EUR/MWh in Q1 2025 and 69 EUR/MWh in Q2 2024 (+ 10.3% YoY). In Q2 2025, negative electricity prices were recorded across all markets: in Hungary (199 hours), The Czech Republic (176 hours) and Romania (126 hours). In the comparable period of 2024, negative prices were also present across all these mar- kets, but at lower levels: Hungary recorded 177 hours , the Czech Republic 176 hours and Romania 60 hours. The most significant year-on-year changes were seen in Romania, where the number of negative price hours more than doubled. Shutting Down Approximately 19.4 MWp in Romania In Q1 2025, approximately 19.4 MWp of operating assets in Ro- mania were temporarily shut down following a decision by the TSO and this situation remained unchanged throughout major- ity of the reporting period. This included the Făget 3 power plant (7.5 MWp), which was disconnected in December 2024, Săhăteni (7.1 MWp) in February 2025, and Aiud (4.7 MWp) in March 2025. In all three cases, immediate actions were taken to obtain grid commissioning approval from the TSO. In May, Aiud and Făget 3 successfully received approval and were reconnected to the Transelectrica grid. They are now enti- tled to receive revenue of up to 400 Lei (EUR 80) per MWh, ex- cluding weekends and public holidays. Săhăteni was reconnected in August, under the same conditions. This temporary shutdown of 19.4 MWp, along with the regula- tory changes introduced on 1 October 2024 (ANRE Ordinance No. 60/2024), had a meaningful impact on generation revenues and, consequently, on the financial results. Updates on the Licensing Process in Romania As a reminder, from 1 October 2024, a new regulation (ORDINUL ANRE nr 60/2024, “New Regulation”), with specific ar- ticles number 136 and n umber 140, took effect and has im- pacted the PV industry in Romania. According to this new regulation, the “testing period”, which was a maximum of a 2 - year window for the solar assets before the final electricity li- cence is granted, was reduced to 12 months in case of all assets in the Group’s portfolio (between 1-20 MWp). Additionally, the pricing terms have changed and instead of a 90-day rolling average, the respective Transmission System Op- erator (TSO) is currently paying for the energy generated ac- cording to the hourly production of the day and using hourly day-ahead market prices, capped at 400 LEI per MWh (approx. 80 EUR/MWh). In case of negative day -ahead prices, the nega- tive difference (hourly production times negative price) is de- ducted from the final invoice. This means that the protection mechanism against negativ e prices which existed in the past has ceased. Also, electricity produced on weekends and public holidays is not paid for. This New Regulation has impacted all of the Group’s Romanian assets (42.7 MWp) except for Siria (5.7 MWp) , which has a dif- ferent trading agreement in place effective as of 1 November 2024. Following these changes, electricity producers must ob- tain a licence from the authority in order to enter the sales sys- tem through the energy market or bilateral contracts. So far the Group successfully obtained the licen ces for power plants in Calafat (6.0 MW) in December 2024), Bocsa (3.8 MWp) in Decem- ber 2024, Faget 1 (3.2 MWp) in March 2025, Faget 2 ( 3.9 MWp) in March 2025 and Magureni (1.7 MWp) in March 2025. Faget 1 and Faget 2 started selling electricity as of 1 April 2025 and Ma- gureni as of 5 April 2025. The rest of the portfolio is expected to finalise this process during 2025. According to the New Regula- tion, power plants must undergo testing , which lasts up to about a month in order to obtain a conformity certificate before submitting a licence application. Once testing is completed the conformity certificates are expected to be issued, but this pro- cedure may take an additional month. Only after the licences are granted can the plants be re-energised. In practice, the en- tire process may take around two months or longer, which im- plies further periods of lower generation due to the licensing procedure.
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 6/67 Finalisation of Capital Increase in RayGen In April 2025, Photon Energy Group participated in RayGen Re- sources’ Series D investment round alongside existing and new backers committing A$127 million of funding to the clean tech- nology company. Technology giant SLB led the round with a A$31 million follow - on investment and execution of a Strategic Deployment Agree- ment (SDA) with RayGen, which accelerates the technology’s path to the global energy market. Photon Energy, Equinor Ventures and AGL Energy, alongside other existing shareholders, have also followed up their previ- ous investments. The Australian Renewable Energy Agency (ARENA) continued its support with an additional A$17 million boost to the A$10 million funding agreement announced last year. New investors in Series D include infrastructure project delivery leader Quanta Services, global energy company Oxy and Break- through Victoria, a private investment company for Victoria, providing patient capital and impact investment to the Austral- ian State of Victoria’s economy. Photon Energy entered into a strategic partnership and made a minority equity investment of A$2 million in RayGen in 2020. The following year, the company strengthened its commitment by making one additional follow -on investment of A$3 million. After this latest, third investment of A$2 million, Photon Energy now holds a 5.47% stake in RayGen on a fully diluted basis. EPC Contract for 34 MW Signed with Hyperion in Romania In May, Photon Energy signed a new EPC contract for design, procurement and construction services for a 34 MW PV solar project in Săliște, Romania. This strategic project highlights Pho- ton Energy’s expertise in delivering turnkey, large-scale solar so- lutions for international investors in its core markets. The project is being developed on approximately 40 hectares of land and is backed by the Portuguese renewable energy devel- oper Hyperion Renewables. Under the terms of the contract, Photon Energy will be responsible for the design, technology procurement, and construction of the facility. Hyperion Renew- ables will handle the commissioning process independently. Both companies are collaborating to add an additional 4 MW of installed capacity, which will increase the total size of the pro- ject to 38 MW. In addition to EPC services, Photon Energy will provide opera- tions and maintenance (O&M) services for the first three years, ensuring optimal performance and longevity of the power plant. Construction is scheduled to commence in Q3 2025, with commercial operation expected by Q3 2026. Annual General Meeting Was Held on 25 June 2025 On 25 June, the annual meeting of shareholders took place in Amsterdam, the Netherlands. The general meeting approved the Company‘s consolidated and standalone financial state- ments and remuneration report for year 2024 and granted dis- charge to the members of the Management Board and Supervisory Board. The general meeting further appointed PriceWaterhouseCoopers Accountant N.V. as an auditor for the financial year 2025 and granted authorisation to the Manage- ment Board to purchase shares on the public market, as in pre- vious years. Finally, the general meeting approved the pledge agreement between the Company and its shareholder Solar Power to the People Cooperatif U.A. (the “Pledgor”), pursuant to which 6,123,852 shares of the Company’s shares in the owner- ship of the Pledgor shall be pledged to the Company to secure loan or loans extended by the Company to the Pledgor and/or its affiliated entities. The approval of the pledge agreement is required pursuant to Article 9.6 of the Company’s Articles of As- sociation. According to this Article, the Company may accept in pledge its own shares only up to 10% of its issued share capital (i.e. 6,123,852 shares) and such pledge agreement must be ap- proved by its shareholders meeting. To see the meeting minutes, please visit the corporate governance section of our investor relations website: ir.photonenergy.com/corporate- governance. 2.4 Summary of Events Material for the Group’s Operations After the Reporting Period The following events, which took place f rom 1 July 2025 to the date of this publication, are considered by the management to potentially have a material impact on the Group’s operations and financial position going forward: Development Approval Obtained for Project Yadnarie and Subsequent Sale to AGL In July, following the receipt of the development approval for our Yadnarie solar and long -duration energy storage project based on RayGen technology (“the Project”), the Company has entered into an agreement with AGL Energy Ltd. (“AGL”) – Aus- tralia’s largest energy generator – for the sale and transfer of 100% of the Project rights. The expected proceeds from this transaction amount to EUR 1.1 million to be received in 2025 and EUR 2.2 million in 2026. Additionally, an estimated EUR 0.6 million is expected after the final commissioning of the power plant. The agreement also provides for potential additional compen- sation if the Project is extended to its full capacity. However, as such an extension depends on AGL’s internal investment deci- sion, the timing and amount of any further proceeds remain outside the Company’s operational control. Photon Energy con- firms that the sale transaction of the Yadnarie project is in line with the Group’s strategic focus on developing and monetising renewable assets. Agreement Signed for Optimisation of Hybrid Solar + En- ergy Storage Asset with R.Power Renewables in Poland In July, the Company’s subsidiary Photon Energy Trading PL Sp. z o. o . and R.Power Renewables ("R.Power") have signed an agreement for the optimisation of a hybrid asset and a battery energy storage system (PV + BESS) located in Nehrybka, Poland. Under the agreement, Photon Energy will optimise the energy flows within R.Power’s hybrid asset in Nehrybka and between the asset and the grid. The goal of is to maximise revenue gen- eration through applying a multi -market optimisation ap- proach, with partic ipation in both spot and ancillary service markets. Depending on market conditions, the BESS can be charged either from the PV installation or directly from the grid. Both the PV and BESS capacities can be used to provide ancillary services, or to trade on the Day-Ahead Market (DAM) and Intra- day Market (IDM). Optimising these energy flows in real time requires precise forecasting of spot and balancing market conditions, as well as careful consideration of the technical constraints of the system, every 15 minutes. The challenge lies in determining the most profitable strategy for each part of the hybrid asset. This project marks a significant milestone for Photon Energy as it expands into battery energy storage system optimisation – an essential step in supporting grid flexibility and enabling the wider integration of renewable energy across Europe.
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 7/67 Refinancing Agreement for 31.5 MWp of Hungarian Assets On 25 July 2025, the Hungarian K&H Bank, a member of the KBC Group, concluded a refinancing agreement (“Refinancing Agree- ment”) with Photon Energy’s Hungarian subsidiaries to re- finance power plants in Hungary with a total capacity of 31.5 MWp, commissioned in years 2019 and 2020. All refinanced so- lar power plants operate under the feed-in-tariff scheme. Under the terms of this Refinancing Agreement, the euro -de- nominated portion of the existing project financing on the Hun- garian SPVs was repaid, and the total HUF -denominated financing facility was increased by the equivalent of EUR 3.8 mil- lion. Upon completion of the transaction in early August, the fi- nancing facility became fully denominated in HUF, providing a natural hedge against revenues, which are also denominated in HUF. The Refinancing Agreement enabled the Group to release an additional cash of EUR 1.4 million, resulting from the termina- tion of certain collateral and hedging contracts. The final ma- turity date of the financing facility was extended by three years to 2039, while the main terms —including margin, repayment frequency, and collateral—remain unchanged. 2.5 Strategy and Execution In the first half of 202 5, the following milestones have been achieved towards the execution of the Group’s strategy: An increase of generation assets base by 5.1 MWp bringing it to the total of 134.7 MWp compared to 129.6 MWp at YE 2024. Maintaining a balanced 50/50 split between merchant exposure and fixed revenues (feed-in-tariffs and green-bonus). This strat- egy has enabled the Group to achieve solid average revenues per MWh of electricity generated . In Q1 2025, t his strategy helped offset the negative impact of lower generation output by benefiting from higher realised prices due to improved en- ergy market conditions. In Q2 2025, it continued to prove effec- tive but it was insufficient to offset the decline in the generation capacity. Strong increase of revenues and market share in technology trading business. While this segment is inherently volatile and sensitive to economic downturns, we take pride in our new Technology team's ability to expand market share and outper- form competitors during the ongoing consolidation of the sec- tor. The profitability of this segment has also improved in Q2 2025. Signing EPC contract for a 34 MW PV solar project in Săliște, Ro- mania with Hyperion Renewables. This strategic project under- scores Photon Energy’s expertise in delivering solutions for international investors in its core markets and will be the big- gest EPC project of the Group till date. The O&M segment crossed the threshold of 1.1 GWp of assets under contracts and recorded an increase in revenues, albeit still sluggish due to a typical delay between contractual commit- ment and the actual takeover of assets. At the same time , we see increasing demand for O&M services due to current under- going market consolidation in CEE region. Further successful transactions related to the project pipeline – the sale of Yadnarie project to AGL Energy resulted in total ex- pected proceeds of approximately EUR 3.9 million. The transac- tion enabled t he Group t o monetise part of its development pipeline and redirect efforts towards other core business activ- ities. The Origination and Trading arm of the New Energy division re- mains on track to launch new ancillary services by the end of this year. The internal development team is in the final stages of implementing the LFC node – technology solution required to enable communication with PSE. The product will target pho- tovoltaic installations, battery storage systems, wind farms, and biogas plants. Its main purpose is to be offered alongside our balancing services for renewable generation, thereby enhanc- ing client value and strengthening our market position. In prep- aration for market entry, we plan to expand the Origination team to further build our capabilities and support a successful rollout. Last but not least, the Group achieved a milestone in its water business by securing an Environment Protection License for its mobile PFAS water filtration plant. This innovative system can treat a wide range of contaminated water sources including groundwater, contaminated surface or runoff water, and land- fill leachate – removing PFAS to nil -detect levels. The system combines GAC and IXR filtration, integrated pretreatment, and real-time digital monitoring in a modular, stainless -steel build that’s easy to transport, install, and operate. Photon Water’s Mobile PFAS Filtration System In June, Photon Remediation Technology N.V., a subsidiary of Photon Energy N.V., was notified that the patent procedure for its nanoremediation technology has been successfully com- pleted in China - the first of a dozen countries in which a patent application had been filed. In July, Japan became the second country to officially grant the patent. The patent covers the company’s proprietary nanoremediation technology, which has proven highly effective in the removal of per- and polyfluoroal- kyl substances (PFAS) from groundwater—without the need for pumping or surface treatment. Looking ahead, the Group has secured three new projects: a) a remediation contract with Fire and Rescue NSW, to deliver so- lutions at a fire station site in Sydney. Work is scheduled to commence in August. The objective is to dewater and remove from service a large underground contaminated runoff storage tank, b) a two -year contract with the City of Mount Gambier Council for the Valley Lake Water Management Technology So- lution. The project involves deploying water quality monitoring and algae control floats at the Valley Lake to quantify water quality in real-time and manage algae. This follows a successful three year contract at the Valley Lake where water quality has been improved. And c), a biosolids management consulting project with the Upper Lachan Shi re Council, the first of two stages leading into a dewatering engineering options and solu- tion delivery project. Finally, research associated with Photon Remediation’s in-situ nanoremediation solution has advanced, with collaboration between Australia, Eu rope and analytical
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 8/67 service groups that supports a better understanding of reaction and PFAS removal mechanisms. 2.6 Main Risks for the Remainder of the Year The financial risks are described in the Interim Consolidated Fi- nancial Statements section of this report . The principal risks and uncertainties for the remaining six months of the financial year, which according to the management may have an impact on the Group’s financial condition and results of operations, in- clude but are not limited to: Risk of declining and negative electricity prices As of the reporting date, the Group operates 6 7.9 MWp of PV power plants (50%) under the merchant model, i.e. selling elec- tricity at a day -ahead or intra -day market prices mainly in Ro- mania (51.6 MWp) but also in Hungary (16.3 MWp). Hence this part of the Group’s portfolio is exposed to the risk of declining or negative energy prices. In Q1 2025, electricity prices reached a 12-month peak and then started to deteriorate declining by more than 35% QoQ in both markets. In Q2 2025, negative electricity prices were recorded across all markets with 199 hours recorded in Hungary and 126 hours in Romania. In the comparable period of 2024, the number of hours with negative prices was lower —177 in Hungary and 60 in Romania. The most significant year -on-year changes were seen in Romania, where the number of negative price hours more than doubled YoY. This is also the market where the Group’s exposure to energy markets was the highest. If this trend continues the Group might experience the deterio- ration of generation revenues and profitability of the invest- ment segment. Equally, the widening of the so -called canyon curve with a higher number of negative electricity prices during mid-day hours could have a negat ive impact on revenues and profitability of generation assets. In such a case, the consoli- dated financial results and operational cash-flow could be neg- atively impacted in the second half of 2025. Risk associated with the decline in the project pipeline and projects’ value To grow its IPP portfolio and electricity generation, the Group is developing photovoltaic projects and commissioning solar power plants. However, there are risks of possible delays and cost overruns in the project development process, as a results of external factors, which may be beyond the Group’s control. This could include delays in regulatory approvals, technology procurement, grid-connection and/or denial of required regula- tory approvals and decisions. As a result, the Group could ex- perience a contraction of the project pipeline and/or sunk costs related to projects which could no longer be pursued as they do not ensure attractive returns. This could also result in the dete- rioration of the project value and might have a negative impact on the Group’s profitability. Although the project pipeline is important for the expansion of the Group’s IPP portfolio, some fluctuations need to be taken into account, and cyclical declines may occur as a result of a changing industry environment. The impact on the profitability of the Group will depend on conditions of potential sales trans- actions. Risk of difficulties to secure financing resources for future projects and portfolio expansion of the Group The Group’s pipeline of projects requires financing for further development and construction works with a mixture of equity and third-party funding. Due to the deterioration of the condi- tions on the energy markets since mid-2023 and uncertainty in the global credit and lending environment, the Group cannot make assurances that financial institutions will continue offering sufficient funding to continue the expansion of the generation as- sets as planned. There is also no guarantee that the Group will be sufficiently successful at acquiring the external financing at the required amount under acceptable conditions and for the desired period in order to realise its growth strategy in the given market. This could have an adverse effect on the commercial development of the Group and would constrain the growth of the Group going forward. Risk of the adjusted equity ratio falling below the cove- nant level of 25% According to the Section 7, article 3 (g) of the Terms and Condi- tions of the Green Bond prospectus, each bondholder is enti- tled to submit notice of an extraordinary termination of the ownership of the Bearer Bonds with immediate effect and to require repayment of the nominal value including the interests which accrued to the day of the notice of termination if, among other conditions, the equity capital of the Company from the last audited consolidated financial statements under IFRS falls below 25% of the total sum of the equity capital and Interest - Bearing Debt (as hereinafter defined) ("Adjusted Equity Ratio"). The adjusted equity ratio (defined as total equity divided by to- tal capital, being the sum of interest -bearing debt and equity) stood at 25.0% compared to 25.6% at the end of 2024 so very close to the Green Bond covenant described above. However, the adjusted equity ratio calculation allows a carve out in the event of a shortfall in the ratio resulting from regulatory changes. As described in our Q4 2024 report, the effect of changes in the Hungarian KAT feed in tariff (FiT) applicable from 1 January 2025 has reduced the valuation of that part of our PV portfolio de- pendent on KAT FiT. If the carve out was applied, the adjusted equity ratio as of 30 June 2025 would be 25.9%. There is no guarantee that the Group will be able to maintain the adjusted equity ratio above the level required by the bond covenant. If this risk materialises, it could have an adverse ef- fect on the financial position of the Group and continuation of the business going forward. Dispute with Polskie Sieci Elektroenergetyczne S.A. Photon Energy is currently in an open dispute with Polskie Sieci Elektroenergetyczne S.A. (“PSE”) before the Polish Energy Regu- lator Office (Urząd Regulacji Energetyki, “URE”) regarding the fulfilment of emission limits for one of its Capacity Market Units. According to PSE, these limits were exceeded due to the use of a generation unit that was not permitted because of its high emission factor. Should Photon Energy lose this case, there is a risk of being re- quired to return PLN 13.382 million (EUR 3.2 million). Changes in the Regulatory Framework in Capacity Markets On 11 August 2025, the European Commission authorized a derogation allowing the participation of high emission units in the supplementary auction mechanism in the Polish capacity market. This authorization was however given only after the
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 9/67 delivery period has started (capacity obligation were to begin on 1 July 2025 while the Commission’s decision was issued on 11 August 2025). Remuneration for participation in the capacity market consti- tutes state aid which, in accordance with article 3 of COUNCIL REGULATION (EU) 2015/1589 of 13 July 2015 (standstill clause) “shall not be put into effect before the Commission has taken, or is deemed to have taken, a decision authorising such aid." As a result, a portion of the remuneration expected in July (PLN 6.319 million / EUR 1.5 million) and the first half of revenues ex- pected in August (PLN 0.927 million / EUR 0.22 million) may not be received as expected.
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 10/67 Business Updates Per Segment 3.1 Generation and Sale of Electricity Chart 3.1.1 Changes in the Proprietary Portfolio in Q2 2025 In Q1 2025, Photon Energy Group completed and grid -con- nected three photovoltaic (PV) power plants in Hungary, adding a total of 5.1 MWp to the country’s renewable energy capacity. Upon commissioning of those power plants, Photon Energy’s proprietary portfolio of PV power plants increas ed the Com- pany’s global portfolio to 134.7 MWp. There were no new solar assets buil t and commissioned in Q2 2025. Compared to Q2 2024, the Company’s global portfolio increased by 1.9 MWp, up by 1.4% YoY. Chart 3.1.2 Summary of Electricity Generation in Q2 2025 Total electricity generation in Q2 2025 amounted to 50.1 GWh, compared to 56.6 GWh a year earlier, representing a year -on- year (YoY) decline of 11.6%. This decrease was primarily due to the sale of 14.5 MWp of operational assets in Australia a s well as negative developments in Romania described in Section 2.3. Electricity generation in Hungary, the Czech Republic and Slo- vakia increased YoY by 21.2%, 4.5% and 3.2%, respectively. In contrast, Romanian power plants underperformed with gener- ation falling by 29.1% YoY. This was mainly due to temporary shutdown off power plants Faget 3, Sahateni and Aiud with a combined capacity of 19.4 MWp. Chart 3.1.3 Realised Electricity Prices in Q2 2025, EUR/MWh Chart 3.1.4. Spilt Between Merchant / FiT in Q2 2025, MWp Realised prices on sale of electricity in Q 2 increased from EUR 158/MWh in Q2 2024 to EUR 169/MWh in Q2 2025, up by 6.8% 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 portfo- lio’s average. Additionally, the sale of Australian assets — which had previously reported below -average realised prices — fur- ther supported the increase in the total portfolio average. Cur- rently in the Australian portfolio the Group holds only one small rooftop power plant with the capacity of 144 kWp and receiving a feed-in-tariff. 661 265 103 59 181 169 0 200 400 600 800 Czech Republic Slovak Republic Hungary Romania Australia Total IPP Portfolio Q2 2025 Q2 2024 66.6 67.9 66.2 66.8 0.0 40.0 80.0 120.0 160.0 Q2 2024 Q2 2025 Merchant FIT 0.0 50.0 100.0 150.0 Q2 2024 Q4 2024 Q2 2025 CZ SK HU AU RO 132.8 MWp 129.6 MWp 134.7 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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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 11/67 Table 3.1.2 Electricity Generation of the Proprietary Portfolio of Photon Energy N.V. in Q2 and H1 2025 Project name Capacity Avg. Revenue Q2 Prod. Q2 Proj. Q2 Perf. YTD Prod. YTD Proj. Perf. YTD YoY Unit kWp per MWh kWh kWh % kWh kWh % % Komorovice 2,354 661 EUR 948,491 912,104 4.0% 1,452,357 1,321,718 9.9% 13.0% Zvíkov I 2,031 660 EUR 806,513 808,177 -0.2% 1,233,394 1,214,342 1.6% 8.2% Dolní Dvořiště 1,645 661 EUR 597,151 588,869 1.4% 883,299 866,936 1.9% 8.7% Svatoslav 1,231 661 EUR 437,613 430,615 1.6% 631,648 620,921 1.7% 7.1% Slavkov 1,159 661 EUR 499,663 483,374 3.4% 754,902 720,284 4.8% 6.8% Mostkovice SPV 1 210 661 EUR 81,559 80,774 1.0% 120,050 118,863 1.0% 6.1% Mostkovice SPV 3 926 661 EUR 380,498 364,364 4.4% 562,190 533,359 5.4% 9.1% Zdice I 1,499 661 EUR 676,134 624,248 8.3% 1,009,769 910,406 10.9% 12.5% Zdice II 1,499 661 EUR 678,081 631,118 7.4% 1,010,786 923,944 9.4% 12.5% Radvanice 2,305 661 EUR 983,222 929,043 5.8% 1,447,940 1,347,653 7.4% 6.5% Břeclav rooftop 137 661 EUR 58,531 56,382 3.8% 87,805 84,418 4.0% 3.6% Total Czech PP 14,996 661 EUR 948,491 912,104 4.0% 1,452,357 1,321,718 9.9% 13.0% Babiná II 999 271 EUR 352,269 346,793 1.6% 488,941 488,802 0.0% 4.5% Babina III 999 271 EUR 351,395 349,244 0.6% 488,844 495,086 -1.3% 5.1% Prša I. 999 270 EUR 365,323 371,014 -1.5% 513,178 535,665 -4.2% 0.3% Blatna 700 273 EUR 278,350 271,678 2.5% 391,369 372,774 5.0% -0.3% Mokra Luka 1 963 258 EUR 426,450 399,178 6.8% 639,579 619,143 3.3% 4.9% Mokra Luka 2 963 257 EUR 434,401 401,709 8.1% 651,865 629,878 3.5% 4.9% Jovice 1 979 263 EUR 339,716 312,198 8.8% 481,648 449,901 7.1% 0.5% Jovice 2 979 263 EUR 357,804 304,657 17.4% 501,483 437,897 14.5% 3.7% Brestovec 850 257 EUR 377,270 361,363 4.4% 570,986 528,221 8.1% 7.5% Polianka 999 261 EUR 378,550 370,293 2.2% 541,757 507,006 6.9% 5.4% Myjava 999 259 EUR 421,584 413,691 1.9% 619,642 581,037 6.6% 5.0% Total Slovak PP 10,429 263 EUR 4,083,112 3,901,818 4.6% 5,889,292 5,645,410 4.3% 3.9% Tiszakécske 1 689 116 EUR 307,336 294,933 4.2% 461,236 458,406 0.6% 11.7% Tiszakécske 2 689 116 EUR 309,671 297,410 4.1% 465,462 462,024 0.7% 11.4% Tiszakécske 3 689 116 EUR 305,436 269,878 13.2% 449,178 434,832 3.3% 11.9% Tiszakécske 4 689 116 EUR 310,582 297,934 4.2% 467,887 463,293 1.0% 11.6% Tiszakécske 5 689 116 EUR 309,694 296,273 4.5% 464,495 462,661 0.4% 11.8% Tiszakécske 6 689 116 EUR 309,275 295,283 4.7% 463,938 457,900 1.3% 12.0% Tiszakécske 7 689 116 EUR 307,898 296,156 4.0% 463,313 458,536 1.0% 11.4% Tiszakécske 8 689 116 EUR 307,807 294,177 4.6% 460,057 447,521 2.8% 11.7% Almásfüzitő 1 695 116 EUR 304,176 293,254 3.7% 452,717 448,582 0.9% 12.1% Almásfüzitő 2 695 116 EUR 299,279 284,224 5.3% 442,775 435,124 1.8% 13.6% Almásfüzitő 3 695 116 EUR 281,650 274,280 2.7% 428,052 424,890 0.7% 11.8% Almásfüzitő 4 695 116 EUR 303,165 292,310 3.7% 453,114 447,839 1.2% 12.4% Almásfüzitő 5 695 116 EUR 296,101 298,110 -0.7% 451,577 455,769 -0.9% 8.6% Almásfüzitő 6 660 116 EUR 309,482 296,861 4.3% 462,258 453,627 1.9% 12.3% Almásfüzitő 7 691 116 EUR 308,875 297,093 4.0% 460,841 453,141 1.7% 12.1% Almásfüzitő 8 668 116 EUR 311,784 300,762 3.7% 462,349 454,307 1.8% 11.9% Nagyecsed 1 689 116 EUR 307,965 292,230 5.4% 465,494 445,700 4.4% 6.1% Nagyecsed 2 689 116 EUR 306,134 286,221 7.0% 462,483 438,779 5.4% 7.6% Nagyecsed 3 689 116 EUR 305,279 286,952 6.4% 461,692 441,334 4.6% 6.9% Nagykata BTM 658 161 EUR 68,345 275,350 -75.2% 169,313 381,366 -55.6% N/A Fertod I 528 116 EUR 242,227 234,849 3.1% 360,637 357,713 0.8% 4.3% Fertod II No 2 699 116 EUR 309,761 306,521 1.1% 469,017 446,912 4.9% 2.0% Fertod II No 3 699 116 EUR 309,053 305,288 1.2% 469,906 446,283 5.3% 2.4% Fertod II No 4 699 116 EUR 307,551 302,381 1.7% 467,686 464,881 0.6% 2.7% Fertod II No 5 691 116 EUR 303,863 302,731 0.4% 463,089 466,290 -0.7% 1.9% Fertod II No 6 699 116 EUR 305,936 300,635 1.8% 465,926 440,191 5.8% 2.9% Kunszentmárton I/ 1 697 116 EUR 313,428 305,274 2.7% 477,934 481,625 -0.8% 0.8% Kunszentmárton I/2 697 116 EUR 313,277 303,149 3.3% 475,291 472,134 0.7% 1.3% Kunszentmárton II No 1 693 120 EUR 316,026 310,614 1.7% 483,007 481,712 0.3% 0.1% Kunszentmárton II No 2 693 120 EUR 319,103 309,257 3.2% 483,931 487,421 -0.7% 0.6% Taszár 1 701 116 EUR 280,237 306,522 -8.6% 436,797 504,942 -13.5% -7.9% Taszár 2 701 116 EUR 286,774 306,180 -6.3% 442,019 504,601 -12.4% -6.2% Taszár 3 701 116 EUR 296,505 306,826 -3.4% 452,695 505,246 -10.4% -4.1%
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 12/67 Project name Capacity Avg. Revenue Q2 Prod. Q2 Proj. Q2 Perf. YTD Prod. YTD Proj. Perf. YTD YoY Unit kWp per MWh, kWh kWh % kWh kWh % % Monor 1 688 116 EUR 319,559 292,445 9.3% 471,780 417,362 13.0% 13.9% Monor 2 696 116 EUR 320,667 294,015 9.1% 469,926 462,182 1.7% 13.5% Monor 3 696 116 EUR 320,204 296,374 8.0% 471,909 468,480 0.7% 12.6% Monor 4 696 116 EUR 319,043 292,932 8.9% 470,263 467,022 0.7% 13.6% Monor 5 688 116 EUR 320,369 294,925 8.6% 472,651 472,150 0.1% 13.1% Monor 6 696 116 EUR 316,705 293,165 8.0% 468,800 469,295 -0.1% 12.9% Monor 7 696 116 EUR 320,324 296,358 8.1% 471,091 472,519 -0.3% 12.4% Monor 8 696 116 EUR 320,163 294,779 8.6% 472,007 469,846 0.5% 13.2% Tata 1 672 116 EUR 353,573 336,766 5.0% 495,270 487,119 1.7% 13.2% Tata 2 676 116 EUR 276,415 277,561 -0.4% 422,370 429,543 -1.7% 7.0% Tata 3 667 116 EUR 279,222 276,858 0.9% 427,021 429,094 -0.5% 7.8% Tata 4 672 116 EUR 359,919 340,165 5.8% 506,258 493,143 2.7% 10.8% Tata 5 672 116 EUR 357,948 334,819 6.9% 503,030 485,090 3.7% 11.8% Tata 6 672 116 EUR 356,070 318,689 11.7% 499,532 465,753 7.3% 15.1% Tata 7 672 116 EUR 356,263 339,134 5.1% 495,335 488,038 1.5% 8.9% Tata 8 672 116 EUR 360,835 342,485 5.4% 507,104 495,690 2.3% 10.4% Malyi 1 695 116 EUR 319,156 309,501 3.1% 465,191 465,549 -0.1% 4.0% Malyi 2 695 116 EUR 318,895 309,857 2.9% 466,069 466,722 -0.1% 3.7% Malyi 3 695 116 EUR 318,008 310,670 2.4% 465,785 467,931 -0.5% 3.4% Puspokladány 1 1,406 120 EUR 611,269 707,198 -13.6% 911,305 1,025,738 -11.2% 20.8% Puspokladány 2 1,420 62 EUR 498,320 715,045 -30.3% 799,445 1,057,440 -24.4% 12.0% Puspokladány 3 1,420 61 EUR 573,212 703,550 -18.5% 869,548 1,041,581 -16.5% 46.1% Puspokladány 4 1,406 60 EUR 563,134 707,221 -20.4% 856,822 1,034,102 -17.1% 163.6% Puspokladány 5 1,420 61 EUR 561,053 718,123 -21.9% 863,613 1,065,568 -19.0% 34.1% Puspokladány 6 1,394 120 EUR 605,370 702,154 -13.8% 897,494 1,032,617 -13.1% 18.5% Puspokladány 7 1,406 120 EUR 608,391 703,900 -13.6% 901,491 1,038,888 -13.2% 37.7% Puspokladány 8 1,420 60 EUR 589,042 663,317 -11.2% 886,255 1,000,807 -11.4% 143.5% Puspokladány 9 1,406 120 EUR 603,281 707,162 -14.7% 885,414 1,042,368 -15.1% 342.0% Puspokladány 10 1,420 61 EUR 573,158 711,053 -19.4% 868,059 1,048,869 -17.2% 25.8% Tolna 1,358 60 EUR 577,006 725,416 -20.5% 881,394 1,075,574 -18.1% 9.3% Facankert 1,358 61 EUR 631,674 713,228 -11.4% 945,843 1,037,520 -8.8% 12.3% Tolna 2 1,492 59 EUR 507,006 777,176 -34.8% 577,906 870,265 -33.6% N/A Tolna 3 1,615 55 EUR 353,785 757,465 -53.3% 353,785 757,465 -53.3% N/A Tolna 5 1,958 58 EUR 570,146 777,176 -26.6% 637,794 870,265 -26.7% N/A Total Hungarian PP 57,537 103 EUR 24,412,861 26,360,602 -7.4% 35,973,725 38,857,175 -7.4% 22.8% Siria 5,691 58 EUR 2,610,176 2,880,848 -9.4% 3,811,984 4,219,552 -9.7% -13.8% Calafat 1 2,890 58 EUR 1,385,725 1,567,982 -11.6% 2,043,214 2,328,572 -12.3% -14.3% Calafat 2 1,935 58 EUR 967,038 1,046,543 -7.6% 1,454,776 1,549,410 -6.1% -9.4% Calafat 3 1,203 58 EUR 618,490 642,678 -3.8% 919,268 945,714 -2.8% -7.2% Aiud 4,730 64 EUR 870,150 1,576,654 -44.8% 1,346,010 1,950,040 -31.0% -59.9% Teius 4,730 65 EUR 1,259,280 1,622,577 -22.4% 2,085,144 2,413,013 -13.6% -39.9% Făget 1 3,178 57 EUR 1,508,240 1,637,061 -7.9% 1,942,819 2,164,300 -10.2% -19.4% Făget 2 3,931 57 EUR 1,982,720 2,034,958 -2.6% 2,619,573 2,714,745 -3.5% -9.7% Faget 3 7,513 62 EUR 762,896 1,785,099 -57.3% 762,896 1,785,099 -57.3% N/A Săhăteni 7,112 0 EUR 0 0 N/A 458,264 336,330 36.3% -91.8% Magureni 1,698 51 EUR 617,850 709,200 -12.9% 927,848 1,001,503 -7.4% 43.8% Sarulesti 3,197 66 EUR 956,529 1,129,627 -15.3% 1,589,181 1,670,734 -4.9% N/A Bocsa 3,788 54 EUR 1,851,024 2,001,263 -7.5% 2,745,392 2,866,204 -4.2% 9.0% Total Romanian PP 51,596 59 EUR 15,390,118 18,634,490 -17.4% 22,706,369 25,945,218 -12.5% -25.1% Symonston 144 181 EUR 25,540 26,855 -4.9% 39,400 78,585 -49.9% -40.1% Total Australian PP 144 181 EUR 25,540 26,855 -4.9% 39,400 78,585 -49.9% -40.1% Total 134,702 171 EUR 50,059,085 54,832,833 -8.7% 73,802,926 79,189,233 -6.8% 0.1%
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 13/67 The table below presents an estimation of average prices realised on sales of electricity from our generation assets. Estimates of rev- enues are based on the management reports and may deviate from the financial statements due to exchange rates and other co sts such as off-taker service fee. Table 3.1.3 Revenues from Electricity Generation in Q2 2025 Portfolio Capacity Prod. Q2 2025 Avg. Revenue Q2 2025 Total Revenue Q2 2025 Avg. Revenue YTD Revenue YTD Unit MWp MWh EUR/MWh In EUR thousand EUR/MWh, in 2024 In EUR thousand Czech Republic1 15.0 6,147 661 4,061 659 6,063 Slovakia1 7.6 2,906 265 770 265 1,101 Hungary2 57.5 24,413 103 2,449 107 3,730 Romania3 51.6 15,390 59 874 66 1,456 Australia1 0.1 26 181 5 183 7 Total Portfolio 131.9 48,882 169 8,159 174 12,358 1 Slovakian, Czech and Australian power plants benefit from a fixed feed-in-tariff and/or green-bonus support, respectively. Revenues from Slovak joint-ventures Brestovec, Polianka and Myjava are not presented in the above table. 2 In Hungary power plants with capacity of 40.6 MWp receive feed-in-tariff while 16.3 MWp operate under merchant model. The Nagykata power plant operates “behind the meter” (BTM) on a client’s site selling electricity to the client under a purchase price agreement. 3 All power plants in Romania sell electricity on the merchant basis. Chart 3.1.5 Total Production of the Czech Portfolio YTD Chart 3.1.6 Total Production of the Slovak Portfolio YTD Chart 3.1.7 Total Production of the Romanian Portfolio YTD Chart 3.1.8 Total Production of the Hungarian Portfolio YTD 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cumulative production in MWh Q1 Q2 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cumulative production in MWh Q1 Q2 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cumulative production in MWh Q1 Q2 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cumulative production in MWh Q1 Q2
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 14/67 1.2 Operations and Maintenance Contracts In Q2 2025, an additional 6.3 MWp of capacity was contracted under operations and maintenance (O&M) agreements. As a re- sult the total capacity of assets under O&M contracts stood above 1.1 GWp and consisted of 900 MWp under full O&M and monitoring services , 51 MWp serviced as “Inverter Cardio” (maintenance of central inverters ) and 159 MWp of contracts for assets under management services (AuM). Out of that , about 20% of capacities are not yet actively generating reve- nues as they are still undergoing construction or in the commis- sioning phase. For larger power plants this process can be prolonged and often depends on the DSO schedule. As a result, external revenues grew at a slower pace than capac- ities, increasing by 8.5% YoY to a total of EUR 1.114 million. Chart 3.2.1 O&M Contracts, in MWp Chart 3.2.2 O&M External Revenues (EUR 000s) Chart 3.2.3 O&M Contracts, Per Type, in % Chart 3.2.4 O&M Contracts – Geographical Split, in % 1.3 New Energy Division In 2025, the total average capacity contracted on the capacity market amounts to 239 MW, compared to 387 MW in 2024. This includes 10 MW contracted in the main auction and an average of 229 MW from additional auctions. This resulted in revenues from capacity market contracts in the amount of EUR 1.9 million compared to EUR 4.3 million in Q2 2024 (-55.3% YoY). This de- cline is due to lower capacity contracted in additional auctions. Weighted average price contracted in all auctions declined to a level of 150 PLN/kW (35.5 EUR/kW) per year, compared to 243 PLN/kW in Q2 2024 (56.2 EUR/kW) per year (-38.2% YoY). Chart 3.3.1 Realised Capacity Market Revenues (EUR 000s) Chart 3.3.2 Contracted Capacities, in MW 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% O&M 81% AuM 14% Cardio 5% Czech Rep 11% Slovakia 2% Australia & New Zealand 2% Romania 8% Hungary 36% Poland 37% Other 4% 4,274 1,910 0 1,000 2,000 3,000 4,000 5,000 Q2 2024 Q2 2025 -55% 0 100 200 300 400 500 Q2 2024 Q2 2025 Main Auctions Additional Auctions 387 239 -38%
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 15/67 In Q2 2025 Photon Energy secured an additional 20 MW in a supplementary auction at a price of 431PLN/kW per year, with delivery schedule for H2 2025. As a result, the weighted average price contracted for the entire year 2025, combining both the main auction (MA) and additional auctions (AA) increased to 187 PLN/kW per year in main auction (MA) and additional auctions (AA). In Q2 2025 the total aggregated assets in the Virtual Power Plant (VPP) increased to a total of 459 MW Chart 3.3.3 Prices Contracted in MA and AA, Chart 3.3.4 Assets Aggregated in Virtual Power Plant, in PLN/kW Per Year in MW The second stream of revenues of the New Energy division is electricity offtake from renewable energy producers for trading on the day-ahead and intra-day energy markets, as well as sup- plying it to energy users. The Group is actively trading electricity in Hungary, Poland and the Czech Republic. In Q 2 2025, the total volume of electricity traded across all markets reached nearly 58.8 GWh, representing an 89.2% YoY increase. During the same period, revenues from energy trading rose to EUR 2.9 million, up by +49.1% YoY driven primarily by the significant growth in trading volumes. Chart 3.3.5 Electricity Trading Revenues (EUR 000s) Chart 3.3.6 Electricity Trading Volume, in MWh 1.4 Engineering and EPC Contracts In the reporting period, the main streams of external revenues were related to EPC contracts for C&I clients mainly in Australia and New Zealand. In the CEE region, the Group signed a 34 MW EPC / O&M Contract in Romania, the biggest EPC contract in the Group’s history. Photon Energy will be responsible for design, technology procurement, and the construction of the facility. On the other hand, we observed a slowdown in the segment of on-site PV and battery storage driven by regulatory and admin- istrative changes, which led to extended p ermitting processes and delays in the launch of subsidy programmes. As a result, investment decisions have been postponed, however we antic- ipate a recovery in business activity in the second half of the year as these transitional challenges begin to ease. The engineering segment delivered another strong quarter, with external revenues of EUR 5.248 million, slightly lower year- on-year ( -8.5% YoY). Profitability, however, improved in Q2 2025, with the Group posting a positive EBITDA of EUR 0.226 million compared to a loss of EUR 1.623 million in Q2 2024. For more details see Section 5. Chart 3.4.1 Engineering External Revenues, (EUR 000s) - 100 200 300 400 500 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Main Auction Additional Auction 72 171 383 289 0 100 200 300 400 500 Q2 2024 Q2 2025 Contracted Aggregated DSR asset Aggregated Generation Assets 1,924 2,869 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Q2 2024 Q2 2025 +49% 31,073 58,801 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Q2 2024 Q2 2025 +89% 5,733 5,248 0 1,000 2,000 3,000 4,000 5,000 6,000 Q2 2024 Q2 2025 -8.5%
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 16/67 1.5 Technology Trading Following a strong first quarter, Q2 2025 maintained solid mo- mentum across all categories, especially in modules and invert- ers. Module sales remained the dominant growth driver, reflecting strong execution of utility -scale projects in Romania and Hun- gary, as well as rising commercial demand in Poland and the Western Balkans. While the total MW was slightly below Q1’s peak, the perf ormance remains significantly above last year’s levels. Inverter volumes remained stable year-on-year and were up by over 85% compared to Q1 2025. This growth was supported by the increasing rollout of mid -scale C&I projects and improved availability of three-phase and hybrid inverter models. Battery sales held steady at 4 MWh same as in Q 1 2025, con- firming consistent market interest in resilient energy storage, particularly in the agricultural and off-grid sectors. The above trends resulted in external revenues amounting to EUR 6.284 million in Q2 2025, marking a nearly triple increase year-on-year. We expect continued strong demand throughout remaining half of the year, supported by: Government tenders and green transition funding across Po- land, Romania, and Slovakia. Agrivoltaics’ demand rising in Moldova, Hungary, and Southern Ukraine. New storage mandates and incentives pushing C&I clients to adopt hybrid systems. While some supply-side volatility may persist—especially in bat- tery procurement—the overall project delivery environment re- mains favourable. Chart 3.5.1 Technology Trading Volumes Chart 3.5.2 Technology Trading Revenues, (EUR 000s) 1.6 Photon Energy’s Project Pipeline Project development is an important activity in Photon Energy’s business model of covering the entire value chain of PV power plants. The ownership of project rights provides us with a high level of control and allows locking in EPC (one -off) and O&M (long-term) services. As a result, project development continues to be a key driver for our future growth. Our experience in pro- ject development and financing in various markets and jurisdic- tions is an important competitive advantage and mitigates the inherent risks related to project development. Table 3.6.1 Projects Under Development Country 1. Feasibility1 2. Early development 3. Advanced development 4. Ready-to-build technical 5. Under construction Total in MWp Romania 8.4 74.9 61.7 36.4 - 181.4 Poland 1252 17.2 20.3 - - 162.5 Hungary 0 - - - - 0 Australia 90.0 - 150.03 - - 240.0 South Africa - 262.0 - - - 262.0 Total in MWp 223.6 354.1 232.0 36.4 - 845.9 1 Development phases are described in the glossary available at the end of this chapter. Photon Energy refers to the installed DC capacity of projects expressed in Megawatt peak (MWp) in its reporting, which might fluctuate over the project development proce ss. 2 Batteries storage projects are presented with reference to AC capacity 3 Project Yadnarie with DC capacity of 150 MWp was sold in July 2025 to AGL Energy 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%
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 17/67 Chart 3.6.1 Project Pipeline, in MWp DC Summary of the changes in projects under development during Q2 2025. In Romania, Poland and South Africa, the project pipeline re- mained unchanged. In Hungary, Photon Energy discontinued the development of 25 MWp in the feasibility stage due to inability to secure grid ca- pacity on those projects based on Hungarian regulations re- lated to new capacity applications and the annulled auction system. Photon Energy awaits the announcement of the new gird-capacity allocation regime. In July 2025, following the receipt of the development approval for the Yadnarie project, a solar and long-duration energy stor- age project based on RayGen technology , Photon Energy en- tered into an agreement with AGL Energy Ltd. – Australia’s largest energy generator – for the sale and transfer of 100% of the Project rights. The Yadnarie project will deploy RayGen Resources’ world-first solar-plus-storage technology. PV Ultra will concentrate sunlight onto Australian -made, highly effi- cient solar modules, and heat will be captured and stored in water reservoirs for on-demand electricity dis- patch via Organic Rankine Cycle (ORC) turbines. Located in Cleve on South Australia’s Eyre Peninsula, the project will combine up to 150 MW of concentrated solar gen- eration and 90 MW of thermal generation, integrated with at least 720 MWh of long-duration electro-thermal energy storage. The sale transaction of the Yadnarie project is in line with the Group’s strategic focus on de- veloping and moneti sing renewable assets. For more details of this transaction please refer to our report here. 0 200 400 600 800 1000 1200 1400 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Australia Hungary Romania Poland South Africa 846 MWp 1,190 MWp Glossary of terms Definitions Development phase 1: “Feasibility” LOI or MOU signed, location scouted and analysed, working on land lease/purchase, environmental assessment and application for grid connection. Development phase 2: “Early development” Signing of land option, lease or purchase agreement, Environmental assessment (environmental impact studies “EIS” for Australia), preliminary design. Specific to Europe: Application for Grid capacity, start work on permitting aspects (construction, connection line, etc.). Specific to Australia: community consultation, technical studies. Development phase 3: “Advanced development” In Europe: Finishing work on construction permitting, Receiving of MGT (HU)/ATR (ROM) Letter, finishing work on per- mitting for connection line, etc. In Australia: Site footprint and layout finalised, Environmental Impact Statement and development application lodged. Grid connection studies and design submitted. Development phase 4: “Ready-to-build technical” In Europe: Project is technical ready to build, we work on offtake model (if not FIT or auction), securing financing (inter- nal/external). In Australia: Development application approved, offer to connect to grid received and detailed design commenced. Financing and off-take models/arrangements (internal/external) under negotiation. Development phase 5: “Under construction” Procurement of components, site construction until the connection to the grid. Additionally, for Australian projects, signature of Financing and off -take agreements, reception of Construction certifi- cate, conclusion of connection agreement, EPC agreement, Grid connection works agreements. DC and AC capacity Electricity grids run on alternating current (AC). Solar modules produce direct current (DC), which is transformed into AC by inverters. Heat, cable lines, inverters and transformers lead to energy losses in the system between the solar modules and the gri d connection point. Cumulatively system losses typically add up to 15 -20%. Therefore, for a given grid connection capacity a larger module capacity (expressed in Watt peak – Wp) can be installed without exceeding the grid connection limit. At times of extr emely high production, inverters can reduce the volume of electricity so that the plant stays within the grid connection limits.
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 18/67 Table 3.6.2 Progress on Projects Ready-to-Build Stage 4 Country Location Dev. phase Equity share MWp DC Commercial Model Land Grid connection Construction permit Expected SoC1 Update on the project Romania Tamadu Mare-1 4 100% 4.5 Merchant/PPA Secured Secured Secured TBC Grid reinforcement works have been completed. Grid connection works are being scheduled Romania Tamadu Mare-2 4 100% 6.1 Merchant/PPA Secured Secured Secured TBC Grid reinforcement works have been completed. Grid connection works are being scheduled Romania Sannicolau Mare 4 100% 7.4 Merchant/PPA Secured Secured Secured TBC Grid reinforcement works have been completed. Grid connection works are being scheduled Romania Guilvaz 4 100% 6.1 Merchant/PPA Secured Secured Secured TBC Project procurement in planning Romania Faget 4 4 100% 6.1 Merchant/PPA Secured Secured Secured TBC Project procurement in planning Romania Faget 5 4 100% 6.2 Merchant/PPA Secured Secured Secured TBC Project procurement in planning TOTAL 36.4 1 SoC stands for expected start of construction date. Table 3.6.3 Progress on Projects Under Construction Country Location Dev. phase Equity share MWp DC Commercial Model Construction progress TOTAL - - - - - - Procurement Site Preparations Substructures Technology Installed Connection Works Commissioning
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 19/67 Enterprise Value, Share and Bond Price Performance Main Market of the Warsaw Stock Exchange The Company’s shares are listed on the regulated market of the Warsaw Stock Exchange (WSE) since 5 January 2021. Prior to that date, the shares were listed in the alternative system of trading – NewConnect, organized by WSE. On 30 June 2025 the Company’s shares (ISIN NL0010391108) closed at a price of PLN 3.34 (-21.8% YTD). The total trading volume in Q 2 2025 amounted to 702,582 shares while the total trading volume dur- ing the last 12M amounted to 2,949,016 shares. Chart 4.1 Total Monthly Volumes and Daily Closing Share Price (ISIN NL0010391108) Chart 4.2 Enterprise Value vs. Trailing 12 Months (TTM) EBITDA (in Millions EUR) Notes: EV – Enterprise value is calculated as the market capitalisation as of the end of the reporting month, plus net debt, defined as Interest -bearing liabilities (adjusted with the market value of Green Bond ISIN: DE000A3KWKY4 as of 31 March 2025) minus liquid assets. The trailing 12-month EBITDA is the sum of EBITDA reported in the last four quarterly reports including this reporting period. Chart 4.3 Enterprise Value / Trailing 12 Months EBITDA and Price to Book Ratio Price/book ratio – is calculated by dividing the closing price of the stock as of the end of the reporting period by the book value per share reported in the last quarterly report. EV/EBITDA ratio – is calculated by dividing the Enterprise Value by the Trail- ing 12 months (TTM) EBITDA. Main Market of the Prague Stock Exchange The Company’s shares are listed on the regulated market of the Prague Stock Exchange (PSE) as of 5 January 2021. Prior to that date, the shares were traded on Free Market of PSE. On 30 June 2025 the share price (ISIN NL0010391108) closed at a level of CZK 19.60 (-17.3% YTD). The total trading volume in Q2 2025 amounted to 1,600,893 shares. Total trading volumes during the last 12M amounted to 5,834,987 shares. 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.00 3.00 6.00 9.00 12.00 15.00 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Miliony Total monthly volumes - right axis Closing share price (PLN) - left axis € 6.93 € 5.81 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 TTM EBITDA in Eur Million 34.8x 29.5x 1.6x 0.8x 0 x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 0.0 x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 EV/EBITDA trailing Price/book ratio
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 20/67 Quotation Board of the Frankfurt Stock Exchange On 30 June 2025, the share price (FSX: A1T9KW) closed at a level of EUR 0.716 (-21.8% YTD). The total trading volume in Q2 2025 amounted to 8,508 shares, while the total trading volume for the last 12M amounted to 90,944 shares. The Company’s shares have been traded on the Quotation Board of the Frankfurt Stock Exchange since 11 January 2021. Additionally, the Company’s shares are traded on the Free Mar- ket (Freiverkehr) of the Munich Stock Exchange since 28 July 2020, Free Market (Freiverkehr) of the Berlin Stock Exchange since 13 January 2021 and on the Free Market (Freiverkehr) of the Stuttgart Stock Exchange since 14 January 2021. XETRA Trading Platform (German Stock Exchange) On 30 June 2025, the share price (FSX: A1T9KW) closed at a level of EUR 0.760 (-16.5% YTD). The total trading volume in Q2 2025 amounted to 39,448 shares and the total trading volumes for the last 12M amounted to 288,034 shares. The Company’s shares have been listed on the electronic trading platform XETRA (provided by the German Stock Exchange) since 7 De- cember 2022. Outstanding Bonds As of the reporting date the Company has one outstanding bond (Green EUR Bond 2021/2027 ) with an annual coupon of 6.50% and quarterly payments. The Green EUR Bond (ISIN: DE000A3KWKY4) received a Second Party Opinion with regards to its sustainability by imug | rating, and can be traded on the Open Market of the Frankfurt Stock Exchange. The net proceeds of this Green EUR Bond are being invested in accordance with the Company’s Green Finance Framework, published on the Company’s website. The total outstanding amount of the Green EUR Bond as of the reporting date was EUR 78.9 million. Green EUR Bond 2021/27 Trading Performance In Q2 2025 , the overall trading volume of Green EUR Bond amounted to EUR 0.183 million in nominal terms, with an open- ing price of 52.50 and a closing price of 52.00. The total 12M trading volume in nominal terms amounted to EUR 3.055 mil- lion. Chart 4.4 Total Monthly Volumes vs. Daily Closing Green EUR Bond Prices 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 110.0 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Millions Total nominal value (EUR) - right axis Closing price (%) - left axis
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 21/67 Comments to Consolidated Financial Statements for Q2 2025 Profit and Loss Statement Consolidated revenues reached EUR 25.707 million in Q2 2025, marking a 7.5% year -on-year (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. The generation output declined by 11.6%, primarily due to the shutdown of 19.4 MWp of operating assets in Romania and secondly due to the sale of 14.5 MWp of capacity in Australia. The negative impact of reduced output was partially mitigated by a 6.7% YoY increase in average real- ised electricity prices, which rose from EUR 1 58/MWh to EUR 169/MWh. Other revenues increased by 14.3% YoY to EUR 1 7.556 million in Q2 2025. The most significant growth was recorded in the technology trading business, which surged by 182.7% YoY. Also in O&M and segment Other (including mainly revenues from water and remediation business) we recorded an increase of revenues by 8.5% and 109.6% YoY, respectively. The strongest contraction of revenues by 17.1% YoY was recorded in the New Energy division due to lower DSR capacities and lower contrac- tual prices in Q2 2025 . The engineering segment also declined by 8.1% YoY, reflecting a transition phase between the comple- tion of major projects and the preparation for new ones. On the cost side, expenses for raw materials and consumables rose to EUR 12.074 million, reflecting a 37.8% YoY increase. This growth was primarily driven by higher volumes in the technol- ogy trading segment. Other operating expenses amounted to EUR 6.580 million, down by 5.4% YoY. Those costs are primarily related to direct engineering costs associated with EPC ( engi- neering, procurement, and construction) contracts, so they de- clined in line with engineering revenues . In Other income the Group posted income related to a realized credit note from a supplier in the amount of EUR 0.664 million. The above changes resulted in EBITDA of EUR 2.839 million in Q2 2025 compared to EUR 5.274 million in Q 2 2024, down by 46.2% YoY. Depreciation remained stable at EUR 3.284 million (+0.2% YoY). The decline of depreciation related to the sale of Australian as- sets, was offset by addition of operating assets in Romania and Hungary. Financial expenses amounted to EUR 3.183 million in Q2 2025, representing a 3.6% decline year-on-year, thanks to the repay- ment of loans and declining outstanding balances. The Group recorded a net loss of EUR 3.258 million in Q2 2025 compared to a net loss of EUR 2.789 million in Q2 2024. 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. The discount rate applied in our valuation models was reduced to reflect the de- cline in Hungarian risk-free interest rates, based on current gov- ernment bond yields. In addition, improved EEX future price forecasts contributed to higher projected cash flows. Together, these factors resulted in an increase in the estimated fair value of the affected assets. On the other hand, the Group posted a negative impact of foreign currency translation differences and hedging result in the amount of EUR 1.240 million. The total comprehensive income was EUR -2.767 million in Q2 2025 compared to EUR -5.112 million in Q2 2024. Table 5.1 Summary of Selected Positions from Profit and Loss Statement for the Reporting Period Category (in thousands of EUR) Q2 2025 Q2 2024 YoY (%) H1 2025 H1 2024 YoY (%) Total revenues 25,707 23,914 7.5% 47,756 41,289 15.7% Revenues 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 Profit/loss from continuing operations -3,258 -2,789 NA -6,963 -4,109 NA Total comprehensive income -2,767 -5,112 NA -2,753 -6,220 NA Summary of key business data Electricity production, in thousands MWh 50,059 56,601 -11.6% 73,802 86,754 -14.9% Average realized prices, in EUR/MWh 169 158 6.7% 174 149 16.2%
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 22/67 Chart 5.1 Revenues, EBITDA and EBITDA Margin, by Quarters During Q2 2024 – Q2 2025 Balance Sheet At the end of the reporting period, total non -current assets amounted to EUR 221.268 million compared to EUR 2 16.890 million at the end of 202 4. This increase can be primarily ex- plained by the commissioning of 5.1 MWp in Hungary and re- valuation of Hungarian assets. Current assets declined year-on-year to EUR 48.904 million, down by EUR 7.042 million compared to YE 202 4. The m ain changes include further reduction in inventories by EUR 2.670 million and reduction in other receivables by EUR 5.061 million which was partially offset by increased trade, tax and receiva- bles related to contract assets. Non-current liabilities increased to 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 3.218 million compared to YE 2024, this is partly due to the above-mentioned reclassification of EBRD loan back to long - term liabilities. Chart 5.2 Net Current Assets Chart 5.3 Breakdown of Liabilities and Equity (%) Changes in Equity Equity amounted to 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. The adjusted equity ratio (defined as total equity divided by to- tal capital, being the sum of interest -bearing debt and equity) stood at 25.0% compared to 25.6% at the end of 2024. The bond covenant which requires this ratio to remain above 25% is as- sessed at year-end, following the completion of the audited ac- counts. The adjusted equity ratio calculation allows a carve out i n the event of a shortfall in the ratio resulting from regulatory changes (Section 7, article 3 (g) of the Terms and Conditions of the Green Bond prospectus refers). As described in our Q4 2024 report, the effect of changes in the Hungarian KAT feed in tariff (FiT) applicable from 1 January 2025 has reduced the valuation of that part of our PV portfolio de- pendent on KAT FiT. If the carve out was applied, the adjusted equity ratio at 30 June 2025 would be 25.9%. Cash Flow The Group posted a positive operating cash flow of EUR 8.202 million, thanks to positive developments of working capital , mainly reductions in inventories and receivables and other non- cash items. Investment cash flow amounted to EUR -1.714 million and was primarily driven by the completion of Hungarian projects and investment outlays related to EPC projects. Financing cash flow amounted to EUR -10.549 million as a net difference between repayment of borrowing and transfer from restricted cash account. Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Revenues 23,914 22,852 25,775 22,049 25,707 EBITDA 5,274 3,800 -2,036 1,206 2,839 EBITDA margin 22% 17% -8% 5% 11% 22% 17% -8% 5% 11% -10.0 0.0 10.0 20.0 30.0 40.0 50.0 -10% 0% 10% 20% 30% 40% 50% EUR Million 1.3 1.6 1.1 1.3 1.1 0.0 2.0 0 5 10 15 20 25 30 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 EUR Million Net current assets Quick Ratio 0% 20% 40% 60% 80% 100% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 ST liabilities LT liabilities Equity
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 23/67 Business Segments Analysis in Q2 2025 The consolidated revenues increased to EUR 25.707 million, up by 7.5% YoY and were fairly balanced between four main Group activities i.e. Investments (29%), Technology (25%), New Energy (20%) and Engineering (20%). Operations and Maintenance con- tributed 4% while water and remediation business which is in- cluded in segment Others contributed 2%. External revenues from the Investment segment decreased to EUR 7.487 million, down by 11.9% YoY, in line with the electricity generation which went down to 50.1 GWh ( -11.6% YoY). The negative impact of lower generation output was driven primar- ily by a shutdown of 19.4 MWp of operating assets in Romania, following a TSO decision, and the sale of 14.5 MWp of Australian assets back in Q4 2024. It is worth noting that part of electricity sales revenues which is traded by Origination and Trading (O&T) arm of Ne w Energy division is presented in the internal revenues, and hence on the consolidated basis revenues from sale of electricity are higher and amount to EUR 8.151 million (- 4.7% YoY). Other revenues also increased with the most notable growth recorded in the Technology trading business, which surged by 182.7% YoY to EUR 6. 284 million. Module sales remained the dominant growth driver, reflecting strong execution of utility - scale projects in Romania and Hungary, as well as rising com- mercial demand in Poland and the Western Balkans. Engineer- ing segment contributed EUR 5.248 million to the consolidated revenues, resulting in a decline of 8.5 % YoY and reflecting a transition phase between the completion of major projects and the preparation for new ones. Revenues in the O&M segment increased to EUR 1.114 million, up by 8.5% (YoY) - the slower growth compared to capacity expansion reflects the typical de- lay between contractual commitment and the actual takeover of assets. Finally, revenues from the New Energy division amounted to EUR 5.175 million and were lower by 17.1% YoY. As mentioned earlier, we have booked lower DSR revenues (- 55% YoY) as a result of smaller capacity market volumes and prices (for details see Section 3.3. New Energy Division) which were partially offset by higher O&T revenues (+49% YoY) thanks to growing trading volumes. In terms of profitability, the Group reported EBITDA of EUR 2.839 million in Q2 2025, representing a 46.2% year-on-year de- cline. The decrease was mainly driven by weaker profitability in the New Energy division and lower generation output, which is the Group’s highest-margin business. An analysis of external EBITDA has been prepared, considering only directly allocated costs of entities included in each seg- ment. The external EBITDA does not include allocations of cer- tain inter-Group costs, which are still presented in the segment “Other”. The Other segment with external EBITDA of EUR -2.862 million had a small external revenue arising from water and remedia- tion business and carries the balance of corporate overheads, which are not allocated to external EBITDA in this analysis. Chart 5.4 External Revenue Comparison (000s EUR) Chart 5.5 External Revenue Mix, in Q2 2025 (%) Chart 5.6 External EBITDA Realised per Business Segment, in Q2 2025 (EUR) 0 2,000 4,000 6,000 8,000 10,000 Engineering New Energy Technology Investment O&M Other Q2 2024 Q2 2025 Engineering 20% New Energy 20%Technology 25% Investment 29% O&M 4% Other 2% 0.23 -0.96 6.35 0.45 -0.37 -2.86-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 Engineering New Energy Investments Technology O&M Others Milions
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 24/67 General Information About the Issuer The table below presents general information about Photon Energy NV, hereinafter referred to as the “PENV”, “Issuer”, “the Gr oup” and/or the “Company”. Company name: Photon Energy N.V. Registered office: Barbara Strozzilaan 201, 1083 HN, Amsterdam, the Netherlands Registration: Dutch Chamber of Commerce (Kamer van Koophandel) Company number: 51447126 Tax-ID: NL850020827B01 Ticker: PEN Web: www.photonenergy.com Share Capital of the Issuer The Company’s share capital is EUR 612,385.21 divided into 61,238,521 shares with a nominal value of EUR 0.01 each. The share capital is fully paid-up. Share capital on 30 June 2025 Series / issue Type of shares Type of preference Limitation of right to shares Number of shares Nominal value of series/issue (EUR) A bearer - - 61,238,521 612,385.21 Total number of shares 61,238,521 Total share capital 612,385.21 Nominal value per share = EUR 0.01 In the reporting period there were no changes to the share capital. Shareholder Structure On 30 June 2025, based on public filings with the AFM, Netherlands, the shareholder structure was as follows: Shareholdings as the reporting date No. of shares % of capital No. of votes at Shareholders Meeting % of votes at Shareholders Meeting Solar Future Cooperatief U.A. 21,748,075 35.51% 21,748,075 36.20% Solar Power to the People Cooperatief U.A. 19,694,640 32.16% 19,694,640 32.78% Photon Energy N.V. 1,155,237 1.89% 0 0.00% Free float 18,640,569 30.44% 18,640,569 31.02% Total 61,238,521 100.00% 60,083,284 100.00% Statutory Bodies of the Issuer Board of directors on 30 June 2025 The Board of Directors is responsible for the day-to-day operations of the Company. The Company’s Board of Directors has the follow- ing members Name and surname Position Date of Appointment Term Georg Hotar Director (Bestuurder) 14 June 2024* 2028 David Forth Director (Bestuurder) 14 June 2024** 2028
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 25/67 *Mr Hotar has been one of the Company’s managing directors since 9 December 2010; Mr Hotar was reappointed by the Annual General Meeting of shareholders on 14 June 2024, for another 4-year term. **Mr. Forth was appointed for a 4 -year term by the Annual General Meeting of shareholders on 14 June 2024, replacing Mr. Gartner who stepped down from this position. Supervisory Board The supervisory body of the Company is the Supervisory Board comprising the supervisory directors. The Supervisory Board provides guidance to and oversight of the management board on the general course of affairs of the Company. The Supervisory Board members also serve as an audit committee. The Issuer’s Supervisory Board has the following members: Name and surname Position Date of Appointment Term Marek Skreta Chairman of the Supervisory Board 14 June 2024* 2028 Boguslawa Skowronski Supervisory Board Member 14 June 2024* 2028 Ariel Sergio Davidoff Chairman of the Audit Committee 31 May 2022 2026 Mr Skreta and Mrs. Skowronski have been the Company’s Supervisory Board since 4 December 2020 and reappointed for another fou r-year term by the Annual General Meeting of shareholders on 14 June 2024. Mr. Michael Gartner who stepped down from the Company’s Board of Directors in 2024 was originally appointed to the Su- pervisory Board by the Company’s 2024 Annual General Meet- ing. The appointment was to be effective as of 1 January 2025. Mr. Gartner however continued to be an employee of the Pho- ton Energy Group and continued to perform statutory functions for the Company’s subsidiaries incorporated in Australia and New Zealand throughout 2025 and therefore, his appointment has not taken effect (due to incompatibility with Article 2:160 of the Dutch Civil Code which requires the members of the Super- visory Board not to be employed by Company or its affiliated entity, or serve as a statutory representative of the Company or its affiliated entity). Mr. Gartner was again proposed to be appointed to the Super- visory Board by the 2025 Annual General Meeting; however his continuing directorship in New Zealand and Australian subsidi- aries at the time of the 2025 Annual General Meeting provided the same lega l impediment. The participating shareholders therefore decided to abstain from the vote on his appointment to the Supervisory Board and the resolution was not carried. The Supervisory Board therefore continues to consist of 3 mem- bers listed above. Description of the Issuer’s Business Delivering the fundamentals of life At Photon Energy Group, we are dedicated to ensuring that eve- ryone has access to clean, affordable energy and water. We de- ploy technology to provide these fundamentals and help build a thriving, sustainable world. We take a holistic approach to our work, within our companies and as a group, offering solutions that can be delivered sepa- rately or as an integrated package. This allows us to meet the complete needs of our customers and takes us closer to a world where energy and water – the fundamentals of life – are clean, safe and accessible to all. Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Ex- changes. We are headquartered in Amsterdam, with offices in Australia and across Europe. Photon Energy provides comprehensive renewable energy so- lutions to help everyone benefit from the green transition. Our solutions range from the development, construction and oper- ation of solar power systems to localised energy trading and flexibility prog rams. We are also an independent power pro- ducer with a growing portfolio of solar PV power plants. Photon Water provides clean water solutions for all environ- ments, from treatment and remediation services to the man- agement of wells and other water resources. We also work closely with leading academic institutions and participate in governmental research programmes to develop cutting -edge water treatment and management solutions.
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 26/67 Utility-scale Solar Power Our comprehensive solutions cover the full lifecycle of PV installations, from project development to EPC. On-site Solar Power and Energy Storage We design, build and manage PV power and energy storage systems for rooftops and other property. O&M for Photovoltaics We provide a full range of operations and maintenance solutions for solar PV systems. Wholesale Photovoltaic Components Through our dedicated eShop, we supply world- class technology to PV installers across Europe. Energy Offtake and Supply As a licenced energy trader in six countries, we purchase and supply energy from renewable sources including solar, wind and biogas. Energy Flexibility We offer localised Capacity Market programs and other flexibility solutions to help optimise energy use and support grid stability. Lake Management We help our customers make the best, most efficient use of their water resources, such as lakes, ponds and industrial water bodies. Remediation We offer a range of remediation services to eliminate PFAS and other contaminants from water and soil. Wells and Resources We provide complete services for wells and water resources, from design to maintenance. Water Treatment and Recycling We design and implement industrial and municipal water treatment plants and water recycling systems. Country-specific references As of 30 June 2025, Photon Energy is active in nine countries across three continents (headquartered in Amsterdam), with a track record of building more than 180 MWp of grid-connected PV plants across five countries, a proprietary portfolio of 134.7 MWp of PV plants and more than 1.1 GWp of PV power plants under O&M management across two continents.
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 27/67 Employees As of 30 June 2025, Photon Energy Group had 3 18 employees compared to 331 employees in the comparable period last year, translating into 307.1 FTE, compared to 320.4 FTE as of the end of Q2 2024. Chart 11.1 Total Number of Employees and FTE Employees Full-time equivalent (FTE) is a unit that indicates the workload of a person in a way that makes workloads comparable across various contexts. An FTE of 1.0 means that the person is equivalent to a full -time employee, while an FTE of 0.5 signals that the employee is only half-time. Employee Share Purchase Programme The management of the Company recognises the significant contribution of the team members to the future development of the Group. Therefore, it operates an Employee Share Pur- chase Programme as a part of its motivation system. Under the terms of the program me, the Group periodically purchases shares for participating employees equal to 10% of their gross compensation net of taxes. Participants of the Employee Share Purchase Programme have the right to dispose their shares, af- ter three years of holding the shares. During the reporting period, the Company transferred in total 72,993 shares to its employees eligible for the share bonus in line with the Employee Share Purchase Programme. Group Structure The following table presents the Group’s structure (subsidiaries and joint ventures) and the holding company's stake in the entities comprising the Group as of 30 June 2025. Name % of share capital held by the holding company Country of registra- tion Consolid. method Legal Owner 1 Photon Energy N.V. (PENV) Holding NL Full Cons. - 2 Photon Energy Operations NL B.V. (former Photon Directors B.V.) 100% NL Full Cons. PEONV 3 Photon Energy Engineering B.V. (PEEBV) 100% NL Full Cons. PENV 4 Photon Energy Operations N.V. (PEONV) 100% NL Full Cons. PENV 5 Photon Remediation Technology N.V. 100% NL Full Cons. PENV 6 Photon Energy Australia Pty Ltd. 100% AU Full Cons. PENV 7 Photon Energy AUS SPV 1 Pty. Ltd. 100% AU Full Cons. PENV 8 Photon Energy AUS SPV 4 Pty. Ltd. 100% AU Full Cons. PENV 9 Photon Energy Operations Australia Pty.Ltd. 100% AU Full Cons. PEONV 10 Photon Energy Engineering Australia Pty Ltd 100% AU Full Cons. PEEBV 11 Photon Remediation Technology Australia Pty Ltd. 100% AU Full Cons. PRTNV 12 Photon Energy SGA Pty. Ltd. 100% AU Full Cons. PENV 13 Photon Water Australia Pty. Ltd. 100% AU Full Cons. PENV 14 RayGen Resources Pty. Ltd. 7.60% AU Equity PENV 15 Photon New Energy Pty. Ltd. 100% AU Full Cons. PENV 16 Photon Energy AUS SPV 14 Pty Ltd 100% AU Full Cons. PENV 17 Global Investment Protection AG 100% CH Full Cons. PENV 18 Photon Energy Investments AG (PEIAG) 100% CH Full Cons. PENV 19 KORADOL AG (KOAG) 100% CH Full Cons. PENV 20 Photon Energy Solutions A.G. 100% CH Full Cons. PENV 21 Photon Property AG, 100% CH Full Cons. PENV 22 Photon Energy Corporate Services CZ s.r.o. 100% CZ Full Cons. PENV 23 Photon Energy Solutions CZ a.s.(former Photon Energy Solutions CZ s.r.o.) 100% CZ Full Cons. KOAG 24 Photon SPV 11 s.r.o. 100% CZ Full Cons. KOAG 25 Photon Energy Operations CZ s.r.o. (PEOCZ) 100% CZ Full Cons. PEONV 26 Photon Energy Control s.r.o. 100% CZ Full Cons. PEOCZ 27 Photon Energy Technology CEE s.r.o. 100% CZ Full Cons. PEEBV 28 Photon Water Technology s.r.o. 65% CZ Full Cons. PENV 29 Photon Remediation Technology Europe s.r.o. (former Charles Bridge s.r.o.) 100% CZ Full Cons. PENV 30 Photon Energy Engineering s.r.o. (former Photon Energy Solutions s.r.o. ) (PEECZ) 100% CZ Full Cons. PENV 31 Photon Energy Projects s.r.o. (PEP) 100% CZ Full Cons. PENV 32 Photon Energy Cardio s.r.o. 100% CZ Full Cons. PEOCZ 33 Photon Maintenance s.r.o. (former The Special One s.r.o.) 100% CZ Full Cons. PENV 34 Exit 90 SPV s.r.o. 100% CZ Full Cons. KOAG 320.4 332.4 324.3 325.6 307.1 331 345 335 337 318 280 290 300 310 320 330 340 350 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 FTE No of employees
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 28/67 Name % of share capital held by the holding company Country of registra- tion Consolid. method Legal Owner 35 Onyx Energy s. r. o. 100% CZ Full Cons. KOAG 36 Onyx Energy projekt II s.r.o. 100% CZ Full Cons. KOAG 37 Photon SPV 3 s.r.o. 100% CZ Full Cons. KOAG 38 Photon SPV 4 s.r.o. 100% CZ Full Cons. KOAG 39 Photon SPV 6 s.r.o. 100% CZ Full Cons. KOAG 40 Photon SPV 8 s.r.o. 100% CZ Full Cons. KOAG 41 Photon SPV 10 s.r.o. 100% CZ Full Cons. KOAG 42 Kaliopé Property, s.r.o. 100% CZ Full Cons. KOAG 43 PESPV 1 s.r.o. 100% CZ Full Cons. PESCZ 44 PESPV 2 s.r.o. 100% CZ Full Cons. PESCZ 45 Photon Energy Solutions s.r.o. 100% CZ Full Cons. PESCZ 46 Photon Energy Technology EU GmbH 100% DE Full Cons. PENV 47 Photon Energy Corporate Services DE GmbH 100% DE Full Cons. PENV 48 EcoPlan 2 s.r.o. 100% SK Full Cons. PENV 49 EcoPlan 3 s.r.o. 100% SK Full Cons. PENV 50 Fotonika s.r.o. 100% SK Full Cons. PENV 51 Photon SK SPV 1 s.r.o. 50% SK Equity PENV 52 Photon SK SPV 2 s.r.o. 100% SK Full Cons. PENV 53 Photon SK SPV 3 s.r.o. 100% SK Full Cons. PENV 54 Solarpark Myjava s.r.o. 50% SK Equity PENV 55 Solarpark Polianka s.r.o. 50% SK Equity PENV 56 SUN4ENERGY ZVB s.r.o. 100% SK Full Cons. PENV 57 SUN4ENERGY ZVC s.r.o. 100% SK Full Cons. PENV 58 ATS Energy, s.r.o. 100% SK Full Cons. PENV 59 Photon Energy Operations SK s.r.o. 100% SK Full Cons. PEONV 60 Photon Energy HU SPV 1 Kft. b.a 100% HU Full Cons. PEIAG 61 Fertod Napenergia-Termelo Kft. 100% HU Full Cons. PEIAG 62 Photon Energy Operations HU Kft. 100% HU Full Cons. PEONV 63 Photon Energy Engineering HU Kft. 100% HU Full Cons. PENV 64 Future Solar Energy Kft 100% HU Full Cons. PEIAG 65 Montagem Befektetési Kft. 100% HU Full Cons. PEIAG 66 Solarkit Befektetesi Kft. 100% HU Full Cons. PEIAG 67 Energy499 Invest Kft. 100% HU Full Cons. PEIAG 68 SunCollector Kft. 100% HU Full Cons. PEIAG 69 Green-symbol Invest Kft. 100% HU Full Cons. PEIAG 70 Ekopanel Befektetési és Szolgaltató Kft. 100% HU Full Cons. PEIAG 71 Onyx-sun Kft. 100% HU Full Cons. PEIAG 72 Tataimmo Kft 100% HU Full Cons. PEIAG 73 Öreghal Kft. 100% HU Full Cons. PEIAG 74 European Sport Contact Kft. 100% HU Full Cons. PEIAG 75 ALFEMO Alpha Kft. 100% HU Full Cons. PEIAG 76 ALFEMO Beta Kft. 100% HU Full Cons. PEIAG 77 ALFEMO Gamma Kft. 100% HU Full Cons. PEIAG 78 Archway Solar Kft. 100% HU Full Cons. PENV 79 Blackhorse Solar Kft. 100% HU Full Cons. PEIAG 80 Camden Solar Kft 100% HU Full Cons. PEIAG 81 Ráció Master Oktatási 100% HU Full Cons. PEIAG 82 Aligoté Kereskedelmi és Szolgáltató Kft. 100% HU Full Cons. PEIAG 83 MEDIÁTOR PV Plant Kft. 100% HU Full Cons. PEIAG 84 PROMA Mátra PV Plant Kft. 100% HU Full Cons. PEIAG 85 Optisolar Kft. 100% HU Full Cons. PEIAG 86 Ladány Solar Alpha Kft. 100% HU Full Cons. PEIAG 87 Ladány Solar Beta Kft. 100% HU Full Cons. PEIAG 88 Ladány Solar Gamma Kft. 100% HU Full Cons. PEIAG 89 Ladány Solar Delta Kft. 100% HU Full Cons. PEIAG 90 ÉGÉSPART Energiatermelő és Szolgáltató Kft 100% HU Full Cons. PEIAG 91 ZEMPLÉNIMPEX Kereskedelmi és Szolgáltató Kf 100% HU Full Cons. PEIAG 92 ZUGGÓ-DŰLŐ Energiatermelő és Szolgáltató Kft 100% HU Full Cons. PEIAG 93 Ventiterra Kft. 100% HU Full Cons. PEIAG 94 VENTITERRA ALFA Kft. 100% HU Full Cons. PEIAG 95 VENTITERRA BETA Kft. 100% HU Full Cons. PEIAG 96 Hendon Solar Kft. 100% HU Full Cons. PEIAG 97 Mayfair Solar Kft. 100% HU Full Cons. PEIAG 98 Holborn Solar Kft. 100% HU Full Cons. PEIAG 99 Photon Energy Trading CEE Kft. (former Lerta Energy HU Kft.) 100% HU Full cons. Lerta S.A. 100 Photon Energy Solutions HU Kft. (former LERTA Magyarország Kft.) 100% HU Full cons. Lerta S.A. 101 Photon New Energy Alfa Kft. 100% HU Full cons. PESAG 102 Photon New Energy Beta Kft. 100% HU Full cons. PESAG 103 Photon New Energy Gamma Kft. 100% HU Full cons. PESAG
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 29/67 Name % of share capital held by the holding company Country of registra- tion Consolid. method Legal Owner 104 Dartford Solar Kft. 100% HU Full cons. PEIAG 105 Rochester Solar Kft. 100% HU Full cons. PEIAG 106 Newhamp Solar Kft. 100% HU Full cons. PEIAG 107 Brixton Solar Kft. 100% HU Full cons. PEIAG 108 Lerta Lithuania UAB 100% LI Full cons. Lerta S.A. 109 Photon Energy Project Development XXK (PEPD) 99% MN Full cons. PEP 110 PEPD Solar XXK. 100% MN Full cons. PEPD 111 Photon Energy Solutions PL S.A. 100% PL Full cons. PENV 112 Photon Energy Polska Sp. Z o.o. 100% PL Full cons. PENV 113 Photon Energy Operations PL Sp. z o.o. 100% PL Full cons. PEONV 114 Alperton Solar Sp. z o.o. 100% PL Full cons. PENV 115 Beckton Solar Sp. z o.o. 100% PL Full cons. PENV 116 Debden Solar Sp. z o.o. 100% PL Full cons. PENV 117 Chigwell Solar Sp. z o.o. 100% PL Full cons. PENV 118 Ealing Solar Sp. z o.o. 100% PL Full cons. PENV 119 Lerta S.A. 100% PL Full cons. PENV 120 Photon Energy Trading PL Sp. z o.o. (former Lerta JRM Sp. z o.o.) 100% PL Full cons. Lerta S.A. 121 Photon Energy Systems Sp. z o.o. (former Lerta Technology Sp. z o.o.) 100% PL Full cons. Lerta S.A. 122 Domanowo Solar Sp. z o.o. 100% PL Full cons. PENV 123 Stanford Solar Srl. 100% RO Full cons. PEP & PEECZ 124 Halton Solar Srl. 100% RO Full cons. PEIAG & KOAG 125 Aldgate Solar Srl 100% RO Full cons. PEIAG & KOAG 126 Holloway Solar Srl. 100% RO Full cons. PEIAG & KOAG 127 Moorgate Solar Srl. 100% RO Full cons. PEP & PEECZ 128 Redbridge Solar Srl. 100% RO Full cons. PEP & PEECZ 129 Watford Solar Srl 100% RO Full cons. PEIAG & KOAG 130 Photon Energy Operations Romania Srl. 100% RO Full cons. PEONV & PEOCZ 131 Greenford Solar Srl. 100% RO Full cons. PEIAG & KOAG 132 Chesham Solar Srl. 100% RO Full cons. PEIAG & KOAG 133 Photon Energy Romania Srl. 100% RO Full cons. PENV & PEP 134 Siria Solar SRL 100% RO Full Cons. PEIAG & KOAG 135 Brentford Solar SRL 100% RO Full cons. PEIAG & KOAG 136 Camberwell Solar SRL 100% RO Full cons. PEP & PEECZ 137 Deptford Solar SRL 100% RO Full cons. PEP & PEECZ 138 Harlow Solar SRL 100% RO Full cons. PEP & PEECZ 139 Kenton Solar SRL 100% RO Full cons. PEIAG & KOAG 140 Lancaster Solar SRL 100% RO Full cons. PEP & PEECZ 141 Perivale Solar SRL 100% RO Full cons. PEP & PEECZ 142 Romford Solar SRL 100% RO Full cons. PEP & PEECZ 143 Stratford Solar SRL 100% RO Full cons. PEP & PEECZ 144 Weston Solar SRL 100% RO Full cons. PEP & PEECZ 145 Photon Energy Engineering Romania SRL 100% RO Full cons. PENV & PEP 146 Photon Energy Solutions Romania SRL (former Lerta Energy S.r.l.) 100% RO Full cons. Lerta S.A. 147 Faget Solar Three Srl. 100% RO Full cons. PEIAG & KOAG 148 Faget Solar Four S.R.L. 100% RO Full cons. PEP & PEECZ 149 Faget Solar Five SRL 100% RO Full cons. PEP & PEECZ 150 Giulvaz Solar SRL 100% RO Full cons. PEP & PEECZ 151 ELBA SOLAR SRL 100% RO Full cons. PEP & PEECZ 152 Photon Renewable Energy Pty. Ltd. 100% SA Full Cons. PENV 153 Solar Age SPV 1 Pty. Ltd. 100% SA Full Cons. PENV 154 Photon Energy Engineering NZ Pty. Limited 100% NZ Full Cons. PEEBV Notes: Country of registration: AU – Australia CH – Switzerland CZ –Czech Republic LI - Lithuania DE – Germany HU – Hungary NL – Netherlands NZ – New Zealand MN – Mongolia PL – Poland RO – Romania SK – Slovakia SA – South Africa Consolidation method: Full Cons. – Full Consolidation Equity – Equity Method PEP & PESCZ – Photon Energy Projects s.r.o. owns 99.99% and Photon Energy Solution s.r.o. owns 0.00031% The following changes took place in the reporting period i.e. between 1 April and 30 June 2025: As of 15 May 2025, due to share capital increase of Aldgate Solar S.R.L. (RO -ALD; Romania), shareholding of Photon Energy In- vestments AG has increased from 95% to 99,9995% and the shareholding of KORADOL AG has decreased from 5% to 0,0005%; The following changes took place after the reporting period i.e. from 1 July 2025: ► As of 4 July 2025, the company Lerta Lithuania UAB (LT-LER; Lithuania) has ceased to exist.
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 30/67 Detailed Consolidated Financial Results for Q2 2025 The tables below present the consolidated and unaudited financial statements of Photon Energy Group for the period starting on 1 April 2025 and ending on 30 June 2025 and the corresponding period of the previous year. The reported data is presented in accordance with International Financial and Reporting Standards (IFRS). Consolidated Statement of Comprehensive Income for the Quarter Ended 30 June In thousands of EUR Note 2Q 2025 2Q 2024 Revenue 25,707 23,914 Other income 664 1,798 Raw materials and consumables used -12,074 -8,763 Solar levy -776 -751 Personnel expenses -4,102 -3,971 Other expenses -6,580 -6,953 Earnings before interest taxes depreciation & amortisation (EBITDA) 2,839 5,274 Depreciation and amortisation -3,284 -3,277 Impairment charges -19 -28 Gain (loss) on investment revaluation -157 191 Gain (loss) on disposal of investments 0 0 Share of profit equity-accounted investments (net of tax) 126 108 Results from operating activities (EBIT) -496 2,268 Financial income 197 -1,561 Financial expenses -3,183 -3,301 Gains less losses on derecognition of financial liabilities at amortised costs 0 0 Revaluation of derivatives 5 -33 Profit/loss before taxation (EBT) -3,477 -2,627 Income tax due/deferred 219 -162 Profit/loss -3,258 -2,789 Other comprehensive income (loss) Items that will not be reclassified subsequently to profit or loss Revaluation of property plant and equipment 2,096 47 Revaluation of other investments -365 337 Items that will be reclassified subsequently to profit or loss Foreign currency translation difference - foreign operations -698 -2,753 Derivatives (hedging) -542 46 Other comprehensive income 491 -2,323 Total comprehensive income -2,767 -5,112 Profit/loss attributable to: Attributable to the owners of the company -3,232 -2,741 Attributable to non-controlling interest -26 -48 Profit/loss for the year -3,258 -2,789 Total comprehensive income attributable to: Attributable to the owners of the company -2,741 -5,064 Attributable to non-controlling interest -26 -48 Total comprehensive income -2,767 -5,112 Earnings per share Average no. of shares outstanding (in thousand) 61,238 61,238 Earnings per share (diluted) (in EUR) -0.053 -0.046 Total comprehensive income per share (in EUR) -0.045 -0.083
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 31/67 Consolidated Statement of Financial Position on 30 June 2025 In thousands of EUR Note 30/06/2025 31/12/2024 Assets Goodwill 15,272 15,272 Intangible assets 11,622 10,635 Property, plant and equipment 162,118 159,058 Right of use- leased assets 5,773 5,353 Long term advances 1,644 875 Investments in equity-accounted investees 1,961 1,845 Long-term receivable from derivatives 1,255 1,653 Other receivables - non-current 513 510 Deferred tax asset 4,885 4,418 Other non-current financial assets 16,225 17,271 Non-current assets 221,268 216,890 Inventories 4,075 6,745 Contract asset 3,202 1,804 Trade receivables 11,013 8,871 Other receivables 12,964 18,025 Loans to related parties 2,969 2,826 Current income tax receivable 541 0 Prepaid expenses 1,738 1,273 Liquid assets 10,445 14,352 Cash and cash equivalents 3,878 8,437 Liquid assets with restriction on disposition 6,567 5,914 Asset held for sale 1,957 2,050 Current assets 48,904 55,946 Total assets 270,172 272,837 Equity & Liabilities Equity Share capital 612 612 Share premium 40,872 40,729 Revaluation reserve 59,119 58,315 Legal reserve 13 13 Hedging reserve -469 83 Currency translation reserve 2,040 -739 Retained earnings -43,533 -37,769 Other capital funds -9 -12 Treasury shares held -975 -824 Equity attributable to owners of the Company 57,670 60,408 Non-controlling interests -364 -343 Total equity 57,306 60,065 Liabilities Loans and borrowings 73,293 72,205 Issued bonds 78,427 78,321 Lease liability 4,953 4,488 Other non-current liabilities 117 398 Provisions 553 544 Deferred tax liabilities 11,822 10,141 Long-term payables from derivatives 1,810 1,564 Non-current liabilities 170,975 167,661 Loans and borrowings 13,920 17,920 Issued bonds 534 537 Trade payables 17,499 16,780 Other payables 4,536 5,484 Contract liabilities 4,394 2,595 Loans from related parties 302 272 Lease liability 706 945 Current tax liabilities 0 577 Current liabilities 41,891 45,110 Total liabilities 212,866 212,771 Total equity and liabilities 270,172 272,837
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 32/67 Consolidated Statement of Cash Flows for the Quarter Ended 30 June 2025 In thousands of EUR 2Q 2025 2Q 2024 Cash flows from operating activities Profit/loss for the year before tax -3,477 -2,627 Adjustments for: Depreciation and amortisation 3,284 3,277 Impairment charges 19 34 Share of profit of equity-accounted investments -126 -108 Net result of revaluation of financial assets 157 -191 Net finance costs 2,981 4,895 Other non-cash items 1,492 -7,367 Changes in: 0 0 Trade and other receivables -2,475 -2,748 Gross amount due from customers for contract work -720 -2,171 Prepaid expenses 266 145 Inventories 736 2,160 Trade and other payables 5,180 5,638 Income tax paid (advances) 882 961 Net cash from operating activities 8,202 1,898 Cash flows from investing activities 0 Acquisition of property, plant and equipment -1,714 -2,471 Acquisition of subsidiaries, associates, JV 0 0 Acquisition of other financial asset 0 0 Acquisition of other investments 0 0 Proceeds from investment loans 0 0 Net cash used in investing activities -1,714 -2,471 Cash flows from financing activities 0 Proceeds from borrowings 126 8,345 Transfer to restricted cash account 588 -6,070 Transfer from restricted cash account -1,749 7,645 Repayment of borrowings -6,081 -2,224 Repayment of principal element of lease liability -453 -388 Proceeds from issuing bonds 0 0 Payment of placement fee/exchange bonus fee for bonds issued 0 0 Repayment of long term liabilities/bonds 0 0 Interest payments -2,980 -3,301 Net cash from financing activities -10,549 4,007 Net decrease/increase in cash and cash equivalents -4,062 3,434 Cash and cash equivalents at 1 April 7,939 5,183 Cash and cash equivalents at 30 June 3,878 8,617
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 33/67 Financial Results per Operating Segments The tables below present the consolidated, un-audited preliminary financial results per operating segment of Photon Energy N.V. for the period starting on 1 January 2025 and ending on 30 June 2025 and the corresponding period of the previous year. The reported data are presented in accordance with International Financial and Reporting Standards (IFRS). Operating Segments for the Period from 1 January to 30 June 2025 In thousands of EUR Engineering New Energy Technology Investments O&M Other TOTAL Elimination Consolidated External revenues from the sale of products, goods & services 7,196 13,448 12,837 11,194 2,219 861 47,756 0 47,756 Internal revenues from the sale of products, goods & services 4,170 1,192 39 1,135 1,403 8,341 16,280 -16,280 0 Total revenues 11,366 14,640 12,876 12,329 3,623 9,202 64,035 -16,280 47,756 Other external income 8 94 613 8 18 14 755 0 755 Raw materials and consumables used -1,431 -8,915 -12,179 -1 -108 -265 -22,899 0 -22,899 Raw materials and consumables used within segments -926 -1,034 -41 -12 -69 -7 -2,090 2,090 0 Solar levy 0 0 0 -1,161 0 0 -1,161 0 -1,161 Personnel expenses -2,098 -1,506 -170 -90 -1,551 -3,081 -8,495 0 -8,495 Other expenses -4,646 -1,601 -657 -788 -1,218 -3,002 -11,911 0 -11,911 Other expenses within segments -2,519 -1,105 0 -1,257 -349 -4,231 -9,461 9,461 0 EBITDA -246 574 442 9,027 346 -1,370 8,773 -4,728 4,045 Consolidated EBITDA -971 1,521 445 9,162 -639 -5,473 4,045 0 4,045 Depreciation -28 -350 -21 -3,760 -86 -912 -5,156 0 -5,156 Impairment charges 0 -1 0 0 0 -19 -20 0 -20 Gain/Loss on investment revaluation 0 0 0 0 0 -315 -315 0 -315 Profit/loss share in entities in equivalency 0 0 0 168 0 0 168 0 168 Results from operating activities (EBIT) -274 223 421 5,435 260 -2,617 3,449 -4,728 -1,279 Financial income 355 704 296 558 483 4,296 6,692 -6,166 526 Financial expense -1,485 -508 -374 -4,057 -542 -6,892 -13,858 7,768 -6,090 Revaluation of derivatives 0 0 0 5 0 0 5 0 5 Profit/loss before taxation (EBT) -1,404 419 343 1,942 202 -5,213 -3,712 -3,126 -6,838 Income Tax (income and deferred) -5 -249 0 203 -10 -64 -125 0 -125 Profit/loss after taxation -1,409 170 343 2,145 192 -5,277 -3,837 -3,126 -6,963 Other comprehensive income 145 151 -1 2,796 -9 1,130 4,210 0 4,210 Total comprehensive Income -1,264 320 341 4,941 182 -4,148 373 -3,126 -2,753 Assets 45,952 32,937 11,789 198,791 26,764 268,229 584,462 -314,289 270,172 Liabilities -48,195 -28,921 -11,714 -150,527 -41,391 -239,888 -520,636 307,770 -212,866 Investments in JV accounted for by equity method 0 0 0 1,961 0 0 1,961 0 1,961 Additions to non-current assets 0 832 0 3,888 0 0 4,720 0 4,720
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 34/67 Operating Segments for the Period from 1 January to 30 June 2024 In thousands of EUR Engineering New Energy Technology Investments O&M Other TOTAL Elimination Consolidated External revenues from the sale of products, goods & services 7,229 16,568 3,851 11,536 1,813 292 41,289 0 41,289 Internal revenues from the sale of products, goods & services 10,973 1,563 852 861 1,646 11,904 27,799 -27,799 0 Total revenues 18,202 18,131 4,703 12,397 3,459 12,196 69,088 -27,799 41,289 Other external income 43 90 695 44 24 1,008 1,904 0 1,904 Raw materials and consumables used -2,093 -9,399 -4,897 -157 -236 -68 -16,850 0 -16,850 Raw materials and consumables used within segments 0 -1,125 -666 -4 -50 -2 -1,847 1,847 0 Solar levy 0 0 0 -1,050 0 0 -1,050 0 -1,050 Personnel expenses -2,217 -1,318 -245 -72 -1,418 -3,142 -8,412 0 -8,412 Other expenses -4,907 -2,542 -241 -1,599 -518 -1,017 -10,824 0 -10,824 Other expenses within segments -2,553 -1,283 0 -983 -1,069 -4,748 -10,636 10,636 0 EBITDA 6,475 2,554 -651 8,576 192 4,227 21,373 -15,316 6,057 Consolidated EBITDA -1,945 3,399 -837 8,702 -335 -2,927 6,057 0 6,057 Depreciation -33 -401 -33 -4,194 -98 -631 -5,390 0 -5,390 Impairment charges -39 11 0 0 0 0 -28 0 -28 Gain (loss) on investment revaluation 0 0 0 0 0 68 68 0 68 Profit/loss share in entities in equivalency 0 0 0 136 0 0 136 0 136 Result from operating activities (EBIT) 6,403 2,164 -684 4,518 94 3,664 16,159 -15,316 843 Financial income 383 697 16 572 328 5,570 7,566 -7,387 179 Financial expense -751 -788 -309 -4,437 -587 -6,493 -13,365 7,387 -5,978 Revaluation of derivatives 0 0 0 12 0 0 12 0 12 Profit/loss before taxation (EBT) 6,035 2,073 -977 665 -165 2,741 10,372 -15,316 -4,944 Income Tax (income and deferred) 1,427 -1,023 0 -235 -2 668 835 0 835 Profit/loss after taxation 7,462 1,050 -977 430 -167 3,409 11,207 -15,316 -4,109 Other comprehensive income 62 49 91 -381 -88 -1,844 -2,111 0 -2,111 Total comprehensive Income 7,524 1,099 -886 49 -255 1,565 9,096 -15,316 -6,220 Assets 46,872 45,636 17,139 200,382 24,317 261,922 596,268 -317,167 279,101 Liabilities -39,439 -35,401 -16,150 -168,388 -35,604 -225,319 -520,301 304,484 -215,817 Investments in JV and associates accounted for by equity method 0 0 0 1,886 0 0 1,886 0 1,886 Additions to non-current assets 0 0 0 4,173 0 0 4,173 0 4,173
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 35/67 Detailed Entity Financial Results for Q2 2025 The tables below present the unaudited entity financial statements of Photon Energy N.V. for the three -month period starting on 1 April 2025 and ending on 30 June 2025 and the corresponding period of the previous year. The reported data is presented in accordance with Dutch Accounting Standards. Company Income Statement for the Quarter Ended In thousands of EUR Q2 2025 Q2 2024 Revenues 4,243 4,709 Total operating income 4,243 4,709 Wages and salaries -7 -7 Amortisation of intangible assets 0 -1 Other operating expense -4,310 -5,468 Total operating expenses -4,317 -5,476 Interest income and other financial income 2,759 4,176 Changes in value of investments -315 53 Interest expense and other financial expense -3,448 -3,040 Results before tax -1,078 422 Taxes 0 0 Share in profit/loss of participations 0 0 Net results after tax -1,078 422
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 36/67 Company Balance Sheet on 30 June 2025 In thousands of EUR 30/06/2025 31/12/2024 A. Fixed assets 135,475 136,356 I. Intangible fixed assets 15,277 15,277 3. Concessions, licences and intellectual property 5 5 4. Goodwill 15,272 15,273 II Tangible fixed assets 0 0 III Financial fixed assets 120,198 121,079 1. articipations in group companies 81,398 81,238 2. Accounts receivable from group companies 21,734 21,734 3. Treasury shares 841 836 5. Other investments 16,225 17,271 B. Current assets 119,114 113,746 II Accounts receivable 119,084 113,514 1. Trade debtors 18,587 21,017 2. From group companies 78,034 75,034 4. Other accounts receivable 18,166 17,232 6. Prepayments and accrued income 4,298 231 IV Cash at banks and in hand 30 232 Assets 254,589 250,103 Equity and liabilities A. Equity 141,850 143,516 I. Called-up share capital 612 612 II. Share premium 54,302 54,157 III. Revaluation reserve 39,507 40,237 IV. Legal and statutory reserves 9 10 V. Other reserves* 2,657 2,658 VI. Retained earnings 45,842 39,640 Profit for the year -1,078 6,201 C. Long-term debt 80,616 80,473 2. Other bonds and private loans 78,427 78,321 7. Accounts payable to group companies 2,189 2,151 D. Current liabilities 32,123 26,114 2. Other bonds and private loans 534 537 5. Trade creditors 1,563 7,895 7. Accounts payable to group companies 19,427 11,526 11. Other liabilities 6,471 5,707 12. Accruals and deferred income 4,127 449 Equity and liabilities 254,589 250,103
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Photon Energy N.V. Q2 and H1 2025 Report Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 | photonenergy.com 37/67 Board of Directors Statement The board of directors hereby represents, to the best of its knowledge, that the quarterly and semi -annual financial state- ments of the Company and its consolidated subsidiaries for the period ended 30 June 2025 are prepared in accordance with the applicable accounting standards and that they give a true and fair view of the assets, liabilities, financial position and the result of the Company and its consolidated subsidiaries. The board of directors also represents that the Management Report for the period ended 31 March 2025 gives a true and fair view of (1) the most important events that have occurred during the reporting period and their effect on the accounts, (2) a de- scription of the principal risks and uncertainties for the remain- ing months of the financial year and (3) the most important transactions with related parties. Amsterdam, 19 August 2025 Georg Hotar, Member of the Board of Directors David Forth, Member of the Board of Directors Investor Relations Contact E-mail: ir@photonenergy.com Photon Energy N.V. Barbara Strozzilaan 201 1083 HN Amsterdam The Netherlands Phone: +420 277 002 910 Web: www.photonenergy.com
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38 Photon Energy N.V. Interim Consolidated Financial Statements For the Period of 6 Months Ended 30 June 2025
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Photon Energy N.V. Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 39 Consolidated Statement of Comprehensive Income In thousands of EUR Note 6 months to 30 June 2025 6 months to 30 June 2024 Revenue 8 47,756 41,289 Other income 755 1,904 Raw materials and consumables used -22,899 -16,850 Solar levy -1,161 -1,050 Personnel expenses -8,495 -8,412 Other expenses -11,911 -10,824 Earnings before interest, taxes, depreciation & amortisation (EBITDA) 4,045 6,057 Depreciation and amortisation 9 -5,156 -5,390 Impairment charges -20 -28 Gain (loss) on investment revaluation -315 68 Share of profit equity-accounted investments (net of tax) 168 136 Results from operating activities (EBIT) -1,279 843 Financial income 526 179 Financial expense 16 -6,090 -5,978 Revaluation of derivatives 5 12 Profit/loss before taxation (EBT) -6,838 -4,944 Income tax due/deferred -125 835 Profit/loss from continuing operations -6,963 -4,109 Profit/loss -6,963 -4,109 Other comprehensive income (loss) Items that will not be reclassified subsequently to profit or loss Revaluation of property, plant and equipment 9 2,712 495 Revaluation of other investments 14 -730 120 Items that will be reclassified subsequently to profit or loss Foreign currency translation difference - foreign operations 14 2,780 -3,142 Derivatives (hedging) 14 -552 416 Other comprehensive income 4,210 -2,111 Total comprehensive income -2,753 -6,220 Profit/loss attributable to: Attributable to the owners of the company -6,942 -4,030 Attributable to non-controlling interest -21 -79 Profit/loss for the year -6,963 -4,109 Total comprehensive income attributable to: Attributable to the owners of the company -2,732 -6,141 Attributable to non-controlling interest -21 -79 Total comprehensive income -2,753 -6,220 Earnings per share Earnings per share (basic) (in EUR) 15 -0,116 -0,069 Earnings per share (diluted) (in EUR) 15 -0,114 -0.069 Total comprehensive income per share (in EUR) 15 -0,045 -0.104 The notes on pages 8 to 30 are an integral part of these financial statements.
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Photon Energy N.V. Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 40 Consolidated Statement of Financial Position In thousands of EUR Note 30 June 2025 31 December 2024 Assets Goodwill 15,272 15,272 Intangible assets 11,622 10,635 Property, plant and equipment 9 162,118 159,058 Right of use- leased assets 5,773 5,353 Long term advances 1,644 875 Investments in equity-accounted investees 6.4 1,961 1,845 Long-term receivable from derivatives 1,255 1,653 Other receivables - non-current 513 510 Deferred tax asset 4,885 4,418 Other non-current financial assets 10 16,225 17,271 Non-current assets 221,268 216,890 Inventories 4,075 6,745 Contract asset 11 3,202 1,804 Trade receivables 11,013 8,871 Other receivables 12,964 18,025 Loans to related parties 20 2,969 2,826 Current income tax receivable 541 0 Prepaid expenses 1,738 1,273 Liquid assets 12 10,445 14,352 Cash and cash equivalents 3,878 8,437 Liquid assets with restriction on disposition 6,567 5,914 Assets held for sale 13 1,957 2,050 Current assets 48,904 55,946 Total assets 270,172 272,836 Equity & Liabilities Equity 14 Share capital 612 612 Share premium 40,872 40,729 Revaluation reserve 59,119 58,315 Legal reserve 13 13 Hedging reserve -469 83 Currency translation reserve 2,040 -739 Retained earnings -43,533 -37,769 Other capital funds -9 -12 Treasury shares held -975 -824 Equity attributable to owners of the Company 57,670 60,408 Non-controlling interests -364 -343 Total equity 57,306 60,065 Liabilities Loans and borrowings 16 73,293 72,205 Issued bonds 16 78,427 78,321 Lease liability 16 4,953 4,488 Other non-current liabilities 16 117 398 Provisions 553 544 Deferred tax liabilities 11,822 10,141 Long-term payables from derivatives 1,810 1,564 Non-current liabilities 170,975 167,661 Loans and borrowings 16 13,920 17,920 Issued bonds 16 534 537 Trade payables 17,499 16,780 Other payables 4,536 5,484 Contract liabilities 11 4,394 2,595 Loans from related parties 302 272 Lease liability 16 706 945 Current tax liabilities 0 577 Current liabilities 41,891 45,110 Total liabilities 212,866 212,771 Total equity and liabilities 270,172 272,836 The notes on pages 8 to 30 are an integral part of these financial statements.
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Photon Energy N.V. Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 41 Consolidated Statement of Changes in Equity In thousands of EUR Note Share capital Share premium Statu- tory reserve fund Revaluation reserve Currency transla- tion reserve Hedging reserve Other capital funds Own treasury shares Retained earnings TOTAL Non- controlling interests TOTAL EQUITY BALANCE at 1 January 2025 612 40,729 13 58,315 -739 83 -12 -824 -37,769 60,408 -343 60,065 Profit/loss for the year 0 0 0 0 0 0 0 0 -6,942 -6,942 -21 -6,963 Increase in revaluation of PPE 9,14 0 0 0 2,712 0 0 0 0 0 2,712 0 2,712 Change in fair value of derivatives 14 0 0 0 0 0 -552 0 0 0 -552 0 -552 Change in fair value of other investments (FVOCI) 10 0 0 0 -730 0 0 0 0 0 -730 0 -730 Foreign currency translation differences 0 0 0 0 2,780 0 0 0 0 2,780 0 2,780 Other comprehensive income 0 0 0 1,982 2,780 -552 0 0 0 4,210 0 4,210 Total comprehensive income 0 0 0 1,982 2,780 -552 0 0 -6,942 -2,732 -21 -2,753 Other movement 0 143 0 0 0 0 0 -143 0 0 0 0 Recycled from revaluation reserve to retained earnings 0 0 0 -1,178 0 0 0 0 1,178 0 0 0 Other transactions with owners in their capacity as owners 0 0 0 0 0 0 3 -9 0 -6 0 -6 BALANCE at 30 June 2025 612 40,872 13 59,119 2,040 -469 -9 -975 -43,533 57,670 -364 57,306
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Photon Energy N.V. Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 42 In thousands of EUR Note Share capital Share premium Statu- tory reserve fund Revaluation reserve Currency transla- tion reserve Hedging reserve Other capital funds Own treasury shares Retained earnings TOTAL Non- controlling interests TOTAL EQUITY BALANCE at 1 January 2024 612 40,687 13 55,668 1,933 360 38 -827 -28,718 69,766 -262 69,504 Profit/loss for the year 0 0 0 0 0 0 0 0 -4,030 -4,030 -79 -4,109 Increase in revaluation of PPE 9,14 0 0 0 495 0 0 0 0 0 495 0 495 Change in fair value of derivatives 14 0 0 0 0 0 416 0 0 0 416 0 416 Change in fair value of other investments (FVOCI) 10 0 0 0 120 0 0 0 0 0 120 0 120 Foreign currency translation differences 0 0 0 0 -3,142 0 0 0 0 -3,142 0 -3,142 Other comprehensive income 0 0 0 615 -3,142 416 0 0 0 -2,111 0 -2,111 Total comprehensive income 0 0 0 615 -3,142 416 0 0 -4,030 -6,141 -79 -6,220 Other movement 0 0 1 0 0 0 0 0 0 1 0 1 Recycled from revaluation reserve to retained earnings 0 0 0 -1,213 0 0 0 0 1,213 0 0 0 Other transactions with owners in their capacity as owners 0 42 0 0 0 0 -50 7 0 -1 0 -1 BALANCE at 30 June 2024 612 40,729 14 55,070 -1,209 776 -12 -820 -31,535 63,625 -341 63,284 The notes on pages 8 to 30 are an integral part of these financial statements.
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Photon Energy N.V. Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 43 Consolidated Statement of Cash Flows In thousands of EUR Note 6 months to 30 June 2025 6 months to 30 June 2024 Cash flows from operating activities Profit/loss before tax -6,838 -4,944 Adjustments for: Depreciation and amortisation 9 5,156 5,390 Impairment charges 20 28 Share of profit of equity-accounted investments -168 -136 Net result of revaluation of financial assets 315 -68 Net finance costs 5,559 5,719 Other non-cash items 5,028 -4,228 Changes in: Trade and other receivables 2,008 -5,442 Gross amount due from customers for contract work -1,398 -1,754 Prepaid expenses -464 -44 Inventories 2,670 5,136 Trade and other payables 1,290 4,978 Income tax paid (advances paid) -1,118 1,931 Net cash from operating activities 12,062 6,634 Cash flows from investing activities Acquisition of property, plant and equipment 9 -5,269 -4,386 Acquisition of subsidiaries, associates, joint ventures 0 -280 Net cash used in investing activities -5,269 -4,666 Cash flows from financing activities Proceeds from borrowings 16 2,999 9,559 Transfer to restricted cash account 12 -1,851 -6,823 Transfer from restricted cash account 12 1,198 7,993 Repayment of borrowings 16 -7,074 -3,214 Repayment of principal element of lease liability 16 -880 -726 Interest payments 16 -5,745 -5,978 Net cash from financing activities -11,353 811 Net decrease/increase in cash and cash equivalents -4,560 2,779 Cash and cash equivalents at 1 January 8,438 5,838 Cash and cash equivalents at 30 June 3,878 8,617 The notes on pages 8 to 30 are an integral part of these interim financial statements.
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44 Notes to the Interim Consolidated Financial Statements For the Period of 6 Months ended 30 June 2025
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 45 1. Reporting Entity Photon Energy N.V. (“Photon Energy” or the “Company”), ID 51447126, is a joint-stock company incorporated under the laws of Netherlands on 9 December 2010. The Group is engaged in the development of photovoltaic power plants. This activity involves securing suitable sites by purchase or long-term lease, obtaining all licenses and permits, the design, in- stallation of photovoltaic equipment, financing, operatio ns and maintenance. Photon Energy pursues a comprehensive strategy of focusing both on green-field and rooftop installations while aiming to cover the largest possible part of the value chain and lifecycle of the power plant. In addition, the Group launched a new service line Water, which offers comprehensive services in the fields of con- taminated land and ground water remediation as well as water pu- rification. 2. Basis of Preparation 2.1 Basis of Preparation and Statement of Compliance with IFRS The Interim Consolidated Financial Statements are for the six months ended 30 June 2025 and are presented in EUR. The func- tional currencies used in the Group are CZK for Czech subsidiaries, EUR for Dutch, German and Slovak, CHF for Swiss, HUF for Hun- garian, AUD for Australian, RON for Romanian, PLN for Polish sub- sidiaries and NZD for New Zealand entity and ZAR for South African entity. All financial information presented in EUR has been rounded to the nearest thousand. The Interim Consolidated Financial Statements have been pre- pared in accordance with IAS 34 ‘Interim Financial Reporting’. They do not include all of the information required in annual financial statements in accordance with IFRS and should be read in con- junction with the Consolidated Financial Statements for the year ended 31 December 2024. Photon Energy N.V. is the Group’s ultimate parent company. It is a limited liability company incorporated and domiciled in the Nether- lands. The address of its registered office and principal place of business is Barbara Strozzilaan 201, 1083HN Amsterdam, Nether- lands. Photon Energy NV’s shares are listed on the regulated markets of the Warsaw and Prague Stock Exchanges, as well as on the Quotation Board of the Frankfurt Stock Exchange. Trading of the shares on regulated markets on the Warsaw Stock Exchange and Prague Stock Exchange commenced on 5 January 2021. Trading of the Company’s shares on the Quotation Board of the Open Market of the Frankfurt Stock Exchange (FSX) commenced on 11 January 2021. The listings did not involve any issuance of new shares. The bond is traded on the Open Market of the Frankfurt Stock ex- change, and on the stock exchanges in Berlin, Hamburg, Hanno- ver, Munich and Stuttgart. The Interim Financial Statements were approved for issue by the Board of Directors on 19 August 2025. The Interim Consolidated Financial Statements are unaudited. Going Concern In preparing these accounts on a going concern basis, the man- agement used its best estimates to forecast cash movements over the next 12 months from the date of these interim accounts. As per today, the management believes the Company will be able to repay its liabilities and ensure the further development of the Group. 3. Application of New and Revised IFRS Accounting Standards 3.1 New Standards Adopted on 1 January 2025 There are no accounting pronouncements which have become effective from 1 January 2025 that have a significant impact on the Group’s interim Consolidated Financial Statements. 4. Significant Accounting Policies The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Group’s most recent annual financial statements for the year ended 31 December 2024. 5. Estimates and judgements When preparing the Interim Consolidated Financial Statements, the management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by the manage- ment, and will seldom equal the estimated results. The judgements, estimates and assumptions applied in the Interim Consolidated Financial Statements, including the key sources of
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 46 estimation uncertainty, were the same as those applied in the Group’s last annual Consolidated Financial Statements for the year ended 31 December 2024. 6. Significant events and transactions 6.1 Establishment of New Subsidiaries During the first 6 months of 2025, Photon Energy N.V. (directly or via its subsidiaries) didn´t incorporate any subsidiaries. 6.2 Acquisition of New Subsidiaries and As- sociates During the first 6 months of 2025, Photon Energy N.V. (directly or via its subsidiaries) didn´t acquire any subsidiaries nor associates. 6.3. Other Development There were the following changes in the group structure during six months period to 30 June 2025: • As of 1 January 2025, Photon Energy Home CZ s.r.o. ceased to exist as a result of its merger into Photon En- ergy Solutions s.r.o. • As of the same date, Belsize Solar Kft. ceased to exist following its merger into Ladány Solar Delta Kft. • As of 15 May 2025, due to share capital increase of Ald- gate Solar S.R.L. (RO -ALD; Romania), shareholding of Photon Energy Investments AG has increased from 95% to 99,9995% and the shareholding of KORADOL AG has decreased from 5% to 0,0005%; 6.4. Financial Information for the Joint Ven- tures and Associates Joint ventures Total investments in equity -accounted investees amounting to EUR 1,961 thousand (31 December 2024: EUR 1,845 thousand) represent the nominal share in the joint ventures owned by the Group. Disposals There were no disposals of investments during H1 of 2025. 7. Operating segments An operating segment is a component of the Group that engages in business activities, from which it may earn revenues or incur ex- penses, including revenues and expenses that relate to transac- tions with any of the Group’s other components. All operating segments’ operating results are reviewed regularly by the Group’s management and Board of directors, to make decisions about re- sources to be allocated to the segment and to assess its perfor- mance, and for which discrete financial information is available. The Chief Operating Decision Maker (CODM) has been identified as the Board of Directors and the CFO of the Group. The Board of Directors identified the following segments to be re- ported: Engineering: Development, engineering and construction services of-turn-key photovoltaic systems’ installations for ex- ternal clients and Photon Energy. This segment was formerly named Energy Solutions and included as well wholesale of technology, which became due to its size an own reportable segment. Further activities of project development were taken out of this segment and are reported under “Others”, since the nature of the activity changed from purely internal develop- ment for our own projects to project development for external partners, Technology: Wholesale, import and export of FVE compo- nents, Investments (Electricity Generation): Investment into pho- tovoltaic power plants and generation of revenues from pro- duction of electricity (this segment includes SPVs that completed construction of photovoltaic power plants and those that are connected to the distribution network and pro- duce electricity). Previously this segment was split into “Pro- duction of Electricity” and “PV Investments” as these incomes are generated by the same assets, Operations & Maintenance : Operations, maintenance and PVPP supervision. This segment includes also the services of Inverter Cardio and Monitoring and Control, New Energy: Capacity markets, energy trading, demand side response. Starting from 2023, the New Energy division was added to the Company’s business lines. It consists of Lerta in its current form (capacity market, energy trading, real-time as- set aggregator, DSR) and absorbed division of Photon Energy Solutions (Solutions entities) to develop and provide next gen- eration energy services to energy consumers with energy storage playing growing role. Other segments: Other, not related to any of the above-men- tioned segments. Others include project development, water technology and remediation services and other less signifi- cant activities. None of these activities meets any of the quan- titative thresholds for determining reportable segments in 1H 2025 or 2024. Segment results that are reported include items directly attributable to a segment as well as those that can be allocated on a reasona- ble basis. Interest income, interest expense and income tax charges are allocated directly to the segments. Segment capita l expenditure is the total cost incurred during the reporting period to acquire property, plant and equipment, and intangible assets other than goodwill.
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 47 Factors that the Management Used to Identify the Re- portable Segments The Group’s segments are strategic business units that focus on different business activities. They are managed separately be- cause each business unit requires different processes. Measurement of Operating Segment Profit or Loss, Assets and Liabilities The Group’s management and directors review financial infor- mation prepared based on IFRS Accounting standards as adopted by European Union adjusted to meet the requirements of internal reporting. The financial information does not differ from IFRS Ac- counting Standards as adopted by European Union. The Group’s management and directors evaluate the segments based on total comprehensive income which is considered to be the key measure. During the six-month period to 30 June 2025, there have been no changes from prior periods in the measurement methods used to determine operating segments and reported segment profit or loss.
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 48 The revenues and profit generated by each of the Group’s operating segments and segment assets and liabilities are summarised as follows: Operating segments for the period from 1 January 2025 to 30 June 2025 In thousands of EUR Engineering New Energy Technology Investments Operations and Maintenance Other Total for segments before elimination Elimination Consolidated financial information External revenues from the sale of products, goods & ser- vices 7,196 13,448 12,837 11,194 2,219 861 47,756 0 47,756 Revenues within segments from the sale of products, goods and services Revenues within segments from the sale of products, goods and services 4,170 1,192 39 1,135 1,403 8,341 16,280 -16,280 0 Total revenues 11,366 14,640 12,876 12,329 3,623 9,202 64,035 -16,280 47,756 Other external income 8 94 613 8 18 14 755 0 755 Raw materials and consumables used -1,431 -8,915 -12,179 -1 -108 -265 -22,899 0 -22,899 Raw materials and consumables used within segments -926 -1,034 -41 -12 -69 -7 -2,090 2,090 0 Solar levy 0 0 0 -1,161 0 0 -1,161 0 -1,161 Personnel expenses -2,098 -1,506 -170 -90 -1,551 -3,081 -8,495 0 -8,495 Other expenses -4,646 -1,601 -657 -788 -1,218 -3,002 -11,911 0 -11,911 Other expenses within segments -2,519 -1,105 0 -1,257 -349 -4,231 -9,461 9,461 0 EBITDA -246 574 442 9,027 346 -1,370 8,773 -4,728 4,045 Consolidated EBITDA -971 1,521 445 9,162 -639 -5,473 4,045 0 4,045 Depreciation -28 -350 -21 -3,760 -86 -912 -5,156 0 -5,156 Impairment charges 0 -1 0 0 0 -19 -20 0 -20 Gain (loss) on investment revaluation 0 0 0 0 0 -315 -315 0 -315 Profit/loss share in entities in equivalency 0 0 0 168 0 0 168 0 168 Result from operating activities (EBIT) -274 223 421 5,435 260 -2,617 3,449 -4,728 -1,279 Financial income 355 704 296 558 483 4,296 6,692 -6,166 526 Financial expense -1,485 -508 -374 -4,057 -542 -6,892 -13,858 7,768 -6,090 Revaluation of derivatives 0 0 0 5 0 0 5 0 5 Profit/loss before taxation (EBT) -1,404 419 343 1,942 202 -5,213 -3,712 -3,126 -6,838 Income tax (income and deferred) -5 -249 0 203 -10 -64 -125 0 -125 Profit/loss after taxation -1,409 170 343 2,145 192 -5,277 -3,837 -3,126 -6,963 Other comprehensive income 145 151 -1 2,796 -9 1,130 4,210 0 4,210 Total comprehensive Income -1,264 320 341 4,941 182 -4,148 373 -3,126 -2,753 Assets 45,952 32,937 11,789 198,791 26,764 268,229 584,462 -314,289 270,172 Liabilities -48,195 -28,921 -11,714 -150,527 -41,391 -239,888 -520,636 307,770 -212,866 Investments in JV and associates accounted for by eq- uity method 0 0 0 1,961 0 0 1,961 0 1,961 Additions to non-current assets 0 832 0 3,888 0 0 4,720 0 4,720
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 49 Operating segments for the period from 1 January 2024 to 30 June 2024 In thousands of EUR Engineering New Energy Technology Investments Operations and Maintenance Other Total for segments before elimination Elimination Consolidated financial information External revenues from the sale of products, goods & ser- vices 7,229 16,568 3,851 11,536 1,813 292 41,289 0 41,289 Revenues within segments from the sale of products, goods and services Revenues within segments from the sale of products, goods and services 10,973 1,563 852 861 1,646 11,904 27,799 -27,799 0 Total revenues 18,202 18,131 4,703 12,397 3,459 12,196 69,088 -27,799 41,289 Other external income 43 90 695 44 24 1,008 1,904 0 1,904 Raw materials and consumables used -2,093 -9,399 -4,897 -157 -236 -68 -16,850 0 -16,850 Raw materials and consumables used within segments 0 -1,125 -666 -4 -50 -2 -1,847 1,847 0 Solar levy 0 0 0 -1,050 0 0 -1,050 0 -1,050 Personnel expenses -2,217 -1,318 -245 -72 -1,418 -3,142 -8,412 0 -8,412 Other expenses -4,907 -2,542 -241 -1,599 -518 -1,017 -10,824 0 -10,824 Other expenses within segments -2,553 -1,283 0 -983 -1,069 -4,748 -10,636 10,636 0 EBITDA 6,475 2,554 -651 8,576 192 4,227 21,373 -15,316 6,057 Consolidated EBITDA -1,945 3,399 -837 8,702 -335 -2,927 6,057 0 6,057 Depreciation -33 -401 -33 -4,194 -98 -631 -5,390 0 -5,390 Impairment charges -39 11 0 0 0 0 -28 0 -28 Gain/(Loss) on disposal of investments 0 0 0 0 0 68 68 0 68 Profit/loss share in entities in equivalency 0 0 0 136 0 0 136 0 136 Result from operating activities (EBIT) 6,403 2,164 -684 4,518 94 3,664 16,159 -15,316 843 Financial income 383 697 16 572 328 5,570 7,566 -7,387 179 Financial expense -751 -788 -309 -4,437 -587 -6,493 -13,365 7,387 -5,978 Revaluation of derivatives 0 0 0 12 0 0 12 0 12 Profit/loss before taxation (EBT) 6,035 2,073 -977 665 -165 2,741 10,372 -15,316 -4,944 Income tax (income and deferred) 1,427 -1,023 0 -235 -2 668 835 0 835 Profit/loss after taxation 7,462 1,050 -977 430 -167 3,409 11,207 -15,316 -4,109 Other comprehensive income 62 49 91 -381 -88 -1,844 -2,111 0 -2,111 Total comprehensive Income 7,524 1,099 -886 49 -255 1,565 9,096 -15,316 -6,220 Assets 46,872 45,636 17,139 200,382 24,317 261,922 596,268 -317,167 279,101 Liabilities -39,439 -35,401 -16,150 -168,388 -35,604 -225,319 -520,301 304,484 -215,817 Investments in JV and associates accounted for by eq- uity method 0 0 0 1,886 0 0 1,886 0 1,886 Additions to non-current assets 0 0 0 4,173 0 0 4,173 0 4,173
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 50 7. Segment reporting (continued) All the operational segments are managed on an international ba- sis (not on a country level). In H1 2025 and H1 2024 the Group operated in the Czech Republic, Slovak Republic, Germany, Hun- gary, Australia, New Zealand, Switzerland, Romania, Poland, Mon- golia, South Africa, and the Netherlands with headquarters in the Netherlands. In the first 6 months of 2025, revenues were generated in all above mentioned markets, except of the Netherlands, Mongolia, South Africa and Germany. Non-current assets (power plants) are located in the Czech Republic, Slovak Republic, Hungary, Romania and Australia. For the booking of transactions between the segments, the same rules for the recognition are applied as for the third parties. Major Customer The Group has many customers. For the companies selling elec- tricity, there is usually only one distribution company which buys produced electricity. These local electricity distributors further de- liver and resell electricity to final customers. Distributors are obliged to purchase all the electricity production for the price based on Feed in Tariff prices. The Group as such is not dependent on any individual customer. During 2024 Czech SPVs applied for green bonus program. Revenues from customers over 10% of total revenues In thousands of EUR 6 months to 30 June 2025 6 months to 30 June 2024 Polskie Sieci Elektroenergetyczne S.A. 7,185 11,124 OTE, a.s. 6,168 0 Total revenue from customers over 10% of total revenues 13,353 11,124 Total revenue 47,756 41,289 *did not exceed 10% of total revenues Revenues from Polskie Sieci Elektroenergetyczne S.A. represent mostly gains from capacity market and they are also presented in the New Energy Segment as well. All revenues from OTE a.s. were presented in the Segment Investments in 2025 and represent revenues from sale of electricity from various PVPs. 8. Revenue The Group derives revenue from the transfer of goods and services at a point in time and over time in the following major product lines: Timing of revenues: In thousands of EUR 6 months to 30 June 2025 6 months to 30 June 2024 At a point of time 12,898 3,851 Over time 33,968 36,564 Total revenue from contracts with customers 46,866 40,415 Compensations for sales from electricity generation 890 874 Total revenue 47,756 41,289 Revenues by major revenue types: In thousands of EUR 6 months to 30 June 2025 6 months to 30 June 2024 Sale of goods and technologies 12,898 3,851 Sale of electricity and certificates 11,967 11,421 Revenues from electricity trading and balancing 5,399 3,809 Revenues from capacity market contracts 6,839 11,204 Revenues from EPC contracts 6,513 8,054 Rendering of services 3,250 2,076 Total revenue from contracts with customers 46,866 40,415
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 51 Compensations for sales from electricity generation 890 874 Total revenue 47,756 41,289 The Group uses various revenue models for PVP generating rev- enues from sale of electricity – fixed feed in tariffs, contracts for difference, and going forward the merchant model (sale of elec- tricity into the wholesale market at actual market prices). Revenues from sales of electricity from fixed feed-in-tariffs in 2025 amounted to EUR 10,213 thousand (H1 of 2024: EUR 7,041 thou- sand), and revenues from sales of electricity for market price amounted to EUR 2,116 thousand (2024: EUR 4,380 thousand). Total amount of subsidies returned under the contract for differ- ence scheme in H1 2025 was EUR 7 thousand (H1 2024: EUR 168 thousand) as the average market price of electricity sold to the market exceeded the agreed price. As the Group operates in regulated business under various mod- els for PVP revenues from sales of electricity, the Group invoices the revenues from sale of electricity to different partners, including government agencies which in fact do not receive any generated electricity, such as the short -term electricity market operator OKTE, a.s. (“OKTE”) in Slovakia. The total amount of compensations for sales from electricity gen- eration invoiced to OKTE in H1 2025 amounted to 890 EUR thou- sand (H1 2024: EUR 874 thousand) and from MAVIR in Hungary EUR 221 thousand (H1 2024: EUR 168 thousand). An energy certificate is a transferable record or guarantee related to the amount of energy or material goods consumed by an energy conversion device in industrial production. A certificate may be in any form, including electronic, and lists attributes such as method, quality, compliance, and tracking. One of the examples of energy certificates are e.g. guarantees of origin. Even though the revenues were invoiced in 2025 and 2024 to gov- ernment agency, the Group does not consider them to be govern- ment grants and recognized them as revenues from sale of electricity as these revenues are representing core activity of the Group and are clearly linked to the revenue model that is deter- mined for each PVP. Trading revenues (including direct sales and balancing) from elec- tricity purchased from the 3rd parties are presented on the line Revenues from electricity trading and balancing in the above table.. Sales of electricity and certificates mentioned in the ta ble above represent just the internally generated electricity. Revenues from capacity market contracts are representing reve- nues from providing capacities (reduction of power consumption) to the grid. Revenues by geographical split: In thousands of EUR 6 months to 30 June 2025 6 months to 30 June 2024 Czech Republic 21,506 11,549 Slovak Republic 261 245 Australia 3,849 4,804 New Zealand 2,227 2,363 Germany 0 174 Hungary 9,127 6,750 Romania 1,511 2,086 Poland 8,385 12,364 Other 0 80 Total revenue from contracts with customers 46,866 40,415 Compensations for sales from electricity generation 890 874 Total revenue 47,756 41,289 Geographical split is based on the location of the entity generating the revenue, allocating revenues to the countries where entities are legally registered and operate. Increase in total revenues in 1H 2025 is mainly a result of higher volume of sale of goods and technologies to 3rd parties. As of the reporting period, the Group has started generating rev- enues from Czech Republic, driven by the launch of new project Hyperion marking a new revenue stream compared to 2024.
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 52 9. Property, Plant and Equipment In thousands of EUR Land Photovoltaic power plant Other equipment In progress Total Net carrying amounts Gross revalued amount at 1 January 2025 6,514 225,144 3,787 13,216 248,660 Accumulated depreciation at 1 January 2025 0 -87,261 -2,341 0 -89,602 Net carrying amounts 1 January 2025 6,514 137,883 1,466 13,216 159,058 Other Additions/Transfers 366 3,387 52 -1,135 2,670 Revaluation increase 0 2,712 0 0 2,712 Disposal of property, plant and equipment 0 0 0 0 0 Depreciation for the year 0 -3,855 -168 0 -4,023 Effect of movements in exchange rates 45 1,662 -6 0 1,701 Net carrying amounts Gross revalued amount at 30 June 2025 6,925 232,905 3,832 12,081 255,743 Accumulated depreciation at 30 June 2025 0 -91,116 -2,509 0 -93,625 Net carrying amounts 30 June 2025 6,925 141,789 1,323 12,081 162,118 Net carrying amounts Gross revalued amount at 1 January 2024 6,333 221,676 3,787 21,466 253,262 Accumulated depreciation at 1 January 2024 0 -78,915 -1,836 0 -80,751 Net carrying amounts 1 January 2024 6,333 142,761 1,951 21,466 172,511 Other Additions/Transfers 753 3,683 40 -1,256 3,220 Revaluation increase 0 495 0 0 495 Disposal of property, plant and equipment 0 0 -4 0 -4 Depreciation for the year 0 -4,415 -262 0 -4,677 Effect of movements in exchange rates -261 -2,558 -191 -38 -3,048 Net carrying amounts Gross revalued amount at 30 June 2024 6,825 223,296 1,534 20,172 251,827 Accumulated depreciation at 30 June 2024 0 -83,331 0 0 -83,331 Net carrying amounts 30 June 2024 6,825 139,965 1,534 20,172 168,496 Non-current assets by geographical location (i) In thousands of EUR 30 June 2025 31 December 2024 The Czech Republic 38,047 40,233 Hungary 61,542 58,753 Romania 64,581 62,394 Poland 29,511 28,119 Australia 17,581 18,025 The Slovak Republic 9,122 9,272 Netherlands 884 93 Total 221,268 216,890 Note: (i) Non-current assets presented consist mainly of property, plant and equipment (lands, photovoltaic power plants, other equipment, and assets under construction), and assets in progress.
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 53 Revalued amount of EUR 147,985 thousand as at 30 June 2025 (31 December 2024: EUR 144,267 thousand) includes net carrying amount of photovoltaic power plants and value of land connected to the photovoltaic power plants of EUR 6,196 thousand as at 30 June 2025 (31 December 2024: EUR 6,384 thousand) which are included under Land. During H1 2025, the Group performed revaluation of a newly con- nected power plant in Hungary resulting in an increase of the value of property, plant and equipment by EUR 715 thousand, including the impact of deferred tax. Total value of newly connected pow er- plant equated to EUR 4,002 thousand. As part of its semi -annual process, the Group revalued all con- nected power plants as at 30 June 2025 to ensure that the reported figures most accurately represent their fair value at the reporting date. Total amount of revaluation is EUR 2,096 thousand. During H1 2024, the Group performed revaluation of a newly con- nected power plant in Romania resulting in an increase of the value of property, plant, and equipment by EUR 590 thousand, including the impact of deferred tax. Total value of the newly connected pow- erplant equaled to EUR 4,178 thousand. Property, plant and equipment under construction Property, plant and equipment under construction equaled to the amount of EUR 12,081 thousand (31 December 2024: EUR 13,216 thousand) comprising mainly of power plants under construction in Romania with minor developments in Hungary and Poland. Sale of property, plant and equipment There were no sales of property, plant, and equipment in H1 2025 nor 1H 2024. 10. Other Financial Investments Other non-current investments include following investments: In thousands of EUR 30 June 2025 31 December 2024 Other financial investments Other financial assets at FVTPL 4,691 5,006 Other financial assets at FVOCI 11,535 12,264 Total non-current financial assets 16,225 17,271 The table below discloses investments in equity securities at 30 June 2025 by measurement categories and classes: In thousands of EUR Other financial assets at FVTPL Other financial assets at FVOCI Total Other financial investments Corporate shares 0 11,535 11,535 Share options 4,691 0 4,691 Total Other financial investments at 30 June 2025 4,691 11,535 16,225 The table below discloses investments in equity securities at 31 December 2024 by measurement categories and classes: In thousands of EUR Other financial assets at FVTPL Other financial assets at FVOCI Total Other financial investments Corporate shares 0 12,264 12,264 Convertible note* 0 0 0 Shares not yet registered 5,006 0 5,006 Total Other financial investments at 31 December 2024 5,006 12,264 17,271 In November 2024 the Group realized convertible note and received 53,460 corporate shares upon the previous agreement. In the past the Group provided funding to RayGen Resources Ltd in form of convertible note in notional amount of EUR 1,115 thousand. Number of conver- sion shares was determined based on defined price per share. Gain from the realization of convertible note was recorded in pr ofit and loss amounted to EUR 4 thousand. Upon conversion, the note was replaced with corporate shares revalued at FVOCI.
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 54 (a) Other financial assets at FVOCI – Corporate shares At 30 June 2025, the Group designated investments disclosed in the following table as equity securities at FVOCI. The FVOCI des- ignation was made because the investments are expected to be held for strategic purposes rather than with a view to profit on a subsequent sale, and there are no plans to dispose of these invest- ments in the short or medium term. In thousands of EUR Fair value at 30 June 2025 Dividend income rec- ognised for the period H1 2025 Other financial assets at FVOCI Investment in Raygen Resources Pty Ltd ordinary shares 6,300 0 Investment in Raygen Resources Pty Ltd preference shares 4,552 0 Investment in ValueTech Fund shares 682 0 Total Other financial assets at FVOCI 11,535 0 At 31 December 2024, the Group designated investments dis- closed in the following table as equity securities at FVOCI. The FVOCI designation was made because the investments are expected to be held for strategic purposes rather than with a view to profit on a subsequent sale, and there are no plans to dispose of these investments in the short or medium term. In thousands of EUR Fair value at 31 December 2024 Dividend income rec- ognised for the period H1 2024 Other financial assets at FVOCI Investment in Raygen Resources Pty Ltd ordinary shares 6,724 0 Investment in Raygen Resources Pty Ltd preference shares 4,858 0 Investment in ValueTech Fund shares 682 0 Total Other financial assets at FVOCI 12,264 0 At 30 June 2025 and 31 December 2024 securities at FVOCI in- clude equity securities which are not publicly traded. Due to the nature of the local financial markets, it is not possible to obtain cur- rent market value for these investments. For these investments , fair value is estimated by reference to subscription value of addi- tional shares placed. Reconciliation of movements in Other financial assets at FVOCI follows: In thousands of EUR ValueTech Investment in Raygen Re- sources Pty Ltd Total Other financial assets at FVOCI as at 1 January 2024 637 10,462 11,099 Revaluation recognised in OCI 45 -316 -271 FX impact 1 -2 -1 Addition (change of consolidation method) 0 1,438 1,438 Other financial assets at FVOCI as at 31 December 2024 682 11,582 12,264 Revaluation recognised in OCI 0 -730 -730 FX impact 0 0 0 Other financial assets at FVOCI as at 30 June 2025 682 10,852 11,535 At the year-end 2024, the Group revalued its share in the Value- Tech fund based on the equity value of the participations in the ValueTech books by EUR 45 thousand presented in OCI. Revalu- ation is executed on a yearly basis. In H1 2025 the revaluation of the investment in RayGen was per- formed and EUR -730 thousand was booked in OCI and EUR -315 thousand was booked in PL. In 2024, the revaluation of investment in RayGen was performed and EUR -316 thousand was booked in OCI and EUR 417 thousand was booked in PL.
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 55 11. Assets and Liabilities Arising from Contracts with Customers The Group has recognised following assets and liabilities arising from contracts with customers: In thousands of EUR 30 June 2025 31 December 2024 Current contract assets from contracts with customers 3,202 1,804 Loss allowance 0 0 Total current contract assets 3,202 1,804 Contract liabilities 4,394 2,595 Total current contract liabilities 4,394 2,595 Contract assets represent un -invoiced part of recognised revenue based on progress towards complete satisfaction. Invoiced amount of contract assets is reclassified to trade receivable upon its invoicing. At 30 June 2025 the most significant part of the contract asset was represented by projects in Australia and New Zealand in t he amount of EUR 1,980 thousand (31 December 2024: 940 thousand) and project Domanowo in Poland in the amount of EUR 834 thousand (31 December 2024: 750 thousand) that was reclassified from Assets held for sale after certain conditions were met. Contract liabilities represent the Group’s obligation to transfer goods or services to customers for which consideration has been received, or is receivable, before the performance obligations are satisfied. Revenue is recognised when the related performance obligations are fulfilled. 12. Liquid Assets For the purposes of the consolidated statement of cash flows, cash and cash equivalents include cash on hand and at banks. Cash and cash equivalents at the end of the reporting period as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as follows: In thousands of EUR 30 June 2025 31 December 2024 Cash and cash equivalents 3,878 8,437 Cash with restriction on disposition 6,567 5,914 Liquid assets 10,445 14,352 Cash with restriction on disposition includes mainly DSRA (debt service reserve accounts) and MRA (maintenance reserve ac- counts) for Czech, Slovak, Hungarian, Romanian and Australian SPVs and guarantees issued. Movement to Cash with restriction on disposition relating to bor- rowings in H1 2025 of EUR 653 thousand (H1 2024: EUR - 1,170 thousand) was presented in cash flows from financing activities. 13. Assets held for sale As of 30 June 2025, and 31 December 2024 Assets held for sale are represented by one project Yadnarie in Australia reported in Other segment. It consists of projects rights to the project under development and work in progress related to the project. Com- pany has decided to sell it as there is no interest to develop and finalize the project internally anymore. The project was sold in July 2025. There are also other projects open for potential sale, however, with no specific offer as of the 30 June 2025 and therefore not disclosed as assets held for sale. In thousands of EUR 30 June 2025 31 December 2024 Asset held for sale 1,957 2,050 Total 1,957 2,050
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 56 14. Capital and Reserves Share capital and share premium Ordinary shares In shares 30 June 2025 31 December 2024 On issue at 1 January 61,238,521 61,238,521 On issue at the end of the reporting period – fully paid 61,238,521 61,238,521 The Company’s issued capital is EUR 612,238 divided into 61,238,521 shares with a nominal value of EUR 0,01 each. The share capital is fully paid-up. Ordinary shares All shares rank equally with regard to the Company’s residual as- sets. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at the shareholders' meetings of the Company. Treasury shares At 30 June 2025 treasury shares included 1,155,237 ordinary shares of the Company (31 December 2024: 1, 304,862 ordinary shares) owned directly by the Company. These ordinary shares carry no voting rights at the Shareholders Meeting. Share premium represents the excess of contributions received over the nominal value of shares issued. Proceeds from allocation of treasury shares to employees in excess to nominal value of shares are also recorded in Share premium. Nominal value of sold treasury shares is recorded against Treasury shares reserve. Movement in share capital can be analysed as follow: In thousands of EUR Ordinary shares Share premium Treasury shares Total At 1 January 2025 612 40,729 -824 40,517 Treasury shares allocated to employees 0 +143 -143 0 Other transactions with owners in their capacity as owners 0 0 -8 -8 At 30 June 2025 612 40,872 -975 40,509 In thousands of EUR Ordinary shares Share premium Treasury shares Total At 1 January 2024 612 40,687 -827 40,472 Other transactions with owners in their capacity as owners 0 42 3 45 At 31 December 2024 612 40,729 -824 40,517 As of 30 June, 2025 the shareholder structure was as follows: Shareholder No. of shares % of capital No. of votes at Share- holders Meeting % of votes at Shareholders Meeting Solar Future Coöperatief U.A. 21,748,075 35,51% 21,748,075 36,20% Solar Power to the People Coöperatief U.A. 19,694,640 32,16% 19,694,640 32,78% Photon Energy N.V. 1,155,237 1,89% 0 0,00% Free float 18,640,569 30,44% 18,640,569 31,02% Total 61,238,521 100,00% 60,083,284 100,00%
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 57 As of 31 December 2024 the shareholder structure was as follows: Shareholder No. of shares % of capital No. of votes at Shareholders Meeting % of votes at Shareholders Meeting Solar Future Coöperatief U.A. 21,748,075 35.51% 21,748,075 36.29% Solar Power to the People Coöperatief U.A. 19,694,640 32.16% 19,694,640 32.86% Tomala Investments ASI Sp. z o.o. 2,288,537 3.74% 2,288,537 3.82% Photon Energy N.V. 1,304,862 2.13% 0 0.00% Free float 16,202,407 26.46% 16,202,407 27.03% Total 61,238,521 100.00% 59,933,659 100.00% Mr. David Forth and Mr. Georg Hotar are the only members of the Company’s Board of Directors. Mr. Michael Gartner indirectly owns 36.197 % (31 December 2024: 36.29 %) of the votes, via Solar Future Cooperative U.A. and directly 0.043% (31 December 2024: 0.041 %) of votes at the Shareholders Meeting. Mr. Georg Hotar indirectly owns 32,782 % (31 December 2024: 32.86 %) of votes, via Solar Power to the People Coöperatief U.A. and directly 0.127% (31 December 2024: 0.127%) of votes at the Sh are- holders Meeting. The Free float includes shares allocated to the employee share purchase programme. The disposition rights to these shares are limited and employees can dispose of these shares only under specific conditions. The other reserves relate to the legal reserve; the revaluation of property, plant and equipment – photovoltaic power plants, the hedging reserve and the currency translation reserve. Movement in Other reserves can be analysed as follow: In thousands of EUR 30 June 2025 31 December 2024 Legal reserve fund 13 13 Revaluation reserve 59,119 58,315 Currency translation reserve 2,040 -739 Hedging reserve -469 83 Other capital funds -9 -12 Total reserves 60,894 57,660 Revaluation reserve In thousands of EUR Revaluation reserve – PPE Revaluation reserve – Other financial investments Revaluation reserve total Balance as at 1 January 2024 47,150 8,517 55,668 Increase of revaluation reserve 6,983 -271 6,712 Increase of revaluation reserve – deferred tax recognised 0 0 0 Share on increase on revaluation of properties - JV 0 0 0 Move from revaluation reserve to retained earnings -4,065 0 -4,065 Other movements 0 0 0 Balance as at 31 December 2024 50,068 8,246 58,315 Increase of revaluation reserve 2,712 -730 1,982 Increase of revaluation reserve – deferred tax recognised 0 0 0 Share on increase on revaluation of properties - JV 0 0 0 Move from revaluation reserve to retained earnings -1,178 0 -1,178 Other movements 0 0 0 Balance as at 30 June 2025 51,602 7,516 59,119 The revaluation reserve arises on the revaluation of photovoltaic power plants (PVP). In H1 2025 new powerplant in in Hungary was connected. Also As of 30 June 2025, the Group performed a revaluation of all con- nected power plants in order to present up-to-date figures reflecting fair value of powerplants at the reporting date.
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 58 The revaluation reserve is being released to the retained earnings during the duration of Feed-in-Tariff-currently 25 years in the Czech Republic, 25 years in Slovakia (increased to 25 years as of 2022, before 15 years) and up to 25 years in Hungary and up to 30 years in Romania. The amount equal to the amount of depreciation coming from re- valuation recycled to retained earnings in H1 2025 equals EUR 1,178 thousand (1H 2024: EUR 1,213 thousand). The revaluation reserve as such cannot be distributed only the amounts released to retained earnings can be distributed to the shareholder. Foreign currency translation reserve In thousands of EUR 6 months to 30 June 2025 6 months to 30 June 2024 Balance at beginning of period -739 1,933 Foreign currency differences arising from the translation of financial statements and foreign exchange gains or losses arising from net investments 2,779 -3,142 Balance at end of period 2,040 -1,209 The foreign currency translation reserve comprises all foreign cur- rency differences arising from the translation of the financial state- ments of operations using different currencies from Euro. It relates to Czech Republic, Hungary, Poland, Romania, Switzerland, Aus- tralia, New Zealand, Mongolia and South Africa. In accordance with accounting policies foreign exchange gains or losses arising from net investments in foreign operations are also recognised in other comprehensive income. This reserve cannot be distributed. Derivatives hedging reserve In thousands of EUR 6 months to 30 June 2025 6 months to 30 June 2024 Balance at beginning of period 83 360 Change in fair value of hedging derivatives – fully consolidated entities (net of deferred tax) -552 416 Share on change in fair value of hedging derivatives of JV 0 0 Balance at end of period -469 776 Derivatives hedging reserve cannot be distributed. 15. Earnings Per Share In EUR 6 months to 30 June 2025 6 months to 30 June 2024 Basic earnings per share -0.116 -0.069 Diluted earnings per share -0.114 -0.069 Total comprehensive income per share Basic TCI per share -0.046 -0.104 Diluted TCI per share -0.045 -0.104 Basic and diluted earnings per share The calculation of basic earnings per share for 1H of 2025 was based on the loss attributable to ordinary shareholders of EUR - 6,963 thousand and weighted average number of ordinary shares outstanding of 59,998 thousand (H1 2024: 59,759 thousand). Share on profit of equity -accounted investees for H1 2025 amounted to EUR 168 thousand (H1 2024: EUR 136 thousand). Basic and diluted total comprehensive income per share The calculation of total comprehensive earnings per share and di- luted total comprehensive earnings per share H1 of 2025 and H1 2024 was based on the total comprehensive income of EUR -2,753 thousand (H1 2024: EUR – 6,220 thousand) attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding of 59,998 thousand (H1 2024: 59,759 thousand). Weighted average number of ordinary shares In 2025, 0 new shares were issued (2024: 0). The number of shares at the H1-end 2025 was equalled to year-end 2024, it was 61,238,521.
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 59 16. Loans and Borrowings This This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings, which are measured at amortised cost. In thousands of EUR 30 June 2025 31 December 2024 Non-current loans and borrowings Issued bonds 78,427 78,321 Long-term secured bank loans 73,293 72,205 Long term lease liability 4,953 4,488 Long-term portion of other loans 117 0 Total non-current loans and borrowings 156,790 155,014 Current loans and borrowings Issued bonds 534 537 Current portion of long-term secured bank loans, including ac- crued interest 13,920 17,920 Short-term lease liability 707 945 Loans from related parties 302 272 Total current loans and borrowings 15,463 19,674 Total loans and borrowings 172,253 174,688 Reconciliation of liabilities arising from financing activities The table below sets out an analysis of liabilities from financing activities and the movements in the Group’s liabilities from financing activities for each of the periods presented. The items of these liabilities are those that are reported as financing in the statement of cash flows: In thousands of EUR Borrowings Issued bonds Lease liabilities Other liabilities from financing activities Total Liabilities from financing activities at 1 January 2025 90,125 78,858 5,433 272 174,688 Cash flows Loan drawdowns/New issues of bonds 2,999 0 0 0 2,999 Repayments of principal -7,074 0 -880 0 -7,954 Interest payments -2,934 -2,656 -155 0 -5,745 Non-cash changes Interest expense, including capitalized inter- est 2,799 2,761 155 30 5,745 New leasing contracts 0 0 1,107 0 1,107 Foreign exchange adjustments 1,298 -2 -1 0 1,295 Liabilities from financing activities at 30 June 2025 87,213 78,961 5,659 302 172,135 Repayments of loan principal of 7,074 EUR thousand in the first half of 2025 include regular repayments of loans provided in EUR, HUF and CZK and repayment of VAT line in Romania. In thousands of EUR Borrowings Issued bonds Lease liabilities Other liabilities from financing activities Total Liabilities from financing activities at 1 January 2024 94,951 79,068 5,124 208 179,351 Cash flows Loan drawdowns/New issues of bonds 9,559 0 0 0 9,559 Repayments of principal -3,214 0 -726 -33 -3,973
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 60 Interest payments -3,248 -2,580 -150 0 -5,978 Non-cash changes New leasing contracts 0 0 1,444 0 1,444 Interest expense 3,452 2,692 150 0 6,294 Foreign exchange adjustments -3,233 41 190 0 -3,002 Liabilities from financing activities at 30 June 2024 98,267 79,221 6,032 175 183,695 Repayments of loan principal of EUR 3,214 thousand in first half of 2024 include regular repayments of loans provided in EUR, HUF, CZK and AUD of EUR thousand. Terms and debt repayment schedule Terms and conditions of outstanding loans were as follows: In thousands of EUR Portfolio Bank Cur- rency Nominal in- terest rate Year of maturity 30 June 2025 31 December 2024 Credit limit Utilised Credit limit Utilised Czech Secured bank loan (Unicredit) CZK 3M PRIBOR + 1.9% 31.12.2029 18,851 18,851 18,732 18,732 Czech Secured bank loan (Unicredit) EUR 3M EURIBOR + 2.35% 31.12.2025 3,129 1,564 3,129 3,129 Slovak Secured bank loan (Unicredit) EUR 3M EURIBOR + 1.55% 30.09.2027 5,509 5,036 5,509 5,509 Hungary Secured bank loan (K&H) HUF 3M BUBOR + 2.2–2.5% 28.06.2034 31.03.2035 9,955 9,746 9,955 9,955 Hungary Secured bank loan (K&H) EUR 3M EURIBOR + 2.5-2.8% 28.06.2034 31.03.2025 6,836 6,506 6,836 6,836 Hungary Secured bank loan (K&H) EUR 3M EURIBOR + 3-3.3% 30.09.2044 6,000 5,723 6,000 3,560 Hungary Secured bank loan (CIB) HUF 3M BUBOR + 2.5% 31.12.2035 4,064 3,988 4,064 4,064 Hungary Secured bank loan (CIB) EUR 3M EURIBOR + 2.75% 30.06.2032 3,253 3,068 3,253 3,253 Hungary BPCE EUR 6.79% 20.10.2036 630 615 630 630 Romania Secured bank loan EUR 6M EURIBOR+3.95% 31.03.2028 21,900 18,600 21,900 19,250 Romania Revolving credit (RB) EUR 6M EURIBOR + 4.25% 30.06.2029 5,000 1,550 5,000 5,000 Romania Unicredit VAT Line RON 3M ROBOR + 3.75% 31.03.2026 1,797 1,797 1,835 1,835 Poland Bank loan (Ing) PLN 3M WIBOR + 4% 30.11.2025 92 22 92 41 Czech Overdraft account EUR 1W EURIBOR + 1,9%* n/a 5,000 4,798 5,000 4,202 Romania EBRD EUR 6M EURIBOR + 3.62% 10.07.2031 15,000 4,975 15,000 4,975 Accrued fees and interest 0 374 0 -846 Total interest-bearing loans 107,016 87,213 106,935 90,125 * can be used in CZK and USD as well with relevant rate (1W PRIBOR + 1,90% or SOFR + 1,90%)
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 61 Issued bonds In thousands of EUR Amortised amount Fair value 30 June 2025 31 December 2024 30 June 2025 31 December 2024 Current liabilities Green bond 2021/27 534 537 534 537 Non-current liabilities Green bond 2021/27 78,427 78,321 79,570 79,784 Total 78,961 78 589 80,104 80,271 The fair values are based on cash flows discounted using a rate based on the borrowing rate of 6,06% (applicable credit spread) + risk free rate for relevant currency (2024: 9,23%) and are within level 2 of the fair value hierarchy. 17. Derivative Financial Instruments In thousands of EUR 30 June 2025 31 December 2024 Contracts with positive fair value Contracts with negative fair value Contracts with positive fair value Contracts with negative fair value Interest rate swaps, fair values, at the end of reporting period Trading derivatives 0 -42 0 -45 Hedging derivatives 1,253 -1,768 1,592 -1,516 Value of interest rate swaps 1,253 -1,810 1,592 -1,561 Net value of interest rate swaps -557 31 Other Derivative Financial Instruments FX options 2 0 61 -3 Shares options 4,691 0 5,006 0 Net Value of Other Derivative Financial Instruments 4,693 5,064 Total Net value of derivative financial instru- ments 4,136 5,095 Interest rate swaps are derivative financial instruments entered into by the Group and are generally concluded with financing banks on stand- ardised contractual terms and conditions. Derivatives have potentially favorable (assets) or unfavorable (liabilitie s) conditions as a result of fluctuations in market interest rates, foreign exchange rates or other variables relative to their terms. The aggregate fair values of derivative financial assets and liabilities can fluctuate significantly from time to time. 18. Fair Value Disclosures Fair value measurements are analysed by level in the fair value hierarchy as follows: Level 1 are measurements at quoted prices (unadjusted) in active markets for identical assets or liabilities, Level 2 measurements are valuations techniques with all ma- terial inputs observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices), and Level 3 measurements are valuations not based on observa- ble market data (that is, unobservable inputs). Management applies judgement in categorising financial instruments using the fair value hierarchy. If a fair value measurement uses ob- servable inputs that require significant adjustment, that meas- urement is a Level 3 measurement. The significance of a valuation input is assessed against the fair value measure- ment in its entirety.
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 62 The fair values of financial assets and liabilities together with the carrying amounts shown in the statement of financial position are as follows. For the other financial assets/financial liabilities, the fair value approximates the carrying amount. 7.1. Recurring Fair Value Measurements Recurring fair value measurements are those that the accounting standards require or permit in the statement of financial position at the end of each reporting period. The level in the fair value hierar- chy into which the recurring fair value measurements a re catego- rised are as follows: In thousands of EUR 30 June 2025 31 December 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Derivatives 0 1,255 0 1,255 0 1,653 0 1,653 Other financial investments 0 0 16,225 16,225 0 0 17,271 17,271 Other financial assets 0 0 0 0 0 0 1,100 1,100 Non-financial assets Property, plant and equipment 0 0 162,118 162,118 0 0 159,058 159,058 Total assets recurring FV measurement 0 1,255 178,343 179,598 0 1,653 177,429 179,082 Financial liabilities Derivatives 0 1,810 0 1,810 0 1,564 0 1,564 Total liabilities recurring FV measurement 0 1,810 0 1,810 0 1,564 0 1,564 The valuation technique, inputs used in the fair value measurement for level 3 measurements and related sensitivity to reason ably possible changes in those inputs are as follows: 30 June 2025: In thousands of EUR Fair value Valuation technique Inputs used Range of inputs Reasonable change Sensitivity of FV measurement Non-financial assets Property, plant and equipment 162,118 DCF Discount rate Production volume Revenue model See below See below See below Other financial investments 16,225 MtM Probability estimates Expected share price See below See below See below Total assets recurring FV measurement 178,343 31 December 2024: In thousands of EUR Fair value Valuation technique Inputs used Range of inputs Reasonable change Sensitivity of FV measurement Non-financial assets Property, plant and equipment 159,058 DCF Discount rate Production volume Revenue model See below See below See below Other financial investments 17,271 MtM Probability estimates Expected share price See below See below See below Total assets recurring FV measurement 176,329
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 63 The DCF to Entity valuation method assesses the value of photo- voltaic projects by discounting future cash flows available to equity holders and debt providers using the Weighted Average Cost of Capital (WACC), which reflects the project's risk profile. A quarterly discounting approach is applied to align with quarterly debt repay- ments that impact the financing structure. WACC rates used for discounting vary by country, ranging from 6% to 10% in 2025 (the same as in 2024), reflecting differences in market co nditions, risk factors, and financing costs. Other financial investments are stated at its fair value based on valuation models prepared by management. Other financial invest- ments include primarily ordinary, preference shares and related share options held (see also note 23). The Group has used Mark to Market valuation method (hereinafter referred to as “MtM”). The principal assumptions used for valuation in addition to the market price of the shares (based on the latest round of the share sub- scription), are probability of the realisation of the share options granted and discount rate reflecting required return on investment on this type of the Group’s investments. Sensitivity analysis of DCF for power plants – change in WACC The analysis below shows the impact of a change in the used WACC rates by +/ -3% on the enterprise/entity value in absolute and relative figures as of 30 June 2025: In thousands of EUR Discount rate +3% Discount rate +3% in % Discount rate -3% Discount rate -3% in % HU power plants -4,972 -8,4% 7,166 12,2% CZ power plants -2,872 -8,3% 3,389 9,8% SK power plants -537 -7,8% 720 10,5% RO power plants -9,001 -19,0% 13,720 29,0% The analysis below shows the impact of a change in the used WACC rates by +/ -3% on the enterprise/entity value in absolute and relative figures as of 31 December 2024: In thousands of EUR Discount rate +3% Discount rate +3% in % Discount rate -3% Discount rate -3% in % HU power plants -10,380 -19.5% 15,261 28.7% CZ power plants -3,331 -9.3% 3,910 10.9% SK power plants -674 -9.6% 804 11.4% RO power plants -9,198 -19.7% 14,101 30.2% Sensitivity analysis of DCF for power plants – change in production output The below analysis shows the impact of a change in production output by +/-2% on the enterprise/entity value in absolute and relative figures as of 30 June 2025: In thousands of EUR Production +2% Production +2% in % Production -2% Production -2% in % HU power plants 1,140 1,9% -1,213 -2,1% CZ power plants 620 1,8% -620 -1,8% SK power plants 226 3,3% -158 -2,3% RO power plants 595 1,3% -595 -1,3% The below analysis shows the impact of a change in production output by +/-2% on the enterprise/entity value in absolute and relative figures as of 31 December 2024: In thousands of EUR Production +2% Production +2% in % Production -2% Production -2% in % HU power plants 1,135 2.1% -1,200 -2.3% CZ power plants 706 2.0% -706 -2.0% SK power plants 194 2.8% -194 -2.8% RO power plants 965 2.1% -965 -2.1%
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 64 Sensitivity analysis of DCF for power plants – change in electricity and LGC prices The analysis below shows the impact of a change in electricity prices by +/ -10% on the enterprise/entity value for selected power plants in absolute and relative figures as of 30 June 2025: In thousands of EUR Electricity prices +10% Electricity prices +10% in % Electricity prices -10% Electricity prices -10% in % HU power plants 7,452 12,6% -7,272 -12,3% CZ power plants 3,440 9,9% -3,440 -9,9% SK power plants 1,001 14,6% -933 -13,6% RO power plants 4,884 10,3% -4,884 -10,3% The analysis below shows the impact of a change in electricity prices by +/ -10% on the enterprise/entity value for selected power plants in absolute and relative figures as of 31 December 2024: In thousands of EUR Electricity prices +10% Electricity prices +10% in % Electricity prices -10% Electricity prices -10% in % HU power plants 1,815 3.4% -1,815 -3.4% RO power plants 4,754 10.2% -4,754 -10.2% Sensitivity analysis of MtM of other financial investments – changes in significant estimates The analysis below shows the impact of a change in significant estimates on the MtM value in absolute and relative figures as of 30 June 2025: In thousands of EUR Market price of the share +10% Market price of the share +10% in % Market price of the share -10% Market price of the share -10% in % Investment in Raygen Resources Pty Ltd 1,688 10.9% -1,688 -10.9% In thousands of EUR Probability +10% Probability +10% in % Probability -10% Probability -10% in % Investment in Raygen Resources Pty ltd 785 5.1% -785 -5.1% The analysis below shows the impact of a change in significant estimates on the MtM value in absolute and relative figures as of 31 December 2024: In thousands of EUR Market price of the share +10% Market price of the share +10% in % Market price of the share -10% Market price of the share -10% in % Investment in Raygen Resources Pty Ltd 1,665 10.1% -1,665 -10.1% In thousands of EUR Probability +10% Probability +10% in % Probability -10% Probability -10% in % Investment in Raygen Resources Pty ltd 595 3.6% -595 -3.6%
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 65 7.2. Assets and Liabilities Not Measured at Fair Value but for Which Fair Value is Disclosed Fair values analysed by level in the fair value hierarchy and the carrying value of assets and liabilities not measured at fair value are as follows: In thousands of EUR 30 June 2025 31 December 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Financial assets at AC Trade and other receivables 0 26,134 0 26,134 0 27,182 0 27,182 Loans to related parties 0 2,969 0 2,969 0 2,826 0 2,826 Cash and cash equivalents 0 10,445 0 10,445 0 14,352 0 14,352 Total assets 0 39,548 0 39,548 0 44,360 0 44,360 Financial liabilities Borrowings Bank loans 0 87,213 0 87,213 0 90,125 0 90,125 Issued bonds 0 78,961 0 78,961 0 78,859 0 78,859 Lease liabilities 0 5,659 0 5,659 0 5,433 0 5,433 Loans from related parties 0 302 0 302 272 0 272 Other non-current liabilities 0 117 0 117 0 398 0 398 Other financial liabilities Trade and other payables 0 22,035 0 22,035 0 22,264 0 22,264 Total liabilities 0 194,287 0 194,287 0 197,350 0 197,350 All financial assets and financial liabilities have been defined to Level 2. The fair values in level 2 and level 3 of the fair value hierarchy were estimated using the discounted cash flows valuation technique. Financial Assets Carried at Amortised Cost The fair value of floating rate instruments is normally their carrying amount. The estimated fair value of fixed interest rate instruments is based on estimated future cash flows expected to be received discounted at current interest rates for new instruments with similar credit risks and remaining maturities. Discount rates are used de- pending on the credit risk of the counterparty. Liabilities Carried at Amortised Cost The fair value of issued bonds is based on quoted market prices. Fair values of other liabilities were determined using valuation tech- niques. 19. Presentation of Financial Instruments by Measurement Category For the purposes of measurement, IFRS 9 Financial Instruments classifies financial assets into the following categories: (a) financial assets at FVTPL; (b) debt instruments at FVOCI, (c) equity instru- ments at FVOCI and (c) financial assets at AC. Financial assets at FVTPL have two sub-categories: (i) assets mandatorily measured at FVTPL, and (ii) assets designated as such upon initial recognition. In addition, finance lease receivables form a separate category. The following table provides a reconciliation of financial assets with these measurements: 30 June 2025: In thousands of EUR FVOCI FVPL AC Total Assets Cash and cash equivalents 0 0 3,878 3,878 Liquid assets with restriction on disposition 0 0 6,567 6,567 Other financial assets 11,535 4,691 0 16,225 Trade and other receivables 1,255 0 26,675 27,930 Loans provided 0 0 2,969 2,969 Total financial assets 12,790 4,691 40,089 57,569 As of 30 June 2025, all of the Group’s financial liabilities (except Long-term payable from derivatives) were carried at amortised costs.
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 66 31 December 2024: In thousands of EUR FVOCI FVPL AC Total Assets Cash and cash equivalents 0 0 8,437 8,437 Liquid assets with restriction on disposition 0 0 5,914 5,914 Other financial assets 12,264 5,006 0 17,271 Trade and other receivables 1,653 1,100 27,182 29,935 Loans provided 0 0 2,826 2,826 Total financial assets 13,917 6,106 44,360 64,384 As of 31 December 2024, all of the Group’s financial liabilities (except Long-term payable from derivatives) were carried at amortised costs. 20. Related Parties Parties are generally considered to be related if the parties are un- der common control or if one party has the ability to control the other party or can exercise significant influence or joint control over the other party in making financial and operationa l decisions. In considering each possible related party relationship, attention is di- rected to the substance of the relationship, not merely the legal form. Balances and transactions between the Company and its subsidi- aries, which are related parties of the Company is jointly controlled by Mr. Michael Gartner (via Solar Future Coöperatief U.A.) and Mr. Georg Hotar (via Solar Power to the People Coöperatief U.A.), who are the Company's directors. At 30 June 2025, the outstanding balances with related parties were as follows: In thousands of EUR Parent companies Joint ventures Key management personnel Gross amount of trade receivables - 96 - Loans issued 2,133 - 836 Loans received - - 302 Investments in JV - 1,961 - Loans issued to related parties include loans to Solar Age Investments B.V. and Solar Power to the People U.A. which are shor t term for a period of up to 12 months and bear interest rate of 3M EURIBOR+ 3%. The same interest rate is applied to the loans rec eived during the financial year 2024 from Photon Energie s.r.o., an entity controlled by Michael Gartner. There are no pledges and no guarante es issued in relation to the related loans. At 31 December 2024, the outstanding balances with related parties were as follows: In thousands of EUR Parent companies Joint ventures Key management personnel Gross amount of trade receivables - 96 - Loans issued 2,031 - 795 Loans received - - 272 Investments in JV - 1,845 - Loans issued to related parties include loans to Solar Age Investments B.V. and Solar Power to the People U.A. which are shor t term for a period of up to 12 months and bear interest rate of 3M EURIBOR+ 3%. The income and expense items with related parties for the period of 6 months ended 2025 were as follows: In thousands of EUR Parent companies Joint ventures Key management personnel Revenue from services rendered - 32 - – Interest income 451 - 132
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Photon Energy N.V. Notes to the Interim Financial Statements for the Period of 6 Months Ended 30 June 2025 67 The income and expense items with related parties for the year ended 31 December 2024 were as follows: In thousands of EUR Parent companies Joint ventures Key management personnel Revenue from services rendered - 64 - – Interest income 352 - 108 Key Management Compensation Key management includes Directors and Senior management. Members of the board of directors did not receive any compensa- tion during the first half of 2025 nor during 2024 for their duties serving on the board of directors for the Group entities. Further- more, no emoluments of managing directors, including pension ob- ligations, were charged to the Company. No service contracts with the Company nor any of its subsidiaries have been provided to a member of the Board of Directors for benefits upon termination of employment. Mr. Georg Hotar receives a regular salary as an em- ployee in his function as managing director of Global Investment Protection AG in Switzerland and Mr. Gartner receives a regular salary as an employee in his function as managing director of Pho- ton Energy Australia Pty Ltd. in Australia. These compensations are in no direct relation to their Board of Director functions. The overall cost of compensations for the key management from t heir employment relations with the Company or its subsidiaries in the first half of 2025 amounted to EUR 248 thousand (H1 2024: EUR 234 thousand). The agreements between the key management with the Company or its Subsidiaries do not foresee any stock op- tion plans, severance payments, company pension plans or other deferred compensation. Termination period of the agreements is up to six months. There are no commitments and contingent obli- gations towards key management personnel on 30 June 2025 nor 31 December 2024. 21. Subsequent Events There were no subsequent events that have impact on the interim Consolidated Financial Statements.