Energiekontor Ag · XETR:EKT
Energiekontor — H1 2026 Earnings Presentation
54 slides from Energiekontor's earnings presentation, Aug 13, 2026
Slide 1: Company presentation FY 2025 and H1 2026
Company presentation FY 2025 and H1 2026 Bremen, 13 August 2026
Slide 2: Agenda
Agenda 01 Energiekontor at a glance 02 Market environment 03 Business year 2025 04 First half-year 2026 05 Outlook and mid-term strategy 06 Share and shareholder structure 07 Appendix
Slide 3: Energiekontor at a glance
01 Energiekontor at a glance
Slide 4: We are a leading German project developer and operator of onshore wind and solar parks
Energiekontor at a glance A solid business policy and lots of experience in renewable energies for >35 years We are a leading • Founded in 1990 in Bremerhaven • Headquartered in Bremen German project • Additional offices in Germany and abroad developer and (UK, PT, FR, US) operator of onshore • IPO
Slide 5: Important milestones in Energiekontor's successful development
Energiekontor at a glance Important milestones in Energiekontor‘s successful development 1994 1999 2002 2010 2017/18 2023 First wind Foundation of the First wind park in Realisation of Market entry in Group‘s park in subsidiary in the Energiekontor’s first solar park the United States record Misselw
Slide 6: The three pillars of our success – Our business divisions
Energiekontor at a glance The three pillars of our success – Our business divisions Project development Covering the entire value chain from & sales acquisition to commissioning and sale; (onshore wind, solar) incl. repowering Energiekontor AG Power generation Income from the sale of the in the Grou
Slide 7: We proudly look back on a strong track record since company foundation
Energiekontor at a glance We proudly look back on a strong track record since company foundation >170 realised wind and solar parks ~1.6 GW total generation Green energy for capacity Power generation >940,000 households ~3.1 billion kWh p.a. Saving ~2.3 million tons of CO2 p.a. 13 August 2026 Energi
Slide 8: We are close to the market – Across 5 countries at 16 company sites
Energiekontor at a glance We are close to the market – Across 5 countries at 16 company sites United Germany Kingdom 3 9 United 2 States 1 Portugal 1 France As at 30 June 2026. 13 August 2026 Energiekontor AG • Company Presentation • FY 2025 and H1 2026 8
Slide 9: We are well positioned with more than 460 MW own capacity
Energiekontor at a glance We are well positioned with a total of more than 460 MW own capacity (growing) Germany United Kingdom Portugal 35 3 4 wind and wind parks wind parks solar parks Ca. 363 MW Ca. 60 MW Ca. 38 MW As at 30 June 2026. 13 August 2026 Energiekontor AG • Company Presentation • FY 20
Slide 10: Our team's regional presence is our strategic success factor
Energiekontor at a glance Our team's regional presence is our strategic success factor Decentralised Decentralised structures and structures and hierarchies hierarchies Project Project management from management A to Z from A to Z Close Close proximity proximity to to relevant relevant stakeholders,
Slide 11: Pioneers of change – Our mission statement
Energiekontor at a glance Pioneers of change – Our mission statement is more relevant than ever before 100% renewable energy As a pioneer in renewable energy, we are actively shaping the transition to 100% renewables. Concentrating on our core competences and innovations will drive our business to a
Slide 12: Our vision is 100% renewable energy
Energiekontor at a glance Taking an active role in shaping the future – Our vision is 100% renewable energy Short term Long term Realisation of wind and … at generation costs below solar parks in all … without public subsidies … those of conventional country markets … power plants. 13 August 2026 En
Slide 13: We grow organically and sustainably while maintaining our financial stability
Energiekontor at a glance We grow organically and sustainably while maintaining our financial stability ~50% own portfolio Power generation in the Group‘s own wind Project and solar parks development 100% cost Group EBT & sales coverage (+10% to +20% p.a.) Operation (onshore wind, solar) development
Slide 14: Pioneer in the sector – Key strategic directions
Energiekontor at a glance Pioneer in the sector –Key strategic directions Realisation of Systematic Implementing Consequent wind and solar expansion of the regionality Systematic development parks free of own portfolio principle to expansion of and expansion state subsidies by taking over strengthen
Slide 15: Technology and innovation as a competitive advantage
Energiekontor at a glance Technology and innovation as a competitive advantage Smart Windfarm Controller (SWFC) Serrations Optimisation of park efficiency Reduction of noise emissions Preventive maintenance Hybrid park concepts Improved efficiency through early detection A combination of wind and so
Slide 16: Market environment
02 Market environment
Slide 17: Renewable energies generated nearly 60% of electricity in Germany in 2025
Market environment Renewable energies generated nearly 60% of electricity in Germany in 2025 Renewable energies Total of Total of ~508 ~292 billion kWh billion kWh (100%) (100%) Gross power production in Germany (in %). Source: Federal Statistical Office. 13 August 2026 Energiekontor AG • Company Pr
Slide 18: Onshore wind energy expansion in Germany in 2025 clearly above PY level
Market environment Onshore wind energy expansion in Germany in 2025 clearly above PY level 7.000 80.000 68,157 (cumulated) 70.000 6.000 5,667 Wind 60.000 5.000 Target for 4,605 2030 50.000 4.000 115 GW 40.000 3.000 Target fulfilment 30.000 requires an 2.000 average annual 20.000 expansion of 1.000 >
Slide 19: High expansion of solar capacity in Germany continued in 2025
Market environment High expansion of solar capacity in Germany continued in 2025 117,039 20.000 (cumulated) 120.000 18.000 Solar 16.458 100.000 16.000 Target for 2030 14.000 215 GWp 80.000 12.000 10.000 60.000 Target fulfilment 8.000 requires an 40.000 6.000 average annual expansion of 4.000 ~20 GWp
Slide 20: Current operational market challenges
Market environment Current operational market challenges ‼ Intense price competition due to falling • Commissioning delays due to capacity feed-in tariffs, coupled with persistently constraints at grid operators high costs and volatile interest rates (significant pressure on margins) • Delays in gri
Slide 21: Countermeasures – Consistent optimisation of timing and cost structures
Market environment Countermeasures – Consistent optimisation of timing and cost structures ✓ Systematic improvement of cost-effectiveness through programmes of measures aimed at reducing costs and improving profitability ✓ Expansion of procurement to non-European markets (equipment, components, raw
Slide 22: Business year 2025
03 Business year 2025
Slide 23: Highlights of FY 2025
Business year 2025 Highlights of FY 2025 • Adjusted earnings forecast fulfilled at upper end • Sales and earnings up on PY Energiekontor • Dividend proposal doubled to €1.00 delivers solid • Forecast range for FY 2026 raised earnings for • Significant earnings potential for coming years, with FY 202
Slide 24: Operational progress in FY 2025 (and beyond)
Business year 2025 Operational progress in FY 2025 (and beyond) 31/12/2024 31/12/2025 31/03/2026 Projects Capacity Projects Capacity Projects Capacity (number) (MW) (number) (MW) (number) (MW) Project sales1 3 51 7 209 0 0 Under construction or FC in place 10 368 21 640 20 652 - of which for own por
Slide 25: Project pipeline increased to ~12.2 GW in FY 2025
Business year 2025 Project pipeline increased to ~12.2 GW in FY 2025 Value added Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Cumulative Project pipeline per phase value added (incl. US project rights) 3.1 GW 1-2% 5,283 in mature 1-2% ~12.1 GW ~12.2 GW (excl. (5,391) phases US wind) 200+ MW 3 to 5 6-8% 3
Slide 26: Project pipeline well diversified by end of FY 2025
Business year 2025 Project pipeline well diversified by end of FY 2025 Regional diversification Technological diversification Percentage relates to US solar only (project rights). 4.9% 0.6% US wind pipeline (333 8.1% MW) discontinued in FY 32.9% 2025 due to unfa- vorable conditions for wind energy i
Slide 27: Group profit and loss statement
Business year 2025 Group profit and loss statement In € million 2025 2024 Change Sales 167.9 126.5 32.8% Total output 339.1 195.9 73.1% EBITDA 86.1 72.9 18.1% EBIT 65.4 49.8 31.3% EBT 40.5 36.2 12.0% Group result 41.0 22.6 81.4% Positive tax amount (€~0.4 million) Earnings per share (undiluted, in €
Slide 28: Sales and EBT contribution by segment
Business year 2025 Sales and EBT contribution by segment Project development & sales (onshore wind, solar) Sales share EBT share In € million 2025 2024 Change Sales (external) 94.9 52.4 81.0% €126.5 m €167.9 m €36.2 m €40.5 m Total income 266.0 121.9 118.1% EBT 20.8 7.3 183.4% Power generation Group
Slide 29: Group balance sheet
Business year 2025 Group balance sheet In € million 31/12/2025 31/12/2024 Change Cash & cash equivalents 194.6 142.0 37.0% (Incl. short-term securities) Long-term liabilities 434.2 402.0 8.0% Short-term liabilities 419.0 185.1 126.3% Mainly driven by construction-related pre- financing of ongoing pr
Slide 30: Group cash flow statement
Business year 2025 Group cash flow statement In € million Cash flow from Cash flow from Cash flow from operating activities investing activities financing activities -22.1 -41.0 117.1 194.6 142.0 Thereof cash 126.1 Mainly driven by high construction Thereof short- activity and inventory build-up in
Slide 31: First half-year 2026
04 First half-year 2026
Slide 32: Highlights of H1 2026
First half-year 2026 Highlights of H1 2026 • H1 revenue up 31% to €99.9m; H1 EBT at -€4.7m • H1 EBT not yet representative of targeted FY result High • FY 2026 EBT guidance of €40–60m remains construction achievable, with key targets scheduled for H2 2026 activity shapes • Four wind parks commission
Slide 33: Operational progress in H1 2026
First half-year 2026 Operational progress in H1 2026 31/12/2025 30/06/2026 13/08/2026 Projects Capacity Projects Capacity Projects Capacity (number) (MW) (number) (MW) (number) (MW) Project sales1 7 209 1 5 1 5 Under construction or FC in place 21 640 20 609 20 609 - of which for own portfolio 9 222
Slide 34: Expansion of own park portfolio to more than 680 MW
First half-year 2026 Expansion of own park portfolio to more than 680 MW Expansion trajectory (current planning status) Generation capacity Techno- Project Total Project Country Remuneration Com.1 logy (MW) (MW) Oederquart Repowering Wind DE EEG Q1 2026 16.7 453.4 Holtumer Moor Wind DE EEG Q2 2026 7
Slide 35: Strong project pipeline at ~11.9 GW following continued portfolio optimisation
First half-year 2026 Strong project pipeline at ~11.9 GW following continued portfolio optimisation Value added Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Cumulative Project pipeline per phase value added (incl. US project rights) 1-2% 5,005 ~3.0 GW 1-2% ~12.2 GW ~11.9 GW in phases (5,283) 3 to 5 ~230
Slide 36: Project pipeline well diversified by end of H1 2026
First half-year 2026 Project pipeline well diversified by end of H1 2026 Regional diversification Technological diversification 5.1% 0.7% 8.9% 35.8% ~11.9 GW ~11.9 GW 26.2% 59.1% 64.2% Germany Onshore wind United Kingdom Solar France United States Portugal 13 August 2026 Energiekontor AG • Company P
Slide 37: Group profit and loss statement
First half-year 2026 Group profit and loss statement In € million H1 2026 H1 2025 Change Sales 99.9 76.0 31.4% Total output 182.8 171.5 6.6% EBITDA 21.1 51.0 -58.6% EBIT 10.1 39.3 -74.3% EBT -4.7 28.3 - H1 EBT not yet representative of targeted FY result, reflecting high Group result -5.3 24.1 - con
Slide 38: Sales and EBT contribution by segment
First half-year 2026 Sales and EBT contribution by segment Project development & sales (onshore wind, solar) Key developments by segment In € million H1 2026 H1 2025 Change Sales (external) 63.2 43.3 46.0% • Revenue growth driven by project commissioning/handovers Total income 146.2 138.6 5.5% • Hig
Slide 39: Group balance sheet
First half-year 2026 Group balance sheet In € million 30/06/2026 31/12/2025 Change Cash & cash equivalents 178.0 194.6 -8.5% (Incl. short-term securities) Long-term liabilities 465.7 434.2 7.3% Short-term liabilities 460.5 419.0 9.9% Equity 201.3 224.7 -10.4% Equity ratio (in %) 17.9 20.8 -2.9 pp Ba
Slide 40: Group cash flow statement
First half-year 2026 Group cash flow statement In € million Cash Cash Cash flow from flow from flow from operating investing financing activities activities activities -26.0 -31.8 41.0 194.6 178.0 Thereof cash 92.2 Thereof short- term securities 85.8 13 August 2026 Energiekontor AG • Company Present
Slide 41: Outlook and mid-term strategy
05 Outlook and mid-term strategy
Slide 42: Sustained value creation in a market with limited visibility
Outlook and mid-term strategy Sustained value creation in a market with limited visibility Framework conditions Energiekontor 35+ years of experience Limited visibility! ✓ Flexible monetisation strategies across markets Growth drivers Regulation & market Operational drivers Value creation (RTB, turn
Slide 43: Regulatory developments continue to shape market dynamics in core markets
Outlook and mid-term strategy Regulatory developments continue to shape market dynamics in core markets Germany United Kingdom • Grid reform (“Netzpaket”) – government draft • Comprehensive reform of grid connection process adopted in July 2026 (“ready and needed”) − Curtailment risk potentially shi
Slide 44: FY 2026 EBT guidance remains achievable – key targets scheduled for H2 2026
Outlook and mid-term strategy FY 2026 EBT guidance remains achievable – key targets scheduled for H2 2026 Key contributors to FY 2026 EBT guidance Recurring Commissioning Project sales income from of sold turnkey (UK) projects (DE) own IPP Guidance FY 2025 portfolio for FY 2026 EBT • Several EBT- •
Slide 45: 2023 to 2028 growth strategy remains intact amid evolving market conditions
Outlook and mid-term strategy 2023 to 2028 growth strategy remains intact amid evolving market conditions Growth strategy 2023-2028 Target and ambition Business model Strategic priorities • EBT growth to ~€120 m by FY 2028 • Proven organic growth model (~50/50 split • Focus on core country markets (
Slide 46: Share and shareholder structure
06 Share and shareholder structure
Slide 47: Basic share information
Share and shareholder structure Basic share information Key share data Shareholder structure1 WKN ∙ ISIN 531350 ∙ DE0005313506 Bloomberg ∙ Reuters EKT Dr Bodo Wilkens (Founder) Class of shares No-par-value bearer shares 25.6% Listing German Stock Exchange, Frankfurt/Main Free float Marketplaces XETR
Slide 48: Dividend payout and analysts' coverage
Share and shareholder structure Dividend payout and analysts' coverage Dividends Coverage €1.20 Institute Recommendation Price target Last update €1.00 €1.00 €0.90 DZ Bank Buy €59.00 20/05/2026 €0.80 First Berlin Buy €66.00 19/05/2026 €0.50 Metzler Buy €70.00 15/05/2026 M.M. Warburg Buy €77.00 15/05
Slide 49: Share price performance vs. benchmark indices
Share and shareholder structure Share price performance vs. benchmark indices 140 Date Closing price 31/12/2025 €35.75 130 19/03/2026 €30.30 (low) 20/05/2026 €49.80 (high) 30/06/2026 €39.00 120 110 100 90 80 31.12.2025 31.03.2026 30.06.2026 Energiekontor SDAX-Kursindex TecDAX-Kursindex RENIXX-Index
Slide 50: Appendix
07 Appendix
Slide 51: Financial calendar
Appendix Financial calendar Date Event Location/format 12 November 2026 Interim statement on the third quarter of 2026 Publication Reporting and news Newsletter Our financial reports, interim statements as well as press Keep up to date on the latest developments. Sign up for our and adhoc releases a
Slide 52: Contact
Contact Investor & Public Relations Julia Pschribülla Kathrin Mateoschus Head of IR & PR IR & PR Manager Phone: +49 (0)421-3304-126 Phone: +49 (0)421-3304-297 Email for IR matters: ir@energiekontor.com Email for PR matters: pr@energiekontor.com Energiekontor AG Mary-Somerville-Strasse 5 28359 Bremen
Slide 53: Thank you for your attention!
Thank you for your attention!
Slide 54: Disclaimer
Disclaimer The information in this presentation does not constitute an offer to buy or sell securities or a solicitation of an offer to buy securities but is provided for informational purposes only. The information contained in this presentation is directed exclusively at interested parties domicil