Slide 1: H1 2026 Results
H1 2026 Results Recurring segments in the domestic market are driving growth in the first half of 2026.
Slide 2: Disclaimer
Disclaimer The contents of this document, including all statements made therein, are based on estimates, assumptions and other information currently available to the management. Certain statements in this presentation may be deemed to be forward-looking. Such forward-looking statements are based on
Slide 3: Key developments & business update
Key developments & business update
Slide 4: Half-year results 2026
Half-year results 2026 Recurring segments in the domestic market are driving growth. Customer Underlying Guidance Growth across Energy Net profit raised with satisfaction EBITDA up all segments, Supplier up 53.3% strong keeps rising 45.2% except EPC >175,000 PODs1 visibility NPS increased from Under
Slide 5: Strength of business model in full force thanks to challenging market conditions
Strength of business model in full force thanks to challenging market conditions. • Gained market share during the Iran crisis while most suppliers lost ground. • Remained available and flexible when customer demand peaked. • Kept prices stable while other suppliers raised tariffs by 28% to 60%. • A
Slide 6: Financial Performance
Financial Performance
Slide 7: H1 2026 Revenue bridge
H1 2026 Revenue bridge • Revenue growth of 57.0%, driven by strong increase in recurring business, while EPC business declines.
Slide 8: H1 2026: Revenue per country
H1 2026: Revenue per country • We continue to grow high double digit figures in Belgium, while in foreign EPC markets we remained relatively stable, in line with the growth strategy and deployment of resources in the asset-based segments in Belgium.
Slide 9: H1 2026 Profit & Loss
H1 2026 Profit & Loss • uEBITDA growth of 45.2% to €22.4 million and net profit growth of 53.3% to €6.9 million.
Slide 10: Net financial debt well below 3.0x uEBITDA
Net financial debt well below 3.0x uEBITDA • Net financial debt increases to €110.5 million, from the recurring half-year seasonality in construction of own assets • Resulting in temporary increased working capital and straight loan usage. • Available straight loans per 30/06 amount to €27.8 million
Slide 11: ABE – Asset-Based Energy
ABE – Asset-Based Energy Scaling of assets translates into strong earnings growth uEBITDA +43.5% 18.0 M€ • uEBITDA increase by 43.5% to 15.5M€ 16.0 M€ 14.0 M€ supported by increased portfolio expansion. 12.0 M€ 10.0 M€ 8.0 M€ 15.5 M€ 6.0 M€ Portfolio capacity in MW(p) 10.8 M€ 4.0 M€ 250.0 MWp 2.0 M€
Slide 12: ABE – Asset-Based Energy
ABE – Asset-Based Energy The integrated model unlocks its value generation Revenue +45.9% 18.0 M€ 16.0 M€ • Improved production to consumption matching +13.1% 14.0 M€ leads to sustainable profitability and predictability. 12.0 M€ 10.0 M€ 10.0 M€ • The valorisation of produced GWh increased by 171.6%
Slide 13: ABM – Asset-Based Mobility
ABM – Asset-Based Mobility Revenue +66.7% 7.0 M€ Strong growth driven by higher utilisation and network expansion. 6.0 M€ • Higher utilisation drives organic growth 5.0 M€ - Chargyclick average offtake per charging point per month increased from 836 kWh H1 2025 to 982 kWh in H1 2026. 4.0 M€ - Aalter
Slide 14: ABM – Asset-Based Mobility
ABM – Asset-Based Mobility Sustainable margins & strong operating leverage. uEBITDA +66.7% 2.5 M€ • Stable uEBITDA margins remaining at 33%, despite a sharp decline in the market price of e-credits since the beginning of 2026, with prices falling by almost 40%. 2.0 M€ • Strong operating leverage, wi
Slide 15: NABE – Non-Asset-Based Energy
NABE – Non-Asset-Based Energy 70.0 M€ Revenue +119% Rapid customer growth creates a scalable energy 60.0 M€ supply platform. 50.0 M€ 40.0 M€ • PODs more than doubled to 176k, despite expected 30.0 M€ 62.2 M€ loss of 16k injection points Aster. 20.0 M€ 27.6 M€ • Asset-backed contracts increased to 81
Slide 16: NABE – Non-Asset-Based Energy
NABE – Non-Asset-Based Energy Third consecutive half-year with positive and growing uEBITDA margin. uEBITDA +1,400% • uEBITDA increased to €3.0m, with margin expanding to 4.6% as the customer portfolio scales. 3.5 M€ 3.0 M€ • H1 2026 uEBITDA margin considered structural 2.5 M€ (growth is driven by s
Slide 17: EPC
EPC 25.0 M€ Revenue -12% Engineering, Procurement & Construction – build to sell. 20.0 M€ • Revenue declined by 12% YoY, while uEBITDA 15.0 M€ decreased by 34.3%, reflecting challenging market 10.0 M€ 22.8 M€ 20.0 M€ conditions and a significant slowdown in tender activity under the Aster project. 5
Slide 18: Outlook
Outlook
Slide 19: Outlook
Outlook Management now expects underlying EBITDA growth of 35% in 2026 (instead of at least 30%), and underlying EBITDA growth of at least 40% in 2027. More than 90% of expected 2027 underlying EBITDA is already secured through existing contracts, volumes and production assets.
Slide 20: Q&A
Q&A