Energiekontor Ag · XETR:EKT
Energiekontor — FY2025 Earnings Presentation
46 slides from Energiekontor's earnings presentation, Mar 31, 2026
Slide 1: Company presentation Financial year 2025
Company presentation Financial year 2025 Bremen, 31 March 2026
Slide 2: Agenda
Agenda 01 Energiekontor at a glance 02 Market environment 03 Business year 2025 04 Financial year 2025 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
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: 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 >1.5 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. 31 March 2026 Energie
Slide 8: Close to the market – 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 31 December 2025. 31 March 2026 Energiekontor AG • Company Presentation • Financial year 2025 8
Slide 9: Around 450 MW own capacity (growing)
Energiekontor at a glance We are well positioned with a total of around 450 MW own capacity (growing) Germany United Kingdom Portugal 33 3 4 wind and wind parks wind parks solar parks Ca. 350 MW Ca. 60 MW Ca. 38 MW As at 31 December 2025. 31 March 2026 Energiekontor AG • Company Presentation • Finan
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. 31 March 2026 Ene
Slide 13: We grow organically and sustainably while maintaining 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: Key areas of technology and innovation
Energiekontor at a glance We focus on these key areas of technology and innovation Real-time data monitoring Smart Windfarm Controlling (SWC) Reduction of downtimes through Optimisation of park efficiency automated fault clearance workflow Preventive maintenance Hybrid park concepts Reducing downtim
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. 31 March 2026 Energiekontor AG • Company Pre
Slide 18: Onshore wind 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 ! ! ! ! ! ! ! Limited availability of Long Declining Limited turbines and Persistently delivery and feed-in tariffs Volatile Delays service large compo- high and nents due to realization and PPA interest in grid capacities increasing manufactu
Slide 21: Countermeasures
Market environment Countermeasures Systematic Expansion of improvement of Project procurement of Securing service profitability marketing based Early request turbines and capacities through on “ready-to- and securing of large-scale abroad (also technical and build” model grid connection co
Slide 22: Business year 2025
03 Business year 2025
Slide 23: Highlights in FY 2025
Business year 2025 Highlights in 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: Expansion of own IPP portfolio to ~680 MW
Business year 2025 Expansion of own IPP portfolio to ~680 MW (rising with further financial closes) Expansion trajectory (current planning status) Generation capacity Techno- Project Total Project Country Remuneration Com.1 logy (MW) (MW) Letschin Solar DE PPA Q1 2025 60.0 443.82 Königsfeld Solar DE
Slide 26: 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 27: 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 28: Financial year 2025
04 Financial year 2025
Slide 29: Group profit and loss statement
Financial 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 30: Sales and EBT contribution by segment
Financial 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 Grou
Slide 31: Group balance sheet
Financial 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 p
Slide 32: Group cash flow statement
Financial 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 33: Outlook and mid-term strategy
05 Outlook and mid-term strategy
Slide 34: Sustained value creation in a market with limited visibility
Outlook and mid-term strategy Sustained value creation in a market with limited visibility (to be resolved in 2026) Framework conditions Energiekontor 35+ years of experience Limited visibility! ✓ Flexible monetisation strategies across markets Growth drivers Regulation & market Operational drivers
Slide 35: Regulatory developments shaping market dynamics in core markets
Outlook and mid-term strategy Regulatory developments shaping market dynamics in core markets Germany United Kingdom • Ongoing discussions on grid reform („Netzpaket“) • Comprehensive reform of grid connection process − Including potential changes to redispatch rules („ready and needed“) − Potential
Slide 36: Group EBT in FY 2026 driven by project sales, commissioning and own portfolio
Outlook and mid-term strategy Group EBT in FY 2026 driven by project sales, commissioning and own portfolio 2026 Recurring Project sales Commissioning income from (UK) of sold turnkey (primary driver) projects (DE) own IPP Guidance FY 2025 portfolio for FY 2026 EBT • Several RTB • Commissioning • St
Slide 37: Growth strategy 2023–2028 remains intact
Outlook and mid-term strategy Growth strategy 2023–2028 remains intact – refinement with increasing visibility 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 existing country
Slide 38: Share and shareholder structure
06 Share and shareholder structure
Slide 39: Basic share information
Share and shareholder structure Basic share information Key share data Shareholder structure1 WKN ∙ ISIN 531350 ∙ DE0005313506 Dr Bodo Bloomberg ∙ Reuters EKT Wilkens (Founder) Class of shares No-par-value bearer shares 25.5% Listing German Stock Exchange, Frankfurt/Main Other retail and Free float
Slide 40: 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 €49.00 19/03/2026 €0.80 First Berlin Buy €79.00 18/12/2025 €0.50 Metzler Buy €70.00 24/03/2026 M.M. Warburg Buy €74.00 17/03
Slide 41: Share price performance vs. benchmark indices
Share and shareholder structure Share price performance vs. benchmark indices 140 130 120 110 100 90 80 Date Closing price 70 29/12/2025 €49.15 19/03/2025 €60.10 (high) 60 07/11/2025 €30.40 (low) 30/12/2025 €35.75 50 31.12.2024 31.03.2025 30.06.2025 30.09.2025 31.12.2025 Energiekontor SDAX price ind
Slide 42: Appendix
07 Appendix
Slide 43: Financial calendar and news
Appendix Financial calendar and news Date Event Location/format 13 May 2026 Interim statement on the first quarter of 2026 Publication 27 May 2026 Annual General Meeting Ritterhude 13 August 2026 Half-year financial report for 2026 Publication 12 November 2026 Interim statement on the third quarter
Slide 44: 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 45: Thank you for your attention!
Thank you for your attention!
Slide 46: 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