Photon Energy Nv · GPW:PEN
Photon Energy Nv — Q4 2025 Earnings Presentation
20 slides from Photon Energy Nv's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Results Conference
Q4 2025 Results Conference Georg Hotar, CEO Stanislav Zeman, CFO Photon Energy N.V. 26 February 2026
Slide 2: Disclaimer
Q4 2025 Results Presentation Disclaimer This presentation is for information purposes only and may not be copied in whole or in part for any purpose, or forwarded to third parties or published. This presentation includes written material or slides for a presentation on Photon Energy N.V. (“the Compa
Slide 3: Agenda: Business Results, Financial Results, Guidance and Equity Ratio, Q&As
Business Results Financial Results Guidance and Equity Ratio Q&As Lord Howe Island, Australia (1.3 MWp / 3.7 MWh)
Slide 4: Business Results
Business Results Financial Results Guidance and Equity Ratio Q&As Slavkov, Czech Republic (1.2 MWp)
Slide 5: Segment: Investments / Electricity Generation
Q4 2025 Results Presentation Segment: Investments / Electricity Generation ► No additions to IPP portfolio in Q4 2025. Year-on-year changes ► Q1 2026 updates: Aiud, Teius (9.5 MWp) received license on 17 February; Faget 3 (+5.1 MWp) include: a) commissioning of 5.1 MWp in Hungary. and Sahateni (14.6
Slide 6: Segment: Investments / Revenues
Q4 2025 Results Presentation Segment: Investments / Revenues ► Realised prices on sale of electricity in Q4 increased, despite declining ► Estimated loss of revenues related to the regulatory changes amount to prices on the energy markets. This was possible thanks lisensing of some EUR 2.5 million i
Slide 7: Segment: Engineering
Q4 2025 Results Presentation Segment: Engineering External Revenues (EUR 000s) Consolidated EBITDA (EUR 000s) 8,000 1,000 6,199 6,000 560 500 -65.3% 4,000 2,153 0 2,000 -194 0 -500 Q4 2024 Q4 2025 Q4 2024 Q4 2025 ► External revenues of EUR 2.5 million in Q4 2025 reflect the transition phase ► Extern
Slide 8: Segment: New Energy
Q4 2025 Results Presentation Segment: New Energy Capacity Market Revenues (EUR 000s) DSR/Contracted Capacity (MW) O&T Trading Volumes (MWh) External EBITDA (EUR 000s) 6,000 5,676 500 40,000 1,500 1,109 389 MW +52% 5,000 400 500 -51% -28% 30,000 4,000 282 MW 300 -500 3,000 2,788 20,000 37,097 200 -1,
Slide 9: Segment: O&M
Q4 2025 Results Presentation Segment: O&M Contracted Capacity (MWp) External Revenues (EUR 000s) External EBITDA (EUR 000s) 1,400 1,500 0 1,203 1,200 +35% -280 -200 1,000 889 1,000 800 -647 -400 600 1,279 1,255 500 400 -600 200 0 0 -800 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 O&M Cardio Asse
Slide 10: Segment: Technology Trading
Q4 2025 Results Presentation Segment: Technology Trading Capacity Traded (MW) External Revenues (EUR 000s) External EBITDA (EUR 000s) 6,000 600 Inverters, MW 5,000 400 200 403 4,000 0 Modules, MW 3,000 5,232 5,490 -200 2,000 -593 -400 Batteries, MWh 1,000 -600 0 -800 0.0 10.0 20.0 30.0 40.0 50.0 60.
Slide 11: Financial Results
Business Results Financial Results Guidance and Equity Ratio Q&As Siria, Romania (5.7 MWp)
Slide 12: Financial Results
Q4 2025 Results Presentation Financial Results In thousand EUR Q4 2025 Q4 2024 YoY change FY 2025 FY 2024 YoY change Total revenues 18,115 25,776 -29.7% 90,141 89,917 0.2% of which from electricity generation 2,849 3,373 -15.5% 22,966 24,705 -7.0% other revenues 15,266 22,402 -31.9% 67,175 65,212 3.
Slide 13: Balance Sheet
Q4 2025 Results Presentation Balance Sheet Assets 300,000 EUR Total assets EUR 272.8 M -0.7% 270.9 M 275,000 14.4 M 10.6 M ► Fixed assets amounted to EUR 223.813 million compared to EUR 216.890 250,000 41.6 M Current assets 36.6 M 225,000 -12.1% million at the end of 2024. This increase can be prima
Slide 14: Cash Flow
Q4 2025 Results Presentation Cash Flow ► Operating cash flow of EUR 6.232 million compared to EUR 6.882 In thousand EUR Q4 2025 Q4 2024 million. Positive impact of non-cash items which were booked into Q4 Operating cash flow 6,232 6,882 result. Investment cash flow -1,646 -2,876 ► Investment cash fl
Slide 15: Guidance and Equity Ratio
Business Results Financial Results Guidance and Equity Ratio Q&As Siria, Romania (5.7 MWp)
Slide 16: Actual Results versus Guidance 2025
Q4 2025 Results Presentation Actual Results versus Guidance 2025 ► Preliminary, unaudited, consolidated revenues amounted to EUR 90.141 million which Guidance 2025 represents a shortfall of 10% versus the lower end of the guided range. In thousand EUR 100,000 100,000 ► Preliminary, unaudited, consol
Slide 17: Adjusted Equity with Regulatory Carve-out
Q4 2025 Results Presentation Adjusted Equity with Regulatory “Carve-out” Statutory Currency Other Own Non- TOTAL Share Share Revaluation Hedging Retained In thousands of EUR reserve translation capital treasury TOTAL controlling capital premium reserve reserve earnings EQUITY fund reserve funds shar
Slide 18: GREEN EUR Bond 2021/27
Q4 2025 Results Presentation GREEN EUR Bond 2021/27 Bond GREEN EUR Bond 2021/2027 Volume outstanding EUR 78.8 million Coupon 6.50% p.a., quarterly payment Initial offering 23 November 2021 ► IMUG | rating – second party opinion, Ratings/Awards ► KFM Barometer 4 of 5 stars ► Best Issuer Green SME Bon
Slide 19: Q&A
Q&A
Slide 20: Thank you for joining us today!
Thank you for joining us today!