Energiekontor Ag · XETR:EKT
Energiekontor — 9M 2025 Earnings Presentation
57 slides from Energiekontor's earnings presentation, Nov 13, 2025
Slide 1: First nine months 2025
Company presentation First nine months 2025 Bremen, 13 November 2025
Slide 2: Agenda
Agenda 01 Energiekontor at a glance 02 Market environment 03 Business year 2024 04 First half-year 2025 05 First nine months 2025 (operational) 06 Outlook and mid-term strategy 07 Share and shareholder structure 08 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: 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. 13 November 2025 Ener
Slide 8: Across 5 countries at 17 company sites
Energiekontor at a glance We are close to the market – Across 5 countries at 17 company sites United Germany Kingdom 3 9 United 2 States 2 Portugal 1 France 13 November 2025 Energiekontor AG • Company Presentation • First nine months 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 13 November 2025. 13 November 2025 Energiekontor AG • Company Presentation • Fi
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 November 2025
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 2024
Market environment Renewable energies generated nearly 60% of electricity in Germany in 2024 Renewable energies Total of Total of ~497 ~284 billion kWh billion kWh (100%) (100%) Gross power production in Germany (in %). Source: Federal Statistical Office. 13 November 2025 Energiekontor AG • Company
Slide 18: Onshore wind expansion in Germany in 2024 below PY level
Market environment Onshore wind energy expansion in Germany in 2024 below PY level 63,538 (cumulated) Wind Target for 2030 115 GW Target fulfilment requires an average annual expansion of 8 to 9 GW Installed generation capacity (in MW). Source: German Federal Network Agency (preliminary figures for
Slide 19: Dynamic expansion of solar capacity in Germany continued in 2024
Market environment Dynamic expansion of solar capacity in Germany continued in 2024 99,198 (cumulated) Solar Target for 2030 215 GWp Target fulfilment requires an average annual expansion of ~20 GWp Installed generation capacity (in MWp). Source: German Federal Network Agency (preliminary figures fo
Slide 20: Current market challenges
Market environment Current 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 manufacturer times (1
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 2024
03 Business year 2024
Slide 23: Energiekontor successfully completes transition year 2024
Business year 2024 Highlights in FY 2024 • Adjusted earnings forecast fulfilled • Sales and earnings below PY as expected Energiekontor • Dividend proposal adjusted to €0.50 successfully • Forecast for FY 2025 raised significantly completes • Growth strategy 2023 to 2028 confirmed transition year 20
Slide 24: Operational progress in FY 2024 (and beyond)
Business year 2024 Operational progress in FY 2024 (and beyond) 31/12/2023 31/12/2024 28/03/2025 Projects Capacity Projects Capacity Projects Capacity (number) (MW) (number) (MW) (number) (MW) Project sales1 5 162 3 51 0 0 Under construction or FC in place 9 316 10 368 10 319 - of which for own port
Slide 25: Project pipeline expanded again by end of 2024
Business year 2024 Project pipeline expanded again by end of 2024 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% 5,391 >2.7 GW 1-2% 11,667 12,116 in phases (6,142) 3 to 5 ~220 MW under construc- tion for own 6-8% 3
Slide 26: Project pipeline well diversified by end of 2024
Business year 2024 Project pipeline well diversified by end of 2024 Regional diversification Technological diversification 1.7% 7.7% 8.5% 32.9% ~12.1 GW 53.3% ~12.1 GW 28.8% 67.1% Germany Onshore wind United Kingdom Solar France United States Portugal 13 November 2025 Energiekontor AG • Company Pres
Slide 27: Group profit and loss statement
Business year 2024 Group profit and loss statement In € million 2024 2023 Change Sales 126.5 241.8 -47.7% Total output 195.9 275.4 -28.9% EBITDA 72.9 135.6 -46.2% EBIT 49.8 144.4 -65.5% EBT 36.2 95.5 -62.1% Group result 22.6 83.3 -72.9% Earnings per share (undiluted, in €) 1.62 5.97 -72.9% 13 Novemb
Slide 28: Sales and EBT contribution by segment
Business year 2024 Sales and EBT contribution by segment Project development & sales (onshore wind, solar) Sales share EBT share In € million 2024 2023 Change €241.8 m €126.5 m €95.5 m €36.2 m Sales (external) 52.4 157.8 -66.8% EBT 7.3 64.1 -88.6% Power generation in the Group‘s own wind and solar p
Slide 29: Group balance sheet
Business year 2024 Group balance sheet In € million 31/12/2024 31/12/2023 Change Cash & cash equivalents 142.0 175.6 -19.1% (incl. short-term securities) Long-term liabilities 402.0 378.4 6.2% Short-term liabilities 185.1 158.0 17.2% Equity 186.9 185.2 0.9% Equity ratio (in %) 24.1 25.7 -1.6 pp Bala
Slide 30: Group cash flow statement
Business year 2024 Group cash flow statement In € million Cash flow from Cash flow from Cash flow from operating investing financing activities activities activities -43.4 -9.3 18.8 175.6 142.0 Thereof cash 92.1 Thereof short- term securities 49.9 13 November 2025 Energiekontor AG • Company Presenta
Slide 31: First half-year 2025
04 First half-year 2025
Slide 32: Operational highlights of H1 2025
First half-year 2025 Operational highlights of H1 2025 Sales ✓ 1 wind project; 46 MW (UK) → ready to build ✓ 3 wind projects; 51 MW (DE) → turnkey ready Commissioning ✓ 1 solar park; 60 MWp (DE) → own parks; now 444 MW Energiekontor ✓ 1 wind park; 18 MW (DE) → for own portfolio or sale Successful pa
Slide 33: Operational progress in H1 2025
First half-year 2025 Operational progress in H1 2025 31/12/2024 30/06/2025 14/08/2025 Projects Capacity Projects Capacity Projects Capacity (number) (MW) (number) (MW) (number) (MW) Project sales1 3 51 4 97 4 97 Under construction or FC in place 10 368 15 450 15 450 - of which for own portfolio 7 22
Slide 34: Expansion of own park portfolio to at least ~650 MW
First half-year 2025 Expansion of own park portfolio to at least ~650 MW 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 EEG Q3 2025 4.6 448.4 Oede
Slide 35: Project pipeline increased to ~11.4 GW in H1 2025
First half-year 2025 Project pipeline increased to ~11.4 GW in H1 2025 (excl. US project rights) 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% 5,628 >2.8 GW 1-2% ~12.1 GW ~12.0 GW in phases (excl. (5,391) 3 to 5 U
Slide 36: Project pipeline well diversified by end of H1 2025
First half-year 2025 Project pipeline well diversified by end of H1 2025 Regional diversification Technological diversification Percentage relates to US solar only (project rights). US wind pipeline (333 MW) discontinued as at 30/06/2025 due to unfa- vorable conditions for wind energy in the US. ~12
Slide 37: Group profit and loss statement
First half-year 2025 Group profit and loss statement In € million H1 2025 H1 2024 Change Sales 76.0 78.0 -2.5% Total output 171.5 95.7 79.2% EBITDA 51.0 35.9 41.9% EBIT 39.3 23.7 65.6% EBT 28.3 16.7 69.5% Group result 24.1 11.8 104.1% Earnings per share (in €) 1.72 0.85 102.4% 13 November 2025 Energ
Slide 38: Sales and EBT contribution by segment
First half-year 2025 Sales and EBT contribution by segment Project development & sales (onshore wind, solar) Sales share EBT share In € million H1 2025 H1 2024 Change Sales (external) 43.3 33.6 28.9% €78.0 m €76.0 m €16.7 m €28.3 m Total income 138.6 51.1 171.2% EBT 22.9 0.8 >1,000% Power generation
Slide 39: Group balance sheet
First half-year 2025 Group balance sheet In € million 30/06/2025 31/12/2024 Change Cash & cash equivalents 193.4 142.0 36.2% (Incl. short-term securities) Long-term liabilities 429.7 402.0 6.9% Short-term liabilities 253.6 185.1 37.0% Equity 213.1 186.9 14.0% Equity ratio (in %) 23.8 24.1 -0.4 pp Ba
Slide 40: Group cash flow statement
First half-year 2025 Group cash flow statement In € million Cash flow Cash Cash flow from flow from from operating investing financing activities activities activities 18.6 -40.1 73.0 193.4 142.0 Thereof cash Dividend 128.4 payment Thereof short- for FY 2024 made after term securities 30/06/2025 65.
Slide 41: First nine months 2025 (operational)
05 First nine months 2025 (operational)
Slide 42: Highly dynamic operational progress confirms strong basis for continued growth
First nine months 2025 (operational) Operational highlights of 9M 2025 (and beyond) Sales ✓ 1 wind project; 46 MW (UK) → ready to build ✓ 4 wind projects; 69 MW (DE) → turnkey ready Highly Commissioning dynamic ✓ 2 solar parks; 65 MWp (DE) → own parks; now 450 MW operational ✓ 1 wind park; 18 MW (DE
Slide 43: Operational progress in 9M 2025 (and beyond)
First nine months 2025 (operational) Operational progress in 9M 2025 (and beyond) All-time high! 31/12/2024 30/09/2025 13/11/2025 Projects Capacity Projects Capacity Projects Capacity (number) (MW) (number) (MW) (number) (MW) Project sales1 3 51 5 115 5 115 Under construction or FC in place 10 368 1
Slide 44: Expansion of own park portfolio to ~650 MW
First nine months 2025 (operational) Expansion of own park portfolio to ~650 MW Expansion trajectory (current planning status) Generation capacity Techno- Project Total Project Country Remuneration Com.1 logy (MW) (MW) Letschin Solar DE PPA Q1 2025 60.0 443.8 Königsfeld Solar DE EEG Q3 2025 4.6 448.
Slide 45: Outlook and mid-term strategy
06 Outlook and mid-term strategy
Slide 46: Growth strategy unaffected by latest forecast adjustment for FY 2025
Outlook and mid-term strategy Growth strategy unaffected by latest forecast adjustment for FY 2025 In brief • Forecast adjustment (EBT) for FY 2025 in October 2025 • Revision of Group EBT from €70 to 90 million to €30 to 40 million • Caused by external factors (mainly delay of authorities' decisions
Slide 47: Group guidance for FY 2025
Outlook and mid-term strategy Group guidance for FY 2025 EBT 2023 2024 2025 … 2028 +15% +15% +15% Strategy €60 million €69 million €79 million … ~ €120 million €30 - 40 million Forecast €70 - 80 million €34 - 37 million €70 - 90 million … Reported € 95.5 million € 36.2 million … Organic growth 13 No
Slide 48: 2023 to 2028 growth strategy
Outlook and mid-term strategy 2023 to 2028 growth strategy Linear vs. actual earnings development Growth strategy 20231 to 2028 (EBT in € million) • Targeted EBT growth to around €120 million in FY 2028 • Based on proven organic growth model (50/50 takeover rate) Earnings and average annual growth r
Slide 49: Share and shareholder structure
07 Share and shareholder structure
Slide 50: 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 Class of shares No-par-value bearer shares (Founder) Listing German Stock Exchange, Frankfurt/Main 25.5% Free float Marketplaces XETR
Slide 51: Dividend payout and analysts' coverage
Share and shareholder structure Dividend payout and analysts' coverage Dividends Coverage Institute Recommendation Price target Last update First Berlin Buy €93.00 14/10/2025 Metzler Buy €106.00 13/10/2025 M.M. Warburg Buy €106.00 17/10/2025 Average - €101.67 - Research updates A continuously update
Slide 52: 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 29/12/2024 €49.15 19/03/2025 €60.10 (high) 60 09/04/2025 €38.90 (low) 30/09/2025 €43.90 50 31.12.2024 31.03.2025 30.06.2025 30.09.2025 Energiekontor SDAX price index TecDAX p
Slide 53: Appendix
08 Appendix
Slide 54: Financial calendar and news
Appendix Financial calendar and news Date Event Location/format 25 November 2025 German Equity Forum Frankfurt/Main 31 March 2026 Full-year financial report for 2025 Publication 13 May 2026 Interim statement on the first quarter of 2026 Publication 27 May 2026 Annual General Meeting Ritterhude 13 Au
Slide 55: 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 56: Thank you for your attention!
Thank you for your attention!
Slide 57: 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