7c Solarparken Ag · XETR:HRPK
7c Solarparken — H1 2026 Earnings Presentation
47 slides from 7c Solarparken's earnings presentation, Sep 22, 2026
Slide 1: Financially On Track, Storage In Acceleration
EBITDA H1'26 €28.9m NET DEBT HALF-Y E AR RESULTS 2026 €87.4m Financially On Track, B E S S T AR G E T S 2 0 2 7 / 2 0 3 0 Storage In Acceleration 30 MW / 60 MW IPP PORTFOLIO 504 MWp Investor Presentation · 22 September 2026 Steven De Proost, CEO · Koen Boriau, CFO
Slide 2: Four Core Takeaways For H1’26
EXECUTIVE SUMMARY Four Core Takeaways For H1’26 EBITDA H1’26 CFPS BOOK VALUE NET DEBT €28.9m €0.31 €2.71 €87.4m FY Target €50.0m / H1’26 Plan €27.0m FY Target €0.50 / H1’26 Plan €0.27 Year-End 2025: €2.66/share Year-End 2025: €96.3m 01 RESILIENT H1 FINANCIAL PERFORMANCE 02 ACTIVE RISK & CURTAILMENT
Slide 3: Premium Cash Flows Create The Capital For The Next Phase
THE EQUITY STORY Premium Cash Flows Create The Capital For The Next Phase IPP PORTFOLIO · 5 0 4 M W · S I M U L AT I O N R U N N I N G 2 0 Y F I T + 5 Y AT € 4 5 / M W H DELEVER AG E 01 Premium Cash Flows Repay Net Debt 60 600 Cumulative premium EBITDA 2027–2036 covers current net debt more than twi
Slide 4: Impairments Have Hit The Whole Sector’s Equity, Not Only Ours
SECTOR CONTEXT Impairments Have Hit The Whole Sector’s Equity, Not Only Ours 3 Y S H AR E P R I C E P E R F O R M AN C E · INDEXED TO 100, SEP 2023 W H AT D R O V E T H E W R I T E - D O W N S · AN D F U R T H E R R I S K T O O U R V AL U E 01 PV market price PEAKED FURTHER RISK The long-run assumpt
Slide 5: M&A Is Clearing The Sector At 0.9–1.1× Book While 7C Solarparken Trades At <0.70×
PRICE-BOOK VALUE PEER GROUP M&A Is Clearing The Sector At 0.9–1.1× Book While 7C Solarparken Trades At <0.70× 7C Solarparken UK solar funds (run-off) Continental IPPs (active) Completed / agreed take-out Developer 1.00× book Clearvise 0.62× 7C Solarparken 0.66× NextEnergy Solar Fund 0.67× Foresight
Slide 6: Five Sections
CONTENTS Five Sections 01 KEY MARKET DRIVERS H1’26 Negative and zero price hours, gas, batteries and demand 02 THE H1’26 PV STORY Feed-in, market value, the capture ratio and the daily spread 03 H1 2026 RESULTS & GUIDANCE Production, revenue, earnings, impairment, the balance sheet, cash and guidanc
Slide 7: Key Market Drivers H1’26
01 SECTION ONE Solar Peak Act More Zero Price Hours Key Market Commodities Are Moving Drivers H1’26 Iran and Gas Storage Batteries Breaking Through Storage up 4.9 GW in twelve months H1 2026 Results · 22 September 2026 7
Slide 8: More Solar And Fewer Negative Hours, For The First Time
KEY MARKET DRIVERS · SUMMARY More Solar And Fewer Negative Hours, For The First Time -40% -20% +0% +20% +40% +60% +80% +100% +120% 01 PV Build-Out Continued Installed PV reached 125.8 GW, up 17 GW year-on-year. Irradiation PV Feed-in normal, but 3% below last year’s exceptional H1. +10,8% 39,3 → 43,
Slide 9: Negative Hours Fell 24%. The Solar Peak Act 2025 Is Working
SOLAR PEAK ACT / SOLARSPITZE NGE SETZ Negative Hours Fell 24%. The Solar Peak Act 2025 Is Working H O U R S B E L O W Z E R O · C U M U L AT I V E , D AY B Y D AY H O U R S AT E X AC T L Y Z E R O · C U M U L AT I V E , D AY B Y D AY 700 100 2023 2024 2025 2026 2023 2024 2025 2026 90 600 80 500 70 4
Slide 10: The Market Watches The Store And Ignores 12% Less Demand
GAS The Market Watches The Store And Ignores 12% Less Demand G AS S T O R AG E F I L L I N G L E V E L · % , 2 0 1 0 – 2 6 G AS D E M AN D · T W h , V E R S U S T H E 2 0 2 1 – 2 5 R AN G E 100 W H Y I T M AT T E R S T O P V ? 90 140 80 120 Gas sets the power price 9/10 in Q1 and Q4 70 60 100 W H AT
Slide 11: The Gas Price: Forward Delivery Dec ’26
GAS PRICE The Gas Price: Forward Delivery Dec ’26 T T F F O R W AR D 1 2 / 2 0 2 6 S I N C E 2 0 2 1 I N € / M W H OIL PRICE IN $/BBL A new floor for gas. Long term looks like €30–40/MWh, not €25/MWh. H1 2026 Results · 22 September 2026 11
Slide 12: Large-Scale Batteries: New Dominant Segment Entering Arbitrage
BATTERIES Large-Scale Batteries: New Dominant Segment Entering Arbitrage B AT T E R Y C AP AC I T Y AD D I T I O N S · GW, MONTH BY MONTH 2023 –26 L AR G E - S C AL E B AT T E R Y D U R AT I O N · H O U R S , N E W B U I L D AN D I N S T AL L E D F L E E T 2,2 0,6 2,0 0,5 1,8 0,4 1,6 0,3 1,4 1,2 0,2
Slide 13: Consumption Marginally Up But Still 4.6% Below 2022
DEMAND Consumption Marginally Up But Still 4.6% Below 2022 C H AN G E S I N M O N T H L Y D E M AN D F U L L - Y E AR L O AD , T W h 500 6% 490 482 4% 480 474 2% 470 466 466 0% 458 460 -2% 450 -4% 440 -6% 430 -8% 420 -10% 410 -12% Jan Feb Mar Apr May Jun Jul Aug 400 2022 2023 2024 2025 2026E 2026 vs
Slide 14: The H1’26 PV Story
02 SECTION TWO 43.5 TWh Solar feed-in, up 10.8% The H1’26 €44/MWh PV Story PV market value per MWh, up 22% from €36/MWh −24.2% Negative price hours: 295 against 389 H1 2026 Results · 22 September 2026 14
Slide 15: Irradiation Was Ordinary. Volume Growth Came From New Capacity
PV INJECTION Irradiation Was Ordinary. Volume Growth Came From New Capacity MONTHLY YIELD, KW H/KWP C AP AC I T Y AD D I T I O N S P V G W P I N F I R S T - H AL F W I T H B R I D G E T O F U L L Y E AR 140 18,0 120 16,0 14,0 100 12,0 80 10,0 60 8,0 6,0 40 4,0 20 2,0 0 0,0 Jan Feb Mar Apr May Jun Ju
Slide 16: The Midday Dip Is Lifting, Towards More Zero Hours
GERMAN DAY-AHE AD PRICES The Midday Dip Is Lifting, Towards More Zero Hours I N T E R Q U AR T I L E R AN G E B Y H O U R · € / M W h · B O X = Q 1 T O Q 3 , L I N E = M E D I AN H1 2026 Results · 22 September 2026 16
Slide 17: PV Value €44/MWh To June And ~€50/MWh To August
PV MARKET VALUE PV Value €44/MWh To June And ~ €50/MWh To August €/MWh Jan Feb Mar Apr May Jun H1 vs H1 2025 Jul Aug Jan–Aug Base price 2026 110 97 99 79 98 110 97 +23% 106 127 103 Base price 2025 114 129 95 78 67 64 79 88 77 80 PV market value 2026 110 77 55 13 32 62 44 +22% 52 64 50 PV market valu
Slide 18: After Many Years Of Decline, The Capture Ratio Stopped Falling
CANNIBALIS ATION After Many Years Of Decline, The Capture Ratio Stopped Falling M O N T H L Y C AP T U R E R AT I O V E R S U S P V S H AR E , 2 0 1 8 - 2 6 130 120 110 2018 100 2019 90 2020 Capture ratio, % 80 2021 70 2022 60 2023 50 2024 40 2025 30 2026 20 Trend 2024 10 Trend 2025 Trend 2026 0 0 5
Slide 19: The Daily Spread Widened Further
SPREADS The Daily Spread Widened Further 1 H S P R E AD · €/MWh, MONTH BY MONTH 2023 –26 2 H S P R E AD · €/MWh, MONTH BY MONTH 2023 –26 250 250 200 200 150 150 100 100 50 50 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 2023
Slide 20: H1 2026 Results & Guidance
03 SECTION THREE €28.9m EBITDA, €1.9m ahead of the half-year plan H1 2026 Results −€5.4m & Guidance Impairment across 32 of 49 parks, against €14.8m a year ago €87.4m Net debt, already inside the full-year target H1 2026 Results · 22 September 2026 20
Slide 21: Running Capacity Grew By 20 MWp As Reuden Süd Went Online
PORTFOLIO BUILD-UP Running Capacity Grew By 20 MWp As Reuden Süd Went Online I P P P O R T F O L I O AT E N D O F Q U AR T E R · MWp 510 Reuden Süd, 20 MWp 490 470 504 506 497 497 477 450 Bürgwindheim III, 6.1 MWp 430 2025 Q1’26 Q2’26 Q3’26 Q4’26 Operational Reuden Süd, 20 MWp Bürgwindheim III, 6.1
Slide 22: Large Rooftop, 20 MWp - Available And Consistent Performance
REUDEN SÜD Large Rooftop, 20 MWp - Available And Consistent Performance LOW LIGHT · 17 °C · Sun 13 Sep GOOD WEATHER · 23 °C · Tue 16 Jun HIGH TEMPERATURE · 38 °C · Thu 30 Jul 16 1000 16 1000 16 1000 12 750 12 750 12 750 W/m² W/m² W/m² MW MW MW 8 500 8 500 8 500 4 250 4 250 4 250 0 0 0 0 0 0 04:00 07
Slide 23: Capacity Up 11%, Output Up 4%, And 33 GWh Curtailed
OPERATIONAL PERFORMANCE Capacity Up 11%, Output Up 4%, And 33 GWh Curtailed P R O D U C T I O N AN D Y I E L D · H 1 ’ 2 6 AG AI N S T P L AN AN D H 1 ’ 2 5 H1’26 Plan Δ H1’25 % C U R T AI L E D AW AY I N H 1 ’ 2 6 Horizontal irradiation, kWh/m² 647 618 +5% 696 -7% 33 GWh Inclined Irradiation in pla
Slide 24: Revenues On Plan, And 2% Above Once Redispatch Income Is Included
POWER SALES Revenues On Plan, And 2% Above Once Redispatch Income Is Included R E V E N U E AN D V O L U M E · H 1 ’ 2 6 AG AI N S T P L AN AN D H 1 ’ 2 5 T H E P V S W AP · H 1 ’ 2 5 AG AI N S T Q 2 ’ 2 6 H1’25 Q2’26 H1’26 PLAN Δ H1’25 % Capacity hedged, MWp 148 123 Revenue per uncurtailed MWh, € 1
Slide 25: EBITDA €1.9m Above Plan
P&L EBITDA €1.9m Above Plan €m H1’26 H1’26 PLAN H1’25 Δ% Comment Revenues 35.1 35.1 35.9 −2.3% Mainly due to much lower Swap value Sale of electricity 34.8 35.1 35.5 Services, rental and other 0.3 0.4 Other operating income 2.0 – 4.2 −51.8% No disposal gain, fewer reversals Redispatch compensation 1
Slide 26: Non-Cash: The Cash Flows Did Not Change, The 6.82% WACC Did
IMPAIRMENT Non-Cash: The Cash Flows Did Not Change, The 6.82% WACC Did G E R M AN G O V E R N M E N T B O N D C U R V E · % , T O D AY AN D T W E L V E M O N T H S AG O T H E D I S C O U N T R AT E I T F E E D S · W AC C 2 0 2 6 Risk-free rate 3.35% 4,0% Twelve months ago 19 August 2026 Risk premium
Slide 27: Equity Ratio Of 44.5%, With €4.4m Of Shares Bought Back
BALANCE SHEET Equity Ratio Of 44.5%, With €4.4m Of Shares Bought Back €m 30.06.26 31.12.25 30.06.25 Comment Total assets 480.8 496.3 528.3 Fixed Assets, Installations 316.8 335.0 345.0 PV, operational 305.0 316.7 325.7 Reuden Süd moved from construction to operational Wind, operational 7.2 7.6 7.9 B
Slide 28: Net Debt Down To €87.4m, Book Value Of €2.71
NET DEBT Net Debt Down To €87.4m, Book Value Of €2.71 NET DEBT · €m B O O K V AL U E P E R S H AR E · € 113,9 2,82 2,83 2,69 2,66 2.71 2,59 101,2 99,1 2,41 96,3 2,29 87,4 2,11 1,95 1,82 1,67 FY24 H1’25 FY25 Q1’26 H1’26 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1’26 NET DEBT / LTM EBITD
Slide 29: Cash Flow Per Share Of €0.31, On 75.2m Shares On Average
CASH FLOW Cash Flow Per Share Of €0.31, On 75.2m Shares On Average C AS H F L O W · H 1 ’ 2 6 AG AI N S T P L AN AN D H 1 ’ 2 5 S H AR E P R I C E T O F U L L - Y E AR C F P S · AT € 1 . 9 0 P E R S H AR E €m H1’26 Plan H1’25 Δ% EBITDA 28.9 27.0 32.8 −12.1% 2026 3,3 less land lease paid −1.5 −1.6 −1
Slide 30: On A Like-For-Like Basis The Cash Position Is Flat
THE CASH POSITION On A Like-For-Like Basis The Cash Position Is Flat +3.9 −5.3 +23.4 −17.1 −4.4 +1.1 −5.2 79.9 −8.1 68.2 Cash at Dec ’25 revenues Net cash Working capital, Capex Debt Treasury Cash transfer to long- Jun ’26 revenues Cash at 31 Dec 2025 collected in Jan ’26 flow underlying repayment s
Slide 31: Our 2026 Capture Scenario Has Upside From Here
PV MARKET VALUE REFRESH Our 2026 Capture Scenario Has Upside From Here B AS E L O AD F O R E C AS T · € / M W h , P 2 5 , P 5 0 AN D P 7 5 O U R S C E N AR I O · 09/2026 VERSUS 03/2026 MARKET PV VALUE 2026 200 175 €53/MWh from €45 150 125 BASE SPOT 2026 100 €104/MWh from €83 75 50 NEGATIVE HOURS 25
Slide 32: Full-Year Guidance Confirmed, With Risk To The Upside
OUTLOOK 2026 Full-Year Guidance Confirmed, With Risk To The Upside REVENUES EBITDA CFPS NET DEBT €66.5m €50.0m €0.50 €91.9m Confirmed Confirmed Confirmed Achieved but less relevant Q2 and Q3 sit under the 100 MWp PPA 58% delivered in H1, so only €21.1m The guided basis of 75.6m shares New battery re
Slide 33: Insights On Regulation
04 SECTION FOUR What Changes, What Does Not Four instruments, and none of them touches the existing fleet Insights EEG 2027 On Regulation Two-sided CfD, no tariff for small PV MiSpeL A mixed battery keeps the tariff on green kWh and trades the grey H1 2026 Results · 22 September 2026 33
Slide 34: What We Own Is Protected, What We Build Gets Visibility
OVERVIEW OF CHANGES What We Own Is Protected, What We Build Gets Visibility FROM INSTRUMENT S T AT U S W H AT I T D O E S B E AR I N G O N 7 C S O L AR P A R K E N 25 Feb 2025 Solarspitzengesetz In force §51 EEG 1H: no premium in any negative hour. New parks stop bidding below zero. 23 Dec 2025 Redi
Slide 35: EEG 2027 Moves The Money To Ground-Mounted PV
EEG 2027 EEG 2027 Moves The Money To Ground-Mounted PV TODAY Market Premium Through Compulsory Direct Marketing Auctioned Tariff Fixed tariff Regulated EEG Tariff = PV Market Price + Market Premium 9.9 GW tender/year 25 kWp 100 kWp 750 kWp 1,000 kWp EEG 2027, CABINET DRAFT Auctioned Tariff Under CfD
Slide 36: MiSpeL Unlocks Dual Revenue Streams For Mixed Batteries
MISPEL MiSpeL Unlocks Dual Revenue Streams For Mixed Batteries E V E R Y G R E E N K W H K E E P S I T S T AR I F F Whether it goes straight to the grid or through the battery. Until now, a battery able to charge from the grid forfeited the entitlement outright. charge from PV draw and export Q U AR
Slide 37: Roadmap 2030
05 SECTION FIVE Grid Development Large-scale storage in the network plan to 2040 Roadmap 2030 Costs And Prices PV still cheapest, storage beats CCGT, and negative hours peak Our Response Co-location, €26m of committed capex and 30 MW of storage by 2027 H1 2026 Results · 22 September 2026 37
Slide 38: The Big Change In The Grid Plan Is Batteries, Not Renewables
GERMANY’S TSO PLAN 2027 -40 The Big Change In The Grid Plan Is Batteries, Not Renewables S C E N AR I O F R AM E W O R K P AP E R · T R AN S M I S S I O N O P E R AT O R S , T O 2 0 4 0 W H AT C H AN G E D · AG AI N S T L AS T Y E AR ’ S V E R S I O N LARGE-SCALE STORAGE BY 2040 41 → 84 GW last year
Slide 39: Storage Now Beats CCGT, And Depth Is Getting Cheaper
LCOE OF TECHNOLOGIES Storage Now Beats CCGT, And Depth Is Getting Cheaper LEVELISED COST · €/MWh, 2020–26 C AP E X B R E AK D O W N , N E W B AT T E R Y · % O F T O T AL AT € 2 1 5 / k W h 200 8% 180 160 8% 140 D U R AT I O N M AT T E R S 120 100 80 28% 12% 60 EPC, cable route and others. Set by the
Slide 40: Our Model Says Negative Hours Have Reached Their Maximum
POWER PRICES MODEL Our Model Says Negative Hours Have Reached Their Maximum 2025 2026 2027 2030 2040 2050 Gas price €/MWh 30 36 44 26 25 28 573 → 336 → 201 Carbon €/t 75 74 77 86 104 127 negative hours in 2025, 2030 and 2040. Almost halving by Large-Scale BESS / Peak Demand 4% 6% 11% 24% 53% 47% 203
Slide 41: Co-Location PV + BESS Is Our Answer To Capture Erosion
STRATEGY Co-Location PV + BESS Is Our Answer To Capture Erosion 01 02 03 04 EXIST ING PV NEW PV G RO W T H CO - LO C AT IO N BESS, P.A. BUY - B ACK S ~504 MWp ≥10 MWp p.a. 15 MW / 30 MWh €8m p.a. ✓ Plant efficiency: H1’26 in line, ✓ Three parks live: Reuden Süd ✓ First capex is on the balance ✓ €4.4
Slide 42: €26m Of Capex Committed And Secured For 2026 And 2027
CAPEX €26m Of Capex Committed And Secured For 2026 And 2027 BESS kW kWh Type Markets €/kW BKZ €/kWh Capex Reuth-Premenreuth 5,280 10,560 Green DA, ID, aFRR+, inertia+ – 165 1.7 Heilgersdorf 4,000 15,000 Mixed DA, ID, aFRR, inertia, Redispatch 166 190 3.5 Dessau 2,500 7,500 Mixed DA, ID, aFRR, inerti
Slide 43: At Least 30 MW Storage By The End Of 2027
BESS + PV TIMELINE At Least 30 MW Storage By The End Of 2027 OUTPUT SITE Q3’26 Q4’26 Q1’27 Q2’27 Q3’27 Q4’27 MW Herentals (BE) 0.11 live Reuth-Premenreuth 5.28 Heilgersdorf 4.00 Dessau 2.50 Bitterfeld 3.00 Gera (+ new PV) 7.50 Peenemünde (+ new PV) 6.00 Bürgwindheim III 5.00 Antwerp Port (BE) 1.00 C
Slide 44: A Grey Battery Earns Twice A Green One
BESS REVENUES POTENTIAL A Grey Battery Earns Twice A Green One GREEN GREY M IXED, UNDER M ISPEL Charges from Its own PV array only The grid (PV being curtailed) The PV array and the grid, separated EEG quality Kept Lost entirely Kept pro rata Legal basis §19 (3a) EEG None, free marketing §19 (3b) an
Slide 45: The Test Ran Well On A Two-Hour 100 kW Green Battery
GREEN BATTERY BELGIUM EXPERIENCE The Test Ran Well On A Two-Hour 100 kW Green Battery €182 €111/kW +10% DA, ID, PPA Avg. daily spread, €/MWh Annualised Client Offtake PPA Trading Last 30 Days, Power Price (€/MWh) orange = charging grey = discharging 280 180 80 -20 -120 Last 30 Days, State of Charge
Slide 46: Roof Refurbishment: Break-Even Assumed
ROOFTOP SOLUTIONS Roof Refurbishment: Break-Even Assumed Outcome What it costs us What offsets it Break-even On NPV ROOF REFURBISHMENT: owner renews Dismantling and reinstallation, lost Compensation of the outages from the is the working assumption. No net provision has been taken the roof beneath t
Slide 47: Important Information
DISCLAIMER Important Information This document has been prepared by 7C Solarparken AG (the "Company") solely for use at the presentation to be made on the date of publication. Its purpose is merely of informative nature and, as such, it may be amended and it should be read as a summary of the matter