0,5G
CFPS 2025
~ 60 MIO
EBITDA 2025
G6 MIO
NET DEBT 2025
504 MW
IPP PORTFOLIO
C Outlook 2026
"Strong EBITDA Growth, Most Solid Balance Sheet In Years, BESS Optionality"
Investor Call · 02.04.2026
7C Solarparken AG · XTRA: HRPK · https://www.solarparken.com
Executive Summary 2025: A Credibility Year
Management Beat Guidance On All KPI's That Matter For Shareholders
01
Strong Operational 2025
EBITDA of ~ EUR 60 Mio beat guidance of EUR 51 Mio by 17%. CFPS rose to EUR 0,59/share vs EUR 0,50 guided. Net debt fell to EUR 96 Mio, well below guidance of EUR 113 Mio.
02
Headwinds From The Energy Transition
Record 575 negative price hours, PV capture ratio at a historical low of
~50%, and re-dispatch curtailments of ~6% of the portfolio. These are structural trends, not short-term noise.
03
High FIT Portfolio Protects
A capture price of EUR 160/MWh versus a PV market price of EUR 45/MWh demonstrates the resilience of the legacy FIT assets, active trading and quality of swaps.
04
2030 Roadmap: Three Clear Levers
As high FITs expire, management intends to create value per share via new PV growth (+ 50 MWp), co-located BESS (+ 60 MW), and accretive share buy-backs.
Sector Valuation, Ref. Date: 15.03.2026 Market Discount Ignores Cash Flow Resilience s Optionality Post-FIT
1.0×
2.40×
Energiekontor
1.23×
Edisun Power Europe
1.22×
ERG SpA
1.22×
EDP Renovaveis
Takeover bid
SEK 30 → 44 (+47%)
1.05×
Arise
1.00×
Voltalia
0.71×
Greencoat Renewables
0.70×
Greencoat UK Wind
0.67×
Clearvise
0.63×
Bluefield Solar
0.63×
Foresight Solar Fund
0.56×
0.61×
NextEnergy Solar Fund
7C Solarparken
Developer
Arise - takeover bid
Continental IPPs (active)
UK solar funds (run-off)
7C Solarparken
UK solar funds
run-off · no reinvestment
Continental IPPs
Platforms For Growth
Price/Book Value (0,61x) In Line With Closed-End UK Run-Off Portfolios Despite Having A BESS & Re-Powering Optionality
CEO Message The Gap Between Price And BV Is Real, But The Market Is Missing Context
7C Solarparken Is Not A Company In Decline
01
EUR 3 Mio. EBITDA Per Year, No Capex
Between 2023-25, swaps were our preferred way to benefit from rising negative-price hours. At zero investment, they have generated at least EUR 2 Mio. annually. Curtailment prioritization and asset-backed trading strategies in Belgium have added another EUR 1 Mio. and now run as fully-automated and scalable processes.
02
We Slowed New-Build When Returns Weakened
New-build IRRs deteriorated as from 2023 on rising negative-price hours. By cancelling our 1 GW objective, we preserved book value, accumulated cash, and put buy-backs to work to benefit from the gap between share price and book value.
03
FIT's Expire, Parks Don't
The IPP fleet was built from 2006/07, high tariffs were always time-limited. As they start to roll off from 2027, EBITDA normalizes. Most parks keep producing, and repowering turns them into a growth pipeline.
04
Battery Cost Halved. The Time Is Now
An earlier BESS entry would have meant excess capex, higher net debt, and foregone swap and trading income. With costs down sharply and a major PPA hedge in place until the end of Q3'26, the conditions for 2027 deployment are now firmly in place.
S E C T I O N
01Market Context Germany 2025
Investor Call
02 April 2026
7C SOLARPARKEN Investor Call · 02.04.2026 5
2025 Market Context Germany Europe's Key Challenge: Electrification Is Falling Behind
CO2Reduction Outperforms In Power, But Cheap Electricity Isn't Yet Absorbed In Transport And Heating / Buildings
15
Europe
China
2025
2020
2010
US
2000
1990
10
5
-
15
17
20
19
20
21
30
25
Power Consumption / Final Energy Demand (%)
Deviations From Linear CO2Reduction Path In 2025, Germany
Waste C other
Agriculture Transport Buildings Industry
Power
-300
-200
-100
0
100
200
2025 Market Context Germany Demand Flat Mainly On Slow Electrification, PV Keeps Scaling
German Power Demand (TWh) Versus PV Capacity Base (GWp)
500
450
400
350
300
250
200
150
100
50
-
140
120
100
80
60
40
20
-
2019 2020 2021 2022 2023 2024 2025
Q1
Q2
Q3
Q4
PV Capacity
70 TWh / 15% PV Market Share
PV Production exceeds lignite for first time
+17 GWp To 118 GWp
PV capacity added during 2025 (+10%)
466 TWh
German power demand in 2025
17% More PV Production Versus 2024
New capacity and above-average irradiation
Pressure On PV Market Prices
2025 Market Context Germany More Favorable Weather Conditions Versus 2024
Specific Yield In kWh/kWp, Germany 2006-25
1.050
1.000
965
950
900 881
850
800
750
700
650
600
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
The Average German PV Plant Yielded 965 kWh/kWp During 2025, Characterised By A Strong First-Half Year And A Very Poor Month Of July
Specific Yield In kWh/kWp, Germany 2006-'25
140
120
100
80
60
40
20
-
Jan Feb Mär Apr Mai Jun Jul Aug Sep Okt Nov Dez
Ø 2010-2025
2025
2024
2025 Market Context Germany
The Structural Headwinds Are Real And Growing
Why 7C Solarparken Permanently Prioritizes Cash Flow Protection: Swaps, Trading C Curtailment
575
Negative Hours
~50%
Capture Ratio
×3
PV Re-Dispatch 2023-25
2025 Market Context Germany PV Market Price Settled At EUR 45/MWh For The Year
Extreme Intra-Year Volatility Triggered By Cheap Renewables And Expensive Gas
Annual Spot And PV Market Value (EUR/MWh)
221
76
72
44
35
46
45
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
PV Market Price EUR/MWh
Spot Price EUR/MWH
25
27
32
5
6
7
8
9
10
11
12
PV Market Price EUR/MWh
Spot Price EUR/MWh
4
3
2
1
70
94
91
111
115
Monthly Spot And PV Market Value (EUR/MWh), 2025
18
20
30
38
43
50
59
2025 Market Context Germany Batteries: Strong Economics, Many Requests, Limited Realisations
2.025
2.024
Dec Year
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Feb
Jan
77
89
110
111
103
130
142
139
137
167
162
153
173
Average Daily High/Low Spread (EUR/MWH) 2025
EUR 130/MWh
Average High /Low Spread on Daily Basis 2025
16 GW / 25,5 GWh
German market including Home Storage
2,7 GW / 4,4 GWh
Large-Scale Installed
260 GW
TSO Connection Request Pipeline Q4'25
EUR 218/kW
Stand-alone BESS Potential Revenues 2025
Binary Prices Drive Spreads To EUR 130/MWh But Grid Approval Remains The Bottleneck
S E C T I O N
02Annual Results 2025
Investor Call
02 April 2026
7C SOLARPARKEN Investor Call · 02.04.2026 12
2025 KPI's 500 MWp Capacity Mark Exceeded
Capacity Build-Up 2025 (MWP)
Beaulieu_II, Belgium
Burgwindheim_III, Germany (*) Nedcargo_II, Belgium
Neuhaus_Stetten Repowering, Germany
Reuden_Süd, Germany (*) IPP_Portfolio, 2024
1,0
6,0
3,9
4,1
19,9
468
(*) : Operational 202c
Production Volumes Up By ~ 10%, Re-Dispatch Volumes Even +38%
Volumes And Specific Yield
861 892
454
369
405
428
19
26
GWh
kWh/kWp
MWp Weighted GWh Re-Dispatch
Outage
2024 2025
IPP_Portfolio, 2025 | 504 | |
Nettgau, Germany Dresden, Germany | -0,8 | 0,7 |
Ashland, Belgium | 0,3 | |
Zerre_V, Germany | 1,0 |
2025 KPI's Continuing Strength In Capture Price
Price Of EUR 160/MWH (Guidance: EUR 154/MWh) Reflects Optimal Mix Of Fixed FITs, Attractive Swaps And Curtailment C Trading Tactics
Power Sales And Capture Price (EUR/MWh)
85
80
75
70
65
60
55
50
45
40
35
30
25
245
243
219
203
183
170
160
154
2.019 2.020 2.021 2.022 2.023 2.024 2.025 2025
Guidance
Power Sales EUR Mio Capture Price EUR/MWh
EUR > 1 Mio PsL
From Asset-Backed Trading In Belgium
~ 2%
Revenues From Auto-Consumption PPA's
~ EUR 70/MWH
Implied PV Market Price under Swaps 2025
~ 25%
Capacity under Swap Agreement in 2025
~ 60%
Revenues From Fixed Feed-In Tariffs < 2016
Annual Results 2025 2025 At A Glance
Guidance Exceeded On All Key Guidance Metrics
E B I T D A 2 0 2 5
EUR 60 Mio
▲ +26% vs 2024
Guidance: EUR 51 Mio (+17% beat)
C F P S P E R S H A R E
EUR 0,5G
▲ +34% vs 2024
Guidance: EUR 0.50 (+18% beat)
N E T D E B T 2 0 2 5
EUR G6 Mio
▼ −15% vs 2024
Guidance: EUR 113 Mio (15% beat)
Annual Results 2025 EBITDA Materially Exceeds Guidance And Rises To EUR 60 Mio.
Good Weather, A Solid Capture Price, Cost Control and Exceptional Items Drove EBITDA Far Above Guidance (EUR 51 Mio.)
MIO EUR. | 2024 | 2025 | % | COMMENT | ||
Revenues | 63,3 | 65,7 | 3,8% | |||
_ Sale of power | 62,6 | 64,9 | 3,8% | Electricity produced x Capture Price | ||
of which Income from Swaps | 4,0 | 2,3 | -42,4% | Lower average price from Swaps | ||
_ Services and others | 0,7 | 0,7 | 2,2% | Rental fees from PV Estate and Asset Management | ||
Other operating income | 5,2 | G,6 | 83,1% | |||
_ Compensation for damage | 0,2 | 1,1 | 368,3% | Mainly from insurance and EPC contractors | ||
_ Compensation Re-Dispatch | 2,1 | 4,2 | 96,7% | Strong uptick in number of sites affected by Re-Dispatch measures | ||
_ Others | 2,9 | 4,3 | 49,5% | Sale of Nettgau PV project, withdrawal of provisions | ||
Personnel expenses | -2,2 | -2,5 | 14,0% | Small increase in number of employees | ||
Opex | -1G,1 | -13,2 | -31,0% | |||
_ Recurring expenses | -12,8 | -12,7 | -1,0% | Reduction to normalized levels in Direkt Vermarktung, OCM, legal fees | ||
_ Write-downs | -6,3 | -0,5 | -92,3% | 2024: EUR 5,4 Mio. Write-down of receivable on "Reuden Süd" | ||
EBITDA | 47,2 | 5G,6 | 26,2% | |||
Annual Results 2025 Non-Cash Impairments Depresses Net Profit, Cash Flow Unaffected
Management Proactively Lowered Long-term PV Price Assumption To EUR 40/MWh, Triggering A EUR 21 Mio. Non-Cash Write-Down
MIO EUR. | 2024 | 2025 | % | COMMENT | ||
EBITDA | 47,2 | 5G,6 | 26,2% | |||
DsA | -41,1 | -58,4 | 42,1% | |||
_ Depreciation | -36,7 | -37,2 | 1,3% | Recurring levels of amortisation, rising with capacity | ||
_ Impairment | -4,4 | -21,2 | n.r. | Increased WACC and lower 2030 PV price assumption (Roadmap: EUR 40/MWh ) | ||
EBIT | 6,1 | 1,2 | n.r. | |||
Financial Result | -5,8 | -6,4 | 10,9% | |||
_ Financial income | 1,2 | 1,3 | 11,5% | Income on liquidity | ||
_ Financial expenses | -7,0 | -7,7 | 10,7% | |||
o/w interest cost on debt | -4,7 | -5,1 | 7,8% | New parks carry higher interest rates | ||
o/w others | -2,3 | -2,6 | 16,6% | Mainly unwinding of provisions (non-cash) | ||
Pre-tax profit | 0,4 | -5,2 | n.r. | |||
Tax | 0,6 | -1,3 | n.r. | |||
Net profit | 1,0 | -6,5 | n.r. | |||
Net profit, group | 0,5 | -7,8 | n.r. | |||
Minority interest | 0,5 | 1,3 | 156,5% |
Annual Results 2025 Balance Sheet Strengthens Further
Impairment Reduces Total Assets Below EUR 500 Mio., But Debt Falls Faster - Net Debt At EUR 96 Mio.
MIO EUR. | 2024 | 2025 | % | COMMENT | ||
ASSETS | 547,1 | 4G6,3 | -G,3% | |||
Land C Property | 14,3 | 14,2 | -0,6% | |||
Solar C Windparks | 370,3 | 335,0 | -9,5% | New parks (+ EUR 15 Mio), DCA (- EUR 58 Mio) | ||
Financial Investments | 2,2 | 1,8 | -16,3% | |||
Cash investments with Maturity > 1Y | 11,6 | 2,4 | -79,3% | |||
Cash C cash equivalents | 82,1 | 79,9 | -2,7% | EUR 15,9 Mio. Restricted Cash | ||
LIABILITIES | 547,1 | 4G6,3 | -G,3% | |||
Equity | 219,7 | 201,7 | -8,2% | Effect of share buy-backs (EUR 10,4 Mio) and impairment charge (EUR 21,2 Mio) | ||
Minority Interest | 18,8 | 17,4 | -7,3% | |||
Financial Debt C Lease Liabilities | 204,5 | 176,1 | -13,9% | |||
_ Short-Term Debt C Lease Liabilities | 59,5 | 28,7 | -51,7% | Promissory Notes 2018 and 2020 have been repaid on 31/03/2025 | ||
_ Long-Term Debt C Lease Liabilities | 145,0 | 147,4 | 1,7% | |||
LT Provisions | 28,2 | 30,3 | 7,4% | Mainly dismantling (EUR 27,2 Mio) | ||
Net debt | 113,G | G6,3 | -15,4% | |||
Annual Results 2025 Equity Ratio Rises To 44,1%
EUR 2,66 Book Value Maintained - Buy-Backs Absorbed The Full Impairment Effect
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
104
150
129
202
186
23,5%
220
230
216
44,1%
Shareholders' Equity (EUR Mio.) And Equity Ratio
62
71
86
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
-
1,00
1,67
1,82
1,95
2,00
2,11
2,59
2,41
2,29
2,69 2,66
2,82 2,83
3,00
Book Value
Year-End Stock Price
4,00
Book Value Per Share
Annual Results 2025 Cash Flow Generation Remains Key Valuation Anchor
CFPS Rose To EUR 0,59/Share, 18% Above Guidance
Cash Flow Table (EUR Mio.) | CFPS 2015-25 | ||||||||||||||
2024 | 2025 | % | 0,85 | ||||||||||||
EBITDA | 47,2 | 59,6 | 26% | ||||||||||||
Minus Lease | -3,0 | -3,1 | 4% | ||||||||||||
Minus Cash Interests paid Minus taxes paid Net Cash Flow | -5,5 -2,8 35,G | -5,4 -4,2 46,G | -2% 50% 31% | 0,41 | 0,45 | 0,49 | 0,60 | 0,55 | 0,57 | 0,56 | 0,62 | 0,44 | 0,59 | ||
Capex / Disposals | -16,2 | -15,7 | -3% | ||||||||||||
Debt and lease Repayment | -35,3 | -34,8 | -1% | ||||||||||||
Repayment of Promissory Notes | 0,0 | -21,5 | n.r. | ||||||||||||
New debt | 20,7 | 25,1 | 21% | ||||||||||||
Share Buy-Backs | -4,1 | -10,4 | 156% | ||||||||||||
Others | 18,8 | 8,2 | -56% | ||||||||||||
Change in cash | 1G,8 | -2,2 | -111% | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
7C S