EL5-Energo publishes its IFRS based financial results for 1Q 2026

• EL5-Energo demonstrates strong operational and financial results for the 1Q 2026. Revenues increased by almost 25% and EBITDA - by almost 5% under impact of a significant increase of fuel costs due to the price indexation.
• The company's financial results are supported by strong results in heat sales segment where revenue increased by 26%. Given the growth in installed heat capacity following the reorganization, the importance of this business for EL5-Energo PJSC will become a priority.
• EL5-Energo PJSC continued to allocate free cash flow for debt reduction. Net debt at the end of the period amounted to RUB 14.5 billion. Expert RA rating agency upgraded the company's credit rating to ruAA (stable), inter alia due to the debt reduction tendency.
• On April 1, 2026, the company's reorganization through a merger with VDK-Energo JSC and LUKOIL-Ecoenergo LLC was completed. EL5-Energo PJSC is a legal successor of these organizations. Consolidated reporting under new framework is planning for the 1H 2026.

Moscow, April 29, 2026 - EL5-Energo PJSC publishes its interim unaudited financial results for the 1Q 2026 in accordance with the International Financial Reporting Standards (IFRS).

MAIN FINANCIAL HIGHLIGHTS (millions of RUB)

• Revenue for the 1Q 2026 increased by almost 25% y-o-y. The key driven factors are:
  • Revenue from electricity sales increased by 30% thanks to increased volumes of electricity sales, as well as higher market electricity (DAM) prices and tariffs indexation for electricity under regulated contracts.
  • Revenue from capacity sales increased by 11% mainly thanks to the growth of revenue from the renewable CSA program, KOM and KOMMod prices in the context of continued high OFZ yields, inflation, as well as indexation of regulated tariffs.
  • Revenue from heat sales increased by 26% under the influence of increased sales due to lower temperatures during the period compared to the previous year, as well as due to the indexation of regulated tariffs.

• EBITDA increased by 4.5%, under conditions when growth in electricity sales was completely offset by increase of fuel prices, primarily due to the annual indexation of wholesale gas prices. The indicator was supported by internal measures to contain fixed costs.

• Ordinary EBIT decreased by 5% due to the continued growth in depreciation charges following the inclusion of new fixed assets, as well as an increase of bad debt reserves compared to the 1Q of the previous year.

• Net income increased by just over than 2% due to lower net financial costs, driven both by lower average debt level and lower interest rates on the company's debt portfolio. The impact of the increased from January 1, 2025 income tax rate on the company's results is neutral.

Net debt amounted to RUB 14.5 billion at the end of the period, positive free cash flow was allocated for debt reduction in accordance with the financial strategy.

MAIN OPERATIONAL HIGHLIGHTS

• Net power output increased by more than 8% due to the positive dynamics across all generating assets. Wind farms demonstrated the greatest growth, increasing output by almost 80% due to the strong wind potential and absence of power supply restrictions. In addition, high load of Konakovskaya GRES by the System Operator had a positive impact on the indicator.

• Power sales increased by 8% mainly due to positive dynamics of the net power output.

• Heat sales increased by almost 9% due to the growth of the indicator for all power plants, primarily due to the increase of supply to the ultimate consumers by Nevinnomysskaya GRES, as well as due to lower average temperatures in the regions of the company's presence during the heating season in the 1Q 2026 compared to the same period last year.

^[1] As of December 31, 2025