3M Quarterly Statement 2025 FY

• 3M Quarterly Statement 2025 Financial Year | MVV

MVV in Figures

1. Excluding non-operating measurement items for derivatives and including interest income from finance leases
2. Excluding non-operating measurement items for derivatives
3. Previous year's figure adjusted
4. Including electricity generation capacity from wind turbines for repowering at 31 December 2024 (42 MW)/30 September 2024 (28 MW)
5. Including electricity generation volumes from wind turbines for repowering at 31 December 2024 (14 million kWh)/31 December 2023 (12 million kWh)

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• 3M Quarterly Statement 2025 Financial Year | MVV

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• 3M Quarterly Statement 2025 Financial Year | MVV

Highlights

Dr. Gabriël Clemens appointed as new Chief Executive Officer

In December 2024, the Supervisory Board of MVV Energie AG appointed Dr. Gabriël Clemens (53) as the new Chief Executive Officer of MVV Energie AG for a five-year period starting on 1 April 2025. Dr. Clemens holds a degree and a doctorate in engineering and, as CEO Green Gas, has worked in the management of Eon Hydrogen GmbH since 2021. In this role, he is responsible for hydrogen activities at the energy company Eon. He was previously a member of the Executive Board at VSE AG, a Saarland-based energy service provider, where he was responsible for technology. Between 2009 and 2014, he also held various senior positions within the RWE Group. He will succeed our longstanding CEO Dr. Georg Müller.

MVV awarded German Sustainability Prize

At the end of November 2024, we were awarded the German Sustainability Prize 2025 in the Energy Generation and Trading category in recognition of our course of becoming #climatepositive by 2035. This accolade for pioneers of the sustainable transformation confirms us in our strategic alignment, which combines competitiveness with sustainability. The Mannheim Model, with its three aspects of heat transition, electricity transition and green customer solutions, shows how sustainable transformation can go hand in hand with business success. The prize complements our sustainability certifications and ratings by the Science Based Target initiative, ISS ESG and Ecovadis.

Consistently implementing our Mannheim Model

We achieved a further milestone for Mannheim's heat transition in October 2024, when we connected our biomass CHP plant at Friesenheimer Insel to the district heat grid. This way, we can cover around 60 percent of the annual peak load in Mannheim with green heat. In December 2024, our MVV Trading subsidiary concluded its first contracts to market secondary balancing power from onshore wind farms. We are thus further advancing the electricity transition, also by integrating renewable energies into the electricity market. For our customer KOB, a manufacturer of medical textiles, we are implementing a biomass plant as part of a steam supply contracting arrangement. This involves converting steam generation from natural gas to biomass and will enable around 4,000 tonnes of CO2 a year to be saved in future.

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• 3M Quarterly Statement 2025 Financial Year | MVV

Our First Three Months

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• 3M Quarterly Statement 2025 Financial Year | MVV

Interim Group Management

Report

Group Business Performance

Business Framework

Economic Climate and Energy Policy

Growth forecast cut for 2025

In its Annual Economic Report released in January 2025, the Federal Government issued a downward correction in its forecast for gross domestic product (GDP) in the 2025 calendar year. It now expects GDP to rise by just 0.3 %. In October 2024, the growth forecast still stood at 1.1 %. Due to ongoing geopolitical uncertainties and the fact that the economic and financial policy of the next Federal Government is still unclear, domestic demand is initially expected to remain weak. As the year progresses, and assuming decreasing inflation, further rises in real-term incomes and increasing clarity concerning the economic framework, domestic demand can be expected to gain pace. Momentum for growth is expected to be provided primarily by private consumer spending and, in the further course of the year, by capital investment as well.

Macroeconomic developments impact above all on the operating business in our Customer

Solutions and New Energies reporting segments.

Federal Parliament overcomes energy policy standstill

Mainly as a result of the ending of the three-party coalition in November 2024, the Federal Parliament no longer adopted any energy policy legislation relevant to MVV in the first quarter of our financial year. Initiatives already underway, such as the German Power Plant Security Act (KWSG), the Ordinance on General Conditions in District Heat (AVBFernwärmeV) and the implementation of the European directive for internal gas markets, were not yet addressed in the Cabinet or the Federal Parliament. We expect these processes to be delayed further until a successor government is able to submit new draft legislation. We see an urgent need for action above all with regard to regulations on the future of gas grids, on securing the electricity supply, and on CO2 capturing and negative emissions.

By contrast, a small number of projects managed to gain majorities in the Federal Parliament in January 2025, shortly before the end of the legislative term. These include the extension in the German Combined Heat and Power Act (KWKG) and provisions in the German Energy Industry Act (EnWG), the German Renewable Energies Act (EEG), the German Metering Point Operation Act (MsbG) and the German Greenhouse Gas Emission Trading Act (TEHG). The legislation adopted improves the handling of feed-in peaks from photovoltaic systems and accelerates the ramping up of smart metres. In particular, the KWKG extension will provide MVV with greater security concerning the support provided for investments in heat grids. For energy from waste plants in Germany, the TEHG legislation has clarified that these will remain in the national emission trading system rather than being prematurely included in European emission trading.

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• 3M Quarterly Statement 2025 Financial Year | MVV

Market Climate

Energy markets post losses

Wholesale prices (average) 3M: 1 October to 31 December

1. Brent crude oil; front month
2. Trading Hub Germany market region; front-year
3. Front-year
4. Front December contract
5. Front-year

With the exception of the coal market, energy markets witnessed a reduction in prices in the first quarter of the year under report compared with the equivalent period in the previous year. While the gas and emission right markets posted relative losses of 17 % and 16 %, the coal price rose by 7 %. The sharpest reduction in both relative and absolute terms was reported by the electricity market, which fell by 22 % and Euro 23.79/MWh respectively in the period under report. The fall in prices observed in the first quarter of our 2025 financial year is chiefly attributable to high energy prices in the 2023 calendar year, which also included our previous year's quarter, i.e. the first quarter of the 2024 financial year. Following the substantial reduction in prices lasting until February 2024, energy prices rose once again in the further course of 2024.

Conventional generation spreads converge

The margins for both conventional coal-based generation (clean dark spread - CDS) and gas- based generation (clean spark spread - CSS) posted losses compared with the equivalent period in the previous year. Changes in these spreads impact, albeit only within our hedging concept, in particular on operating earnings in Generation and Infrastructure, the reporting segment to which the marketing of generation positions is allocated.

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• 3M Quarterly Statement 2025 Financial Year | MVV

Impact of Weather Conditions

Cooler weather conditions lead to higher degree day figures

Lower outdoor temperatures lead to higher heat requirements at our customers. This is reflected in higher degree day figures, which are referred to as an indicator of temperature-related heat use. In the first three months of our 2025 financial year, it was cooler overall, with regional variances, than in the previous year's comparative period. Degree day figures were around 8 % higher than in the previous year.

Like our customers' heat requirements, the volume of electricity generated by our renewable energies plants is also determined by weather conditions. Wind volumes, which play a key role in determining the amount of electricity generated by our wind turbines, are particularly important in this respect.

Wind volumes lower than in previous year

Overall, the volume of usable wind in the regions relevant to our business was around 11 % higher than the long-term average in the first three months of the 2025 financial year. The wind yield thus fell short of the previous year's figure, which exceeded the long-term average at our wind locations by around 66 %. In this comparison, we use the "EMD-ERA Wind Index" with a reference period (historic average).

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• 3M Quarterly Statement 2025 Financial Year | MVV

Earnings, Asset and Financial Position

The period under report comprises the first three months of the 2025 financial year - from

1 October 2024 to 31 December 2024. Unless otherwise indicated, the following comments refer to the MVV Group (MVV), i.e. to all companies fully consolidated and the updated measurement of shareholdings that are recognised at equity. Figures have been rounded up or down to the nearest million-euro amounts. Discrepancies may therefore arise between the aggregate sums of individual items and the totals stated.

Presentation of Earnings Performance

MVV 3M: 1 October to 31 December

Material operating developments

In sales, we eliminate the difference between the hedge and reporting date prices as of the respective realisation dates pursuant to IFRS 9. This resulted in a net total of Euro - 121 million in the realisation period from 1 October to 31 December 2024 (previous year: Euro - 324 million). Overall, adjusted sales fell by Euro 376 million to Euro 1.9 billion. The sales performance was affected above all by the reduction in electricity and gas wholesale prices.

MVV's adjusted EBIT stood at Euro 122 million in the first three months of the current financial year and thus fell slightly short of the previous year's figure of Euro 124 million. The reduction in adjusted EBIT in the Customer Solutions reporting segment is chiefly attributable to the fact that we were still able to generate additional revenues in the first quarter of the previous year due to wholesale prices. The development in adjusted EBIT in the New Energies reporting segment was influenced in particular by our environmental energy business, where earnings contributions fell short of the previous year due to lower electricity revenues and a lower level of plant availability compared with the previous year. In addition, segment earnings were adversely affected by a notable reduction in wind volumes compared with the previous year. The increase in adjusted EBIT in the Generation and Infrastructure reporting segment largely results from higher availability at one generation plant compared with the previous year and from higher income

at our grid companies as a result of regulatory factors.

The development in electricity and gas volumes particularly reflects the increase or reduction in our trading volumes. Heat turnover was influenced on the one hand by higher acceptance volumes from our customers on account of weather conditions and on the other hand by lower plant availability in our environmental energy business compared with the previous year. Overall,

heat turnover was lower than in the previous year.

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• 3M Quarterly Statement 2025 Financial Year | MVV

Reconciliation with adjusted EBIT

Reconciliation of EBIT (income statement) with adjusted EBIT 9M: 1 October to 31 December

We refer to adjusted EBIT for the purpose of managing the company. To calculate this key figure, we adjust our operating earnings before interest and taxes on income above all to eliminate the positive and negative earnings items resulting from fair value measurement as of the reporting date of those derivatives recognised pursuant to IFRS 9. These stood at net totals of Euro - 7 million as of 31 December 2024 and Euro - 41 million as of 31 December 2023. These measurement items reflect the development in prices on the commodities and energy markets. They have no impact on payments, neither do they affect our operating business or dividend.

Development in other key income statement items

In cost of materials, we eliminate the difference between the hedge and reporting date prices pursuant to IFRS 9. In the realisation period from 1 October to 31 December 2024, the net balance amounted to Euro - 90 million (previous year: Euro - 309 million). The reduction in adjusted cost of materials by Euro 353 million to Euro 1,541 million reflects the decrease in electricity and gas wholesale prices.

Mainly due to collectively agreed pay rises and to increased staff totals at individual group companies, employee benefit expenses grew year-on-year by Euro 13 million to Euro 151 million.

Adjusted income from derivative financial instruments decreased by Euro 14 million to Euro 9 million, while adjusted expenses for derivative financial instruments fell by Euro 7 million to Euro 8 million. These developments were caused above all by measurement items relating to cavern management.

The development in other operating income in the period under report was particularly influenced by income received from the sale of supply facilities due to the ceding of smaller-scale gas concession regions. Overall, other operating income rose by Euro 5 million to Euro 28 million. Other operating expenses fell year-on-year by Euro 11 million to Euro 65 million, with this principally being due to lower service fees with trading partners in the direct marketing business.

Depreciation and amortisation rose by Euro 2 million to Euro 52 million.

At Euro 3 million, the adjusted financial result (net expenses) was Euro 1 million higher than in the previous year.

Due above all to lower net income for the period at Energieversorgung Offenbach, adjusted non- controlling interests decreased by Euro 5 million to Euro 13 million.

• See Income Statement on Page 14

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