9M Quarterly Statement (Quartalsmitteilung 9M GJ 2025 engl)

We inspire

with energy.

gig Our future:

t$g|t #cIimatepositive

Highlights 4

Interim Group Management Report 6

Group Business Performance 6

Business Framework 6

Earnings, Asset and Financial Position 10

Presentation of Earnings Performance 10

Presentation of Asset Position 12

Presentation of Financial Position 13

Forecast for the 2025 Financial Year 15

Opportunity and Risk Situation 15

Income Statement 17

Balance Sheet 18

Cash Flow Statement 20

Further Information 21

Financial Calendar 21

Imprint/Contact 22

Smart solutions for our customers

We are implementing an energy concept involving a cooling facility, ice storage, heat pumps, a district heat link and a photovoltaics system on behalf of Strabag Real Estate for the BORX office complex currently being built in Hamburg. MVV Enamic will also be responsible for operations management, maintaining the systems and supplying district heat for a 16-year period.

Within a contracting model, we are building a new biomass plant to generate process steam for Rubinmühle, one of Germany's largest oat processors. The facility will be operated with oat shells from the company's own production and will in future cover a major share of the company's steam requirements on location.

Climate-friendly electricity generation from renewable energies

In April, our project development subsidiary Juwi launched operations with a ground-mounted photovoltaics system in Ahldorf, Baden-Württemberg, on behalf of Stadtwerke Stuttgart. The facility, which has a total capacity of almost 11.2 megawatts, will be able to generate around 13 million kilowatt hours of electricity

a year.

For our own generation portfolio, Juwi connected a new solar park to the grid in Freudenberg in Baden-Württemberg at the beginning of June. This has a capacity of nearly 13.5 megawatts.

Investments in the grids of the future

In July, we launched operations with our second wind farm in Olsberg in North Rhine-Westphalia. With a total capacity of 22 megawatts, this wind farm was also developed by Juwi.

With our grid companies, we are pressing ahead with expanding grids to cover growing energy requirements in the regions and uphold supply reliability. To secure the future of Mannheim's electricity grid, we are currently building a new 110-kV power line. TransnetBW plans to build a new Mannheim Ost substation. This will enable the 380-kV lines at the transmission grid operator to be connected to our 110-kV lines. To this end, we intend to build and operate an open-air 110-kV switching system with corresponding line connections on location. The grid expansion is also advancing in Offenbach, where the first major phase of construction work on expanding the high-voltage grid is already nearing completion. The next construction phase in 2026 should lead to two new electricity lines. In addition, we have already started construction work on building the new Sprendlingen substation. This will double the performance capacity of this grid node.

Adjusted sales

Euro billion

Adjusted EBIT

Euro million

Investments

Euro million

‌Group Business Performance‌

‌Business Framework Economic and Energy Policy‌‌

German growth rates still expected to remain low

In June, the ifo Insitute and the German Institute for Economic Research (DIW Berlin) raised their growth forecasts for Germany slightly: Rather than the growth of 0.2 % previously expected for the country's gross domestic product, the ifo Institute is now forecasting growth of 0.3 %. It explained this change by reference, among other factors, to the fiscal measures announced by the Federal Government. Furthermore, exports, private consumer spending, and investment activity had picked up. In light of these developments, DIW Berlin now also expects growth of 0.3 %, equivalent to an increase of 0.2 percentage points on its previous assessment. By contrast, the EU Commission cut its forecast by 0.7 percentage points at the end of May and now expects zero growth for Germany. This assessment was shared at the end of May by KfW Research, whose forecast is nevertheless

0.2 percentage points higher than its previous one. Macroeconomic developments impact above all on the operating business in our Customer Solutions and New Energies reporting segments.

New government coalition commits to climate protection targets

In their coalition agreement dated April 2025, the CDU/CSU and SPD committed themselves to complying with the Paris Climate Agreement and to achieving climate neutrality in Germany by 2045. This target is to be reached by, among other measures, further reducing carbon emissions in Germany. In addition, the coalition intends to include measures such as imputing negative emissions and carbon reductions in partner countries. For MVV, the focuses thereby set are positive, as they confirm the course taken in our Mannheim Model and underline the need for negative emissions. For us too, these are a core component enabling us to reach our target of becoming #climatepositive by 2035.

The coalition agreement also includes stipulations on individual aspects of energy policy. The electricity price, for example, is to be lowered by at least 5 cents/kWh by reducing electricity tax, allocations and grid fees. No implementation details have yet been outlined. In its draft federal budget for 2025, however, the Federal Government has only provided for a reduction in electricity tax for industry and for agriculture and forestry. Further relief measures, such as for transmission grid fees, should take effect from 2026. The positive effects for MVV, such as from cutting the electricity price for river heat pumps, may be countered by negative consequences if, for example, allocation-financed support programmes are scaled back or abolished in order to lower the electricity price. Given the ongoing political debates, the overall consequences for MVV are

not yet quantifiable.

In July, the German Act Implementing the European Renewable Energy Directive (RED III) was adopted by the Federal Parliament and approved by the Federal Council. The entry into effect of this legislation will enable the renewable energies expansion to continue benefiting from accelerated approval processes. Furthermore, the Federal Government has agreed to implement the EU's directive on internal markets for gas ("Gas Directive") in the near future. This would provide us with a major foundation for planning the transformation in our gas grids.

The coalition parties aim to promote the heat transition far more intensively than to date, above all by providing more funds for investments in district heat and enacting support for heat grids in law. Given MVV's investments in decarbonising and expanding district heat, these measures to boost funding eligibility are to be assessed positively.

Immediate Action Programme by the Federal Government

In a first step, the Federal Government has pooled those projects within the coalition agreement that are earmarked for accelerated implementation in an Immediate Action Programme. These include the Special Assets Fund for Infrastructure and Climate Protection Establishment Act (SVIK), a programme for depreciation on capital investments from July 2025 to the end of 2027, improved conditions for e-mobility at companies and a reduction in corporate income tax from 15 % to 10 % in five steps from 2028. These measures are intended to boost the economy. Alongside direct relief, MVV also expects these policies to lead to rising turnover for energy and the necessary infrastructure, such as electric vehicle charging facilities.

Draft budgets for 2025 and 2026

The budget plans adopted by the Federal Cabinet in June and July 2025 respectively for 2025 and 2026 largely provide for a stabilisation in the funds allocated to key energy policy projects. The support for district heat provided from the Federal Funding for Efficient Heat Networks (BEW) is to be increased, albeit not to the extent called for by the sector. The support for decentralised measures on buildings, such as insulation or heat system replacement, might decrease slightly in 2026 and subsequent years. This may conceivably slow down those refurbishment activities which form part of the decentralised heat transition.

The draft budget for 2026 includes significantly lower funds for supporting the decarbonisation of industry in the long term. As a result, support programmes relevant to BECCUS are still significantly underfinanced.

‌Market Climate

Wholesale prices stabilise

Compared with the equivalent period in the previous year, average wholesale prices on the markets for the fuels of gas and coal and for emission rights hardly changed in the reporting period from October 2024 to June 2025. By contrast, average wholesale prices for electricity for the same period showed a reduction of 7 %. This development was driven by factors specific to the electricity market, such as expected power plant deployment or the expansion in renewable energies.

Average conventional generation spreads fall compared with previous year

Based on front-year contracts for 2026, the margin for conventional generation from coal (clean dark spread, CDS) rose once again in the period under report. On average, however, this margin is lower than the figure for the equivalent period in the previous financial year (based on front-year contracts for 2025). Notwithstanding the increase in the period under report, the average margin for generating electricity from gas (clean spark spread, CSS) also declined. In the context of our hedging concept, changes in these spreads may impact in particular on operating earnings in

Generation and Infrastructure, the reporting segment to which the marketing of generation positions in our Generation business field is allocated.

‌Impact of Weather Conditions

Cooler weather conditions lead to higher degree day figures

Lower outdoor temperatures, which are reflected in higher degree day figures, generally lead to higher heat energy requirements at our customers. In the first nine months of our 2025 financial year, it was colder overall, with regional variations, than in the previous year's comparative period. Degree day figures were around 10 % higher than in the previous year.

Wind volumes significantly lower than in 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.

Overall, the volume of usable wind in the regions relevant to our business was around 14 % lower than the long-term average in the first nine months of our 2025 financial year. The wind yield also fell significantly short of the previous year's figure, which in turn exceeded the long-term average by around 18 % at our wind locations over the same period. In this comparison, we use the "EMD-ERA Wind Index" with a reference period (historic average).

‌Earnings, Asset and Financial Position‌

The period under report comprises the first nine months of the 2025 financial year - from 1 October 2024 to 30 June 2025. 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

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 210 million in the realisation period from 1 October 2024 to 30 June 2025 (previous year: Euro 718 million). Overall, adjusted sales fell by Euro 991 million to Euro 4.9 billion. The sales performance was affected above all by the reduction in wholesale prices and lower volumes in the electricity and gas businesses.

MVV's adjusted EBIT stood at Euro 323 million in the first nine months of the current financial year and thus fell short of the previous year's figure of Euro 385 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 Commodity Services business field in the first two quarters of the previous year due to wholesale prices. The development in adjusted EBIT in the New Energies reporting segment was influenced on the one hand by a reduction in earnings in our project development business: In the previous year, this had benefited from factors including disposal gains from the sale of the shares held by Juwi in the at-equity companies Juwi Shizen

Energy and Juwi Shizen Energy Operations and from the completion of major development projects in the USA. On the other hand, earnings contributions from our environmental energy business also fell short of the previous year's figure, with this being due above all to lower plant availability and lower electricity revenues. In addition, segment earnings were further adversely affected by wind volumes falling significantly short of the previous year's figure. The increase in adjusted EBIT in the Generation and Infrastructure reporting segment was driven among other factors by a year-on-year improvement in plant availability at our generation plants, as well as by higher income at our grid companies due to regulatory factors. Our gas-fired combined heat and power plant in Kiel in

particular benefited both from higher technical availability and from a flexible mode of operation made possible not least by favourable weather conditions.

The reduction in electricity and gas volumes was primarily attributable to our trading business. Heat turnover was affected on the one hand by higher acceptance volumes at our customers due to weather conditions and on the other hand by a year-on-year reduction in plant availability

in our environmental energy business. Overall, heat turnover fell short of the previous year's figure. The reduction in usable residual waste delivered also reflects the lower level of plant availability in our environmental energy business.

Reconciliation with adjusted EBIT

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 - 40 million as of 30 June 2025 and Euro - 56 million as of 30 June 2024. 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 ability to pay dividends.

Development in 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 30 June, the net balance amounted to Euro - 145 million (previous year: Euro - 641 million). The reduction in adjusted cost of materials by Euro 910 million to Euro 3,909 million reflects the decrease in wholesale prices for electricity and gas.

Mainly due to collectively agreed pay rises and increased staff totals at individual group companies,

employee benefit expenses grew year-on-year by Euro 31 million to Euro 467 million.

Adjusted income from derivative financial instruments decreased by Euro 22 million to Euro 6 million, while adjusted expenses for derivative financial instruments fell by Euro 7 million to Euro 11 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 a one-off item resulting from allocation reimbursements, as well as by income from reversals of provisions. Overall, other operating income increased by Euro 28 million to Euro 97 million. Other operating expenses fell year-on-year by Euro 6 million to Euro 187 million, with this principally being due to operating taxes and lower service fees with trading partners in the direct marketing business.

Depreciation and amortisation rose by Euro 10 million to Euro 159 million.

Chiefly due to lower interest income from cash deposits, the adjusted financial result decreased by Euro 7 million to Euro - 21 million.

Adjusted non-controlling interests increased by Euro 3 million to Euro 55 million.

See Income Statement on Page 17

‌Presentation of Asset Position‌

Development in balance sheet

Total assets decreased by Euro 925 million compared with 30 September 2024 to Euro 6,951 million. Among other factors, this was attributable to the changed level of market prices

and resultant changes in the fair values of energy trading transactions recognised under IFRS 9. These changes are reflected in the development in asset-side and liability-side derivative financial instruments and in the change in deferred tax assets and liabilities. Asset-side derivative financial instruments decreased by Euro 1,045 million to Euro 896 million, while liability-side derivative financial instruments fell by Euro 1,048 million to Euro 898 million.

Non-current assets decreased by Euro 18 million to Euro 4,195 million. Current assets fell by Euro 907 million to Euro 2,756 million. The increase in trade receivables by Euro 225 million is largely consistent with the customary seasonal course of business. The main reason for the reduction in other financial receivables and assets by Euro 29 million was the decrease in receivables for security deposits for counterparty default risk (margins). Principally due to purchases of emission rights, current other non-financial receivables and assets showed an overall increase of Euro 89 million to Euro 319 million. Cash and cash equivalents fell by Euro 371 million to Euro 408 million. This reduction is primarily attributable to outgoing payments for investments and the dividend. Inflows of funds from security deposits for counterparty default risk (margins) had an opposing and thus positive effect on cash and cash equivalents.

MVV's equity including non-controlling interests amounted to Euro 2,601 million and was therefore Euro 86 million higher than at the previous year's balance sheet date.

Non-current debt decreased by Euro 46 million to Euro 2,264 million, while current debt fell by Euro 964 million to Euro 2,087 million. The increase in other non-financial liabilities by a total of Euro 118 million to Euro 539 million is due in particular to higher liabilities in connection with the German Fuel Emission Trading Act (BEHG), as well as to an increase in other contract liabilities. The main reason for the reduction in other provisions by Euro 88 million to Euro 87 million was the utilisation of current other provisions for services not yet invoiced, as well as of provisions for personnel obligations.

For Group management purposes, we adjust our consolidated balance sheet as of 30 June 2025 to eliminate cumulative items resulting from IFRS 9 measurement as of the reporting date. On the asset side, we eliminate the positive fair values of derivatives, amounting to Euro 885 million in total (30 September 2024: Euro 1,929 million). On the equity and debt side, we eliminate from debt the negative fair values and allocable deferred taxes, amounting to Euro 894 million in total (30 September 2024: Euro 1,940 million). Under equity, we eliminate the net balance, which amounted to Euro 9 million (30 September 2024: Euro - 11 million). This led to adjusted equity of Euro 2,609 million as of 30 June 2025 (30 September 2024: Euro 2,526 million). Based on adjusted total assets of Euro 6,066 million (30 September 2024: Euro 5,947 million), the adjusted equity ratio therefore stood at 43.0 % as of 30 June 2025 (30 September 2024: 42.5 %).

See Balance Sheet on Page 18

‌Presentation of Financial Position‌

At Euro 1,703 million, current and non-current financial debt was at the same level as in the previous year. The taking up of new loans for investment projects was countered by repayments of existing loans. At the same time, cash and cash equivalents decreased by Euro 371 million, a development due above all to outgoing payments for investments and the dividend. Inflows of funds from security deposits for counterparty default risk (margins) had an opposing and thus

positive impact on cash and cash equivalents. Overall, net financial debt rose by Euro 369 million to Euro 1,295 million.

The cash flow before working capital and taxes fell by Euro 38 million compared with the previous year's period. This was primarily attributable to the year-on-year reduction in earnings before taxes (EBT) which, after elimination of non-cash and non-operating income and expenses, led to a lower level of cash-effective operating earnings. The largest item eliminated related to depreciation and amortisation, which were higher than in the previous year's period on account of the increased volume of investments.

The cash flow from operating activities decreased by Euro 160 million compared with the previous year's period. From an operating perspective, this key figure was affected above all by the expiry of short-term cash investments in the previous year's period, which had resulted in a sharp increase in cash and cash equivalents in the second quarter of the 2024 financial year already. The more marked rise in trade receivables, reduction in trade payables and lower inflows of funds in our project development business also reduced the cash flow from operating activities compared with the previous year's period. By contrast, inflows of funds received for security deposits for counterparty default risk (margins), which were mainly influenced by price movements on the wholesale markets for the electricity and CO2 commodities, led to an improvement in the cash flow from operating activities.

The cash flow from investing activities fell year-on-year by Euro 75 million in the period under report. This development was influenced on the one hand by the increased volume of investments in the period under report. On the other hand, the cash flow from investing activities was positively affected in the third quarter of the previous year by disposal gains received from the sale of the shares held by Juwi in the at-equity companies Juwi Shizen Energy and Juwi Shizen Energy Operations in Japan.

The cash flow from financing activities increased by Euro 117 million to Euro- 167 million, a development due in particular to the increase in net new borrowing and the lower dividend payment. MVV posted cash and cash equivalents of Euro 408 million as of 30 June 2025 (30 June 2024: Euro 732 million).

See Cash Flow Statement on Page 20

‌Forecast for the 2025 Financial Year Earnings Performance‌‌

Due to our business model, MVV's earnings performance depends in particular on regulatory changes, wholesale prices on energy markets, weather and wind conditions, waste and biomass prices and volumes, procurement costs for fuels and CO2 emission rights, availability levels at our plants and the development in market conditions and the competitive climate. Furthermore, the development of wind and photovoltaics projects is characterised by an inherently high level of volatility. In addition to the factors listed above, our expectations concerning the Group's adjusted EBIT also depend on further macroeconomic developments and conditions on the energy markets. Moreover, our forecast assumes that no geopolitical situation will arise that leads to restrictions in the availability of commodities, compromises supply chains or results in any other crisis scenario.

At the end of the first nine months of our 2025 financial year, we are now specifying the forecast published in our 2024 Annual Report in greater detail: Given the ongoing uncertainties in the overall economy and the energy industry, a situation that has been exacerbated by uncertainties in foreign and domestic policy, and the earnings performance in the New Energies reporting segment to date, from an operating perspective we expect MVV's adjusted EBIT in the 2025 financial year to amount to between Euro 350 million and Euro 370 million. In our previous forecast for the 2025 financial year, we expected adjusted EBIT to amount to between Euro 350 million and Euro 400 million.

‌Opportunity and Risk Situation‌

At the end of our third quarter, our opportunity/risk profile is shaped by uncertainties surrounding developments in the market for renewable energies projects, uncertainties in the energy trading market, geopolitical developments, and increasing tensions between the transformation towards greater sustainability and climate-positive business activity on the one hand and (international) competitiveness on the other. We present our opportunity and risk management system in detail from Page 122 onwards of our 2024 Annual Report. There, we explain the risk categories relevant to our business and the associated opportunities and risks.

We are aware of current geopolitical changes and adapt our approach accordingly. Our close integration into the overall economy may have effects that we can only influence to a limited extent. Currently, the greatest opportunities and risks relate to the realisability on time and budget of projects in our renewable energies project development business, wholesale energy prices, market conditions and the competitive climate, the availability of our generation plants and, where applicable, those of our partners, and recently in particular to future national and international economic policy and the regulatory framework. Our business performance as an energy supplier and service provider is also influenced by the volume of demand from our customers in view of

weather conditions and macroeconomic developments. Additional uncertainties result from potential price rises at upstream suppliers that we potentially may not be able to charge on to our customers in full or which may negatively affect the viability of our infrastructure investments. Existing uncertainties also include the availability of upstream products, such as fuels and operating materials, in supply chains. Given the overall intensification in the cyber-IT threat, we are continually optimising our existing measures and developing additional measures to enhance

our IT security.

We continue to align our hedging strategy to changes in the wholesale energy markets, to technical and product-specific conditions and to our customers' requirements. The general development in prices continues to involve fluctuations due to market volatility. We are therefore closely monitoring the corresponding impact on security deposits (margins) on the energy exchanges.

‌Income Statement‌

‌Balance Sheet‌

‌Cash Flow Statement‌

‌Financial Calendar‌

14 August 2025

9M Quarterly Statement 2025 Financial Year

11 December 2025

Annual Report 2025 Financial Year

11 December 2025

Annual Results Press Conference and Analysts' Conference 2025 Financial Year

The dates of conference calls to be held with analysts during the financial year will be announced in good time.

This Quarterly Statement was published on the internet on 14 August 2025. MVV's financial reports can be downloaded from our websites.

This Quarterly Statement has been translated into English. Only the original German version

is legally binding.

‌Imprint/Contact‌

Published by

MVV Energie AG Luisenring 49

D-68159 Mannheim

T +49 621 290 0

F +49 621 290 23 24

https://www.mvv.de kontakt@mvv.de

Editorial responsibility

MVV Energie AG Investor Relations

T +49 621 290 37 08

F +49 621 290 30 75

https://www.mvv.de/investors ir@mvv.de

Investor Relations contact

Daniela Rink

Team Leader Reporting and Investor Relations

T +49 621 290 37 08

ir@mvv.de

Graphics

HGB Hamburger Geschäftsberichte GmbH & Co. KG, Hamburg

Photography

MVV Energie AG, Mannheim

MVV Energie AG

Lui6enring 49

D - 68159 Mannheim