H1 Interim Report (Zwischenbericht H1 GJ 2026 engl)

H1 Interim Report 2026 Financial Year

We inspire

with energy.

Our future:

#cIimatepositive

MVV in Figures

1 Oct 2025

to 31 Mar 2026

1 Oct 2024 %

to 31 Mar 2025 change

‌Contents

Highlights 4

Interim Group Management Report 6

Group Business Performance 6

Business Framework 6

Earnings, Asset and Financial Position 11

Employees 16

Forecast, Opportunity and Risk Situation 17

Forecast for the 2026 Financial Year 17

Opportunity and Risk Situation 18

Interim Consolidated Financial Statements 19

Income Statement 19

Statement of Comprehensive Income 20

Balance Sheet 21

Statement of Changes in Equity 23

Cash Flow Statement 24

Notes to Interim Consolidated Financial Statements 26

Notes to Income Statement 28

Notes to Balance Sheet 31

Responsibility Statement 41

Further Information 42

Financial Calendar 42

Imprint/Contact 43

‌Highlights

Consistently implementing our Mannheim Model

In November 2025, we began work on modernising our oldest

substation in Mannheim's Neckarstadt-West district: The 110-kV switchgear is being replaced by a state-of-the-art and sustainable facility. In parallel, we are building a new substation in Offenbach and extending our high-voltage grids in Mannheim and Offenbach to safeguard supply in the changing energy system.

Sustainably using resources

In our Customer Solutions business, we are working with Altmark-Käserei Uelzena to jointly implement an innovative heat and cooling concept for carbon-neutral milk processing. The new facilities enable the generation of heat and cooling energy to

be flexibly aligned to requirements and market prices. Our MVV Enamic subsidiary is responsible for building and financing the facilities, as well as for operating them over a twelve-year contractual term.

At the end of October 2025, we began construction work on our new energy from waste plant in Wisbech, UK. This will incinerate up to 625,000 tonnes of non-recyclable waste a year, use this to generate climate-friendly electricity and supply companies with

steam. Operations are planned to be launched in 2029. With an investment volume of around Euro 500 million, the "Medworth" project is the largest single investment in our company's history.

In February 2026, we officially launched operations with our phosphorous recycling plant in Mannheim. While global phosphorous deposits are shrinking and demand is rising,

a large portion of this valuable resource is available in municipal sewage sludge. Directly integrated into the existing energy from waste plant, our facility efficiently recovers phosphorous from the sludge, while at the same time producing regenerative electricity and district heat.

Dividend of Euro 1.30 per share approved

Our Annual General Meeting was held this year in Mannheim

on 13 March 2026. Consistent with the recommendation submitted by our Executive and Supervisory Boards, our shareholders approved a dividend of Euro 1.30 per share - 5 cents higher than in the previous year. Based on the closing price of our share at the end of the 2025 financial year, this corresponds to a dividend yield of 4.3 percent. Overall, a total of Euro 85.7 million was

distributed.

Adjusted sales

Euro billion

Adjusted EBIT

Euro million

Investments

Euro million

Our First Six Months

Adjusted sales by reporting segment

Euro million Customer Solutions

2,413

New Energies

Generation and Infrastructure

Other Activities 33

289

407

Adjusted EBIT by reporting segment

Euro million

Customer Solutions 31

New Energies

21

Generation and Infrastructure

Other Activities 10

126

‌Interim Group Management Report

‌Group Business Performance

‌Business Framework Economic and Energy Policy

Economy als o adversely affected by geopolitical s ituation

The macroeconomic climate in the period under report was significantly influenced by the high degree of geopolitical tensions and above all by the military conflict with Iran and repeated altercations in the Middle East. The temporary blockade of strategically important transport routes, and of the Strait of Hormuz in particular, led to substantial disruptions on the international energy and commodities markets. In addition, tariffs and other protectionist measures are impeding international trade and impairing supply chains and prices.

This is already impacting on consumer prices in Germany. The rate of inflation rose to 2.9 % in April 2026 and was thus notably higher than in previous months. Consumer confidence has also deteriorated since the spring.

At the same time, the spring upturn on the labour market only produced marginal momentum, with the unemployment rate of 6.4 % in April slightly higher than in April 2025. Against this backdrop, the macroeconomic prospects for Germany remain weak. The Federal Government cut its growth forecast for 2026 to 0.5 %. Alongside current geopolitical crises, this was due above all to Germany's structural deficits in terms of its economic competitiveness.

EU sets new climate protection target and postpones introduction of ETS 2

On the path towards achieving climate neutrality by 2050, in July 2025 the EU Commission submitted a legislative proposal to amend the European Climate Law. Following trilogue

negotiations, at the beginning of March 2026 the EU Council formally endorsed the amended European Climate Law. The key legislative amendment is the new interim target of reducing the EU's greenhouse gas emissions by 90 % by 2040 compared with their 1990 levels. Also new is the regulation allowing states to draw on international certificates on a scale of up to 5 percentage points in order to reach this target. This opening weakens the requirements slightly compared with the original Commission proposal, which provided for certificates to be used on a scale of up to

3 percentage points. At the same time, EU states have affirmed their ambition to achieve climate neutrality by 2050.

In addition, the launch of the new EU emissions trading system for the transport and heat sectors (ETS 2) has been postponed by one year to 2028. This amendment could lead to an adjustment

in national emissions trading. Even after these amendments, the basic architecture of the emissions trading systems remains intact. This in turn continues to provide a stable foundation for MVV's

strategy.

2026 Climate Action Programme adopted

The Climate Action Programme unveiled by the Federal Government in March 2026 comprises numerous measures intended to close the shortfall to the 65-percent reduction target by 2030 identified on the basis of 2025 forecast data. One positive measure for MVV is the gradual tendering of 12 gigawatts of additional onshore wind power in the forthcoming tendering rounds held under the German Renewable Energies Act (EEG).

Amendment to German Building Energy Act (GEG) progressing

At the end of February 2026, the coalition party groups presented key points of the German Building Modernisation Act (GMG). The amendments are due to enter effect by July 2026. The objective is to delete a requirement previously contained in the German Building Energy Act (GEG), namely that at least 65 % of new heating systems installed once a municipal heat plan is in place

should be powered by renewable energies, from July 2026 and 2028 respectively. The Federal Government is instead planning to introduce a catalogue of technologies with various heating options that continues to permit the installation of new gas and oil-powered heating systems. From 2029, these must demonstrably use at least 10 % carbon-neutral fuels, with this share set to rise further in future ("biofuel staircase"). In addition, a green gas / green oil quota of "up to 1 %" is required for all existing gas and oil-powered heating systems from 2028 onwards. The implications for MVV can only be conclusively assessed once the final legislative text is adopted. It is important to avoid any further delays to the heat transition, particularly with regard to customers, and to uphold the level of ambition for the heat transition.

Draft legislation to implement EU Gas Directive presented

Implementing the EU Gas Directive in German law is one of the core steps required to achieve a bespoke regulatory framework for the future of the country's gas grids. It is therefore highly

significant that the Federal Cabinet adopted draft legislation at the end of March to implement the requirements of this Directive. Among other aspects, the draft legislation requires gas distribution grid operators to compile development plans for their grids if they plan to convert them to hydrogen or expect to see a decline in demand in the next ten years that necessitates the decommissioning of a grid or part of a grid. Based on these plans, grid operators should be permitted to refuse to

install new gas connections in the areas covered by the plans and, provided that stipulated deadlines and conditions are complied with, also be permitted to terminate existing connections. Landowners will basically be required to tolerate gas pipelines decommissioned in connection with these plans remaining in the ground.

Among other aspects, one important factor relates to the deadlines for terminating connections following the compilation and confirmation of a development plan. In general, a ten-year period following submission of the plan to the relevant authority is provided for in this respect. Upon application by the grid operator, this may be reduced to five years if a connection to a heat grid

is possible and the relevant authority confirms this. This regulation supports our plans for the future of the gas grid in Mannheim. Alongside district heat, however, this should also be extended to include further energy infrastructures in order to avoid economically inefficient parallel

infrastructures.

Reform to incentive regulation takes shape

In December 2025, the Federal Network Agency (BNetzA) made initial stipulations in the process to reform incentive regulation (known as the "NEST Process"). From the perspective of the energy industry, and also of MVV, most of the planned adjustments are to be assessed negatively. Among other aspects, we do not believe that shortening the regulation period (RP) from five to three years from the next RP but one or the conversion to efficiency value assessment are appropriate. The requirements create additional costs for grid operators and uncertainties as to the future design of the efficiency comparison. We expect further stipulations to be issued in the further course of 2026.

German Geothermal Energy Acceleration Act (GeoBG) takes effect

With the German Geothermal Energy Acceleration Act (GeoBG), the governing coalition aims to promote geothermal projects by simplifying and standardising processes in the planning and approval stage. This legislation took effect at the end of 2025, with the first draft already having

been prepared by the previous three-party coalition. For MVV, this omnibus legislation is positive, as it now defines the use of geothermal energy as being of overriding public interest and privileges outdoor deep geothermal energy plants, a factor which simplifies the choice of locations.

Amendment to German Carbon Dioxide Storage Act (KSPG) takes effect

Germany aims to implement increasing volumes of carbon capture and transport projects. To this end, lawmakers have adopted an amendment to the German Carbon Dioxide Storage Act (KSPG). The amendments already took effect at the end of November 2025. The Federal Government hopes to accelerate projects by, among other aspects, setting clear procedural regulations for carbon pipelines and for storing and utilising this gas. Furthermore, the legislation facilitates the offshore storage of carbon in Germany. Federal states also have the possibility to allow onshore

storage. These amendments are indirectly positive for our planned carbon capture capacities, as they may contribute towards establishing a national carbon infrastructure.

Market Climate

Electricity prices stabilised by heterogeneous market climate

Wholesale prices (average)

H1: 1 October to 31 March

FY 2026 FY 2025 +/- change % change

1. Brent crude oil; front-month

2. Trading Hub Germany market region; front-year

3. Front-year

4. Front December contract

5. Front-year

Average prices in important submarkets for the electricity market, namely fuels and emission rights, showed opposing year-on-year developments in the period under report from October 2025 to March 2026. Wholesale prices for gas and coal fell by around 19 % and 8 % respectively compared with the first half of the 2025 financial year, while wholesale prices for emission rights rose by 12 %.

The escalation in the Middle East and political efforts to reform the European emissions trading system recently had a significant impact on fuel and emission right pricing. These factors are nevertheless not yet discernible in the direct comparison of average prices for the respective financial years. As a result, average electricity prices remained largely unchanged in the overall reporting period.

Conventional generation s preads show dis parate developments

In the first half of the 2026 financial year, the margin for conventional coal-based electricity generation (clean dark spread, CDS) based on front-year contracts for 2027 fell short of the level in the previous year's period (based on 2026 front-year contracts). By contrast, the average margin for gas-based electricity generation (clean spark spread, CSS) showed a year-on-year increase.

In the wake of the escalation in the Middle East, the CDS and CSS moved in opposite directions in March, with the CDS rising and the CSS falling. 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. The following chart presents the development in the clean dark spread and the clean spark spread based on 2027 front-year contracts since the beginning of our 2025 financial year.

Impact of Weather Conditions

Cooler weather conditions lead to higher degree day figures

Lower outdoor temperatures are reflected in higher degree day figures. In the first six months

of our 2026 financial year, it was colder overall, with regional variations, than in the previous year's comparative period. Degree day figures were around 3 % higher than the previous year's figures.

Wind volumes continue to fall short of long-term average

Like our customers' heating 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 19 % lower than the long-term average in the first six months of the 2026 financial year. The wind yield nevertheless fell short of the previous year's figure, which was in turn around 26 % lower than

the long-term average 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 six months of the 2026 financial year - from 1 October 2025 to 31 March 2026. Unless otherwise indicated, the following comments refer to the MVV Group (MVV), i.e. to all companies fully consolidated and the updated measurement of those

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 aggregated sums of individual items and the totals stated.

Presentation of Earnings Performance

Material operating developments

MVV H1: 1 October to 31 March

Euro million FY 2026 FY 2025 +/- change % change

1. Previous year's figure adjusted

In sales, we eliminate the difference between the hedge and reporting date prices as of the respective realisation date pursuant to IFRS 9. This resulted in a net total of Euro 68 million in the realisation period from 1 October 2025 to 31 March 2026 (previous year: Euro 96 million).

Adjusted sales decreased compared with the previous year, with this being due above all to the decline in wholesale prices for gas and electricity.

As expected, MVV's adjusted EBIT of Euro 188 million in the first six months of the current financial year fell short of the previous year's figure of Euro 273 million.

The reduction in adjusted EBIT in the Customer Solutions reporting segment was attributable to lower earnings in our Retail business and our Commodity Services business field.

The development in adjusted EBIT in the New Energies reporting segment was chiefly affected by a reduction in earnings in our Environmental Energy business, mainly as a result of lower plant availability compared with the previous year. By contrast, earnings from our wind turbines and our project development business were ahead of the previous year's figures.

The reduction in adjusted EBIT in the Generation and Infrastructure reporting segment was due, among other factors, to a decline in the margin from conventional coal-based generation (clean dark spread). In the context of our hedging concept, changes in conventional generation spreads impact on operating earnings in the Generation business field, to which the marketing of generation positions is allocated. Furthermore, in the previous year our grid companies benefited from factors including higher income due to regulatory factors.

The improvement in adjusted EBIT in the Other Activities reporting segment was principally due to higher earnings at our other shareholdings, as well as to lower expenses at our cross-divisional activities.

While electricity and heat volumes were at approximately the same level as in the previous year, gas turnover largely reflected the reduction in our trading volumes.

Reconciliation with adjus ted EBIT

Reconciliation of EBIT (income statement) with adjusted EBIT

H1: 1 October to 31 March

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 to eliminate the positive and negative earnings items resulting from fair value measurement as of the reporting date of those financial derivatives recognised pursuant to IFRS 9. These stood at a net total of Euro 8 million as of

31 March 2026 (previous year: Euro - 30 million). 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. With effect from the 2026 financial year, we are additionally amending our adjusted EBIT to eliminate energy transition transformation expenses. No such expenses were incurred in the period under report.

Development in other key income s tatement items

In cost of materials, we eliminate the difference between the hedge and reporting date prices pursuant to IFRS. The adjusted cost of materials fell by Euro 291 million to Euro 2,475 million. This reduction in cost of materials reflects the lower electricity and gas wholesale prices fulfilled in the period under report.

Primarily as a result of collectively agreed pay rises and workforce growth at individual group companies, employee benefit expenses rose year-on-year by Euro 15 million to Euro 327 million.

Adjusted income from derivative financial instruments rose by Euro 1 million to Euro 5 million, while adjusted expenses for derivative financial instruments fell by Euro 3 million to Euro 6 million. These developments were caused above all by measurement items in connection with cavern management.

Other operating income decreased year-on-year by Euro 15 million to Euro 41 million. This reduction was particularly attributable to a one-off item relating to the reimbursement of an allocation in the previous year. Other operating expenses increased by Euro 8 million compared with the previous year. Key reasons for this increase included higher expenses for IT operations in the period under report and repayments of energy taxes in the previous year.

Depreciation and amortisation rose by Euro 5 million to Euro 111 million.

Mainly on account of lower interest income from cash investments, the adjusted financial result

decreased by Euro 6 million to Euro - 19 million.

At Euro 33 million, adjusted non-controlling interests were Euro 12 million lower than in the previous year.

See Income Statement on Page 19 and Notes to Income Statement from Page 28

Presentation of Asset Position

Development in balance s heet

Total assets grew by Euro 1,189 million compared with 30 September 2025 to Euro 7,823 million.

Among other factors, this was due 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, Notes 10, 13 and 19. Asset-side derivative financial instruments rose by Euro 672 million to Euro 1,346 million, while liability-side derivative financial instruments increased by Euro 522 million to Euro 1,210 million.

Non-current assets rose by Euro 343 million to Euro 4,612 million. Current assets increased by Euro 845 million to Euro 3,210 million. The increase in property, plant and equipment by Euro 226 million to Euro 3,583 million is due above all to the high volume of investments in the period under report, which significantly exceeded depreciation. The increase in trade receivables by Euro 285 million to Euro 770 million is largely consistent with customary seasonal developments. Largely due to purchases of emission rights, current other non-financial receivables and assets increased by Euro 146 million overall to Euro 364 million. Cash and cash equivalents fell by Euro 158 million

to Euro 360 million. This reduction is chiefly attributable to the high volume of investments in non-current assets and to payment of the dividend. The high volume of net new borrowing had an opposing, and thus positive impact on liquid funds in the period under report.

MVV's equity including non-controlling interests stood at Euro 2,717 million and was thus Euro 102 million higher than at the previous year's balance sheet date.

Non-current debt grew by Euro 381 million to Euro 2,458 million. The increase in non-current other non-financial liabilities by Euro 59 million to Euro 249 million was driven above all by the rise in other contract liabilities for construction cost grants and in liabilities relating to the German Fuel Emission Trading Act (BEHG). Current debt rose by Euro 706 million to Euro 2,648 million. Current other non-financial liabilities rose by Euro 116 million to Euro 381 million, with this chiefly being due to an increase in contract liabilities for prepayments received and to higher non-financial liabilities relating to the BEHG legislation.

For Group management purposes, we adjust our consolidated balance sheet at 30 March 2026

to eliminate cumulative IFRS 9 measurement items. On the asset side, we eliminate the positive fair values of derivatives and allocable deferred taxes, amounting to Euro 1,336 million (30 September 2025: Euro 663 million). On the equity and debt side, we eliminate from debt the negative fair values and allocable deferred taxes, amounting to Euro 1,244 million (30 September 2025: Euro 681 million). Under equity, we eliminate the net balance, which amounted to Euro 92 million

(30 September 2025: Euro - 18 million). This led to adjusted equity of Euro 2,625 million as of 31 March 2026 (30 September 2025: Euro 2,633 million). Based on adjusted total assets of Euro 6,486 million (30 September 2025: Euro 5,971 million), the adjusted equity ratio stood at 40.5 % as of 31 March 2026, compared with 44.1 % at 30 September 2025.

See Balance Sheet on Page 21 and Notes to Balance Sheet from Page 31

Investments

We invested a total of Euro 358 million in the first half of our 2026 financial year (previous year: Euro 202 million).

Investments

H1: 1 October to 31 March

Euro million FY 2026 FY 2025 +/- change % change

• Building our third energy from waste plant in the UK, in this case in Wisbech, to strengthen our market position

• Further expanding the high-voltage grid (110 kV) in the Offenbach and Mannheim urban regions

• Investments in green heat generation plants across the Group and in the grids required for these

• Modernising a wind farm by way of repowering

• Building proprietary substations in North Rhine-Westphalia and Saxony-Anhalt as a logistical and technical prerequisite for feeding in large volumes of electricity

• Maintaining and renewing our distribution grids to safeguard supply reliability

• Investments made by Stadtwerke Kiel to promote the expansion in renewable energies.

Presentation of Financial Position

Current and non-current financial debt increased by Euro 326 million to Euro 1,983 million.

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 158 million to Euro 360 million, a development chiefly due to the high volume of investment in non-current assets and to payment of the dividend. The high volume of net new borrowing in the period under report had an opposing, and thus positive impact on cash and cash equivalents. Overall, net financial debt increased by Euro 484 million to Euro 1,623 million.

As of 31 March 2026, MVV posted cash and cash equivalents of Euro 360 million (31 March 2025: Euro 481 million).

See Cash Flow Statement on Page 24 and Note 25

‌Employees

Personnel figures (headcount) at balance sheet date

31 Mar

31 Mar

+/- change % change

2026 2025

MVV 1 6,703 6,680 + 23 0

of which in Germany 6,104 6,090 + 14 0

of which abroad 599 590 + 9 + 2

1 Including 275 trainees (previous year: 268)

We had a total of 6,703 employees as of 31 March 2026, 23 more than one year earlier. This increase is attributable above all to the expansion in the workforce in our growth fields. A total of 6,104 employees worked for us in Germany, while 599 people were employed at our foreign subsidiaries. Of our employees abroad, 368 worked at the international shareholdings of Juwi,

while 163 were employed at the British subsidiaries of MVV Umwelt and 68 at further companies. A total of 275 people were in training across the Group as of 31 March 2026.

‌Forecast, Opportunity and Risk Situation

‌Forecast for the 2026 Financial Year Earnings Performance

Alongside weather conditions, the earnings performance of the Customer Solutions reporting

segment is particularly dependent on market conditions and the competitive climate. Due to lower energy prices and a significantly lower degree of price volatility on wholesale markets compared with the previous market situation, which was characterised by exceptionally high prices and

severe fluctuations, we expect to generate lower earnings in the energy trading business and from marketing renewable energies. We also expect to see lower earnings contributions from our Retail and Business customers. Overall, we therefore expect adjusted EBIT in this segment to fall significantly short of the previous year's figure in the 2026 financial year.

For the New Energies reporting segment as well, we expect to see a significant reduction in adjusted EBIT compared with the previous year. In our previous forecast for the current financial year, we still expected to see a moderate increase in adjusted EBIT. The change in expectations for this segment is due above all to the fact that, due to a disruption at a plant, we will have lower plant availability in our Environmental Energy business in the further course of the financial year. In general, earnings in the New Energies reporting segment are influenced by the development in waste and biomass prices and volumes, wholesale prices on energy markets, the availability of our plants, weather conditions and wind volumes. In addition, the development of wind power and photovoltaics projects is by its nature highly volatile.

We also expect adjusted EBIT in the Generation and Infrastructure reporting segment to fall significantly short of the previous year's figure. Earnings in this reporting segment are affected above all by the development in procurement costs for fuels and CO2 emission rights, as well as by weather conditions, the availability of our plants and grid operations.

In addition to the factors listed above, our expectations concerning adjusted EBIT also depend

on further macroeconomic developments and conditions on the energy markets. Furthermore, our forecast assumes that no geopolitical situation will arise that leads to restrictions in the availability of commodities, the collapse in supply chains or any other crisis scenario.

At the end of the first six months of our 2026 financial year and based on the assumptions for our reporting segments, from an operating perspective we still expect the Group's adjusted EBIT to amount to between Euro 200 million and Euro 240 million in the 2026 financial year.

Investments

From a current perspective, we will significantly increase our investments in the 2026 financial year compared with the previous year (Euro 501 million).

‌Opportunity and Risk Situation

At the end of the first half of its financial year, MVV's opportunity and risk profile is characterised by a challenging environment. Key drivers are the high degree of volatility on energy wholesale markets given the geopolitical situation, uncertain developments in the market for renewable energies projects and growing tensions between sustainability and climate targets on the one hand and measures to safeguard international competitiveness and affordability on the other. The success of our growth strategy in renewable energies and in converting our existing business to climate-friendly technologies significantly depends on the future structure and reliability of national and international economic policy and regulatory frameworks. We are continually monitoring these developments and factoring them into our management and decision-making processes, although our close integration into the overall economy means that we cannot directly influence all effects and factors.

Currently, the greatest opportunities and risks relate to the realisability on time and budget of projects in our renewable energies project development business, the further development in wholesale energy prices, changes in market conditions and the competitive climate and the volume of demand from our customers in view of weather conditions and macroeconomic developments. Furthermore, company transactions may significantly influence our business performance in the current financial year.

Further uncertainties result from potential price rises and the limited availability of upstream products, fuels and operating materials and other services provided by upstream suppliers. We potentially may not be able to charge these on to our customers in full and they may adversely impact on the viability of planned and current infrastructure investments.

Operating risks are focused in particular on the availability and operation of our technical plants, those of our partners and potential disruptions in supply chains. Our industry environment is also increasingly exposed to targeted physical and digital attacks on its infrastructure. Events of this nature may lead to temporary supply interruptions, unplanned restoration costs, and further negative consequences at MVV as well.

We continue to develop our hedging strategy further and to align this to changes in the wholesale energy markets, to technical and product-specific conditions and to our customers' requirements. The high degree of volatility now apparent in markets once again is being accompanied by increased price fluctuations. We are closely monitoring the associated development in security deposits (margins) on the energy exchanges.

We present our opportunity and risk management system from Page 186 onwards of our 2025 Annual Report, where we explain the risk categories relevant to MVV and the associated opportunities and risks. In addition, from Page 59 onwards of the Annual Report we report on MVV's financially material sustainability-related opportunities and risks in line with the CSRD.

‌Interim Consolidated Financial Statements

‌Income Statement

Income statement

‌Statement of Comprehensive Income

Statement of income and expenses recognised directly in group equity

‌Balance Sheet

Balance sheet

Euro 000s 31 Mar 2026 30 Sep 2025 Notes

Assets

Balance sheet

Euro 000s 31 Mar 2026 30 Sep 2025 Notes

Equity and debt

‌Statement of Changes in Equity

Statement of changes in equity

Equity contributed Equity generated

Accumulated other

comprehensive income

‌Cash Flow Statement

1 See further disclosures on cash flow statement in Note 25

Cash Flow Statement

Cash flow - aggregate presentation

1 Oct 2025

1 Oct 2024

Euro 000s to 31 Mar 2026 to 31 Mar 2025

‌Notes to Interim Consolidated Financial Statements

Information about the company

MVV Energie AG has its legal domicile in Mannheim, Germany. It is the parent company of MVV and acts as an energy generator, distributor and service provider in its reporting segments of Customer Solutions, New Energies, Generation and Infrastructure and Other Activities.

These condensed interim consolidated financial statements were prepared by the Executive Board on 11 May 2026. Neither the condensed interim consolidated financial statements nor the interim group management report were subject to any audit review requirements.

Accounting policies

The condensed interim consolidated financial statements for the period from 1 October 2025 to 31 March 2026 have been prepared in line with IFRS accounting requirements as adopted by the

EU, and in particular with IAS 34 "Interim Financial Reporting". As the interim consolidated financial statements do not include all notes and disclosures required of a complete set of annual financial

statements, they should be read in conjunction with the consolidated financial statements as of 30 September 2025.

The accounting policies applied in the interim consolidated financial statements as of 31 March 2026 are essentially consistent with those applied in the consolidated financial statements as of 30 September 2025.

In preparing the interim consolidated financial statements, we have in some cases used

assumptions and estimates which impacted on the amount and statement of recognised assets, liabilities, income and expenses. Actual figures could in individual cases deviate at a later point in time from the assumptions and estimates. Any resultant amendments would have a corresponding impact on earnings upon more accurate information becoming available.

Changes in scope of cons olidation

Alongside MVV Energie AG, we include all material German and foreign subsidiaries in MVV's interim consolidated financial statements.

The number of companies included is presented in the following table:

Scope of consolidation

Subsidiaries fully

Companies

consolidated recognised at equity

1 October 2025 119 28

Additions 3 -

118 26

Disposals 4 2

31 March 2026

Due to materiality considerations, three companies previously included as other majority

shareholdings were fully consolidated in the 1st and 2nd quarters of the year under report. The disposals from fully consolidated companies related to four mergers in the 1st quarter of 2026.

The disposals among companies recognised at equity related on the one hand to the liquidation of Biomasse Rhein Main GmbH, Flörsheim am Main, in the 1st quarter of the year under report. In addition, a project company at the Juwi subgroup was disposed of in the same quarter.

Currency translation

We based currency translation in the condensed interim consolidated financial statements on the following main exchange rates:

Currency translation

Reporting date rate Average rate

31 Mar

30 Sep

1 Oct 2025

to 31 Mar

1 Oct 2024

to 31 Mar

1 Euro 2026 2025 2026 2025

British pound (GBP) 0.868 0.873 0.872 0.834

US dollar (USD) 1.150 1.174 1.167 1.060

South African rand (ZAR) 19.627 20.282 19.532 19.275

Source: European Central Bank

Seasonal influences on business activities

Substantial areas of our business are subject to seasonal weather conditions. Lower outdoor temperatures, for example, lead to higher heating requirements, and thus to rising demand for heat and gas from our customers. For this reason, we regularly generate higher volumes of sales and earnings in the first two quarters of our financial year.

‌Notes to Income Statement

1. Sales

   We provide a depiction of sales broken down into their value chain stages in the segment report.

   Sales fell by Euro 313,626 thousand. Gas and electricity revenues decreased, with this mainly being due to lower wholesale prices for gas and electricity. The volume of sales from solar and wind project development also decreased.

   Translated into group currency, sales at our foreign subsidiaries came to Euro 187,672 thousand (previous year: Euro 227,999 thousand).

2. Changes in inventories

   Changes in inventories mainly result from unfinished projects and project rights.

3. Cost of materials

   Due in particular to lower wholesale prices for gas and electricity, cost of materials decreased by Euro 253,011 thousand compared with the previous year.

4. Income from and expenses for derivative financial ins truments

The change in income from and expenses for derivative financial instruments compared with the previous year is attributable to the higher market prices in the current reporting period.

Measurement in accordance with IFRS 9 led to a positive net effect of Euro 66,159 thousand

in the first half of the 2026 financial year (previous year: positive effect of Euro 13,941 thousand).

Other operating income fell year-on-year by Euro 15,778 thousand. This reduction was mainly due to significantly lower reimbursements, which in the previous year had particularly been influenced by a one-off reimbursement of an allocation. Furthermore, the volume of income from agency agreements and personnel supplies and from the reversal of provisions also decreased. These developments were countered by factors including higher income from the disposal of companies recognised at equity.

Other operating expenses rose year-on-year by Euro 8,051 thousand. The main reasons for this increase were higher expenses for IT operations in the maintenance, repairs and IT services and the rental, leasing, IT application and other recurring expenses categories, as well back payments of energy taxes within the operating taxes category.

1. Employee benefit expenses

   Employee benefit expenses rose by Euro 14,908 thousand to Euro 326,681 thousand. This increase was due to collectively agreed pay rises and to increased staff totals at individual group companies.

2. Financing income and financing expenses

   The financial result, which chiefly comprises interest expenses for loans, fell by Euro 8,241 thousand to Euro 18,496 thousand, a development due above all to lower interest income from cash investments.

3. Taxes on income

   Taxes on income fell by Euro 15,431 thousand. This is largely due to the reduction in current taxes on account of lower earnings.

4. Earnings per share

   Share of earnings attributable to MVV Energie AG shareholders and earnings per share

   1 Oct 2025

   to 31 Mar

   2026

   1 Oct 2024

   to 31 Mar

   2025

   Share of earnings attributable to MVV Energie AG shareholders (Euro 000s) 48,582 98,769

   Number of shares (weighted average in 000s) 65,907 65,907

   Earnings per share (Euro) 0.74 1.50

   ‌Notes to Balance Sheet

5. Asset-side derivative financial instruments

   Asset-side derivative financial instruments showed an increase of Euro 671,629 thousand compared with 30 September 2025. This development was due in particular to the measurement of new business transactions, as well as to market price movements.

6. Other financial receivables and assets

   Other financial receivables and assets decreased by Euro 63,491 thousand compared with

   30 September 2025. This was mainly due to the reduction in receivables from security deposits for energy trading transactions.

7. Other non-financial receivables and assets

   The increase in other non-financial receivables and assets by Euro 159,250 thousand compared with 30 September 2025 resulted above all from the acquisition of emission rights.

8. Deferred taxes

   The change of Euro 61,570 thousand in deferred tax receivables and tax liabilities is primarily attributable to measurement items for energy trading transactions recognised under IFRS 9.

9. Trade receivables

   The increase in trade receivables by Euro 284,762 thousand compared with 30 September 2025 is largely consistent with customary seasonal developments.

10. Cash and cas h equivalents

    The reduction in cash and cash equivalents is principally due to high outflows of funds for investments in major projects, as well as to payment of the dividend for the 2025 financial year.

11. Dividends paid

    The Annual General Meeting on 13 March 2026 approved an increase in the regular dividend for the 2025 financial year by Euro 0.05 to Euro 1.30 per share (total distribution: Euro 85,679 thousand). In addition, a total of Euro 33,901 thousand was distributed to minority shareholders on subsidiary level.

12. Provisions

    Provisions decreased by Euro 31,366 thousand compared with 30 September 2025. This reduction is primarily due to the utilisation of provisions for services not yet invoiced and of provisions for personnel-related obligations.

13. Financial debt

    Financial debt rose by Euro 325,729 thousand compared with 30 September 2025. This increase particularly resulted from the taking up of new loans to finance investment projects. This factor was countered by regular repayments of existing loans.

14. Liability-side derivative financial instruments

    Liability-side derivative financial instruments showed an increase of Euro 521,974 thousand compared with 30 September 2025. This development is attributable in particular to the measurement of new business transactions, as well as to market price movements.

15. Other financial liabilities

    The rise in other financial liabilities by Euro 48,678 thousand compared with 30 September 2025 is due above all to the increase in liabilities for security deposits made for energy trading transactions.

16. Other non-financial liabilities

    Other non-financial liabilities rose by Euro 175,559 thousand compared with 30 September 2025. This increase was mainly attributable to liabilities relating to prepayments received for the project development business, as well as to liabilities in connection with the German Fuel Emission Trading Act (BEHG).

17. Contingent liabilities

    Contingent liabilities have not changed materially since the previous year's comparative period.

18. Financial instruments

    Depending on their classification, financial instruments are recognised either at fair value or at amortised cost. Fair value is the price at which an asset can be sold or a liability settled in an orderly transaction between market participants as of the measurement date. For financial

    instruments traded on organised markets, the fair value is determined at the balance sheet date by reference to the bidding price listed on the stock exchange. For financial instruments for which there is no active market, the fair value is determined using valuation methods. These are based on transactions recently performed on market terms, the current value of other essentially identical instruments, the analysis of discounted cash flows or option price models. Where no market prices are available, MVV measures specific long-term energy contracts and interest derivatives in particular using recognised valuation methods based on internal fundamental data. Pursuant

    to IFRS 13, due account is also taken of market and credit risks when calculating fair values.

    Pursuant to IFRS 7, MVV allocates its financial instruments to the prescribed three levels. The individual levels are defined as follows:

    Level 1: Measurement based on prices listed on active markets and taken over without amendment Level 2: Measurement based on directly or indirectly observable factors other than those in Level 1 Level 3: Measurement based on factors not observable on the market.

    In the following table we present the financial assets and liabilities measured at fair value in accordance with their respective measurement hierarchy.

    Fair value hierarchy at 31 March 2026
    Euro 000s	Level 1	Level 2	Level 3
    Financial assets
    Other shareholdings	-	-	9,946
    Derivatives outside hedge accounting	772,350	296,299	2,350
    Derivatives within hedge accounting	164,123	109,020	1,373
    Financial liabilities
    Derivatives outside hedge accounting	737,777	303,664	7
    Derivatives within hedge accounting	54,869	111,813	1,837
    Other financial liabilities	-	-	18,415

    Fair value hierarchy at 30 September 2025
    Euro 000s	Level 1	Level 2	Level 3
    Financial assets
    Other shareholdings	-	-	9,946
    Derivatives outside hedge accounting	447,695	107,343	2,194
    Derivatives within hedge accounting	39,896	75,518	1,239
    Financial liabilities
    Derivatives outside hedge accounting	428,716	107,115	42
    Derivatives within hedge accounting	93,644	54,587	3,890
    Other financial liabilities	-	-	18,512

    The other shareholdings in Level 3 did not have market prices listed on any active market. The fair value of other shareholdings was determined in a capital value procedure by discounting future cash flows. Discounting was undertaken by reference to the currently valid discount rate at the balance sheet date, while the input parameters used to measure the fair value were set with due consideration of economic developments and available company data. The fair value thereby determined may increase or decrease depending on the development in future sales and future EBIT.

    Derivatives outside hedge accounting in Level 3 included commodity derivatives. Where no market prices are available, the fair value was determined using recognised valuation methods based on internal fundamental data. In this, we are guided by listings on active markets. If no active markets are available, we refer to company-specific assumptions. The positive fair values for derivatives outside hedge accounting related to power purchase agreements (PPAs), which involve long-term electricity procurement contracts. The fair value of PPAs amounted to Euro 2,349 thousand in the period under report (previous year: 2,194 thousand). Any upward or downward change in the market price by 20 % (previous year: 20 %) would increase the fair value by Euro 781 thousand (previous year: Euro 739 thousand) or reduce it by Euro 801 thousand (previous year: Euro 778 thousand).

    The positive fair values for Level 3 derivatives in hedge accounting amounted to Euro 1,373 thousand (previous year: Euro 1,239 thousand) and included PPAs and green electricity certificates. Any upward or downward change in the market price by 25 % (previous year: 25 %)

    would increase the fair value by Euro 682 thousand (previous year: Euro 385 thousand) or reduce it by Euro 666 thousand (previous year: Euro 355 thousand). The negative fair values for Level 3 derivatives in hedge accounting amounted to Euro 1,837 thousand (previous year: Euro 3,890 thousand) and related to green electricity certificates. Any upward or downward change in the market price by 25 % (previous year: 25 %) would increase or reduce the fair value of the green electricity certificates by Euro 391 thousand (previous year: Euro 349 thousand) respectively.

    The other financial liabilities in Level 3 included both an earn-out component separated from the underlying contract and an earn-out obligation and a purchase price liability. The discounted

    cash flow method was used to determine the fair value. This involves discounting the cash flows expected in future with a predetermined discount rate. The input parameters are set with due consideration of contractual requirements and available company data. The fair value determined would increase or decrease depending on the development in future sales and future EBIT.

    The following reconciliation presents the development in financial instruments recognised in Level 3.

    Development in financial instruments recognised in Level 3
    Balance at 1 Oct 2025 Euro 000s		Gains/losses in income statement	Gains/losses in OCI	Additions	Disposals	Balance at 31 Mar 2026
    Financial assets
    Other shareholdings	9,946	-	-	- -		9,946
    Derivatives outside hedge accounting	2,194	437	-	- - 281		2,350
    Derivatives in hedge accounting	1,239	- 36	1,826	- - 1,656		1,373
    Financial liabilities
    Derivatives outside hedge accounting	42	25	-	-	- 60	7
    Derivatives in hedge accounting	3,890	-	1,516	-	- 3,569	1,837
    Other financial liabilities	18,512	102	-	1	- 200	18,415
    Development in financial instruments recognised in Level 3
    Euro 000s	Balance at 1 Oct 2024	Gains/losses in income statement	Gains/losses in OCI	Additions	Disposals	Balance at 30 Sep 2025
    Financial assets
    Other shareholdings	8,367	-	-	1,651	- 72	9,946
    Derivatives outside hedge accounting	1,788	1,191	-	-	- 785	2,194
    Derivatives in hedge accounting	2,268	200	1,346	-	- 2,575	1,239
    Financial liabilities
    Derivatives outside hedge accounting	22	65	-	-	- 45	42
    Derivatives in hedge accounting	3,813	-	2,914	-	- 2,837	3,890
    Other financial liabilities	28,216	- 16,041	-	6,337	-	18,512

    The gains and losses recognised through profit or loss for Level 3 financial instruments are presented in the income statement in the following items.

    Gains and loses recognised in statement of comprehensive income

    for Level 3 financial instruments

    Total of which still held at 31 Mar

    Euro 000s 2026

    Other operating income - -

    Income and expenses from derivative financial instruments 376 394

    Financial result - 102 102

    Other comprehensive income 310 - 1,531

    584

    - 1,239

    Gains and losses recognised in statement of comprehensive income

    for Level 3 financial instruments

    Total of which still held at 30 Sep

    Euro 000s 2025

    Other operating income 16,268 16,268

    Income and expenses from derivative financial instruments 1,326 1,357

    Financial result - 227 227

    Other comprehensive income - 1,568 - 3,635

    15,799 13,763

19. Segment reporting

    Segment report from 1 October 2025 to 31 March 2026
    Euro 000s	Adjusted external sales excluding energy taxes	Intercompany sales excluding energy taxes	Depreciation and amortisation	Impairment losses	Adjusted EBIT
    Customer Solutions	2,413,013	439,271	9,024	- 30,511
    New Energies	407,212	109,057	48,455	- 21,130
    Generation and Infrastructure	289,070	725,059	44,598	- 126,022
    Other Activities	32,323	37,111	8,543	- 10,440
    Consolidation	-	-1,310,498	-	- -

    3,141,618

    -

    110,620

    -

    188,103

    Segment report from 1 October 2024 to 31 March 2025

    Adjusted external sales

    excluding

    Intercompany sales excluding energy taxes

    Depreciation

    and amortisation

    Impairment

    losses

    Adjusted EBIT

    Euro 000s energy taxes

    Customer Solutions	2,787,818	398,665	9,566	- 61,124
    New Energies	405,077	116,172	48,298	- 41,813
    Generation and Infrastructure	261,369	676,789	40,197	- 164,182
    Other Activities	29,917	29,719	7,695	- 5,572
    Consolidation	-	-1,221,345	-	- -
    	3,484,181	-	105,756	- 272,691

    External reporting is based on the internal management structure, thus complying with the management approach pursuant to IFRS 8. Units are grouped in such a way that the pooling of specialist competence forms the basis for stringent portfolio management at the Group. Business fields based on the respective energy industry value chain stages have been allocated to the

    reporting segments of Customer Solutions, New Energies, Generation and Infrastructure and Other Activities. The characteristics used to identify and aggregate the segments relate to the type of products and services, the type of production processes, the asset and capital intensity, customer

    structures and needs, the sales methods used and, where applicable the regulatory framework.

    Analytically, the business fields can be further broken down by subgroup and individual company with their products.

    • The Customer Solutions reporting segment is subdivided into the business fields of Commodity Services, Retail and Business. It comprises the retail and secondary

      distribution business with electricity, heat, gas and water, the solutions business for all customer segments and the service and trading business at MVV Trading GmbH, Mannheim. The Smart Cities business field is also included in this reporting segment.

      The allocation of activities to these business fields is chiefly based on customer needs. The customer is the key focus of the individual business fields and comparable products and services are offered. These are characterised by the significance of customer-specific or customer group-specific marketing processes.

      The energy from waste plants, biomass power plants, photovoltaics systems, wind turbines, biomethane plants and biogas plants are allocated to the New Energies reporting segment, with its business fields of Environmental Energy Germany, Environmental Energy UK and Wind and PV. Furthermore, this reporting segment also includes the renewable energies project development and operations management activities.

      The business fields aggregated in this segment focus on the provision of services, solutions and products in connection with renewable energies. The activities within

      this reporting segment involve the planning, approval, development, construction and operation of technical plants to generate electricity and heat from sustainable/partly

      sustainable commodities such as wind, waste timber, residual forest timber, green cuttings, waste/RDF, biogas and sunshine. The processes are characterised by long planning, approval, construction and operating stages.

    • The Generation and Infrastructure reporting segment comprises the business fields of Generation and Grids. In addition to conventional energy generation and sections of green heat, it therefore also includes grid facilities for electricity, heat, gas and water.

      The business fields aggregated in this segment serve to provide customers with a reliable and stable supply of various products. All facilities are characterised by high capital intensity, long lifecycles for the technical equipment and congruent financing structures.

    • The Other Activities reporting segment comprises the business fields of Shared Services, Cross-Divisional Functions and smaller Shareholdings.

    • Consolidation includes figures for transactions with other reporting segments that are eliminated for consolidation purposes.

      Intercompany sales represent the volume of sales between segments. Transfer prices between segments correspond to customary market terms. Segment sales prior to consolidation are equivalent to the total of intercompany and external sales.

      Of segment sales with external customers, 93.9 % were generated in Germany (previous year: 93.5 %). The regional breakdown of sales is based on the geographical location of the respective companies.

      No individual customers of MVV account for 10 % or more of total sales.

      We present the reconciliation of EBIT (income statement) with adjusted EBIT and of sales with adjusted sales in the following tables.

      Reconciliation of EBIT (income statement) with adjusted EBIT
      Euro 000s	1 Oct 2025 to 31 Mar 2026	1 Oct 2024 to 31 Mar 2025	+/- change
      EBIT as per income statement	194,302	241,035	- 46,733
      Measurement and realisation effects for derivatives	- 7,849	29,913	- 37,762
      EBIT before result of IFRS 9 derivative measurement and realisation	186,453	270,948	- 84,495
      Interest income from finance leases	1,650	1,743	- 93

      Adjusted EBIT

      188,103

      272,691 - 84,588

      Reconciliation of external sales excluding energy taxes with

      Adjusted external sales excluding energy taxes

      Euro 000s	1 Oct 2025 to 31 Mar 2026	1 Oct 2024 to 31 Mar 2025	+/- change
      Sales after electricity and natural gas taxes	3,074,106	3,387,732	- 313,626
      Realisation effects for derivatives	67,512	96,449	- 28,937

      Adjusted sales after electricity and natural gas taxes

      3,141,618

      3,484,181 - 342,563

20. Cash flow statement

    The cash flow before working capital and taxes decreased year-on-year by Euro 89,243 thousand. This development was due above all to the year-on-year reduction in earnings before taxes (EBT), which was additionally reduced by the elimination of non-cash and non-operating income and expenses. The largest items eliminated related to the non-cash measurement of derivatives under IFRS 9.

    The cash flow from operating activities increased by Euro 57,870 thousand compared with the previous year's period. This development was chiefly driven by high inflows for security deposits for counterparty default risks (margins), which were in turn largely caused by price movements on wholesale markets for the electricity and gas commodities. Adjusted to eliminate changes in margins deposited, the cash flow from operating activities fell by Euro 45,239 thousand. Further

    major items alongside the reduction in the cash flow before working capital and taxes included the increase in prepayments received in our project business and increased emission right purchases.

    The year-on-year development in the cash flow from investing activities was principally influenced by the higher volume of investments. The largest investment involved the construction of our energy from waste plant in Medworth. Overall, the cash flow from investing activities fell year-on-year by Euro 146,979 thousand.

    The cash flow from financing activities increased by Euro 227,593 thousand, a development attributable in particular to the increase in net new borrowing.

21. Related party disclosures

    Extensive contractual arrangements are in place between MVV companies and the City of Mannheim and the companies controlled by the latter (electricity, gas, water and district heat supply agreements, as well as rental, leasing and service agreements). Furthermore, concession agreements are in place between MVV Energie AG and the City of Mannheim. All business relationships have been concluded on customary market terms and are basically analogous

    to the supply and service agreements concluded with third parties.

    Related party disclosures

    Goods and services provided Receivables Liabilities

    Income Expenses

    	1 Oct	1 Oct	1 Oct	1 Oct	31 Mar	30 Sep	31 Mar	30 Sep
    Euro 000s	2025 to 31 Mar 2026	2024 to 31 Mar 2025	2025 to 31 Mar 2026	2024 to 31 Mar 2025	2026	2025	2026	2025
    City of Mannheim	5,468	5,880	12,659	12,868	1,342	1,135	9,419	9,456
    Abfallwirtschaft Mannheim	14,107	10,074	1,820	714	5,726	2,404	7,841	8,702
    GBG Mannheimer Wohnungsbaugesellschaft mbH	15,842	14,289	25	30	261	37	25	12
    m:con - mannheim:congress GmbH	2,085	2,328	70	111	853	3,078	126	248
    MKB Mannheimer Kommunalbeteiligungen GmbH	9	24	-	-	5	-	-	-
    MV Mannheimer Verkehr GmbH	139	75	-	-	74	54	-	-
    Rhein-Neckar-Verkehr GmbH	6,270	8,678	92	92	21	261	198	853
    Stadtentwässerung Mannheim	1,483	1,966	396	151	1,012	1,322	18	41
    Associates	5,707	6,315	709	698	781	1,414	46	175
    Joint ventures	86,915	77,164	141,100	136,233	11,143	19,014	2,519	15,323
    Other related parties	24,064	11,496	6,502	4,061	23,765	17,884	8,410	9,205
    	162,089	138,289	163,373	154,958	44,983	46,603	28,602	44,015

22. Events after balance sheet date

A blackout occurred at a power plant at the Friesenheimer Insel location in Mannheim on 14 April 2026. This event resulted in considerable damage to boiler plant components. The resultant downtime at this power plant is expected to have a significant impact on earnings

in the further course of the current financial year and in the subsequent financial year. The exact financial impact is currently being reviewed and cannot yet be reliably estimated at present.

Dr. Gabriël Clemens

Dr. Hansjörg Roll

Mannheim, 11 May 2026 MVV Energie AG Executive Board

Dr. Johannes Werhahn