Half-yearly Report

PannErgy Plc.

SEMI-ANNUAL REPORT

19 September 2025

Introduction and Table of Contents

PannErgy Nyilvánosan Működő Részvénytársaság (registered office: H-1112 Budapest, Boldizsár utca 2, company registration number: 01-10-041618, tax number: 10558377-2-43, website: https://www.pannergy.com) released its report on the first half of 2025 today. This report contains the consolidated financial statements, and other related non-financial statements, not audited by an auditor, prepared by the Company's management in accordance with the International Financial Reporting Standards (IFRSs) for the period ending on 30 June 2025.

Table of contents

1. Executive Summary 3

2. Projects and areas of operation 7

3. Analysis of the results of, and the financial situation in the reporting period 10

4. Consolidated financial statements (profit/loss, financial position, shareholders' equity, cash-flow) 15

5. Other financial statements, detailed information 19

6. Other supplementary information 25

7. The PannErgy Group's strategy, environmental objectives 29

8. Main risks faced by the Company, associated changes and uncertainties 31

9. Data sheets associated with financial reports, other detailed information 35

10. Data sheets relating to the share structure and the owners 37

11. Data sheets relating to the Issuer's organisation and operation 39

12. Data sheets related to extraordinary communication 40

13. Date of authorisation of disclosure 41

14. Declaration on the legal conformity of the semi-annual report 42

Consolidated heat sales exceeding plans and base, with the launch of the third production well in Miskolc

In H1 2025, the PannErgy Group focused mainly on the successful commissioning of the third production well of the Miskolc Geothermal Project. Primarily due to this successful integration, PannErgy achieved record heat input in Q1 2025, exceeding both base quarter heat sales and the target for the period. In addition to the capacity expansion mentioned above, Q2 performance was also positively affected by the significantly more favourable weather conditions in terms of heating potential compared to the base period.

Based on the prevailing weather conditions and capacity assumptions for the period under review, the PannErgy Group's consolidated heat sales for H1 2025 amount to 982 TJ, which is about 6% higher than the 927 TJ consolidated heat sales figure in H1 of the previous year and 4% higher than the projected value of 941 TJ.

Impact on H1 of the new district heating regulation introduced from 2024

PannErgy indicated in several of its previous disclosures (quarterly production reports) how the new district heating regulation structure, effective from 1 October 2024, will change the Company's business and how it will affect the weighting of the profitability of each half of the financial year compared to previous periods.

In line with PannErgy's previous public communications, with the introduction of two-element pricing above, the sustainable profitability of the Company - derived from regulatory pricing -becomes more predictable. Also, the impact on the Company's profitability of changes in the demand for heat affected by the regulatory pricing (e.g. the weather) is minimised.

It is important to emphasize that in the case of lower heat supply tariff (HUF/GJ) and higher supplier base tariff in the fourth quarter of the year compared to other quarters, the weight and share of the first half of the year in the operating profit generation capacity decreases in the financial year, while it increases in the second half of the year.

The Company's EBITDA for the period under review was HUF 1,672 million, down HUF 233 million or 12% from HUF 2,265 million in the same period of the previous year, due to the Transition Effect detailed above. However, it is important to note that the Company has taken into account the Transition Effect in determining the range of the EBITDA plan for 2025, and therefore has no unplanned impact on its achievement.

Confirmation of the EBITDA plan for 2025

The Company's management has defined a consolidated EBITDA target in the range of HUF 4,000 - 4,150 million under the IFRS for the 2025 business year, which represents an organic increase in the median value compared to the expected results of the 2024 business year. This EBITDA target range - and its expected achievement - was previously confirmed in the Q1 and Q2 2025 Production Report.

Key management data for H1 2025

There is a significant change in other revenues and expenditures, with a profit of only HUF 37 million in H1 2025 compared to a profit of HUF 427 million in the base period. This is due to the fact that, as a result of the aforementioned change in the district heating price regulation, the need for provisioning and releases of provisions and revenue accruals for each period, based on the period allocation of the regulatory heat sale pricing for district heating production in different periods, has been minimised.

Treasury share transactions, repurchase programmes

The remaining 700,000 treasury shares were purchased on 4 September 2025, also at the contractual price of HUF 1,512 per share.

Distribution of dividends

At the Company's Annual Ordinary General Meeting held on 25 April 2025 closing the business year 2024, after the approval of the individual and consolidated reports the Company adopted a resolution to the effect that it would not pay dividends for 2024.

Share capital decrease

The Company's Annual Ordinary General Meeting held on 25 April 2025, closing the 2024 business year, decided on decreasing the Company's share capital through General Meeting Resolution No. 8/2025 (IV.25.). Pursuant to the ruling adopted by the Court of Registration of the Budapest Metropolitan Court of Justice with effect from 27 July 2025, the number of PannErgy Plc. ordinary shares (ISIN identifier: HU0000089867) decreased from 18,000,000 to 16,000,000. In line with this, the subscribed capital decreased from HUF 360 million to HUF 320 million. The Company's Management Board arranged for the cancellation and delisting of the shares, as a consequence of which PannErgy's stock of treasury shares decreased by 2,000,000 shares during Q3 2025. Since the capital decrease took place after the semi-annual report's cut-off date, it only partly affects the relevant share-related and other information in this semi-annual report.

Events of the reporting period related to geothermal projects

H1 2025 already fully reflects the commissioning of the new well. The grant application for the non-refundable investment grant related to the project was declared successful in 2022, but the grant of HUF 662 million related to the post-financing grant was disbursed after this semi-annual report's cut-off date, in July 2025.

1. ‌Projects and areas of operation

   1. Consolidated quantity of heat sold during H1 2025

      300 000

      250 000

      200 000

      150 000

      100 000

      50 000

      0

      
      
      
      2021
      2022
      2023
      2024
      2025
      
      

      Figure 1

      Consolidated quantities of heat sold, in GJ (The consolidated quantities of heat sold by the Miskolc, Győr, Szentlőrinc and Berekfürdő projects in a monthly breakdown)

      
      
      

      Figure 2

      Consolidated actual and target volumes of heat sold, in a table format (GJ)

      Comparing consolidated heat sales of 981,899 GJ in H1 2025 with 926,807 GJ in the same period of 2024, it can be seen that group-wide heat sales show a 6% improvement in the first half of the year. Looking at each quarter, both quarters exceeded both the same period in the previous year and the targets.

      Consolidated heat sales in Q1 are 4% ahead of the same period of the previous year and 3% ahead of the quarterly plan.

      A comparison of the 2025 Q1 heat sales figures with the average values of the corresponding period in historical years indicates that PannErgy achieved record heat sales in the period under review, exceeding both the heat sales of the base period and the target for the period, mainly due to the launch of the third production well in Miskolc.

      The Q2 performance is also better than the Q1 due to more favourable weather conditions in terms of heating potential. In this quarter, performance was 11% ahead of the base period and 8% ahead of plan.

      35,0

      
      
      

      30,0

      25,0

      20,0

      15,0

      10,0

      5,0

      0,0

      
      
      
      2021
      2022
      2023
      2024
      2025
      
      

      Figure 3

      Average temperatures in 2017-2025

      The weather in Q1 2025 was significantly colder compared to the corresponding period in 2024, while the Group-level geothermal heat sales potential was similar to the average of recent years.

      In Q2 2025, the weather was colder compared to the same period in the base year, mainly due to the weather in May, while the Group-level geothermal heat sales potential was similar to the average of recent years.

   2. The operation of the PannErgy Group's geothermal projects in the reporting period

      1. Miskolc Geothermal Project (Miskolci Geotermia Ltd., Kuala Ltd.)

         In Q1 2025, the Miskolc Geothermal System sold a total of 328,026 GJ of thermal energy, significantly exceeding the 272,666 GJ of heat sales in the same period of 2024 by 20%. The significant increase in heat sales is mainly due to the commissioning of the third production well in Miskolc during the period. This change is in line with the Company's previously published

         forecasts, according to which the investment could increase the capacity of the system by up to 15-20%. With the increase in the number of production wells, the operational continuity of the Miskolc Geothermal Project has improved significantly, and the availability of spare capacity, which is not typical for geothermal power plants in Hungary and abroad, has been achieved at this project site, too. After the Győr Geothermal Project, this has become PannErgy's second system with spare capacity, providing the means to restart heat production in the event of a failure by way of a few hours' of reswitching instead of a well-pump replacement that may take at least 7 to 12 days.

         The positive trend in heat sales continued in Q2, with the Miskolc project companies selling a total of 141,115 GJ of thermal energy, 21% above the 116,650 GJ of heat sales in the same period in 2024, due to the capacity increase detailed earlier and favourable weather conditions affecting the heating potential.

         As a result, the Miskolc project sold heat in a total amount of 469,141 GJ during the first half of the year, 21% more than the 389,316 GJ sold during the base period.

         The amounts of heat sold in Miskolc were as follows during the reporting period (GJ):

         140 000

         120 000

         100 000

         80 000

         60 000

         40 000

         20 000

         0

         
         
         
         2021
         2022
         2023
         2024
         2025
         
         

         Figure 4

         Quantity of heat sold in Miskolc (GJ)

      2. Győr Geothermal Project (DD Energy Ltd., Arrabona Koncessziós Ltd.)

         The Győr Geothermal System sold 332,706 GJ of thermal energy in Q1 2025, slightly below the average, below the corresponding period of the previous years and 9% below the 364,186 GJ of the base period, due to temporary technical reasons.

         In Q2 2025, 167,171 GJ of thermal energy were sold in Győr, slightly below average, but 4%

         above the 161,344 GJ sold in the same period in 2024.

         As a result of the above, a total of 499,877 GJ heat energy was sold in the first half of the period under review at project level in the case of the Geothermal System of Győr, 5% below the 525,530 GJ sold during the base half-year for the reasons mentioned above.

         The amounts of heat sold in Győr were as follows during the reporting period (GJ):

         140 000

         120 000

         100 000

         80 000

         60 000

         40 000

         20 000

         0

         
         
         
         2021
         2022
         2023
         2024
         2025
         
         

         Figure 5

         Quantity of heat sold in Győr (GJ)

2. ‌Analysis of the results of, and the financial situation in the reporting period

   1. Results achieved in the reporting period, perspectives

      In H1 2025, despite the 6% improvement in consolidated heat sales mentioned above, the Company's consolidated sales revenue did not increase due to the Transition Effect resulting from the change in legislation detailed in Chapter 1, i.e. the change in the weight/ratio of the ability to generate results between the half-years. The consolidated sales revenue of the Company for the half-year under review amounts to HUF 4,129 million, which is equal to the revenue of the base period.

      Of the HUF 4,129 million in revenue, HUF 4,031 million was generated from heat sales, almost the same as the HUF 4,028 million generated in the same period of the previous year.

      In terms of the sales revenue structure broken down by project, the Győr Geothermal Project contributed HUF 2,468 million to the sales revenue of the PannErgy Group, 3% less than the HUF 2,535 million recorded for the corresponding period of 2024 due to the temporary technical reasons mentioned in section 2.2.2. Arrabona Koncessziós Ltd.'s sales to Győr-Szol CPlc. amounted to HUF 1,324 million of the total figure above, while DD Energy Ltd.'s sales to its automotive industry customer amounted to HUF 1,142 million (compared to HUF 1,602 million and HUF 932 million, respectively, in H1 of the previous year). Sales to heat-receiving partners realised within the framework of the Geothermal Project of Miskolc added up to HUF 1,518 million in the reporting period, of which HUF 1,488 million was sold to MIHŐ Miskolci Hőszolgáltató Ltd. These sales figures surpass the revenues of HUF 1,433 million from the Miskolc project of H1 of the previous year, and the HUF 1,418 million revenue from MIHŐ Miskolci Hőszolgáltató Ltd. At the Miskolc project level, revenue increased by 6% year-on-year, reflecting the impact of the third production well commissioned in 2025.

      The Company's two smaller projects generated less revenue in the period under review than in

      the same period of the previous year. The Szentlőrinc project generated HUF 40 million in sales

      revenue in H1 2025, 23% below the HUF 52 million figure booked in H1 of the previous year. The

      heat sales revenue of the Berekfürdő project amounted to HUF 4 million.

      In addition to the sales of heat, the Company earned HUF 54 million from selling electricity in the case of the Berekfürdő project, exceeding the HUF 49 million recorded for the first half of the previous year by 10%.

      In relation to the utilisation of the Company's industrial real properties in Debrecen, the Company realised revenues in HUF 25 million in the reporting period, of which HUF 15 million represented rental fee revenues. These figures are the same as those booked for the base period.

      Similarly to the previous period, three customers each exceeded 10% of the total amount of PannErgy Group's consolidated revenue from sales, making up a combined 96% percent of the total consolidated sales of PannErgy Group in the reporting period. This corresponds to the base period exposure data, also at 96% concentration.

      The direct costs of sales slightly dropped in H1 2025 to HUF 3,272 million from HUF 3,286 million recorded in the same period of the previous year. With the commissioning of the third production well in Miskolc, the Group's direct depreciation increased by 17%, but the impact on direct costs was fully offset by a decrease in electricity costs. The latter changed from HUF 1,130 million in the base period to HUF 874 million, a decrease of 23%. The decrease was mainly due to changes in the market pricing level of electricity costs.

      Other direct costs were influenced primarily by various sectoral inflationary effects observed during the reporting period.

      The Company's gross margin amounted to HUF 857 million during the period concerned, as a combined result of the changes in the sales revenue and the direct costs, 2% above the HUF 843 million value booked for the base period. The Company's gross margin rate was 21% during the reporting period (versus 20% in the base period). The Group reported a gross cash-flow figure of HUF 2,038 million in H1 2025 - 10% up from the HUF 1,855 million stated for the corresponding period of the previous year - while the gross cash-flow ratio equalled 49%. The increase is due to an increased share of depreciation in direct costs, while gross margin remained close to the same level. The administrative and overhead - i.e. indirect - costs amounted to HUF 407 million in the period under review, 8% over the HUF 378 million of indirect costs incurred in the first half of the previous year, mainly in line with the evolution of the inflation and market price environment related to these costs.

      Depreciation on assets not directly linked with energy industry activities, indirect personnel expenditures, general office and administration costs, expert fees are stated by the Company under the heading of indirect costs, among other items. In addition, this category of costs includes banking and insurance costs, non-capitalisable costs for business development and new projects, public and stock market presence costs, and costs to support social engagement, sports life and other social initiatives at project sites.

      The balance of other revenues and expenditures during the reporting period is a profit of HUF 37 million, in contrast to the HUF 427 million profit recorded in the base period. The significant change is due to the fact that, as a result of the aforementioned change in the district

      heating price regulation, the need for provisioning and releases of provisions and revenue accruals for each period, based on the period allocation of the regulatory heat sale pricing for district heating production in different periods, has been minimised.

      The amount of other income from non-refundable investment grants received without a cash movement was HUF 141 million within the HUF 198 million other income, which includes the write-back of grants received previously and recognised as deferred income adjusted for depreciation in the reporting year.

      The most substantial items (incurred in a total amount of HUF 86 million) of the HUF 161 million other expenses consist of local taxes, particularly, the local business tax paid to the local governments at the sites of geothermal projects. Another major item is the mining fee payable relating to geothermal heat production; under this heading the Company incurred expenditures of HUF 39 million in the reporting period.

      The combined result of the above was HUF 487 million in operating profit (EBIT) in H1 2025, 45% below the HUF 892 figure recorded in H1 2024. The business cash-flow (EBITDA) was an influx of HUF 1,672 million for H1 2025, which is HUF 233 million less than the HUF 1,905 million EBITDA recognised for the same period of the previous year. HUF 1,181 million was recognised in the reported half-year in the way of depreciation, 17% more than the HUF 1,012 million recorded in H1 2024. In calculating the EBITDA, pursuant to its accounting policy, the Company takes account of the extraordinary depreciation recognised among intangible assets and tangible assets; HUF 4 million other expenditures were recognised on such grounds. The Company met the EBITDA target for H1 2025 with an EBITDA margin of 40%. Financial P&L amounted to HUF 134 million loss in the period under review, HUF 21 million less than the HUF 155 million loss in H1 2024 under the heading of financial loss.

      The change is mainly due to the positive currency revaluation effect of the strengthening of the forint against the euro, which exceeds the deterioration in net interest income. The forint appreciated by nearly 11 forints against the euro during the reporting period, while it depreciated by nearly 12 forints in the base period. The realised and unrealised impact of exchange rate changes on foreign currency loans is HUF 95 million resulted in an improvement of HUF 154 million compared to the base period. At the same time, the realised and unrealised impact of the exchange rate changes on the financial result in case of foreign currency liabilities, receivables and accounts resulted in a financial expense of HUF -37 million which means HUF -36 million change compared to the same period of the previous year.

      The period's revaluation result, totalling HUF 58 million, was contributed by an unrealized revaluation of HUF 79 million at the end of the period, compared to the base half-year, where the accounted revaluation loss of HUF -60 million was associated with an unrealized revaluation of HUF -64 million at the end of the period.

      Net interest income increased from HUF 129 million in the base period to HUF 180 million, due to lower interest income and investment and grant pre-financing loan costs for the investment project of the third production well in Miskolc.

      The financial result related to the settlement of derivatives was HUF 10 million expenditure, while the financial result related to the settlement of securities was HUF 2 million expenditure.

      According to that these had a HUF -20 million and HUF -26 million negative effect on result compared to H1 2024.

      Accordingly, the PannErgy Group's H1 2025 profit before taxation is HUF 353 million, which equals 48% of the HUF 737 million profit posted for the corresponding period of the previous year.No corporate income tax liability was recognised in the period under review because the Company recognised an increase in deferred tax assets of HUF 31 million against the HUF 31 million corporate income tax expense reported in the period under review.

      The Company's consolidated net profit for the reporting period was HUF 353 million, down 49% or HUF 345 million from the HUF 698 million reported in the same period of the previous year.

   2. Analysis of the statement of financial position pertaining to the reporting period

      The portfolio of fixed assets decreased by 3% during the half-yearly period under review from the amount stated as at 31 December 2024. Within this, the value of intangible assets and that of tangible assets fell by 8% and 2%, respectively, year-on-year. For both asset categories, the decrease is due to depreciation in the reporting period. In the case of fixed assets, investment costs were incurred only for the trial operation and integration into the system of the third production well in Miskolc, which was commissioned in Q1 2025. The value of asset purchases during the reporting period amounted to HUF 561 million.

      The value of goodwill recognised by the Company did not change during the reporting period as compared to the end of the previous year, as its amount continued to equal HUF 678 million.

      As in the preceding periods, the Company continues to show its commercial real estate located in Debrecen, which are not used in connection with its core operations, as investment property, in an amount of HUF 76 million on 30 June 2025.

      Deferred tax receivables in the amount of HUF 136 million were recognised by the Company among assets on the basis of PannErgy Group's calculations relating to deferred tax recovery, the value of which increased by 30%, relative to the base period. This is primarily due to the fact that development provisions made in previous periods in relation to corporation tax (which previously represented a deferred tax liability) were utilised in the period under review, mainly in relation to the Miskolc expansion.

      The total value of current assets dropped by 36% in comparison to the amount recorded as of 31 December 2024 as the base period's figure. This change is mainly explained by the decrease in trade receivables and cash during the reporting period.

      The significant change in trade receivables of 43% is in line with the change in the same period in previous periods, as a consequence of the usual intra-year business cyclicality. The Company's clientèle remained unchanged during the reporting period.

      In addition to trade receivables, other receivables and securities are down significantly. The main reason for the decrease in other receivables is the decrease in accruals related to the official heat sale pricing already mentioned under other income, and the significant decrease in compensation-type receivables from supply partners compared to the previous period, due to financial settlements in the reporting period.

      The change in securities relates to the Company's short-term government securities maturing during the reporting period.

      Among its inventories the Company reported maintenance supplies and goods related to the geothermal projects in the amount of HUF 77 million as of 30 June 2025.

      At the end of the period, the Company had cash and cash equivalents of HUF 1,676 million, compared to HUF 1,971 million at the end of the base year, which continues to show a stable financial position. Of the closing balance at the end of the period HUF 1,048 million is disposable liquid assets (typically as cash on deposit) and HUF 628 million is separated blocked cash

      The Company's equity decreased by 9% compared to the base period, mainly due to the equity-reducing effect of the treasury share purchases during the reporting period.

      Equity per share (counting with the number of shares minus the portfolio of treasury shares) decreased to HUF 810 from the HUF 833 recorded as of 31 December 2024. The long-term loan portfolio dropped by 14% from the amount reported at the end of the previous financial year to HUF 7,354 million as a combined result of debt servicing during the reporting period and the revaluation of loans denominated in EUR on the basis of the exchange rate in place on the cut-off date.

      The level of provisions was similar to the base period, at a minimum level.

      The over-year part of the amounts of the non-repayable grants won, and disbursed earlier within the framework of application schemes for geothermal projects, that have not yet been recognised among revenues, is shown in the other long-term deferred revenues line. An amount of HUF 2,788 million is stated in this regard in the Company's balance sheet among its long term liabilities, showing a 4% drop year-on-year, as a result of the reversal of deferred revenues in an amount of HUF 141 million during the period under review in proportion with the depreciation of the related assets.

      Within current liabilities, the balance of trade payables was HUF 990 million, which shows a 29% cyclical decrease compared to the base period.

      Short-term loans, borrowings and leases amounted to HUF 3,136 million, which is significantly higher than the HUF 2,370 million at the end of the previous financial year. The main part of the portfolio is the principal amount of bank long-term loans maturing within one year, amounting to HUF 1,660 million. Short-term loans and borrowings based on the contractual maturity amount to HUF 1,273 million, of which HUF 497 million is the pre-financing of the grant awarded in 2022 for the construction of the third production well in Miskolc. Its contractual repayment was made in Q3 2025, in line with the disbursement of the related grant. Among the short-term loans and borrowings, the Company also has EUR 1.5 million of loans receivable that are linked to the ownership. In addition, a further HUF 203 million liability relates to the recognition of leased productive assets in accordance with IFRS 16 Leases as a short-term lease instalment.

      Other short-term liabilities amounted to HUF 380 million at the end of the reporting period, which is 37% less than the HUF 599 million at the end of the previous period. The main reason for the decrease compared to the previous period is the decrease in VAT liabilities, which are at a lower level in the period under review due to seasonal reasons.

3. ‌Consolidated financial statements (profit/loss, financial position, shareholders' equity, cash-flow)

   1. IFRS consolidated profit and loss statement

      IFRS consolidated profit and loss statement (HUF million)	H1 2025	H1 2024	Ratio %
      Revenue from sales	4,129	4,129	100.0
      Direct cost of sales	-3,272	-3,286	99.6
      Gross margin	857	843	101.7
      Gross margin ratio %	21%	20%
      of which direct depreciation write-off	1,181	1,012	116.7
      Gross cash-flow	2,038	1,855	109.9
      Gross cash-flow rate %	49%	45%
      Indirect costs of sales	-407	-378	107.7
      Other revenues	198	559	35.4
      Other expenditures	-161	-132	122.0
      Operating profit (EBIT)	487	892	54.6
      Operating profit rate %	12%	22%
      EBITDA	1,672	1,905	87.8
      EBITDA rate %	40%	46%
      Revenues from financial transactions	171	131	130.6
      Expenditures on financial transactions	-305	-286	106.7
      Profit/loss on financial transactions	-134	-155	86.5
      Profit before taxes	353	737	47.9
      Corporate income tax	-	-39	-
      Profit after taxes (Net profit/loss for the reporting period)	353	698	50.6
      of which: Net earnings attributed to the Company's shareholders
      during the reporting period of which: Share of (external) minority shareholders from the earnings of the reporting period	353 -	698 -	50.6
      Earnings per ordinary share (HUF)
      Basic	25	46	54.3
      Diluted	25	46	54.3

   2. IFRS consolidated statement of financial position

      IFRS consolidated statement of the financial position (HUF million)	30.06.2025 3	1.12.2024	Ratio % 3	0.06.2024
      Fixed assets
      Intangible assets	1,322	1,430	92.4	1,545
      Goodwill	678	678	100.0	678
      Tangible assets	21,076	21,591	97.6	20,619
      Investment properties	76	77	98.7	83
      Receivables from deferred taxes	136	105	129.5	117
      Long-term receivables	-	-	-	-
      Total fixed assets	23,288	23,881	97.5	23,042
      Current assets
      Inventories	77	31	248.4	35
      Trade receivables	1,066	1,882	56.6	536
      Other receivables	220	608	36.2	608
      Prepaid income taxes	29	12	241.7	-
      Securities	-	298	-	1,487
      Liquid assets	1,676	1,971	85.0	620
      Total current assets	3,068	4,802	63.9	3,286
      TOTAL ASSETS	26,356	28,683	91.9	26,328
      Shareholders' equity and liabilities
      Subscribed capital	360	360	100.0	400
      Reserves net of profit/loss of reporting period	16,288	15,350	106.1	17,682
      Net P&L for the reporting year
      (attributable to the shareholders of the	353	1,405	25.1	698
      Company)
      Reserve for repurchased treasury shares	-5,568	-4,551	117.9	-6,934
      Minority shareholdings	-	-	-	-
      Total shareholders' equity	11,433	12,564	122.3	11,846
      Long-term credits	7,354	8,561	85.9	7,977
      Other long-term deferred revenues	2,788	2,914	95.7	3,059
      Provisions	14	10	140.0,	152
      Total long-term liabilities	10,156	11,485	88.4	11,188
      Trade payables	990	1,398	70.8	320
      Short-term credits	1,273	497	256.1	507
      Short-term part of long-term credits Short-term part of other long-term deferred	1,863	1,873	99.5	1,885
      revenues	261	267	97.8	264
      Deferred tax liabilities	-	-	-	-
      Other short-term liabilities	380	599	63.4	318
      Total short-term liabilities	4,767	4,634	102.9	3,294
      SHAREHOLDERS' EQUITY AND LIABILITIES	26,356	28,683	91.9	26,328

   3. IFRS consolidated overall profit and loss statement

      IFRS consolidated overall profit and loss statement H1 2025 H1 2024 Ratio (HUF million) %
      Net P&L for the reporting year	353	698	50.6
      Other comprehensive income in the period with tax implications	-	-	-
      Total other comprehensive income for the year	353	698	50.6
      Total other comprehensive income attributable to the shareholders of the Company	353	698	50.6

      Share of minority (external) shareholders in total other comprehensive income

      - - -

   4. Consolidated statement on equity under the IFRS

      Participati Consolidated statement on Subscribe Repurchased on of Reserves Equity equity (HUF million) d capital treasury share external
      				members
      Balance as at 31 December 2023	400	16,938	-5,880	-	11,458
      H1 2024 profit/loss	-	698	-	-	698
      Changes in the participation of external members	-	-	-	-	-
      Consolidation difference	-	-10	-	-	-10
      Repurchased treasury shares	-	-	-300	-	-300
      Decrease in treasury shares	-	754	-754	-	-
      Distribution of dividends	-	-	-	-	-
      Balance as at 30 June 2024	400	18,380	-6,934	-	11,846
      Balance as at 31 December 2024	360	16,755	-4,551	-	12,564
      H1 2025 profit/loss	-	353	-	-	353
      Changes in the participation of	-	-	-	-	-
      external members
      Consolidation difference	-	-	-	-	-
      Repurchased treasury shares	-	-	-1,484	-	-1,484
      Decrease in treasury shares	-	-467	467	-	-
      Distribution of dividends	-	-	-	-	-
      Balance as at 30 June 2025	360	16,641	-5,568	-	11,433

   5. IFRS consolidated cash flow statement

      IFRS consolidated cash flow statement (HUF million)	H1 2025	H1 2024
      Liquid assets from operations
      Profit before taxes	353	737
      Adjustments in relation to profit before taxes and
      the cash flow of business operations
      Amortisation and depreciation of tangible and intangible assets	1,181	1,013
      Effect of deferred taxes	-31	3
      Income tax expenditures	-	-39
      Exchange gain/loss on credits	-95	59
      Allocation and release of provisions	4	-184
      Extra depreciation write-off on tangible assets	4	-
      Impact of the share option programme valuation on changes in capital	-	-
      Changes in minority participations	-	-
      Changes in working capital elements
      Increase/decrease in prepaid income taxes	-17	-
      Increase/decrease of inventories	-46	-5
      Increase/decrease in receivables	1,204	1,204
      Increase/decrease in liabilities	-627	-827
      Net liquid assets originating from/used in operations	1,930	1,961
      Investment activities
      Acquisition of tangible and intangible assets	-561	-1,982
      Sales of tangible and intangible assets	-	-
      Increase/decrease in long-term receivables	-	-
      Other long and short-term deferred revenues	-132	-139
      Liquid assets from/used in investment operations	-693	-2,121
      Financial operations
      Increase in/repayment of long-term loans	-1,321	281
      Increase/decrease in short-term loans	975	498
      Exchange rate difference from consolidation	-	-10
      Purchase, revaluation, of treasury shares	-1,484	-300
      Sale of treasury shares, exercise of options under share option programme	-	-
      Amount prescribed for dividend payment	-	-
      Increase/decrease in securities	298	-1,203
      Liquid assets from/used in financial transactions	-1,532	-734
      Net increase/decrease in cash and cash equivalents	-295	-894
      Cash and cash equivalents as of 1 January	1,971	1,514
      Cash and cash equivalents as of 30 June	1,676	620

4. ‌Other financial statements, detailed information

   1. Direct cost of sales

      Direct cost of sales (HUF million)	H1 2025	H1 2024
      Direct depreciation	1,181	1,012
      Maintenance, operation and facility management costs	1,146	1,065
      Electricity charges	874	1,130
      Insurance fees (linked to heat generation)	41	43
      Other direct costs	17	18
      Costs of goods sold, mediated services	13	18
      Total indirect costs of sales	3,272	3,286

   2. Indirect costs of sales (indirect costs)

      Indirect costs of sales (HUF million)	H1 2025	H1 2024
      Indirect personnel-type costs	158	127
      Expert fees, bookkeeping, audit fees	107	94
      Office and operating costs	91	78
      Banking costs	22	17
      Insurance premiums	20	20
      Costs related to public and stock exchange presence, and corporate	8	39
      Other fees and duties payable to authorities	1	2
      Indirect depreciation	-	1
      Total indirect costs of sales (indirect costs)	407	378

   3. Other revenues and other expenditures

      Other revenues and other expenditures (HUF million)	H1 2025	H1 2024
      Income from funds granted for development	141	139
      Fines, penalties, compensations received	43	-
      Provisions released	11	185
      Revenues related to heat sales of the next period	-	184
      Other items not detailed	3	51
      Total other revenues	198	559
      Local taxes	86	86
      Mining fee	39	39
      Provisioning during the reporting year	15	-
      Fines, penalties, compensations paid	10	1
      Extraordinary depreciation and scrapping of assets	4	-
      Other items not detailed	7	6
      Total other expenses	161	132
      Profit/loss on other activities	37	427

   4. Financial profit

      Profit/loss on financial transactions (HUF million)	H1 2025	H1 2024
      Exchange gain on credits and loans denominated in foreign	95	-
      Interest and interest-type income	44	65
      Exchange gain on liabilities denominated in foreign currencies	18	4
      Exchange gain on interest earning securities	9	25
      Exchange gain on receivables denominated in foreign	3	20
      Exchange gain on foreign currency accounts	2	5
      Gains on derivative transactions	-	12
      Total income from financial transactions	171	131
      Interests paid	224	194
      Exchange loss related to FX accounts	28	15
      Exchange loss on receivables denominated in foreign	25	5
      Exchange loss on securities	11	1
      Loss on derivative transactions	10	2
      Exchange loss on liabilities denominated in foreign currencies	7	10
      Exchange loss on credits and loans denominated in foreign	-	59
      Total expenses on financial transactions	305	286
      Profit/loss on financial transactions	-134	-155
      Of which: from the revaluation of items denominated in foreign currencies at the end of the period	79	-60
      (unrealised exchange gain/loss)

   5. Relevant exchange rate at the at the end of the period

In the reporting period the foreign exchange revaluations have an impact of HUF 79 million gain on the result of the financial transactions at the end of the period compared to a loss of HUF 64 million in the base period. In accordance with IFRS requirements, monetary items of the PannErgy Group carried in currencies other than the HUF - the functional currency - are translated to HUF at the exchange rate prevailing at the end of the period, and the (financially unrealised) exchange rate differences resulting from such translations are recognised in the statement of profit or loss under financial transactions.

The result of end-of-period revaluations on 30 June 2025 was a profit resulting from the strengthening of the HUF against the EUR relative to previous reporting periods.