Business
PannErgy : Quarterly production report
PannErgy : Quarterly production
About this update from Pannergy Nyrt
PannErgy Plc. QUARTERLY PRODUCTION REPORT 2026 Q1 15 April 2026 This announcement is published in Hungarian and English languages. In case of any contradiction between these two versions, the Hungarian version shall prevail . Introduction PannErgy Nyrt. publishes a production report on a quarterly basis, presenting its production and utilisation of green energy. In its report, in addition to other useful information, PannErgy presents the green heat sales figures of its key geothermal energy production systems in the reporting period. The relevant legislation continues to stipulate not only a sales heat tariff based for the heat volume sold, but also a split heat supply tariff for the heat volume sold, and a monthly supplier base tariff, i.e. a so-called two-element pricing system. The impact on the Company of the introduction of the two-element pricing system on 1 October 2024 is included, among other things, in the quarterly production reports on the quarter immediately following the introduction of the system. One thing to note here is that the impact on the Company's profitability due to changes in the demand for heat affected by the regulatory pricing (e.g. the weather) has been minimised. Consolidated production information Figure 1 Consolidated volume of heat sold (GJ) The chart presents the aggregate volume of heat sold across all operational projects, in a monthly breakdown 2022 2023 2024 2025 2026 2026 PLAN January 197 923 232 696 225 521 241 489 220 610 February 199 600 193 989 206 080 196 147 220 120 March 209 267 211 365 214 659 233 192 239 005 Q1 606 790 638 050 646 259 670 828 679 736 689 577 April 207 861 192 834 159 116 154 333 May 78 637 92 125 68 687 104 216 June 58 955 56 645 52 745 52 522 Q2 345 453 341 604 280 548 311 071 0 311 117 July 56 299 50 385 47 662 52 654 August 54 838 50 659 47 099 53 336 September 90 033 53 905 68 343 71 946 Q3 201 170 154 949 163 104 177 937 0 178 313 October 179 453 133 450 209 679 231 498 November 224 871 208 031 224 674 234 939 December 226 770 229 190 242 321 238 689 Q4 631 094 570 671 676 675 705 126 0 692 126 Total 1 784 507 1 705 274 1 766 586 1 864 962 679 736 1 871 134 Figure 2 Consolidated actual and target volumes of heat sold, in a table format (GJ) Figure 3 Average temperatures The weather conditions in the period under review represented a Group-level geothermal heat sales potential comparable to that of the same period in 2025, as well as to the average of recent years. A comparison of the 2026 Q1 heat sales figures with the average values of the corresponding period in historical years indicates that PannErgy achieved record high heat sales in the period under review, exceeding the heat sales of the base period and falling only slightly short of the target for the period. PannErgy missed the quarterly target by approximately 1.4%, while it surpassed the base period sales by approximately 1.3%. In view of the information presented in this production report, PannErgy maintains the previously published (15 January 2026) consolidated EBITDA target range of HUF 4,300-4,450 million under the IFRS for the 2026 business year. Main projects Miskolc Geothermal Project (Miskolci Geotermia Kft., Kuala Kft.) Figure 4 Quantity of heat sold in Miskolc (GJ) The Geothermal System of Miskolc sold a total of 315,804 GJ of thermal energy in 2026 Q1, down by 3.7% compared to the heat sales in the same period of 2025, but exceeding the average performance of previous base periods. The shortfall can be primarily attributed to the unseasonably cold weather compared to the base month of January. Győr Geothermal Projects (DD Energy Kft., Arrabona Koncessziós Kft.) Figure 5 Quantity of heat sold in Győr (GJ) In 2026 Q1, the Geothermal System of Győr sold an average of 353,797 GJ of thermal energy, significantly exceeding the heat sales in the same period of 2025 by 6.3%, mainly due to the weaker performance of the base period due to temporary technical reasons.