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.