Entity & Consolidated Financial Report for Q1 2025

Photon Energy N.V.

Consolidated and Entity Q1 2025 Report

For the period from 1 January to 31 March 2025

Amsterdam, The Netherlands

1. Selected Financial Results

   1. Selected Consolidated, Unaudited Financial Results for the Period from 1 January to 31 March 2025

      In thousands of EUR	Q1 2025	Q1 2024 17,375 783 -1,425 -2,318 -1,321 213 -1,108 4,736 -2,195 -3,196 -655
      Total revenues	22,049
      EBITDA	1,206
      EBIT	-783
      Profit / loss before taxation	-3,361
      Profit/loss from continuing operations	-3,705
      Other comprehensive income	3,719
      Total comprehensive income	14
      Operating cash flow	3,860
      Investment cash flow	-3,555
      Financial cash flow	-803
      Net change in cash	-498

      	31.03.2025	31.12.2024 216,890 55,946 14,352 272,836 60,065 167,661 45,110
      Non-current assets	220,503
      Current assets	52,351
      Of which Liquid assets	14,361
      Total assets	272,854
      Total equity	60,065
      Non-current liabilities	175,353
      Current liabilities	37,436

      All references to financial results relate to the reporting period from 1 January until 31 March 2025, unless specified otherwise. The financial data for the reporting period has not been audited.

      All balance sheet data as of 31.12.2024 have been extracted from the audited annual report for the year 2024.

      Financial highlights:

      • Consolidated revenues reached EUR 22.049 million in Q1 2025 (+26.9% YoY), driven by a significant rise in PV technology sales and growing revenues from generation of electricity, EPC contracts and O&M.

      • EBITDA reached EUR 1.206 million in Q1 2025, representing a 54.0% increase year-on-year. EBITDA margins improved in both the electricity generation segment and the New Energy division, demonstrating the strong fundamentals of the Company's core business.

      • EBIT of EUR -0.783 million in Q1 2025 compared to EUR

        -1.425 million a year earlier.

      • Total comprehensive income of EUR 0.014 million compared to EUR -1.108 million last year, thanks to positive OCI of EUR 3.719 million.

      • Equity of EUR 60.065 million remained unchanged compared to YE 2024, translating into an adjusted equity ratio of 25.3%.

        Business highlights:

      • Electricity generation was 23.7 GWh in Q1 2025, down from 30.2 GWh in Q1 2024, due to the sale of 14.5 MWp of capacity in Australia. Excluding this impact, electricity generation increased by 6.5% YoY. Lower generation was more than compensated with higher revenues per MWh.

      • IPP portfolio increased to 134.7 GWp thanks to commissioning of 5.1 MWp of new power plants in Hungary.

      • Securing additional capacity market contracts for 139 MW in Poland, locking in revenues of EUR 12.5 million for 2026.

      • Continued progress towards launching flexibility services in Poland.

      • Commercialisation of PFAS technology is progressing well - successful implementation of industrial water recycling solutions for Jihostroj, a client in the Czech Republic, achieving over 99.5% efficiency in PFAS elimination.

      • Signing a large-scale EPC contract with Hyperion Renewables for design, procurement and construction of a 34 MWp PV solar park in Saliste, Romania - an example of a large-scale turnkey solar solution that meets the needs of an international investor and supports the transition to clean energy.

   2. Selected, Entity Financial Results of Photon Energy N.V. for the Period from 1 January to 31 March 2025

      In thousands of EUR		Q1 2025	Q1 2024 2,263 2,263 854 854
      Net turnover		2,163
      Total operating income		2,163
      Results before tax		-412
      Net result after tax		-412

      		31.03.2025	31.12.2024 136,356 113,746 232 250,103 143,516 26,114 80,473
      Fixed assets		136,051
      Current assets		117,346
      Cash at banks and in hand		40
      Total assets		253,397
      Total equity		142,810
      Current liabilities		30,042
      Long-term liabilities		80,544

      Notes:

      All references to financial results relate to the reporting period from 1 January until 31 March 2025, unless specified otherwise. The financial data for the reporting period has not been audited.

      All balance sheet data as of 31.12.2024 have been extracted from the audited annual report for the year 2024.

      All references to growth rate percentages compare the results of the reporting period to those of the prior year comparable period.

      Total Comprehensive Income (TCI) is the sum of the profit after taxes plus Other Comprehensive Income (OCI). According to IAS 16, Other Comprehensive Income includes revaluation of PPE in a proprietary portfolio to their fair values, share on OCI of associates and joint ventures and foreign currency translation differences.

      Throughout this report Photon Energy Group is referred to as the "Group", the "Company", the "Issuer" and/or "Photon Energy".

2. Management Report

   1. A Note from the Management Board

      The financial results for Q1 2025 reflect a solid growth of revenues and further expansion of EBITDA year-on-year (YoY). Consolidated revenues reached EUR 22.049 million in Q1 2025, marking a 26.9% year-on-year (YoY) increase. Revenues from electricity generation increased to EUR 4.178 million, up by 11.5% YoY. The generation output declined by -21.3% YoY, primarily due to the sale of 14.5 MWp of operating assets in Australia in October 2024. However, if we exclude the impact of this transaction, electricity generation increased by 6.5% YoY (see details in table 3.1.2.). Thanks to maintaining a balanced 50/50 split between merchant exposure and fixed revenues (feed-in-tariffs and green-bonus), we were able to achieve solid average revenues per MWh of electricity generated. This strategy helped offset the negative impact of lower generation output with higher realised prices. The average realised electricity revenue across the entire portfolio rose from EUR 133/MWh in Q1 2024 to EUR 185/MWh in Q1 2025, an increase of 39.1% YoY, driven by stronger market prices and a higher proportion of FiT-backed generation in the portfolio.

      Other revenues also increased to EUR 17.871 million in Q1 2025, up by 31.1% YoY. The most notable growth came from technology trading, which surged by 302.5% YoY. While we recognise that this segment is inherently volatile and sensitive to economic downturns, we take pride in our Technology team's ability to expand market share and outperform competitors during the ongoing consolidation of the sector.

      All other segments contributed positively to the revenue increase, except for the New Energy division. Revenues from capacity markets declined by -25.8% YoY due to lower contracted capacities. However, Origination and Trading delivered solid growth in energy off-take and trading revenues. Additionally, we made meaningful progress in the development of our new energy flexibility services, which are on track for market launch in Q3 this year.

      In terms of profitability, the Group reported solid EBITDA growth, reaching EUR 1.206 million in Q1 2025-an increase of 54.0% year-on-year. The main contributors to this performance remained consistent, with electricity generation and the New Energy division continuing to deliver strong results.

      Margins were negatively impacted in the engineering segment, primarily due to ongoing EPC contracts for commercial and industrial (C&I) clients in Australia and New Zealand. These projects experienced delays and budget overruns, which weighed on overall profitability.

      In other segments-specifically technology trading and operations and maintenance (O&M)-margins remained slightly negative. Nonetheless, both areas showed meaningful improvement compared to previous periods.

      On the operational front, several key achievements are worth highlighting. Most notably, we successfully completed and grid-commissioned 5.1 MWp of new solar assets in Hungary ahead of the ambitious deadline of 31 March 2025. Secondly, we have taken effective steps to mitigate the adverse regulatory changes introduced in Romania in Q4 2024, which had led to a sharp decline in revenues from our Romanian assets. In response, we promptly applied for energy generation licences from the Energy Regulatory Office. These licences allow PV plants to access the open energy market, thereby avoiding the EUR 80/MWh

      price cap and the disadvantageous treatment of electricity generated during weekends and public holidays.

      Since the changes took effect, the Group has successfully obtained generation licences for 15.5 MWp in Q4 2024 and an additional 8.8 MWp in Q1 2025. The remaining assets in our portfolio in Romania are expected to complete the licensing process over the course of 2025. As of today, approximately 47% of our Romanian assets have transitioned away from the unfavourable regulatory framework and are now able to sell electricity on the open market. These efforts are expected to help offset the negative impact of the regulatory changes discussed in detail in our previous quarterly update.

      We have also achieved a meaningful success in our water business. Photon Water successfully implemented an in-situ con-tainerised system for the removal of PFAS from industrial water for Jihostroj, a client in the Czech Republic. The technology, with an efficiency exceeding 99.5%, enabled 70% water recycling back into the production process, delivering both environmental and economic benefits.

      Finally, after the reporting date we signed a new EPC contract for design, procurement, and construction services for a 34 MW PV solar project in Săliște, Romania. This strategic project highlights Photon Energy's expertise in delivering turnkey solutions for large-scale solar installations for international investors in our core markets.

      In conclusion, our Q1 2025 results reflect solid financial improvements alongside key operational advancements. While meaningful change takes time, we are confident that we are on the right track. The progress achieved this quarter reaffirms the positive trajectory of our strategic initiatives.

      For more details on our financial results please see section 6.

   2. Comments to the Consolidated Financial Results of the Group

      Comments to financial statements can be found in section 6. Comments to Q1 2025 consolidated financial statements.

      1. Summary of Key Events Material for the

         Group's Operations in the Reporting Period

         In the management's view, the most important events that influenced the Group's operations and consolidated financial results in the reporting period include:

         Electricity Generation of 23.7 GWp, up by 6.5% YoY

         Electricity generation in Q1 2025 amounted to 23.7 GWh, representing an increase of approximately 6.5% year-on-year when excluding the 14.5 MWp of Australian operating assets sold in October 2024. This growth was primarily driven by favourable weather conditions in the CEE region and a slight expansion of the asset base. Without excluding the impact of this transaction, the electricity generation went down by -21.3% from the level of 31.15 GWh recorded in Q1 2024.

         The total IPP portfolio at the end of Q1 2025 stood at 134.7 MWp compared to 131.1 MWp at the end of Q1 2024 (up by 2.8% YoY). The average specific yield in Q1 2025 (total generation in the period / average capacity in the period) amounted to

         179.6 kWh/kWp down from 193.9 kWh/kWp in Q1 2024,

         excluding the 14.5 MWp of Australian operating assets. This underperformance was primarily due to the underperformance of Romanian assets, where approximately 19.4 MWp remained shut down following a TSO decision. Additionally, the remaining power plants in Romania were not producing electricity during weekends, as this output is no longer compensated under new regulation effective from 1 October 2024.

         Electricity SPOT Prices Remained Strong, with February as the Peak Month, Followed by a Decline in March

         During the reporting period, average SPOT base load prices remained robust. February recorded the highest day-ahead market prices, driven largely by colder weather conditions, which boosted energy demand, particularly for heating. However, prices declined sharply in March due to increased generation from solar and hydro sources-especially in the Balkan re-gion-along with volatile wind power output, which added significant unpredictability to the energy markets.

         As a result, in Romania and Hungary, day-ahead prices recorded an increase between 4-10% growth quarter-on-quarter (QoQ). In both countries prices were significantly above the previous year's levels. An average price in Romania in Q1 2025 amounted to 134 EUR/MWh compared to 133 EUR/MWh in Q4 2024 and 74 EUR/MWh in Q1 2024 (+82% YoY). Hungary recorded similar trends, and prices amounted to 135 EUR/MWh compared to 133 EUR/MWh in Q4 2024 and 73 EUR/MWh in Q1 2024 (up by 85% YoY). In the Czech Republic average day-ahead prices amounted to EUR 120/MWh compared to 118 EUR/MWh in Q4 2024 and 72 EUR/MWh in Q1 2024 (+ 67% YoY).

         Negative electricity prices were observed across all markets in March. The Czech Republic and Hungary experienced approximately ten hours of negative pricing, representing around 0.46% of the total output. In Romania, six hours of negative prices were recorded, accounting for approximately 0.28% of the total generation.

         Freezing of Feed-in-Tariff Indexation in Hungary

         Based on the government decree number 7/2025 (I.31) (hereinafter "Decree"), effective as of 1 January 2025, the Hungarian government decided to suspend the Annex No. 5 of the KÁT decree from January 1, 2025, until the end of the state of emergency, but at most until the end of 2029. Based on this decision the indexation of KAT type feed-in-tariff (FiT) was frozen until the above-mentioned dates and the mandatory take-over prices will remain at the level of HUF 47.04 / kWh (EUR 114.3 / MWh). This applies to around 33.6 MWp of our Hungarian power plants. In case of power plants under KAT and METAR Premium feed-in-tariffs the Decree is not applicable and the level of FiT which in the current year is set a HUF 48.31 / kWh (EUR 117.4 / MWh) will remain adjusted with the consumer price index (CPI) as previously. This applies to 7.0 MWp of our assets.

         Based on the Decree, if the value of the last annual CPI index published by the Central Statistical Office reaches 1.06, then the freezing will not be applicable for the current year.

         250 MWp Grid Connection Capacity Received in South Africa

         In January 2025, Photon Energy made significant progress in the development of a 250 MW concentrated solar PV plant with 150 MW (1.8 GWh, 12 hours) of thermal hydro storage in Winterton, KwaZulu-Natal, South Africa, by receiving favourable grid connection terms.

         In the next phase of development, Photon Energy will collaborate with Eskom, the local Distribution System Operator (DSO) and the largest electricity producer in Africa, to design and implement the necessary technical solutions for integrating the

         plant into both the regional and national grid. This partnership aims to ensure grid stability, optimise energy distribution, and provide essential services such as frequency regulation and peak load management. The project is making steady progress, with the Environmental Impact Assessment (EIA) to be concluded by Q4 this year and zoning processes advancing. The project has also received recognition as a Strategic Integrated Project (SIP) by the South African Government aimed at improving the economic and social opportunities.

         Commissioning of 5.1 MWp in Hungary

         In March 2025, the Group completed and grid-connected three photovoltaic (PV) power plants, adding a total of 5.1 MWp to the Group's generation portfolio. Operating under a merchant commercial model, the newly commissioned utility-scale projects - Tolna 2, Tolna 3, and Tolna 5 - are expected to generate approximately 6.3 GWh annually. The clean electricity produced is fed into the grid managed by E.ON Dél-dunántúli Áramhálózati Zrt. The commissioning of these projects was completed within the regulatory deadline set by MEKH on 31 March 2025. For more details see our press release here.

         Upon commissioning of those power plants, the Company's IPP (Independent Power Producer) portfolio had a combined generation capacity of 134.7 MWp.

         Shutting Down Approximately 19.4 MWp in Romania

         In Q1 2025, approximately 19.4 MWp of operating assets in Romania were temporarily shut down following a decision by the TSO. This included the Făget 3 power plant (7.5 MWp), which was disconnected in December 2024, Săhăteni (7.1 MWp) in February 2025, and Aiud (4.7 MWp) in March 2025. In all three cases, immediate actions were taken to obtain grid commissioning approval from the TSO.

         In May, Aiud and Făget 3 successfully received approval and were reconnected to the Transelectrica grid. They are now entitled to receive revenue of up to 400 Lei (EUR 80) per MWh, excluding weekends and public holidays. Săhăteni is expected to be reconnected in June, under the same conditions.

         This temporary shutdown of 19.4 MWp, along with the regulatory changes introduced on 1 October 2024 (ANRE Ordinance No. 60/2024), had a meaningful impact on generation revenues and, consequently, on the financial results.

         Updates on the Licensing Process in Romania

         As a reminder, from 1 October 2024, a new regulation (ORDINUL ANRE nr 60/2024), with specific articles number 136 and number 140, took effect and has impacted the PV industry in Romania. According to this new regulation, the "testing pe-riod", which was a maximum of a 2-year window for the solar assets before the final electricity licence is granted, was reduced to 12 months in case of all assets in the Group's portfolio (between 1-20 MWp).

         Additionally, the pricing terms have changed and instead of a 90-day rolling average, the respective Transmission System Operator (TSO) is currently paying for the energy generated according to the hourly production of the day and using hourly day-ahead market prices, capped at 400 LEI per MWh (approx. 80EUR/MWh). In case of negative day-ahead prices, the negative difference (hourly production times negative price) is deducted from the final invoice. This means that the protection mechanism against negative prices which existed in the past has ceased. Also, electricity produced on weekends and public holidays is not paid for.

         This new regulation has impacted all assets in the Group's Romanian assets (42.7 MWp) except for Siria (5.7 MWp) which has

         a different trading agreement in place effective as of 1 November 2024. Following these changes, electricity producers must obtain a licence from the authority in order to enter the sales system through the energy market or bilateral contracts. Since the changes were implemented till the day of this report, the Group successfully obtained the license for power plants in Calafat (6.0 MW) in December 2024), Bocsa (3.8 MWp) in December 2024, Faget 1 (3.2 MWp) in March 2025, Faget 2 (3.9 MWp)

         in March 2025 and Magureni (1.7 MWp) in March 2025. Faget 1 and Faget 2 started selling electricity as of 1 April 2025 and Magureni as of 5 April 2025. The rest of the portfolio is expected to finalise this process during 2025. Licensing of power plants should help to offset the negative impact of the regulatory changes described above.

         Securing Capacity Market Contracts for 139 MW in 2026

         On 27 March 2025, PSE S.A. (Polish Transmission System Operator) conducted its additional auctions for each quarter of 2026. Photon Energy participated and secured 139.197 MW in capacity, with 129.275 MW designated for DSR (Demand Side Response) units and 9.922 MW of renewable generation. Including previously contracted capacity, the Group's total maximum capacity contracted with PSE will be 196.197 MW in Q4 2026 and lower in the previous quarters. The auction for Q4 cleared in the first round, while Q1 cleared in third round and Q2 and Q3 cleared in the last, twelfth round, reflecting lower demand for capacity in these quarters. Based on preliminary results, the Group secured an average price weighted by volume of PLN 265.414k (EUR 63.955) per MW/year, including the previously contracted capacity of 57 MW, ensuring contracted revenues of PLN 52.073 million (EUR 12.548 million) for 2026.

         The contracted volume reflects the Company's strategy to maximise gross profit from the Virtual Power Plant given the auction parameters and potential price paths. The Photon Energy Flexibility team concluded that the original volume would significantly depress prices - a concern that was confirmed by the results of Q2 and Q3 2026 auctions, which fell below EUR 10 000 MW/year, as well as by the recent success of our strategy based on portfolio optimisation through secondary market transactions.

         With the current certification process for becoming a Balancing Services Provider which has started by becoming the first independent aggregator listed by the Polish Energy Regulator Office, Photon Energy continues its development strategy for our Virtual Power Plant and adding additional value for solar, wind, biogas, water, demand side flexibility and battery assets. This opens the possibility of participation in different types of services for Transmission System Operators, like Capacity Market participation and Ancillary Services in its core markets: Poland, the Czech Republic and Hungary.

      2. Summary of Events Material for the Group's Operations After the Reporting Period

      The following events, which took place from 1 April 2025 to the date of this publication, are considered by the management to potentially have a material impact on the Group's operations and financial position going forward:

      Finalisation of Capital Increase in RayGen

      In April 2025, Photon Energy Group participated in RayGen Re-

      sources' Series D investment round alongside existing and new

      backers committing A$127 million of funding to the clean technology company.

      Technology giant SLB led the round with a A$31 million follow-on investment and execution of a Strategic Deployment Agreement (SDA) with RayGen, which accelerates the technology's path to the global energy market.

      Photon Energy, Equinor Ventures and AGL Energy, alongside other existing shareholders, have also followed up their previous investments. The Australian Renewable Energy Agency (ARENA) continued its support with an additional A$17 million boost to the A$10 million funding agreement announced last year.

      New investors in Series D include infrastructure project delivery leader Quanta Services, global energy company Oxy and Breakthrough Victoria, a private investment company for Victoria, providing patient capital and impact investment to the State's economy.

      Photon Energy entered into a strategic partnership and made a minority equity investment of A$2 million in RayGen in 2020. The following year, the company strengthened its commitment by making one additional follow-on investment of A$3 million. After this latest, third investment of A$2 million, Photon Energy now holds a 5.47% stake in RayGen on a fully diluted basis.

      EPC Contract for 34 MW Signed with Hyperion in Romania

      In May, Photon Energy signed a new EPC contract for design, procurement and construction for a 34 MW PV solar project in Săliște, Romania. This strategic project highlights Photon En-ergy's expertise in delivering turnkey, large-scale solar solutions for international investors in its core markets.

      The project is developed on approximately 40 hectares of land and is backed by the Portuguese renewable energy developer Hyperion Renewables. Under the terms of the contract, Photon Energy will be responsible for the design, technology procurement, and construction of the facility. Hyperion Renewables will handle the commissioning process independently. Both companies are collaborating to add an additional 4 MW of installed capacity, which will increase the total size of the project to 38 MW.

      In addition to EPC services, Photon Energy will provide operations and maintenance (O&M) services for the first three years, ensuring optimal performance and longevity of the power plant. Construction is scheduled to commence in Q3 2025, with commercial operation expected by Q3 2026.

      Convocation of AGM to Be Held on 25 June 2025

      On 14 May 2025, Management Board of Photon Energy N.V. publishes as an attachment the convocation notice for its Annual General Meeting of Shareholders to be held at the registered address of the Company at Barbara Strozzilaan 201, 1083 HN Amsterdam, The Netherlands, on 25 June, 2025, at 10:30

      a.m. CET.

      The full set of documents related to this meeting is available in the corporate governance section of our Investor relations page on the Company's website https://ir.photonenergy.com/corpo-rate-governance.

3. Business Updates Per Segment

   1. Generation and Sale of Electricity

      127.3 MWp

      129.6 MWp

      134.7 MWp

      Chart 3.1.1 Changes of the Capacity in the Proprietary Portfolio in Q1 2025

      140.0

      120.0

      100.0

      80.0

      60.0

      40.0

      20.0

      0.0

      2023 2024 Q1 2025

      In Q1 2025, Photon Energy Group completed and grid-con-nected three photovoltaic (PV) power plants in Hungary, adding a total of 5.1 MWp to the country's renewable energy capacity.

      Upon commissioning of those power plants, Photon En-ergy's proprietary portfolio of PV power plants in Hungary has now reached a total capacity of 57.5 MWp, increasing the Company's global IPP portfolio to 134.7 MWp.

      The newly commissioned utility-scale projects - Tolna 2, Tolna 3, and Tolna 5 - are expected to generate approxi-

      Czech PP
      Slovak PP
      Hungarian PP
      Australian PP
      Romanian PP
      
      

      mately 6.3 GWh annually and will operate under a merchant commercial model.

      Table 3.1.1 Power Plants Added to the Proprietary Portfolio of Photon Energy N.V. in Q1 2025

      Nr	Proprietary Portfolio	Legal entity	Country	Cap. (kWp)	Share	Cap. Pro-rata (kWp)	Completed
      1	Tolna 2	Ladány Solar Delta Kft	HU	1,492	100%	1,492	Mar-25
      2	Tolna 3	Ladány Solar Delta Kft	HU	1,615	100%	1,615	Mar-25
      3	Tolna 5	Ladány Solar Delta Kft	HU	1,958	100%	1,958	Mar-25
      Total				5,065	5,065

      Chart 3.1.2 Summary of Electricity Generation in Q1 2025

      15,000

      12,000

      9,000

      6,000

      3,000

      0

      CZ SK HU AU RO

      2024 Q1
      2025 Q1
      
      

      Total electricity generation in Q1 2025 amounted to 23.7 GWh, compared to 30.2 GWh a year earlier, representing a year-on-year (YoY) decline of -21.3%. Excluding the impact of Australian assets which were sold in October 2024, the production comparison gives a YOY increase of 6.5%.

      Power plants in the Czech Republic, Hungary and Slovakia increased year-on-year (YoY) by 21.0%, 22.9% and 5.7%, respectively. Romanian power plants performed poorly with the generation declining by -15.0% YoY mainly due to temporary shutdown off power plants Faget 3, Sahateni and Aiud with the total capacity of 19.4 MWp. For more details see our comments in section 2.4

      Chart 3.1.3 Realised Electricity Prices in Q1 2025, EUR/MWh Chart 3.1.4. Spilt Between Merchant / FiT in Q1 2025, MWp

      Total IPP Portfolio

      Australia Romania Hungary

      Slovak Republic Czech Republic

      185

      188

      82

      114

      263

      657

      0 100 200 300 400 500 600 700

      2025 Q1
      2024 Q1
      
      

      160.0

      140.0

      120.0

      100.0

      80.0

      60.0

      40.0

      20.0

      0.0

      31.2

2024 Q1

FIT Merchant

2025 Q1

Realised prices on sale of electricity in Q1 increased from EUR 133/MWh in Q1 2024 to EUR 185/MWh in Q1 2025, up by 39.1% YoY. This was primarily thanks to an increase of average

realised prices in Hungary thanks to a switch of 29.4 MWp from merchant to Feed-in-Tariff.

Table 3.1.2 Electricity Generation of the Proprietary Portfolio of Photon Energy N.V. in Q1 2025

Table 3.1.3 Revenues from Electricity Generation in Q1 2025

1 Power plants in the Czech Republic receive a green bonus but in the above table revenues are presented at the average price agreed in the off-taking agreement with the New Energy division.

2 Power plants in Slovakia benefit from a fixed feed-in-tariff support. Revenues from Slovak joint-ventures Brestovec s.r.o., Solarpark Polianka s.r.o., and Solarpark Myjava s.r.o. are not presented in the above table as those power plants are booked with the equity method.

2 In Hungary power plants with capacity of 40.6 MWp receive feed-in-tariff while 16.3 MWp operate under merchant model. The Nagykata power plant operates "behind the meter"( BTM) on a client's site selling electricity to the client under a purchase price agreement.

3 Power plants in Romania sell electricity under merchant model but the pricing terms for Romanian power plants changed during 4Q 2024, see details in Section 2.4

4 In Australia power plant with the capacity of 144kWp benefits from a fixed feed-in-tariff.

Chart 3.1.5 Total Production of the Czech Portfolio Chart 3.1.6 Total Production of the Slovak Portfolio

Cumulative production in MWh

3,000

2,500

2,000

1,500

1,000

500

0

21.0%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

January February March

2,500

Cumulative production in MWh

2,000

1,500

1,000

500

0

5.7%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

January February March

Chart 3.1.7 Total Production of the Romanian Portfolio Chart 3.1.8 Total Production of the Hungarian Portfolio

Cumulative production in MWh

10,000

8,000

6,000

4,000

2,000

0

-15.0%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

January February March

14,000

Cumulative production in MWh

12,000

10,000

8,000

6,000

4,000

2,000

0

22.9%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

January February March

+41%

Q1 2024 Q1 2025

Chart 3.2.3 O&M Contracts, Per Type, in % Chart 3.2.4 O&M Contracts - Geographical Split, in %

AuM

O&M

Cardio

Poland 37%

vakia 2%

Other 4%

Czech Rep 11%

Slo

Au New

Hungary 36%

stralia & Zealand 2%

Romania 8%

-26%

Q1 2024 Q1 2025

Q1 2024 Q1 2025

Main Auctions Additional Auctions

The prices contracted for the whole year 2025 amounted to a weighted average of 174 PLN/MW per year in main auction (MA) and additional auctions (AA) and will be lower in the remaining part of the year, at an average level of about 150 PLN/MWh, per year.

In Q1 2025 the total aggregated assets in the Virtual Power Plant (VPP) increased to a total of 455 MW.

Chart 3.3.3 Prices Contracted in MA and AA, Chart 3.3.4 Assets Aggregated in Virtual Power Plant, in PLN/MW Per Year in MW

500

400

300

200

100

-

Q1 2025 Q2 2025 Q3 2025 Q4 2025

Main Auction Additional Auction

500

400

300

200

100

0

Q1 2024 Q1 2025

Contracted Aggregated DSR asset

Aggregated Generation Assets

The second stream of revenues of the New Energy division is electricity offtake from renewable energy producers for trading on the day-ahead and intra-day energy markets, as well as supplying it to energy users. The Group is actively trading electricity in Hungary, Poland and the Czech Republic. In Q1 2025, the total volume of electricity traded in all markets amounted to

nearly 31.8 GWh, down by -16% YoY. This drop was triggered primarily by the return of some clients back to the KAT system. However, in the same period, the revenues from energy trading increased to EUR 3.0 million, up by +16.5% YoY thanks to a rise in electricity prices.

Chart 3.3.5 Electricity Trading Values (EUR 000s) Chart 3.3.6 Electricity Trading Volume, in MWh

3,200

Thousand Euro

3,000

2,800

2,600

2,400

40,000

-16%

35,000

30,000

2,200

Q1 2024 Q1 2025

25,000

Q1 2024 Q1 2025

+30%

2,000

1,500

1,000

500

0

Q1 2024 Q1 2025

+303%

Q1 2024 Q1 2025

1. 1. Photon Energy's Project Pipeline

      Project development is an important activity in Photon Energy's business model of covering the entire value chain of PV power plants. The main objective of project development activities is to expand our PV proprietary portfolio, which provides recurring revenues and free cash flows to the Group. For financial or strategic reasons, we may decide to cooperate with third-party investors either on a joint-venture basis or with the goal of exiting the projects to such investors entirely. The ownership of

      project rights provides us with a high level of control and allows locking in EPC (one-off) and O&M (long-term) services. As a result, project development continues to be a key driver for our future growth. Our experience in project development and financing in various markets and jurisdictions is an important competitive advantage and mitigates the inherent risks related to project development.

      Table 3.6.1 Projects Under Development

      Country	1. Feasibility*	2. Early development	3. Advanced development	4. Ready-to-build technical	5. Under construction	Total in MWp
      Romania	8.4	74.9	61.7	36.4	-	181.5
      Poland	125**	17.2	20.3	-	-	162.5
      Hungary	25.0	-	-	-	-	25.0
      Australia	90.0	-	150.0	-	-	240.0
      South Africa	-	262.0	-	-	-	262.0

      Total in MWp

      248.4

      354.1

      232.0

      36.4

      -

      871.0

      *Development phases are described in the glossary available at the end of this chapter. Photon Energy refers to the installed DC capacity of projects expressed in Megawatt peak (MWp) in its reporting, which might fluctuate over the project development process.

      ** Batteries storage projects are presented with reference to AC capacity

      Chart 3.6.1 Project Pipeline, in MWp DC

      1400

      1200

      1000

      800

      600

      400

      200

      0

      1,202 MWp

      871 MWp

      Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025

      Australia
      Hungary
      Romania
      Poland
      South Africa
      
      

      Summary of the changes in projects under development during Q1 2025.

      • In Romania, the project pipeline remained unchanged. The commencement date for construction of projects that are technically ready to build has been postponed due to uncertainties in the regulatory framework related to price curves that Photon is closely observing.

      • In Hungary, Photon Energy completed the construction of three photovoltaic (PV) power plants, located within a 5 km radius in Tolna. Together, these projects will add an installed capacity of 5.07 MWp, utilising a grid connection of 2.98 MW AC. The commissioning of these projects was completed within the regulatory deadline set by MEKH on 31 March 2025. At the same time, the project with capacity of 2.7 MWp in advanced development stage was discontinued as the grid connection deadline expired as of 31 March 2025.

      • In response to evolving market dynamics and the changing profitability landscape for pure PV

        development in Poland, Photon Energy has reassessed its early-stage pipeline of approximately 250 MWp. This review focused on identifying potential opportunities for standalone energy storage that align with the com-pany's energy management and ancillary service capabilities in the Polish market. Photon Energy will work through the feasibility phase, technical analysis for grid application with multiple projects up to 125 MW AC of standalone storage capacity.

      • In South Africa, the first 250 MW concentrated solar power plant with 1.8 GWh of thermal hydro storage has been advancing and moved to stage 2. Early Development. The major milestones achieved include the signing of the agreement with the landowners, initiating the Environmental Impact Assessment and receiving the grid connection capacity. The project has also received recognition as a Strategic Integrated Project (SIP) by the South African Government aimed at improving the economic and social opportunities.

      Glossary of terms Definitions

      Development phase 1:

      "Feasibility"

      Development phase 2:

      "Early development"

      Development phase 3: "Advanced development"

      Development phase 4:

      "Ready-to-build technical"

      Development phase 5:

      "Under construction"

      LOI or MOU signed, location scouted and analysed, working on land lease/purchase, environmental assessment and application for grid connection.

      Signing of land option, lease or purchase agreement, Environmental assessment (environmental impact studies "EIS"

      for Australia), preliminary design.

      Specific to Europe: Application for Grid capacity, start work on permitting aspects (construction, connection line, etc.). Specific to Australia: community consultation, technical studies.

      In Europe: Finishing work on construction permitting, Receiving of MGT (HU)/ATR (ROM) Letter, finishing work on permitting for connection line, etc.

      In Australia: Site footprint and layout finalised, Environmental Impact Statement and development application lodged. Grid connection studies and design submitted.

      In Europe: Project is technical ready to build, we work on offtake model (if not FIT or auction), securing financing (internal/external). In Australia: Development application approved, offer to connect to grid received and detailed design commenced. Financing and off-take models/arrangements (internal/external) under negotiation.

      Procurement of components, site construction until the connection to the grid.

      On top for Australian projects, signature of Financing and off-take agreements, reception of Construction certificate, conclusion of connection agreement, EPC agreement, Grid connection works agreements.

      DC and AC capacity Electricity grids run on alternating current (AC). Solar modules produce direct current (DC), which is transformed into AC by inverters. Heat, cable lines, inverters and transformers lead to energy losses in the system between the solar modules and the grid connection point. Cumulatively system losses typically add up to 15-20%. Therefore, for a given grid connection capacity a larger module capacity (expressed in Watt peak - Wp) can be installed without exceeding the grid connection limit. At times of extremely high production, inverters can reduce the volume of electricity so that the plant stays within the grid connection limits.

      Photon Energy N.V. Consolidated and Entity Q1 2025 Report

      Country	Location	Dev. phase	Equity share	MWp DC	Commercial Model	Land	Grid connection	Construction permit	Expected SoC1
      Romania	Tamadu Mare-1	4	100%	4.5	Merchant/PPA	Secured	Secured	Secured	Q3 2025
      Romania	Tamadu Mare-2	4	100%	6.1	Merchant/PPA	Secured	Secured	Secured	Q3 2025
      Romania	Sannicolau Mare	4	100%	7.4	Merchant/PPA	Secured	Secured	Secured	Q3 2025
      Romania	Guilvaz	4	100%	6.1	Merchant/PPA	Secured	Secured	Secured	Q3 2025
      Romania	Faget 4	4	100%	6.1	Merchant/PPA	Secured	Secured	Secured	Q4 2025
      Romania	Faget 5	4	100%	6.2	Merchant/PPA	Secured	Secured	Secured	Q4 2025

      Table 3.6.2 Progress on Projects Ready-to-Build Stage 4

      Update on the project

      Grid reinforcement works have been completed. Grid connection works are being scheduled

      Grid reinforcement works have been completed. Grid connection works are being scheduled

      Grid reinforcement works have been completed. Grid connection works are being scheduled

      TOTAL

      36.4

      Project procurement in planning Project procurement in planning Project procurement in planning

      1 SoC stands for expected start of construction date.

      Table 3.6.3 Progress on Projects Under Construction

      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      

      Country Location Dev. phase Equity share MWp DC Commercial Model Construction progress

      Hungary	Tolna 2	5	100%	1.5	Merchant/PPA		100%
      Hungary	Tolna 3	5	100%	1.6	Merchant/PPA		100%
      Hungay	Tolna 5	5	100%	2.0	Merchant/PPA		100%
      TOTAL				5.1

      Procurement Site Preparations Substructures Technology Installed Connection Works Commissioning

      
      
      

2. Enterprise Value, Share and Bond Price Performance

   Main Market of the Warsaw Stock Exchange

   The Company's shares are listed on the regulated market of the Warsaw Stock Exchange (WSE) since 5 January 2021. Prior to that date, the shares were listed in the alternative system of trading - NewConnect, organized by WSE. On 31 March 2025

   the Company's shares (ISIN NL0010391108) closed at a price of PLN 3.63 (-15.0% YTD). The total trading volume in Q1 2025 amounted to 998,875 shares while the total trading volume during the last 12M amounted to 2,853,264 shares.

   Chart 4.1 Total Monthly Volumes and Daily Closing Share Price (ISIN NL0010391108)

   15.00

   12.00

   9.00

   6.00

   3.00

   0.00

   Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Total monthly volumes - right axis Closing share price (PLN) - left axis

   0.45

   0.40

   0.35

   0.30

   Millions

   0.25

   0.20

   0.15

   0.10

   0.05

   0.00

   Chart 4.2 Enterprise Value vs. Trailing 12 Months (TTM) EBITDA (in Millions EUR)

   Chart 4.3 Enterprise Value / Trailing 12 Months EBITDA and Price to Book Ratio

   350.0

   300.0

   250.0

   200.0

   150.0

   100.0

   50.0

   0.0

   10.0

   € 8.24

   € 4.16

   9.0

   8.0

   7.0

   6.0

   5.0

   4.0

   3.0

   2.0

   1.0

   0.0

   70.0x

   60.0x

   50.0x

   40.0x

   30.0x

   20.0x

   10.0x

   0.0 x

   3.0x

   58.3x

   1.6x

   21.6x

   0.9x

   2.5x

   2.0x

   1.5x

   1.0x

   0.5x

   0 x

   
   
   

   Notes:

   EV - Enterprise value is calculated as the market capitalisation as of the end of the reporting month, plus net debt, defined as Interest-bearing liabilities (adjusted with the market value of Green Bond ISIN: DE000A3KWKY4 as of 31 March 2025) minus liquid assets.

   The trailing 12-month EBITDA is the sum of EBITDA reported in the last four quarterly reports including this reporting period.

   EV/EBITDA trailing Price/book ratio

   Price/book ratio - is calculated by dividing the closing price of the stock as of the end of the reporting period by the book value per share reported in the last quarterly report.

   EV/EBITDA ratio - is calculated by dividing the Enterprise Value by the Trailing 12 months (TTM) EBITDA.

   Main Market of the Prague Stock Exchange

   The Company's shares are listed on the regulated market of the Prague Stock Exchange (PSE) as of 5 January 2021. Prior to that date, the shares were traded on Free Market of PSE.

   On 31 March 2025 the share price (ISIN NL0010391108) closed at a level of CZK 22.00 (-7.2% YTD). The total trading volume in Q1 2025 amounted to 1,570,480 shares.

   Total trading volumes during the last 12M amounted to 4,744,306 shares.

   Quotation Board of the Frankfurt Stock Exchange

   On 31 March 2025, the share price (FSX: A1T9KW) closed at a level of EUR 0.812 (-11.4% YTD). The total trading volume in Q1 2025 amounted to 12,994 shares, while the total trading volume for the last 12M amounted to 100,691 shares.

   The Company's shares have been traded on the Quotation

   Board of the Frankfurt Stock Exchange since 11 January 2021.

   XETRA Trading Platform (German Stock Exchange)

   On 31 March 2025, the share price (FSX: A1T9KW) closed at a level of EUR 0.860 (-5.5% YTD). The total trading volume in Q1 2025 amounted to 45,104 shares and the total trading volumes for the last 12M amounted to 342,079 shares. The Company's

   Outstanding Bonds

   As of the reporting date the Company has one outstanding bond (Green EUR Bond 2021/2027) with an annual coupon of 6.50% and quarterly payments. The Green EUR Bond (ISIN: DE000A3KWKY4) received a Second Party Opinion with regards to its sustainability by imug | rating, and can be traded on the

   Green EUR Bond 2021/27 Trading Performance

   In the reporting period, the overall trading volume of Green EUR Bond amounted to EUR 1.523 million in nominal terms, with an opening price of 45.00 and a closing price of 52.51. The total

   Additionally, the Company's shares are traded on the Free Market (Freiverkehr) of the Munich Stock Exchange since 28 July 2020, Free Market (Freiverkehr) of the Berlin Stock Exchange since 13 January 2021 and on the Free Market (Freiverkehr) of the Stuttgart Stock Exchange since 14 January 2021.

   shares have been listed on the electronic trading platform XETRA (provided by the German Stock Exchange) since 7 December 2022.

   Open Market of the Frankfurt Stock Exchange. The net proceeds of this Green EUR Bond are being invested in accordance with the Company's Green Finance Framework, published on the Company's website. The total outstanding amount of the Green EUR Bond as of the reporting date was EUR 78.9 million.

   12M trading volume in nominal terms amounted to EUR 3.316 million.

   Chart 4.4 Total Monthly Volumes vs. Daily Closing Green EUR Bond Prices

   110.0

   100.0

   90.0

   80.0

   70.0

   60.0

   50.0

   40.0

   30.0

   20.0

   10.0

   0.0

   Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25

   0.90

   0.80

   0.70

   0.60

   Millions

   0.50

   0.40

   0.30

   0.20

   0.10

   0.00

   Total nominal value (EUR) - right axis Closing price (%) - left axis

3. Comments to Consolidated Q1 2025 Financial Statements

   Profit and Loss Statement

   Consolidated revenues reached EUR 22.049 million in Q1 2025, marking a 26.9% year-on-year (YoY) increase. Revenues from electricity generation increased to EUR 4.178 million, up by 11.5% YoY. The generation output declined by -21.3%, primarily due to the sale of 14.5 MWp of capacity in Australia in October 2024. This capacity had previously helped offset the lower production from European assets during the winter months. The negative impact of reduced output was partially mitigated by a 39.1% YoY increase in average realised electricity prices, which rose from EUR 133/MWh to EUR 185/MWh.

   Other revenues grew strongly, increasing by 31.1% YoY to EUR 17.871 million in Q1 2025. The most significant growth was recorded in the technology trading business, which surged by 302.5% YoY. All other segments also contributed positively, with the exception of the New Energy division, where revenues from capacity markets as well as origination and trading declined by

   -19.9% YoY.

   On the cost side, expenses for raw materials and consumables rose to EUR 10.825 million, reflecting a 33.9% YoY increase. This growth was primarily driven by higher volumes in the technology trading and engineering segments. Other operating expenses amounted to EUR 5.331 million, up 37.7% YoY, largely due to direct engineering costs associated with EPC (engineering, procurement, and construction) contracts.

   The above changes resulted in EBITDA of EUR 1.206 million in Q1 2025 compared to EUR 0.783 million in Q1 2024, up by 54.0% YoY.

   Depreciation declined by -11.4% YoY to EUR 1.872 million due to the sale of Australian assets, which had a seasonally higher share in depreciation in winter months.

   Interest expenses amounted to EUR 2.765 million in Q1 2025, representing a 3.3% increase year-on-year, primarily due to slightly higher costs associated with newly drawn loans.

   The Group recorded a net loss of EUR -3.705 million in Q1 2025 compared to a net loss of EUR -1.320 million in Q1 2024. However, it is worth noting that this comparable result in Q1 2024 included a one-off financial gain of EUR 1.6 million related to realised FX gain.

   Other comprehensive income was positive and amounted to EUR 3.719 million as a result of a revaluation of the commissioning of 5.1 MWp of new assets in Hungary and a positive impact of foreign currency translation differences in the amount of EUR

   3.478 million.

   The Group posted total comprehensive income of EUR 0.014 million in Q1 2025 compared to a negative result of EUR -1.108 million in Q1 2024.

   Table 5.1 Summary of Selected Positions from Profit and Loss Statement for the Reporting Period

   Category (in thousands of EUR)	Q1 2025	Q1 2024	YoY (%)
   Total revenues	22,049	17,375	26.9%
   Revenues from electricity generation	4,178	3,746	11.5%
   Other revenues	17,871	13,629	31.1%
   EBITDA	1,206	783	54.0%
   EBIT	-783	-1,425	-45.1%
   Profit/loss from continuing operations	-3,705	-1,320	180.7%
   Total comprehensive income	14	-1,108	-101.3%
   Summary of key business data
   Electricity production, in thousands MWh	23,743	30,152	-21.3%
   Average realized prices, in EUR/MWh	185	133	39.1%

   Chart 5.1 Revenues, EBITDA and EBITDA Margin, by Quarters During Q1 2024 - Q1 2025

   50.0

   40.0

   50%

   40%

   EUR Million

   30.0

   20.0

   10.0

   0.0

   	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
   Revenues	17,375	23,914	22,852	25,775	22,049
   EBITDA	783	5,274	3,800	-2,036	1,206
   EBITDA margin	5%	22%	17%	-8%	5%

   -10.0

   22%

   30%

   17%

   5%

   5%

   -8%

   20%

   10%

   0%

   -10%

   Balance Sheet

   At the end of the reporting period, total non-current assets amounted to EUR 220.503 million compared to EUR 216.890 million at the end of 2024. This increase can be primarily explained by the commissioning of 5.1 MWp in Hungary.

   Current assets declined year-on-year to EUR 52.351 million, down by EUR 3.595 million compared to YE 2024. The main changes include further reduction in inventories by EUR 1.9 million and decline in other receivables by EUR 5.2 million which was partially offset by increased trade, tax and receivables related to contract assets.

   Non-current liabilities increased to EUR 175,353 million, up by EUR 7.692 million compared to YE 2024. This increase was driven primarily by a reclassification of EUR 5.0 million EBRD loan, back to long-term liabilities.

   Current liabilities amounted to EUR 37.436 million, down by EUR 7.674 million compared to YE 2024, this is partly due to declining trade payable by nearly 3.0 million and above-men-tioned reclassification of EBRD loan back to long-term liabilities.

   Chart 5.2 Net Current Assets Chart 5.3 Breakdown of Liabilities and Equity (%)

   1.3

   1.3

   1.3

   1.1

   1.6

   30

   25

   EUR Million

   20

   15

   10

   5

   0

   Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025

   Net current assets Quick Ratio

   2.0

   0.0

   100%

   80%

   60%

   40%

   20%

   0%

   Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025

   ST liabilities
   LT liabilities
   Equity
   
   

   Changes in Equity

   Equity amounted to EUR 60.065 million and has not changed compared to the level recorded at YE 2024. Negative result in the period was offset by a positive OCI.

   The adjusted equity ratio (defined as total equity divided by total capital, being the sum of interest-bearing debt and equity) stood at 25.3% compared to 25.6% at the end of 2024. The bond covenant which requires this ratio to remain above 25% is assessed at year-end, following the completion of the audited accounts.

   The adjusted equity ratio calculation allows a carve out in the event of a shortfall in the ratio resulting from regulatory changes (Section 7, article 3 (g) of the Terms and Conditions of the Green Bond prospectus refers).

   As described in our Q4 2024 report, the effect of changes in the Hungarian KAT feed in tariff (FiT) applicable from 1 January 2025 has reduced the valuation of that part of our PV portfolio dependent on KAT FiT. If the carve out was applied , the adjusted equity ratio at 31 March 2025 would be 26.0%.

   Cash Flow

   The Group posted a positive operating cash flow of EUR 3.860 million, thanks to positive developments of working capital, mainly declining inventories and receivables and other non-cash items.

   Investment cash flow amounted to EUR -3.555 million and was primarily driven by the completion of Hungarian projects and investment outlays related to EPC projects.

   Financing cash flow amounted to EUR -0.803 million as a net difference between repayment of borrowing and interest and proceeds from borrowing.

   Business Segments Analysis

   The consolidated revenues increased to EUR 22.049 million, up by 26.9% YoY. All segments contributed positively to the revenue increase, except for the New Energy Division. External revenues from segment Investments (electricity generation) increased to EUR 3.707 million, up by 21.9% YoY with a balanced 50/50 split between merchant exposure and fixed revenues i.e. feed-in tariffs (FiTs) and green bonus. This strategy helped offset the negative impact of lower generation output with higher realised prices. Other revenues also increased with the most notable growth recorded in the technology trading business, which surged by 302.5% YoY to EUR 6.554 million. While we recognise that this segment is inherently volatile and sensitive to economic downturns, we take pride in our Technology team's ability to expand market share and outperform competitors during the ongoing consolidation of the sector. Engineering segment contributed EUR 1.949 million to the consolidated results (+30.3% YoY) while O&M EUR 1.106 million, up by 40.6% (YoY). Finally, revenues from the New Energy division contracted by

   -19.9% YoY but still contributed a solid EUR 8.273 million to the consolidated result.

   As a results of the above changes, the revenue mix has shifted towards higher share of the technology trading segment, growing from 9% in Q1 2024 to 30% in Q1 2025, and a declining share of the New Energy division, falling from 59% to 37% in the same period. The share of other segments remained relatively stable.

   In terms of profitability, the Group reported solid EBITDA growth, reaching EUR 1.206 million in Q1 2025-an increase of

   54.0% year-on-year. The main contributors to this performance remained consistent, with electricity generation (the Investments segment) and the New Energy division continuing to deliver strong results of EUR 2.814 million and EUR 2.482 million, respectively.

   A negative impact on the Group's profitability was recorded in the Engineering segment, with EBITDA of EUR -1.196 million booked in Q1 2025. Margins were negatively impacted by the ongoing EPC contracts for commercial and industrial (C&I) clients in Australia and New Zealand. These projects experienced delays and budget overruns, which weighed on overall profitability.

   In other segments-specifically Technology and Operations and Maintenance (O&M)-margins remained slightly negative with EBITDA of EUR -0.010 million and EUR -0.273 million, respectively. Nonetheless, both areas showed meaningful improvement compared to previous periods.

   An analysis of external EBITDA has been prepared, considering only directly allocated costs of entities included in each segment. The external EBITDA does not include allocations of certain inter-Group costs, which are still presented in the segment "Other".

   The Other segment with external EBITDA of EUR -2.610 million had a small external revenue arising from water business and carries the balance of corporate overheads, which are not allocated to external EBITDA in this analysis.

   Chart 5.4 External Revenue Comparison (000s EUR) Chart 5.5 External Revenue Mix, in Q1 2025 (%)

   Other O&M Investment Technology New Energy Engineering

   0 2,000 4,000 6,000 8,000 10,000 12,000

   Q1 2024
   Q1 2025
   
   

   Investment 17%

   Technology 30%

   O&M 5%

   Other 2%

   
   
   

   Engineering 9%

   New Energy 37%

   Chart 5.6 External EBITDA Realised per Business Segment, in Q1 2025 (EUR)

   2.48

   2.81

   -0.01

   -1.20

   -0.27

   4.0

   3.0

   2.0

   Milions

   1.0

   0.0

   -1.0

   -2.0

   -3.0

   -2.61

   Engineering New Energy Investments Technology O&M Others

4. General Information About the Issuer

   The table below presents general information about Photon Energy NV, hereinafter referred to as the "PENV", "Issuer", "the Group" and/or the "Company".

   Company name: Photon Energy N.V.

   Registered office: Barbara Strozzilaan 201, 1083 HN, Amsterdam, the Netherlands Registration: Dutch Chamber of Commerce (Kamer van Koophandel) Company number: 51447126

   Tax-ID: NL850020827B01

   Ticker: PEN

   Web: https://www.photonenergy.com

5. Share Capital of the Issuer

   The Company's share capital is EUR 612,385.21 divided into 61,238,521 shares with a nominal value of EUR 0.01 each. The share capital is fully paid-up.

   Share capital on 31 March 2025

   Series / issue		Type of shares		Type of preference		Limitation of right to shares		Number of shares		Nominal value of series/issue (EUR)
   A		bearer		-		-		61,238,521		612,385.21
   Total number of shares								61,238,521
   Total share capital										612,385.21
   Nominal value per share = EUR 0.01

   In the reporting period there were no changes to the share capital.

6. Shareholder Structure

   On 31 March 2025, based on public filings with the AFM, Netherlands, the shareholder structure was as follows:

   Shareholdings as at31.12.2024		No. of shares		% of capital		No. of votes at Shareholders Meeting		% of votes at Shareholders Meeting
   Solar Future Cooperatief U.A.		21,748,075		35.51%		21,748,075		36.28%
   Solar Power to the People Cooperatief U.A.		19,694,640		32.16%		19,694,640		32.85%
   Photon Energy N.V.		1,291,956		2.11%		0		0.00%
   Free float		18,503,850		30.22%		18,503,850		30.87%
   Total		61,238,521		100.00%		59,946,565		100.00%

7. Statutory Bodies of the Issuer

   Board of directors on 31 March 2025

   The Board of Directors is responsible for the day-to-day operations of the Company. The Company's Board of Directors has the follow-

   ing members

   Name and surname	Position Date of Appointment	Term
   Georg Hotar	Director (Bestuurder) 14 June 2024* Director (Bestuurder) 14 June 2024**	2028
   David Forth		2028

   *Mr Hotar has been one of the Company's managing directors since 9 December 2010; Mr Hotar was reappointed by the Annual General Meeting of shareholders on 14 June 2024, for another 4-year term.

   **Mr. Forth was appointed for a 4-year term by the Annual General Meeting of shareholders on 14 June 2024, replacing Mr. Gartner who stepped down from this position. Mr. Gartner was appointed by the Annual General Meeting of shareholders on 14 June 2024 as a Supervisory Board member. The appointment was to be effective as of 1 January 2025, but has been deferred as noted below

   Supervisory board

   The supervisory body of the Company is the Supervisory Board comprising the supervisory directors. The Supervisory Board provides guidance to and oversight of the management board on the general course of affairs of the Company.

   The Supervisory Board members also serve as an audit committee. The Issuer's Supervisory Board has the following members:

   Name and surname	Position Date of Appointment	Term
   Marek Skreta	Chairman of the Supervisory Board 14 June 2024* Supervisory Board Member 14 June 2024* Chairman of the Audit Committee 31 May 2022	2028
   Boguslawa Skowronski		2028
   Ariel Sergio Davidoff		2026

   Mr Skreta and Mrs. Skowronski have been the Company's Supervisory Board since 4 December 2020 and reappointed for another fou r-year term by the Annual General Meeting of shareholders on 14 June 2024.

   Mr. Michael Gartner was appointed to the Supervisory Board effective 1 January 2025 by the Company's 2024 Annual General Meeting. As of 1 January 2025 Mr. Gartner however continued to be an employee of the Photon Energy Group and continued to perform statutory functions for the Company's subsidiaries incorporated in Australia and New Zealand and therefore, his appointment has not taken effect (due to incompatibility with

   Article 2:160 of the Dutch Civil Code). The Supervisory Board was informed of his continued employment with the Group by Mr. Gartner and has acknowledged that Mr. Gartner's appointment as a member of the Supervisory Board did not become effective. Mr. Gartner is proposed to be appointed to the Supervisory Board this year by the Annual General Meeting to be held on 25th June, 2025..

8. Description of the Issuer's Business

   Delivering the fundamentals of life

   At Photon Energy Group, we are dedicated to ensuring that everyone has access to clean, affordable energy and water. We deploy technology to provide these fundamentals and help build a thriving, sustainable world.

   We take a holistic approach to our work, within our companies and as a group, offering solutions that can be delivered separately or as an integrated package. This allows us to meet the complete needs of our customers and takes us closer to a world

   where energy and water - the fundamentals of life - are clean, safe and accessible to all.

   Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges.

   We are headquartered in Amsterdam, with offices in Australia and across Europe.

   
   
   

   Photon Energy provides comprehensive renewable energy solutions to help everyone benefit from the green transition. Our solutions range from the development, construction and operation of solar power systems to localised energy trading and flexibility programs. We are also an independent power producer with a growing portfolio of solar PV power plants.

   Photon Water provides clean water solutions for all environments, from treatment and remediation services to the management of wells and other water resources. We also work closely with leading academic institutions and participate in governmental research programmes to develop cutting-edge water treatment and management solutions.

   
   
   
   
   
   

   Utility-scale Solar Power

   Our comprehensive solutions cover the full lifecycle of PV installations, from project development to EPC.

   On-site Solar Power and Energy Storage

   
   
   

   We design, build and manage PV power and energy storage systems for rooftops and other property.

   
   
   

   O&M for Photovoltaics

   We provide a full range of operations and maintenance solutions for solar PV systems.

   Wholesale Photovoltaic Components

   Through our dedicated eShop, we supply world-class technology to PV installers across Europe.

   
   
   

   Energy Offtake and Supply

   As a licenced energy trader in six countries,

   we purchase and supply energy from renewable sources including solar, wind and biogas.

   Energy Flexibility

   
   
   

   We offer localised Capacity Market programs and other flexibility solutions to help optimise energy use and support grid stability.

   
   
   
   
   
   

   Lake Management

   We help our customers make the best, most efficient use of their water resources, such as lakes, ponds and industrial water bodies.

   Remediation

   
   
   

   We offer a range of remediation services to eliminate PFAS and other contaminants from water and soil.

   Wells and Resources

   We provide complete services for wells and water resources, from design to maintenance.

   Water Treatment and Recycling

   
   
   

   We design and implement industrial and municipal water treatment plants and water recycling systems.

   Country-specific references

   As of 31 December 2024, Photon Energy is active in nine countries across three continents (headquartered in Amsterdam), with a track record of building more than 180 MWp of grid-

   connected PV plants across five countries, a proprietary portfolio of 129.6 MWp of PV plants and more than 1 GWp of PV power plants under O&M management across two continents.

   
   
   

9. Employees

   As of 31 March 2025, Photon Energy Group had 337 employees compared to 340 employees in the comparable period last year, translating into 326 FTE, compared to 330 FTE as of the end of Q1 2024.

   Chart 11.1 Total Number of Employees and FTE Employees

   Full-time equivalent (FTE) is a unit that indicates the workload of a person in a way that makes workloads comparable across various contexts. An FTE of 1.0 means that the person is equivalent to a full-time employee, while an FTE of 0.5 signals that the employee is only half-time.

   Employee Share Purchase Programme

   The management of the Company recognises the significant

   350

   345

   340

   335

   330

   325

   320

   315

   310

   305

   345

   340

   335

   337

   330

   320

   326

   324

   332

   331

   Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025

   FTE
   No of employees
   
   

   contribution of the team members to the future development of the Group. Therefore, it operates an Employee Share Purchase Programme as a part of its motivation system. Under the terms of the programme, the Group periodically purchases shares for participating employees equal to 10% of their gross compensation net of taxes. Participants of the Employee Share Purchase Programme have the right to dispose their shares, after three years of holding the shares.

   During the reporting period, the Company transferred in total 72,993 shares to its employees eligible for the share bonus in line with the Employee Share Purchase Programme.

10. Group Structure

    The following table presents the Group's structure (subsidiaries and joint ventures) and the holding company's stake in the entities comprising the Group as of 31 March 2025.

    Name		% of share capital held by the holding company	Country of registration	Consolid. method	Legal Owner
    1	Photon Energy N.V. (PENV)	Holding	NL	Full Cons.	-
    2	Photon Energy Operations NL B.V. (former Photon Directors B.V.)	100%	NL	Full Cons.	PEONV
    3	Photon Energy Engineering B.V. (PEEBV)	100%	NL	Full Cons.	PENV
    4	Photon Energy Operations N.V. (PEONV)	100%	NL	Full Cons.	PENV
    5	Photon Remediation Technology N.V.	100%	NL	Full Cons.	PENV
    6	Photon Energy Australia Pty Ltd.	100%	AU	Full Cons.	PENV
    7	Photon Energy AUS SPV 1 Pty. Ltd.	100%	AU	Full Cons.	PENV
    8	Photon Energy AUS SPV 4 Pty. Ltd.	100%	AU	Full Cons.	PENV
    9	Photon Energy Operations Australia Pty.Ltd.	100%	AU	Full Cons.	PEONV
    10	Photon Energy Engineering Australia Pty Ltd	100%	AU	Full Cons.	PEEBV
    11	Photon Remediation Technology Australia Pty Ltd.	100%	AU	Full Cons.	PRTNV
    12	Photon Energy SGA Pty. Ltd.	100%	AU	Full Cons.	PENV
    13	Photon Water Australia Pty. Ltd.	100%	AU	Full Cons.	PENV
    14	RayGen Resources Pty. Ltd.	7.60%	AU	Equity	PENV
    15	Photon New Energy Pty. Ltd.	100%	AU	Full Cons.	PENV
    16	Photon Energy AUS SPV 14 Pty Ltd	100%	AU	Full Cons.	PENV
    17	Global Investment Protection AG	100%	CH	Full Cons.	PENV
    18	Photon Energy Investments AG (PEIAG)	100%	CH	Full Cons.	PENV
    19	KORADOL AG (KOAG)	100%	CH	Full Cons.	PENV
    20	Photon Energy Solutions A.G.	100%	CH	Full Cons.	PENV
    21	Photon Property AG,	100%	CH	Full Cons.	PENV
    22	Photon Energy Corporate Services CZ s.r.o.	100%	CZ	Full Cons.	PENV
    23	Photon Energy Solutions CZ a.s.(former Photon Energy Solutions CZ s.r.o.)	100%	CZ	Full Cons.	KOAG
    24	Photon SPV 11 s.r.o.	100%	CZ	Full Cons.	KOAG
    25	Photon Energy Operations CZ s.r.o. (PEOCZ)	100%	CZ	Full Cons.	PEONV
    26	Photon Energy Control s.r.o.	100%	CZ	Full Cons.	PEOCZ
    27	Photon Energy Technology CEE s.r.o.	100%	CZ	Full Cons.	PEEBV
    28	Photon Water Technology s.r.o.	65%	CZ	Full Cons.	PENV
    29	Photon Remediation Technology Europe s.r.o. (former Charles Bridge s.r.o.)	100%	CZ	Full Cons.	PENV
    30	Photon Energy Engineering s.r.o. (former Photon Energy Solutions s.r.o. ) (PEECZ)	100%	CZ	Full Cons.	PENV
    31	Photon Energy Projects s.r.o. (PEP)	100%	CZ	Full Cons.	PENV
    32	Photon Energy Cardio s.r.o.	100%	CZ	Full Cons.	PEOCZ
    33	Photon Maintenance s.r.o. (former The Special One s.r.o.)	100%	CZ	Full Cons.	PENV
    34	Exit 90 SPV s.r.o.	100%	CZ	Full Cons.	KOAG

    Name		% of share capital held by the holding company	Country of registration	Consolid. method	Legal Owner
    35	Onyx Energy s. r. o.	100%	CZ	Full Cons.	KOAG
    36	Onyx Energy projekt II s.r.o.	100%	CZ	Full Cons.	KOAG
    37	Photon SPV 3 s.r.o.	100%	CZ	Full Cons.	KOAG
    38	Photon SPV 4 s.r.o.	100%	CZ	Full Cons.	KOAG
    39	Photon SPV 6 s.r.o.	100%	CZ	Full Cons.	KOAG
    40	Photon SPV 8 s.r.o.	100%	CZ	Full Cons.	KOAG
    41	Photon SPV 10 s.r.o.	100%	CZ	Full Cons.	KOAG
    42	Kaliopé Property, s.r.o.	100%	CZ	Full Cons.	KOAG
    43	PESPV 1 s.r.o.	100%	CZ	Full Cons.	PESCZ
    44	PESPV 2 s.r.o.	100%	CZ	Full Cons.	PESCZ
    45	Photon Energy Solutions s.r.o.	100%	CZ	Full Cons.	PESCZ
    46	Photon Energy Technology EU GmbH	100%	DE	Full Cons.	PENV
    47	Photon Energy Corporate Services DE GmbH	100%	DE	Full Cons.	PENV
    48	EcoPlan 2 s.r.o.	100%	SK	Full Cons.	PENV
    49	EcoPlan 3 s.r.o.	100%	SK	Full Cons.	PENV
    50	Fotonika s.r.o.	100%	SK	Full Cons.	PENV
    51	Photon SK SPV 1 s.r.o.	50%	SK	Equity	PENV
    52	Photon SK SPV 2 s.r.o.	100%	SK	Full Cons.	PENV
    53	Photon SK SPV 3 s.r.o.	100%	SK	Full Cons.	PENV
    54	Solarpark Myjava s.r.o.	50%	SK	Equity	PENV
    55	Solarpark Polianka s.r.o.	50%	SK	Equity	PENV
    56	SUN4ENERGY ZVB s.r.o.	100%	SK	Full Cons.	PENV
    57	SUN4ENERGY ZVC s.r.o.	100%	SK	Full Cons.	PENV
    58	ATS Energy, s.r.o.	100%	SK	Full Cons.	PENV
    59	Photon Energy Operations SK s.r.o.	100%	SK	Full Cons.	PEONV
    60	Photon Energy HU SPV 1 Kft. b.a	100%	HU	Full Cons.	PEIAG
    61	Fertod Napenergia-Termelo Kft.	100%	HU	Full Cons.	PEIAG
    62	Photon Energy Operations HU Kft.	100%	HU	Full Cons.	PEONV
    63	Photon Energy Engineering HU Kft.	100%	HU	Full Cons.	PENV
    64	Future Solar Energy Kft	100%	HU	Full Cons.	PEIAG
    65	Montagem Befektetési Kft.	100%	HU	Full Cons.	PEIAG
    66	Solarkit Befektetesi Kft.	100%	HU	Full Cons.	PEIAG
    67	Energy499 Invest Kft.	100%	HU	Full Cons.	PEIAG
    68	SunCollector Kft.	100%	HU	Full Cons.	PEIAG
    69	Green-symbol Invest Kft.	100%	HU	Full Cons.	PEIAG
    70	Ekopanel Befektetési és Szolgaltató Kft.	100%	HU	Full Cons.	PEIAG
    71	Onyx-sun Kft.	100%	HU	Full Cons.	PEIAG
    72	Tataimmo Kft	100%	HU	Full Cons.	PEIAG
    73	Öreghal Kft.	100%	HU	Full Cons.	PEIAG
    74	European Sport Contact Kft.	100%	HU	Full Cons.	PEIAG
    75	ALFEMO Alpha Kft.	100%	HU	Full Cons.	PEIAG
    76	ALFEMO Beta Kft.	100%	HU	Full Cons.	PEIAG
    77	ALFEMO Gamma Kft.	100%	HU	Full Cons.	PEIAG
    78	Archway Solar Kft.	100%	HU	Full Cons.	PENV
    79	Blackhorse Solar Kft.	100%	HU	Full Cons.	PEIAG
    80	Camden Solar Kft	100%	HU	Full Cons.	PEIAG
    81	Ráció Master Oktatási	100%	HU	Full Cons.	PEIAG
    82	Aligoté Kereskedelmi és Szolgáltató Kft.	100%	HU	Full Cons.	PEIAG
    83	MEDIÁTOR PV Plant Kft.	100%	HU	Full Cons.	PEIAG
    84	PROMA Mátra PV Plant Kft.	100%	HU	Full Cons.	PEIAG
    85	Optisolar Kft.	100%	HU	Full Cons.	PEIAG
    86	Ladány Solar Alpha Kft.	100%	HU	Full Cons.	PEIAG
    87	Ladány Solar Beta Kft.	100%	HU	Full Cons.	PEIAG
    88	Ladány Solar Gamma Kft.	100%	HU	Full Cons.	PEIAG
    89	Ladány Solar Delta Kft.	100%	HU	Full Cons.	PEIAG
    90	ÉGÉSPART Energiatermelő és Szolgáltató Kft	100%	HU	Full Cons.	PEIAG
    91	ZEMPLÉNIMPEX Kereskedelmi és Szolgáltató Kf	100%	HU	Full Cons.	PEIAG
    92	ZUGGÓ-DŰLŐ Energiatermelő és Szolgáltató Kft	100%	HU	Full Cons.	PEIAG
    93	Ventiterra Kft.	100%	HU	Full Cons.	PEIAG
    94	VENTITERRA ALFA Kft.	100%	HU	Full Cons.	PEIAG
    95	VENTITERRA BETA Kft.	100%	HU	Full Cons.	PEIAG
    96	Hendon Solar Kft.	100%	HU	Full Cons.	PEIAG
    97	Mayfair Solar Kft.	100%	HU	Full Cons.	PEIAG
    98	Holborn Solar Kft.	100%	HU	Full Cons.	PEIAG
    99	Photon Energy Trading CEE Kft. (former Lerta Energy HU Kft.)	100%	HU	Full cons.	Lerta S.A.
    100	Photon Energy Solutions HU Kft. (former LERTA Magyarország Kft.)	100%	HU	Full cons.	Lerta S.A.
    101	Photon New Energy Alfa Kft.	100%	HU	Full cons.	PESAG
    102	Photon New Energy Beta Kft.	100%	HU	Full cons.	PESAG
    103	Photon New Energy Gamma Kft.	100%	HU	Full cons.	PESAG

    Name		% of share capital held by the holding company	Country of registration	Consolid. method	Legal Owner
    104	Dartford Solar Kft.	100%	HU	Full cons.	PEIAG
    105	Rochester Solar Kft.	100%	HU	Full cons.	PEIAG
    106	Newhamp Solar Kft.	100%	HU	Full cons.	PEIAG
    107	Brixton Solar Kft.	100%	HU	Full cons.	PEIAG
    108	Lerta Lithuania UAB	100%	LI	Full cons.	Lerta S.A.
    109	Photon Energy Project Development XXK (PEPD)	99%	MN	Full cons.	PEP
    110	PEPD Solar XXK.	100%	MN	Full cons.	PEPD
    111	Photon Energy Solutions PL S.A.	100%	PL	Full cons.	PENV
    112	Photon Energy Polska Sp. Z o.o.	100%	PL	Full cons.	PENV
    113	Photon Energy Operations PL Sp. z o.o.	100%	PL	Full cons.	PEONV
    114	Alperton Solar Sp. z o.o.	100%	PL	Full cons.	PENV
    115	Beckton Solar Sp. z o.o.	100%	PL	Full cons.	PENV
    116	Debden Solar Sp. z o.o.	100%	PL	Full cons.	PENV
    117	Chigwell Solar Sp. z o.o.	100%	PL	Full cons.	PENV
    118	Ealing Solar Sp. z o.o.	100%	PL	Full cons.	PENV
    119	Lerta S.A.	100%	PL	Full cons.	PENV
    120	Photon Energy Trading PL Sp. z o.o. (former Lerta JRM Sp. z o.o.)	100%	PL	Full cons.	Lerta S.A.
    121	Photon Energy Systems Sp. z o.o. (former Lerta Technology Sp. z o.o.)	100%	PL	Full cons.	Lerta S.A.
    122	Domanowo Solar Sp. z o.o.	100%	PL	Full cons.	PENV
    123	Stanford Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
    124	Halton Solar Srl.	100%	RO	Full cons.	PEIAG & KOAG
    125	Aldgate Solar Srl	100%	RO	Full cons.	PEIAG & KOAG
    126	Holloway Solar Srl.	100%	RO	Full cons.	PEIAG & KOAG
    127	Moorgate Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
    128	Redbridge Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
    129	Watford Solar Srl	100%	RO	Full cons.	PEIAG & KOAG
    130	Photon Energy Operations Romania Srl.	100%	RO	Full cons.	PEONV & PEOCZ
    131	Greenford Solar Srl.	100%	RO	Full cons.	PEIAG & KOAG
    132	Chesham Solar Srl.	100%	RO	Full cons.	PEIAG & KOAG
    133	Photon Energy Romania Srl.	100%	RO	Full cons.	PENV & PEP
    134	Siria Solar SRL	100%	RO	Full Cons.	PEIAG & KOAG
    135	Brentford Solar SRL	100%	RO	Full cons.	PEIAG & KOAG
    136	Camberwell Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    137	Deptford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    138	Harlow Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    139	Kenton Solar SRL	100%	RO	Full cons.	PEIAG & KOAG
    140	Lancaster Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    141	Perivale Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    142	Romford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    143	Stratford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    144	Weston Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    145	Photon Energy Engineering Romania SRL	100%	RO	Full cons.	PENV & PEP
    146	Photon Energy Solutions Romania SRL (former Lerta Energy S.r.l.)	100%	RO	Full cons.	Lerta S.A.
    147	Faget Solar Three Srl.	100%	RO	Full cons.	PEIAG & KOAG
    148	Faget Solar Four S.R.L.	100%	RO	Full cons.	PEP & PEECZ
    149	Faget Solar Five SRL	100%	RO	Full cons.	PEP & PEECZ
    150	Giulvaz Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    151	ELBA SOLAR SRL	100%	RO	Full cons.	PEP & PEECZ
    152	Photon Renewable Energy Pty. Ltd.	100%	SA	Full Cons.	PENV
    153	Solar Age SPV 1 Pty. Ltd.	100%	SA	Full Cons.	PENV
    154	Photon Energy Engineering NZ Pty. Limited	100%	NZ	Full Cons.	PEEBV

    Notes:

    Country of registration:

    AU - Australia CH - Switzerland

    CZ -Czech Republic LI - Lithuania

    DE - Germany HU - Hungary

    NL - Netherlands NZ - New Zealand

    MN - Mongolia PL - Poland

    RO - Romania SK - Slovakia

    SA - South Africa

    Consolidation method:

    Full Cons. - Full Consolidation Not Cons. - Not Consolidated Equity - Equity Method

    PEP & PESCZ - Photon Energy Projects s.r.o. owns 99.99% and Photon Energy Solution s.r.o. owns 0.00031%

    The following changes took place in the reporting period i.e. between 1 January and 31 March 2025:

    • As of 1 January 2025, the company Photon Energy Home CZ s.r.o. (CZ-PEH; Czech Republic) ceased to exist due to merger into Photon Energy Solutions s.r.o. (CZ-SOL; Czech Republic);

    • As of 1 January 2025, the company Belsize Solar Kft. (HU-BEL; Hungary) has ceased to exist due to merger into Ladány Solar Delta Kft. (HU-LSD; Hungary).

    There have been no changes between 1 April 2025 and the date of this report.

11. Detailed Consolidated Financial Results for Q1 2025

    The tables below present the consolidated and unaudited financial statements of Photon Energy Group for the period starting on 1 January 2025 and ending on 31 March 2025 and the corresponding period of the previous year. The reported data is presented in accordance with International Financial and Reporting Standards (IFRS).

    Consolidated Statement of Comprehensive Income for the Quarter Ended 31 March

    In thousands of EUR		Q1 2025	Q1 2024 17,375 106 -8,087 -299 -4,441 -3,871 783
    Revenue		22,049
    Other income		91
    Raw materials and consumables used		-10,825
    Solar levy		-385
    Personnel expenses		-4,393
    Other expenses		-5,331
    Earnings before interest taxes depreciation & amortisation (EBITDA)		1,206

    Depreciation	-1,872	-2,113
    Impairment charges	-1	0
    Gain (loss) on disposal of investments	-158	-123
    Gain on derecognition of associate	0	0
    Share of profit equity-accounted investments (net of tax)	42	28
    Results from operating activities (EBIT)	-783	-1,425
    Financial income	329	1,740
    Financial expenses	-2,907	-2,678
    Gains less losses on derecognition of financial liabilities at amortised costs	0	0
    Revaluation of derivatives	0	45
    Profit/loss before taxation (EBT)	-3,361	-2,318
    Income tax due/deferred	-344	997
    Profit/loss	-3,705	-1,321
    Other comprehensive income (loss)
    Items that will not be reclassified subsequently to profit or loss
    Revaluation of property plant and equipment	616	448
    Revaluation of other investments	-365	-217
    Items that will be reclassified subsequently to profit or loss
    Foreign currency translation difference - foreign operations	3,478	-390
    Derivatives (hedging)	-9	371
    Other comprehensive income	3,719	213
    Total comprehensive income	14	-1,108
    Profit/loss attributable to:
    Attributable to the owners of the company	-3,710	-1,290
    Attributable to non-controlling interest	5	-31
    Profit/loss for the year	-3,705	-1,321
    Total comprehensive income attributable to:
    Attributable to the owners of the company	10	-1,077
    Attributable to non-controlling interest	5	-31
    Total comprehensive income	14	-1,108

    Earnings per share			61,238 -0.022 -0.018
    Average no. of shares outstanding (in thousand)		61,238
    Earnings per share (diluted) (in EUR)		-0.061
    Total comprehensive income per share (in EUR)		0.000

    Consolidated Statement of Financial Position on 31 March 2025

    In thousands of EUR		31/03/2025		31/12/2024
    Assets
    Goodwill		15,272		15,272
    Intangible assets		11,502		10,635
    Property, plant and equipment		162,025		159,058
    Right of use- leased assets		5,477		5,353
    Long term advances		840		875
    Investments in equity-accounted investees		1,891		1,845
    Long-term receivable from derivatives Other receivables - non-current		1,598 510		1,653 510
    Deferred tax asset		4,640		4,418
    Other non-current financial assets		16,748		17,271
    Non-current assets		220,503		216,890
    Inventories		4,811		6,745
    Contract asset		2,482		1,804
    Trade receivables		9,490		8,871
    Other receivables		12,853		18,025
    Loans to related parties		2,932		2,826
    Current income tax receivable		1,423		0 1,273
    Prepaid expenses		2,004
    Liquid assets		14,361		14,352
    Cash and cash equivalents		7,939		8,437
    Liquid assets with restriction on disposition		6,422		5,914
    Asset held for sale		1,995		2,050
    Current assets		52,351		55,946
    Total assets		272,854		272,836
    Equity
    Share capital		612		612
    Share premium		40,729		40,729
    Revaluation reserve		58,079		58,315
    Legal reserve		13		13
    Hedging reserve		74		83
    Currency translation reserve		2,738		-739
    Retained earnings		-40,992		-37,769
    Other capital funds		-9		-12
    Treasury shares held		-841		-824
    Equity attributable to owners of the Company		60,403		60,408
    Non-controlling interests		-338		-343
    Total equity		60,065		60,065
    Liabilities
    Loans and borrowings		78,942		72,205
    Issued bonds		78,374		78,321
    Lease liability		4,161		4,488
    Other non-current liabilities		126		398
    Provisions		549		544
    Deferred tax liabilities		11,687		10,141
    Long-term payables from derivatives		1,514		1,564
    Non-current liabilities		175,353		167,661
    Loans and borrowings		14,193		17,920
    Issued bonds		534		537
    Trade payables		13,856		16,780
    Other payables		5,031		5,484
    Contract liabilities		2,353		2,595
    Loans from related parties		279		272
    Lease liability		1,190		945
    Current tax liabilities		0		577
    Current liabilities		37,436		45,110
    Total liabilities		212,789		212,771
    Total equity and liabilities		272,854		272,836

    Consolidated Statement of Cash Flows for the Quarter Ended 31 March 2025

    In thousands of EUR		Q1 2025	Q1 2024 -2,318 2,113 -28 -6 1,015 3,165 0 -2,694 417 -189 2,328 -37 970 4,736
    Cash flows from operating activities
    Profit/loss for the year before tax		-3,361
    Adjustments for:
    Depreciation		1,872
    Share of profit of equity-accounted investments		-42
    Impairment charges		1
    Net finance costs		2,736
    Other non-cash items		3,536
    Changes in:		0
    Trade and other receivables		4,483
    Gross amount due from customers for contract work		-678
    Prepaid expenses		-730
    Inventories		1,934
    Trade and other payables		-3,890
    Income tax paid (advances)		-2,000
    Net cash from operating activities		3,860

    Cash flows from investing activities
    Acquisition of property, plant and equipment	-3,555	-1,915
    Acquisition of subsidiaries, associates, JV	0	-280
    Acquisition of other financial asset	0	0
    Acquisition of other investments	0	0
    Proceeds from investment loans	0	0
    Net cash used in investing activities	-3,555	-2,195
    Cash flows from financing activities
    Proceeds from borrowings	2,873	1,214
    Transfer to restricted cash account	610	-753
    Transfer from restricted cash account	-102	348
    Repayment of borrowings	-993	-990
    Repayment of principal element of lease liability	-426	-338
    Proceeds from issuing bonds	0	0
    Payment of placement fee/exchange bonus fee for bonds issued	0	0
    Repayment of long term liabilities/bonds	0	0
    Interest payments	-2,765	-2,677
    Net cash from financing activities	-803	-3,196
    Net decrease/increase in cash and cash equivalents	-498	-655

    Cash and cash equivalents at 1 January	8,437	5,839 5,184
    Cash and cash equivalents at 31 March	7,939

    Photon Energy N.V. Consolidated and Entity Q1 2025 Report

12. Financial Results per Operating Segments

The tables below present the consolidated, un-audited preliminary financial results per operating segment of Photon Energy N.V. for the period starting on 1 January 2025 and ending on 31 March 2025 and the corresponding period of the previous year. The reported data are presented in accordance with International Financial and Reporting Standards (IFRS).

Operating Segments for the Period from 1 January to 31 March 2025