Entity & Consolidated Financial Report for Q4 2025

Photon Energy N.V.

Q4 2025 Report

For the period from 1 October to 31 December 2025

Amsterdam, The Netherlands

1. Selected, Preliminary Financial Results
   1. Selected Consolidated, Unaudited and Preliminary Financial Results for Q4 and FY 2025

      In thousands of EUR	Q4 2025			Q4 2024	FY 2025	FY 2024
      Total revenues		18,115		25,776	90,141	89,917
      EBITDA		-3,454		-2,036	5,079	7,821
      EBIT		-4,915		-3,979	-6,563	-2,752
      Profit/loss before taxation		-7,787		-9,427	-17,107	-16,824
      Profit/loss from continuing operations		-7,827		-6,128	-17,451	-13,196
      Other comprehensive income		5,058		1,896	9,675	3,763
      Total comprehensive income		-2,769		-4,731	-7,776	-9,933
      Operating cash flow		6,232		6,882	20,570	14,318
      Investment cash flow		-1,646		-2,876	-7,385	-1,393
      Financial cash flow		-5,120		-5,147	-18,378	-10,326
      Net change in cash		-534		-1,141	-5,193	2,599

      					31.12.2025	31.12.2024
      Non-current assets		-		-	223,813	261,890
      Current assets		-		-	47,116	55,946
      Of which Liquid assets		-		-	10,558	14,352
      Total assets		-		-	270,930	272,836
      Total equity		-		-	52,372	60,065
      Non-current liabilities		-		-	169,666	167,661
      Current liabilities	-			-	48,891	45,110

      All references to financial results relate to the reporting period from 1 October until 31 December 2025, unless specified otherwise. The financial data for the reporting period has not been audited and shall be considered as preliminary. 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 18.115 million in Q4 2025 (-29.7% YoY), due to lower electricity generation, weaker engineering business and lower capacity market contracts. FY 2025 revenues amounted to EUR 90.1 million, up by 0.2% YoY but 9.9% below the lower end of the guided level.

      • EBITDA of EUR -3.454 million in Q4 2025 compared to EUR -

        2.036 million in Q4 2024 and includes a non-cash provision of EUR 3.2 million related to the capacity market contracts dispute; FY 2025 EBITDA of EUR 5.079 million compared to EUR 7.821 million in FY 2024 (-35.1% YoY), reflects lower than expected result of energy generation, negative margins in the Engineering business and the above mentioned provision for the dispute with the Polish TSO - Polskie Sieci Energetyczne S.A.; EBITDA missed guidance by 43.6%.

      • Net loss of EUR -7.827 million in Q4 2025 and EUR -17.451 million in FY 2025 compared to a net loss of EUR -6.128 million in Q4 2024 and EUR -13.196 million in FY 2024, respectively.

      • Equity of EUR 52.365 million compared to EUR 60.065 million at YE 2024, translating to an adjusted equity ratio of 25.1% (as defined in our Green Bond covenant), including the carve-out related to regulatory changes in Hungary and Romania.

        Business highlights:

      • Electricity generation of 16.1 GWh in Q4 2025 (-23.6% YoY) and

        139.7 GWh YTD 2025 (-14.2% YoY); lower generation due to delays in the licensing process in Romania and the sale of 14.5 MWp in Australia; excluding Australia the decline would be -13.7% YoY. The estimated loss of revenues related to the regulatory changes in Romania amounts to EUR 2.5 million for FY 2025.

      • An increasing portfolio of O&M contracts, now up to 1.2 GW, strengthening the Group's position as a leading independent O&M service provider in CEE region.

      • Further progress in monetisation efforts related to the divestment of non-core assets - liquidation of a ValueTech Fund portfolio company, expected to contribute EUR 0.5 million in Q1 2026.

      • Launching newly developed mobile unit for on-site PFAS decontamination of rinsing waters and AFFF foam concentrate itself, which aligns with significant regulatory developments in Europe.

      • A notice from Polish TSO - PSE of its intention to off-set a disputed amount of EUR 3.2 against revenues for the capacity market contracts starting in January until the amount is fully settled thereby creating liquidity constraints and resulting in a delay of the quarterly coupon payment of the Green Bond 6,5% 2021/2027.

   2. Selected, Entity Financial Results of Photon Energy N.V. for Q4 2025

      In thousands of EUR		Q4 2025	Q4 2024	FY 2025	FY 2024
      Net turnover		1,205	2,911	7,534	9,865
      Total operating income		1,205	2,911	7,534	9,865
      Results before tax		-1,125	1,040	-2,673	1,756
      Net result after tax		-1,128	5,051	-2,676	5,768

      				31.12.2025	31.12.2024
      Fixed assets		-	-	134,525	136,357
      Accounts receivable		-	-	117,289	113,514
      Cash at banks and in hand		-	-	71	232
      Total assets		-	-	251,885	250,103
      Total equity		-	-	139,519	143,516
      Current liabilities		-	-	31,598	26,114
      Long-term liabilities		-	-	80,768	80,473

      Notes:

      All references to financial results relate to the reporting period from 1 October until 31 December 2025, unless specified otherwise. The financial data for the reporting period has not been audited and shall be considered preliminary. 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

      In Q4 2025, the Group continued to advance its strategic initiatives and operational improvements but faced ongoing challenges related to the regulatory environment and liquidity constraints. Consolidated revenues for the quarter amounted to EUR 18.115 million, representing a 29.7% year-on-year decline, primarily due to a contraction in other revenues, while the generation segment also performed below expectations. Revenues from electricity generation totalled EUR 2.849 million (-15.5% YoY), reflecting the underperformance of our Romanian assets and unfavourable weather conditions. However, as we progress with the ongoing licensing process, we anticipate that resolving these regulatory challenges will stabilize revenues moving forward. The successful licensing of 37 MWp to date will enhance our operational capabilities and revenue generation potential in 2026. The remaining 14.6 MWp, still in the initial testing phase, were delayed due to unfavourable weather conditions and is expected to be resolved in Q2 2026.

      Other revenues decreased to EUR 15.265 million (-31.9YoY), reflecting a slowdown in the engineering business and deterioration on the capacity market of the New Energy division. The engineering segment is expected to improve once the Hyperion project accelerates in Q2 2026. In the New Energy division, this decline was primarily related to lower capacity contracts, resulting in a revenue contraction of 51%. In other areas, mild progress has been recorded, namely in Technology Trading department where revenues increased by +4.9% YoY due to already high basis a year ago. In the O&M business, revenues remained stable YoY, and a stronger rebound is expected in Q1 2026 due to the active takeover of several larger projects.

      The consolidated EBITDA for Q4 was EUR -3.545 million, lower than we originally expected due to weaker energy prices and a one-off provision of EUR 3.2 million related to the dispute with the Polish TSO - Polskie Sieci Energetyczne over capacity market contracts. The total amount of dispute concerns revenues of EUR 3.2 million. On December 3, 2025, the President of the Energy Regulatory Office issued a decision stating that PSE's conduct was correct. On December 17, 2025, an appeal against the Energy Regulatory Office's decision was filed with the Competition and Consumer Protection Court. The matter remains unresolved. However, as PSE informed the Company of its intentions to deduct the amount of remuneration, which is a subject of a dispute, from capacity market invoices since January 2026, the Company created a provision in the full amount. This event had a material impact on liquidity of the Group and resulted in the delay of the quarterly coupon payment on the Company's Green Bond 6,5% 2021/2027 due on February 23, 2026.

      On the other hand, cost-cutting measures and stringent cost discipline is already reflected in Q4 results. Personnel costs declined 11.5% YoY due to a headcount reduction of 16.6% YoY. Other operating expenses would decline by 32.7% YoY if not for the impact of the provision related to the dispute with PSE.

      For FY 2025, the Group reported consolidated revenues of EUR

      90.141 million, slightly below the guidance level of EUR 100 million (-9.9%). Revenues from electricity generation totalled EUR 22.966 million, down by 7.0% from the previous year due to persistent regulatory challenges in Romania and unfavourable weather conditions. Other revenues increased to EUR 67.175 million (+3.0% YoY) thanks to strong growth in the Technology

      Trading business, where revenues more than doubled YoY. The O&M segment and Origination & Trading business also recorded modest revenue growth (+11.2%), which helped to compensate the declines in segments such as engineering and capacity market contracts.

      Equity declined further in Q4 2025 to EUR 52.371 million, resulting in a reduction in the adjusted equity ratio to 23.5%. The terms of the Green Bond allow for a carve-out in the event of a shortfall in the ratio resulting from regulatory changes. As previously described, the effect of changes in the Hungarian KAT feed-in tariff (FiT) applicable from January 1, 2025, has reduced the valuation of part of our PV portfolio dependent on KAT FiT. Additionally, regulatory changes in Romania led to a loss of earnings amounting to EUR 2.5 million in 2025. Applying the carve-out is, the adjusted equity ratio for the bond covenant as of December 31, 2025, remains above the covenant level at 25.1%.

      In conclusion, while Q4 2025 was another challenging period for the Group, we assure our stakeholders, especially our investors, that we are working hard to overcome all challenges, improve recurring business performance, and stabilize the longterm financial position of the Group.

      For more details on our guidance see section 2.3 below. For comments on the financial results please see section 5.

   2. Comments to the Consolidated Financial Results of the Group

      Comments to financial statements can be found in section 5. Comments to Consolidated Financial Statements for Q4 2025.

   3. Comments to the FY 2025 Financial Guidance

      According to the guidance published on 20 August 2025 the management expected consolidated revenues for the whole year 2025 at the level of EUR 100-110 million and consolidated EBITDA for the whole year 2025 at a level of EUR 9 million.

      Upon publication of this report, the consolidated unaudited revenues amounted to EUR 90.1million, which represents a shortfall of about 9.9% from the lower end of the guided range. In the same period unaudited consolidated EBITDA amounted to EUR 5.1 million, approximately 43.6% below the guided level.

      The main reasons for missing the guidance were:

      • EUR 3.2 million related to the dispute with the Polish TSO (PSE), booked in Q4 2025 (for details see section 2.5).

      • Penalties imposed by the Polish TSO (PSE) in the total amount of EUR 1.0 million for FY 2025, of which EUR 0.7 million was booked in Q4 2025.

      • A total EBITDA-level loss of EUR 1.3 million on the EPC project Pukenui in New Zealand.

      • EUR 1.6 million booked in Q3 2025 related to the write-off of intangible assets (EUR 1.2 million) associated with software developed for the New Energy division and an additional EUR 0.4 million impairment relating to the write-off of projects from the development pipeline.

        The cumulative impact of the above adverse developments resulted in a material underperformance relative to the EBITDA guidance.

   4. Summary of Key Events Material to 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:

      Energy Generation of 16.1 GWh in Q4, 139.7 GWh in FY 2025

      Energy generation in Q4 2025 amounted to 16.1 GWh, representing an approximate 23.6% year-on-year (YoY) decrease. Year-to-date (YTD) energy generation reached 139.7 GWh, translating into a 14.2% YoY decline. Overall, the IPP portfolio performed below expectations, generating approximately 10.3% less than initially estimated.

      The weaker performance was driven by: (a) lower output from Romanian assets due to the TSO-mandated shutdowns throughout the year, which affected about 27.2 MWp of our IPP portfolio, and (b) the sale of 14.5 MWp of operating assets in Australia in October 2024. In addition, certain power plants in Romania did not produce electricity during weekends, as this output is no longer compensated under the new regulation effective from 1 October 2024. If we exclude the divestment of Australian assets, the negative impact is much lower at -3.7% YoY, as lower generation in Romania was compensated by higher generation in Hungary, thanks to an increase in the asset base by 5.1 MWp and lower curtailment.

      As of the end of 2025, the total IPP portfolio stood at 134.7 MWp, compared to 129.6 MWp at the end of 2024 (up by 3.9% YoY). The average specific yield in Q4 2025 (total generation during the period divided by average capacity in the period) was

      119.6 kWh/kWp, down from 155.8 kWh/kWp in Q4 2024, representing a 23.3% YoY decline.

      Electricity SPOT Prices Improved QoQ but Remained Lower than Last Year

      Although Q4 2025 was characterised by colder weather, stronger winds and higher snowfall, which typically support higher electricity demand, these same factors also significantly increased power supply, ultimately exerting downward pressure on prices. Stronger and more persistent winds across Central Europe led to higher wind power generation, particularly in Germany and surrounding markets that heavily influence Hungary, Czechia and Romania. Increased snowfall and precipitation improved hydrological conditions, particularly benefiting hydro generation in the region (including Romania and cross-border imports).

      As a result, in Q4 2025 daily average SPOT base load prices decreased compared to Q4 2024. In Romania, the average price reached EUR 120.3/MWh in Q4 2025, compared to EUR

      132.6/MWh in Q4 2024 (-9.2% YoY), but remained stronger than last quarter (EUR 92.9/MWh in Q3 2024, +29.5% QoQ). Hungary recorded a similar trend, with prices averaging EUR 120.7/MWh in Q4 2025 versus EUR 132.9/MWh in Q4 2024 (-9.2% YoY) and up from EUR 94.9/MWh recorded in Q3 2025 (+27.2% QoQ). In the Czech Republic, average day-ahead prices amounted to EUR 104.7/MWh, down from EUR 118.0/MWh in Q4 2024 (-11.3% YoY) and up from EUR 87.0/MWh in Q3 2025 (+20.3% QoQ).

      In Q4 2025 negative prices were observed in the day-ahead market: in Czech Republic (7 hours) and in Poland (5 hours). In both countries, negative prices occurred during the night and

      were very insignificant: on average in CZ: -1 EUR/MWh, in PL: -0,1 EUR/MWh.

      Updates on the Licensing Process in Romania

      As a reminder, from 1 October 2024, a new regulation (ORDINUL ANRE nr 60/2024, "New Regulation"), with specific articles number 136 and number 140, took effect. This New Regulation has impacted all of 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, Photon Energy accelerated efforts to obtain licences for its remaining Romanian power plants in order to enter the sales system through the energy market. So far the Group successfully obtained the licences for power plants in Calafat (6.0 MW, December 2024), Bocsa (3.8 MWp, December

      2024), Faget 1 (3.2 MWp, March 2025), Faget 2 (3.9 MWp, March

      2025) and Magureni (1.7 MWp, March 2025) and Sarulesti (3.2 MWp, November 2025). Two other power plants Aiud (4.7 MWp) and Teius (4.7 MWp) received their licenses in February 2026. The remaining two power plants with a total capacity of 14.6 Mwp (Săhăteni and Faget 3) are currently in the testing process of applying for the conformity certificates. During this process, the Group is exposed to a few months of shutdowns of generation capacities, which implies further periods of lower generation due to the licensing procedure.

      Photon Energy Group Completes 20.8 MWp Solar Farm in New Zealand

      In November Photon Energy N.V. has announced the energisa-tion and commissioning of the 20.8 MWp Pukenui Solar Farm in New Zealand's Far North. The project was co-developed by Aq-uila Clean Energy APAC and FNSF, with Photon Energy providing engineering, procurement and construction (EPC) services, alongside long-term operations and maintenance (O&M) support.

      The Pukenui project proved particularly challenging due to its remote location and unforeseen technical complications in an early-stage PV market, which led to cost overruns, execution delays and contractual penalties that ultimately eroded project margins and had an impact on Q3 and Q4 2025 financial results. For more details please see the comments to the financial section.

      Insolvency Proceedings Against Subsidiary

      On 22 October 2025, Photon Energy Group learned about a motion to initiate the insolvency proceedings that was filed against its fully owned subsidiary Photon Energy Corporate Services CZ

      s.r.o. (the "Subsidiary"). The motion was filed by the consulting company QUARTEX Praha s.r.o., IT company ARTEX informační systémy spol. s r.o., and consultant Petr Kunetka.

      All three above-mentioned claimants were involved in a project relating to, inter alia, an unfinished implementation of the Microsoft Dynamics 365 Business Central software solution based on a contract for work concluded between the Subsidiary and ARTEX informační systémy spol. s r.o. on 31 August 2023.

      The Subsidiary provides administrative services and support for other companies within the Group and is not directly involved in the Group's core business activities.

      The situation was addressed immediately, and the full amount of the claim was settled on 24 October 2025. The motion for insolvency was therefore withdrawn in full on 27 October 2025.

      This situation was not related to, and did not affect, the operational stability or financial health of Photon Energy Group. All

      key business areas - from construction and servicing of solar power plants to wholesale and distribution of photovoltaic technologies and battery solutions, as well as electricity trading and activities in the field of environmental technologies (including PFAS decontamination) - were not affected in any way.

      Dispute with Polskie Sieci Elektroenergetyczne S.A.

      As reported in Q2/H1 2025 report, Photon Energy entered a dispute with Polskie Sieci Elektroenergetyczne S.A. ("PSE") before the Polish Energy Regulator Office (Urząd Regulacji Energetyki, "URE") regarding the fulfilment of emission limits for one of its Capacity Market Units. According to PSE, these limits were exceeded due to the use of a generation unit that was not permitted because of its high emission factor.

      On December 3, 2025, the President of the Energy Regulatory Office issued a decision supporting PSE's opinion. On December 17, 2025, an appeal against the Energy Regulatory Office's decision was filed with the Competition and Consumer Protection Court.

      Should Photon Energy lose this case, there is a risk of being required to return PLN 13.382 million (EUR 3.2 million). For that reason, the provision in the amount of EUR 3.2 million (full amount of the revenues which are subject to the dispute) was booked in the reporting period, which had a material impact on the financial statements. The matter remains unresolved.

      Successful Completion of Sale of 20.4 MWp Domanowo Project

      In December, Photon Energy N.V. finalized the sale of the 20.4 MWp Domanowo project. The closing took place after all contractual conditions were met, including the project's attainment of full ready-to-build (RTB) status. The transaction was concluded at market value, in-line with comparable renewable-en-ergy asset valuations in Poland. The second and final payment was executed in Q4 2025, and the financial gain from this transaction was recognized in the Company's results for the relevant reporting period. For more information see the comments to the financial statements.

      Launching Breakthrough PFAS Decontamination Technology

      In December, Photon Water Technology s.r.o. ("Photon Water"), a subsidiary of Photon Energy N.V. and a technology leader in PFAS remediation and water-treatment solutions, introduced a breakthrough approach for managing fluorinated firefighting foams (AFFF), which contain perfluorinated and polyfluorinated compounds, known as PFAS. The newly developed mobile unit enables on-site decontamination and is capable of treating not only rinsing waters but also the AFFF foam concentrate itself.

      This innovation builds on Photon Water's proven experience with PFAS-removal solutions deployed across industrial sites in 2025 for the treatment of process water and PFAS-impacted stormwater. It further strengthens Photon Water's portfolio of field-tested PFAS remediation technologies and aligns with significant regulatory developments in Europe, following the expiry on 3 December 2025 of the European Union's final derogation permitting the use and storage of AFFF foams. For more information see our Monthly report for November 2025.

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

      The following events, which took place from 1 January 2026 to the date of the publication of this report and are considered by

      the management to potentially have a material impact on the

      Group's operations and financial position going forward:

      Sale of the Portfolio Company from ValueTech Fund

      In February 2026, the Company received a capital gain from ASI Investor ValueTech Seed Sp. z o.o. ("the Fund"). The Fund is a beneficiary of the BRIdge Alfa project within the Operational Programme Smart Growth 2014-2020, co-financed from the European Union. Photon Energy N.V. holds a stake of 52.5% in the capital of the Fund, which translates into a stake of 34.13% in the profits of the Fund. The capital gain was related to the sale of one of the portfolio companies of the Fund and amounted to EUR 0.530 million.

      Restructuring of Australian Subsidiaries

      In February the Group decided to restructure its activities in Australia and to discontinue its activities related to EPC and O&M services for Commercial & Industrial ("C&I") energy projects. The decision has been taken due to continuing margin pressure in the market and ongoing challenges to scale business volumes. In 2025 the Group generated revenues of approximately EUR 6 million and a negative EBITDA of 1.5 million from its C&I activities in Australia.

      In line with this decision three subsidiaries, Photon Energy Australia Pty Ltd, A.C.N. 150 054 069, Photon Energy Operations Australia Pty Ltd A.C.N 159 386 311, and Photon Energy Engineering Australia Pty Ltd. A.C.N 159 386 295 (the "Subsidiaries") have entered Voluntary Administration under the laws of Australia, namely Section 436A of the Corporations Act 2001, with the intention of finding a going concern solution under new ownership. The impact on the Group's consolidated financial statements is expected to be minor.

      The Group will continue with its other activities in the Australian market, including remediation services focused on PFAS chemicals contamination, its investment in RayGen as well as the completion of the asset transfer transaction of the Yadnarie project to AGL.

      A Notice of Set-off of Remuneration Due Paid to Capacity Market Units

      On 20 February 2026, the Company's fully owned subsidiary -Photon Energy Trading PL sp. z o.o. ("the Company") - received a letter from Polskie Sieci Energetyczne Spółka Akcyjna ("PSE") in which PSE informs the Company that pursuant to Article 498 of the Act of 23 April 1964 the Civil Code (Journal of Law 2025, item 1071), that it intends to set off of the remuneration due to Photon Energy Trading PL sp. Z o.o. for the performance of the capacity obligation for January 2026 against the amount which is subject of a dispute between the Company and PSE in connection with the alleged failure of two Capacity Market units which were subject to capacity market contracts in the year 2024 to meet the emission limit set for the the capacity market units in the year 2024.

      Based on the letter from PSE the total gross amount of PLN 4,543 million (approximately EUR 1.075 million) arising from the respective capacity agreements of the Company will be set off against the total gross total amount of PLN 16.282 million (approximately EUR 3.854 million), which is the subject of the dispute between the Company and PSE.

      On 3 December 2025, the President of the Energy Regulatory Office issued a decision supporting PSE's position with regard to the alleged failure of two Capacity Market units.

      On December 17, 2025, the Company filed an appeal against the Energy Regulatory Office's decision with the Competition and Consumer Protection Court. The Company intends to address the Court with a petition for an injunction against PSE's intention to offset the Company's Capacity Market remuneration with the disputed amount.

      Delay in Payment of Coupon

      On February 23, the Company announced that that the quarterly coupon payment for the Photon Energy N.V. Green Bond 6,5% 2021/2027 [ISIN: DE000A3KWKY4; WKN: A3KWKY] due on

      23 February 2026 in the amount of EUR 1.282.450 has been postponed.

      The Management Board decided to postpone the coupon payment in order to conserve liquidity in the light of the most recent developments in relation to its dispute with the Polish transmission system operator PSE (see ESPI report 5/2026), where PSE has informed the Company about its intention to commence a unilateral offset of revenues due on March 2, 2026 with the disputed amount related to the alleged breach of emission limits on Capacity Market units in 2024.

      The Management Board regrets this situation and is actively working on resolving this matter through the legal process and on securing sufficient liquidity to meet the Company's interest payment obligations towards its bondholders as soon as possible.

3. Business Updates Per Segment
   1. Generation and Sale of Electricity Chart 3.1.1 Changes in the Proprietary Portfolio in Q4 2025

      160.0

      120.0

      80.0

      40.0

      0.0

      129.6 MWp

      134.7 MWp

      134.7 MWp

      There were no changes in the proprietary portfolio in Q4 2025. Year-to-date Photon Energy Group completed and grid-con-nected three photovoltaic (PV) power plants in Hungary, adding a total capacity of 5.1 MWp to the proprietary portfolio. The total proprietary portfolio of Photon Energy Group's amounted to

      134.7 MWp at the end of reporting period.

      Compared to Q4 2024, the Company's global portfolio increased by 5.1 MWp (+3.9% YoY).

      Q4 2024 Q3 2025 Q4 2025

      CZ SK HU AU RO
      
      Chart 3.1.2 Electricity Generation (in MWh) and YoY changes (%)

      15,000

      -4.4%

      Total electricity generation in Q4 2025 amounted to 16.1 GWh, compared to 21.1 GWh a year earlier, representing a year-on-year (YoY) decline of 23.6%. This decrease was due the sale of

      10,000

      5,000

      0

      8,885 8,491

      -28.8%

      14.5 MW in Australia (in Oct 2025) and negative developments in Romania related to the prolonged licensing process and ongoing testing for conformity certification. For more details see Section 2.4 Updates on the Licensing Process in Romania.

      In other markets, electricity generation was weaker than expected, mainly due to adverse weather conditions, including a higher number of cloudy days and lower irradiation levels than

      -6.5%

      -14.1%

      1,948 1,821 1,402 1,204

      6,395

      -98.7% 4,556

      2,445

      32

      CZ SK HU AU RO

      Q4 2024 Q4 2025
      
      

      normal.

      Chart 3.1.3 Realised Electricity Prices in Q4 2025, EUR/MWh Chart 3.1.4 Spilt Between Merchant / FiT in Q4 2025, MWp

      Total IPP Portfolio

      Australia Romania

      Hungary

      Slovak

      Republic

      Czech Republic

      136

      182

      42

      176

      53

      93

      113

      113

      263

      263

      63

      678

      7

      0 200 400 600 800

      Q4 2025 Q4 2024
      
      

      160.0

      120.0

      80.0

      40.0

      0.0

      67.9

      62.8

      66.8

Q4 2024 Q4 2025

Merchant FIT

Average realised prices in Q4 increased both quarter to quarter and year-on-year and amounted to EUR 182/MWh, up from EUR 164/MWh in Q3 2025 and EUR 136/MWh in Q4 2024. The strongest increase was recorded in Romania, where prices rose by 76.8% year-on-year following the transition from an adverse

regulatory regime to a merchant model upon completion of the licensing process. In other markets, prices remained broadly stable or changed only slightly due to indexation or FX movements.

Table 3.1.1 Electricity Generation of the Proprietary Portfolio of Photon Energy N.V. in Q4 2025

Note: The data in the table above may differ from the reported data in monthly reports. The difference is due to the fact that in Monthly reports some invoices are still not received, and the electricity generation is estimated based on the meters from our O&M systems.

The table below presents an estimation of average prices realised on sales of electricity from our generation assets. Estimates of revenues are based on the management reports and may deviate from the financial statements due to exchange rates and other costs such as off-taker service fee.

Table 3.1.2 Revenues from Electricity Generation in Q4 2025

1 Slovakian, Czech and Australian power plants benefit from a fixed feed-in-tariff and/or green-bonus support, respectively. Revenues from Slovak joint-ventures Brestovec, Polianka and Myjava are not presented in the above table.

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 All power plants in Romania sell electricity on the merchant basis.

Q4 2024 Q4 2025

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

4% 1%

AuM 13%

O&M 82%

Cardio

BESS

Poland 35%

Other 3%

Czech Rep

10% Slovakia

2%

Australia & New Zealand 2%

Romania 7%

Hungary 41%

3,000 30,000

2,000 20,000

1,000 10,000

0

Q4 2024 Q4 2025

0

Q4 2024 Q4 2025

5,000

Modules, MW

4,000

3,000

Batteries, MWh

2,000

1,000

0.0 10.0 20.0 30.0 40.0 50.0 60.0

Q4 2024 Q4 2025

0

Q4 2024 Q4 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 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. Feasibility1	2. Early development	3. Advanced development	4. Ready-to-build technical	5. Under construction	Total in MWp
      Romania	8.4	58.5	58.3	39.8	-	165.0
      Poland	125.22	17.2	-	-	-	142.4
      Hungary	-	-	-	-	-	0
      Australia	-	-	-	-	-	0
      South Africa	-	262.0	-	-	-	262.0

      Total in MWp

      136.6

      337.7

      58.3

      39.8

      -

      569.5

      1 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.

      2 Batteries storage projects are presented with reference to AC capacity

      Chart 3.6.1 Project Pipeline, in MWp DC

      1,000

      1,024 MWp

      590 MWp

      800

      600

      400

      200

      -

      Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

      Australia Hungary Romania Poland South Africa
      
      

      There were no major changes in Q4 2025 in the Group's development pipeline. In December, Photon Energy N.V. finalized the sale of the 20.4 MWp Domanowo project. The closing took place after all contractual conditions were met, including the project's attainment of full ready-to-build (RTB) status. The transaction was concluded at the market value, in-line with comparable renewable-energy asset valuations in Poland.

      This divestment is fully aligned with Photon Energy Group's strategic priority to optimize its asset base and monetize the development pipeline, which is not strategic from the Group's perspective. The successful sale of the Domanowo project reflects the strong quality and bankability of our project pipeline.

      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.

      Additionally, 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. Q4 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	TBC
      Romania	Tamadu Mare-2	4	100%	6.2	Merchant/PPA	Secured	Secured	Secured	TBC
      Romania	Sannicolau Mare	4	100%	7.4	Merchant/PPA	Secured	Secured	Secured	TBC
      Romania	Guilvaz	4	100%	6.1	Merchant/PPA	Secured	Secured	Secured	TBC
      Romania	Faget 4	4	100%	6.1	Merchant/PPA	Secured	Secured	Secured	TBC
      Romania	Faget 5	4	100%	6.2	Merchant/PPA	Secured	Secured	Secured	TBC
      Romania	Vadu Izei	4	100%	3.4	Merchant/PPA	Secured	Secured	Secured	TBC

      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

      39.8

      Project procurement in planning 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

      TOTAL

      -

      -

      -

      -

      -

      -

      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. On 31 December 2025 the Company's shares (ISIN NL0010391108) closed at a price of PLN 1.90 (-55.6% YTD). The total trading

   volume in Q4 2025 amounted to 1,671,122 shares while the total trading volume during the last 12M amounted to 4,071,128 shares.

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

   6.00

   3.00

   0.00

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

   0.90

   0.80

   0.70

   0.60

   Millions

   0.50

   0.40

   0.30

   0.20

   0.10

   0.00

   Total monthly volumes - right axis Closing share price (PLN) - left axis

   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

   EV in Eur Million

   300

   250

   200

   150

   100

   50

   0

   Notes:

   10 35.0x

   € 7.82

   € 5.08

   9

   TTM EBITDA in Eur Million

   8 30.0x

   7 25.0x

   6 20.0x

   5

   4 15.0x

   3 10.0x

   2

   1 5.0x

   0 0.0 x

   Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

   EV/EBITDA trailing Price/book ratio

   3.0x

   22.3x

   25.4x

   1.0x

   0.5x

   2.5x

   2.0x

   1.5x

   1.0x

   0.5x

   0 x

   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 30 September 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.

   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.

   On 31 December 2025 the share price (ISIN NL0010391108) closed at a level of CZK 10.42 (-56.0% YTD). The total trading volume in Q4 2025 amounted to 1,334,725 shares.

   Total trading volumes during the last 12M amounted to 6,561,341 shares.

   Quotation Board of the Frankfurt Stock Exchange

   The Company's shares are traded on the Quotation Board of the Frankfurt Stock Exchange since 11 January 2021. Additionally, the Company's shares are traded on the Free Market (Freiv-erkehr) 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.

   On 31 December 2025, the share price (FSX: A1T9KW) closed at a level of EUR 0.392 (-57.2% YTD). The total trading volume in Q4 2025 amounted to 27,097 shares, while the total trading volume for the last 12M amounted to 74,624 shares.

   XETRA Trading Platform (German Stock Exchange)

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

   On 31 December 2025, the share price (FSX: A1T9KW) closed at a level of EUR 0.420 (-53.8% YTD). The total trading volume in Q4 2025 amounted to 132,746 shares and the total trading volumes for the last 12M amounted to 329,032 shares.

   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

   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.

   Green EUR Bond 2021/27 Trading Performance

   In Q4 2025, the overall trading volume of Green EUR Bond amounted to EUR 0.950 million in nominal terms, with an opening price of 43.00 and a closing price of 26.50.

   The total 12M trading volume in nominal terms amounted to EUR 3.020 million.

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

   100.0

   80.0

   60.0

   40.0

   20.0

   0.0

   Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-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 Financial Statements for Q4 2025 Profit and Loss Statement

   Consolidated revenues reached EUR 18.115 million in Q4 2025, marking a 29.7% year-on-year (YoY) decline. Revenues from electricity generation totalled EUR 2.849 million, down by 15.5% YoY, following weaker electricity generation which came at 16.1 GWh compared to 21 GWh in compared period last year (-23.6% YoY). This decline was partially offset by higher average realised revenues which increased from EUR 136 / MWh in Q4 2024 to EUR 182/MWh in the reporting period. This strong rebound (+34.0% YoY), was insufficient to compensate for the weaker volumes as it was visible primarily in the merchant portfolio which has a smaller weight in the overall revenue mix.

   Other revenues decreased to EUR 15.266 million, down by 31.9% YoY. The most significant contraction was recorded in the engineering business and New Energy division. Engineering revenues declined to EUR 2.153 million (-65.3% YoY) as the transition phase between two utility scale projects. New Energy division reported lower revenues of EUR 5.968 million (-37.1% YoY) on the back of lower capacity volumes and prices which translated into revenues of EUR 2.788 million, down by 50.9% YoY. Origination and Trading business performed well with revenues of EUR 3.226 million (+4.5% YoY) despite less supportive market environment in Poland and the Czech Republic. Trading energy volumes were sound (+51.5% YoY) but lower wholesale electricity prices compared to the prior period weighed on reported revenues. Technology trading reported an increase of revenues to EUR 5.490 million (+4.9% YoY). Although the total volume of sales increased the product mix has changed with growing share of lower margin products. A small decline was recorded in the O&M segment, with revenues of EUR 1.255

   million (-1.9%) as the Q4 2024 base was inflated by one-off repair works.

   On the cost side, expenses for raw materials and consumables decreased to EUR 7.886 million (-39.5% YoY), outpacing the decline in revenues. Personnel expenses amounted to EUR 4.234 million (-11.5% YoY) as a result of lower headcount. Other operating expenses amounted to EUR 9.460 million, up by 1.7% YoY, but included a EUR 3.2 million provision for the dispute with PSE in Poland. Without that provision, other expenses would decline by 32.7% YoY, as a result of cost cutting initiatives and strict budget control which enabled to lower some of the consulting, legal, accounting and travelling expenses.

   The above changes resulted in EBITDA of EUR -3.454 million compared to EUR -2.036 million in Q4 2024.

   Depreciation declined to EUR 1.532 million (-27.0% YoY). The decline of depreciation is related to the sale of Australian assets.

   Financial expenses amounted to EUR 2.643 million in Q4 2025, representing a 8.4% YoY decline, related to lower outstanding debt financing.

   The Group recorded a net loss of EUR 7.827 million in Q4 2025 compared to a net loss of EUR 6.128 million in Q4 2024.

   Other comprehensive income was positive and amounted to EUR 5.058 million as a result of a positive revaluation of PPE and other investments in the amount of EUR 6.539 million. The result of foreign currency translation difference and derivative instruments was negative and amounted to EUR -1.481 million.

   The total comprehensive income came at EUR -2.769 million compared to EUR -4.231 million in Q4 2024.

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

   Category (in thousands of EUR)	Q4 2025	Q4 2024	YoY (%)	FY2025	FY2024	YoY (%)
   Total revenues	18,115	25,775	-29.7%	90,141	89,917	0.2%
   Revenues from electricity generation	2,849	3,373	-15.5%	22,966	24,705	-7.0%
   Other revenues	15,266	22,402	-31.9%	67,175	65,212	3.0%
   EBITDA	-3,454	-2,036	NA	5,079	7,821	-35.1%
   EBIT	-4,915	-3,980	NA	-6,563	-2,753	NA
   Profit/loss from continuing operations	-7,827	-6,128	NA	-17,451	-13,196	NA
   Total comprehensive income	-2,769	-4,231	NA	-7,776	-9,432	NA
   Summary of key business data
   Electricity production, in thousands MWh	16,104	21,076	-23.6%	139,747	162,830	-14.2%
   Average realized prices, in EUR/MWh	182	136	34.0%	171	155	10.3%

   EUR Million

   Chart 5.1 Revenues, EBITDA and EBITDA Margin, by Quarters During Q4 2024 - Q4 2025

   50.0

   40.0

   30.0

   20.0

   10.0

   0.0

   18%

   11%

   5%

   -10.0

   -20.0

   -8%

   -19%

   Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

   Revenues 25,775 22,049 25,707 24,270 18,115

   EBITDA -2,036 1,206 2,839 4,488 -3,454

   EBITDA margin -8% 5% 11% 18% -19%

   50%

   40%

   30%

   20%

   10%

   0%

   -10%

   -20%

   Business Segments Analysis in Q4 2025

   The consolidated revenues of EUR 18.115 million were driven by four main Group activities: New Energy (33%), Technology Trading (30%), Investments (15%), and Engineering (12%). The remaining two segments which had smaller participation in consolidated revenues include O&M (7%) and Other (3%), the latter representing mainly revenues related to water and remediation business.

   In terms of profitability, positive contributors to EBITDA in Q4 2025 were segment Investments (electricity generation) in the amount of EUR 2.437 million compared to EUR 2.679 million in Q4 2024. Engineering contribution to EBITDA was EUR 0.560 million compared to EUR -0.195 million a year earlier. Technology trading EBITDA was positive in the amount of EUR 0.403 million compared to a negative result of EUR -0.593 million a year earlier. O&M segment reported external EBITDA of EUR -0.280 million but still improving YoY (EUR -0.647 million in Q4 2024) and if we include also internal business (O&M of the proprietary portfolio) then EBITDA was slightly positive of EUR 0.070 million.

   The biggest deterioration in EBITDA in Q4 was recorded in the New Energy division which posted external EBITDA of EUR

   -2.515 million compared of a positive EBITDA of EUR 1.109 million in Q4 2024, on the back of a negative provision of EUR 3.2 million booked into other expenses in Q4 2025 in relation to dispute with the Polish TSO. For more details please see section

   2.5 Summary of Events Material for the Group's Operations Af-

   ter the Reporting Period.

   Finally, in the Other segment, which includes revenue arising from the Water and Remediation business and balance of corporate overheads, EBITDA amounted to EUR -4.059 million compared to EUR -4.388 million a year earlier.

   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 Other segment.

   Chart 5.4 External Revenue Mix, Q4 2025 Chart 5.5 External EBITDA per Business Segment, Q4 2025
   
   

   Investment 15%

   O&M 7%

   Other 3%

   Engineering

   12%

   4.0

   2.0

   Milions

   0.0

   2.44

   0.56

   0.40

   -0.28

   -2.52

   -2.0

   Technology 30%

   New Energy

   33%

   -4.0

   -6.0

   -4.06

   
   
   Balance Sheet

   At the end of the reporting period, total non-current assets amounted to EUR 223.813 million compared to EUR 216.890 million at the end of 2024. The increase of EUR 6.923 million was primarily driven by the increase of property, plant and equipment related to the commissioning of 5.1 MWp of new assets and the revaluation of land portfolio as described below.

   During the year ended 31 December 2025, the Company elected to change its accounting policy for land from the cost model to the revaluation model in accordance with applicable financial reporting standards. Under the revaluation model, land is measured at fair value, based on periodic valuations, less any impairment losses (if applicable).

   This change was made to ensure that the carrying amount of land more accurately reflects its current market value. Management believes that measuring land at fair value enhances the relevance and reliability of the Company's financial statements by providing users with more transparent and up-to-date information about the Company's asset base and financial position.

   The revaluation for Czech portfolio was performed by an independent, qualified external valuer using market-based evidence and observable inputs where available. The resulting revaluation surplus has been recognized in other comprehensive income and accumulated in equity under a revaluation reserve, except to the extent that it reverses a previous revaluation decrease recognized in profit or loss, in accordance

   with the relevant accounting standards. The revaluation models for Hungary, Romania and Slovakia are still in progress and will be part of audited consolidated financial statements.

   The Company will continue to assess the fair value of land with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at each reporting date.

   Current assets declined to EUR 47.116 million compared to EUR 55.946 million at YE 2024. The main changes include reduction in inventories by EUR 2.451 million, reduction in Assets held for sale by EUR 2.050 million related to the sale of projects from development pipeline and reduction in cash and liquid assets by EUR 3.794 million. At the same time increasing trade receivables were offset by declining other trade receivables so the net impact was closer to zero.

   Non-current liabilities increased to EUR 169.667 million, by EUR

   2.006 compared to EUR 167.661 million at YE 2024. This increase was driven primarily by a reclassification of EUR 5.0 million EBRD loan, back to long-term liabilities and an increase of deferred tax liabilities (up by EYR 1.604 million).

   Current liabilities amounted to EUR 48.891 million and increased by EUR 3.781 million compared to YE 2024 balance of EUR 45.110 million. This increase is a result of higher trade and other payables by EUR 7.435 million compensated partially by the reclassification of EBRD loan.

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

   1.3

   1.1

   1.1

   1.1

   0.9

   16 2.0

   12

   EUR Million

   8

   4

   100%

   80%

   60%

   40%

   0

   -4

   Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

   Net current assets Quick Ratio

   0.0

   20%

   0%

   Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

   ST liabilities LT liabilities Equity
   
   Changes in Equity

   Equity amounted to EUR 52.371 million and has declined by EUR 7.693 million compared to the level of EUR 60.065 million recorded at YE 2024 due to the negative result booked in the period.

   The adjusted equity ratio (defined as total equity divided by total capital, being the sum of interest-bearing debt and equity) stood at 23.5% 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. Additionally, an impact of the regulatory changes in Romania, which resulted in a loss of earnings was included in the reporting period. If the carve out was applied, the adjusted equity ratio at 31 December 2025 would be 25.1%.

   Cash Flow

   The Group posted a positive operating cash flow of EUR 6.232 million compared to EUR 0.803 million in comparable period last year. The operating cash flow, despite negative result was

   supported by an increase in working payables, FX translation differences and other non-cash items.

   Investment cash flow amounted to EUR -1.646 million and was related to the sale projects from the development pipeline.

   Financing cash flow amounted to EUR -5.120 million as a result of interest expense payments and repayment of borrowings.

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

   Shareholdings as the reporting date		No. of shares		% of capital		No. of votes at Shareholders Meeting		% of votes at Shareholders Meeting
   Solar Future Cooperatief U.A.		20,101,841		32.83%		20,101,841		33.35%
   Solar Power to the People Cooperatief U.A.		19,694,640		32.16%		19,694,640		32.68%
   Solar Age Investments B.V.		1,646,234		2.69%		1,646,234		2.73%
   Photon Energy N.V.		970,431		1.58%		0		0.00%
   Free float		18,825,375		30.74%		18,825,375		31.24%
   Total		61,238,521		100.00%		60,268,090		100.00%

   On January 14, 2026, Mr. Georg Hotar, the majority shareholder and Director of the Company, in the period between 7 and 12 January 2026 sold in total 14,500 Company's share, representing 0.024 % of the Company's share capital. The volume weighted average price (VWAP) amounted to PLN 1.87 per share.

   On January 22, 2026 the Company has transferred 134,147 shares to its employees, as a part of the Employee Share Purchase Programme (ESPP). For more info on the ESPP please check section 11.

7. Statutory Bodies of the Issuer Board of directors on 31 December 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*	2028

   *Mr Hotar has been one of the Company's founders and original 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. Until 4th September, 2025, Mr. David Forth had been a member of the Board of Directors and the Chief Financial Officer. He resigned from both roles for personal reasons effective 4th September 2025 resulting in Mr. Hotar being presently the sole member of the Board of Directors. The role of CFO has been taken over by Mr. Stanislav Zeman.

   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 four-year term by the Annual General Meeting of shareholders on 14 June 2024.

   There were no changes on the Supervisory Board in the reporting period.

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 2025, Photon Energy is active in nine countries across three continents (headquartered in Amsterdam), with a track record of building more than 211 MWp of grid-

   connected PV plants across five countries, a proprietary portfolio of 134.7 MWp of PV plants and more than 1.2 GWp of PV power plants under O&M management across two continents.

   
   
   
9. Employees

   As of 31 December 2025, Photon Energy Group had 280 employees compared to 335 employees in the comparable period last year, translating into 270.5 full-time-equivalent (FTE), compared to 324.3 FTE as of the end of 2024.

   Chart 11.1 Total Number of Employees and FTE Employees

   324.3 335

   325.6 337

   318

   307.1

   304.9

   316

   270.5 280

   400

   350

   300

   250

   200

   150

   100

   50

   0

   Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

   FTE No of 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 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 99,466 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 December 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
    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

    Name		% of share capital held by the holding company	Country of registration	Consolid. method	Legal Owner
    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
    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	Photon Energy Project Development XXK (PEPD)	99%	MN	Full cons.	PEP
    109	PEPD Solar XXK.	100%	MN	Full cons.	PEPD
    110	Photon Energy Solutions PL S.A.	100%	PL	Full cons.	PENV
    111	Photon Energy Polska Sp. Z o.o.	100%	PL	Full cons.	PENV
    112	Photon Energy Operations PL Sp. z o.o.	100%	PL	Full cons.	PEONV
    113	Alperton Solar Sp. z o.o.	100%	PL	Full cons.	PENV
    114	Beckton Solar Sp. z o.o.	100%	PL	Full cons.	PENV
    115	Debden Solar Sp. z o.o.	100%	PL	Full cons.	PENV
    116	Chigwell Solar Sp. z o.o.	100%	PL	Full cons.	PENV
    117	Ealing Solar Sp. z o.o.	100%	PL	Full cons.	PENV
    118	Lerta S.A.	100%	PL	Full cons.	PENV

    Name		% of share capital held by the holding company	Country of registration	Consolid. method	Legal Owner
    119	Photon Energy Trading PL Sp. z o.o. (former Lerta JRM Sp. z o.o.)	100%	PL	Full cons.	Lerta S.A.
    120	Photon Energy Systems Sp. z o.o. (former Lerta Technology Sp. z o.o.)	100%	PL	Full cons.	Lerta S.A.
    121	Stanford Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
    122	Halton Solar Srl.	100%	RO	Full cons.	PEIAG & KOAG
    123	Aldgate Solar Srl	100%	RO	Full cons.	PEIAG & KOAG
    124	Holloway Solar Srl.	100%	RO	Full cons.	PEIAG & KOAG
    125	Moorgate Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
    126	Redbridge Solar Srl.	100%	RO	Full cons.	PEP & PEECZ
    127	Watford Solar Srl	100%	RO	Full cons.	PEIAG & KOAG
    128	Photon Energy Operations Romania Srl.	100%	RO	Full cons.	PEONV & PEOCZ
    129	Greenford Solar Srl.	100%	RO	Full cons.	PEIAG & KOAG
    130	Chesham Solar Srl.	100%	RO	Full cons.	PEIAG & KOAG
    131	Photon Energy Romania Srl.	100%	RO	Full cons.	PENV & PEP
    132	Siria Solar SRL	100%	RO	Full Cons.	PEIAG & KOAG
    133	Brentford Solar SRL	100%	RO	Full cons.	PEIAG & KOAG
    134	Camberwell Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    135	Deptford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    136	Harlow Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    137	Kenton Solar SRL	100%	RO	Full cons.	PEIAG & KOAG
    138	Lancaster Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    139	Perivale Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    140	Romford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    141	Stratford Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    142	Weston Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    143	Photon Energy Engineering Romania SRL	100%	RO	Full cons.	PENV & PEP
    144	Photon Energy Solutions Romania SRL (former Lerta Energy S.r.l.)	100%	RO	Full cons.	Lerta S.A.
    145	Faget Solar Three Srl.	100%	RO	Full cons.	PEIAG & KOAG
    146	Faget Solar Four S.R.L.	100%	RO	Full cons.	PEP & PEECZ
    147	Faget Solar Five SRL	100%	RO	Full cons.	PEP & PEECZ
    148	Giulvaz Solar SRL	100%	RO	Full cons.	PEP & PEECZ
    149	ELBA SOLAR SRL	100%	RO	Full cons.	PEP & PEECZ
    150	Photon Renewable Energy Pty. Ltd.	100%	SA	Full Cons.	PENV
    151	Solar Age SPV 1 Pty. Ltd.	100%	SA	Full Cons.	PENV
    152	Solar Age SPV 2 Pty. Ltd.	100%	SA	Full Cons.	PENV
    153	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 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 October and 31 December 2025:

    • As of 3 December 2025, Photon Energy N.V. has sold its 100% share in Domanowo Solar Sp. z o.o., (PL-DOM; Poland)..

      The following changes took place after the reporting period i.e. from 1 October 2025:

    • None.

11. Consolidated, Preliminary Financial Results for Q4 and FY 2025

The tables below present the preliminary consolidated and unaudited financial statements of Photon Energy Group for the period starting on 1 October 2025 and ending on 31 December 2025 and for the four quarters of year 2025 and the corresponding periods 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 December Consolidated Statement of Financial Position on 31 December