Photon Energy N.V.
Q2 and H1 2025 Report
For the period from 1 January to 30 June 2025
Amsterdam, The Netherlands
Selected Financial Results
Selected Consolidated, Unaudited Financial Results for Q2 and H1 2025
In thousands of EUR
Q2 2025
Q2 2024
H1 2025
H1 2024
Total revenues
25,707
23,914
47,756
41,289
EBITDA
2,839
5,274
4,045
6,057
EBIT
-496
2,268
-1,279
843
Profit/loss before taxation
-3,477
-2,627
-6,838
-4,944
Profit/loss from continuing operations
-3,258
-2,789
-6,963
-4,109
Other comprehensive income
491
-2,323
4,210
-2,111
Total comprehensive income
-2,767
-5,112
-2,753
-6,220
Operating cash flow
8,202
1,898
12,062
6,634
Investment cash flow
-1,714
-2,471
-5,269
-4,666
Financial cash flow
-10,549
4,007
-11,353
811
Net change in cash
-4,062
3,434
-4,560
2,779
31.06.2025
31.12.2024
Non-current assets
-
-
221,268
216,890
Current assets
-
-
48,904
55,946
Of which Liquid assets
-
-
10,445
14,352
Total assets
-
-
270,172
272,837
Total equity
-
-
57,306
60,065
Non-current liabilities
-
-
170,975
167,661
Current liabilities
-
-
41,891
45,110
All references to financial results relate to the reporting period from 1 April until 30 June 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 25.707 million in Q2 2025 (+7.5 YoY), driven primarily by a significant rise in PV technology sales. H1 2025 revenues reached EUR 47.756 million, up by 15.7% YoY.
EBITDA reached EUR 2.839 million in Q2 2025 (-46.2% YoY) and EUR 4.045 million in H1 2025 (-33.2 YoY); contraction is primarily attributable to lower volumes and prices in the capacity market and lower electricity generation.
Operating CF amounted to EUR 8.202 million in Q2 2025 and EUR 12.062 million in H1 2025 on the back of positive working capital developments.
Total comprehensive income of EUR -2.767 million in Q2 2025 and EUR -2.753 million in H1 2025.
Equity of EUR 57.306 million compared to EUR 60.065 million at YE 2024, translating into an adjusted equity ratio of 25.91%, including the carve out due to regulatory changes in Hungary.
Business highlights:
Electricity generation of 50.1 GWh in Q2 2025 (-11.6% YoY) and
73.8 GWh in H1 2025 (+0.1% YoY); strong generation of power plants in Hungary, the Czech Republic and Slovakia; lower output in Australia (sale of 14.5 MWp) and Romania (shutdown of 19.4 MWp).
Signing a large-scale EPC contract with Hyperion Renewables for design, procurement and construction for a 34 MWp PV solar park in Saliste, Romania - a large-scale turnkey solar solution for Hyperion Renewables.
Signing the first BESS optimisation contract in Poland for a hybrid PV system and a battery storage in Nehrybka - a strategic expansion into hybrid asset management combined ancillary services.
Securing development approval for the Yadnarie project - up to 150 MW of concentrated solar generation and 90 MW of thermal generation - and subsequent sale to AGL Energy for EUR
3.9 million.
Signing re-financing agreement with K&H Bank for 31.5 MWp of operating assets in Hungary.
Positive developments in PFAS remediation business recorded by securing Environment Protection License for our mobile PFAS water filtration plant and having two patents approved in China and Japan.
Selected, Entity Financial Results of Photon Energy N.V. for Q2 and H1 2025
In thousands of EUR | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | |
Net turnover | 2,081 | 2,447 | 4,243 | 4,709 | |
Total operating income | 2,081 | 2,447 | 4,243 | 4,709 | |
Results before tax | -667 | 125 | -1,078 | 422 | |
Net result after tax | -667 | 125 | -1,078 | 422 |
30.06.2025 | 31.12.2024 | ||||
Fixed assets | - | - | 135,475 | 136,356 | |
Accounts receivable | - | - | 119,084 | 113,515 | |
Cash at banks and in hand | - | - | 30 | 232 | |
Total assets | - | - | 254,589 | 250,103 | |
Total equity | - | - | 141,850 | 143,516 | |
Current liabilities | - | - | 32,123 | 26,114 | |
Long-term liabilities | - | - | 80,616 | 80,473 |
Notes:
All references to financial results relate to the reporting period from 1 April until 30 June 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".
Management Report
A Note from the Management Board
The financial results for Q2 2025 reflect continued business expansion, although profitability was weighed down by weaker performance in the capacity market and lower electricity generation. Consolidated revenues reached EUR 25.707 million in Q2 2025, marking a 7.5% year-on-year (YoY) increase. Revenues from electricity generation amounted to EUR 8.151 million, down by 4.7% YoY. Generation output declined by 11.6% YoY, primarily due to the TSO-mandated shutdown of 19.4 MWp in Romania and the sale of 14.5 MWp of operating assets in Australia in October 2024. The first event was beyond the Com-pany's control, while the second was a planned step aimed at reducing exposure to markets with the highest price volatility and lower profitability. The problem in Romania is being gradually resolved, with 12.2 MWp of capacity reconnected to the grid during the reporting period and the remaining 7.5 MWp reconnected in August. This should bring generation back to its normal levels going forward. Thanks to the 50/50 split between merchant exposure and fixed revenues (feed-in tariffs and green bonuses), we achieved solid average revenues of EUR 169/MWh in Q2 2025, compared to EUR 158/MWh in Q2 2024 (+6.7% YoY). This strategy helped partially offset the negative impact of lower generation output.
Other revenues also increased to EUR 17.556 million in Q2 2025, up by 14.3% YoY. The most notable growth came from Technology trading, which surged by 182.7% YoY. PV module sales remained the dominant growth driver, reflecting strong execution of utility-scale projects in Romania and Hungary, as well as rising commercial demand in Poland and the Western Balkans. While the total volume of technology traded was slightly below Q1 2025's peak, the performance remains significantly above the last year's levels.
All other segments performed well, either increasing revenues or improving profitability, except for the New Energy division. Revenues in this segment fell by 17.1% YoY, driven by lower volume of contracted market capacities and weaker average prices. Origination and Trading recorded a solid growth in energy offtake and trading revenues however, profitability was affected as unfavourable market conditions led to negative trading margins.
In terms of profitability, the Group reported an EBITDA of EUR 2.839 million in Q2 2025, reflecting a 46.2% year-on-year decline. The primary cause of this decrease was the weakening profitability in the New Energy division, driven by the market trends outlined above and lower generation volumes in the Investments segment - a result of capacity shutdowns and changes to the regulatory framework in Romania.
On the operational front, several key achievements are worth highlighting. The Origination and Trading team is in the final stages of implementing the LFC node - a technology required to enable communication with PSE and the launch of ancillary services. This product will be dedicated to photovoltaic installations, battery storage, wind farms, and biogas plants. Its primary objective is to be offered in combination with our balancing services for renewable generation, thereby enhancing value for our clients and strengthening our market position.
The Group has signed another utility-scale EPC contract for a construction of 34 MW PV solar project in Săliște, Romania with Hyperion, a leading Portuguese renewable energy developer.
Another success on the same front is the signing of an agreement for the optimisation of a hybrid solar and energy storage asset with R. Power Renewables in Poland, which marks the Group's strategic expansion into hybrid asset management. Photon Energy will operate as both a balancing responsible party and a provider of ancillary services, enabling participation in multiple energy markets.
Further success has been achieved by the Project Development team, which obtained Development Approval for the Yadnarie project, assuming up to 150 MW of concentrated solar generation and 90 MW of thermal generation. Following that success, the Group entered into an agreement with AGL Energy Ltd. -Australia's largest energy generator - for the sale and transfer of 100% of the project rights. The expected proceeds from this transaction amount to EUR 1.1 million to be received in H2 2025 and EUR 2.2 million in 2026. Additionally, an estimated EUR 0.6 million is expected after the final commissioning of the power plant. The agreement also provides for a potential additional compensation if the project is extended to its full capacity.
Also Photon Water has secured an Environment Protection License for its mobile PFAS water filtration plant. This innovative system can treat a wide range of contaminated water sources including groundwater, contaminated surface or runoff water, and landfill leachate - removing PFAS to nil-detect levels. At the same time, the patent procedure for our nanoremediation technology has been successfully completed in China and Japan and we have secured other contracts including a remediation contract with Fire and Rescue NSW, to deliver solutions at a fire station site in Sydney. For more details, please see comments in Section 2.6, Strategy and Execution.
On the financing front, we have successfully signed a refinancing agreement with the Hungarian K&H bank for 31.5 MWp of operating assets in Hungary. This transaction unified the total outstanding loans into fully HUF-denominated facility and brought about EUR 5 million of extra funds for the Group, which will be booked in Q3 2025.
Equity declined further in Q2 2025 with a consequent reduction in the adjusted equity ratio to 25.0%. The terms of the Green Bond provides that in the event of a shortfall in the ratio resulting from regulatory changes a carve out is allowed. 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 as of 30 June 2025 would be 25.9%.
In conclusion while our revenue increased, EBITDA declined due to temporary market pressures. At the same time our refinancing activities and operational successes strengthen the foundation for recovery. Looking ahead, we remain confident in improving profitability and delivering long-term value for our investors.
For more details on our financial results please see section 5.
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 Q2 2025.
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 50.1 GWp in Q2 and 73.8 GWh in H1 2025
Electricity generation in Q2 2025 amounted to 50.1 GWh, representing an approximate 11.6% decrease year-on-year. This decline was driven by: (a) lower output from Romanian assets due to the TSO-mandated shutdown of 19.4 MWp, and (b) the sale of 14.5 MWp of operating assets in Australia in October 2024. Additionally, other 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. Other assets performed well, increasing their overall generation year-on-year, thanks to favourable weather conditions in the CEE region and an expansion of the asset base in Hungary by 5.1 MWp.
The total generation year-to-date (YTD) amounted to 73.8 GWh and remained nearly flat year-on-year, compared to 73.7 GWh reported in H1 2024.
As of the end of June 2025, the total IPP portfolio stood at 134.7 MWp compared to 132.7 MWp at the end of June 2024 (up by 1.4% YoY). The average specific yield in Q2 2025 (total generation in the period / average capacity in the period) was 371.6 kWh/kWp down from 429.0 kWh/kWp in Q2 2024, a 13.4% YoY decrease.
Electricity SPOT Prices Deteriorated in Q2 2025 but Remained Above Last Year Level
In Q2 2025 average SPOT base load prices deteriorated compared to Q1 2025 but remained higher than a year ago. On a monthly basis, June was the only month in 2025 where average monthly SPOT prices were lower than in the same month of 2024.
The main factors influencing prices in Q2 2025 included increased PV production and above-average wind generation, reduced hydro availability, both planned and unplanned outages, demand fluctuations, and overall market sentiment. In May, the average monthly price in the Iberian market was lower than in Scandinavia - a rare occurrence. From the second half of May, afternoon peak hours began showing significantly higher price levels, which contributed to an increase in the monthly averages. This trend continued into June, but the dominant factor during that period was the extreme heat across Western Europe (Italy, Spain, Portugal, the UK, and France), which led to increased electricity demand and reduced generation capacity
- both of which contributed to notable price increases.
As a result, average prices in Romania in Q2 2025 amounted to 86 EUR/MWh compared to 134 EUR/MWh in Q1 2025 and 80 EUR/MWh in Q2 2024 (+7.5% YoY). Hungary recorded similar trends, and prices amounted to 84 EUR/MWh compared to 136 EUR/MWh in Q1 2025 and 76 EUR/MWh in Q2 2024 (up by 10.5% YoY). In the Czech Republic average day-ahead prices amounted to EUR 77/MWh compared to 120 EUR/MWh in Q1 2025 and 69 EUR/MWh in Q2 2024 (+ 10.3% YoY).
In Q2 2025, negative electricity prices were recorded across all markets: in Hungary (199 hours), The Czech Republic (176 hours) and Romania (126 hours). In the comparable period of 2024, negative prices were also present across all these markets, but at lower levels: Hungary recorded 177 hours, the Czech Republic 176 hours and Romania 60 hours. The most
significant year-on-year changes were seen in Romania, where the number of negative price hours more than doubled.
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 and this situation remained unchanged throughout majority of the reporting period. 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 was reconnected in August, 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, "New Regulation"), 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 period", 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. 80 EUR/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 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, electricity producers must obtain a licence from the authority in order to enter the sales system through the energy market or bilateral contracts. So far the Group successfully obtained the licences 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. According to the New Regulation, power plants must undergo testing, which lasts up to about a month in order to obtain a conformity certificate before submitting a licence application. Once testing is completed the conformity certificates are expected to be issued, but this procedure may take an additional month. Only after the licences are granted can the plants be re-energised. In practice, the entire process may take around two months or longer, which implies further periods of lower generation due to the licensing procedure.
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 Australian State of Victoria'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 services for a 34 MW PV solar project in Săliște, Romania. This strategic project highlights Photon Energy's expertise in delivering turnkey, large-scale solar solutions for international investors in its core markets.
The project is being 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.
Annual General Meeting Was Held on 25 June 2025
On 25 June, the annual meeting of shareholders took place in Amsterdam, the Netherlands. The general meeting approved the Company's consolidated and standalone financial statements and remuneration report for year 2024 and granted discharge to the members of the Management Board and Supervisory Board. The general meeting further appointed PriceWaterhouseCoopers Accountant N.V. as an auditor for the financial year 2025 and granted authorisation to the Management Board to purchase shares on the public market, as in previous years. Finally, the general meeting approved the pledge agreement between the Company and its shareholder Solar Power to the People Cooperatif U.A. (the "Pledgor"), pursuant to which 6,123,852 shares of the Company's shares in the ownership of the Pledgor shall be pledged to the Company to secure loan or loans extended by the Company to the Pledgor and/or
its affiliated entities. The approval of the pledge agreement is required pursuant to Article 9.6 of the Company's Articles of Association. According to this Article, the Company may accept in pledge its own shares only up to 10% of its issued share capital (i.e. 6,123,852 shares) and such pledge agreement must be approved by its shareholders meeting. To see the meeting minutes, please visit the corporate governance section of our investor relations website: ir.photonenergy.com/corporate-governance.
Summary of Events Material for the Group's Operations After the Reporting Period
The following events, which took place from 1 July 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:
Development Approval Obtained for Project Yadnarie and Subsequent Sale to AGL
In July, following the receipt of the development approval for our Yadnarie solar and long-duration energy storage project based on RayGen technology ("the Project"), the Company has entered into an agreement with AGL Energy Ltd. ("AGL") - Aus-tralia's largest energy generator - for the sale and transfer of 100% of the Project rights. The expected proceeds from this transaction amount to EUR 1.1 million to be received in 2025 and EUR 2.2 million in 2026. Additionally, an estimated EUR 0.6 million is expected after the final commissioning of the power plant.
The agreement also provides for potential additional compensation if the Project is extended to its full capacity. However, as such an extension depends on AGL's internal investment decision, the timing and amount of any further proceeds remain outside the Company's operational control. Photon Energy confirms that the sale transaction of the Yadnarie project is in line with the Group's strategic focus on developing and monetising renewable assets.
Agreement Signed for Optimisation of Hybrid Solar + Energy Storage Asset with R.Power Renewables in Poland
In July, the Company's subsidiary Photon Energy Trading PL Sp. z o. o. and R.Power Renewables ("R.Power") have signed an agreement for the optimisation of a hybrid asset and a battery energy storage system (PV + BESS) located in Nehrybka, Poland.
Under the agreement, Photon Energy will optimise the energy flows within R.Power's hybrid asset in Nehrybka and between the asset and the grid. The goal of is to maximise revenue generation through applying a multi-market optimisation approach, with participation in both spot and ancillary service markets. Depending on market conditions, the BESS can be charged either from the PV installation or directly from the grid. Both the PV and BESS capacities can be used to provide ancillary services, or to trade on the Day-Ahead Market (DAM) and Intraday Market (IDM).
Optimising these energy flows in real time requires precise forecasting of spot and balancing market conditions, as well as careful consideration of the technical constraints of the system, every 15 minutes. The challenge lies in determining the most profitable strategy for each part of the hybrid asset.
This project marks a significant milestone for Photon Energy as it expands into battery energy storage system optimisation - an essential step in supporting grid flexibility and enabling the wider integration of renewable energy across Europe.
Refinancing Agreement for 31.5 MWp of Hungarian Assets
On 25 July 2025, the Hungarian K&H Bank, a member of the KBC Group, concluded a refinancing agreement ("Refinancing Agree-ment") with Photon Energy's Hungarian subsidiaries to refinance power plants in Hungary with a total capacity of 31.5 MWp, commissioned in years 2019 and 2020. All refinanced solar power plants operate under the feed-in-tariff scheme.
Under the terms of this Refinancing Agreement, the euro-de-nominated portion of the existing project financing on the Hungarian SPVs was repaid, and the total HUF-denominated financing facility was increased by the equivalent of EUR 3.8 million. Upon completion of the transaction in early August, the financing facility became fully denominated in HUF, providing a natural hedge against revenues, which are also denominated in HUF.
The Refinancing Agreement enabled the Group to release an additional cash of EUR 1.4 million, resulting from the termination of certain collateral and hedging contracts. The final maturity date of the financing facility was extended by three years to 2039, while the main terms-including margin, repayment frequency, and collateral-remain unchanged.
Strategy and Execution
In the first half of 2025, the following milestones have been
achieved towards the execution of the Group's strategy:
An increase of generation assets base by 5.1 MWp bringing it to the total of 134.7 MWp compared to 129.6 MWp at YE 2024.
Maintaining a balanced 50/50 split between merchant exposure and fixed revenues (feed-in-tariffs and green-bonus). This strategy has enabled the Group to achieve solid average revenues per MWh of electricity generated. In Q1 2025, this strategy helped offset the negative impact of lower generation output by benefiting from higher realised prices due to improved energy market conditions. In Q2 2025, it continued to prove effective but it was insufficient to offset the decline in the generation capacity.
Strong increase of revenues and market share in technology trading business. While this segment is inherently volatile and sensitive to economic downturns, we take pride in our new Technology team's ability to expand market share and outperform competitors during the ongoing consolidation of the sector. The profitability of this segment has also improved in Q2 2025.
Signing EPC contract for a 34 MW PV solar project in Săliște, Romania with Hyperion Renewables. This strategic project underscores Photon Energy's expertise in delivering solutions for international investors in its core markets and will be the biggest EPC project of the Group till date.
The O&M segment crossed the threshold of 1.1 GWp of assets under contracts and recorded an increase in revenues, albeit still sluggish due to a typical delay between contractual commitment and the actual takeover of assets. At the same time, we see increasing demand for O&M services due to current undergoing market consolidation in CEE region.
Further successful transactions related to the project pipeline -the sale of Yadnarie project to AGL Energy resulted in total expected proceeds of approximately EUR 3.9 million. The transaction enabled the Group to monetise part of its development pipeline and redirect efforts towards other core business activities.
The Origination and Trading arm of the New Energy division remains on track to launch new ancillary services by the end of this year. The internal development team is in the final stages of implementing the LFC node - technology solution required to enable communication with PSE. The product will target photovoltaic installations, battery storage systems, wind farms, and biogas plants. Its main purpose is to be offered alongside our balancing services for renewable generation, thereby enhancing client value and strengthening our market position. In preparation for market entry, we plan to expand the Origination team to further build our capabilities and support a successful rollout.
Last but not least, the Group achieved a milestone in its water business by securing an Environment Protection License for its mobile PFAS water filtration plant. This innovative system can treat a wide range of contaminated water sources including groundwater, contaminated surface or runoff water, and landfill leachate - removing PFAS to nil-detect levels. The system combines GAC and IXR filtration, integrated pretreatment, and real-time digital monitoring in a modular, stainless-steel build that's easy to transport, install, and operate.
Photon Water's Mobile PFAS Filtration System
In June, Photon Remediation Technology N.V., a subsidiary of Photon Energy N.V., was notified that the patent procedure for its nanoremediation technology has been successfully completed in China - the first of a dozen countries in which a patent application had been filed. In July, Japan became the second country to officially grant the patent. The patent covers the company's proprietary nanoremediation technology, which has proven highly effective in the removal of per- and polyfluoroal-kyl substances (PFAS) from groundwater-without the need for pumping or surface treatment.
Looking ahead, the Group has secured three new projects: a) a remediation contract with Fire and Rescue NSW, to deliver solutions at a fire station site in Sydney. Work is scheduled to commence in August. The objective is to dewater and remove from service a large underground contaminated runoff storage tank, b) a two-year contract with the City of Mount Gambier Council for the Valley Lake Water Management Technology Solution. The project involves deploying water quality monitoring and algae control floats at the Valley Lake to quantify water quality in real-time and manage algae. This follows a successful three year contract at the Valley Lake where water quality has been improved. And c), a biosolids management consulting project with the Upper Lachan Shire Council, the first of two stages leading into a dewatering engineering options and solution delivery project. Finally, research associated with Photon Remediation's in-situ nanoremediation solution has advanced, with collaboration between Australia, Europe and analytical
service groups that supports a better understanding of reaction and PFAS removal mechanisms.
Main Risks for the Remainder of the Year
The financial risks are described in the Interim Consolidated Financial Statements section of this report. The principal risks and uncertainties for the remaining six months of the financial year, which according to the management may have an impact on the Group's financial condition and results of operations, include but are not limited to:
Risk of declining and negative electricity prices
As of the reporting date, the Group operates 67.9 MWp of PV power plants (50%) under the merchant model, i.e. selling electricity at a day-ahead or intra-day market prices mainly in Romania (51.6 MWp) but also in Hungary (16.3 MWp). Hence this part of the Group's portfolio is exposed to the risk of declining or negative energy prices. In Q1 2025, electricity prices reached a 12-month peak and then started to deteriorate declining by more than 35% QoQ in both markets.
In Q2 2025, negative electricity prices were recorded across all markets with 199 hours recorded in Hungary and 126 hours in Romania. In the comparable period of 2024, the number of hours with negative prices was lower-177 in Hungary and 60 in Romania. The most significant year-on-year changes were seen in Romania, where the number of negative price hours more than doubled YoY. This is also the market where the Group's exposure to energy markets was the highest.
If this trend continues the Group might experience the deterioration of generation revenues and profitability of the investment segment. Equally, the widening of the so-called canyon curve with a higher number of negative electricity prices during mid-day hours could have a negative impact on revenues and profitability of generation assets. In such a case, the consolidated financial results and operational cash-flow could be negatively impacted in the second half of 2025.
Risk associated with the decline in the project pipeline
and projects' value
To grow its IPP portfolio and electricity generation, the Group is developing photovoltaic projects and commissioning solar power plants. However, there are risks of possible delays and cost overruns in the project development process, as a results of external factors, which may be beyond the Group's control. This could include delays in regulatory approvals, technology procurement, grid-connection and/or denial of required regulatory approvals and decisions. As a result, the Group could experience a contraction of the project pipeline and/or sunk costs related to projects which could no longer be pursued as they do not ensure attractive returns. This could also result in the deterioration of the project value and might have a negative impact on the Group's profitability.
Although the project pipeline is important for the expansion of the Group's IPP portfolio, some fluctuations need to be taken into account, and cyclical declines may occur as a result of a changing industry environment. The impact on the profitability of the Group will depend on conditions of potential sales transactions.
Risk of difficulties to secure financing resources for future projects and portfolio expansion of the Group
The Group's pipeline of projects requires financing for further development and construction works with a mixture of equity and third-party funding. Due to the deterioration of the conditions on the energy markets since mid-2023 and uncertainty in the global credit and lending environment, the Group cannot make assurances that financial institutions will continue offering sufficient funding to continue the expansion of the generation assets as planned. There is also no guarantee that the Group will be sufficiently successful at acquiring the external financing at the required amount under acceptable conditions and for the desired period in order to realise its growth strategy in the given market. This could have an adverse effect on the commercial development of the Group and would constrain the growth of the Group going forward.
Risk of the adjusted equity ratio falling below the covenant level of 25%
According to the Section 7, article 3 (g) of the Terms and Conditions of the Green Bond prospectus, each bondholder is entitled to submit notice of an extraordinary termination of the ownership of the Bearer Bonds with immediate effect and to require repayment of the nominal value including the interests which accrued to the day of the notice of termination if, among other conditions, the equity capital of the Company from the last audited consolidated financial statements under IFRS falls below 25% of the total sum of the equity capital and Interest-Bearing Debt (as hereinafter defined) ("Adjusted Equity Ratio"). The adjusted equity ratio (defined as total equity divided by total capital, being the sum of interest-bearing debt and equity) stood at 25.0% compared to 25.6% at the end of 2024 so very close to the Green Bond covenant described above. However, the adjusted equity ratio calculation allows a carve out in the event of a shortfall in the ratio resulting from regulatory changes.
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 as of 30 June 2025 would be 25.9%.
There is no guarantee that the Group will be able to maintain the adjusted equity ratio above the level required by the bond covenant. If this risk materialises, it could have an adverse effect on the financial position of the Group and continuation of the business going forward.
Dispute with Polskie Sieci Elektroenergetyczne S.A.
Photon Energy is currently in an open 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.
Should Photon Energy lose this case, there is a risk of being required to return PLN 13.382 million (EUR 3.2 million).
Changes in the Regulatory Framework in Capacity Markets
On 11 August 2025, the European Commission authorized a derogation allowing the participation of high emission units in the supplementary auction mechanism in the Polish capacity market. This authorization was however given only after the
delivery period has started (capacity obligation were to begin on 1 July 2025 while the Commission's decision was issued on 11 August 2025).
Remuneration for participation in the capacity market constitutes state aid which, in accordance with article 3 of COUNCIL REGULATION (EU) 2015/1589 of 13 July 2015 (standstill clause) "shall not be put into effect before the Commission has taken, or is deemed to have taken, a decision authorising such aid." As
a result, a portion of the remuneration expected in July (PLN 6.319 million / EUR 1.5 million) and the first half of revenues expected in August (PLN 0.927 million / EUR 0.22 million) may not be received as expected.
Business Updates Per Segment
Generation and Sale of Electricity
Chart 3.1.1 Changes in the Proprietary Portfolio in Q2 2025
150.0
100.0
50.0
0.0
132.8 MWp 129.6 MWp 134.7 MWp
Q2 2024 Q4 2024 Q2 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 Energy's proprietary portfolio of PV power plants increased the Com-pany's global portfolio to 134.7 MWp.
There were no new solar assets built and commissioned in Q2 2025.
Compared to Q2 2024, the Company's global portfolio increased
by 1.9 MWp, up by 1.4% YoY.
Chart 3.1.2 Summary of Electricity Generation in Q2 2025
+21.2%
-29.1%
+4.5%
+3.2%
-99.5%
30,000
25,000
20,000
15,000
10,000
5,000
0
CZ SK HU AU RO
Total electricity generation in Q2 2025 amounted to 50.1 GWh, compared to 56.6 GWh a year earlier, representing a year-on-year (YoY) decline of 11.6%. This decrease was primarily due to the sale of 14.5 MWp of operational assets in Australia as well as negative developments in Romania described in Section 2.3.
Electricity generation in Hungary, the Czech Republic and Slovakia increased YoY by 21.2%, 4.5% and 3.2%, respectively. In contrast, Romanian power plants underperformed with generation falling by 29.1% YoY. This was mainly due to temporary shutdown off power plants Faget 3, Sahateni and Aiud with a combined capacity of 19.4 MWp.
Chart 3.1.3 Realised Electricity Prices in Q2 2025, EUR/MWh Chart 3.1.4. Spilt Between Merchant / FiT in Q2 2025, MWp
Total IPP Portfolio
Australia Romania Hungary
Slovak Republic Czech Republic
169
181
59
103
265
661
0 200 400 600 800
160.0
120.0
80.0
40.0
0.0
67.9
66.6
66.2
66.8
Q2 2024 Q2 2025
Realised prices on sale of electricity in Q2 increased from EUR 158/MWh in Q2 2024 to EUR 169/MWh in Q2 2025, up by 6.8% YoY. This improvement was primarily driven by higher average realised prices in the Czech Republic, combined with increased production from those power plants - which carry the highest weight in the portfolio.
The combined effect of stronger pricing and higher generation from key assets contributed to the overall uplift in the portfo-lio's average. Additionally, the sale of Australian assets - which had previously reported below-average realised prices - further supported the increase in the total portfolio average. Currently in the Australian portfolio the Group holds only one small rooftop power plant with the capacity of 144 kWp and receiving a feed-in-tariff.
Table 3.1.2 Electricity Generation of the Proprietary Portfolio of Photon Energy N.V. in Q2 and H1 2025
Project name Unit | Capacity kWp | Avg. Revenue Q2 per MWh | Prod. Q2 kWh | Proj. Q2 kWh | Perf. % | YTD Prod. kWh | YTD Proj. Perf. YTD YoY kWh % % |
Komorovice | 2,354 | 661 EUR | 948,491 | 912,104 | 4.0% | 1,452,357 | 1,321,718 9.9% 13.0% |
Zvíkov I | 2,031 | 660 EUR | 806,513 | 808,177 | -0.2% | 1,233,394 | 1,214,342 1.6% 8.2% |
Dolní Dvořiště | 1,645 | 661 EUR | 597,151 | 588,869 | 1.4% | 883,299 | 866,936 1.9% 8.7% |
Svatoslav | 1,231 | 661 EUR | 437,613 | 430,615 | 1.6% | 631,648 | 620,921 1.7% 7.1% |
Slavkov | 1,159 | 661 EUR | 499,663 | 483,374 | 3.4% | 754,902 | 720,284 4.8% 6.8% |
Mostkovice SPV 1 | 210 | 661 EUR | 81,559 | 80,774 | 1.0% | 120,050 | 118,863 1.0% 6.1% |
Mostkovice SPV 3 | 926 | 661 EUR | 380,498 | 364,364 | 4.4% | 562,190 | 533,359 5.4% 9.1% |
Zdice I | 1,499 | 661 EUR | 676,134 | 624,248 | 8.3% | 1,009,769 | 910,406 10.9% 12.5% |
Zdice II | 1,499 | 661 EUR | 678,081 | 631,118 | 7.4% | 1,010,786 | 923,944 9.4% 12.5% |
Radvanice | 2,305 | 661 EUR | 983,222 | 929,043 | 5.8% | 1,447,940 | 1,347,653 7.4% 6.5% |
Břeclav rooftop | 137 | 661 EUR | 58,531 | 56,382 | 3.8% | 87,805 | 84,418 4.0% 3.6% |
Total Czech PP | 14,996 | 661 EUR | 948,491 | 912,104 | 4.0% | 1,452,357 | 1,321,718 9.9% 13.0% |
Babiná II | 999 | 271 EUR | 352,269 | 346,793 | 1.6% | 488,941 | 488,802 0.0% 4.5% |
Babina III | 999 | 271 EUR | 351,395 | 349,244 | 0.6% | 488,844 | 495,086 -1.3% 5.1% |
Prša I. | 999 | 270 EUR | 365,323 | 371,014 | -1.5% | 513,178 | 535,665 -4.2% 0.3% |
Blatna | 700 | 273 EUR | 278,350 | 271,678 | 2.5% | 391,369 | 372,774 5.0% -0.3% |
Mokra Luka 1 | 963 | 258 EUR | 426,450 | 399,178 | 6.8% | 639,579 | 619,143 3.3% 4.9% |
Mokra Luka 2 | 963 | 257 EUR | 434,401 | 401,709 | 8.1% | 651,865 | 629,878 3.5% 4.9% |
Jovice 1 | 979 | 263 EUR | 339,716 | 312,198 | 8.8% | 481,648 | 449,901 7.1% 0.5% |
Jovice 2 | 979 | 263 EUR | 357,804 | 304,657 | 17.4% | 501,483 | 437,897 14.5% 3.7% |
Brestovec | 850 | 257 EUR | 377,270 | 361,363 | 4.4% | 570,986 | 528,221 8.1% 7.5% |
Polianka | 999 | 261 EUR | 378,550 | 370,293 | 2.2% | 541,757 | 507,006 6.9% 5.4% |
Myjava | 999 | 259 EUR | 421,584 | 413,691 | 1.9% | 619,642 | 581,037 6.6% 5.0% |
Total Slovak PP | 10,429 | 263 EUR | 4,083,112 | 3,901,818 | 4.6% | 5,889,292 | 5,645,410 4.3% 3.9% |
Tiszakécske 1 | 689 | 116 EUR | 307,336 | 294,933 | 4.2% | 461,236 | 458,406 0.6% 11.7% |
Tiszakécske 2 | 689 | 116 EUR | 309,671 | 297,410 | 4.1% | 465,462 | 462,024 0.7% 11.4% |
Tiszakécske 3 | 689 | 116 EUR | 305,436 | 269,878 | 13.2% | 449,178 | 434,832 3.3% 11.9% |
Tiszakécske 4 | 689 | 116 EUR | 310,582 | 297,934 | 4.2% | 467,887 | 463,293 1.0% 11.6% |
Tiszakécske 5 | 689 | 116 EUR | 309,694 | 296,273 | 4.5% | 464,495 | 462,661 0.4% 11.8% |
Tiszakécske 6 | 689 | 116 EUR | 309,275 | 295,283 | 4.7% | 463,938 | 457,900 1.3% 12.0% |
Tiszakécske 7 | 689 | 116 EUR | 307,898 | 296,156 | 4.0% | 463,313 | 458,536 1.0% 11.4% |
Tiszakécske 8 | 689 | 116 EUR | 307,807 | 294,177 | 4.6% | 460,057 | 447,521 2.8% 11.7% |
Almásfüzitő 1 | 695 | 116 EUR | 304,176 | 293,254 | 3.7% | 452,717 | 448,582 0.9% 12.1% |
Almásfüzitő 2 | 695 | 116 EUR | 299,279 | 284,224 | 5.3% | 442,775 | 435,124 1.8% 13.6% |
Almásfüzitő 3 | 695 | 116 EUR | 281,650 | 274,280 | 2.7% | 428,052 | 424,890 0.7% 11.8% |
Almásfüzitő 4 | 695 | 116 EUR | 303,165 | 292,310 | 3.7% | 453,114 | 447,839 1.2% 12.4% |
Almásfüzitő 5 | 695 | 116 EUR | 296,101 | 298,110 | -0.7% | 451,577 | 455,769 -0.9% 8.6% |
Almásfüzitő 6 | 660 | 116 EUR | 309,482 | 296,861 | 4.3% | 462,258 | 453,627 1.9% 12.3% |
Almásfüzitő 7 | 691 | 116 EUR | 308,875 | 297,093 | 4.0% | 460,841 | 453,141 1.7% 12.1% |
Almásfüzitő 8 | 668 | 116 EUR | 311,784 | 300,762 | 3.7% | 462,349 | 454,307 1.8% 11.9% |
Nagyecsed 1 | 689 | 116 EUR | 307,965 | 292,230 | 5.4% | 465,494 | 445,700 4.4% 6.1% |
Nagyecsed 2 | 689 | 116 EUR | 306,134 | 286,221 | 7.0% | 462,483 | 438,779 5.4% 7.6% |
Nagyecsed 3 | 689 | 116 EUR | 305,279 | 286,952 | 6.4% | 461,692 | 441,334 4.6% 6.9% |
Nagykata BTM | 658 | 161 EUR | 68,345 | 275,350 | -75.2% | 169,313 | 381,366 -55.6% N/A |
Fertod I | 528 | 116 EUR | 242,227 | 234,849 | 3.1% | 360,637 | 357,713 0.8% 4.3% |
Fertod II No 2 | 699 | 116 EUR | 309,761 | 306,521 | 1.1% | 469,017 | 446,912 4.9% 2.0% |
Fertod II No 3 | 699 | 116 EUR | 309,053 | 305,288 | 1.2% | 469,906 | 446,283 5.3% 2.4% |
Fertod II No 4 | 699 | 116 EUR | 307,551 | 302,381 | 1.7% | 467,686 | 464,881 0.6% 2.7% |
Fertod II No 5 | 691 | 116 EUR | 303,863 | 302,731 | 0.4% | 463,089 | 466,290 -0.7% 1.9% |
Fertod II No 6 | 699 | 116 EUR | 305,936 | 300,635 | 1.8% | 465,926 | 440,191 5.8% 2.9% |
Kunszentmárton I/ 1 | 697 | 116 EUR | 313,428 | 305,274 | 2.7% | 477,934 | 481,625 -0.8% 0.8% |
Kunszentmárton I/2 | 697 | 116 EUR | 313,277 | 303,149 | 3.3% | 475,291 | 472,134 0.7% 1.3% |
Kunszentmárton II No 1 | 693 | 120 EUR | 316,026 | 310,614 | 1.7% | 483,007 | 481,712 0.3% 0.1% |
Kunszentmárton II No 2 | 693 | 120 EUR | 319,103 | 309,257 | 3.2% | 483,931 | 487,421 -0.7% 0.6% |
Taszár 1 | 701 | 116 EUR | 280,237 | 306,522 | -8.6% | 436,797 | 504,942 -13.5% -7.9% |
Taszár 2 | 701 | 116 EUR | 286,774 | 306,180 | -6.3% | 442,019 | 504,601 -12.4% -6.2% |
Taszár 3 | 701 | 116 EUR | 296,505 | 306,826 | -3.4% | 452,695 | 505,246 -10.4% -4.1% |
Project name Unit | Capacity kWp | Avg. Revenue Q2 per MWh, | Prod. Q2 kWh | Proj. Q2 kWh | Perf. % | YTD Prod. kWh | YTD Proj. Perf. YTD YoY kWh % % |
Monor 1 | 688 | 116 EUR | 319,559 | 292,445 | 9.3% | 471,780 | 417,362 13.0% 13.9% |
Monor 2 | 696 | 116 EUR | 320,667 | 294,015 | 9.1% | 469,926 | 462,182 1.7% 13.5% |
Monor 3 | 696 | 116 EUR | 320,204 | 296,374 | 8.0% | 471,909 | 468,480 0.7% 12.6% |
Monor 4 | 696 | 116 EUR | 319,043 | 292,932 | 8.9% | 470,263 | 467,022 0.7% 13.6% |
Monor 5 | 688 | 116 EUR | 320,369 | 294,925 | 8.6% | 472,651 | 472,150 0.1% 13.1% |
Monor 6 | 696 | 116 EUR | 316,705 | 293,165 | 8.0% | 468,800 | 469,295 -0.1% 12.9% |
Monor 7 | 696 | 116 EUR | 320,324 | 296,358 | 8.1% | 471,091 | 472,519 -0.3% 12.4% |
Monor 8 | 696 | 116 EUR | 320,163 | 294,779 | 8.6% | 472,007 | 469,846 0.5% 13.2% |
Tata 1 | 672 | 116 EUR | 353,573 | 336,766 | 5.0% | 495,270 | 487,119 1.7% 13.2% |
Tata 2 | 676 | 116 EUR | 276,415 | 277,561 | -0.4% | 422,370 | 429,543 -1.7% 7.0% |
Tata 3 | 667 | 116 EUR | 279,222 | 276,858 | 0.9% | 427,021 | 429,094 -0.5% 7.8% |
Tata 4 | 672 | 116 EUR | 359,919 | 340,165 | 5.8% | 506,258 | 493,143 2.7% 10.8% |
Tata 5 | 672 | 116 EUR | 357,948 | 334,819 | 6.9% | 503,030 | 485,090 3.7% 11.8% |
Tata 6 | 672 | 116 EUR | 356,070 | 318,689 | 11.7% | 499,532 | 465,753 7.3% 15.1% |
Tata 7 | 672 | 116 EUR | 356,263 | 339,134 | 5.1% | 495,335 | 488,038 1.5% 8.9% |
Tata 8 | 672 | 116 EUR | 360,835 | 342,485 | 5.4% | 507,104 | 495,690 2.3% 10.4% |
Malyi 1 | 695 | 116 EUR | 319,156 | 309,501 | 3.1% | 465,191 | 465,549 -0.1% 4.0% |
Malyi 2 | 695 | 116 EUR | 318,895 | 309,857 | 2.9% | 466,069 | 466,722 -0.1% 3.7% |
Malyi 3 | 695 | 116 EUR | 318,008 | 310,670 | 2.4% | 465,785 | 467,931 -0.5% 3.4% |
Puspokladány 1 | 1,406 | 120 EUR | 611,269 | 707,198 | -13.6% | 911,305 | 1,025,738 -11.2% 20.8% |
Puspokladány 2 | 1,420 | 62 EUR | 498,320 | 715,045 | -30.3% | 799,445 | 1,057,440 -24.4% 12.0% |
Puspokladány 3 | 1,420 | 61 EUR | 573,212 | 703,550 | -18.5% | 869,548 | 1,041,581 -16.5% 46.1% |
Puspokladány 4 | 1,406 | 60 EUR | 563,134 | 707,221 | -20.4% | 856,822 | 1,034,102 -17.1% 163.6% |
Puspokladány 5 | 1,420 | 61 EUR | 561,053 | 718,123 | -21.9% | 863,613 | 1,065,568 -19.0% 34.1% |
Puspokladány 6 | 1,394 | 120 EUR | 605,370 | 702,154 | -13.8% | 897,494 | 1,032,617 -13.1% 18.5% |
Puspokladány 7 | 1,406 | 120 EUR | 608,391 | 703,900 | -13.6% | 901,491 | 1,038,888 -13.2% 37.7% |
Puspokladány 8 | 1,420 | 60 EUR | 589,042 | 663,317 | -11.2% | 886,255 | 1,000,807 -11.4% 143.5% |
Puspokladány 9 | 1,406 | 120 EUR | 603,281 | 707,162 | -14.7% | 885,414 | 1,042,368 -15.1% 342.0% |
Puspokladány 10 | 1,420 | 61 EUR | 573,158 | 711,053 | -19.4% | 868,059 | 1,048,869 -17.2% 25.8% |
Tolna | 1,358 | 60 EUR | 577,006 | 725,416 | -20.5% | 881,394 | 1,075,574 -18.1% 9.3% |
Facankert | 1,358 | 61 EUR | 631,674 | 713,228 | -11.4% | 945,843 | 1,037,520 -8.8% 12.3% |
Tolna 2 | 1,492 | 59 EUR | 507,006 | 777,176 | -34.8% | 577,906 | 870,265 -33.6% N/A |
Tolna 3 | 1,615 | 55 EUR | 353,785 | 757,465 | -53.3% | 353,785 | 757,465 -53.3% N/A |
Tolna 5 | 1,958 | 58 EUR | 570,146 | 777,176 | -26.6% | 637,794 | 870,265 -26.7% N/A |
Total Hungarian PP | 57,537 | 103 EUR | 24,412,861 | 26,360,602 | -7.4% | 35,973,725 | 38,857,175 -7.4% 22.8% |
Siria | 5,691 | 58 EUR | 2,610,176 | 2,880,848 | -9.4% | 3,811,984 | 4,219,552 -9.7% -13.8% |
Calafat 1 | 2,890 | 58 EUR | 1,385,725 | 1,567,982 | -11.6% | 2,043,214 | 2,328,572 -12.3% -14.3% |
Calafat 2 | 1,935 | 58 EUR | 967,038 | 1,046,543 | -7.6% | 1,454,776 | 1,549,410 -6.1% -9.4% |
Calafat 3 | 1,203 | 58 EUR | 618,490 | 642,678 | -3.8% | 919,268 | 945,714 -2.8% -7.2% |
Aiud | 4,730 | 64 EUR | 870,150 | 1,576,654 | -44.8% | 1,346,010 | 1,950,040 -31.0% -59.9% |
Teius | 4,730 | 65 EUR | 1,259,280 | 1,622,577 | -22.4% | 2,085,144 | 2,413,013 -13.6% -39.9% |
Făget 1 | 3,178 | 57 EUR | 1,508,240 | 1,637,061 | -7.9% | 1,942,819 | 2,164,300 -10.2% -19.4% |
Făget 2 | 3,931 | 57 EUR | 1,982,720 | 2,034,958 | -2.6% | 2,619,573 | 2,714,745 -3.5% -9.7% |
Faget 3 | 7,513 | 62 EUR | 762,896 | 1,785,099 | -57.3% | 762,896 | 1,785,099 -57.3% N/A |
Săhăteni | 7,112 | 0 EUR | 0 | 0 | N/A | 458,264 | 336,330 36.3% -91.8% |
Magureni | 1,698 | 51 EUR | 617,850 | 709,200 | -12.9% | 927,848 | 1,001,503 -7.4% 43.8% |
Sarulesti | 3,197 | 66 EUR | 956,529 | 1,129,627 | -15.3% | 1,589,181 | 1,670,734 -4.9% N/A |
Bocsa | 3,788 | 54 EUR | 1,851,024 | 2,001,263 | -7.5% | 2,745,392 | 2,866,204 -4.2% 9.0% |
Total Romanian PP | 51,596 | 59 EUR | 15,390,118 | 18,634,490 | -17.4% | 22,706,369 | 25,945,218 -12.5% -25.1% |
Symonston | 144 | 181 EUR | 25,540 | 26,855 | -4.9% | 39,400 | 78,585 -49.9% -40.1% |
Total Australian PP | 144 | 181 EUR | 25,540 | 26,855 | -4.9% | 39,400 | 78,585 -49.9% -40.1% |
Total | 134,702 | 171 EUR | 50,059,085 | 54,832,833 | -8.7% | 73,802,926 | 79,189,233 -6.8% 0.1% |
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 3.1.3 Revenues from Electricity Generation in Q2 2025
Portfolio | Capacity | Prod. Q2 2025 | Avg. Revenue Q2 2025 | Total Revenue Q2 2025 | Avg. Revenue YTD | Revenue YTD |
Unit | MWp | MWh | EUR/MWh | In EUR thousand | EUR/MWh, in 2024 | In EUR thousand |
Czech Republic1 | 15.0 | 6,147 | 661 | 4,061 | 659 | 6,063 |
Slovakia1 | 7.6 | 2,906 | 265 | 770 | 265 | 1,101 |
Hungary2 | 57.5 | 24,413 | 103 | 2,449 | 107 | 3,730 |
Romania3 | 51.6 | 15,390 | 59 | 874 | 66 | 1,456 |
Australia1 | 0.1 | 26 | 181 | 5 | 183 | 7 |
Total Portfolio | 131.9 | 48,882 | 169 | 8,159 | 174 | 12,358 |
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.
Chart 3.1.5 Total Production of the Czech Portfolio YTD Chart 3.1.6 Total Production of the Slovak Portfolio YTD
10,000
Cumulative production in MWh
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
8,000
Cumulative production in MWh
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Chart 3.1.7 Total Production of the Romanian Portfolio YTD Chart 3.1.8 Total Production of the Hungarian Portfolio YTD
35,000
Cumulative production in MWh
30,000
25,000
20,000
15,000
10,000
5,000
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
70,000
Cumulative production in MWh
60,000
50,000
40,000
30,000
20,000
10,000
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Operations and Maintenance Contracts
In Q2 2025, an additional 6.3 MWp of capacity was contracted under operations and maintenance (O&M) agreements. As a result the total capacity of assets under O&M contracts stood above 1.1 GWp and consisted of 900 MWp under full O&M and monitoring services, 51 MWp serviced as "Inverter Cardio" (maintenance of central inverters) and 159 MWp of contracts for assets under management services (AuM). Out of that,
about 20% of capacities are not yet actively generating revenues as they are still undergoing construction or in the commissioning phase. For larger power plants this process can be prolonged and often depends on the DSO schedule.
As a result, external revenues grew at a slower pace than capacities, increasing by 8.5% YoY to a total of EUR 1.114 million.
+25%
1,109
889
1,027
1,114
+8.5%
Chart 3.2.1 O&M Contracts, in MWp Chart 3.2.2 O&M External Revenues (EUR 000s)
1,200
1,000
800
600
400
200
0
Q2 2024 Q2 2025
1,200
1,000
800
600
400
200
0
Q2 2024 Q2 2025
Chart 3.2.3 O&M Contracts, Per Type, in % Chart 3.2.4 O&M Contracts - Geographical Split, in %
AuM 14%
Cardio 5%
O&M 81%
Poland 37%
Other 4%
Czech Rep
11% Slovakia
2%
Australia & New Zealand 2%
Romania 8%
Hungary 36%
New Energy Division
In 2025, the total average capacity contracted on the capacity market amounts to 239 MW, compared to 387 MW in 2024. This includes 10 MW contracted in the main auction and an average of 229 MW from additional auctions. This resulted in revenues from capacity market contracts in the amount of EUR 1.9 million
compared to EUR 4.3 million in Q2 2024 (-55.3% YoY). This decline is due to lower capacity contracted in additional auctions. Weighted average price contracted in all auctions declined to a level of 150 PLN/kW (35.5 EUR/kW) per year, compared to 243 PLN/kW in Q2 2024 (56.2 EUR/kW) per year (-38.2% YoY).
Chart 3.3.1 Realised Capacity Market Revenues (EUR 000s) Chart 3.3.2 Contracted Capacities, in MW
5,000
4,000
3,000
2,000
1,000
0
Q2 2024 Q2 2025
500
400
300
200
100
0
4,274
1,910
-55%
387
-38%
239
Q2 2024 Q2 2025
In Q2 2025 Photon Energy secured an additional 20 MW in a supplementary auction at a price of 431PLN/kW per year, with delivery schedule for H2 2025. As a result, the weighted average price contracted for the entire year 2025, combining both the main auction (MA) and additional auctions (AA) increased to 187
PLN/kW per year in main auction (MA) and additional auctions (AA).
In Q2 2025 the total aggregated assets in the Virtual Power Plant (VPP) increased to a total of 459 MW
Chart 3.3.3 Prices Contracted in MA and AA, Chart 3.3.4 Assets Aggregated in Virtual Power Plant, in PLN/kW Per Year in MW
500
400
300
200
100
-
383
171
289
72
Q1 2025 Q2 2025 Q3 2025 Q4 2025
500
400
300
200
100
0
Q2 2024 Q2 2025
Main Auction Additional Auction
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 Q2 2025, the
total volume of electricity traded across all markets reached nearly 58.8 GWh, representing an 89.2% YoY increase. During the same period, revenues from energy trading rose to EUR 2.9 million, up by +49.1% YoY driven primarily by the significant growth in trading volumes.
Chart 3.3.5 Electricity Trading Revenues (EUR 000s) Chart 3.3.6 Electricity Trading Volume, in MWh
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1,924
2,869
+49%
Q2 2024 Q2 2025
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
31,073
58,801
+89%
Q2 2024 Q2 2025
Engineering and EPC Contracts
In the reporting period, the main streams of external revenues were related to EPC contracts for C&I clients mainly in Australia and New Zealand. In the CEE region, the Group signed a 34 MW EPC / O&M Contract in Romania, the biggest EPC contract in the Group's history. Photon Energy will be responsible for design,
million compared to a loss of EUR 1.623 million in Q2 2024. For more details see Section 5.
Chart 3.4.1 Engineering External Revenues, (EUR 000s)
technology procurement, and the construction of the facility. On the other hand, we observed a slowdown in the segment of on-site PV and battery storage driven by regulatory and administrative changes, which led to extended permitting processes and delays in the launch of subsidy programmes. As a result, investment decisions have been postponed, however we anticipate a recovery in business activity in the second half of the year as these transitional challenges begin to ease.
The engineering segment delivered another strong quarter, with external revenues of EUR 5.248 million, slightly lower year-on-year (-8.5% YoY). Profitability, however, improved in Q2 2025, with the Group posting a positive EBITDA of EUR 0.226
6,000
5,000
4,000
3,000
2,000
1,000
0
-8.5%
5,733
5,248
Q2 2024 Q2 2025
Technology Trading
Following a strong first quarter, Q2 2025 maintained solid momentum across all categories, especially in modules and inverters.
Module sales remained the dominant growth driver, reflecting strong execution of utility-scale projects in Romania and Hungary, as well as rising commercial demand in Poland and the Western Balkans. While the total MW was slightly below Q1's peak, the performance remains significantly above last year's levels.
Inverter volumes remained stable year-on-year and were up by over 85% compared to Q1 2025. This growth was supported by the increasing rollout of mid-scale C&I projects and improved availability of three-phase and hybrid inverter models.
Battery sales held steady at 4 MWh same as in Q1 2025, confirming consistent market interest in resilient energy storage, particularly in the agricultural and off-grid sectors.
The above trends resulted in external revenues amounting to EUR 6.284 million in Q2 2025, marking a nearly triple increase year-on-year.
We expect continued strong demand throughout remaining half of the year, supported by:
Government tenders and green transition funding across Poland, Romania, and Slovakia.
Agrivoltaics' demand rising in Moldova, Hungary, and Southern Ukraine.
New storage mandates and incentives pushing C&I clients to adopt hybrid systems.
While some supply-side volatility may persist-especially in battery procurement-the overall project delivery environment remains favourable.
Chart 3.5.1 Technology Trading Volumes Chart 3.5.2 Technology Trading Revenues, (EUR 000s)
Inverters, MW
Modules, MW
Batteries, MWh
2,223
6,284
+183%
0.0 10.0 20.0 30.0 40.0 50.0
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Q2 2024 Q2 2025
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 | 74.9 | 61.7 | 36.4 | - | 181.4 | ||
Poland | 1252 | 17.2 | 20.3 | - | - | 162.5 | ||
Hungary | 0 | - | - | - | - | 0 | ||
Australia | 90.0 | - | 150.03 | - | - | 240.0 | ||
South Africa | - | 262.0 | - | - | - | 262.0 |
Total in MWp | 223.6 | 354.1 | 232.0 | 36.4 | - | 845.9 |
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
3 Project Yadnarie with DC capacity of 150 MWp was sold in July 2025 to AGL Energy
Chart 3.6.1 Project Pipeline, in MWp DC
1400
1200
1000
800
600
400
200
0
1,190 MWp
846 MWp
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Summary of the changes in projects under development during Q2 2025.
In Romania, Poland and South Africa, the project pipeline remained unchanged.
In Hungary, Photon Energy discontinued the development of 25 MWp in the feasibility stage due to inability to secure grid capacity on those projects based on Hungarian regulations related to new capacity applications and the annulled auction system. Photon Energy awaits the announcement of the new gird-capacity allocation regime.
In July 2025, following the receipt of the development approval for the Yadnarie project, a solar and long-duration energy storage project based on RayGen technology, Photon Energy entered into an agreement with AGL Energy Ltd.- Australia's largest energy generator - for the sale and transfer of 100% of the Project rights.
The Yadnarie project will deploy RayGen Resources' world-first solar-plus-storage technology. PV Ultra will concentrate sunlight onto Australian-made, highly efficient solar modules, and heat will be captured and stored in water reservoirs for on-demand electricity dispatch via Organic Rankine Cycle (ORC) turbines. Located in Cleve on South Australia's Eyre Peninsula, the project will combine up to 150 MW of concentrated solar generation and 90 MW of thermal generation, integrated with at least 720 MWh of long-duration electro-thermal energy storage. The sale transaction of the Yadnarie project is in line with the Group's strategic focus on developing and monetising renewable assets. For more details of this transaction please refer to our report here.
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. Q2 and H1 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% | 6.1 | 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 |
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
TOTAL | - | - | - | - | - | - |
Procurement Site Preparations Substructures Technology Installed Connection Works Commissioning
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 30 June 2025 the
Company's shares (ISIN NL0010391108) closed at a price of PLN
3.34 (-21.8% YTD). The total trading volume in Q2 2025 amounted to 702,582 shares while the total trading volume during the last 12M amounted to 2,949,016 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
Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25
0.45
0.40
0.35
0.30
Miliony
0.25
0.20
0.15
0.10
0.05
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
350.0
300.0
250.0
200.0
150.0
100.0
50.0
0.0
Notes:
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
10.0
€ 6.93
€ 5.81
9.0
TTM EBITDA in Eur Million
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
40.0x
35.0x
30.0x
25.0x
20.0x
15.0x
10.0x
5.0x
0.0 x
34.8x
1.6x
29.5x
0.8x
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
EV/EBITDA trailing Price/book ratio
3.0x
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 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.
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 30 June 2025 the share price (ISIN NL0010391108) closed at a level of CZK 19.60 (-17.3% YTD). The total trading volume in Q2 2025 amounted to 1,600,893 shares.
Total trading volumes during the last 12M amounted to 5,834,987 shares.
Quotation Board of the Frankfurt Stock Exchange
On 30 June 2025, the share price (FSX: A1T9KW) closed at a level of EUR 0.716 (-21.8% YTD). The total trading volume in Q2 2025 amounted to 8,508 shares, while the total trading volume for the last 12M amounted to 90,944 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 30 June 2025, the share price (FSX: A1T9KW) closed at a level of EUR 0.760 (-16.5% YTD). The total trading volume in Q2 2025 amounted to 39,448 shares and the total trading volumes for the last 12M amounted to 288,034 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 Q2 2025, the overall trading volume of Green EUR Bond amounted to EUR 0.183 million in nominal terms, with an opening price of 52.50 and a closing price of 52.00. The total 12M
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.
trading volume in nominal terms amounted to EUR 3.055 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
Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-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
Comments to Consolidated Financial Statements for Q2 2025
Profit and Loss Statement
Consolidated revenues reached EUR 25.707 million in Q2 2025, marking a 7.5% year-on-year (YoY) increase. Revenues from electricity generation totalled EUR 8.151 million, down 4.7% YoY, as stronger realised electricity prices only partially offset weaker generation output. The generation output declined by 11.6%, primarily due to the shutdown of 19.4 MWp of operating assets in Romania and secondly due to the sale of 14.5 MWp of capacity in Australia. The negative impact of reduced output was partially mitigated by a 6.7% YoY increase in average realised electricity prices, which rose from EUR 158/MWh to EUR 169/MWh.
Other revenues increased by 14.3% YoY to EUR 17.556 million in Q2 2025. The most significant growth was recorded in the technology trading business, which surged by 182.7% YoY. Also in O&M and segment Other (including mainly revenues from water and remediation business) we recorded an increase of revenues by 8.5% and 109.6% YoY, respectively. The strongest contraction of revenues by 17.1% YoY was recorded in the New Energy division due to lower DSR capacities and lower contractual prices in Q2 2025. The engineering segment also declined by 8.1% YoY, reflecting a transition phase between the completion of major projects and the preparation for new ones.
On the cost side, expenses for raw materials and consumables rose to EUR 12.074 million, reflecting a 37.8% YoY increase. This growth was primarily driven by higher volumes in the technology trading segment. Other operating expenses amounted to EUR 6.580 million, down by 5.4% YoY. Those costs are primarily related to direct engineering costs associated with EPC (engineering, procurement, and construction) contracts, so they declined in line with engineering revenues. In Other income the
Group posted income related to a realized credit note from a supplier in the amount of EUR 0.664 million.
The above changes resulted in EBITDA of EUR 2.839 million in Q2 2025 compared to EUR 5.274 million in Q2 2024, down by 46.2% YoY.
Depreciation remained stable at EUR 3.284 million (+0.2% YoY). The decline of depreciation related to the sale of Australian assets, was offset by addition of operating assets in Romania and Hungary.
Financial expenses amounted to EUR 3.183 million in Q2 2025, representing a 3.6% decline year-on-year, thanks to the repayment of loans and declining outstanding balances.
The Group recorded a net loss of EUR 3.258 million in Q2 2025 compared to a net loss of EUR 2.789 million in Q2 2024.
Other comprehensive income was positive and amounted to EUR 0.491 million as a result of a revaluation of the power plants in the amount of EUR 2.096 million. The discount rate applied in our valuation models was reduced to reflect the decline in Hungarian risk-free interest rates, based on current government bond yields. In addition, improved EEX future price forecasts contributed to higher projected cash flows. Together, these factors resulted in an increase in the estimated fair value of the affected assets. On the other hand, the Group posted a negative impact of foreign currency translation differences and hedging result in the amount of EUR 1.240 million.
The total comprehensive income was EUR -2.767 million in Q2 2025 compared to EUR -5.112 million in Q2 2024.
Table 5.1 Summary of Selected Positions from Profit and Loss Statement for the Reporting Period
Category (in thousands of EUR) | Q2 2025 | Q2 2024 | YoY (%) | H1 2025 | H1 2024 | YoY (%) |
Total revenues | 25,707 | 23,914 | 7.5% | 47,756 | 41,289 | 15.7% |
Revenues from electricity generation | 8,151 | 8,549 | -4.7% | 12,329 | 12,295 | 0.3% |
Other revenues | 17,556 | 15,365 | 14.3% | 35,427 | 28,994 | 22.2% |
EBITDA | 2,839 | 5,274 | -46.2% | 4,045 | 6,057 | -33.2% |
EBIT | -496 | 2,268 | NA | -1,279 | 843 | NA |
Profit/loss from continuing operations | -3,258 | -2,789 | NA | -6,963 | -4,109 | NA |
Total comprehensive income | -2,767 | -5,112 | NA | -2,753 | -6,220 | NA |
Summary of key business data | ||||||
Electricity production, in thousands MWh | 50,059 | 56,601 | -11.6% | 73,802 | 86,754 | -14.9% |
Average realized prices, in EUR/MWh | 169 | 158 | 6.7% | 174 | 149 | 16.2% |
EUR Million
Chart 5.1 Revenues, EBITDA and EBITDA Margin, by Quarters During Q2 2024 - Q2 2025
50.0
40.0
30.0
20.0
10.0
0.0
-10.0
22%
17%
11%
5%
Q2 2024 Q3 2024
Revenues 23,914 22,852
EBITDA 5,274 3,800
EBITDA margin 22% 17%
-8%
Q4 2024
25,775
-2,036
-8%
Q1 2025
22,049
1,206
5%
Q2 2025
25,707
2,839
11%
50%
40%
30%
20%
10%
0%
-10%
Balance Sheet
At the end of the reporting period, total non-current assets amounted to EUR 221.268 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 and revaluation of Hungarian assets.
Current assets declined year-on-year to EUR 48.904 million, down by EUR 7.042 million compared to YE 2024. The main changes include further reduction in inventories by EUR 2.670 million and reduction in other receivables by EUR 5.061 million
which was partially offset by increased trade, tax and receivables related to contract assets.
Non-current liabilities increased to EUR 170,975 million, up by EUR 3.314 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 41.891 million, down by EUR 3.218 million compared to YE 2024, this is partly due to the above-mentioned reclassification of EBRD loan back to longterm liabilities.
Chart 5.2 Net Current Assets Chart 5.3 Breakdown of Liabilities and Equity (%)
1.6
1.3
1.3
1.1 1.1
30
25
EUR Million
20
15
10
5
0
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Net current assets Quick Ratio
2.0
0.0
100%
80%
60%
40%
20%
0%
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Changes in Equity
Equity amounted to EUR 57.306 million and has declined by EUR 2.759 million compared to the level recorded at YE 2024 due to the negative result 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 25.0% 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 30 June 2025 would be 25.9%.
Cash Flow
The Group posted a positive operating cash flow of EUR 8.202 million, thanks to positive developments of working capital, mainly reductions in inventories and receivables and other non-cash items.
Investment cash flow amounted to EUR -1.714 million and was primarily driven by the completion of Hungarian projects and investment outlays related to EPC projects.
Financing cash flow amounted to EUR -10.549 million as a net difference between repayment of borrowing and transfer from restricted cash account.
Business Segments Analysis in Q2 2025
The consolidated revenues increased to EUR 25.707 million, up by 7.5% YoY and were fairly balanced between four main Group activities i.e. Investments (29%), Technology (25%), New Energy (20%) and Engineering (20%). Operations and Maintenance contributed 4% while water and remediation business which is included in segment Others contributed 2%.
External revenues from the Investment segment decreased to EUR 7.487 million, down by 11.9% YoY, in line with the electricity generation which went down to 50.1 GWh (-11.6% YoY). The negative impact of lower generation output was driven primarily by a shutdown of 19.4 MWp of operating assets in Romania, following a TSO decision, and the sale of 14.5 MWp of Australian assets back in Q4 2024. It is worth noting that part of electricity sales revenues which is traded by Origination and Trading (O&T) arm of New Energy division is presented in the internal revenues, and hence on the consolidated basis revenues from sale of electricity are higher and amount to EUR 8.151 million (-4.7% YoY).
Other revenues also increased with the most notable growth recorded in the Technology trading business, which surged by 182.7% YoY to EUR 6.284 million. Module sales remained the dominant growth driver, reflecting strong execution of utility-scale projects in Romania and Hungary, as well as rising commercial demand in Poland and the Western Balkans. Engineering segment contributed EUR 5.248 million to the consolidated revenues, resulting in a decline of 8.5% YoY and reflecting a transition phase between the completion of major projects and
the preparation for new ones. Revenues in the O&M segment increased to EUR 1.114 million, up by 8.5% (YoY) - the slower growth compared to capacity expansion reflects the typical delay between contractual commitment and the actual takeover of assets. Finally, revenues from the New Energy division amounted to EUR 5.175 million and were lower by 17.1% YoY. As mentioned earlier, we have booked lower DSR revenues (-55% YoY) as a result of smaller capacity market volumes and prices (for details see Section 3.3. New Energy Division) which were partially offset by higher O&T revenues (+49% YoY) thanks to growing trading volumes.
In terms of profitability, the Group reported EBITDA of EUR 2.839 million in Q2 2025, representing a 46.2% year-on-year decline. The decrease was mainly driven by weaker profitability in the New Energy division and lower generation output, which is the Group's highest-margin business.
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 -2.862 million had a small external revenue arising from water and remediation 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 Q2 2025 (%)
Other O&M Investment Technology New Energy Engineering
0 2,000 4,000 6,000 8,000 10,000
Investment 29%
O&M 4%
Technology 25%
Other 2%
Engineering 20%
New Energy 20%
Chart 5.6 External EBITDA Realised per Business Segment, in Q2 2025 (EUR)
8.0
6.35
0.23
0.45
-0.37
-0.96
6.0
4.0
Milions
2.0
0.0
-2.0
-4.0
-2.86
Engineering New Energy Investments Technology O&M Others
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
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 30 June 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.
Shareholder Structure
On 30 June 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. | 21,748,075 | 35.51% | 21,748,075 | 36.20% | ||||
Solar Power to the People Cooperatief U.A. | 19,694,640 | 32.16% | 19,694,640 | 32.78% | ||||
Photon Energy N.V. | 1,155,237 | 1.89% | 0 | 0.00% | ||||
Free float | 18,640,569 | 30.44% | 18,640,569 | 31.02% | ||||
Total | 61,238,521 | 100.00% | 60,083,284 | 100.00% |
Statutory Bodies of the Issuer
Board of directors on 30 June 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.
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 who stepped down from the Company's Board of Directors in 2024 was originally appointed to the Supervisory Board by the Company's 2024 Annual General Meeting. The appointment was to be effective 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 throughout 2025 and therefore, his appointment has not taken effect (due to incompatibility with Article 2:160 of the Dutch Civil Code which requires the members of the Supervisory Board not to be employed by Company or its affiliated entity, or serve as a statutory representative of the Company or its affiliated entity).
Mr. Gartner was again proposed to be appointed to the Supervisory Board by the 2025 Annual General Meeting; however his continuing directorship in New Zealand and Australian subsidiaries at the time of the 2025 Annual General Meeting provided the same legal impediment. The participating shareholders therefore decided to abstain from the vote on his appointment to the Supervisory Board and the resolution was not carried. The Supervisory Board therefore continues to consist of 3 members listed above.
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 30 June 2025, 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 134.7 MWp of PV plants and more than 1.1 GWp of PV power plants under O&M management across two continents.
Employees
As of 30 June 2025, Photon Energy Group had 318 employees compared to 331 employees in the comparable period last year, translating into 307.1 FTE, compared to 320.4 FTE as of the end of Q2 2024.
Chart 11.1 Total Number of Employees and FTE Employees
345
337
331
332.4
335
320.4
318
307.1
325.6
324.3
350
340
330
320
310
300
290
280
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Group Structure
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 72,993 shares to its employees eligible for the share bonus in line with the Employee Share Purchase Programme.
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. ) | 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 |
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 30 June 2025.
(PEECZ)
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 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 April and 30 June 2025:
As of 15 May 2025, due to share capital increase of Aldgate Solar
S.R.L. (RO-ALD; Romania), shareholding of Photon Energy Investments AG has increased from 95% to 99,9995% and the
shareholding of KORADOL AG has decreased from 5% to 0,0005%;
The following changes took place after the reporting period i.e. from 1 July 2025:
As of 4 July 2025, the company Lerta Lithuania UAB (LT-LER; Lithuania) has ceased to exist.
Detailed Consolidated Financial Results for Q2 2025
The tables below present the consolidated and unaudited financial statements of Photon Energy Group for the period starting on 1 April 2025 and ending on 30 June 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 30 June
In thousands of EUR Note | 2Q 2025 | 2Q 2024 |
Revenue | 25,707 | 23,914 |
Other income | 664 | 1,798 |
Raw materials and consumables used | -12,074 | -8,763 |
Solar levy | -776 | -751 |
Personnel expenses | -4,102 | -3,971 |
Other expenses | -6,580 | -6,953 |
Earnings before interest taxes depreciation & amortisation (EBITDA) | 2,839 | 5,274 |
Depreciation and amortisation | -3,284 | -3,277 |
Impairment charges | -19 | -28 |
Gain (loss) on investment revaluation | -157 | 191 |
Gain (loss) on disposal of investments | 0 | 0 |
Share of profit equity-accounted investments (net of tax) | 126 | 108 |
Results from operating activities (EBIT) | -496 | 2,268 |
Financial income | 197 | -1,561 |
Financial expenses | -3,183 | -3,301 |
Gains less losses on derecognition of financial liabilities at amortised costs | 0 | 0 |
Revaluation of derivatives | 5 | -33 |
Profit/loss before taxation (EBT) | -3,477 | -2,627 |
Income tax due/deferred | 219 | -162 |
Profit/loss | -3,258 | -2,789 |
Other comprehensive income (loss) | |||
Items that will not be reclassified subsequently to profit or loss | |||
Revaluation of property plant and equipment | 2,096 | 47 | |
Revaluation of other investments | -365 | 337 | |
Items that will be reclassified subsequently to profit or loss | |||
Foreign currency translation difference - foreign operations | -698 | -2,753 | |
Derivatives (hedging) | -542 | 46 | |
Other comprehensive income | 491 | -2,323 | |
Total comprehensive income | -2,767 | -5,112 |
Profit/loss attributable to: | ||
Attributable to the owners of the company | -3,232 | -2,741 |
Attributable to non-controlling interest | -26 | -48 |
Profit/loss for the year | -3,258 | -2,789 |
Total comprehensive income attributable to: | ||
Attributable to the owners of the company | -2,741 | -5,064 |
Attributable to non-controlling interest | -26 | -48 |
Total comprehensive income | -2,767 | -5,112 |
Earnings per share | ||
Average no. of shares outstanding (in thousand) | 61,238 | 61,238 |
Earnings per share (diluted) (in EUR) | -0.053 | -0.046 |
Total comprehensive income per share (in EUR) | -0.045 | -0.083 |