Monthly Report for August 2025

Photon Energy N.V.

For the period from 1 to 31 August 2025

1. Summary of Business Highlights in the Reporting Period

   1. Generation Results of Photon Energy's

      Proprietary Power Plants

      Total electricity generation in August reached 17.8 GWh, down from 19.5 GWh in the same month last year, representing an 8.7% year-on-year (YoY) decline. The lower generation was mainly due to the temporary shutdown of power plants undergoing a licensing process and an ad-hoc request from the Romanian DSO to absorb reactive power between 8-18 August, which reduced production by approximately 20% versus our forecasts. An additional factor contributing to the YoY decline was the sale of our Australian assets. However, this impact was almost fully offset by higher output from our Czech, Slovak, and Hungarian power plants, which benefited from favourable weather conditions and recorded strong performance.

      As mentioned above, the performance of Romanian power plants was affected by the temporary shutdown of the Aiud, Teius and Sarulesti facilities with a combined capacity of 12.7 MWp. These power plants are currently in a transition phase ahead of applying for operating licences. Under regulatory procedures, power plants must undergo testing to obtain a conformity certificate before submitting a licence application. For these power plants, testing has been completed, the documentation for conformity certificate has been submitted and the licenses are expected to be obtained in October. The Săhăteni plant (7.1 MWp) was re-energized on 11 August and is currently in the testing phase prior to applying for the conformity certificate. The Făget 3 plant (7.5 MWp) was temporarily shut down, with the testing phase expected to begin in September.

      The average specific yield (total generation in the period / average capacity in the period) decreased to 132.0 kWh/kWp, compared to 140.6 kWh/kWp a year earlier, down by 6.1% YoY.

   2. Average Realised Prices in the Period

      Estimated revenues from electricity sales reached EUR 2.9 million in August and EUR 18.1 million year-to-date (YTD). The average realised price across our IPP portfolio was EUR 167/MWh in August, up from EUR 164/MWh in July (+2.0% MoM). Year-on-year, the average realised price was 5.6% lower than in August 2024 (EUR 177/MWh).

      The weakest performance was recorded in Romania, where prices declined from EUR 78/MWh in July to EUR 50/MWh in August (-36.3% month-on-month). In other markets, price changes were limited to the low single-digit range.

      For details, see section 3: Average Realised Prices by Our Power Plants.

   3. Management Expectations for Financial Results for FY 2025

      Following the Q2/H1 2025 webcast presentation and in response to a question from an investor regarding forwardlooking guidance, the Management of Photon Energy

      N.V. informed the market of its current expectations for the full-year 2025. The management envisages consolidated revenues at the level of EUR 100-110 million and consolidated EBITDA of approximately EUR 9 million. In addition, further capital gains might materialise in the event of the successful finalisation of certain assets disposal, which the Company is currently engaged in. These expectations are based on Management's present assessment of market conditions, operational performance, and strategic initiatives. They are subject to change should material factors arise that affect the Company's operating environment. The Management remains committed to transparent communication with its stakeholders and will provide further updates as appropriate.

   4. Change of Group CFO

      On 4 September, the Management Board of Photon Energy Group announced the resignation of David Forth as Member of the Management Board and Group CFO and appointed Stanislav Zeman as a new Group CFO. The Company has accepted David Forth's resignation, which was submitted for personal reasons and would like to thank him for his efforts over the past 18 months and wish him success in his future endeavors. The Management Board currently consists of one Managing Director, Mr. Hotar, who shall in the interim continue to act as the Company's independently authorized Managing Director. As required by the Company's Articles of Association, the convocation notice for the extraordinary general meeting to appoint Mr. Forth's replacement will be published at least 42 days prior to the meeting. The Management Board takes pleasure in welcoming Mr. Stanislav Zeman as the new Group Chief Financial Officer with immediate effect. Mr. Zeman is a 53-year Czech national and has gained extensive experience in corporate finance, accounting and M&A in various positions with the Prague based investment boutique PROXY - FINANCE over the past 30 years. The main task of the new CFO would be to improve the financial management and performance of Photon Energy Group with a focus on the execution of our growth strategy across all our business lines.

2. Generation Results of the Proprietary PV Power Plants Table 2.0 Production Results of Proprietary Power Plants (IPP Portfolio) in August 2025

   Project name	Capacity	Realised Price	Prod.	Proj. kWh	Perf.	YTD Prod.	YTD Proj.	Perf.	YTD YoY
   Unit	kWp	per MWh	kWh		%	kWh	kWh	%	%
   Komorovice	2,354	672 EUR	340,439	283,970	19.9%	2,075,618	1,940,340	7.0%	7.8%
   Zvíkov I	2,031	672 EUR	278,845	250,639	11.3%	1,727,087	1,752,760	-1.5%	1.2%
   Dolní Dvořiště	1,645	672 EUR	211,021	190,524	10.8%	1,281,026	1,282,147	-0.1%	3.7%
   Svatoslav	1,231	672 EUR	163,787	141,271	15.9%	941,897	930,514	1.2%	3.2%
   Slavkov	1,159	672 EUR	174,014	150,615	15.5%	1,087,608	1,041,603	4.4%	3.2%
   Mostkovice SPV 1	210	672 EUR	26,596	24,373	9.1%	171,420	172,074	-0.4%	1.2%
   Mostkovice SPV 3	926	672 EUR	132,221	110,588	19.6%	812,447	774,504	4.9%	4.6%
   Zdice I	1,499	672 EUR	228,105	187,101	21.9%	1,427,102	1,317,434	8.3%	6.7%
   Zdice II	1,499	672 EUR	228,095	193,529	17.9%	1,428,056	1,339,393	6.6%	6.7%
   Radvanice	2,305	672 EUR	337,626	291,112	16.0%	2,094,854	1,968,179	6.4%	2.1%
   Břeclav rooftop	137	672 EUR	20,586	13,719	50.0%	126,014	116,946	7.8%	0.2%
   Total Czech PP	14,996	672 EUR	2,141,333	1,837,442	16.5%	13,173,127	12,635,895	4.3%	4.3%
   Babiná II	999	271 EUR	125,224	121,778	2.8%	739,719	748,309	-1.1%	0.7%
   Babina III	999	271 EUR	126,369	126,718	-0.3%	740,393	759,265	-2.5%	1.7%
   Prša I.	999	270 EUR	131,903	136,301	-3.2%	773,715	818,445	-5.5%	-0.1%
   Blatna	700	273 EUR	96,414	89,548	7.7%	581,531	565,886	2.8%	-2.5%
   Mokra Luka 1	963	258 EUR	144,300	136,301	5.9%	924,811	901,000	2.6%	3.2%
   Mokra Luka 2	963	257 EUR	150,808	137,878	9.4%	946,686	913,848	3.6%	3.2%
   Jovice 1	979	263 EUR	126,272	112,433	12.3%	730,801	684,767	6.7%	1.0%
   Jovice 2	979	263 EUR	124,363	114,011	9.1%	747,182	673,537	10.9%	2.5%
   Brestovec	850	257 EUR	134,295	122,135	10.0%	825,028	783,175	5.3%	3.5%
   Polianka	999	261 EUR	136,488	126,331	8.0%	805,248	770,709	4.5%	1.4%
   Myjava	999	259 EUR	144,643	134,456	7.6%	897,838	864,233	3.9%	2.0%
   Total Slovak PP	10,429	263 EUR	1,441,079	1,357,889	6.1%	8,712,953	8,483,175	2.7%	1.7%
   Tiszakécske 1	689	119 EUR	109,979	106,005	3.7%	677,393	672,113	0.8%	7.9%
   Tiszakécske 2	689	119 EUR	110,225	106,541	3.5%	682,268	676,980	0.8%	7.6%
   Tiszakécske 3	689	119 EUR	108,639	91,066	19.3%	663,483	629,552	5.4%	12.5%
   Tiszakécske 4	689	119 EUR	110,498	105,678	4.6%	685,221	677,327	1.2%	8.0%
   Tiszakécske 5	689	119 EUR	110,325	105,916	4.2%	681,490	676,338	0.8%	8.1%
   Tiszakécske 6	689	119 EUR	109,820	105,886	3.7%	679,822	671,577	1.2%	8.1%
   Tiszakécske 7	689	119 EUR	109,363	106,154	3.0%	678,912	672,719	0.9%	7.5%
   Tiszakécske 8	689	119 EUR	109,243	104,993	4.0%	675,357	659,620	2.4%	8.1%
   Almásfüzitő 1	695	119 EUR	108,401	102,553	5.7%	662,455	667,496	-0.8%	6.2%
   Almásfüzitő 2	695	119 EUR	105,980	99,398	6.6%	648,169	647,759	0.1%	7.4%
   Almásfüzitő 3	695	119 EUR	104,861	96,214	9.0%	628,765	631,722	-0.5%	6.4%
   Almásfüzitő 4	695	119 EUR	109,220	102,999	6.0%	664,117	667,438	-0.5%	6.4%
   Almásfüzitő 5	695	119 EUR	109,414	104,904	4.3%	662,048	679,267	-2.5%	3.4%
   Almásfüzitő 6	660	119 EUR	109,604	103,922	5.5%	675,172	675,131	0.0%	6.5%
   Almásfüzitő 7	691	119 EUR	109,383	104,160	5.0%	673,268	675,151	-0.3%	6.1%
   Almásfüzitő 8	668	119 EUR	110,545	105,856	4.4%	676,981	679,650	-0.4%	5.8%
   Nagyecsed 1	689	119 EUR	107,205	103,297	3.8%	682,265	659,794	3.4%	4.3%
   Nagyecsed 2	689	119 EUR	105,262	101,839	3.4%	676,592	648,349	4.4%	5.6%
   Nagyecsed 3	689	119 EUR	104,619	101,214	3.4%	674,013	648,583	3.9%	5.3%
   Nagykata BTM	658	196 EUR	65,903	91,810	-28.2%	305,880	576,829	-47.0%	N/A
   Fertod I	528	119 EUR	83,742	77,197	8.5%	523,316	523,179	0.0%	2.2%
   Fertod II No 2	699	119 EUR	105,166	100,886	4.2%	678,052	664,130	2.1%	0.0%
   Fertod II No 3	699	119 EUR	105,657	101,184	4.4%	679,108	663,799	2.3%	0.2%
   Fertod II No 4	699	119 EUR	105,061	99,369	5.7%	675,674	679,033	-0.5%	0.8%
   Fertod II No 5	691	119 EUR	104,869	99,220	5.7%	670,898	680,443	-1.4%	0.2%
   Fertod II No 6	699	119 EUR	104,494	98,268	6.3%	673,025	652,171	3.2%	1.1%
   Kunszentmárton I/1	697	119 EUR	109,212	110,439	-1.1%	694,476	704,408	-1.4%	-0.5%
   Kunszentmárton I/2	697	119 EUR	108,586	110,499	-1.7%	691,399	693,013	-0.2%	0.0%
   Kunszentmárton II No 1	693	122 EUR	110,580	113,564	-2.6%	702,425	709,316	-1.0%	-1.2%
   Kunszentmárton II No 2	693	122 EUR	111,041	93,863	18.3%	702,315	695,919	0.9%	1.7%

   Project name	Capacity	Realised Price	Prod.	Proj. kWh	Perf.	YTD Prod.	YTD Proj.	Perf.	YTD YoY
   Unit	kWp	per MWh	kWh		%	kWh	kWh	%	%
   Taszár 1	701	119 EUR	106,062	105,083	0.9%	648,055	722,280	-10.3%	-6.4%
   Taszár 2	701	119 EUR	104,458	106,065	-1.5%	650,034	722,355	-10.0%	-5.8%
   Taszár 3	701	119 EUR	105,188	106,779	-1.5%	662,200	724,012	-8.5%	-4.3%
   Monor 1	688	119 EUR	110,118	102,523	7.4%	691,955	632,051	9.5%	9.8%
   Monor 2	696	119 EUR	109,794	107,047	2.6%	689,568	683,775	0.8%	8.3%
   Monor 3	696	119 EUR	110,507	107,701	2.6%	691,305	691,472	0.0%	7.5%
   Monor 4	696	119 EUR	109,881	107,315	2.4%	689,983	688,823	0.2%	8.3%
   Monor 5	688	119 EUR	110,231	107,612	2.4%	692,849	694,695	-0.3%	8.0%
   Monor 6	696	119 EUR	109,878	105,618	4.0%	686,941	688,894	-0.3%	8.0%
   Monor 7	696	119 EUR	109,772	106,690	2.9%	689,694	694,350	-0.7%	7.4%
   Monor 8	696	119 EUR	110,291	107,940	2.2%	692,438	692,600	0.0%	8.0%
   Tata 1	672	119 EUR	124,378	120,826	2.9%	740,819	746,179	-0.7%	6.2%
   Tata 2	676	119 EUR	101,921	97,643	4.4%	621,978	636,762	-2.3%	3.2%
   Tata 3	667	119 EUR	101,969	97,910	4.1%	627,321	634,914	-1.2%	4.0%
   Tata 4	672	119 EUR	126,931	89,726	41.5%	756,268	723,425	4.5%	9.9%
   Tata 5	672	119 EUR	126,975	122,760	3.4%	706,241	748,109	-5.6%	-1.1%
   Tata 6	672	119 EUR	126,451	121,748	3.9%	749,082	726,420	3.1%	7.6%
   Tata 7	672	119 EUR	125,735	121,629	3.4%	743,558	746,325	-0.4%	4.1%
   Tata 8	672	119 EUR	127,405	123,504	3.2%	758,338	759,007	-0.1%	4.7%
   Malyi 1	695	119 EUR	107,927	104,725	3.1%	674,545	683,154	-1.3%	1.3%
   Malyi 2	695	119 EUR	108,614	104,517	3.9%	675,930	683,732	-1.1%	1.3%
   Malyi 3	695	119 EUR	108,850	105,083	3.6%	675,871	686,667	-1.6%	0.8%
   Puspokladány 1	1,406	122 EUR	231,551	226,741	2.1%	1,399,282	1,525,616	-8.3%	10.4%
   Puspokladány 2	1,420	61 EUR	215,176	224,628	-4.2%	1,261,994	1,557,616	-19.0%	17.8%
   Puspokladány 3	1,420	59 EUR	207,565	224,212	-7.4%	1,324,313	1,543,483	-14.2%	36.0%
   Puspokladány 4	1,406	58 EUR	204,605	221,950	-7.8%	1,300,968	1,530,678	-15.0%	151.0%
   Puspokladány 5	1,420	60 EUR	212,969	227,009	-6.2%	1,321,254	1,572,262	-16.0%	29.0%
   Puspokladány 6	1,394	122 EUR	227,103	155,675	45.9%	1,378,658	1,422,860	-3.1%	9.1%
   Puspokladány 7	1,406	122 EUR	230,180	225,224	2.2%	1,386,879	1,538,023	-9.8%	20.0%
   Puspokladány 8	1,420	58 EUR	211,871	223,379	-5.2%	1,340,358	1,497,472	-10.5%	114.7%
   Puspokladány 9	1,406	122 EUR	231,206	226,027	2.3%	1,374,403	1,543,408	-11.0%	81.4%
   Puspokladány 10	1,420	59 EUR	207,737	224,718	-7.6%	1,319,197	1,550,027	-14.9%	24.0%
   Tolna	1,358	60 EUR	209,575	249,627	-16.0%	1,353,369	1,619,587	-16.4%	17.8%
   Facankert	1,358	58 EUR	239,457	255,787	-6.4%	1,472,583	1,595,609	-7.7%	22.1%
   Tolna 2	1,492	62 EUR	216,525	273,405	-20.8%	1,065,508	1,434,068	-25.7%	N/A
   Tolna 3	1,615	58 EUR	202,332	267,364	-24.3%	816,140	1,316,655	-38.0%	N/A
   Tolna 5	1,958	56 EUR	196,232	273,405	-28.2%	1,089,340	1,434,068	-24.0%	N/A
   Total Hungarian PP	57,537	104 EUR	8,904,313	8,934,488	-0.3%	54,163,578	57,950,238	-6.5%	19.6%
   Siria	5,691	50 EUR	1,016,064	992,079	2.4%	5,883,232	6,282,605	-6.4%	-4.5%
   Calafat 1	2,890	47 EUR	556,664	545,769	2.0%	3,207,573	3,465,225	-7.4%	-5.9%
   Calafat 2	1,935	47 EUR	377,788	358,072	5.5%	2,235,259	2,307,933	-3.1%	-9.7%
   Calafat 3	1,203	46 EUR	232,939	217,129	7.3%	1,404,673	1,404,881	0.0%	-7.8%
   Aiud	4,730	N/A	0	775,843	-100.0%	1,347,435	3,294,835	-59.1%	-72.8%
   Teius	4,730	N/A	0	796,764	-100.0%	2,044,962	3,791,080	-46.1%	-57.4%
   Făget 1	3,178	48 EUR	580,768	564,577	2.9%	3,123,715	3,318,363	-5.9%	-15.6%
   Făget 2	3,931	50 EUR	745,440	698,497	6.7%	4,118,597	4,150,248	-0.8%	-7.7%
   Faget 3	7,513	N/A	0	1,272,389	-100.0%	1,534,488	4,010,522	-61.7%	N/A
   Săhăteni	7,112	63 EUR	494,076	0	N/A	952,340	336,330	183.2%	-88.3%
   Magureni	1,698	38 EUR	246,572	247,425	-0.3%	1,467,100	1,501,471	-2.3%	32.4%
   Sarulesti	3197	64 EUR	307,679	557,524	-44.8%	2,359,925	2,645,642	-10.8%	N/A
   Bocsa	3,788	49 EUR	720,736	681,474	5.8%	4,180,448	4,277,513	-2.3%	2.8%
   Total Romanian PP	51,596	50 EUR	5,278,726	7,707,542	-31.5%	33,859,747	40,786,649	-17.0%	-24.4%
   Symonston	144	176 EUR	10,510	10,448	0.6%	56,710	96,953	-41.5%	-21.3%
   Total Australian PP	144	176 EUR	10,510	10,448	0.6%	56,710	96,953	-41.5%	-21.3%
   Total IPP	134,702	169 EUR	17,775,961	19,847,809	-10.4%	109,966,115	119,952,909	-8.3%	-1.2%

   Notes:

   Capacity: installed capacity of the power plant

   Prod.: production in the reporting month - Proj.: projection in the reporting month Perf.: performance of the power plant in reporting month i.e. (production in Month / projection for Month) - 1.

   YTD Prod.: accumulated production year-to-date i.e. Jan- the end of the report. month. YTD Proj.: accumulated projection year-to-date i.e. Jan - the end of the reporting month. Perf. YTD: performance of the pp YTD i.e. (YTD prod. in 2025 / YTD proj. in 2025) - 1.

   YTD YOY: (YTD Prod. in 2025 / YTD Prod. in 2024) - 1

   Chart 2.a Czech Portfolio Generation YTD 2025

   Cumulative production in MWh

   16,000

   14,000

   12,000

   10,000

   8,000

   6,000

   4,000

   2,000

   0

   2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

   Q1
   Q2
   July
   August
   
   Chart 2.b Hungarian Portfolio Generation YTD 2025

   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

   Q1
   Q2
   July
   August
   
   Chart 2.c Slovak Portfolio Generation YTD 2025

   Cumulative production in MWh

   10,000

   8,000

   6,000

   Chart 2.d Romanian Portfolio Generation YTD 2025

   Cumulative production in MWh

   50,000

   40,000

   30,000

   4,000

   2,000

   0

   2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

   Q1
   Q2
   July
   August
   
   

   20,000

   10,000

   0

   2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

   Q1
   Q2
   July
   August
   
   
3. Average Realised Prices by Our Power Plants

   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 3.0 Estimated Realised Prices from Sale of Electricity Generation in August 2025

   Portfolio	Capacity	Prod.	Avg. Price	Estimated Rev.	Avg. Price YTD	Estimated Rev. YTD
   Unit	MWp	MWh	EUR/MWh	In EUR thousand	EUR/MWh, in 2025	In EUR thousand
   Czech Republic1	15.0	2,141	672	1,438	663	8,730
   Slovakia1	7.6	1,026	265	272	265	1,639
   Hungary2	57.5	8,904	104	902	106	5,596
   Romania3	51.6	5,279	50	255	66	2,154
   Australia	0.1	11	176	2	181	10
   Total Portfolio	131.9	17,361	167	2,869	171	18,128

   1 Slovakian and Czech power plants benefit from a fixed feed-in-tariff and 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 3.0 Average, Monthly Realised Electricity Sale Prices in EUR / MWh for the Total IPP Portfolio.

   250

   189

   193

   186

   177

   171

   171

   173

   155

   164

   167

   142

   150

   123

   200

   150

   100

   50

   0

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

4. Investor Calendar

   The following investor reports will be published in year 2025:

   • 14 October 2025: Monthly report for September 2025

   • 14 November 2025: Monthly report for October 2025

   • 19 November 2025: Quarterly report for Q3 2025

   • 12 December 2025: Monthly report for November 2025

5. Investor Relations Contact

Email: ir@photonenergy.com

Photon Energy N.V.

Barbara Strozzilaan 201

1083 HN Amsterdam The Netherlands photonenergy.com

Amsterdam, 12 September 2025

Georg Hotar, Member of the Board of Directors