Photon Energy N.V.
Monthly Report for July 2025
For the period from 1 to 30 July 2025
Summary of Business Highlights in the Reporting Period
Generation Results of Photon Energy's
Proprietary Power Plants
Total electricity generation in July reached 18.5 GWh, down from 20.9 GWh in the same month last year, representing an 11.6% year-on-year (YoY) decline.
The weaker performance was driven mainly by unfavourable weather conditions-heat waves in the first half of the month followed by increased rainfall and cloud cover in the second- which affected the Group's portfolio across all markets. On average, power plants underperformed expectations by 11.7%, with Slovakia recording the smallest shortfall (-6.6%) and Romania the largest (-17.2%).
The performance of Romanian power plants was further affected by the shutdown of two facilities - Aiud and Teiuș - with a combined capacity of 9.4 MWp. Both 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. In these two cases, testing has been completed, and the conformity certificates are expected within one month. Once the licences are issued, the plants will be re-energised. In case of Sahateni (7.1 MWp) - the last out of three power plants which were temporarily shut down by the TSO early this year, it was finally re-energized on 11 August.
The average specific yield (total generation in the period / average capacity in the period) decreased to 137.1 kWh/kWp, compared to 150.8 kWh/kWp a year earlier, down by 9.1% YoY.
Average Realised Prices in the Period
Estimated revenues from electricity sales reached EUR 2.9 million in July and EUR 15.3 million year-to-date (YTD). The average realised price across our IPP portfolio was EUR 164/MWh in July, up from EUR 155/MWh in June (+5.8% MoM). Year-on-year, the average realised price was 3.0% lower than in July 2024 (EUR 169/MWh).
The strongest improvement was recorded in Romania, where prices rose from EUR 56/MWh in June to EUR 78/MWh in July (+41% 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.
Development Approval Obtained for Project Yadnarie and Subsequent Sale to AGL
In July, following the receipt of the development approval for project Yadnarie (up to 150 MW of concentrated solar capacity and 90 MW of thermal capacity), the Company 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 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. For more details please see our press release here.
Agreement with R. Power in Poland
In August, the Group signed and agreement with R.Power Renewables ("R.Power") for the optimisation of a hybrid asset -photovoltaic installation and battery energy storage system (PV
+ BESS) located in Nehrybka, Poland. This project is one of the first hybrid assets in Poland, integrating solar PV and energy storage, and represents an important step toward increasing the flexibility of the national power system.
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 level of optimisation is only possible through automation and seamless integration of all key components of the system, including the LFC node, SCADA and PLC systems, and machine learning-based forecasting and bidding tools.
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.
Generation Results of the Proprietary PV Power Plants
Table 2.0 Production Results of Proprietary Power Plants (IPP Portfolio) in July 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
668 EUR
282,822
334,651
-15.5%
1,735,179
1,656,370
4.8%
7.7%
Zvíkov I
2,031
668 EUR
214,847
287,779
-25.3%
1,448,241
1,502,121
-3.6%
1.3%
Dolní Dvořiště
1,645
668 EUR
186,706
224,688
-16.9%
1,070,005
1,091,624
-2.0%
4.4%
Svatoslav
1,231
668 EUR
146,461
168,323
-13.0%
778,110
789,243
-1.4%
3.3%
Slavkov
1,159
668 EUR
158,692
170,703
-7.0%
913,594
890,988
2.5%
3.2%
Mostkovice SPV 1
210
668 EUR
24,775
28,837
-14.1%
144,824
147,700
-1.9%
2.0%
Mostkovice SPV 3
926
668 EUR
118,036
130,557
-9.6%
680,226
663,916
2.5%
4.9%
Zdice I
1,499
668 EUR
189,228
219,926
-14.0%
1,198,997
1,130,333
6.1%
7.3%
Zdice II
1,499
668 EUR
189,175
221,920
-14.8%
1,199,961
1,145,864
4.7%
7.2%
Radvanice
2,305
668 EUR
309,288
329,413
-6.1%
1,757,228
1,677,067
4.8%
2.4%
Břeclav rooftop
137
668 EUR
17,623
18,808
-6.3%
105,428
103,227
2.1%
-0.9%
Total Czech PP
14,996
668 EUR
1,837,653
2,135,607
-14.0%
11,031,794
10,798,453
2.2%
4.5%
Babiná II
999
271 EUR
125,554
137,729
-8.8%
614,495
626,531
-1.9%
0.6%
Babina III
999
271 EUR
125,180
137,461
-8.9%
614,024
632,547
-2.9%
1.3%
Prša I.
999
270 EUR
128,634
146,479
-12.2%
641,812
682,144
-5.9%
-0.9%
Blatna
700
273 EUR
93,748
103,565
-9.5%
485,117
476,338
1.8%
-3.3%
Mokra Luka 1
963
258 EUR
140,933
145,556
-3.2%
780,512
764,699
2.1%
2.9%
Mokra Luka 2
963
257 EUR
144,013
146,092
-1.4%
795,878
775,970
2.6%
2.6%
Jovice 1
979
263 EUR
122,881
122,433
0.4%
604,529
572,334
5.6%
-0.5%
Jovice 2
979
263 EUR
121,337
121,629
-0.2%
622,819
559,526
11.3%
1.7%
Brestovec
850
257 EUR
119,748
132,819
-9.8%
690,733
661,040
4.5%
3.6%
Polianka
999
261 EUR
127,003
137,372
-7.5%
668,760
644,378
3.8%
1.4%
Myjava
999
259 EUR
133,553
148,740
-10.2%
753,195
729,778
3.2%
1.8%
Total Slovak PP
10,429
263 EUR
1,382,582
1,479,876
-6.6%
7,271,874
7,125,285
2.1%
1.2%
Tiszakécske 1
689
118 EUR
106,178
107,701
-1.4%
567,414
566,108
0.2%
8.8%
Tiszakécske 2
689
118 EUR
106,581
108,416
-1.7%
572,043
570,440
0.3%
8.6%
Tiszakécske 3
689
118 EUR
105,666
103,654
1.9%
554,844
538,486
3.0%
11.3%
Tiszakécske 4
689
118 EUR
106,836
108,356
-1.4%
574,722
571,649
0.5%
8.8%
Tiszakécske 5
689
118 EUR
106,670
107,761
-1.0%
571,166
570,422
0.1%
9.0%
Tiszakécske 6
689
118 EUR
106,063
107,791
-1.6%
570,002
565,690
0.8%
9.1%
Tiszakécske 7
689
118 EUR
106,237
108,029
-1.7%
569,550
566,565
0.5%
8.6%
Tiszakécske 8
689
118 EUR
106,057
107,106
-1.0%
566,114
554,627
2.1%
9.0%
Almásfüzitő 1
695
118 EUR
101,337
116,362
-12.9%
554,054
564,943
-1.9%
6.4%
Almásfüzitő 2
695
118 EUR
99,414
113,237
-12.2%
542,189
548,360
-1.1%
7.7%
Almásfüzitő 3
695
118 EUR
95,851
110,618
-13.3%
523,903
535,508
-2.2%
6.0%
Almásfüzitő 4
695
118 EUR
101,783
116,600
-12.7%
554,897
564,439
-1.7%
6.6%
Almásfüzitő 5
695
118 EUR
101,058
118,594
-14.8%
552,635
574,363
-3.8%
3.3%
Almásfüzitő 6
660
118 EUR
103,310
117,582
-12.1%
565,568
571,209
-1.0%
6.8%
Almásfüzitő 7
691
118 EUR
103,043
117,850
-12.6%
563,885
570,991
-1.2%
6.5%
Almásfüzitő 8
668
118 EUR
104,087
119,486
-12.9%
566,436
573,794
-1.3%
6.2%
Nagyecsed 1
689
118 EUR
109,565
110,796
-1.1%
575,060
556,497
3.3%
4.5%
Nagyecsed 2
689
118 EUR
108,847
107,731
1.0%
571,330
546,510
4.5%
6.2%
Nagyecsed 3
689
118 EUR
107,703
106,035
1.6%
569,394
547,369
4.0%
5.8%
Nagykata BTM
658
141 EUR
70,664
103,654
-31.8%
239,977
485,020
-50.5%
N/A
Fertod I
528
118 EUR
78,937
88,268
-10.6%
439,574
445,981
-1.4%
1.2%
Fertod II No 2
699
118 EUR
103,869
116,332
-10.7%
572,886
563,244
1.7%
-0.7%
Fertod II No 3
699
118 EUR
103,545
116,332
-11.0%
573,451
562,615
1.9%
-0.4%
Fertod II No 4
699
118 EUR
102,928
114,784
-10.3%
570,614
579,665
-1.6%
0.0%
Fertod II No 5
691
118 EUR
102,940
114,933
-10.4%
566,029
581,224
-2.6%
-0.7%
Fertod II No 6
699
118 EUR
102,606
113,713
-9.8%
568,532
553,904
2.6%
0.2%
Kunszentmárton I/1
697
118 EUR
107,330
112,344
-4.5%
585,264
593,969
-1.5%
-0.3%
Kunszentmárton I/2
697
118 EUR
107,522
110,380
-2.6%
582,814
582,514
0.1%
0.5%
Kunszentmárton II No 1
693
121 EUR
108,839
114,040
-4.6%
591,846
595,752
-0.7%
-0.9%
Kunszentmárton II No 2
693
121 EUR
107,344
114,636
-6.4%
591,274
602,056
-1.8%
-0.9%
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
118 EUR
105,196
112,255
-6.3%
541,993
617,197
-12.2%
-7.7%
Taszár 2
701
118 EUR
103,558
111,689
-7.3%
545,576
616,290
-11.5%
-6.5%
Taszár 3
701
118 EUR
104,317
111,987
-6.8%
557,012
617,233
-9.8%
-4.7%
Monor 1
688
118 EUR
110,057
112,165
-1.9%
581,837
529,527
9.9%
10.4%
Monor 2
696
118 EUR
109,848
114,546
-4.1%
579,774
576,729
0.5%
9.6%
Monor 3
696
118 EUR
108,889
115,290
-5.6%
580,798
583,770
-0.5%
8.6%
Monor 4
696
118 EUR
109,839
114,487
-4.1%
580,102
581,508
-0.2%
9.7%
Monor 5
688
118 EUR
109,967
114,933
-4.3%
582,618
587,083
-0.8%
9.3%
Monor 6
696
118 EUR
108,263
113,981
-5.0%
577,063
583,276
-1.1%
8.9%
Monor 7
696
118 EUR
108,831
115,141
-5.5%
579,922
587,660
-1.3%
8.4%
Monor 8
696
118 EUR
110,140
114,814
-4.1%
582,147
584,660
-0.4%
9.3%
Tata 1
672
118 EUR
121,171
138,235
-12.3%
616,441
625,354
-1.4%
6.9%
Tata 2
676
118 EUR
97,686
109,576
-10.9%
520,056
539,120
-3.5%
3.0%
Tata 3
667
118 EUR
98,332
107,910
-8.9%
525,353
537,004
-2.2%
4.1%
Tata 4
672
118 EUR
123,080
140,556
-12.4%
629,338
633,699
-0.7%
5.2%
Tata 5
672
118 EUR
123,255
140,259
-12.1%
579,266
625,349
-7.4%
-2.0%
Tata 6
672
118 EUR
123,099
138,920
-11.4%
622,631
604,672
3.0%
8.6%
Tata 7
672
118 EUR
122,488
136,658
-10.4%
617,823
624,696
-1.1%
4.3%
Tata 8
672
118 EUR
123,829
139,812
-11.4%
630,933
635,503
-0.7%
5.2%
Malyi 1
695
118 EUR
101,428
112,880
-10.1%
566,618
578,428
-2.0%
1.0%
Malyi 2
695
118 EUR
101,247
112,493
-10.0%
567,316
579,215
-2.1%
0.9%
Malyi 3
695
118 EUR
101,237
113,653
-10.9%
567,022
581,585
-2.5%
0.4%
Puspokladány 1
1,406
121 EUR
256,426
273,137
-6.1%
1,167,732
1,298,875
-10.1%
15.0%
Puspokladány 2
1,420
83 EUR
247,373
275,548
-10.2%
1,046,818
1,332,988
-21.5%
16.3%
Puspokladány 3
1,420
82 EUR
247,200
277,691
-11.0%
1,116,748
1,319,271
-15.4%
42.9%
Puspokladány 4
1,406
81 EUR
239,541
274,625
-12.8%
1,096,363
1,308,728
-16.2%
198.4%
Puspokladány 5
1,420
82 EUR
244,672
279,684
-12.5%
1,108,285
1,345,253
-17.6%
33.9%
Puspokladány 6
1,394
121 EUR
254,061
234,568
8.3%
1,151,555
1,267,185
-9.1%
13.5%
Puspokladány 7
1,406
121 EUR
255,207
273,911
-6.8%
1,156,698
1,312,800
-11.9%
27.1%
Puspokladány 8
1,420
82 EUR
242,232
273,286
-11.4%
1,128,487
1,274,093
-11.4%
118.7%
Puspokladány 9
1,406
121 EUR
257,783
275,012
-6.3%
1,143,197
1,317,380
-13.2%
75.5%
Puspokladány 10
1,420
82 EUR
243,401
276,441
-12.0%
1,111,460
1,325,309
-16.1%
27.5%
Tolna
1,358
82 EUR
262,400
294,386
-10.9%
1,143,794
1,369,960
-16.5%
16.4%
Facankert
1,358
80 EUR
287,283
302,302
-5.0%
1,233,126
1,339,822
-8.0%
20.0%
Tolna 2
1,492
83 EUR
271,076
290,398
-6.7%
848,983
1,160,663
-26.9%
N/A
Tolna 3
1,615
81 EUR
260,023
291,827
-10.9%
613,808
1,049,292
-41.5%
N/A
Tolna 5
1,958
80 EUR
255,314
290,398
-12.1%
893,108
1,160,663
-23.1%
N/A
Total Hungarian PP
57,537
108 EUR
9,332,559
10,158,576
-8.1%
45,259,265
49,015,751
-7.7%
20.0%
Siria
5,691
85 EUR
1,055,184
1,070,973
-1.5%
4,867,168
5,290,525
-8.0%
-10.5%
Calafat 1
2,890
84 EUR
607,695
590,885
2.8%
2,650,909
2,919,457
-9.2%
-9.5%
Calafat 2
1,935
81 EUR
402,695
400,451
0.6%
1,857,471
1,949,861
-4.7%
-10.4%
Calafat 3
1,203
83 EUR
252,466
242,038
4.3%
1,171,734
1,187,753
-1.3%
-8.4%
Aiud
4,730
N/A
0
568,952
-100.0%
1,347,435
2,518,992
-46.5%
-67.8%
Teius
4,730
N/A
0
581,302
-100.0%
2,044,962
2,994,315
-31.7%
-51.2%
Făget 1
3,178
84 EUR
600,128
589,486
1.8%
2,542,947
2,753,786
-7.7%
-18.3%
Făget 2
3,931
85 EUR
753,584
737,006
2.2%
3,373,157
3,451,751
-2.3%
-9.7%
Faget 3
7,513
62 EUR
767,200
953,034
-19.5%
1,534,488
2,738,133
-44.0%
N/A
Săhăteni
7,112
N/A
0
0
N/A
458,264
336,330
36.3%
-93.3%
Magureni
1,698
72 EUR
292,680
252,543
15.9%
1,220,528
1,254,047
-2.7%
41.9%
Sarulesti
3197
62 EUR
463,065
417,384
10.9%
2,052,246
2,088,118
-1.7%
N/A
Bocsa
3,788
81 EUR
714,320
729,834
-2.1%
3,459,712
3,596,039
-3.8%
3.2%
Total Romanian PP
51,596
78 EUR
5,909,017
7,133,889
-17.2%
28,581,021
33,079,106
-13.6%
-24.7%
Symonston
144
177 EUR
6,800
7,920
-14.1%
46,200
86,505
-46.6%
-29.7%
Total Australian PP
144
177 EUR
6,800
7,920
-14.1%
46,200
86,505
-46.6%
-29.7%
Total IPP
134,702
166 EUR
18,468,612
20,915,868
-11.7%
92,190,154
100,105,101
-7.9%
-1.4%
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
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
Q1Q2JulyChart 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
Q1Q2JulyChart 2.c Slovak Portfolio Generation YTD 2025
Cumulative production in MWh
10,000
8,000
6,000
4,000
2,000
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Q1Q2JulyChart 2.d Romanian Portfolio Generation YTD 2025
Cumulative production in MWh
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Q1Q2JulyAverage 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 July 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
1,838
668
1,228
661
7,291
Slovakia1
7.6
1,002
265
266
265
1,367
Hungary2
57.5
9,333
108
970
107
4,694
Romania3
51.6
5,909
78
445
69
1,899
Australia
0.1
7
177
1
182
8
Total Portfolio
131.9
18,088
164
2,910
172
15,260
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
169
177
189
193
186
171
171
173
164
142
150
155
123
200
150
100
50
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
Investor Calendar
The following investor reports will be published in year 2025:
19 August 2025: Quarterly report for Q2 / H1 2025
12 September 2025: Monthly report for August 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
Investor Relations Contact
Email: ir@photonenergy.com
Photon Energy N.V.
Barbara Strozzilaan 201
1083 HN Amsterdam The Netherlands photonenergy.com
Amsterdam, 14 July 2025
Georg Hotar, Member of the Board of Directors David Forth, Member of the Board of Directors