Energeia (ENERG) investor relations material

Executive summary

• Achieved a financial turnaround in H1 2026, with EBITDA improving to NOK -1.6 million from NOK -11.7 million year-over-year and net loss narrowing to NOK -10.7 million from NOK -22.2 million.

• Dutch operations drove the improvement, with positive EBITDA of NOK 2.2 million and the ASN installation business returning to profitability in Q2.

• Group revenues were NOK 30.6 million, slightly up from NOK 30.4 million in H1 2025, and gross margin increased to NOK 22.1 million.

• Cost-reduction measures implemented in 2025 led to a lower operating cost base in H1 2026.

Financial highlights

• Revenues: NOK 30.6 million (H1 2025: NOK 30.4 million).

• Gross margin: NOK 22.1 million (H1 2025: NOK 21.9 million).

• EBITDA: NOK -1.6 million (H1 2025: NOK -11.7 million).

• Net loss: NOK -10.7 million (H1 2025: NOK -22.2 million).

• Cash position at period end: NOK 12.7 million (down from NOK 22.5 million at start of year).

Outlook and guidance

• Seval Skog project advanced toward final investment decision, with a 40-year concession and key milestones achieved.

• Eidsiva Vekst confirmed willingness to invest and cover any equity shortfall in Seval Skog.

• Norwegian pipeline totals 108 MWdc in near-term projects, with two granted licenses representing 40% of approved concessions in Norway.

• Board emphasizes uncertainty regarding ability to raise equity for Seval Skog and finalize project financing and PPA.