Zenith Energy (ZEN) investor relations material

Strategic value drivers

• Three independent value drivers: Italian solar development, a $573 million ICSID claim against Tunisia, and a 25.26% stake in Reveille Resources.

• Solar assets were presented with an estimated value of €314.55 million once connected to the grid; the arbitration decision was expected by Q1 2027.

Italian solar platform

• Secured solar pipeline totals 233 MWp; acquisitions planned for 2026 exceed 240 MWp.

• Independent valuation at 31 March 2026 was €54.7 million for 173.5 MWp; the current 233 MWp pipeline valuation is under review.

• Capital-recycling strategy sells stakes in developed projects and reinvests proceeds; the presentation says this can fund growth without new equity or debt while retaining half of each project.

• The 12-month cash-flow outlook shows €26.4 million positive net cash flow, 89 MWp monetized and 4 MWp entering production; disposals are scheduled for February–April 2027.

• Indicative per-MWp figures include €1.35 million sale value once producing and €170,000 predicted annual revenue, with estimated active production of 30 years.

Italian gas and power

• Gas-to-electricity production was ~8,000 MWh in the eight months to 30 September 2026, broadly flat YoY; PUN averaged €180/MWh in August and €208/MWh in September.

• Based on current pricing, Q3 2026 gross revenue from the Torrente Cigno concession was estimated at ~€545,000; operating costs were ~€35,000 per month.

• The presentation cited rising European gas and power prices, including Italian day-ahead power averaging ~€208/MWh in September and Brent at ~$109 on 15 September.