Energeia (ENERG) Investor Presentation summary

Market position and operations

• Leading player in Norwegian utility-scale PV solar, with operations in Norway and the Netherlands.

• First in Norway to secure a concession for a large-scale PV solar plant (Seval Skog).

• Two cash-generating business units in the Netherlands: Drachtsterweg agrivoltaic plant and ASN installation/service.

• Holds a concession for 46 MW of solar PV, about one-third of Norway's approved capacity.

• Built, bought, owned, and operated solar PV plants since 2011.

Financial performance and structure

• H1 2025 power division revenue in the Netherlands was NOK 6.7m with an 80% EBITDA margin.

• ASN service division in the Netherlands had H1 2025 revenue of NOK 23.3m and EBITDA of NOK -3m.

• Market cap is below book value, indicating potential upside.

• Rights issue in H2 2025 raised NOK 31m, securing operations for 12 months.

• Top two shareholders, Obligo and Eidsiva, hold 33% and 22% stakes, respectively.

Project pipeline and growth strategy

• Norwegian pipeline includes 108 MWdc/81 MWac in advanced projects and 355 MWdc/296 MWac in early-stage projects.

• Seval Skog project (46 MWdc/30 MWac) has a 30-year license, with FID expected in 2-3 months and operations starting in 2027.

• Extensive agrivoltaic project portfolio exceeds 400 MWdc, supporting long-term growth.

• First Norwegian revenues expected from 2027, with steady cash flow from Dutch operations.

• Strategy focuses on building, owning, and operating solar PV plants for long-term cash flow.