Energeia (ENERG) Status Update summary

H1 2025 operating performance

• Netherlands power division revenue NOK 6.7m and EBITDA NOK 5.4m, an 80% margin; Drachtsterweg is a 12 MWp plant under a 15-year CfD at €90/MWh.

• Drachtsterweg financing: KfW loan at a fixed 1.26% interest rate over 18 years.

• ASN service and installation business revenue NOK 23.3m and EBITDA loss NOK 3m in H1 2025.

• Existing Netherlands operations provide steady cash flow; no significant changes to the current business are expected.

Seval Skog project

• NVE concession received in June 2025 for a 30-year license to build, own and operate a 46 MWdc/30 MWac plant; optional 6 MW/12 MWh battery subject to FID.

• Agrivoltaic project covers 72 hectares of Gjøvik municipal land; single-axis trackers are estimated to generate 49 GWh annually.

• FID expected in 2–3 months from the September update; competitive supplier and contractor offers received, with FID and construction start targeted for H2 2025.

• Grid connection and cash flow generation are expected from 2027; first full year of operations targeted for 2028.

• Preliminary equity IRR of 7–8%, 17–18-year payback and 10–11% average dividend yield, modeled with a 2030 NO1 price of €0.0596/kWh and 10-year PPA at 50% offtake.

Pipeline and growth

• Concession-stage pipeline totals 108 MWdc/81 MWac; application-stage projects total 317 MWdc/264 MWac, plus ~18 early-stage projects.

• Mature agrivoltaic project portfolio exceeds 400 MWdc; strategy is to build, own and operate assets for long-term power-sale cash flows.

• Single-axis trackers and bifacial panels are estimated to lift production ~23% and revenue ~38% versus fixed tilt; battery storage could add frequency-services and regulation revenue.