Slides
Page 1
H AL F- Y E A R R E S U L T S 2 0 2 6 Financially On Track, Storage In Acceleration Investor Presentation · 22 September 2026 Steven De Proost, CEO · Koen Boriau, CFO EBITDA H1'26 €28.9m NET DEBT €87.4m BESS TARGETS 2027/2030 30 MW / 60 MW IPP PORTFOLIO 504 MWp
Page 2
E X E C U T I V E S U M M A R Y Four Core Takeaways For H1’26 H1 2026 Results · 22 September 2026 2 EBITDA H1’26 €28.9m FY Target €50.0m / H1’26 Plan €27.0m ROADMAP 2030Strategic Thesis High-margin PV Cash Flows Fund The Move To A Solar-Plus-Storage Player 01 RESILIENT H1 FINANCIAL PERFORMANCE • EBITDA €28.9m: high-tariff PV cash flows protect the margin. • Guidance reaffirmed: on track for the full-year EBITDA target of €50.0m. 02 ACTIVE RISK & CURTAILMENT CONTROL • Price-driven curtailment (−12 GWh): avoids selling into negative prices. • Redispatch (−19 GWh): fully compensated by the grid operators. 03 STRATEGIC BESS CO-LOCATION PIVOT • PV-to-storage: expiring EEG cash flow is reinvested into high-yield BESS. • 30 MW / 78 MWh by 2027: across eight sites. 04 DISCIPLINED CAPITAL ALLOCATION • Capex commitments: €26m contracted for the storage and PV pipeline. • Shareholder return: buy-backs continue at ~€8m p.a., lifting return on equity. CFPS €0.31 FY Target €0.50 / H1’26 Plan €0.27 BOOK VALUE €2.71 Year-End 2025: €2.66/share NET DEBT €87.4m Year-End 2025: €96.3m
Page 3
T H E E Q U I T Y S T O R Y Premium Cash Flows Create The Capital For The Next Phase H1 2026 Results · 22 September 2026 3 01 DELEVERAGE Premium Cash Flows Repay Net Debt Cumulative premium EBITDA 2027–2036 covers current net debt more than twice. 02 GROW PV Reinvest In Selective PV Expansion Internal cash funds PV growth: plant extensions and new parks paired with a battery. Additional EBITDA 2030 ~€2m 03 BUILD BESS 30 MW By 2027, 60 MW By 2030 A new earnings pillar on sites, grid access and infrastructure we already hold. Additional EBITDA 2030 €4m 04 BUY BACK SHARES €2.71 Book Value Against €1.90 Buy-Back Price A 30% discount. €4.4m retired in the half, and book value per share rose four cents. Target: 65m shares. I P P P O R T F O L I O · 5 0 4 M W · S I M U L AT I O N R U N N I N G 2 0 Y F I T + 5 Y AT € 4 5 / M W H 0 100 200 300 400 500 600 0 10 20 30 40 50 60 Installed capacity (MWp) EBITDA (€m) The portfolio pays for the next one. BESS and selective PV offset much of the natural tariff roll-off.
Page 4
Impairments Have Hit The Whole Sector’s Equity, Not Only Ours H1 2026 Results · 22 September 2026 4 A sector re-rating, not a 7C event. Three of the five drivers have passed. The rest bear on the pipeline and the discount rate, not on contracted tariffs. S E C T O R C O N T E X T 3 Y S H AR E P R I C E P E R F O R M AN C E · I N D E X E D T O 1 0 0 , S E P 2 0 2 3 I M P AI R M E N T R E C O G N I S E D AT 7 C · C U M U LATI V E : € 3 0 m (~ € 0 . 4 0 / S H AR E ) — €4m in 2024 and €21m in 2025 on PV market price and negative hours €5m in H1’26 on bond yields (WACC) W H AT D R O V E T H E W R I T E- D OW N S · AN D F U R T H E R R I S K T O O U R V AL U E 01 PV market price P E AK E D The long-run assumption was cut from €65 to €40/MWh, landing on the post- tariff years. Cannibalisation has stopped. FURTHER RISK Low 02 Negative price hours P E AK E D No tariff is paid below zero. German counts went from about 200 a year to over 500, and have stopped climbing. FURTHER RISK Low 03 Bond yields S TI L L R U N N I N G Under 2% for years, now past 3.5% on inflation risk. Every discount rate moved with it — though the inflation is energy inflation. FURTHER RISK High 04 Regulatory change M O S TL Y P AS S E D CfD instead of a market premium, new grid fees, redispatch rules. This devalues the pipeline faster than the operating fleet. FURTHER RISK Very Low 05 Grid connection queues S TI L L R U N N I N G A finished park waits about a year to feed in. Working capital is tied up and development margin erodes. Pipeline only. FURTHER RISK Medium
Page 5
P R I C E- B O O K V A L U E P E E R G R O U P M&A Is Clearing The Sector At 0.9–1.1× Book While 7C Solarparken Trades At <0.70× 7C Solarparken UK solar funds (run-off) Continental IPPs (active) Completed / agreed take-out Clearvise 0.62× 7C Solarparken 0.66× NextEnergy Solar Fund 0.67× Foresight Solar Fund 0.73× Greencoat UK Wind 0.80× Greencoat Renewables 0.81× Voltalia 0.86× Bluefield Solar 0.88× Edisun Power Europe 0.89× Arise 1.05× EDP Renováveis 1.43× ERG SpA 1.70× Energiekontor 1.95× 1.00× book TAKE-OUT EVIDENCE Bluefield Solar Drax 94.8p incl. div ≈ 0.89× Arise Windpower by Aneo 44 SEK, delisted Jan-26 Developer H1 2026 Results · 22 September 2026 5
Page 6
C O N T E N T S Five Sections H1 2026 Results · 22 September 2026 6 01 KEY MARKET DRIVERS H1’26 Negative and zero price hours, gas, batteries and demand 02 THE H1’26 PV STORY Feed-in, market value, the capture ratio and the daily spread 03 H1 2026 RESULTS & GUIDANCE Production, revenue, earnings, impairment, the balance sheet, cash and guidance 04 INSIGHTS ON REGULATION What EEG 2027 and MiSpeL change, and what the existing fleet keeps 05 ROADMAP 2030 The grid plan, the cost curve, the price model and the battery pipeline
Page 7
01 S E C T I O N O N E Key Market Drivers H1’26 H1 2026 Results · 22 September 2026 7 Solar Peak Act More Zero Price Hours Commodities Are Moving Iran and Gas Storage Batteries Breaking Through Storage up 4.9 GW in twelve months
Page 8
K E Y M A R K E T D R I V E R S · S U M M A R Y More Solar And Fewer Negative Hours, For The First Time 01 PV Build-Out Continued Installed PV reached 125.8 GW, up 17 GW year-on-year. Irradiation normal, but 3% below last year’s exceptional H1. 02 PV Market Share Rose Solar took 19.6% of German generation, from 18.8%. That normally means more negative hours and a weaker capture ratio. 03 Solar Peak Act Changed The Bid Under §51 EEG a new plant loses the premium below zero, so it bids zero instead. Hours at exactly zero rose 38.8%. 04 Batteries Absorbed Storage grew 4.9 GW in the year to June, of which 1.6 GW large- scale that soaks up the midday surplus. H1 2026 Results · 22 September 2026 8 +10,8% +4,3% +108,4% +38,8% -24,3% -40% -20% +0% +20% +40% +60% +80% +100% +120% PV Feed-in 39,3 → 43,5 TWh PV Market Share 18,8 → 19,6% Large-Scale Storage 3,04 → 6,34 GWh installed Hours priced at exactly zero 38,0 → 52,8 Negative price hours 389,0 → 294,5 Why negative hours fell. More solar should have meant more negative hours. The Solar Peak Act changed the bid, and batteries took the surplus.
Page 9
S O L A R P E A K A C T / S O L A R S P I T Z E N G E S E T Z Negative Hours Fell 24%. The Solar Peak Act 2025 Is Working H1 2026 Results · 22 September 2026 9 H O U R S B E L O W Z E R O · C U M U L AT I V E , D AY B Y D AY H O U R S AT E X AC T L Y Z E R O · C U M U L AT I V E , D AY B Y D AY What it means. An hour moved from below zero to zero stops the leakage of market premium and tariff. 0 100 200 300 400 500 600 700 1 2 3 4 5 6 7 8 9 10 11 12 2023 2024 2025 2026 0 10 20 30 40 50 60 70 80 90 100 1 2 3 4 5 6 7 8 9 10 11 12 2023 2024 2025 2026
Page 10
0 10 20 30 40 50 60 70 80 90 100 1 2 3 4 5 6 7 8 9 1 0 1 1 1 2 Band base 2026 2025 2022 2021 H1 2026 Results · 22 September 2026 10 The Market Watches The Store And Ignores 12% Less Demand W HY IT M ATTERS TO PV? Gas sets the power price 9/10 in Q1 and Q4 W HAT THE TARGE T ASKS The EU rule, once 90% by 1 November, is softened to 80% for 2026. Filling has lagged on the Strait of Hormuz and on a heatwave that kept gas turbines running for the power peaks. W HY THE RISK IS TO THE UPSIDE Hitting the target needs faster filling than in any year shown, into a market short of Qatari LNG and competing with Asia for US cargoes. The curve should stay firm, with panic buying on every geopolitical event. The risk is weather, not the target. Storage will miss 80% by 1 November, but demand runs 12% below history. Only a cold winter bites. G A S G AS S T O R AG E F I L L I N G L E V E L · % , 2 0 1 0– 26 20 40 60 80 100 120 140 1 2 3 4 5 6 7 8 9 10 11 12 Range, lower to upper 2021 2022 2025 2026 G AS D E M AN D · T W h , V E R S U S T H E 2 0 2 1– 2 5 R AN G E STRUCTURAL DEM AND PRESSURE −12% Gas demand against the 2021–25 range, on economic weakness and electrification
Page 11
H1 2026 Results · 22 September 2026 11 The Gas Price: Forward Delivery Dec ’26 G A S P R I C E T T F F O R W AR D 1 2 / 2 0 2 6 S I N C E 2 0 2 1 I N € / M W H A new floor for gas. Long term looks like €30–40/MWh, not €25/MWh. O I L P R I C E I N $ / B B L
Page 12
Large-Scale Batteries: New Dominant Segment Entering Arbitrage H1 2026 Results · 22 September 2026 12 Storage finally bids. Home batteries never entered the market. Large-scale two-hour systems do; one-hour units sell frequency response. B A T T E R I E S B AT T E R Y C AP AC I T Y AD D I T I O N S · G W , M O N T H B Y M O N T H 2 0 2 3– 26 0,0 0,1 0,2 0,3 0,4 0,5 0,6 Large-scale Commercial Home L AR G E- S C AL E B AT T E R Y D U R AT I O N · H O U R S , N E W B U I L D AN D I N S T AL L E D F L E E T 2023 2024 2025 2026 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0 2,2 2021 2022 2023 2024 2025 2026 New build, 12-month rolling The installed fleet
Page 13
H1 2026 Results · 22 September 2026 13 Consumption Marginally Up But Still 4.6% Below 2022 C H AN G E S I N M O N T H L Y D E M AN D F U L L- Y E AR L O AD , T W h YTD AGAI N S T 2025 +1.7% 310 TWh against 305 TWh YTD AG AI N S T 2022 −4.6% the pre-crisis level, not yet regained FU LL YE AR 2026 474 TWh estimated, TWh below 2022 Demand lifts the capture ratio. Every new TWh absorbs midday surplus before prices turn negative. The recovery has barely started. 482 458 466 466 474 400 410 420 430 440 450 460 470 480 490 500 2022 2023 2024 2025 2026E D E M A N D -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% Jan Feb Mar Apr May Jun Jul Aug 2026 vs 2025 2026 vs 2022
Page 14
02 S E C T I O N T W O The H1’26 PV Story H1 2026 Results · 22 September 2026 14 43.5 TWh Solar feed-in, up 10.8% €44/MWh PV market value per MWh, up 22% from €36/MWh −24.2% Negative price hours: 295 against 389
Page 15
H1 2026 Results · 22 September 2026 15 P V I N J E C T I O N Irradiation Was Ordinary. Volume Growth Came From New Capacity M O N T H L Y Y I E L D , K W H / KW P C AP AC I T Y AD D I T I O N S P V G W P I N F I R S T- H AL F W I T H B R I D G E T O F U L L Y E AR Volume growth is capacity, not weather. Feed-in rose 10.8% to 43.5 TWh on 15% more capacity, while specific yield fell 4%. 0 20 40 60 80 100 120 140 Jan Feb Mar Apr May Jun Jul Aug 2025 2026 Ø 2011–25 G R O U N D-M O U N TE D , 2 0 2 6 56% Leading Segment C U M U LATI V E P V C AP AC I TY +15% Against 12 months before 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 16,0 18,0 2022 2023 2024 2025 2026 Freefield Roofs > 1 MWp Roofs < 1 MWp Roofs < 30kWp YI E LD K W H / K W P H 1 ’ 2 6 536 −4% versus H1’25 LO N G-TE R M YI E LD K W H / K W P 522 20 Years Range H1: 437 - 569
Page 16
The Midday Dip Is Lifting, Towards More Zero Hours H1 2026 Results · 22 September 2026 G E R M A N D A Y- A H E A D P R I C E S I N T E R Q U AR T I L E R AN G E B Y H O U R · € / M W h · B O X = Q 1 T O Q 3 , L I N E = M E D I AN 16
Page 17
H1 2026 Results · 22 September 2026 17 PV Value €44/MWh To June And ~ €50/MWh To August P V M A R K E T V A L U E €/MWh Jan Feb Mar Apr May Jun H1 vs H1 2025 Jul Aug Jan–Aug Base price 2026 110 97 99 79 98 110 97 +23% 106 127 103 Base price 2025 114 129 95 78 67 64 79 88 77 80 PV market value 2026 110 77 55 13 32 62 44 +22% 52 64 50 PV market value 2025 115 111 50 30 20 18 36 59 38 40 Capture ratio 2026, % 100 80 55 17 32 57 46 +1pp 50 50 48 Capture ratio 2025, % 101 86 53 39 30 29 45 67 50 50 Negative price hours 2026 3 6 35 123 79 50 295 −24% 77 53 424 Negative price hours 2025 14 0 30 75 129 141 389 12 64 465 PV market share 2026, % 4 6 18 27 32 30 26 +13% 32 31 28 PV market share 2025, % 4 7 16 24 27 29 23 23 26 23 Market Premium % Jan Feb Mar Apr May Jun H1 vs H1 2025 Jul Aug Jan–Aug One hour 98 92 87 54 70 85 75 +12% 75 83 76 Two hours 98 92 87 54 71 85 75 +12% 75 83 76 Three hours 98 95 87 54 72 85 76 +12% 76 84 77 Four hours 98 95 93 57 73 87 78 +13% 77 84 79 Six hours 100 100 100 66 83 92 86 +9% 83 93 87
Page 18
H1 2026 Results · 22 September 2026 18 After Many Years Of Decline, The Capture Ratio Stopped Falling C A N N I B A L I S A T I O N M O N T H L Y C AP T U R E R AT I O V E R S U S P V S H AR E , 2 0 1 8- 26 0 10 20 30 40 50 60 70 80 90 100 110 120 130 0 5 10 15 20 25 30 35 Capture ratio, % PV share of load, % 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 2024 Trend 2025 Trend 2026
Page 19
S P R E A D S The Daily Spread Widened Further 0 50 100 150 200 250 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 0 50 100 150 200 250 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026 H1 2026 Results · 22 September 2026 19 Duration pays. Two hours captured €138/MWh against €144/MWh for one hour, at 10–15% lower capex. 1 H S P R E AD · € / M W h , M O N T H B Y M O N T H 2 0 2 3– 26 2 H S P R E AD · € / M W h , M O N T H B Y M O N T H 2 0 2 3– 26
Page 20
03 S E C T I O N T H R E E H1 2026 Results & Guidance H1 2026 Results · 22 September 2026 20 €28.9m EBITDA, €1.9m ahead of the half-year plan −€5.4m Impairment across 32 of 49 parks, against €14.8m a year ago €87.4m Net debt, already inside the full-year target
Page 21
H1 2026 Results · 22 September 2026 21 P O R T F O L I O B U I L D- UP Running Capacity Grew By 20 MWp As Reuden Süd Went Online I P P P O R T F O L I O AT E N D O F Q U AR T E R· M W p Reuden Süd, 20 MWp The build programme is delivered. Every park under construction at end-2025 is online, and a Belgian extension follows. 477 497 497 504 506 430 450 470 490 510 2025 Q1’26 Q2’26 Q3’26 Q4’26 Operational Reuden Süd, 20 MWp Bürgwindheim III, 6.1 MWp Dresden Rooftop, 1 MWp New build Belgium, 2 MWp Bürgwindheim III, 6.1 MWp
Page 22
H1 2026 Results · 22 September 2026 22 R E U D E N S Ü D Large Rooftop, 20 MWp - Available And Consistent Performance LOW LIGHT · 17 °C · Sun 13 Sep 0 250 500 750 1000 0 4 8 12 16 04:00 07:00 10:00 13:00 16:00 19:00 W/m² MW Irradiation kWh/m² 1.43 Specific yield kWh/kWp 1.25 Performance ratio at inverter level 87.4% GOOD WEATHER · 23 °C · Tue 16 Jun 0 250 500 750 1000 0 4 8 12 16 04:00 07:00 10:00 13:00 16:00 19:00 W/m² MW Irradiation kWh/m² 6.10 Specific yield kWh/kWp 5.21 Performance ratio at inverter level 85.4% HIGH TEMPERATURE · 38 °C · Thu 30 Jul 0 250 500 750 1000 0 4 8 12 16 04:00 07:00 10:00 13:00 16:00 19:00 W/m² MW Irradiation kWh/m² 6.65 Specific yield kWh/kWp 5.33 Performance ratio at inverter level 80.1% AC power (MW) Irradiation Pyranometer (W/m²)
Page 23
O P E R A T I O N A L P E R F O R M A N C E Capacity Up 11%, Output Up 4%, And 33 GWh Curtailed H1 2026 Results · 22 September 2026 23 H1’26 Plan Δ H1’25 % Horizontal irradiation, kWh/m² 647 618 +5% 696 -7% Inclined Irradiation in plane of array, kWh/m² 701 667.4 +5% 750 −7% Uncurtailed production, GWh 264 249 +6% 250 +6% Redispatch, DE - imposed by grid operator −19 −15 Curtailment, DE – elective −12 −9 Curtailment, BE - elective −2 −3 Metered production, GWh 231 249 −7% 223 +4% Weighted capacity in operation,MWp 494 490 +1% 447 +11% Production yield, kWh/kWp 468 508 −8% 500 −6% Uncurtailed production yield, kWh/kWp 535 508 +5% 561 -5% Uncurtailed Performance Ratio, PR 76.3% 76.1% +0% 74.7% +2% P R O D U C T I O N AN D Y I E L D · H 1 ’ 2 6 AG AI N S T P L AN AN D H 1 ’ 2 5 Performance on track. Uncurtailed output rose 6% on 5% more irradiation. The gap to metered volume is curtailment, not a fault. CURTAILED AW AY IN H1’26 33 GWh 12.4% of output, against 27 GWh a year ago REDISPATCH, GERM ANY −19 GWh Imposed in congested areas, compensated as if the plant had run. CURTAILM ENT, GERM ANY −12 GWh Elective. The trader curtails day-ahead against the §51 thresholds. CURTAILM ENT, BELGIUM −2 GWh Elective, in our own hands: nominated against the imbalance price. THE STRATEGIC READ A co-located battery turns exactly that curtailed energy into an evening sale rather than a write-off.
Page 24
P O W E R S A L E S Revenues On Plan, And 2% Above Once Redispatch Income Is Included H1 2026 Results · 22 September 2026 24 H1’26 PLAN Δ H1’25 % Revenue per uncurtailed MWh, € 131.6 141.0 −7% 141.8 −7% Revenue per delivered MWh, € 150.3 141.0 +7% 158.9 −5% Revenues, €m 34.8 35.1 −1% 35.5 −2% + Redispatch, €m 1.1 – 1.8 −39% = Adjusted Revenues, €m 35.9 35.1 +2% 37.3 −4% per uncurtailed MWh, € 135.8 141.0 −4% 149.0 −9% R E V E N U E AN D V O L U M E · H 1 ’ 2 6 AG AI N S T P L AN AN D H 1 ’ 2 5 AD J . R E V E N U E / U N C U R TAI LE D M W H €135.8/MWh from €149.0 AD J U S TE D R E V E N U E S €35.9m +2% above plan R E D I S P ATC H I N C O M E €1.1m from €1.8m The swap is most of the story. Revenue per uncurtailed MWh fell €13.2. The new swap is smaller, at €40/MWh, and settles on uncurtailed volume. T H E P V S W AP · H 1 ’ 2 5 AG AI N S T Q 2 ’ 2 6 H1’25 Q2’26 Capacity hedged, MWp 148 123 via swap on tariff 23 23 via swap on PV market value 125 100 Indicative swap price, €/MWh €70 €40 Hedge against Metered MWh Uncurtailed MWh Spread captured, €/MWh +€30 −€1 Swap result +€1.62m −€0.16m of which inside DVM revenues €0.00m −€0.12m of which via third party, outside DVM +€1.62m −€0.04m TH E B AS I S C H AN G E D Metered → uncurtailed volume. The 2026 swap settles on output before curtailment, so hours we curtail away still settle against it.
Page 25
P & L EBITDA €1.9m Above Plan H1 2026 Results · 22 September 2026 25 €m H1’26 H1’26 PLAN H1’25 Δ % Comment Revenues 35.1 35.1 35.9 −2.3% Mainly due to much lower Swap value Sale of electricity 34.8 35.1 35.5 Services, rental and other 0.3 0.4 Other operating income 2.0 – 4.2 −51.8% No disposal gain, fewer reversals Redispatch compensation 1.1 1.8 Against a plan of zero, assuming no production losses Insurance and damages 0.7 0.5 Incl. €0.6m rehabilitation, passed through in opex Others 0.2 – 1.9 Last year: sale of Nettgau and release of provisions Opex −8.2 −8.1 −7.3 +13.6% Personnel expenses −1.5 −1.0 Other operating expenses −6.8 −6.3 Incl. €0.6m repair cost covered by insurance EBITDA 28.9 27.0 32.8 −12.1% Plan H1’26: €27.0m Depreciation and amortisation −18.7 −18.5 Rising with Reuden Süd Impairment −5.4 −14.8 Impairments due to WACC EBIT 4.8 −0.5 Financial result −3.2 −3.4 Reflecting less indebtedness Profit before tax 1.6 −3.8 Income taxes −1.1 1.0 No tax effect on impairments Net result 0.6 −2.8 Attributable to shareholders 0.3 −3.9 Non-controlling interests 0.3 1.1
Page 26
H1 2026 Results · 22 September 2026 26 Non-Cash: The Cash Flows Did Not Change, The 6.82% WACC Did G E R M AN G O V E R N M E N T B O N D C U R V E · % , T O D AY AN D T W E L V E M O N T H S AG O T H E D I S C O U N T R AT E I T F E E D S · W AC C 2 0 2 6 Risk-free rate 3.35% Risk premium 5.25% Asset beta 0.35 Debt to debt plus equity 50.2% Tax rate 29.5% Equity beta 0.59 Cost of equity 6.46% Cost of debt 4.51% After-tax cost of debt 3.18% After-tax WACC 4.81% Pre-tax WACC 6.82% (Range: 6.30 – 7.00%) P R E-TAX W AC C 5 . 8 7 % AT YE AR -E N D 2 0 2 5 Annual report 2025 Page 165 “A further 100 bps on the WACC would change the impairment by about €6.6m.” TE N YE AR S 3.21% from 2.72%, +49 bp in a year TW E N TY YE AR S 3.64% from 3.18%, +46 bp in a year I M P AI R M E N T €5.4m the parks tested 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 1Y 5Y 10Y 15Y 20Y 25Y 30Y T E N O R , Y E AR S T O M AT U R I T Y Twelve months ago 19 August 2026 Written down while running perfectly. The rate rose 46 basis points at the tenor a solar park lives at. I M P A I R M E N T
Page 27
B A L A N C E S H E E T Equity Ratio Of 44.5%, With €4.4m Of Shares Bought Back H1 2026 Results · 22 September 2026 27 €m 30.06.26 31.12.25 30.06.25 Comment Total assets 480.8 496.3 528.3 Fixed Assets, Installations 316.8 335.0 345.0 PV, operational 305.0 316.7 325.7 Reuden Süd moved from construction to operational Wind, operational 7.2 7.6 7.9 BESS, operational 0.1 – – First battery investment in Belgium 100 kW / 200 kWh PV, in construction 4.3 10.7 11.4 Mainly Bürgwindheim III and self-consumption rooftop in Dresden BESS, in construction 0.2 – – Land, buildings and PV estate 15.2 14.2 14.3 Acquisition PV Land in Gera, to be equipped with PV and BESS Right-of-use assets 38.6 39.9 41.3 Cash and cash equivalents 68.2 79.9 85.8 Used for debt repayment, share buy-backs and new investments Cash at long-term accounts 7.6 2.4 8.0 Equity 214.9 219.1 233.8 of which non-controlling interests 16.5 17.4 18.3 Financial liabilities 161.1 176.1 192.3 Long-Term financial debt 135.3 149.1 160.0 Short-Term financial debt 25.9 27.1 32.3 The usual annual debt repayment to be paid from existing cash flows Lease liabilities 37.5 39.7 40.4 Quasi on par with right-of-use assets Non-current provisions 30.8 30.3 28.6 Mainly dismantling
Page 28
H1 2026 Results · 22 September 2026 28 N E T D E B T Net Debt Down To €87.4m, Book Value Of €2.71 N E T D E B T · € m B O O K V AL U E P E R S H AR E · € N E T D E B T / LTM E B I TD A 1.6x from 1.9x at year-end E Q U I TY R ATI O 44.5% up from 44% at year-end B O O K V ALU E P E R S H AR E €2.71 73.2m shares outstanding, excluding treasury S H AR E S B O U G H T B AC K I N H 1 ’ 2 6 €4.4m of own shares retired Deleveraging while buying back. Net debt fell €8.9m, and book value of €2.71 stands 43% above the €1.90 share price. 113,9 101,2 96,3 99,1 87,4 FY24 H1’25 FY25 Q1’26 H1’26 1,82 1,67 1,95 2,11 2,29 2,41 2,59 2,82 2,83 2,69 2,66 2.71 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1’26
Page 29
H1 2026 Results · 22 September 2026 29 C A S H F L O W Cash Flow Per Share Of €0.31, On 75.2m Shares On Average C AS H F L O W · H 1 ’ 2 6 AG AI N S T P L AN AN D H 1 ’ 2 5 C AS H F L O W P E R S H AR E · € , F I R S T H AL F AN D S E C O N D H AL F S H AR E P R I C E T O F U L L- Y E AR C F P S · AT € 1 . 9 0 P E R S H AR E The buy-back did the work. Cash flow fell 12.0%, the share count 7.4%, so CFPS fell only 5.0%. At €1.90 that is 3.3x trailing cash flow. €m H1’26 Plan H1’25 Δ % EBITDA 28.9 27.0 32.8 −12.1% less land lease paid −1.5 −1.6 −1.9 −21.1% less interest paid −2.3 −3.0 −2.9 −20.7% less taxes paid −1.5 −2.0 −1.4 +7.1% Net cash flow 23.4 20.5 26.6 −12.0% Weighted average shares, m 75.2 75.6 81.2 −7.4% Cash flow per share, € 0.31 0.27 0.33 −5.0% 0,23 0,23 0,28 0,32 0,33 0,34 0,30 0,45 0,35 0,21 0,33 0.31 0,18 0,22 0,21 0,28 0,22 0,23 0,26 0,40 0,27 0,23 0,26 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1’26 5,9 6,1 4,8 4,9 5,2 6,4 7,2 7,3 4,4 4,6 3,1 3,3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Page 30
H1 2026 Results · 22 September 2026 30 T H E C A S H P O S I T I O N On A Like-For-Like Basis The Cash Position Is Flat 79.9 +1.1 +23.4 +3.9 −5.3 −17.1 −4.4 −5.2 −8.1 68.2 Cash at 31 Dec 2025 Dec ’25 revenues collected in Jan ’26 Net cash flow Working capital, underlying Capex Debt repayment Treasury shares Cash transfer to long- term account Jun ’26 revenues collected in Jul ’26 Cash at 30 Jun 2026 The €14m outflow is not structural. €5.2m sits on a long-term account, and €8.1m is June income collected in July.
Page 31
P V M A R K E T V A L U E R E F R E S H Our 2026 Capture Scenario Has Upside From Here H1 2026 Results · 22 September 2026 31 B AS E L O AD F O R E C AS T · € / M W h , P 2 5 , P 5 0 AN D P 7 5 O U R S C E N AR I O · 0 9 / 2 0 2 6 V E R S U S 0 3 / 2 0 2 6 M AR K E T P V V ALU E 2 0 2 6 €53/MWh from €45 B AS E S P O T 2 0 2 6 €104/MWh from €83 N E GATI V E H OU R S 515 from 665 C AP TU R E R ATI O 51% from 54% 2026 refresh. A higher base and fewer negative hours lift PV market value to €53/MWh, even at a 51% capture ratio. -50 -25 0 25 50 75 100 125 150 175 200 Sep/26 Oct/26 Nov/26 Dec/26 Jan/27 P75-P25 range Forecast P50
Page 32
O U T L O O K 2 0 2 6 Full-Year Guidance Confirmed, With Risk To The Upside R E V E N U E S €66.5m Confirmed Q2 and Q3 sit under the 100 MWp PPA at ~€40/MWh, which also pays for curtailed volume but costs against higher PV market value in Q3’26. Q3 volumes ex-curtailment sit, driven by temperatures, within the lower end of the normal range (95-105%). Q4’26 carries no hedge. E B I T D A €50.0m Confirmed 58% delivered in H1, so only €21.1m remains. June redispatch is still to be monetised (~€0.5m), and the plan carries no other operating income. C F P S €0.50 Confirmed The guided basis of 75.6m shares falls further: a new buy-back programme started in August 2026. N E T D E B T €91.9m Achieved but less relevant New battery regulation has led management to accelerate development, with capex to follow. Net debt may therefore rise again in Q4’26. H1 2026 Results · 22 September 2026 32 Hedged to end-Q3, so Q4 is upside. The forward base is above €120/MWh, roughly €100/MWh for PV.
Page 33
04 S E C T I O N F O U R Insights On Regulation H1 2026 Results · 22 September 2026 33 What Changes, What Does Not Four instruments, and none of them touches the existing fleet EEG 2027 Two-sided CfD, no tariff for small PV MiSpeL A mixed battery keeps the tariff on green kWh and trades the grey
Page 34
H1 2026 Results · 22 September 2026 34 O V E R V I E W O F C H A N G E S What We Own Is Protected, What We Build Gets Visibility FROM INSTRUMENT STATUS WHAT IT DOES BEARING ON 7C SOLARPARKEN 25 Feb 2025 Solarspitzengesetz In force §51 EEG 1H: no premium in any negative hour. New parks stop bidding below zero. 23 Dec 2025 Redispatch reform In force Paid direct to the owner, at a contestable Mischpreis. 1 Oct 2026 MiSpeL Coming into force 1 Oct Metering and settlement on a shared connection Co-location keeps the feed-in tariff 1 Jan 2027 EEG 2027 In parliament Two-sided CfD, and no tariff anymore for small PV New build only. Small PV subject to price signals 2029 AgNeS Consultation until Q3’26 €4–7 per kW on feed-in capacity that has not received FID before year-end 2026 Acceleration of BESS development up to FID status T HE ABBREVI AT I ONS EEG Erneuerbare-Energien-Gesetz, the renewables act AgNeS Allgemeine Netzentgeltsystematik Strom, the network tariff system MiSpeL CfD Contract for difference, two-sided from 2027 BKZ Baukostenzuschuss, a connection contribution payable to the grid operators Mischpreis The blended intraday and imbalance price, rather than Day-Ahead §51 The rule that suspends a market premium in negative hours FID Final investment decision Existing revenues untouched. What changes: no fixed tariff for small PV, CfD for larger plants, clear rules for co-located batteries. Internal Redispatch claim process required and in place. Marktintegration von Speichern und Ladepunkten
Page 35
H1 2026 Results · 22 September 2026 35 E E G 2 0 2 7 EEG 2027 Moves The Money To Ground-Mounted PV TODAY Fixed tariff Market Premium Through Compulsory Direct Marketing Regulated EEG Tariff = PV Market Price + Market Premium Auctioned Tariff 9.9 GW tender/year EEG 2027, CABINET DRAFT Support ends + Feed-in Cap Discussions on Transition Period Market Premium Uniform €62/MWh Market Premium Under CfD Uniform €62/MWh 25 kWp 100 kWp 750 kWp 1,000 kWp Every new segment moves to direct marketing. The premium follows §51, so no new build can bid against the price signal. 25 kWp 100 kWp 750 kWp 1,000 kWp Auctioned Tariff Under CfD 14.0 GW tender/year
Page 36
H1 2026 Results · 22 September 2026 36 M I S P E L MiSpeL Unlocks Dual Revenue Streams For Mixed Batteries draw and export direct feed-in charge from PV EVERY GREEN KW H KEEPS ITS TARIFF Whether it goes straight to the grid or through the battery. Until now, a battery able to charge from the grid forfeited the entitlement outright. QUARTER -HOURL Y NETTING, AUTOM ATED Green and grey flows are tracked by smart meter at the connection point and allocated every quarter-hour. LEVY -EXEM PT EFFICIENCY LOSSES Conversion losses are recognised as levy-exempt, because storage is not an end consumer — unless the power is self-consumed. This turns a solar buffer into a trading asset. Buy grid power at night, sell into the evening, and the array keeps its tariff. A Bundesnetzagentur determination, targeted for 1 October 2026 and not enforceable against network operators until 30 Septemb er 2027.
Page 37
05 S E C T I O N F I V E Roadmap 2030 H1 2026 Results · 22 September 2026 37 Grid Development Large-scale storage in the network plan to 2040 Costs And Prices PV still cheapest, storage beats CCGT, and negative hours peak Our Response Co-location, €26m of committed capex and 30 MW of storage by 2027
Page 38
H1 2026 Results · 22 September 2026 38 G E R M A N Y ’ S T S O P L A N 2 0 2 7- 40 The Big Change In The Grid Plan Is Batteries, Not Renewables S C E N AR I O F R AM E W O R K P AP E R · T R AN S M I S S I O N O P E R AT O R S , T O 2 0 4 0 W H AT C H AN G E D · AG AI N S T L AS T Y E AR ’ S V E R S I O N LARGE -SCALE STORAGE BY 2040 41 → 84 GW last year’s 2040 target against this year’s BATTERIES DOUBLE The 2040 target rises from 41 GW to 84 GW. Of 573 GW of applications, 54 GW already hold a connection. ELECTROLYSERS COLLAPSE Cut from 30 GW to 10 GW: the bet moved to storage. AND DATA CENTRES ARRIVE The largest source of new consumption, above 100 TWh by 2040 — twenty-five times today’s level. The TSOs changed their mind. Storage doubled to 84 GW, electrolysers cut by two thirds. The grid is planned around batteries, not hydrogen. IMPLIED TARGET 6 GW per year as from 2027
Page 39
H1 2026 Results · 22 September 2026 39 L C O E O F T E C H N O L O G I E S Storage Now Beats CCGT, And Depth Is Getting Cheaper L E V E L I S E D C O S T · € / M W h , 2 0 2 0– 26 Depth is the cheap part. 28% of capex is fixed to the site, so a second hour spreads it over twice the energy. C AP E X B R E AK D O W N , N E W B AT T E R Y · % O F T O T AL AT € 2 1 5 / k W h 50% 10% 7% 3% 3% 12% 8% 8% Battery system Inverters Transformer HVAC Fire protection EPC Cable route Others G R O U N D-M O U N TE D P V N E E D S ~€45/MWh B ATTE R I E S N E E D ~€75/MWh 0 20 40 60 80 100 120 140 160 180 200 2020 2021 2022 2023 2024 2025 2026 Offshore wind Onshore wind (2000h) Onshore wind (2750h) PV (rooftop) PV (ground-mounted) CCGT Battery storage D U R AT I O N M AT T E R S 28% EPC, cable route and others. Set by the site, not by the battery, so a second hour dilutes them. S I Z E M AT T E R S 72% Battery cells, inverters, transformer. Scales with what you install.
Page 40
P O W E R P R I C E S M O D E L Our Model Says Negative Hours Have Reached Their Maximum 2025 2026 2027 2030 2040 2050 Gas price €/MWh 30 36 44 26 25 28 Carbon €/t 75 74 77 86 104 127 Large-Scale BESS / Peak Demand 4% 6% 11% 24% 53% 47% PV share of generation, % 22% 24% 26% 30% 30% 28% Base price, €/MWh 90 104 97 74 84 86 PV market value, €/MWh 45 53 51 37 49 56 Capture ratio, % 50% 51% 53% 50% 60% 65% Negative hours 573 515 504 336 201 176 573 → 336 → 201 negative hours in 2025, 2030 and 2040. Almost halving by 2030, with the capture ratio recovering after Large-Scale Batteries Make The Difference Effect on PV capture, from mature BESS markets: ~5% of peak demand: local help only, while negative and zero hours keep rising. ~15% of peak demand: midday prices flatten and stop reaching deep negatives. ~25% of peak demand: negative hours fall faster on two-hour duration. Capture ratios need demand, not storage. ~50% of peak demand: negative hours can disappear, given interconnection, demand response and curtailment incentives. H1 2026 Results · 22 September 2026 40 The peak in negative hours is behind us. Electrification, data centres, storage and the new rules all pull the same way. 573 515 504 462 405 336 212 2025 2026 2027 2028 2029 2030 2035
Page 41
Co-Location PV + BESS Is Our Answer To Capture Erosion 01 EXISTING PV ~504 MWp ✓ Plant efficiency: H1’26 in line, despite a tight supply chain and scarce older inverters. ✓ Rooftop solutions: owners of up to 10 MWp want roofs demolished or renovated. Management targets break-even on NPV. ONGOING PROCESS 02 NEW PV GROWTH ≥10 MWp p.a. ✓ Three parks live: Reuden Süd (Q1’26 / 20 MWp), Bürgwindheim III (Q3’26 / 6.1 MWp) and a Dresden rooftop (Q3’26 / 1 MWp). ✓ Another 18 MWp is planned or under construction. ON T RACK 03 CO -LOCATION BESS, P.A. 15 MW / 30 MWh ✓ First capex is on the balance sheet: an industrial battery charging from PV and discharging to the grid and to an on-site user at night. ✓ Further batteries enter construction in Q4’26, for more than 30 MW / 78 MWh by the end of 2027. ON T RACK 04 BUY -BACKS €8m p.a. ✓ €4.4m of own shares bought in H1, another round running in H2’26. Weighted average share count down to 75.2m from 81.2m. ON T RACK H1 2026 Results · 22 September 2026 41 S T R A T E G Y EBITDA 2030 ~ + €2m EBITDA 2030 ~ + €4m # SHARES 2030 ~ 65m
Page 42
H1 2026 Results · 22 September 2026 42 C A P E X €26m Of Capex Committed And Secured For 2026 And 2027 BESS kW kWh Type Markets €/kW BKZ €/kWh Capex Reuth-Premenreuth 5,280 10,560 Green DA, ID, aFRR+, inertia+ – 165 1.7 Heilgersdorf 4,000 15,000 Mixed DA, ID, aFRR, inertia, Redispatch 166 190 3.5 Dessau 2,500 7,500 Mixed DA, ID, aFRR, inertia 69 190 1.6 Bitterfeld 3,000 6,000 Mixed DA, ID, aFRR, inertia 122 200 1.6 Gera 7,500 15,000 Mixed DA, ID, aFRR, inertia 127 215 4.2 Peenemünde 6,000 12,000 Green DA, ID, aFRR+, inertia+ – 165 2.0 Bürgwindheim III 5,000 10,000 Green DA, ID, aFRR+, inertia+ – 190 1.9 Antwerp Port (BE) 1,000 2,000 Mixed DA, ID, auto-consumption – 250 0.5 BESS Installations 34,280 78,060 17.0 PV kWp Type Tariff €/kWp Capex Samsonite III 1,400 Rooftop Auto-consumption + merchant 500 0.7 Peenemünde 10,000 Ground-mounted Auction ~€47/MWh 525 5.3 Gera 6,800 Ground-mounted Auction ~€49/MWh 475 3.2 PV Installations 18,200 9.2 Committed, not planned. €26m is contracted for 2026 and 2027, every connection charge included.
Page 43
H1 2026 Results · 22 September 2026 43 At Least 30 MW Storage By The End Of 2027 S I T E O U T P U T MW Q 3 ’ 2 6 Q 4 ’ 2 6 Q 1 ’ 2 7 Q 2 ’ 2 7 Q 3 ’ 2 7 Q 4 ’ 2 7 Reuth-Premenreuth 5.28 Heilgersdorf 4.00 Dessau 2.50 Bitterfeld 3.00 Gera (+ new PV) 7.50 Peenemünde (+ new PV) 6.00 Bürgwindheim III 5.00 Antwerp Port (BE) 1.00 CUMULATIVE MW OPERATIONAL 5.3 11.8 22.3 34.3 Components delivery Construction and testing Operational Herentals (BE) 0.11 live B E S S + P V T I M E L I N E The revenue arrives in steps, not one switch. Storage comes on quarter by quarter through 2027.
Page 44
H1 2026 Results · 22 September 2026 44 B E S S R E V E N U E S P O T E N T I A L A Grey Battery Earns Twice A Green One GREEN GREY MIXED, UNDER MISPEL Charges from Its own PV array only The grid (PV being curtailed) The PV array and the grid, separated EEG quality Kept Lost entirely Kept pro rata Legal basis §19 (3a) EEG None, free marketing §19 (3b) and (3c) EEG Gross revenue, 2h battery €50–100/kW €125–175/kW €100–125/kW Market access Spot, and positive balancing only Spot and the full balancing range Like grey; balancing has its own clock. Grid connection Feed-in commitment Feed-in and off-take connection feed-in and off-take connection Metering Simple Moderate Multi-metering, reconciled with the TSO. Available Today today Once MiSpeL is issued and state aid is cleared Different batteries, different returns. Mixed sits between green and grey on both risk and return. BEST SUITED FOR: Pure merchant, optimising for maximum ancillary-market flexibility Risk-averse portfolios wanting EEG cash flow plus arbitrage upside Cannot charge from the grid: no capacity, or a long queue.
Page 45
H1 2026 Results · 22 September 2026 45 G R E E N B A T T E R Y B E L G I U M E X P E R I E N C E The Test Ran Well On A Two-Hour 100 kW Green Battery Last 30 Days, Power Price (€/MWh) orange = charging grey = discharging Last 30 Days, State of Charge (%) orange = charging grey = discharging €182 Avg. daily spread, €/MWh €111/kW Annualised +10% Client Offtake PPA DA, ID, PPA Trading -120 -20 80 180 280 0 25 50 75 100
Page 46
Roof Refurbishment: Break-Even Assumed Outcome What it costs us What offsets it ROOF REFURBISHMENT: owner renews the roof beneath the PV installation Dismantling and reinstallation, lost production while off-line Compensation of the outages from the owner or a longer lease in return RELOCATION the PV moves to another roof or site owned by the landlord Removal, transport, reinstallation, a new connection A better site can improve yield and lease term EXIT: the PV site is retired early, ultimately leading to a relocation to a site owned by the landlord Write-off of residual book value, legal and advisory costs Termination compensation, and capital released Break-even On NPV is the working assumption. No net provision has been taken and no net income has been recognised in respect of future works. Toyota, Belgium: 1.8 MWp case already closed The roof was replaced and the PV refurbished. Lost income has been fully recovered, and there is now room to expand. Leases run twenty years plus an option for at least five more, and the Belgian fleet is almost entirely rooftop with on-site offtake. On someone else’s building, the building’s own lifecycle eventually intrudes. That is the asset class, not a surprise. About 10 MWp of roofs may face refurbishment, relocation or exit within two years. H1 2026 Results · 22 September 2026 46 Break-even is the working assumption. Toyota in Belgium closed neutral. That is the template. R O O F T O P S O L U T I O N S
Page 47
D I S C L A I M E R Important Information This document has been prepared by 7C Solarparken AG (the "Company") solely for use at the presentation to be made on the date of publication. Its purpose is merely of informative nature and, as such, it may be amended and it should be read as a summary of the matters addressed or contained herein. By attending the meeting where this presentation is made, or by reading the presentation slides, you acknowledge and agree to be bound by the following limitations and restrictions. This presentation may not be distributed to the press or to any other person in any jurisdiction, and may not be reproduced in any form, in whole or in part for any other purpose without the express and prior consent in writing of the Company. This presentation does not constitute any recommendation to buy or acquire securities of the Company. Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements other than in respect of historical facts. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; energy demand and supply; developments of the Company’s markets; the impact of legal and regulatory initiatives; and the strength of the Company’s competitors. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. The Company and its respective directors, representatives, employees and/or advisors do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this presentation to reflect any change in events, conditions or circumstances. The consolidated figures presented for the six months ended 30 June 2026 are unaudited and have not been subject to a review by an auditor. H1 2026 Results · 22 September 2026 47