H1 2025 Results & Roadmap 2030

H1'25 Results & Roadmap Towards 2030

ANALYST CONFERENCE CALL

Steven DE PROOST, CEO Koen BORIAU, CFO

AGENDA

• H1'25 Results

• Focus & Guidance 2025

• IPP Portfolio

• Capacity & Prices 2030

• Roadmap 2030

1

H1'25 RESULTS

▪

Against a record of negative prices, H1'25 results demonstrated the quality of the portfolio and its underlying profitable model.

▪

Swaps, Curtailment and Intraday optimization are key differentiators

▪

Balance Sheet remains very solid

SUMMARY A Visible Roadmap Towards 2030

2

VALUATION REALITY

▪

Management completed a valuation test on all assets based on its new price scenario, plant performance and on-site consumption ratios (BE)

▪

4% of asset value has been impaired, ~ EUR 0,18/share. Reflecting strong H1'25 EBITDA, book value remained flat at EUR 2,65/share and supports the buy-back strategy

3

REUDEN SUD

▪

Impairment of shareholder loan by EUR 5,4 Mio. in 2024 has overshadowed the group's fundamentals

▪

Under a negotiated solution with all stakeholders, the group decided to pursue the completion of the project with value-enhancing potential

4

WAY FORWARD

▪

Management forecasts structurally less negative hours, but more hours with zero prices going forward.

▪

Co-location: "integrated PV

+ Battery" mult-markets model with a goal to invest up to 60 MW BESS until 2030

▪

Share buy-backs of EUR 8 Mio. are targeted as annual shareholder remuneration

H1'25 RESULTS

"XC So/xrparken exceeded HI'2:ii guidance despite a chx/fenging mar#ef environment. EBITDA rose bz 41% to EUR 32.0 Nio. The o/der parks beneñted from improved irradiation, whereas the zwap apreementz and zmaW cvNai/mentz kept the proñtability of yovnperinsta//ationsintart"