Energeia AS: Q1 2024 Financial Report

22 May 2024 07:00 CEST

Highlights Q1 2024

Due to the seasonality in power production, Q1 revenues and profitability are
significantly lower than Q2 and Q3. Power production in Q1 was 1 254 MWh, 27 per
cent below budget, due to lower than expected irradiation, but this has limited
impact on the yearly production since Q1 is only representing 11 per cent of
expected full-year production.

EBITDA for the period came at a loss of NOK 3.6 million. Dutch operations
delivered a positive EBITDA of NOK 0.1 million, Italy and Singapore had a
positive EBITDA of NOK 0.2 million, while Norway had an EBITDA loss of NOK 3.9
million due to Norwegian project development costs.

Energeia delivered the concession application for the Seval Skog power plant to
NVE on 4 March. NVE has started the application approval procedure and a public
town-hall meeting is scheduled for 17 June.

YTD 2024 Energeia has delivered notification, including a proposal for
environmental impact assessment, for an additional 370 MWdc of solar PV power
plants projects in Norway to NVE.

Net cash flow in Q1 2024 was negative with NOK 2.6 million, decreasing Group
cash position to NOK 28.2 million at the end of the period.

Energeia AS has decided to terminate the management agreement with EAM Solar ASA
. Going forward both Group of companies will focus on their core business. The
termination period is 12 months and Energeia will assist the board of EAM to
establish a self-sufficient governance structure during this period.


For further information, please contact:

CEO, Viktor Jakobsen, email: viktor@energeia.no and telephone: +47 916 11 009
Deputy CEO, Jarl Egil Markussen, email: jarl@energeia.no and telephone: +47 480
23 214


This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

619302_2024-Energeia-Q1.pdf