Energeia AS: Q3 2024 Financial Report

12 Nov 2024 07:00 CET

Highlights Q3 2024

Nine months 2024 group revenues were NOK 53.6 million and EBITDA was NOK 1.3
million.

The Netherlands contributed with 88 per cent of group consolidated revenues. 20
per cent from power production and 68 per cent from energy installation and
services. Energeia Netherlands delivered a nine-month EBITDA of NOK 8.6 million.

Nine months operating cost of the Norwegian operations was NOK 19.8 million, of
which NOK 7.7 million was capitalized as development cost of projects. With
management revenues of NOK 4.6 million, Norwegian operations resulted in a
negative EBITDA of NOK 7.6 million.

Energeia has invested NOK 64 million in project development of solar PV power
plants in Norway since 2022. NOK 20.2 million has been capitalized as
development costs. The development portfolio with agreements consists of 18
projects.

9 projects are in various stages of formal concession application process with
the Norwegian Water Resources and Energy Directorate (NVE). The 9 projects
represent a combined portfolio of approximately 580 MW installed capacity, 700
MWh in annual power production, and NOK 4 billion in gross investment.

Energeia delivered the first formal notice to NVE in 2021, and the first
concession application in December 2022. Energeia is still waiting for a
decision on the concession applications from NVE. With a continuous delay in
public authority processes to receive concessions, Energeia may consider to
conduct temporary cost reduction measures in the Norwegian operation.

As previously announced, Energeia may need to secure additional liquidity to
support a continued project development in Norway.

More information:
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631883_2024-Energeia-Q3.pdf