Photon Energy Group Reports Financial and Operational Results for the First
Quarter of 2024

Issuer: Photon Energy NV / Key word(s): Quarter Results
Photon Energy Group Reports Financial and Operational Results for the First
Quarter of 2024

17.05.2024 / 10:34 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Photon Energy Group Reports Financial and Operational Results for the First
Quarter of 2024

  * In the first quarter, the Group's consolidated revenues amounted to EUR
    17.375 million, compared to EUR 19.280 million a year earlier,
    representing a decrease of 9.9% YoY.

  * Consolidated EBITDA of EUR 0.783 million more than doubled YoY, compared
    to EUR 0.330 million in Q1 2023. EBIT of EUR -1.425 million slightly
    improved compared to EUR -1.569 million a year earlier. The Group
    recorded a net loss of EUR -1.321 million, compared to a loss of EUR
    -4.170 million in Q1 2023.

  * The Group has released its full-year 2024 financial guidance,
    forecasting 2024 revenues to fall between EUR 90 and 100 million and
    2024 EBITDA in the range of EUR 16 to 18 million.

Amsterdam - 17 May 2024 - Photon Energy N.V. (WSE: PEN, "Photon Energy
Group", the "Group" or the "Company") announces financial results for the
first quarter of 2024.

"The first quarter of 2024 was marked by our continued efforts to make our
business model more resilient to further economic and geopolitical
fluctuations. First of all, we have managed to complete the rebalancing of
our IPP portfolio which, as of 1 April 2024, represents a nearly 50/50 split
between the support scheme mechanism, or FIT, and a merchant model, selling
on day-ahead spot prices. Transitioning to a more balanced portfolio between
the two schemes is a strategic move, especially given the declining energy
prices in the CEE region and current geopolitical uncertainties. In May
2024, we finally signed a project refinancing agreement for EUR 15 million
with EBRD. This funding will undoubtedly provide a significant boost to the
Group's expansion plans in Romania and the development of the capacity
market offerings. Looking ahead, we believe that the achievements of this
first quarter will not be undermined as they help us to leverage the
strength of our business model and recover the overall growth and
profitability of the Group in 2024. With the above changes in place, we feel
more confident that we can promise a more positive trajectory for our
Group's business in the coming quarters," said Georg Hotar, CEO of Photon
Energy Group.


First Quarter 2024 and Recent Operational Highlights

  * Generated 30.2 GWh of clean electricity, up by 24.2% YoY, on the back of
    new PV assets constructed and connected to the grid in Romania.

  * Increased IPP (independent power producer) portfolio by 3.8 MWp in Q1
    2024 and an additional 1.7 MWp after the reporting period up to 132.8
    MWp.

  * Brought construction works for the remaining capacity of 10.7 MWp in
    Romania to the final stage of the commissioning process.

  * Signed an EPC contract for 21 MWp in New Zealand and a 20-year on-site
    PPA in Hungary, both in January 2024.

  * Concluded the sale of 20.4 MWp PV project rights in Poland in May 2024;
    further negotiations are underway for additional 50 MWp in Romania.

  * Signed a senior project financing agreement for EUR 15 million with the
    European Bank for Reconstruction and Development (EBRD) in May 2024.

  * Expanded Photon Energy's O&M portfolio by over 40 MWp, bringing its
    global O&M portfolio to above 720+ MWp as of the reporting date.

Financial Indicators

In the first quarter, Photon Energy Group's consolidated revenues amounted
to EUR 17.375 million, compared to EUR 19.280 million a year earlier,
marking a decrease of 9.9% YoY.

Revenues from electricity generation reached EUR 3.746 million, a
contraction of 9.7% YoY, primarily due to lower average realized electricity
prices, which declined by 23.1% YoY, from EUR 173 / MWh in Q1 2023 to EUR
133 / MWh in Q1 2024. Although electricity generation increased to 30.2 GWh,
up by 24.2% YoY, it was still insufficient to offset the impact of falling
electricity prices.

Other revenues of the Group also decreased from EUR 15.129 million in Q1
2023 to EUR 13.629 million in the reporting period, down by 9.9% YoY, mainly
due to weaker trading volumes of PV components. Other segments performed
better than a year ago, particularly Photon Energy's New Energy division,
which saw its external revenues increase by 120.5% YoY.

The Group's consolidated EBITDA of EUR 0.783 million more than doubled YoY,
compared to EUR 0.330 million in Q1 2023. EBIT improved slightly to EUR
-1.425 million, compared to EUR -1.569 million a year earlier. The Group's
operating profitability was negatively impacted by the contraction of
margins in the energy generation segment, lower volumes of PV component
trading, higher personnel costs, and other expenses.

Depreciation increased to EUR 2.113 million from EUR 1.952 million a year
earlier, attributable to the addition of new power plants in Romania.
Interest expenses rose by 8.5% YoY, totaling EUR 2.678 million. The Group
recorded a net loss of EUR -1.321 million, compared to a loss of EUR -4.170
million in Q1 2023. Other comprehensive income amounted to EUR 0.213
million, negatively impacted by foreign currency translation losses. Total
comprehensive income for the first quarter of 2024 amounted to EUR -1.108
million.

Outlook

The Company has published the full-year 2024 guidance, expecting revenues
within the range of EUR 90-100 million, up by at least 27% compared to the
last year, and EBITDA within the range of EUR 16-18 million, more then
triple compared to EUR 3.7 million in 2023.

First Quarter 2024 Results Presentation

The Company is organising a video conference on Friday, 17 May at 11:00 a.m.,
during which it will present its results for the first quarter and answer
questions. Participants are asked to send questions during the session via
the chat function or in advance via email to ir@photonenergy.com.

Webcast:
https://tailorsgroup.clickmeeting.com/photon-energy-q1-2024-results-presentation

The report for the first quarter of 2024 is available here.

About Photon Energy Group - photonenergy.com

Photon Energy Group is a group of companies providing renewable energy,
clean water and environmental remediation solutions worldwide. Photon Energy
and Lerta provide comprehensive renewable energy solutions, including solar
power and energy flexibility. Since its foundation in 2008, Photon Energy
has built and commissioned solar power plants with a combined capacity of
over 160 MWp and has power plants with a combined capacity of 132.8 MWp in
its proprietary portfolio.It is currently developing projects with a
combined capacity of 1.2 GWp in Australia, Hungary, Poland and Romania and
providesoperations and maintenanceservices for over 700 MWp worldwide.
Photon Energy's Virtual Power Plant aggregates renewable energy generators
and consumers with a total capacity of over 420 MW. Photon Energy and Lerta
hold electricity trading licenses in Poland, the Czech Republic, Slovakia,
Hungary, Romania and Serbia. Lerta is the third largest provider of DSR
services to the Polish TSO,with a contracted capacity of 389 MWfor 2024.
Through Photon Water, the Group offers water treatment and management
solutions, and its remediation technology removes PFAS and other
contaminants from water and soil. Photon Energy N.V., the holding company
for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock
Exchanges as well as Xetra, Germany's leading online trading platform.Photon
Energy Groupis headquartered in Amsterdam, with offices in Australia and
across Europe.

Media Contact

Martin Kysly
Head of Marketing and Corporate Communications
Tel. +420 774 810 670
E-mail: martin.kysly@photonenergy.com

Investor Relations Contact

Joanna Rzesiewska
Investor Relations Manager
Tel. +420 777 486 464
E-mail: joanna.rzesiewska@photonenergy.com


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