Energiekontor : Annual Report 2023 (contains the consolidated financial statements, the Group management report as well as the report of the Supervisory Board)

Content

Company and share

1. Brief portrait
2. The top key figures
3. Shaping the future together worldwide
4. Group-ownedwind and solar parks
5. Management Board
6. Supervisory Board
7. Letter to the shareholders

1. Report of the Supervisory Board

1. The share at a glance

Business model

1. Our mission statement
2. Our organic growth model
3. Wind and solar parks in our own portfolio
4. Our valuable project pipeline

2 Annual Report 2023

Sustainability

1. Sustainability
2. E: Environmental goals and environmental performance

1. S: Social
2. G: Governance

Management ­report and

Group ­Management report

1. Fundamentals of the Group

1. Economic report

1. Opportunity and risk report

1. Other

1. Forecast report

1. Declaration on corporate governance

1. Balance sheet oath

Consolidated financial­ statements

(IFRS)

1. Consolidated statement of comprehensive income
2. Consolidated income statement
   (IFRS)
3. Consolidated balance sheet (IFRS)
4. Consolidated statement of changes in equity (IFRS)
5. Consolidated statement of cash flows (IFRS)
6. Notes

147 Independent Auditor's Report

Financial statements of the AG

(HGB)

1. Balance sheet
2. Profit and loss statement
3. Notes

1. Independent Auditor's Report

1. Imprint

Founded in Bremerhaven in 1990, Energiekontor is among the pioneers in its industry and is now one of Germany's leading project developers

Our proud track record

and operators of wind and solar parks. Its core business ranges from the planning and construction to the operational management of wind and solar parks in Germany and abroad. In addition, Energiekontor operates roughly 40 own wind and solar parks with a total generation capacity of around 390 megawatts.

Energiekontor also plays a pioneering role in economic terms and aims to realise wind and solar parks at market prices in all target markets as quickly as possible, independently of state subsidies.

Along with its headquarters in Bremen, Energiekontor has offices in Bremerhaven, Hagen im Bremischen, Aachen, Augsburg, Berlin, Berlin-­ Spandau, Potsdam and Hildesheim. Energiekontor also has branch offices in England, Scotland, Portugal, France and the United States.

Energiekontor AG (WKN 531350/ISIN DE0005313506/General Standard) is listed on the SDAX and the TecDAX of the German Stock Exchange in Frankfurt and can be traded on all German stock markets.

>160

realised wind and solar parks

~1.4 GW

total generation capacity

€241.8

million

sales in 2023

€95.5

million

EBT in 2023

>220

employees in 2023

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Annual Report 2023  •Brief portrait

The top key figures

Group

1 The international IFRS accounting standards result in various differences compared to German commercial law that have a negative impact on the Group's equity ratio. Among other things, the implementation of IAS 32, according to which limited partners' capital is generally recognised as debt rather than equity, means that non-controlling interests in both wind and solar park operating compa- nies intended to remain in the Group in the long term and in project companies intended for sale must be recognised by the Group as third-party liabilities. Neutralising these differences under IFRS would result in the notional equity ratio stated.

~52%

EBT growth in 2023

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Annual Report 2023  •The top key figures

5

Annual Report 2023  •Shaping the future together worldwide

Germany

32

wind and solar parks

• Approx. 291 MW

Osterende

Flögeln, Krempel (I & II)

Debstedt

Alfstedt + Alfstedt COWP

Oerel (I & II) + Oerel COWP

Thüle

Mauritz

Geldern

Wegberg Repowering

Beckum III

Halde Nierchen (I & II)

Kreuzau-Steinkaul

Nordleda

Balje-Hörne II

Kajedeich

Breitendeich

Prenzlau

Briest + Briest II

Garzau-Garzin (I & II) (solar)

Altlüdersdorf

Jacobsdorf

Hanstedt-Wriedel

+ Extension

Giersleben

United Kingdom

3

wind parks

• Approx. 60 MW

Hyndburn

Withernwick

New Rides

Portugal

4

wind parks

• Approx. 38 MW

Mafomedes

Penedo Ruivo

Marão

Montemuro

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Annual Report 2023  •Group-owned wind and solar parks

Peter Szabo

Chairman of the

Management Board

Appointed until end of 2024

Peter Szabo (Dipl.-Kaufmann, born 1965, German citizen) joined the company at the time of Energiekontor AG's IPO in 2000 and took over the management of the central subsidiaries. Prior to that, he worked as a management consultant and in a senior position in project development in the property sector.

In 2003, he was appointed to the Management Board of Energiekontor AG, which he has headed as Chairman since 2011. In addition to his general duties as CEO, Peter Szabo is responsible in particular for foreign markets, Finance & Controlling, Investor & Public Relations, Sales and ESG (Environment,­ Social and Governance).

Günter Eschen

Member of the

Management Board

Appointed until

June 2024

Günter Eschen (Dipl.-Ingenieur, born 1962, German­ citizen) joined Energiekontor in mid-2011 as a managing director and took over the management of project development in Germany. Prior to that, he held a management position in project development for hotel, leisure and retail properties.

Günter Eschen was appointed to the Management Board of Energiekontor AG in July 2015. In addition to general Management Board duties, he is responsible in particular for business in North Rhine-West- phalia, Brandenburg-West and Brandenburg-East.

Since January 2023, he has also overseen business in Lower Saxony-South and Lower Saxony-North.

Carsten Schwarz

Member of the

Management Board

Appointed until end of 2025

Carsten Schwarz (Dipl.-Ingenieur, born 1983, German citizen) started working for Energiekontor in January 2015, when he was tasked with setting up a new team for the operational management of the Group's own wind parks in Hagen im Bremischen. He has been a member of the Management Board since October 2016, later becoming Managing Director of Energiekontor Management GmbH and numerous wind park general partner companies in March 2017. Previously, Carsten Schwarz was head of logistics for a major organisation with several thousand vehicles.

Since June 2020, Carsten Schwarz has been responsible for operations management, the development of the Group's own parks, innovation and the Engineering, Procurement, Construction (EPC) division as a member of the Management Board of Energiekontor AG.

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Annual Report 2023  •Management Board

Dr. Bodo

Wilkens

Chairman of the Supervisory Board, member of the Audit Committee

Appointed until 2028

Dr Bodo Wilkens (Dipl.-Wirtschaftsingenieur, born 1957, German citizen) spent several years working for the Electricity Association and a

consulting­ firm after completing his doctor- ate, before partnering with Günter Lammers to

found today's­ Energiekontor AG in 1990.

Dr Bodo Wilkens was Chairman of the Management Board of Energiekontor AG until 2003. He then moved to the company's Supervisory Board, where he has held the position of Chairman ever since.

Günter

Lammers

Deputy Chairman of the Supervisory Board, member of the Audit Committee

Appointed until 2028

Günter Lammers (businessman, born 1958, German citizen) founded today's Energiekontor AG with Dr Bodo Wilkens in 1990 after working as a social worker and managing an organic trade company.

Günter Lammers was a member of the Management Board of Energiekontor AG until 2003. He then moved to the company's Supervisory Board, where he has held the position of Deputy Chairman ever since.

Darius Oliver

Kianzad

Member of the

Supervisory Board,

Chairman of the

Audit Committee

Appointed until 2028

Darius Oliver Kianzad (Dipl.-Volkswirt, born 1965, German citizen) has many years of professional experience, including management positions at banks and auditing firms. Since 2010, he has been Managing Partner at Clairfield International GmbH in Düsseldorf, an international financial services company, where he is responsible for the M&A business for the energy industry and the healthcare services sector.

Darius Oliver Kianzad has been a member of the Supervisory Board of Energiekontor AG since 2013.

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Annual Report 2023  •Supervisory Board

Dear shareholders, dear business partners, dear friends of the company,

2023 was another challenging financial year, featuring multiple geopolitical crises and a persistently tough market environment. That is why we are particularly proud to look back on an extremely successful 2023 financial year.

With Group earnings before taxes (EBT) increasing by more than half to 95.5 million euros (2022: 62.9 million euros), we achieved our earnings forecast, which was last raised in December 2023. At the upper end of the range of 80 to 100 million euros, we once again posted a historic record result. EBT in the project development and sales segment alone exceeded the previous year's total Group EBT to stand at 64.1 million euros (2022: 62.9 million euros). The power generation in Group-owned wind and solar parks and operation development, innovation and others segments generated segment EBT of

1. million euros (2022: 30.0 million euros) and 3.6 mil- lion euros (2022: 4.5 million euros) respectively. Undiluted earnings per share increased by around 90 percent and amounted to 5.97 euros in the 2023 financial year (2022:

1. euros).

Please allow us to take a moment to highlight the following developments in the 2023 financial year:

• The successful conclusion of sales agreements for four wind park projects in Germany and the United Kingdom and one solar park project with a total gen- eration capacity of around 162 megawatts (2022: 96 megawatts).
• The commissioning of six wind parks and one solar park with a total generation capacity of more than 76 megawatts (2022: 94 megawatts). With the excep- tion of one wind park in the company's own portfolio, all commissioning activities related to projects sold in Germany.
• Seven wind parks and two solar parks with a total generation capacity of around 316 megawatts were under construction or had purchase agreements or concluded financing arrangements in place (2022:
  165 megawatts).
• In addition, a large number of building permits was granted for a total generation capacity of around 748 megawatts (2022: 750 megawatts). Almost half of this volume relates to the UK project business, with the other half concerning German projects. In the first quarter of 2024, we received two further building per- mits for wind park projects in Germany and two for solar park projects in France.

• We successfully participated in wind tenders organ- ised by the German Federal Network Agency for 15 wind turbines in Germany with a total generation capacity of around 75 megawatts.
• Despite the shutdowns of the Jacobsdorf wind park (in 2023 for the whole year until February 2024) and Alfstedt wind park (since mid-October 2023), gross electricity generation in the Group-owned park seg- ment increased significantly once again (around
  635 gigawatt-hours in 2023 compared to around 550 gigawatt-hours in 2022). The rise was primarily due to our ongoing operational measures to increase production.
• Lower electricity prices on the spot market, which we were able to counter with direct marketing and private power purchase agreements (PPAs) to secure ade- quate price levels, had an offsetting effect. The EEG remuneration for three parks expired in the 2023 fi- nancial year. We were able to agree short-term PPAs at attractive conditions until the end of 2024 for these and a total of 20 parks in our own portfolio. We have also secured PPAs for eleven parks until the end of 2025. We have concluded direct marketing contracts with fixed remuneration for seven parks until the end of 2025.

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Annual Report 2023  •Letter to the shareholders

Our foreign markets also developed favourably:

• With six wind park projects now sold offering a total generation capacity of around 230 megawatts, as well as approvals for further wind park projects and a solar park project with a total generation capacity of around
  370 megawatts, the United Kingdom has firmly es- tablished itself as a core market. One of the projects sold was already commissioned in the 2023 financial year, with further commissioning scheduled for the
  2024 financial year. We also expect to receive addi- tional building permits.
• It is also worth mentioning that five Scottish wind park projects with a total generation capacity of more than 240 megawatts were awarded contracts for difference
  (CFD) in the fifth tender round of the UK Department for Energy Security and Net Zero (DESNZ) in the
  2023 financial year; the attractive exercise price of these contracts is indexed annually to inflation and has no upper limit. The contracts have a term of 15 years.
• In France, further projects were submitted for approval in the 2023 financial year. We received the first two building permits for two solar park projects in the first quarter of 2024, with more set to follow.

Despite the challenging conditions, we succeeded in expanding our attractive and valuable project pipeline by more than 1 gigawatt once again in the financial year. The project pipeline totalled around 10.7 gigawatts (excluding US project rights) (2022: 9.6 gigawatts). More than 2.3 gigawatts of this volume is already at an advanced stage of project development and therefore form the basis for short- and medium-term growth. We were also able to broaden our technological diversification as planned. More than a third of all projects now involve solar power.

Dividend proposal increased

We naturally want you, our shareholders, to continue to benefit from the successful development of our company in the past financial year. As a result, we will propose to the Annual General Meeting on 29 May 2024 in Rit- terhude that around 30 percent of Energiekontor AG's balance sheet profits be distributed as a dividend, as in the previous year. The proposed distribution corresponds to a dividend of 1.20 euros per share (2022: 1.00 euro).

2024 financial year: an important building block for the 2023 to 2028 growth strategy

As you know, the availability of wind turbines and other major components is currently limited. In combination with long lead times from turbine and component manufacturers, that development is causing a noticeable increase in realisation times in project business. Against this backdrop, we assume that we will not be able to commission most of the projects currently under construction, and the projects for which financial closing is planned in 2024, until sometime in the following two years. As a result, the earnings potential from these projects is not expected to be fully realised in the 2024 financial year and will largely be postponed until 2025 and 2026.

In the 2024 financial year, we intend to generate a large proportion of Group EBT primarily from several project sales in the United Kingdom, as planned. However, the local grid operator recently announced possible delays in the expansion of the supra-regional grids, which is why potential shifts in results cannot be ruled out here either.

In view of the wind park project in the United Kingdom that was successfully sold in December 2023 and the market environment described above, we assume that Group EBT for the 2024 financial year will be significantly lower than the Group EBT for 2023. However, any shifts in earnings will materialise in the 2025 and 2026 financial years. In those two financial years, they will lead to an increase in EBT that exceeds the linear annual growth trajectory described in the 2023 to 2028 growth strategy, which aims for earnings of around 120 million euros in the 2028 financial year.

The current transitional phase gives us the opportunity to set another important course for achieving our five-year strategy. Our project pipeline is full to bursting, with over two gigawatts of these projects already in the late-stage project realisation phases. Two German solar parks, which are to be included in the Group's own portfolio, are already under construction. Financial closing is planned this financial year for projects totalling several hundred megawatts. These are also intended for our own portfolio and also include both solar park projects in France, for which we have received the first building permits. In addition to our important project development and sales segment, we will position the other two segments even more broadly so as to create a stable foundation for further growth.

Biggest success factor: our employees

Energiekontor's greatest success factor is and remains our employees. Without their expertise, commitment and dedication, Energiekontor would not be as successful a business. The whole Management Board would like to express its sincere gratitude and appreciation to them.

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Annual Report 2023  •Letter to the shareholders