Photon Energy N.V.

Monthly Report for April 2023

For the period from 1 to 30 April 2023

Photon Energy N.V.

Monthly Report for April 2023

1. Information on the Occurrence of Trends and Events in the Market Environment of the Issuer, which in the Issuer's Opinion may have Important Consequences in the Future for the Financial Condition and Results of the Issuer

1.1 Production Results of Photon Energy's Power Plants in the Reporting Period

The Company reports 35.3 GWh of electricity produced YTD compared to 37.5 GWh one year ago (-5.8%). This represents an avoidance of 14,952 tonnes of CO2e emissions year-to-date.

In April, the electricity generated by our proprietary portfolio were short of estimates by -17.6%. For more information, please refer to chapter 2. Proprietary PV power plants.

1.2 Photon Energy Commissions Three Additional PV Power Plants in Romania, another Two After the Reporting Period

During the reporting period, the Company completed and grid- connected three PV power plants near Calafat in Romania's Dolj County. The combined generation capacity of the new installations is 6.0 MWp. High-efficiency bifacial solar modules mounted on single-axis trackers will deliver around 9.6 GWh of renewable energy annually to the grid of Distribuție Energie Oltenia..

After the reporting period, another two power plants with a total capacity of 9.5 MWp were commissioned in Aiud (4.73 MWp) and Teius (4.73 MWp). The electricity generated will be sold on the energy market on a merchant basis, without any support or a power purchase agreement with an energy offtaker.

The power plants mark another important step in our efforts to grow our IPP portfolio, while representing a true milestone for Photon Energy in the Romanian renewable energy market, where we plan to commission an additional capacity of around 10 MWp, expanding our IPP portfolio to over 120 MWp in the coming weeks. As of the end of the reporting period, the Company's IPP portfolio included 92 solar power plants, with a combined generation capacity of 103.6 MWp and as of the publication date 94 solar power plants, with a combined generation capacity of 113.1 MWp.

1.4 imug rating renews its ESG rating of 'very good'

After the reporting period, the Company announced that it has received a "very good" sustainability rating for its ESG practices and business model from imug rating, an independent institution that assessed the Company's policies and activities in the area of sus- tainability. imug rating renewed its rating of 'very good', attributed based on the following scale: weak, moderate, good, very good, excellent, two years after an initial evaluation con-ducted in May 2021. imug rating is one of the leading sustainability rating agencies in Germany and a specialist in ESG research. imug rating has been active in the fields of sustainable finance and socially responsible investment for over 25 years. Its references include major asset managers and alternative banks as well as institutional investors and NGOs. We are proud that our ESG practices have been rated 'very good' by imug rating. This validates our strategy, which sees sustainability as a key driver of value creation for our Company. Since it is our mission to make a positive societal contribution through a strong focus on sustain-ability, we attach much value to this rating as a demonstration of our commitment to transparency and trustworthiness to our stakeholders.

In April 2023, the Company released its third annual sustainability report, formally expressing the Company's commitment to delivering sustainable outcomes.

1.5 Photon Energy Group Announces the Resignation of Andrej Horansky as CFO

The Management Board of Photon Energy Group announced the departure of Andrej Horansky from his position as Group CFO. The Group's CEO Georg Hotar will assume CFO responsibilities on an interim basis until a new Group CFO is appointed, with the recruitment process to be initiated soon.

1.3 Convocation of the Annual General Meeting of Shareholders on 21 June 2023

The Company's Annual General Meeting of Shareholders will be held on 21 June 2023. The full set of documents related to this meeting is available in the Corporate Governance section of our Investor relations page at https://www.photonenergy.com/en/in- vestor-relations.html

1.6 Reporting on Photon Energy's Project Pipeline

Photon Energy is currently developing PV projects in Australia (309.8 MWp), Hungary (78.8 MWp), Poland (313.1 MWp), and Ro- mania (239.0 MWp) and is evaluating further markets for opportu- nities. For detailed information, please refer to chapter 3 "Reporting on Photon Energy's project pipeline".

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

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Photon Energy N.V.

Monthly Report for April 2023

2. Proprietary PV Power Plants

The table below represents power plants owned directly or indirectly by Photon Energy N.V. as of the date of the report.

Table 1. Production Results in April 2023

Project name

Unit

Komorovice

Zvíkov I

Dolní Dvořiště

Svatoslav

Slavkov

Mostkovice SPV 1

Mostkovice SPV 3

Zdice I

Zdice II

Radvanice

Břeclav rooftop

Total Czech PP

Babiná II

Babina III

Prša I.

Blatna

Mokra Luka 1

Mokra Luka 2

Jovice 1

Jovice 2

Brestovec

Polianka

Myjava

Total Slovak PP

Tiszakécske 1

Tiszakécske 2

Tiszakécske 3

Tiszakécske 4

Tiszakécske 5

Tiszakécske 6

Tiszakécske 7

Tiszakécske 8

Almásfüzitő 1

Almásfüzitő 2

Almásfüzitő 3

Almásfüzitő 4

Almásfüzitő 5

Almásfüzitő 6

Almásfüzitő 7

Almásfüzitő 8

Nagyecsed 1

Nagyecsed 2

Nagyecsed 3

Fertod I

Fertod II No 2

Fertod II No 3

Fertod II No 4

Capacity

Revenue1

kWp

per MWh,

in April

2,354

685 EUR

2,031

685 EUR

1,645

685 EUR

1,231

685 EUR

1,159

685 EUR

210

593 EUR

926

740 EUR

1,499

685 EUR

1,499

685 EUR

2,305

685 EUR

137

596 EUR

14,996

999

271 EUR

999

271 EUR

999

270 EUR

700

273 EUR

963

258 EUR

963

257 EUR

979

263 EUR

979

263 EUR

850

257 EUR

999

261 EUR

999

259 EUR

10,429

689

91 EUR

689

92 EUR

689

92 EUR

689

92 EUR

689

92 EUR

689

91 EUR

689

91 EUR

689

92 EUR

695

90 EUR

695

90 EUR

695

90 EUR

695

90 EUR

695

90 EUR

660

90 EUR

691

90 EUR

668

90 EUR

689

93 EUR

689

93 EUR

689

93 EUR

528

88 EUR

699

89 EUR

699

89 EUR

699

89 EUR

Prod. 2023

Proj. 2023

Perf.

April

April

kWh

kWh

%

217,567

306,552

-29.0%

198,492

276,329

-28.2%

135,885

194,916

-30.3%

96,697

139,669

-30.8%

121,942

161,253

-24.4%

20,465

26,707

-23.4%

93,412

119,880

-22.1%

151,275

206,661

-26.8%

152,286

209,335

-27.3%

253,523

303,619

-16.5%

14,236

18,565

-23.3%

1,455,780

1,963,484

-25.9%

84,797

104,964

-19.2%

84,726

106,558

-20.5%

90,452

110,587

-18.2%

68,600

80,991

-15.3%

100,998

120,601

-16.3%

101,650

127,072

-20.0%

77,722

98,016

-20.7%

76,358

97,739

-21.9%

93,128

118,715

-21.6%

85,264

110,052

-22.5%

102,536

128,062

-19.9%

966,230

1,203,356

-19.7%

76,343

95,195

-19.8%

76,675

95,195

-19.5%

75,152

95,195

-21.1%

76,778

95,195

-19.3%

76,390

95,195

-19.8%

76,454

95,195

-19.7%

76,562

95,195

-19.6%

76,069

95,195

-20.1%

79,575

92,999

-14.4%

77,619

90,333

-14.1%

76,907

90,172

-14.7%

79,919

93,112

-14.2%

80,527

94,388

-14.7%

80,281

93,857

-14.5%

80,339

93,421

-14.0%

81,092

91,909

-11.8%

82,136

87,954

-6.6%

81,575

87,954

-7.3%

81,368

88,116

-7.7%

65,415

68,898

-5.1%

82,865

92,368

-10.3%

82,796

91,954

-10.0%

82,633

91,228

-9.4%

YTD Prod.

YTD Proj.

Perf.

YTD YoY

kWh

kWh

%

%

586,195

717,838

-18.3%

-21.5%

551,850

682,948

-19.2%

-20.8%

383,483

466,887

-17.9%

-17.0%

269,022

328,889

-18.2%

-20.4%

330,638

396,181

-16.5%

-22.7%

55,446

64,103

-13.5%

-21.0%

249,655

284,934

-12.4%

-20.5%

411,232

495,043

-16.9%

-19.2%

412,233

504,952

-18.4%

-20.7%

628,537

717,746

-12.4%

-19.3%

38,241

46,331

-17.5%

-24.4%

3,916,532

4,705,852

-16.8%

-20.3%

229,822

255,975

-10.2%

-18.2%

195,727

260,873

-25.0%

-29.9%

244,591

274,791

-11.0%

-17.6%

170,417

190,898

-10.7%

-15.1%

315,233

342,176

-7.9%

-17.8%

323,203

356,489

-9.3%

-18.2%

221,827

239,655

-7.4%

-11.6%

215,858

238,324

-9.4%

-13.2%

251,118

300,205

-16.4%

-23.8%

219,909

256,375

-14.2%

-20.8%

269,976

314,127

-14.1%

-20.4%

2,657,681

3,029,887

-12.3%

-19.0%

234,102

249,164

-6.0%

-12.8%

236,340

249,164

-5.1%

-12.8%

223,409

249,164

-10.3%

-12.4%

237,605

249,164

-4.6%

-11.2%

234,826

249,164

-5.8%

-12.6%

235,181

249,164

-5.6%

-12.9%

235,815

249,164

-5.4%

-12.8%

232,624

249,164

-6.6%

-11.4%

223,975

243,415

-8.0%

-13.1%

217,403

236,437

-8.1%

-12.7%

218,870

236,016

-7.3%

-13.6%

224,740

243,712

-7.8%

-12.9%

230,600

247,051

-6.7%

-13.4%

228,120

245,660

-7.1%

-13.1%

227,527

244,521

-7.0%

-12.9%

227,312

240,563

-5.5%

-12.5%

228,898

232,940

-1.7%

-7.3%

227,875

232,940

-2.2%

-7.3%

226,510

232,905

-2.7%

-9.0%

174,519

180,333

-3.2%

-15.4%

227,961

241,763

-5.7%

-15.2%

228,154

240,679

-5.2%

-15.1%

227,434

238,781

-4.8%

-15.4%

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

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Photon Energy N.V.

Monthly Report for April 2023

Project name

Unit

Fertod II No 5

Fertod II No 6

Kunszentmárton I No 1

Kunszentmárton I No 2

Kunszentmárton II No 1

Kunszentmárton II No 2

Taszár 1

Taszár 2

Taszár 3

Monor 1

Monor 2

Monor 3

Monor 4

Monor 5

Monor 6

Monor 7

Monor 8

Tata 1

Tata 2

Tata 3

Tata 4

Tata 5

Tata 6

Tata 7

Tata 8

Malyi 1

Malyi 2

Malyi 3

Puspokladány 1

Puspokladány 2

Puspokladány 3

Puspokladány 4

Puspokladány 5

Puspokladány 6

Puspokladány 7

Puspokladány 8

Puspokladány 9

Puspokladány 10

Tolna 1

Tolna 2

Total Hungarian PP

Siria

Total Romanian PP

Symonston

Leeton

Fivebough

Total Australian PP

Total

Capacity

Revenue

kWp

per MWh,

in April

691

89 EUR

699

89 EUR

697

91 EUR

697

91 EUR

693

92 EUR

693

91 EUR

701

91 EUR

701

90 EUR

701

90 EUR

688

93 EUR

696

93 EUR

696

93 EUR

696

93 EUR

688

93 EUR

696

93 EUR

696

93 EUR

696

93 EUR

672

93 EUR

676

91 EUR

667

91 EUR

672

93 EUR

672

93 EUR

672

93 EUR

672

93 EUR

672

93 EUR

695

93 EUR

695

93 EUR

695

93 EUR

1,406

107 EUR

1,420

93 EUR

1,420

93 EUR

1,406

93 EUR

1,420

93 EUR

1,394

107 EUR

1,406

107 EUR

1,420

93 EUR

1,406

107 EUR

1,420

93 EUR

1,358

93 EUR

1,358

93 EUR

51,814

5,691

131 EUR

5,691

144

212 EUR

7,261

61 EUR

7,261

61 EUR

14,744

97,596

Prod. 2023

Proj. 2023

Perf.

April

April

kWh

kWh

%

82,336

90,304

-8.8%

82,446

90,948

-9.3%

78,495

98,733

-20.5%

78,209

98,733

-20.8%

79,628

95,174

-16.3%

80,164

95,174

-15.8%

79,972

86,007

-7.0%

79,890

87,311

-8.5%

79,584

87,549

-9.1%

77,242

94,616

-18.4%

78,623

93,585

-16.0%

79,204

94,682

-16.3%

78,547

94,600

-17.0%

78,729

90,923

-13.4%

79,176

94,493

-16.2%

78,775

94,356

-16.5%

79,108

95,085

-16.8%

85,115

103,592

-17.8%

76,021

103,972

-26.9%

75,975

103,972

-26.9%

86,335

105,406

-18.1%

86,885

103,972

-16.4%

86,785

101,348

-14.4%

86,142

103,972

-17.1%

86,998

105,539

-17.6%

76,824

88,940

-13.6%

76,884

89,027

-13.6%

77,061

89,027

-13.4%

170,367

223,618

-23.8%

171,167

231,304

-26.0%

170,327

227,188

-25.0%

170,975

221,385

-22.8%

174,484

227,556

-23.3%

169,341

220,173

-23.1%

169,962

226,155

-24.8%

171,360

227,792

-24.8%

170,722

226,489

-24.6%

171,606

227,458

-24.6%

183,594

232,400

-21.0%

189,991

236,317

-19.6%

6,140,522

7,519,097

-18.3%

706,630

851,041

-17.0%

706,630

851,041

-17.0%

9,400

11,609

-100.0%

994,480

1,065,467

-6.7%

988,460

1,050,475

-5.9%

1,992,340

2,127,551

-6.8%

11,261,502

13,664,529

-17.6%

YTD Prod.

YTD Proj.

Perf.

YTD YoY

kWh

kWh

%

%

225,964

236,362

-4.4%

-15.3%

226,878

238,047

-4.7%

-15.3%

247,539

258,424

-4.2%

-11.7%

244,426

258,424

-5.4%

-11.1%

228,004

249,110

-8.5%

-19.3%

250,667

249,110

0.6%

-11.3%

237,541

225,114

5.5%

-15.8%

233,950

228,528

2.4%

-17.3%

236,826

229,151

3.3%

-16.1%

244,389

247,649

-1.3%

-12.3%

236,548

244,949

-3.4%

-13.2%

239,283

247,820

-3.4%

-13.9%

238,455

247,606

-3.7%

-13.9%

240,104

237,983

0.9%

-13.6%

240,026

247,327

-3.0%

-13.8%

238,144

246,967

-3.6%

-13.6%

240,029

248,876

-3.6%

-14.0%

222,629

271,142

-17.9%

-13.8%

210,577

272,135

-22.6%

-16.0%

210,841

272,135

-22.5%

-16.2%

225,579

275,890

-18.2%

-14.7%

225,409

272,135

-17.2%

-13.5%

216,910

265,269

-18.2%

-17.1%

215,418

272,135

-20.8%

-17.1%

219,517

276,239

-20.5%

-17.2%

223,246

230,764

-3.3%

-13.1%

223,947

231,105

-3.1%

-13.4%

224,735

231,105

-2.8%

-13.3%

453,486

585,299

-22.5%

-16.1%

484,117

605,416

-20.0%

-14.0%

484,049

594,643

-18.6%

-11.9%

463,742

579,453

-20.0%

-15.3%

496,427

595,605

-16.7%

-11.8%

471,591

576,281

-18.2%

-13.3%

479,105

591,939

-19.1%

-12.4%

483,929

596,223

-18.8%

-11.9%

480,727

592,812

-18.9%

-12.1%

484,587

595,349

-18.6%

-11.8%

503,641

608,285

-17.2%

-14.4%

515,896

618,536

-16.6%

na

17,478,672

19,682,369

-11.2%

-10.9%

1,104,110

1,253,011

-11.9%

na

1,104,110

1,253,011

-11.9%

na

54,800

60,463

-9.4%

-2.7%

5,211,480

5,339,329

-2.4%

7.5%

4,923,460

5,283,357

-6.8%

2.3%

10,180,340

10,683,149

-4.7%

4.8%

35,346,735

39,354,268

-10.2%

-5.8%

Notes:

Capacity: installed capacity of the power plant

Prod.: production in the reporting month - Proj.: projection in the reporting month

Perf.: performance of the power plant in reporting month i.e. (production in Month / projection for Month) - 1.

YTD Prod.: accumulated production year-to-date i.e. from January until the end of the reporting month.

YTD Proj.: accumulated projection year-to-date i.e. from January until the end of the reporting month.

Perf. YTD: performance of the power plant year-to-date i.e. (YTD prod. in 2023 / YTD proj. in 2023) - 1.

YTD YOY: (YTD Prod. in 2023 / YTD Prod. in 2022) - 1.

  • 1 - Green Bonus + realized electricity price during the reporting period in the Czech Re- public.

  • Realized electricity price in Hungary.
  • Realized electricity price + Australian Large-scale Generation Certificate spot closing price in Australia.

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands

Corporate number: 51447126 | VAT number: NL850020827B01 | +31 202 402 570 |

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Chart 1.a Total Production of the Czech Portfolio

MWhin

6,000

5,000

production

4,000

3,000

Cumulative

2,000

1,000

0

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Q1 April

Monthly Report for April 2023

Chart 1.b Total Production of the Slovak Portfolio

MWhin

6,000

5,000

production

4,000

3,000

Cumulative

2,000

1,000

0

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Q1 April

Chart 1.c Total Production of Hungarian Portfolio

20,000

MWh

18,000

16,000

in

14,000

production

8,000

12,000

Cumulative

10,000

6,000

4,000

2,000

0

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Q1 April

The Company reports 35.3 GWh of electricity produced YTD compared to 37.5 GWh one year ago (-5.8%). This represents an avoidance of 14,952 tonnes of CO2e emissions year-to-date.

In April, the electricity generated by our proprietary portfolio were short of estimates by -17.6%. Our Czech, Slovak, Hungarian, Ro- manian and Australian portfolios were short of estimates by - 25.9%, -19.7%,-18.3%,-17.0% and -6.4% respectively.

Chart 1.d Total Production of Australian Portfolio

20,000

MWhin

18,000

14,000

production

16,000

12,000

10,000

8,000

Cumulative

6,000

0

4,000

2,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Q1 April

The specific performance ratio of the proprietary portfolio (SPR) reached 115.4 kWh/kWp compared to 119.5 kWh/kWp one year ago (-3.4%year-on year).

Production data for the newly connected power plants in Calafat, Romania will be presented after first month of full production in the Monthly Report for May.

Production data for the newly connected power plants in Aiud and Teius, Romania will be presented after first month of full production in the Monthly Report for June.

Table 2. Estimated Revenues from Electricity Generation in April 2023*

Portfolio

Unit

Czech Republic

Slovakia**

Hungary

Romania

Australia

Capacity

Prod. April

Avg. Revenue

April

MWp

MWh

EUR/MWh

15.0

1,456

687

10.4

966

263

51.8

6,141

94

5.7

707

131

14.7

1,992

62

Total Revenue April

In Euro thousand

1,000

182

574

92

123

YTD Avg.

Revenue

EUR/MWh, in 2023

684

263

113

116

71

YTD Revenue

In Euro thousand

2,680

507

1,983

128

722

Total Portfolio

97.6

11,262

182

1,972176

6,020

  • Estimates for revenues are based on management reporting and may deviate from published financial statements due to exchange rates.
  • Slovak joint-ventures SK SPV 1 s.r.o., Solarpark Polianka s.r.o., and Solarpark Myjava s.r.o. are consolidated at equity only and therefore not presented in the above table.

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Photon Energy NV published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 15:36:10 UTC.