European Energy A/S

European Energy A/S: Q1 2025 report

Company announcement 8/2025 (28.05.2025)

European Energy announces its financial report for the first quarter of 2025.

Highlights:

• Q1 2025 EBITDA: European Energy delivered a solid result with a Q1 2025 EBITDA reaching EUR 45.9m, an increase of EUR 49.6m compared with Q1 2024, mainly as a result of more sales of energy parks and ready to build (RTB) projects.
• Solid project divestments: in Q1 2025, European Energy divested energy parks and projects totaling EUR 165.6m (Q1 2024: EUR 4.2m). The total capacity of divested solar energy parks amounted to 1.169 MW (Q1 2024: 0MW), of which 956 MW was a RTB project in the US and 213 MW was a forward sale in Denmark. Gross profit from the sale of energy parks and projects totalled EUR 48.9m (Q1 2024: EUR -7.9m), reflecting solid sales margins.
• Power production and sales: The total power production in Q1 2025 yielded 496 GWh, a decrease of 59 GWh or 11% compared to Q1 2024. Gross profit from sale of energy in Q1 2025 amounted to EUR 15.6m, a decrease of 11% compared to Q1 2024, mainly as the result of the beforementioned lower production.
• Power to X (PtX) projects progressing well: European Energy’s Kassø e-methanol facility in Denmark continued the production preparations during the first quarter. In April, the Kassø facility produced industry-grade e-methanol for the first time and was certified as producing e-methanol under the EU’s new sustainability framework for renewable fuels (ISCC EURFNBO standard). On May 13^th, the facility was officially inaugurated and is now supplying e-methanol to A P Moller-Maersk, Novo Nordisk and the Lego group as offtakers.

• Comfortable funding status: European Energy ended Q1 2025 with a unrestricted cash position of EUR 189m and undrawn committed revolving credit facilities of EUR 93m leaving European Energy comfortably funded.
• 2025 financial outlook: On 28 February 2025, the Group announced its financial outlook for 2025 with EBITDA expected in the range of EUR 200-300m for 2025. We maintain this expectation as our Q1 2025 EBITDA was in line with own expectations and plans for the remaining year supports this target.

For further information, please contact Investor Relations:

investor.relations@europeanenergy.com

This announcement has been made in accordance with the market abuse regulation (regulation (EU) no. 596/2014 on market abuse).

Attachment

• Interim report Q1 2025