PannErgy : Quarterly production report

PannErgy Nyrt.

QUARTERLY PRODUCTION REPORT Q2 2025

15 July 2025

Introduction

PannErgy Nyrt. publishes a production report on a quarterly basis, presenting its production and utilisation of green energy. In its report, in addition to other useful information, PannErgy presents the green heat sales figures of its key geothermal energy production systems in the reporting period.

In its extraordinary publication of 1 October 2024, the Company informed the public that the regulated district heating producer tariffs to be applied from 1 October 2024 - also applicable to subsidiaries subject to PannErgy's district heating price regulation - were announced by the Minister of Energy in his Decree No. 16/2024 (IX. 30.) (hereinafter: "Decree") published in volume 98 of 2024 of the Magyar Közlöny (the Hungarian Official Journal). In contrast to previous practice, the Regulation set district heating producer tariffs not only in the form of a sales heat tariff for the heat volume sold, but also in the form of a split heat supply tariff for the heat volume sold, and a monthly supplier base tariff, i.e. using a so-called two-element pricing system:

With the introduction of the two-element pricing referred to above,

• the sustainable profitability of the Company - derived from the regulatory pricing - becomes more predictable;
• the impact on the Company's profitability due to changes in the demand for heat affected by the regulatory pricing (e.g. the weather) is minimised;
• in the case of lower heat supply tariff (HUF/GJ) and higher supplier base tariff in the fourth quarter of the year compared to other quarters, the weight and share of the first half of the year in the operating profit generation capacity decreases in the financial year, while it increases in the second half of the year.

1. Consolidated production information

   
   
   

   Figure 1

   Consolidated volume of heat sold (GJ)

   The chart presents the aggregate volume of heat sold across all operational projects, in a monthly breakdown

   	2021	2022	2023	2024	2025	2025 TARGET
   January	221,966	197,923	232,696	225,521	241,489
   February	194,173	199,600	193,989	206,080	196,147
   March	211,762	209,267	211,365	214,659	233,192
   Q1	627,901	606,790	638,050	646,259	670,828	653,982
   April	192,053	207,861	192,834	159,116	154,333
   May	96,333	78,637	92,125	68,687	104,216
   June	38,595	58,955	56,645	52,745	52,522
   Q2	326,981	345,453	341,604	280,548	311,071	287,272
   July	42,919	56,299	50,385	47,662
   August	48,023	54,838	50,659	47,099
   September	53,870	90,033	53,905	68,343
   Q3	144,812	201,170	154,949	163,104	0	163,099
   October	180,427	179,453	133,450	209,679
   November	197,872	224,871	208,031	224,674
   December	221,198	226,770	229,190	242,321
   Q4	599,497	631,094	570,671	676,675	0	666,246
   Total	1,699,190	1,784,507	1,705,274	1,766,586	981,899	1,770,598

   Figure 2

   Consolidated actual and target volumes of heat sold, in a table format (GJ)

   
   
   

   Figure 3 Average temperatures

   The weather in the period under review was colder compared to the corresponding period in 2024, mainly due to the weather in May, while the Group-level geothermal heat sales potential was similar to the average of recent years.

   A comparison of the 2025 Q2 heat sales figures with the average values of the corresponding period in historical years indicates that PannErgy achieved average heat sales in the period under review, while exceeding both the heat sales of the base period and the target for the period. PannErgy surpassed the quarterly target by approximately 8.3% and the base period sales by approximately 10.9%.

   In view of the information presented in this production report, PannErgy maintains the previously published (15 January 2025) consolidated EBITDA target range of HUF 4,000-4,150 million for the 2024 business year.

2. Key projects Miskolc Geothermal Project

(Miskolci Geotermia Kft., Kuala Kft.)

Figure 4

Volume of heat sold in Miskolc (GJ)

The Geothermal System of Miskolc sold a total of 141,115 GJ of thermal energy in 2025 Q2, exceeding the heat sales achieved in the same period in 2024 significantly, by 21.0%. The primary reasons for the increase are the stable heat input from the new (third) production well launched at the end of 2024, and cooler weather in May.

Győr Geothermal Projects

(DD Energy Kft., Arrabona Koncessziós Kft.)

Figure 5

Volume of heat sold in Győr (GJ)

In 2025 Q2, the Geothermal System of Győr sold 167,171 GJ of thermal energy slightly below average, but 3.6%

above the heat sales achieved in the same period of 2024.