Photon Energy N : Monthly Report for May 2022

Photon Energy N.V.

Monthly Report for May 2022

For the period from 1 to 31 May 2022

Photon Energy N.V.

Monthly Report for May 2022

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 Photon Energy achieves record energy generation volume and revenues in May

The Company reports 51.3 GWh of electricity produced YTD compared to 34.3 GWh one year ago (+49.6%) propelled by the addition of two new power plants in Tolna, Hungary (1.4 MWp added in December 2021 and 1.4 MWp added in May 2022) and of our two utility-scale PV power plants in Leeton, Australia (14.6 MWp connected to the grid in August 2021). This represents an avoidance of 20,963 tonnes of CO2 emissions year-to-date.

In May 2022 Photon Energy's proprietary portfolio of PV power plants with a total installed capacity of 91.9 MWp generated its highest monthly production volume in the company's history with

13.8 GWh (+34.7% year-on-year) of renewable energy supplied to the grid. With over 80% of the portfolio selling electricity at market prices the company's energy generation revenues in May equally reached a record of EUR 3.647 million, up 69.8% year-on-year.

As in Europe, energy prices in Australia have experienced a sharp increase in recent weeks as evidenced by average revenues per MWh (including revenues for Large Generation Certificates) of EUR 181 in May 2022, compared to an average of EUR 68 and EUR 124 in March and April 2022, respectively. As a result, the Leeton and Fivebough PV power plants with a combined installed capacity of 14.5 MWp are expected to reach their budgeted revenue target of AUD 2.6 million (EUR 1.7 million) already by August 2022 and to exceed their full-year target significantly.

Photon Energy's management board reconfirms its financial guidance for consolidated revenues in 2022 to increase to EUR 65.0 million from EUR 36.4 million in 2021, representing a 78.8% increase YoY, leading to an increase of EBITDA to EUR 18.0 million from EUR 9.6 million in 2021(+87.8% YoY).

For more information, please refer to chapter 2. Proprietary PV power plants.

1.2 Photon Energy Group successfully taps its 6.50% green bond to 65 million euros

During the reporting period, the Company successfully tapped its 6.50% Green EUR Bond 2021/2027 (ISIN: DE000A3KWKY4) in the amount of EUR 10 million to a total outstanding amount of EUR 65 million. The bond tap was met with strong demand from the Company's existing bondholders including the European Bank for Reconstruction and Development ('EBRD') as well as numerous new institutional investors across Europe.

The green bond - now with a nominal value of EUR 65 million, a 2027 maturity and an interest rate of 6.50% p.a., paid quarterly - has been graded by imug | rating with regard to its sustainability by way of a Secondary Party Opinion, and is trading on the Open Market of the Frankfurt Stock Exchange since 23 November 2021.

Bankhaus Scheich Wertpapierspezialist AG, Frankfurt am Main, has acted as Sole Global Coordinator & Bookrunner for the bond placement. Multinational law firm Pinsent Masons has acted as legal advisor to the transaction.

The Company intends to use the net proceeds of the green bond placement to finance or refinance, in part or in whole, new and/or existing eligible assets, as well as financial instruments that were used to finance such projects or assets, in accordance with the Company's Green Finance Framework, enabling Photon Energy Group to make a significant contribution to an environmentally friendly future.

1.3 Photon Energy Group share receives 'Buy' recom- mendations from WOOD & Co. and IPOPEMA ana- lysts

The Company's stock has been given 'Buy' recommendations by Prague-based WOOD & Company, one of the leading brokerage companies in Central and Eastern Europe and IPOPEMA, a Po- land-based company engaged in investment banking and brokerage services. In April, the Company had received a first 'buy' recommendation by AlsterResearch, a Hamburg-based research house specialising in small and mid-caps. An overview of the ana- lysts' recommendations is available on the company's IR page:

Institution		Reco.		Target Price		Target Price		Target Price		Date
		EUR		PLN		CZK
Alster		BUY		EUR 4.10*		PLN 18.89		CZK 101	25.04.22
Research
IPOPEMA		BUY		EUR 3.16		PLN 14.58		CZK 78	24.05.22
WOOD &		BUY		EUR 3.41		PLN 15.69		CZK 84	25.05.22
Company
Consensus				EUR 3.69		PLN 17.01		CZK 91

• Prices in bold stated by research reports; other currencies included for reference.

1.4 Annual General Meeting

The company's Annual General Meeting was held in Amsterdam on 31 May 2022. During the meeting, the Annual Financial Statements for 2021, the Remuneration for 2021 and an update of the Company's Remuneration Policy were approved, the Supervisory Board of the Company was extended to three members. The minutes of the meeting can be consulted on the Company's IR page.

1.5 Reporting on Photon Energy's project pipeline

Photon Energy is currently developing PV projects in Australia (300.0 MWp), Hungary (25.8 MWp), Romania (235.4 MWp) and Poland (230.3 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 | [phone] |	photonenergy.com	2/12

Photon Energy N.V.

Monthly Report for May 2022

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 May 2022

Project name		Capacity		Revenue1	Prod. 2022		Proj. 2022		Perf.			YTD		YTD Proj.		Perf.		YTD YoY
		May		May				Prod.
Unit		kWp		per MWh,	kWh		kWh		%			kWh		kWh	%	%
		in May
Komorovice		2,354		EUR 737				328,629		316,393		3.9%			1,074,975		1,005,810		6.9%		26.5%
Zvíkov I		2,031		EUR 737				296,383		275,677		7.5%			992,754		932,409		6.5%		19.0%
Dolní Dvořiště		1,645		EUR 737				202,888		194,954		4.1%			664,985		647,888		2.6%		10.4%
Svatoslav		1,231		EUR 736				156,693		152,183		3.0%			494,695		463,324		6.8%		21.5%
Slavkov		1,159		EUR 737				176,597		167,328		5.5%		604,570	538,591	12.3%	20.4%
Mostkovice SPV 1		210		EUR 734				28,940		27,993		3.4%			99,083		89,050		11.3%		25.6%
Mostkovice SPV 3		926		EUR 781				130,687		126,277		3.5%			444,851		393,921		12.9%		23.7%
Zdice I		1,499		EUR 737				229,412		214,974		6.7%			738,234		683,523		8.0%		18.4%
Zdice II		1,499		EUR 737				232,370		217,383		6.9%			752,128		692,027		8.7%		17.1%
Radvanice		2,305		EUR 736				333,170		322,769		3.2%			1,112,360		1,002,481		11.0%		24.2%
Břeclav rooftop		137		EUR 737				21,165		19,207		10.2%			71,757		63,917		12.3%		20.8%
Total Czech PP		14,996						2,136,933		2,035,136		5.0%			7,050,390		6,512,942		8.3%		20.4%
Babiná II		999		EUR 271				129,384		121,562		6.4%			410,474		364,489		12.6%		17.1%
Babina III		999		EUR 271				128,098		122,274		4.8%			407,356		371,610		9.6%		12.9%
Prša I.		999		EUR 270				136,091		129,617		5.0%			432,768		398,965		8.5%		15.4%
Blatna		700		EUR 273				99,148		89,817		10.4%			299,766		273,964		9.4%		15.3%
Mokra Luka 1		963		EUR 258				150,207		111,387		34.9%			533,898		436,718		22.3%		19.8%
Mokra Luka 2		963		EUR 257				150,706		131,396		14.7%			545,666		470,984		15.9%		19.3%
Jovice 1		979		EUR 263				121,675		105,024		15.9%			372,546		334,439		11.4%		19.1%
Jovice 2		979		EUR 263				120,689		104,400		15.6%			369,335		331,054		11.6%		18.6%
Brestovec		850		EUR 257				127,204		122,710		3.7%			456,667		407,734		12.0%		20.4%
Polianka		999		EUR 261				131,426		123,121		6.7%			409,118		371,555		10.1%		22.1%
Myjava		999		EUR 259				146,187		139,594		4.7%		485,169	439,289	10.4%	18.8%
Total Slovak PP		10,429						1,440,814		1,300,901		10.8%			4,722,763		4,200,800		12.4%		18.2%
Tiszakécske 1		689		EUR 179				106,420		99,215		7.3%			374,917		338,836		10.6%		12.8%
Tiszakécske 2		689		EUR 179				106,741		99,350		7.4%			377,812		341,319		10.7%		12.8%
Tiszakécske 3		689		EUR 179				105,528		98,583		7.0%			360,512		330,932		8.9%		11.8%
Tiszakécske 4		689		EUR 179				106,852		99,350		7.6%			374,500		341,319		9.7%		11.4%
Tiszakécske 5			689		EUR 179				106,595		99,215		7.4%			375,352		338,836		10.8%		15.8%
Tiszakécske 6			689		EUR 179				106,444		99,350		7.1%			376,355		341,319		10.3%		12.7%
Tiszakécske 7		689		EUR 179				106,606		99,181		7.5%			377,168		338,615		11.4%		12.8%
Tiszakécske 8		689		EUR 179				106,214		99,067		7.2%			368,769		337,393		9.3%		11.3%
Almásfüzitő 1		695		EUR 179				111,837		99,397		12.5%		369,535	339,220	8.9%	13.0%
Almásfüzitő 2		695		EUR 179				109,098		99,356		9.8%			358,121		338,973		5.6%		12.5%
Almásfüzitő 3		695		EUR 179				107,809		99,197		8.7%		361,274	337,180	7.1%	13.2%
Almásfüzitő 4		695		EUR 179				112,192		99,520		12.7%			370,110		340,004		8.9%		12.7%
Almásfüzitő 5		695		EUR 179				112,820		99,249		13.7%			379,128		337,758		12.2%		13.4%
Almásfüzitő 6		660		EUR 179				112,444		95,693		17.5%		375,067	325,469	15.2%	12.9%
Almásfüzitő 7			691		EUR 179				112,387		98,732		13.8%			373,562		335,859		11.2%		13.1%
Almásfüzitő 8			668		EUR 179				113,484		96,641		17.4%			373,133		329,249		13.3%		12.7%
Nagyecsed 1			689		EUR 182				111,411		97,950		13.7%			358,423		331,591		8.1%		10.9%
Nagyecsed 2			689		EUR 182				111,184		97,950		13.5%			356,886		331,591		7.6%		9.8%
Nagyecsed 3			689		EUR 182				111,872		98,124		14.0%			360,756		331,730		8.8%		10.6%
Fertod I		528		EUR 178				84,891		75,850		11.9%			291,271		252,870		15.2%		12.5%
Fertod II No 2		699		EUR 180				110,459		102,824		7.4%			379,340		342,670		10.7%		13.9%
Fertod II No 3		699		EUR 179				109,328		102,824		6.3%			378,207		342,670		10.4%		13.0%
Fertod II No 4	699		EUR 179		109,350		102,824		6.3%	378,040	342,670	10.3%	12.9%

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands
Corporate number: 51447126 | VAT number: NL850020827B01 | [phone] |	photonenergy.com	3/12

Photon Energy N.V.														Monthly Report for May 2022
Project name		Capacity		Revenue		Prod. 2022		Proj. 2022		Perf.		YTD Prod.		YTD Proj.		Perf.		YTD YoY
		May		May
Unit		kWp		per MWh,	kWh		kWh		%		kWh		kWh	%	%
		in May
Fertod II No 5		691		EUR 179		109,393		103,096		6.1%		376,134		345,392		8.9%		13.2%
Fertod II No 6		699		EUR 179		109,268		102,824		6.3%		377,282		342,670		10.1%		13.5%
Kunszentmárton I No 1		697		EUR 180		110,801		106,561		4.0%		391,098		352,888		10.8%		11.6%
Kunszentmárton I No 2		697		EUR 180		111,282		106,566		4.4%		386,257		352,941		9.4%		11.3%
Kunszentmárton II No 1		693		EUR 181		109,884		98,404		11.7%		392,387		331,444		18.4%		9.8%
Kunszentmárton II No 2		693		EUR 181		112,118		98,404		13.9%		394,562		331,740		18.9%		10.3%
Taszár 1		701		EUR 181		100,770		103,639		-2.8%		383,037		356,858		7.3%		11.7%
Taszár 2		701		EUR 181		101,461		103,639		-2.1%		384,225		356,858		7.7%		12.1%
Taszár 3		701		EUR 181		101,355		103,639		-2.2%		383,781		356,858		7.5%		11.4%
Monor 1		688		EUR 180		109,664		103,417		6.0%		388,191		340,440		14.0%		11.9%
Monor 2		696		EUR 179		107,960		104,055		3.8%		380,597		349,021		9.0%		10.0%
Monor 3		696		EUR 180		109,638		104,055		5.4%	387,451	349,021	11.0%	13.1%
Monor 4		696		EUR 180		109,394		104,055		5.1%		386,362		349,021		10.7%		11.9%
Monor 5		688		EUR 180		109,657		103,020		6.4%		387,429		344,796		12.4%		12.0%
Monor 6		696		EUR 180		109,484		104,055		5.2%		387,990		349,021		11.2%		12.6%
Monor 7		696		EUR 180		109,923		104,055		5.6%		385,609		349,021		10.5%		11.6%
Monor 8		696		EUR 180		110,050		104,055		5.8%		389,012		349,021		11.5%		13.2%
Tata 1		672		EUR 184		125,233		122,610		2.1%		383,438		363,261		5.6%		14.4%
Tata 2		676		EUR 179		104,270		100,774		3.5%	354,937	337,899	5.0%	13.7%
Tata 3		667		EUR 179		103,720		99,179		4.6%		355,308		329,893		7.7%		14.1%
Tata 4		672		EUR 185		126,780		125,091		1.4%	391,268	371,959	5.2%	15.9%
Tata 5		672		EUR 185		125,876		125,439		0.3%		386,426		373,218		3.5%		30.8%
Tata 6		672		EUR 184		106,966		123,776		-13.6%		368,701		367,366		0.4%		9.3%
Tata 7		672		EUR 185		126,193		122,680		2.9%		385,891		363,504		6.2%		14.2%
Tata 8		672		EUR 185		126,319		124,250		1.7%		391,536		369,008		6.1%		14.5%
Malyi 1		695		EUR 182		111,275		101,716		9.4%		368,177		333,174		10.5%		14.4%
Malyi 2		695		EUR 182		113,289		101,810		11.3%		371,891		333,611		11.5%		15.3%
Malyi 3		695		EUR 182		113,377		101,810		11.4%		372,548		333,611		11.7%		15.5%
Puspokladány 1		1,406		EUR 90		248,524		250,173		-0.7%		789,119		735,562		7.3%		5.8%
Puspokladány 2		1,420		EUR 189		267,679		247,850		8.0%		830,309		712,206		16.6%		9.8%
Puspokladány 3		1,420		EUR 188		263,298		242,676		8.5%		813,010		695,679		16.9%		9.0%
Puspokladány 4		1,406		EUR 188		262,721		248,681		5.6%		809,968		730,827		10.8%		8.8%
Puspokladány 5		1,420		EUR 189		266,174		247,297		7.6%		829,242		710,576		16.7%		8.7%
Puspokladány 6		1,394		EUR 90		260,618		247,874		5.1%	804,613	721,141	11.6%	9.0%
Puspokladány 7		1,406		EUR 90		260,363		248,577		4.7%		807,549		730,406		10.6%		9.0%
Puspokladány 8		1,420		EUR 188		262,348		243,217		7.9%	811,620	697,675	16.3%	8.7%
Puspokladány 9		1,406		EUR 90		262,347		248,466		5.6%		809,089		729,991		10.8%		18.6%
Puspokladány 10		1,420		EUR 188		262,829		242,514		8.4%		812,278		695,061		16.9%		9.1%
Tolna 1		1,358		EUR 185		268,450		266,959		0.6%		856,899		820,676		4.4%		na
Tolna 2		1,358		EUR 182		231,089		232,512		-0.6%	231,089	232,512	-0.6%		na
Total Hungarian PP		51,814				8,733,805		8,232,911		6.1%		28,344,548		25,663,897		10.4%		16.4%
Symonston		144		EUR 234		7,970		8,513		-6.4%	64,270	75,866	-15.3%	-14.6%
Leeton		7,261		EUR 178		744,810		907,440		-17.9%		5,593,370		6,222,730		-10.1%		na
Fivebough		7,261		EUR 182		711,500		890,525		-20.1%		5,522,400		6,150,095		-10.2%		na
Total Australian PP		14,744				1,464,280		1,806,478		-18.9%		11,180,040		12,448,691		-10.2%		nm
Total		91,905				13,775,832		13,375,428		3.0%		51,297,741		48,826,330		5.1%		49.6%

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 2022 / YTD proj. in 2022) - 1.

YTD YOY: (YTD Prod. in 2022 / YTD Prod. in 2021) - 1.

1 All amounts were converted using the following exchange rates (sources ECB):

• in the Czech Republic: EUR/CZK of 24.71 as of 31 May 2022 applied to Green Bo- nus + realized electricity price.
• in Hungary, daily exchange EUR/HUF rates applied to realized electricity price.
• in Australia, EUR/AUD of 1.49 as of 31 May 2022 applied to realized electricity price during the reporting period + Australian Large-scale Generation Certificate spot closing price at the end of the reporting period.

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands
Corporate number: 51447126 | VAT number: NL850020827B01 | [phone] |	photonenergy.com	4/12

Photon Energy N.V.

Chart 1.a Total production of the Czech portfolio

MWh	8,000
7,000
in	6,000
production	5,000
4,000
	3,000
Cumulative	2,000
1,000
	0

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Q1 April May

Monthly Report for May 2022

Chart 1.b Total production of the Slovak portfolio

MWh	8,000
7,000
in	6,000
production	5,000
4,000
Cumulative	3,000
0
	2,000
	1,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Q1 April May

Chart 1.c Total production of Hungarian portfolio

MWh	30,000
25,000
in
production	20,000
15,000
Cumulative	10,000
0
	5,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Q1 April May

The Company reports 51.3 GWh of electricity produced YTD compared to 34.3 GWh one year ago (+49.6%) propelled by the addition of two new power plants in Tolna, Hungary (1.4 MWp added in December 2021 and 1.4 MWp added in May 2022) and of our two utility-scale PV power plants in Leeton, Australia (14.6 MWp connected to the grid in August 2021). This represents an avoidance of 20,963 tonnes of CO2 emissions year-to-date.

In May the proprietary portfolio outperformed the audits by 3.0%. Our Czech, Slovak, and Hungarian portfolios exceeded energy forecasts by 5.0%, 10.8% and 6.1%, respectively, while our Aus- tralian portfolio was short of estimates by 18.9%. The specific performance ratio of the proprietary portfolio (SPR) reached 149.9 kWh/kWp compared to 137.0 kWh/kWp one year ago (+9.4% year-on year).

In May 2022 Photon Energy's proprietary portfolio of PV power plants with a total installed capacity of 91.9 MWp generated its highest monthly production volume in the company's history with 13.8 GWh (+34.7% year-on-year) of renewable energy supplied

Chart 1.d Total production of Australian portfolio

MWh	12,000
10,000
in
production	8,000
	6,000
Cumulative	4,000
2,000
	0

2014 2015 2016 2017 2018 2019 2020 2021 2022

Q1 April May

to the grid. With over 80% of the portfolio selling electricity at market prices the company's energy generation revenues in May equally reached a record of EUR 3.647 million, up 69.8% year-on- year.

As in Europe, energy prices in Australia have experienced a sharp increase in recent weeks as evidenced by average revenues per MWh (including revenues for Large Generation Certificates) of EUR 181 in May 2022, compared to an average of EUR 68 and EUR 124 in March and April 2022, respectively. As a result, the Leeton and Fivebough PV power plants with a combined installed capacity of 14.5 MWp are expected to reach their budgeted revenue target of AUD 2.6 million (EUR 1.7 million) already by August 2022 and to exceed their full-year target significantly.

Photon Energy's management board reconfirms its financial guidance for consolidated revenues in 2022 to increase to EUR 65.0 million from EUR 36.4 million in 2021, representing a 78.8% increase YoY, leading to an increase of EBITDA to EUR 18.0 million from EUR 9.6 million in 2021(+87.8% YoY).

Table 2. Estimated Revenues from Electricity Generation in May 2022*

Portfolio	Capacity	Prod. May	Avg. Revenue May	Total Revenue May	YTD Avg. Revenue	YTD Revenue
Unit	MWp	MWh	per MWh	In Euro thousand	per MWh, in 2022	In Euro thousand
Czech Republic	15.0	2,137	EUR 739	EUR 1,580	EUR 756	EUR 5,332
Slovakia	10.4	1,441	EUR 263	EUR 275**	EUR 263	EUR 893**
Hungary	51.8	8,734	EUR 175	EUR 1,528	EUR 139	EUR 3,936
Australia	14.7	1,464	EUR 181	EUR 264	EUR 104	EUR 1,158
Total Portfolio	91.9	13,776	EUR 270	EUR 3,647	EUR 227	EUR 11,318

• 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.

Photon Energy N.V. | Barbara Strozzilaan 201, Amsterdam 1083 HN, The Netherlands
Corporate number: 51447126 | VAT number: NL850020827B01 | [phone] |	photonenergy.com	5/12