Shareholders' information

Note on short selling positions

In recent months, increased activity by short sellers in our shares has been observed. We would like to take this opportunity to explain the background to such market movements to our shareholders and to place them in the context of the company’s current development.

Short sellers are market participants who take positions expecting share prices to fall by borrowing shares and selling them on the market. Their positions must be disclosed in the Federal Gazette once they exceed a certain threshold (0.5 percent) and are therefore transparently accessible to investors. Such activities are an integral part of capital markets and reflect differing market views.

At present, short sellers are increasingly building positions in the renewable energy sector. This is primarily driven by macroeconomic factors such as rising interest rates, higher energy prices and generally increased uncertainty in capital markets. These factors affect capital-intensive business models across the sector and are leading investors to pursue more sector-driven strategies.

In addition, the renewable energy sector is currently characterised by uncertainties in the regulatory framework. Changes in auction and marketing structures may further influence the timing of project execution and earnings realisation and are taken into account by capital market participants accordingly. These factors affect the sector as a whole and are not specific to Energiekontor’s business model or operational performance.

Against this backdrop, it is important to emphasise that the operational development of Energiekontor AG is clearly distinct from these external factors. In the 2025 financial year, Energiekontor achieved a solid group result and further strengthened its growth base. Despite a challenging environment, both earnings and profitability improved. The company continues to be characterised by high efficiency, a focused project strategy and a solid financial position. Energiekontor benefits from a clearly differentiated positioning:

• More than 35 years of experience in project development and operation
• Flexible marketing strategies (PPAs, auctions, RTB, turnkey)
• Disciplined investment decisions based on risk-adjusted returns
• Active portfolio management to optimise project sales and own portfolio
• Geographical diversification to mitigate risk
• High operational efficiency across the value chain
• Solid balance sheet structure with a strong liquidity and equity base

These factors contribute significantly to delivering stable results and selectively capturing opportunities, even in a challenging market environment.

Energiekontor continues to pursue a long-term corporate and growth strategy aimed at creating sustainable value for its shareholders. Short-term market movements – including those related to short selling positions – do not affect the company’s strategic direction or its operational performance.

We closely monitor developments in the capital markets and remain in continuous dialogue with our investors. Our focus remains on the successful execution of our project pipeline as well as on stable and profitable business development.

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Key share data

As at 31 December 2025.

Shareholder structure

As at 31 December 2025.

*Total of all stakes below five percent. **As at 7 November 2025. Thereof around 0.3 per cent from securities lending.

Research

Consensus

As at 24 March 2026; E = analysts' estimates.

EBT guidance for 2025: €30 - 40 million.