Oslo, 18 September 2026
Main events in the first half year:
• The group delivered a financial turn-around in the first half year. Group EBITDA improved to NOK -1.6 million (H1 2025: NOK -11.7 million) and the net loss narrowed to NOK -10.7 million (H1 2025: NOK -22.2 million).
• The turn-around in the Netherlands was the main driver. The Dutch operations delivered a positive EBITDA of NOK 2.2 million (H1 2025: NOK 0.9 million). The ASN installation business returned to profitability during the second quarter after the cost-reduction measures took effect and the marketing efforts contributed to a significant growth in revenue, while the Drachtsterweg (Leeuwarden) power plant remained profitable.
• The ASN installation business closed June with a positive result (EBIT of EUR 49 thousand), confirming that the restructuring and the market approach for relatively new products of the Dutch service and installation activity is delivering results.
• Group revenues were NOK 30.6 million (H1 2025: NOK 30.4 million), and the gross margin was NOK 22.1 million (H1 2025: NOK 21.9 million).
• Net cash flow in the first half year was negative NOK 9.7 million, reducing the group cash position to NOK 12.7 million at the end of the period (from NOK 22.5 million at the start of the year). Cash flow from operations was positive.
• Cost-reduction measures implemented across both Norway and the Netherlands during 2025 have taken effect and are reflected in a lower group operating cost base in the first half of 2026.
• Seval Skog advanced towards final investment decision (FID). The NVE concession (granted June 2025 and confirmed after a complaint was filed in November 2025) was extended to a 40-year term. Further, the project passed a key development milestone and submitted its detailed plan to NVE. Finally, Gjøvik municipality signalled interest to take 5% ownership alongside Energeia (51%) and Eidsiva (44%).
• Energeia Seval Skog AS signed a letter of intent for a financial power purchase agreement (PPA), and Eidsiva Vekst confirmed that it is positively inclined to invest its proportionate share of the project and further committed to cover any shortcoming of equity from Energeia in the SPV.
• Store Nøkleberg (32 MWdc) was granted a concession from NVE in June 2026 – Energeia’s second granted large-scale concession after Seval Skog. A subsequent complaint against the decision has been forwarded by NVE to the Ministry of Energy.
• The near-term Norwegian pipeline totals 108 MWdc across Seval Skog, Store Nøkleberg, Mæhlum and Gunnhus. The two granted licenses of 78MWdc combined, accounts for approximately 40% of the approved concessions in the Norwegian market, making Energeia the clear market leader.
• In the Netherlands, the dispute with Coöperatie NLD Energie (“Energie van Ons” or “EvO”) regarding the Drachtsterweg power purchase agreement proceeded to the District Court of the Northern Netherlands. No liability has been recorded. The first hearing is expected to take place between mid-November and mid-December 2026.
• After the reporting period the board of directors was reconstituted, the extraordinary general meeting elected Ole A. Gulsvik as new chairperson and Joar K. Øygard as board member to join the existing board members Merete Lie Holen and Petter Myrvold.
• Energeia AS concluded discussions on a possible merger with Solgrid without reaching an agreement.
For further information, please contact:
CEO, Jarl Egil Markussen, email: jarl@energeia.no and telephone: +47 480 23 214
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
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