September 2020

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Company Announcement 9/2020 (Aug 31, 2020) European Energy marks a smart start to the first component of the year for the Group and its peak is expectations related to annual targets. The current quarter posted sales of € 37.2 million, EBITDA of € 9.4 million and a pre-tax advantage of € 3.7 million. This concludes the first component of 2020 with hard currencies of 65.9 million euros, EBITDA of 19.7 million euros and a pre-tax advantage of 7.9 million euros. Knud Erik Andersen, CEO of European Energy, said: “We are pleased to report that European Energy is achieving a healthy and advantageous expansion in the first component of 2020, while maintaining our expectations for our annual targets. The green force has been the main driving force behind a profitable expansion. Electricity sales increased 120% at the time of the 2020 quarter compared to the same time in 2019. Electricity sales only increased 337% to € 3.8 million. Construction activities are booming and have not been affected by the COVID-19 crisis, although more precautions are being taken at our sites in Denmark, Poland, Germany, Italy and Brazil. More than 1,127 MW in total are currently under construction or in a position to be built across all of our solar and wind power assignments. In Italy, we connected our Troia allocation, the largest solar park ever built in Italy, with an existing capacity of 103 MW, to the grid. At the same time, our portfolio of progression assignments continues its healthy expansion with many assignments in the structure phase. With more than 15 GW of allocations in progress, we expect structure activities to continue to increase, enter new markets and remain at a fever pitch on the European continent for years to come. From MW wind turbines in Viertkamp, ​​Germany, to German investor Encavis AG, Hamburg, and the sale definitely contributes to the quarterly results. Also in Germany, we finalized the sale of the Vier Berge allocation with 3 Enercon E126 and 4 Enercon E138 turbines with a total capacity of 25.8 MW to the CEE RF6 Holding S.à.rl capital fund, Luxembourg, and obtained the first component of The tank. We anticipate that the coins will be identified in November 2020, when the park is fully built and connected to the grid. After the balance sheet day, we sold the Danish Hanstholmsvej solar park. The solar park is the first in Denmark to use bifacial modules, and the power has been sold under a long-term contract to a knowledge center in Denmark. When the benefits obtained from these divestments are identified at the end of this year, more than 80% of the gross margin expected for the year will be insured.At the end of the quarter, we have a very strong monetary position with 121.1 million euros of which 95.7 million euros is loose money. The counterfeit monetary base allows us to finance our expansion for the next few quarters. In July, we closed our largest long-term financing to date in the Troia solar park with the French bank Natixis for an amount of 96.5 million euros, thus strengthening our liquidity. Markets Consequently, we believe that a momentary wave of COVID-19 will have a very limited effect on our activities, and therefore we have made the decision to continue our recruitment policy and now have 172 employees, up from 119 at the time. quarter of 2019. In Brazil, the negative effects of COVID-19 came in a polarized political environment, and the local currency suffered a significant price drop. European Energy’s overhead activities are proceeding as scheduled, however, the decline in the price of the currency and the general situation in the country led to a depreciation of 3.4 million euros at the time of the quarter. Brazil, we achieved solid monetary functionality at the time of the 2020 quarter and we remain committed to generating EBITDA (52-58 million euros) and pre-tax advantage (35-39 million euros) for the entire fiscal year 2020, in line with the last guide. Tackling climate change is a mega-finish and we are pleased to see it gain momentum around the world. In July, European Union leaders followed up on a new budget and stimulus package with the aim of guiding the EU through the COVID-19 crisis. The plan foresees more than 500,000 million euros in weather coverage over the next seven years, while all EU finishes should contribute to emission reduction targets. Thanks to those ambitious policy plans, monetary institutions, pension funds, personal corporations and many other personal investors are increasingly focusing on renewable power and new markets are opening up. Tackling climate replacement is our most sensible priority and why for our business, and we are determined to work hard to take it on. With the expansion of our activities and the technical progression of our sectors, we look to the long term with optimism. »More information: Jonny Thorsted Jonasson, CFO: [email protected] or phone: +45 5180 0000 This announcement was made in accordance with the Market Abuse Regulation (Regulation (EU) No 596/2014 on Abuse Market) Annex * Q2 2020 interim monetary report