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Adjustment of Preliminary Q4 2025 Financial Results Following Completion of Further Internal Assessments PHOTON ENERGY N.V. (NL0010391108)

28-05-2026 20:35:44 | ESPI | 16/2026
oUNI-EN: Adjustment of Preliminary Q4 2025 Financial Results Following Completion of Further Internal Assessments

 PAP
Data: 2026-05-28
Firma: PHOTON ENERGY N.V.
oSpis tresci:
1. REPORT
2. INFORMATION ABOUT THE ENTITY
3. SIGNATURE OF PERSONS REPRESENTING THE COMPANY

oSpis zalacznikow:
Znaleziono 1 załącznik
  • Annex to ESPI 16.pdf
    		•  Arkusz: REPORT

    Nazwa arkusza: REPORT


    POLISH FINANCIAL SUPERVISION AUTHORITY
    UNI - EN REPORT No 16 / 2026
    Date of issue: 2026-05-28
    Short name of the issuer
    PHOTON ENERGY N.V.
    Subject
    Adjustment of Preliminary Q4 2025 Financial Results Following Completion of Further Internal Assessments
    Official market - legal basis
    Art. 17 ust. 1 MAR
    Unofficial market - legal basis
    Contents of the report:
    The Management Board of Photon Energy N.V. _the "Company"_ hereby informs that, following the completion of an internal assesment performed in connection with the preparation of the audited consolidated financial statements for the financial year ended 31 December 2025, certain adjustments have been identified compared to the preliminary Q4 2025 financial results published on 25 February 2026 in ESPI report No. 7 / 2025.

    The identified adjustments are as follows:

    -Land revaluation, resulting in an increase in the total value of the Company's land portfolio by approximately EUR 10.257 million
    -Goodwill impairment of EUR 5.852 million related Photon Energy Trading PL sp. z o.o. _"the Subsidiary"_
    -Impairment of intangible assets _capacity market contracts_ in the amount of EUR 3.393 million also related to the Subsidiary

    The goodwill and intangible assets, subject to impairment, originate from the acquisition of Lerta S.A. in 2022, under which capacity market contracts with an initial recognition value of approximately EUR 6 million were identified and recognized as intangible assets within the Group. The net book value of these contracts as at 31 December 2025 amounted to EUR 3.393 million.

    The impairments are associated with the bankruptcy proceedings of the Subsidiary, for which a filing was made on 31 March 2026. The Company assessed this event as an adjusting event after the reporting period in accordance with IAS 10, as it provides evidence of conditions existing as at 31 December 2025.

    As part of the impairment testing performed in accordance with IAS 36, the recoverable amount of the relevant assets was determined as the higher of fair value less costs of disposal and value in use. Based on transactions executed on the secondary market in 2026, the Company concluded that fair value less costs of disposal represents the recoverable amount. The Company is not aware of material costs of disposal associated with these transactions.

    As a result of the above assesments the total impairment charges amounted to EUR 9.245 million and negatively impacted results from operating activities _EBIT_, while revaluation of Property, Plant and equiptment increased by EUR 10.257 million and positively impacted Other Comprehensive Income. The consolidated EBITDA of EUR 5.079 million reported on 25 February remains unchanged.
    The adjusted equity ratio _defined as total equity divided by total capital, being the sum of interest-bearing debt and equity_ stood at 23.8% including the above mentoned changes. The adjusted equity ratio calculation allows a carve out in the event of a shortfall in the ratio resulting from regulatory changes _Section 7, article 3 _g_ of the Terms and Conditions of the Green Bond prospectus_. After aplying the carve out, the adjusted equity ratio at 31 December 2025 stood at 25.4% and therefore remains above the bond covenant level of 25.0%.

    The changes to the Preliminary Financial Statements for Q4 2025 are presented in the attached Annex.
    The Company emphasizes that the adjustments identified are of a non-cash nature and resulted from the audit procedures and ongoing assessment performed in the course of the statutory audit.

    The audited annual report for FY 2025, containing the final audited financial statements, will be published on 31 July 2026.

    The Management Board continues to assess the impact of these adjustments on the Company's financial position, financing arrangements and covenant compliance, where applicable.
    Annexes
    File Description
    Annex to ESPI 16.pdf

    Nazwa arkusza: INFORMATION ABOUT THE ENTITY


    _fullname of the issuer_
    _short name of the issuer_ _sector according to clasification
    of the WSE in Warsow_
    _post code_ _city_
    _street_ _number_
    _phone number_ _fax_
    _e-mail_ _web site_
    _NIP_ _REGON_

    Nazwa arkusza: SIGNATURE OF PERSONS REPRESENTING THE COMPANY


    SIGNATURE OF PERSONS REPRESENTING THE COMPANY
    Date Name Position / Function Signature
    2026-05-28 Georg Hotar Director Georg Hotar


    Identyfikator raportu jjvuszwyf1
    Nazwa raportu UNI-EN
    Symbol raportu UNI-EN
    Nazwa emitenta PHOTON ENERGY N.V.
    Symbol Emitenta PHOTON ENERGY N.V.
    Tytul Adjustment of Preliminary Q4 2025 Financial Results Following Completion of Further Internal Assessments
    Sektor Energetyka (ene)
    Kod 1083 HN
    Miasto Amsterdam
    Ulica Barbara Strozzilaan
    Nr 201
    Tel. +31 20 240 2570
    Fax +31 20 240 2598
    e-mail
    NIP 8500.20.827
    REGON
    Data sporzadzenia
    Rok biezacy 2026
    Numer 16
    adres www
    Serwis Ekonomiczny Polskiej Agencji Prasowej SA 2026 Copyright PAP SA - Wszelkie prawa zastrzezone.