Raporty Spółek ESPI/EBI

Photon Energy Group Informs About the Motion of Declaration of Bankruptcy of its Subsidiary Photon Energy Trading PL PHOTON ENERGY N.V. (NL0010391108)

31-03-2026 06:57:46 | ESPI | 10/2026
oUNI-EN: Photon Energy Group Informs About the Motion of Declaration of Bankruptcy of its Subsidiary Photon Energy Trading PL

 PAP
Data: 2026-03-31
Firma: PHOTON ENERGY N.V.
oSpis tresci:
1. REPORT
2. INFORMATION ABOUT THE ENTITY
3. SIGNATURE OF PERSONS REPRESENTING THE COMPANY

Nazwa arkusza: REPORT


POLISH FINANCIAL SUPERVISION AUTHORITY
UNI - EN REPORT No 10 / 2026
Date of issue: 2026-03-31
Short name of the issuer
PHOTON ENERGY N.V.
Subject
Photon Energy Group Informs About the Motion of Declaration of Bankruptcy of its Subsidiary Photon Energy Trading PL
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 on 30 March 2026, its fully, indirectly owned subsidiary - Photon Energy Trading PL sp. z o.o. _hereinafter as "the Subsidiary"_ with its registered office in Poznań submitted a petition for declaration of bankruptcy in fulfilment of the obligation arising from Article 21_1_ of the Act of 28 February 2003 - Bankruptcy Law _Journal of Laws of 2025, item 614, hereinafter "Bankruptcy Law"_, and within the time limit required under that provision.
A key event leading to the loss of liquidity by the Subsidiary was the commencement by Polskie Sieci Elektroenergetyczne S.A. _hereinafter: "PSE"_ of set-offs in which PSE has been withholding the Subsidiary's remuneration for performing of the on-going capacity market obligations in year 2026 and offsetting them against PSE's claim for reimbursement by the Subsidiary of remuneration for the disputed capacity market obligations for year 2024. PSE alleges that the remuneration has to be returned as the Subsidiary allegedly breached requirements for emission limits with respect to some of its capacity market units - - for details see report ESPI 5/2026.
During the dispute, the Subsidiary filed an appeal against the decision of the President of the Energy Regulatory Office _URE_ and submitted an application for interim relief _"Injunction"_, requesting suspension of the set-offs until the dispute is finally resolved.
In the Management Board's assessment, the definitive and permanent loss of the ability to meet its liabilities occurred when the motion for Injunction was dismissed _for details see ESPI 9/2026_, i.e., on 26 March 2026. Until that moment, there had been a realistic prospect of suspending the set-offs and restoring the Subsidiary's liquidity, which justified treating the earlier liquidity disruptions as temporary.
After the dismissal of the application for Injunction, the Subsidiary no longer has any legal instrument that could , in the short term, prevent the cut-off of key revenues, and consequently it has become clear that the Subsidiary would not be able to timely meet its due financial obligations in the foreseeable future.

The Subsidiary's business model was mainly based on the provision of grid flexibility and Demand Side Response services through the capacity market contracts and energy off-take and trading.

In 2025, the Subsidiary contributed approximately EUR 15.9 million in revenues and an EBITDA level loss of EUR 1.6 million to the Group's consolidated results after the provision of EUR 3.2 million booked in relation to the above mentioned dispute with PSE. Prior to that provision, the Subsidiary was a profit making entity contributing positively to the consolidated financial statements.

The Subsidiary's submission of a petition for declaration of bankruptcy does not impact the Company's other entities in Poland, most importantly its PV Operations _ Maintenance activities, nor does it affect its electricity trading activities in Hungary and the Czech Republic.

The Management Board will inform stakeholders about the complete impact on the Company's businesses once this assessment is completed.
Annexes
File Description

Nazwa arkusza: INFORMATION ABOUT THE ENTITY


PHOTON ENERGY N.V.
_fullname of the issuer_
PHOTON ENERGY N.V. Energetyka _ene_
_short name of the issuer_ _sector according to clasification
of the WSE in Warsow_
1083 HN Amsterdam
_post code_ _city_
Barbara Strozzilaan 201
_street_ _number_
+31 20 240 2570 +31 20 240 2598
_phone number_ _fax_
_e-mail_ _web site_
8500.20.827
_NIP_ _REGON_

Nazwa arkusza: SIGNATURE OF PERSONS REPRESENTING THE COMPANY


SIGNATURE OF PERSONS REPRESENTING THE COMPANY
Date Name Position / Function Signature
2026-03-31 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 Photon Energy Group Informs About the Motion of Declaration of Bankruptcy of its Subsidiary Photon Energy Trading PL
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 10
adres www
Serwis Ekonomiczny Polskiej Agencji Prasowej SA 2026 Copyright PAP SA - Wszelkie prawa zastrzezone.