Clearvise : Annual Financial Statements 2023

Annual financial statements

2023

2 | clearvise | Annual financial statements of clearvise AG

Contents

3 Interview

1. Financial calendar
2. Report of the Supervisory Board

1. Combined management report

1. Annual financial statements of clearvise AG

1. Notes to the annual financial statements of clearvise AG

1. Independent auditor's report

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Interview

Petra Leue-Bahns	Manuel Sieth
CEO	CFO

THE AIM IS FOR RENEWABLE ENERGY SOURCES TO MEET 80 PERCENT OF ELECTRICITY DEMAND BY 2030. DO YOU THINK THIS IS REALISTIC, AND IS ENOUGH BEING DONE IN EUROPE TO REACH THIS TARGET?

Petra Leue-Bahns: The expansion of renewable energy sources is a key pillar of the energy transition. Renewables are already the most important power source in Germany and other European countries, something that only the boldest optimists would have believed possible a few years ago. Yet it is also clear that most of the journey still lies ahead of us. As for whether or not we will reach the 80-percent target by 2030, that's something we could only answer with a crystal ball. I don't want to speculate on that, as the precise timing is less important for me. What I think is crucial is that all stakeholders focus all of their energy on achieving this target and, in doing so, create momentum that we can use to drive the transition to renewable energy. It's important to acknowledge what has already been achieved with a combination of political and economic support, but a greater effort is still required. This includes, for example, further initiatives to expand storage and production capacities as well as decentrally organized grids, or measures designed to accelerate planning and approval processes. Our first priority as businesses is to make the best possible use of the existing framework. As an independent producer of electricity, we have successfully operated wind and solar farms in Europe for more than 13 years. By doing this, we are helping to make the transition to renewable energy a reality and strengthening the security of supply.

ALL OF THIS MEANS CLEARVISE IS WELL POSITIONED IN A PROMISING GROWTH MARKET. HOW DID YOUR BUSINESS FARE IN 2023?

Manuel Sieth: We are exceptionally pleased with the performance of our business. The wider environment was anything but ideal, as persistently high inflation and a slump in prices in the electricity markets posed major challenges for us and other wind and solar farm operators. Despite these difficult circumstances, our revenue and earnings showed a promising trend. At EUR 44.8 million, revenue was at the upper end of the forecast range of EUR 42 to 45 million, while adjusted consolidated EBITDA even exceeded our prediction (EUR 26 to 29 million) at EUR 30.3 million. One particularly encouraging development for us is the improvement in our equity ratio to around 44 percent. As a result, we are in a very good position compared to our industry peers and have a good foundation for growth.

4 | clearvise | Management Board interview

Petra Leue-Bahns: Yes, clearvise is well and truly on the right track. This is evident not least from the fact that we were able to increase our production capacity slightly by around eight percent year-on- year. I would particularly like to point out that we achieved these figures despite selling our Finnish wind farm that represented at least ten percent of our installed capacity. This would not have been possible without our team's successful portfolio optimization efforts. Our full maintenance agreements with Vestas in France provide an up-to-date example of how we use active portfolio management to leverage the potential within our portfolio. We recently increased the life of these contracts from 18 to 25 years, and expect the improvement in terms from these contracts alone to have a seven-digit effect on earnings in the France portfolio. Our portfolio also benefits from fixed feed-in payments, giving it a stable revenue base for many years even in a volatile energy market.

YOUR PORTFOLIO CONSISTS OF WIND AND SOLAR FARMS. HOW IS THE PORTFOLIO DISTRIBUTED BETWEEN THESE TWO FORMS OF ENERGY?

Manuel Sieth: In the past year, our wind farms produced 403 gigawatt hours of environmentally- friendly electricity, while our solar farms produced 125 gigawatt hours. We will continue to focus on expanding our solar portfolio in the near future, following an approach known in the industry as "flattening the curve". While solar farms generate most of their electricity in the summer months, wind farms produce a great deal of energy during the winter. If we align our portfolio accordingly, we can generate a relatively constant amount of energy across the entire year, which will also enable us to match the load profiles of industrial consumers more effectively. If you consider that we can generate around twice as many megawatt hours from a wind farm per installed megawatt of capacity as we can from a solar farm, our capacity should consist of roughly one-third wind farms and two-thirds solar farms. With that in mind, we still need to make some adjustments here.

IN WHICH COUNTRIES DO YOU CURRENTLY OPERATE?

Petra Leue-Bahns: Our portfolio is spread across Germany, France and Ireland. With a nominal output of just under 180 MW, approximately 65 percent of our farms are located in Germany. Part of our diversification strategy is to significantly increase the level of internationalization within our portfolio. This is also reflected in our pipeline, which is currently focused on solar projects in Italy and France. At the end of December 2023, for example, we entered into a development partnership to expand our solar portfolio by around 125 MW in Italy. Since then, we have already included another Italian project representing approximately 23 MW of planned capacity in this development partnership. In France, we already operate six wind farms with installed capacity of around 60 MW. We are also pushing to diversify our technology towards solar via our regional clearPARTNERS partnerships with projects such as the 36.4 MW ground-mounted solar farm currently under construction in the French region of Nouvelle-Aquitaine. We have already secured an additional 97 MW of French photovoltaics projects via our clearPARTNERS co-development partnership.

WHAT CHALLENGES DID THE COMPANY FACE IN 2023?

Petra Leue-Bahns: On the operating side, we made significant progress that we are very happy with. The main challenge here was that every project runs differently, and unfortunately this often results in scheduling delays until a wind or solar farm can actually be put into operation. Nevertheless, we are very familiar with this kind of setback and can find a solution for every problem. The situation in the

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capital markets is more complicated. Right now, valuations for small caps such as clearvise in particular are relatively low, which means that corporate actions are either challenging or are not in the interests of our shareholders. Lower electricity prices play an important role in the renewable energy sector, having now slumped considerably from the above-average power purchase prices seen in 2022. Fortunately, we have a very robust financing base, which means we can continue to grow our company even when corporate actions are difficult.

WHAT PLANS DO YOU HAVE TO EXPAND YOUR PORTFOLIO? WHAT KIND OF ACQUISITIONS SHOULD WE EXPECT THIS YEAR?

Petra Leue-Bahns: Our pipeline is well stocked, which means we are "execution-ready" to keep expanding our portfolio. However, we review every project very carefully and only acquire rights in projects with an attractive overall package. We have been successful for so many years because we always keep an eye on the long-term benefits instead of jumping on every opportunity that appears sensible in the short term. We always think and act in terms of options, something that is also evident in our "3 Cs" acquisition model. The model consists of three pillars - clearSWITCH, clearPARTNERS and clearVALUE - and allows us to react flexibly to situations in the market and generate our own growth if there aren't as many acquisition opportunities open to us.

Manuel Sieth: We were able to contractually secure 258 MW of solar projects in 2023. In France, the clearPARTNERS partnership project in Chassiecq with 36.4 MW of total output is under construction. We are therefore making good progress in expanding our solar portfolio, both under our own steam and in close cooperation with our partners.

AND WHAT ARE YOUR PLANS FOR THE 2024 FINANCIAL YEAR? ARE YOU EXPECTING SIGNIFICANT GROWTH?

Petra Leue-Bahns: We have a clear growth strategy consisting of the aforementioned three pillars. However, I would once again like to emphasize that we are not striving for growth for growth's sake. Instead, we are relying on a growth model that means looking at each project on its own merits and only implementing it if we can generate attractive returns. We currently have an active project pipeline totaling 430 MW that we will implement over the next few years. Our clearPARTNERS projects in France and Italy will make a particularly significant contribution to this growth. In addition, we are currently discussing collaborations with other development partners to diversify our business even further.

Manuel Sieth: The expansion of our portfolio and the various portfolio optimization initiatives we are currently rolling out will also have a positive impact on our figures for the current year. We expect revenue of EUR 35.5 to 37.0 million and adjusted operating EBITDA in a corridor of EUR 21.8 to 23.1 million for the 2024 financial year. Electricity production should lie within a range of 440 to 460 GWh. As a result, we are well on track to become a leading listed independent power producer (IPP). To achieve this, we have prepared consolidated financial statements in accordance with IFRSs for the first time and published our second Sustainability Report for the 2023 financial year. We are positioning ourselves as an attractive investment in the ESG sector.

6 | clearvise | Management Board interview

Petra Leue-Bahns: We would like to take this opportunity to expressly thank our employees for making this dynamic performance possible with their exceptional dedication, creativity and expertise. We would also like to thank our shareholders for placing their trust in our approach, in some cases for many years, and for helping us on our journey to a greener future.

Frankfurt, 16 April 2024

The Management Board

Petra Leue-Bahns	Manuel Sieth
Chief Executive Officer	Chief Financial Officer

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Financial calendar

Date

18 April 2024

30 April 2024

13 - 15 May 2024

12 July 2024

12 September 2024

25 - 27 November 2024

Event

Warburg Renewables Day

Consolidated financial statements 2023

Spring Conference Frankfurt 2024

Annual General Meeting

Interim report Q2/6M 2024

Equity Forum 2024

8 | clearvise | Report of the Supervisory Board

Report of the Supervisory Board

During the 2023 financial year, the Supervisory Board continuously monitored and advised the Management Board on its management of clearvise and ensured that the Company was being managed appropriately.

The Supervisory Board also handled all legal transactions and measures in which it was required to participate by law, the Articles of Association or the Rules of Procedure. The Supervisory Board was directly and promptly involved in all business decisions of fundamental importance. Any documents essential for decision-making were made available to the Supervisory Board in good time.

The Management Board kept the Supervisory Board continually and comprehensively informed about corporate planning, the Company's situation and significant transactions, and explained any deviations in the course of business from established plans.

At the reporting date, the Company held wind and PV farms in Germany, France and Ireland as well as a biogas plant with an operational nominal output of around 274 MW in total. The reduction in the operational portfolio of approximately 29 MW is attributable to the successful sale of the Finnish projects.

2023 ended on a high note as the Company agreed another clearPARTNERS development partnership with an experienced project developer. The partnership enabled clearvise to secure a well-diversified regional portfolio of PV projects in different stages of development with a combined output of around 125 MWp. At the same time, this collaboration marked clearvise's entry into the Italian market and helped to diversify the Company's power generation portfolio into four countries for the medium term.

The Supervisory Board held a total of seven meetings during the 2023 financial year, in some cases as videoconferences with partial in-person attendance. The Supervisory Board kept itself comprehensively informed about the latest business performance, financial position and financial performance of clearvise AG and consulted with the Management Board on these topics. The Management Board prepared detailed reports on topics such as electricity production, the liquidity situation and investment and/or profitability calculations for planned projects.

On 18 August 2023, the Supervisory Board commissioned Mazars GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Hamburg, who were appointed by the 2023 Annual General Meeting, to audit the annual and consolidated financial statements in accordance with the provisions of commercial law. On 18 April 2024, the Supervisory Board received the annual and consolidated financial statements of clearvise AG drawn up by the Management Board for the financial year ended 31 December 2023, together with the combined management report and audit reports. The Supervisory Board therefore had ample opportunity to review these documents in detail. Mazars GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Hamburg, issued an unqualified auditor's report for the annual and consolidated financial statements as well as the combined management report. At the Supervisory Board meeting on 24 April 2024, the auditor provided a report on the scope, focus and key findings of its audits and was available to answer any questions from members of the Supervisory Board. On completion of the audit, the Supervisory Board took note of and approved the results of the audit as presented by the appointed auditing company

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and raised no objections. The Supervisory Board approved the annual and consolidated financial statements for the 2023 financial year drawn up by the Management Board (including the combined management report) after completing its own examination and thus adopted the annual financial statements of clearvise AG.

Consolidated net profit fell from EUR 21,317.2 thousand in the previous year to EUR 6,837.3 thousand. While electricity prices normalized somewhat after an exceptional 2022, this was offset in particular by income from the sale of the Finnish wind farm as well as lower variable expenses and a lower tax burden.

clearvise AG's net income for the year under review amounted to EUR 5,460.0 thousand (2022: EUR 3,700.6 thousand). This performance was primarily attributable to the sale of the Finnish wind farm.

There were no personnel changes to the Supervisory Board or Management Board in the 2023 financial year.

The Supervisory Board would like to thank the Management Board and employees of clearvise AG for their commitment and extremely dedicated service in 2023.

Chair of the Supervisory Board of clearvise AG

Martin Rey	Astrid Zielke	Christian Guhl
Chair of the Supervisory Board	Deputy Chair of the Supervisory	Member of the Supervisory Board
	Board

Oliver Kirfel	Dr. Hartmut Schüning
Member of the Supervisory	Member of the Supervisory Board
Board

10 | clearvise | Combined management report