7C Solarparken AG: SMALL INCREASE IN EBITDA GUIDANCE AFTER 9M'23 RESULTS

Bayreuth (pta008/28.11.2023/08:00 UTC+1)

Bayreuth-based solar park operator 7C Solarparken AG (WKN: A11QW6 / ISIN: DE000A11QW68) announced nine-months results. EBITDA fell by 16.5% to EUR 55.8 Mio. in comparison to the exceptional first nine months of 2022 which saw highly elevated electricity prices amid the Ukraine crisis. During the first-nine months of 2023, average power price fell by approximately two thirds. Furthermore, weather conditions also adversely impacted the results, as the specific yield was 5% lower than the long-term average.

Even so, EBITDA was stronger than anticipated in the annual guidance mainly as a result of a substantial recovery of compensation for production curtailments caused by the Re-Dispatch 2.0 scheme. Accordingly, the company generated a Cash Flow per share of EUR 0.59 in the first nine months of 2023, which is almost equal to the full-year guidance of EUR 0.60. The group's consolidated balance sheet continues to excel with an equity ratio of 44% and net debt dropping to EUR 134 Mio. Driven by these strong figures and near full visibility on Q4'23, guidance is revised upwards. EBITDA for the full year is now expected to reach EUR 58 Mio (versus EUR 57 Mio previously) and CFPS will be "at least EUR 0.60/share".

FURTHER OPERATIONAL NEWSFLOW

• IPP Portfolio has reached at 461 MWP on the back of a construction boom in Belgium
• A second electricity price swap has been closed for a portfolio of 22 MWP with a major European energy player, resulting in a fixed price of EUR 89/MWH for the financial years 2024-2025. Earlier this year, a electricity price swap (110 MWP) had been signed with another major European utility and covered only the period 2024 at a price of EUR 106/MWH

A FULLY SELF-FUNDING MODEL WITH INITIATION OF A SHARE BUY BACK PROGRAM

Within the context of high interest rates and a low share price levels, 7C Solarparken adapts its model to this new reality. The company will no longer opt for maximal growth via a mix of own development and (turnkey) acquisition of parks financed by a mix of own generated cash flows and capital increases, but will rather strategically prefer selective growth focused on realizing those projects with the most attractive risk/reward profile within its own development pipeline.

These projects will be self-funded from cash flows. Management has outlined different scenarios and it sees today much more value in buying back its own shares, as opposed to achieving fast growth by issuing new shares. For these reasons, the company has decided yesterday to buy back shares up to an amount of EUR 6.0 Mio. before the end of February 2024. The maximum price for the share repurchase program has been fixed at EUR 3.60/share.

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Emitter:	7C Solarparken AG An der Feuerwache 15 95445 Bayreuth Germany
Contact Person:	Koen Boriau
Phone:	+49 921 230557-77
E-Mail:	info@solarparken.com
Website:	www.solarparken.com
ISIN(s):	DE000A11QW68 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate
Other Stock Exchanges:	London