Alternus Energy: Second Quarter 2022 Revenue of €10.6m up 104% vs. Last Year Quarter


Alternus Energy Q2 2022 revenue of €10.6 million up 104% compared to last year’s quarter

Dublin, August 17, 2022 International Independent Renewable Power Producer (IPP)
Alternus Energy Group Plc (OSE: ALT) (the “Company” or “Alternus”) today
announces its unaudited financial results for the second quarter of 2022.

Compared to the same period last year, current annual revenues reached
approximately 30 million euros with 168 megawatts (MW) of solar parks in operation in five
European countries and an order book of more than 748 MW of solar parks owned and in
development. An additional 412 MW of solar projects are now under firm purchase

The main highlights for the second quarter of 2022 are:
• Electricity production increased from 23 GWh to 71 GWh
• Recognized revenue increased to €10.6 million from €5.2 million
• EBITDA increased to €6.4 million from €2 million
• Gross margins for the period were 79% of recognized revenue
• Annual recurring revenue now stands at around 30 million euros
• Total assets held increased to 748 MWp
• Operating assets increased to 168 MWp from 65 MWp the previous year
• Appointment of the Spanish country management team to focus on the development and
Iberian market growth

Commenting on the results, Vincent Browne, Group Chairman and CEO, said:
“The financial results for this quarter are in line with expectations and
demonstrate our continued operational execution with strong year-over-year growth
in all key metrics, including exceeding budgeted production numbers from our
operating parks in the first half of this year. We continue to strengthen our
team in key areas to support the exploitation of growth opportunities

The second quarter 2022 financial report is attached to the OSE file and is available for
see on the Alternus Energy website here

About Alternus Energy

Alternus Energy Group Plc is an independent vertically integrated international company
electricity producer (IPP). Based in Ireland and listed on Euronext
Growth Oslo, the company develops, installs, owns and operates medium-sized utilities
large-scale solar parks. The company also has offices in Rotterdam and America.
Alternus Energy aims to own and operate more than 3.5 gigawatts of solar farms by
end of 2025.

Forward-Looking Statements: Certain information contained in this letter,
including any information about the Company’s plans or financial plans or
operational performance and other statements that express the
management’s expectations or estimates of future performance, constitute
forward-looking statements. When used in this press release, words such as
“anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”,
“may”, “could”, “plan”, “possible”, “potential”, “predict”, “project”, “should”,
“would” and similar expressions, insofar as they relate to us or our management team,
identify forward-looking statements. These forward-looking statements are based
on the beliefs of management, as well as on the assumptions made by and the information
currently available to the Company’s management. Such statements are based on a
number of estimates and assumptions subject to significant activity,
economic and competitive uncertainties, many of which are beyond the control of
the company. The Company cautions that such forward-looking statements imply
known and unknown risks and other factors that may cause the actual financial situation
the results, performance or achievements of the Company could differ materially from
the estimated future results, performance or achievements of the Company expressed or
implied by forward-looking statements. The Company assumes no obligation
to update these statements for revisions or changes after the date of this
release, unless required by law.

More information:
Access news on the Oslo Bors NewsWeb site

568850_IFRS Financial Statements for the period ending June 30, 2022.pdf


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