Revised financial outlook for 2021

Company announcement 21/2021 (23.12.21)

The Board of Directors of European Energy has decided to adjust its financial outlook for 2021.

The Group has in 2021 experienced higher power sales and profits from its operations all over Europe due to the material increasing prices on electricity as well as better results from divestment of energy parks than planned.

The resulting higher gross profit has been counterbalanced by higher-than-expected staff and other external costs as a result of the growing number of full-time employees in the Group.

The net financial expenses are expected to be considerably less than planned partly due to modification gains recognised where loans have been renewed to much lower interest, partly due to lower interest in operating energy parks.

Accordingly, for 2021, European Energy Group now expects profit before tax of EUR 60 million (previously EUR 50 million).

EBITDA for the Group is expected to be in line with the outlook of EUR 80 million.

For further information, please contact Jonny Thorsted Jonasson, CFO: jtj@europeanenergy.dk or

+45 5180 0000.

This announcement has been made in accordance with the EU Market Abuse Regulation (Regulation (EU) no. 596/2014, as amended).