NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

1 Accounting and valuation principles

General disclosures

The consolidated semi-annual financial statements presented here comprise the unaudited semi-annual financial statements for the six months to 30 June 2025. This interim report has been prepared in accordance with Swiss GAAP FER 31 Complementary Recommendation for Listed Companies in abridged form, and should therefore be read in conjunction with the consolidated financial statements for the year to 31 December 2024.

In individual cases roundings can mean that figures in this report do not add up to the exact total specified, and that the specified percentages do not exactly result from the stated figures.

Repower’s consolidated semi-annual financial statements do not show any outstanding deferred tax assets or liabilities or current income taxes in relation to the OECD’s Pillar Two Model Rules. From today’s perspective, the group does not expect the minimum tax regulation to have any significant impact.

Adjustments to comparison information

In the 2025 financial year, as part of efforts to optimise its consolidated accounting, the Repower Group adjusted existing accounting policies regarding the presentation of cash flows in the consolidated cash flow statement and the derivation of cash flows from operating activities. The aim of these adjustments is to improve comparability with other market participants.

As part of the adjustment, dividends received from third-party investments and interest received, which were previously reported separately in cash flows from investing activities, have been reclassified to cash flows from operating activities. Similarly, interest paid, which was previously reported separately in cash flows from financing activities, is now recognised in cash flows from operating activities.

In addition, the derivation of cash flow from operating activities includes further reclassifications that have no effect on the amount of cash flow from operating activities.

The amount of the net cash and cash equivalents fund remains unchanged.

The adjusted comparative figures for the previous year are shown in the table below:

Dividends paid

On 14 May 2025, the annual general meeting of Repower AG approved the distribution of an ordinary dividend of CHF 5.00 per registered share plus a special dividend of CHF 1.50 per registered share for the 2024 financial year (prior year: dividend of CHF 5.00 plus a special dividend of CHF 3.00). Subsequently, on 22 May 2024 dividends of CHF 48,037 thousand (prior year CHF 59,125 thousand) were paid out.

Currencies

The following exchange rates were used as a basis for converting the figures in the income statement and balance sheet into CHF:

2 Segment reporting

Net sales from goods and services also include gains and losses (realised and unrealised) on trading transactions.

3 Changes in consolidations

Acquisition of further shares in ENAG Energiefinanzierungs AG (ENAG)

On 7 January 2025, Repower Group increased its interest in Energiefinanzierungs AG (ENAG), Schwyz, from 5.477% to 22.25%. Since then, the investment has been recognised as an associate in other segments and activities. The portion of the difference between the current values and the carrying amounts attributable to the previously held investment was recognised in retained earnings in the amount of CHF 151 thousand. The purchase price including transaction costs amounts to CHF 8,861 thousand, which is reported in the consolidated cash flow statement under payments for additions of investments in associates and joint ventures. The goodwill of CHF 13 thousand contained in the purchase price was not material and was therefore recognised directly as expenses under earnings from associates and joint ventures. ENAG provides Repower with 40 MW of rights to procure electricity over 15 years.

Acquisition of control of Resol Ciminna S.r.l.

On 8 April 2025, Repower acquired all remaining shares (amounting to 50%) in Resol Ciminna S.r.l. from the previous shareholder TI II (Italy) 1 S.r.l., thereby becoming the sole owner. The company, which was previously recognised as a joint venture at equity, is fully included in the consolidated financial statements from this date.

Repower acquired the company for a total of CHF 6,346 thousand. The portion of the difference between the current values and the carrying amounts attributable to the previously held investment was recognised in retained earnings in the amount of CHF 447 thousand. The acquisition resulted in a transfer of net assets of CHF 27,042 thousand to Repower, including tangible assets worth CHF 22,709 thousand and cash and cash equivalents of CHF 4,158 thousand.

A comparison of the purchase price of CHF 6,346 thousand with the proportionate net assets acquired (CHF 13,521 thousand) results in negative goodwill of CHF 7,175 thousand, which is recognised under other non-current liabilities and will be amortised over a useful life of 5 years.

The components of the purchase price that were cash-relevant in 2025, minus the cash and cash equivalents acquired, are recognised at a value of CHF –2,188 thousand as investments in group companies (less cash and cash equivalents acquired).

Resol Ciminna S.r.l. is an agrivoltaic project in Ciminna, Sicily. The company currently has no net sales.

Acquisition of Renewable Community Società Benefit S.r.l.

In the first half of 2025, Erreci S.r.l. acquired all shares in Renewable Community Società Benefit S.r.l. With the acquisition of control, the company was included in the Repower Group’s scope of consolidation.

A comparison of the purchase price paid of CHF 537 thousand and the net assets acquired of CHF 551 thousand, taking into account minority interests of CHF 4 thousand, resulted in a negative difference of CHF 10 thousand. Owing to its immateriality, this was recognised directly in profit or loss under other operating income in the consolidated income statement.

The net assets acquired as part of the transaction consist mainly of cash and cash equivalents amounting to CHF 525 thousand.

The cash-relevant components of the purchase price, minus the cash and cash equivalents acquired, are recognised at a value of CHF –12 thousand as investments in group companies (less cash and cash equivalents acquired).

Repower Renewable Community Società Benefit S.r.l. is an innovative start-up focused on developing energy communities from renewable sources in Italy. The company did not report any net sales in the first half of the year.

Acquisition of B.Energie Castello di Annone S.r.l.

On 26 May 2025, Repower Renewable acquired all shares in Castello di Annone S.r.l., a hydropower project with a capacity of 396 kW on the river Tanaro in Italy. Since the transaction essentially entailed the acquisition of a power generation asset, it is recognised as an asset acquisition. The main things recognised on the consolidated balance sheet were assets under construction of CHF 325 thousand and deferred tax liabilities of CHF 73 thousand.

Disposal of shares in Repower Moesano SA

On 7 February 2025, Repower sold a total of 20 per cent of its shares in Repower Moesano SA. The shares were acquired by the municipalities of Buseno, Cama and Calanca. Following the transactions, Repower now holds 80 per cent of the shares in Repower Moesano SA. The company will continue to be included in the consolidated financial statements of Repower as a subsidiary.

Repower sold the shares for a total of CHF 30 thousand. With the purchase, the acquiring entities assumed negative net assets totalling CHF 451 thousand, resulting in a gain of CHF 481 thousand for the Repower Group.

The cash components of the selling price amounting to CHF 30 thousand are recognised in cash flows from investing activities under proceeds from the sale of minority interests.

4 Events occurring after the balance sheet date

The consolidated interim financial statements were approved by the board of directors on 25 August 2025. No significant events requiring disclosure occurred up to this date.