Second quarter and half-year 2025

Market and financial risk: The Group is directly or indirectly exposed to electricity price volatility, inflation, interest rate movements, and currency fluctuations. These factors can influence investment returns and asset valuations. The Group mitigates these risks by continuously monitoring market forecasts and adjusting internal strategies, economic assumptions, and valuation models accordingly.

Liquidity and capital access: As the Group increases its investment in capital-intensive projects, it faces heightened liquidity and financing risks. These are managed through proactive financial planning, close collaboration with financing partners, and a phased investment approach aligned with project milestones and divestments.

Regulatory and policy risk: Changes in renewable energy policies, tax regimes, or regulatory frameworks may affect project timelines and profitability. The Group actively monitors policy developments and government signals to adapt plans and forecasts accordingly. Risks related to licensing, municipal veto rights, and concession approvals are mitigated through early stakeholder engagement and geographic diversification.

Geopolitical risk: Ongoing geopolitical tensions, including trade uncertainties and the wars in Ukraine and the Middle East, have increased volatility in several markets. These developments can disrupt supply chains and affect regulatory environments and trade agreements. The Group continuously monitors geopolitical developments and updates its plans and forecasts to mitigate potential impacts.

Project execution risk: Risks such as delays in permitting, grid access, or land acquisition remain relevant. Global supply chain constraints, including limited access to key components, may also affect project timelines and costs. The Group addresses these risks through rigorous due diligence, flexible development timelines, and diversification across geographies and technologies.

Environmental and climate risk: Environmental considerations, including biodiversity and habitat protection, can influence permitting and project design. At the same time, climate change and the global energy transition support long-term demand for renewable energy, reinforcing the Group’s strategic direction.

Business conduct, operational and cybersecurity risk: The Group is exposed to risks related to fraud, corruption, and cyber threats. These are mitigated through a robust internal control framework, including a code of conduct, anti-corruption policies, IT security protocols, and supplier screening. While exposure to fraud is limited, the Group remains vigilant through training, oversight, and reporting mechanisms.

Human capital risk: The Group’s performance depends on a highly specialised team. The loss of key personnel is an ongoing risk, mitigated through succession planning and active recruitment.

Competition risk: The renewable-energy sector is becoming increasingly competitive. The Group manages this risk through disciplined project selection and execution, cost control, and strong market orientation

Cash flow and counterparty risk: Cash flows from subsidiaries and associated companies depend on operational execution and the achievement of project milestones, which introduces timing and counterparty risk. These are mitigated through contractual protections, active board participation, and diversified revenue streams.

The Group maintains a robust risk management framework and continues to focus on the most material uncertainties that could affect financial and operational performance. Risk exposures are reviewed regularly, and no new significant risks have been identified in the second quarter of 2025.