Sales Revenues and Profitability - Eesti Energia Group's sales revenue in Q2 2025 was EUR 388 million, with a decline in EBITDA to EUR 80 million and adjusted EBITDA at EUR 83 million. Reported net profit was EUR 30 million, while adjusted net profit reached EUR 33 million [1][2] - The performance was primarily affected by falling shale oil and electricity prices, with Baltic energy prices returning to pre-energy crisis levels seen before 2022 [2][5] - The 'Other' segment, particularly frequency services, showed strong growth in both revenue and EBITDA despite overall lower profitability compared to Q2 2024 [2] Renewable Generation and Electricity Sales Segment - Sales revenue from this segment decreased by 26% year-on-year to EUR 170 million, while renewable electricity production increased by 27% to 0.6 TWh due to new wind farms [6] - Segment EBITDA dropped by 64% to EUR 13 million, primarily due to lower sales prices and sales volumes, although reduced electricity purchasing costs provided some offset [7] Non-Renewable Electricity Production - Sales revenue from non-renewable electricity increased by 6% year-on-year to EUR 37.1 million, with generation rising by 2% to 0.3 TWh [8] - Segment EBITDA declined by EUR 18 million due to higher CO₂ costs and increased fixed costs, despite the importance of fossil-based generation facilities for power generation and frequency services [9] Distribution Segment - Sales revenue from the distribution segment increased by 9% to EUR 73.7 million, supported by higher tariffs and a 2% increase in distributed volumes [11] - Segment EBITDA grew by 35% year-on-year, driven by a higher average sales price and lower variable costs [12] Shale Oil Segment - Sales revenue in the shale oil segment fell by 17% to EUR 43 million, mainly due to a 15% drop in sales volumes and a 20% decrease in average sales price [13] - Segment EBITDA declined by EUR 64 million, largely due to a one-off benefit recorded in Q2 2024 that did not recur this year [14] Other Products and Services - Sales revenue from other products and services nearly doubled year-on-year to EUR 32 million, driven by strong performance in frequency services [15] - Frequency services contributed EUR 27 million in revenue and EUR 31.3 million in EBITDA, with overall segment EBITDA rising by EUR 23 million [15] Investments - Group capital expenditure amounted to EUR 120 million in Q2 2025, down 43% year-on-year, with significant investments directed towards renewable energy projects and electricity distribution network enhancements [17] Financing and Liquidity - As of 30 June 2025, Eesti Energia held EUR 619 million in liquid assets, with total available liquidity of EUR 1,019 million [18] - Total debt stood at EUR 1,731 million, with net debt amounting to EUR 1,113 million, down EUR 271 million from a year earlier [18] Key Financial Information - For Q2 2025, the company reported revenue of EUR 387.8 million, operating profit of EUR 38.3 million, and profit for the period of EUR 30 million [20]

Group 1 - The ninth OPEC International Seminar highlighted China's significant role in global renewable energy development, particularly in solar and wind energy, and its contributions to energy security and green transition in developing countries [1] - OPEC emphasized two major challenges in the global energy market: insufficient energy investment leading to future affordability issues and the persistence of energy poverty in many regions, advocating for a comprehensive strategy for energy transition [1] - The OPEC report projected that renewable energy generation capacity increased by nearly 600 gigawatts since the last report, largely due to China's record additions in solar and wind power [1] Group 2 - The CEO of Nigeria National Petroleum Corporation praised China's substantial progress in clean energy transition, especially in solar energy, and emphasized the importance of applying China's experience to meet energy security needs in other developing countries [2] - The CEO highlighted China's contributions to overseas clean energy projects, such as hydropower in the Democratic Republic of Congo and solar power plants in Indonesia and Nigeria, showcasing China's role in global energy transition [2] - The collaboration between Nigeria and China has been impressive, with Nigerian companies eager to strengthen ties with Chinese firms to learn more technologies and seize business opportunities [2] Group 3 - The founder and chairman of Saudi International Power and Water Company acknowledged China's critical role in renewable energy development, stating that without China, the current reality of clean energy would not exist [3] - China's advancements in photovoltaic, wind energy, and electrification have provided feasible pathways for the global energy system, achieving both technological breakthroughs and price accessibility [3]

Core Insights - The "China Renewable Energy Development Report 2024" indicates that China's renewable energy generation capacity will reach a historic high in 2024, accounting for over 60% of the global increase in renewable energy capacity [1] - It is projected that an additional 280 million kilowatts of wind and solar power generation capacity will be added this year [1] - Technological innovation is identified as the core driving force behind the rapid development of renewable energy in China [1] Industry Developments - In 2024, breakthroughs in multiple key areas of renewable energy technology are expected to provide strong support for the industry's growth [1]

Core Viewpoint - The meeting between the company and the CEO of the Climate Organization focused on the development of renewable energy in China, the green certificate system, and potential business cooperation [1][2]. Group 1: Green Certificate System - The company showcased the green certificate service hall, highlighting the history of the National Renewable Energy Information Management Center and the green certificate trading platform, emphasizing the transparency and competitiveness of the Chinese green certificate system [1]. - The green certificate market in China is rapidly developing, with a projected trading volume exceeding 446 million in 2024, surpassing all previous transactions before 2023, and nearly 200 million traded in the first quarter of this year [2]. Group 2: International Cooperation - The CEO of the Climate Organization expressed gratitude for the company's efforts in promoting the unconditional recognition of Chinese green certificates under the RE100 initiative and acknowledged the importance of the green certificate market for achieving 100% renewable energy goals [4]. - The company anticipates that the full recognition of Chinese green certificates by RE100 in 2025 will significantly impact the market, leading to increased procurement from multinational and supply chain companies [2].

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $0.64 for Q1 2025, reflecting an 11% increase in adjusted net investment income to $72 million compared to the same period last year [20][25] - The portfolio has grown to $7.1 billion, with a portfolio yield of 8.3% and a cost of debt at 5.7% [17][18] - The company closed over $700 million in new investments during the first quarter, achieving an average yield greater than 10.5% [5][15] Business Line Data and Key Metrics Changes - The residential solar assets continue to perform strongly, with expectations that they will remain an attractive consumer alternative as retail utility rates increase [15] - The company is seeing elevated demand for behind-the-meter solutions driven by consumer economics and government efficiency initiatives [12] - The renewable natural gas (RNG) sector is contributing significantly to growth, with ongoing evaluations of new frontier asset classes [13][15] Market Data and Key Metrics Changes - The company has a robust pipeline of projects, with most being operational or near operational, thus minimizing the impact of tariffs [8][10] - Despite a potential recession in 2025, the company expects only marginal impacts on investments in clean energy generation, as demand for energy is projected to drive development [10][11] Company Strategy and Development Direction - The company aims for 8% to 10% compound annual growth in adjusted EPS through 2027, supported by a strong liquidity platform and diverse funding strategies [7][21] - The focus remains on maintaining a well-diversified portfolio across different asset classes to enhance resilience [18][24] - The company is actively managing its capital structure with a leverage ratio of 1.9x, aiming to preserve and expand investment margins [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's resilience amid heightened policy and economic uncertainty, noting a historically high volume of incoming requests for capital [5][10] - The company anticipates limited impact from tariffs and a stable outlook for the IRA, with ongoing confidence in the long-term fundamentals of the business [10][60] - Management highlighted that the pipeline is well-balanced and expects continued strong volumes through the remainder of the year [55][56] Other Important Information - The company has over $1.3 billion in available liquidity, which is crucial for capitalizing on opportunities during market volatility [6][21] - The CCH1 co-investment vehicle with KKR has a funded balance of $1 billion, with plans to increase its investment capacity [16] Q&A Session Summary Question: Discussion on debt at the CCH1 level and leverage profile - Management indicated that leverage at CCH1 would be relatively low, with an investment-grade type cost of funds likely [28][29] Question: Impact of stock price on equity financing needs - Management noted a reduction in the number of shares needed to grow the business, which is viewed positively [30][31] Question: Record originations in Q1 and future implications - Management attributed the record originations to increased business activity and a stronger competitive position due to some competitors leaving the market [39][40] Question: Dynamics of residential solar investments - Management clarified that the strong performance in residential solar assets is consistent with historical investments and not impacted by the sponsor's financial position [47][48] Question: Outlook on the IRA and potential changes - Management expressed confidence that the core components of the IRA are unlikely to be repealed, with ongoing support from both the House and Senate [60][61]

4月6—14日，中国有色金属工业协会党委常委、副会长兼秘书长段德炳率团赴中东、北非调 研，与埃及、阿联酋、阿曼3个国家的有关政府部门、商会、园区以及企业进行高层会谈，并 实地调研相关自贸区及生产、建设企业。 调研期间，段德炳一行分别与埃及中华总会会长王培中、中非泰达投资股份有限公司（泰达园区） 总经理魏建青、埃及贸工部公使衔参赞Adel Zahran博士、埃及苏伊士运河经济特区管理局投资推 广总经理NADER KAMEL、埃及伊斯梅利亚公共自贸区副总经理Khaled、沙特国际电力和水务公 司(ACWA Power)项目执行办公室供应链负责人吴志华、江苏海外投资有限公司（中阿产能合作示 范园）副总经理龚建中、阿曼联合太阳能多晶硅有限公司（USP）董事长张龙根、阿曼投资局首席 执行官Nasser AlKindi等进行了深入交流座谈。 有色金属工业协会党委常委、副会长兼秘书长段德炳 与埃及中华总会会长王培中座谈 中 国 段德炳一行与泰达园区相关负责人座谈 段德炳一行与埃及贸工部相关负责人座谈 段德炳一行与埃及苏伊士运河经济特区管理局相关负责人座谈 段德炳一行与埃及伊斯梅利亚公共自贸区相关负责人座谈 段德炳一行与AC ...

Financial Data and Key Metrics Changes - In 2024, the company achieved adjusted EBITDA of $2.64 billion, down from $2.8 billion in 2023, primarily due to extreme weather events in South America and asset sales [32][34] - Adjusted EPS for 2024 was $2.14, an increase from $1.76 in 2023, driven by tax benefits from new renewable projects and a lower adjusted tax rate [33][34] - Parent free cash flow was $1.1 billion, at the midpoint of guidance, reflecting a more than 10% increase from the prior year [37] Business Line Data and Key Metrics Changes - The Renewables SBU experienced lower adjusted EBITDA due to historic weather volatility in South America, with significant contributions from new projects in the U.S. partially offsetting losses [34][36] - The Utilities SBU saw higher adjusted PTC driven by rate-based investments and improved weather, but was partially offset by higher interest expenses [36] - The Energy Infrastructure SBU's lower adjusted EBITDA was attributed to outages and lower margins, while the New Energy Technologies SBU showed improved results [36] Market Data and Key Metrics Changes - The U.S. added 49 gigawatts of new renewable capacity in 2024, with renewables and battery storage representing 92% of those additions [15] - In 2025, the U.S. is expected to add 63 gigawatts, with 93% being solar, storage, and wind [16] - The company noted that renewables have the shortest time to power and greater price certainty, which is critical for meeting the growing demand for electricity [17] Company Strategy and Development Direction - The company is focusing on reducing investments in renewables to prioritize high-risk adjusted return projects and improve organizational efficiency [6][10] - The 2025 financial outlook indicates a significant growth in renewables EBITDA, with expectations of over 60% year-over-year growth [12][41] - The company is committed to maintaining its investment-grade credit rating and dividend while streamlining operations and reducing costs [26][50] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with stock price performance but emphasized the resilience of the business model against regulatory changes [5][6] - The company is confident in achieving long-term growth targets of 5% to 7% adjusted EBITDA growth through 2027, supported by a strong backlog of projects [26][57] - Management highlighted the importance of renewables in meeting the increasing demand for electricity, particularly from technology customers [6][17] Other Important Information - The company signed 4.4 gigawatts of new power purchase agreements (PPAs) in 2024, aiming for 14 to 17 gigawatts by 2025 [7] - The sale of Brazilian assets was noted as a significant de-risking move, reducing exposure to various market risks [14] - The company plans to maintain a focus on larger, more profitable projects while reducing overall capital expenditures [27][63] Q&A Session Summary Question: On cost savings and their sources - The company confirmed that the $150 million in cost savings ramping to $300 million is ongoing and not one-time, with confidence in achieving these reductions [60][61] Question: On renewable CapEx and growth strategy - Management clarified that while CapEx is being cut, the focus remains on executing a strong pipeline, with a shift towards fewer but larger projects [71][73] Question: On asset sales and coal contributions - The company indicated that asset sales will include some coal exits and technology monetization, but the reliance on these sales has decreased [76][77] Question: On cost reduction specifics - The cost reduction program includes resizing the development team, cutting early-stage project costs, and a 10% workforce reduction [81][82] Question: On credit metrics and future outlook - Management discussed expectations for improving credit metrics, with a focus on increasing cash flow and EBITDA through operational efficiencies [86][95]