Reported Earnings • May 05
Full year 2025 earnings released: EPS: Ft39.38 (vs Ft45.73 in FY 2024) Full year 2025 results: EPS: Ft39.38. Net income: Ft451.8m (up 10% from FY 2024). New Risk • Apr 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Market cap is less than US$10m (Ft2.14b market cap, or US$6.70m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Revenue is less than US$5m (Ft426m revenue, or US$1.3m). Announcement • Jan 24
Enefi Vagyonkezel Nyrt. Announces Victory in Litigation Related to Mahart Project and Termination of Proceedings Initiated by Síaréna Kft ENEFI Asset Management Plc. informed its investors that the litigation related to the MAHART project, purchase price of assets, ended in the company's victory at second instance. The decision is final, the Association has not yet received the written decision. The Company also informed investors that the proceedings initiated based on the complaint filed by Síaréna Kft. have been terminated. New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 986% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Revenue is less than US$1m (Ft341m revenue, or US$965k). Market cap is less than US$10m (Ft2.05b market cap, or US$5.80m). Minor Risk Large one-off items impacting financial results. New Risk • May 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hungarian stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m (Ft341m revenue, or US$960k). Market cap is less than US$10m (Ft2.10b market cap, or US$5.91m). Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). New Risk • May 17
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: Ft341m (US$944k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Revenue is less than US$1m (Ft341m revenue, or US$944k). Market cap is less than US$10m (Ft1.91b market cap, or US$5.28m). New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Market cap is less than US$10m (Ft1.98b market cap, or US$5.53m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Large one-off items impacting financial results. Revenue is less than US$5m (Ft440m revenue, or US$1.2m). Announcement • Apr 01
ENEFI Vagyonkezelo Nyrt., Annual General Meeting, Apr 30, 2025 ENEFI Vagyonkezelo Nyrt., Annual General Meeting, Apr 30, 2025, at 11:00 Central Europe Standard Time. Location: siarena vibe park epleny (hrsz. 0233), 8413 epleny, kulterulet malomvolgyi, utca 1, Hungary New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Market cap is less than US$10m (Ft2.01b market cap, or US$5.03m). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (Ft440m revenue, or US$1.1m). New Risk • Jan 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hungarian stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (Ft1.96b market cap, or US$4.86m). Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (32% increase in shares outstanding). Revenue is less than US$5m (Ft440m revenue, or US$1.1m). New Risk • Aug 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 32% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 28% per year over the past 5 years. Market cap is less than US$10m (Ft1.94b market cap, or US$5.50m). Minor Risks Shareholders have been diluted in the past year (32% increase in shares outstanding). Revenue is less than US$5m (Ft396m revenue, or US$1.1m). Reported Earnings • Apr 11
Full year 2023 earnings released: Ft20.66 loss per share (vs Ft12.37 loss in FY 2022) Full year 2023 results: Ft20.66 loss per share (further deteriorated from Ft12.37 loss in FY 2022). Revenue: Ft396.0m (down 50% from FY 2022). Net loss: Ft223.1m (loss widened 100% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 13
Full year 2022 earnings released: Ft12.36 loss per share (vs Ft37.79 loss in FY 2021) Full year 2022 results: Ft12.36 loss per share (improved from Ft37.79 loss in FY 2021). Revenue: Ft783.6m (down 28% from FY 2021). Net loss: Ft179.3m (loss narrowed 46% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 24
First half 2022 earnings released: Ft14.58 loss per share (vs Ft0.85 loss in 1H 2021) First half 2022 results: Ft14.58 loss per share (further deteriorated from Ft0.85 loss in 1H 2021). Revenue: Ft560.5m (down 23% from 1H 2021). Net loss: Ft211.2m (loss widened Ft203.6m from 1H 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Announcement • Apr 12
ENEFI Vagyonkezelo Nyilvánosan Mukodo Részvénytársaság, Annual General Meeting, Apr 29, 2022 ENEFI Vagyonkezelo Nyilvánosan Mukodo Részvénytársaság, Annual General Meeting, Apr 29, 2022. Reported Earnings • Apr 10
Full year 2021 earnings released: Ft37.79 loss per share (vs Ft41.39 profit in FY 2020) Full year 2021 results: Ft37.79 loss per share (down from Ft41.39 profit in FY 2020). Revenue: Ft1.09b (up 1.4% from FY 2020). Net loss: Ft530.9m (down 244% from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to Ft246, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 12x in the Electric Utilities industry in Europe. Total returns to shareholders of 4.7% over the past three years. Reported Earnings • May 06
Full year 2020 earnings released: EPS Ft41.46 (vs Ft2.67 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: Ft1.08b (up 187% from FY 2019). Net income: Ft595.5m (up Ft572.9m from FY 2019). Profit margin: 55% (up from 6.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 15
New 90-day high: Ft436 The company is up 57% from its price of Ft279 on 17 November 2020. The Hungarian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 3.0% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: Ft426 The company is up 39% from its price of Ft307 on 08 October 2020. The Hungarian market is up 27% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 15% over the same period. Is New 90 Day High Low • Nov 03
New 90-day low: Ft273 The company is down 12% from its price of Ft311 on 03 August 2020. The Hungarian market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is down 3.0% over the same period. Is New 90 Day High Low • Sep 18
New 90-day low: Ft282 The company is down 19% from its price of Ft350 on 19 June 2020. The Hungarian market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 2.0% over the same period. 
