PannErgy Underperforms Q3 Sales Target and Volume

In the presentation of its latest production report, the Hungarian geothermal energy company PannErgy maintains its previously (in January 2026) published consolidated IFRS EBITDA guidance for the 2026 financial year, which is expected to be within the range of HUF 4,300-4,450 million.

The weather conditions during the reporting period represented a less favorable geothermal heat sales potential at the Group level compared both to the base period of 2025 and to the average of recent years, the report states.

Comparing the heat sales data of the third quarter of 2026 with the corresponding periods of previous years, it can be concluded that the volume of heat sold during the period was realized at a below-average level. At the same time, PannErgy underperformed both its quarterly sales target and the sales volume of the base period by approximately 9%, partly due to unfavorable weather conditions and partly as a result of the increased use of fossil fuel-based heat within the Miskolc district heating system.

In the third quarter of 2026, the Miskolc Geothermal System sold a total of 64,254 GJ of heat energy, representing an 11.9% decrease compared to the heat sales achieved during the corresponding period of 2025 and also falling below the average performance of previous base periods. The primary reasons for the shortfall from plan were

warmer weather conditions compared to the base period and the increased utilization of fossil fuel-based heat sources within the city's district heating system relative to geothermal energy.

In the third quarter of 2026, the Győr Geothermal System sold 95,938 GJ of heat energy, significantly below (by 7.7%) the heat sales achieved during the corresponding period of 2025. The primary reason for the decline was the warmer weather compared to the base period, the quarterly report concludes.