Zenith Energy

Multiple Value Drivers Position Zenith for a Potential Re-Rating

Zenith Energy (“Zenith” or “the Company”) is built on three independent value drivers: a rapidly scaling 188.5 MWp Italian solar development pipeline, strategically positioned uranium projects in Lombardy, and a portfolio of arbitration claims against the Republic of Tunisia, complemented by profitable gas-to-electricity operations and a growing US oil production platform. This reflects a track record of well-timed acquisitions, demonstrated by the entry into Tunisian oil assets during the COVID-19 period and the subsequent shift toward Italian power generation. The Company’s most significant potential value catalyst remains the ongoing ICSID arbitration under the UK–Tunisia investment treaty, where the final hearing was held in April 2026 on a claim of USD 573m in damages. Analysis of comparable treaty arbitration outcomes supports a favorable probability of success. Analyst Group estimates that a probability-weighted cash injection of USD 148m, combined with a sum-of-the-parts valuation of Zenith’s core operations, including uranium projects, at USD 152m, supports a potential value of NOK 4.2 per share in a Base scenario.

• ICSID Hearing Held; A Central Catalyst

The ICSID arbitration under the UK–Tunisia BIT remains fully intact, with a claim of USD 573m and the final hearing held in April 2026, concluding the evidentiary phase. Ahead of the hearing, Tunisia formally recognized EPT’s ownership of the disputed concessions and crude oil, strengthening the claimants’ factual record. Analyst Group estimates a 72% probability of a favorable outcome based on precedent and case specifics, with a decision expected within 3-12 months. The Company has also secured a USD 9.7m ICC-1 award and maintains its ICC-2 annulment application before the Swiss Federal Supreme Court, a potentially transformative value catalyst.

• Solar Platform Scales to 188.5 MWp Pipeline

During 2025 and 2026, Zenith has scaled its Italian solar strategy to a 188.5 MWp pipeline, approximately 92 % of its stated 200 MWp target, in under twelve months. A recently completed independent valuation assigned EUR 54.7m to the portfolio, nearly double the December 2025 figure and a concrete benchmark for the value created. Zenith is now moving into monetization, advancing assets toward Ready-to-Build, beginning construction of its first site in July 2026, and exploring divestments on attractive terms to fund continued expansion.

• Converging Catalysts Drive the Re-Rating

Beyond the arbitration, Zenith’s value rests on a rapidly scaling solar platform, uranium projects in Lombardy now advanced through a dedicated listed vehicle, a growing US production base following the proposed Daybreak acquisition, and profitable gas-to-electricity operations in Italy. Based on historic AGIP Nucleare data, the uranium projects carry a combined target of approximately 15 Mlbs U₃O₈, a strong long-term value driver. Reflecting the expansion of the solar pipeline to 188.5 MWp and continued operational progress, Analyst Group revises its core-operations valuation upward, supporting a re-rating as catalysts converge.