Focus on solar: despite headwinds, solar thrived Despite the challenging market environment in 2025, solar volumes declined only modestly, down around 7% year on year. The technology benefited from continued cost reductions, improved permitting frameworks, and the emergence of new markets where solar deployment is picking up speed and price cannibalization has not yet materialized at scale. At the same time, the offtaker landscape is becoming more selective. Some of the largest and most active buyers have already met substantial portions of their solar procurement targets, while others show limited appetite for additional solar exposure due to profile considerations or portfolio saturation. As a result of the more challenging offtaker landscape, and the availability of financing on a portfolio- level, rather on an asset-level, a significant share of recent solar capacity has been developed with commercial start date, which contributed to a higher share of PPAs signed on operational assets. contract and commissioning date, with PPAs increasingly concluded closer to delivery, at an average of 10.5 months before start of commercial operations.