On December 2025 Ventus Energy commissioned an internationally reputable and independent audit firm to conduct a comprehensive review of several matters relevant to the Company’s operations and governance.

The audit was initiated in response to publicly circulated misinformation that contained factual inaccuracies and misleading statements, to ensure clarity, transparency, and an objective assessment of the facts. 

The audit has now been completed, and the auditors have delivered their conclusions.

Scope of the Audit Review

The independent audit firm reviewed documentation and conducted the necessary procedures in relation to the following four areas:

• The acquisition of PH Jugla shares.
• The acquisition of PH Dambis shares.
• Documentation related to the Office transaction.
• Compliance-related documentation, including the Cobalt legal opinion and correspondence with the Estonian regulator.

The auditors examined the provided materials, performed the required checks, and formed conclusions on each of the matters listed above.

Findings

To ensure transparency, Ventus Energy invites all interested parties to review the Executive Summary of the auditor’s report, attached as a PDF document (CLICK HERE). The Executive Summary outlines the key findings and conclusions of the independent audit.

In accordance with the agreement between Ventus Energy and the audit firm, the full report cannot be made publicly available. However, the complete report may be provided upon separate request to parties involved in the legal enforcement, state and supervisory authorities, banks and funds Ventus has engaged with to seek refinancing. 

By commissioning this independent review, the company reaffirm its commitment to good governance, compliance, and transparent communication with lenders, partners, and stakeholders.