Ladies and gentlemen,
In an environment characterised by uncertainty, ensuring a secure and affordable supply for industry and households is more important than ever. SEFE supports its customers and partners in meeting the associated challenges by consistently enhancing its long-term strategy and clearly focusing on energy security, affordability and decarbonisation. Against this backdrop, the 2025 financial year was marked by challenges and important strategic decisions for SEFE. The Supervisory Board of SEEHG Securing Energy for Europe Holding GmbH (SEEHG) closely supported and monitored the implementation of this strategy to ensure sustainable business performance, a reliable energy supply and the advancement of decarbonisation-related innovations.
In 2025, the Supervisory Board performed its duties in a comprehensive and diligent manner and in accordance with the law, the company’s articles of association and its rules of procedure. It examined the company’s situation in detail and regularly discussed the consequences of the evolving energy policy environment and economic developments.
The Supervisory Board continuously advised the Managing Directors and monitored their activities. In doing so, the Supervisory Board satisfied itself that the company was being managed in a legal and proper manner. It was directly involved in all major business transactions, based, among other things, on regular written and oral reports by the Managing Directors. In its plenary sessions and committees, the Supervisory Board engaged actively with the Group’s reports and proposed resolutions. The Chairman of the Supervisory Board and the Managing Directors also maintained regular and close communication outside of Supervisory Board meetings.
The Supervisory Board held 11 meetings during the reporting year. These meetings addressed the company’s operational and financial development, its transformation under the new strategy and projects related to that transformation. After thorough review and consultation, the Supervisory Board decided on the resolutions proposed by the Managing Directors, insofar as this was required by law or the articles of association. Overall, the Supervisory Board reviewed and approved 69 transactions. Thirteen resolutions were adopted outside Supervisory Board meetings by written procedure.
Key topics of deliberation
In 2025, the Supervisory Board paid particular attention to the adaptation of the company’s strategy to the changing market environment. The Supervisory Board obtained detailed information on the ongoing strategy process and consulted with the Managing Directors on key decisions. The primary focus was on securing the Group’s competitiveness and long-term positioning in the European energy market. The Supervisory Board also supported the launch of new business activities aimed at further diversifying the portfolio and strengthening the Group’s market position. The opportunities and risks associated with these initiatives were assessed to ensure their alignment with the company strategy.
Another key focus during the reporting year was the Group’s planned privatisation. The Supervisory Board monitored the discussions regarding the design of the privatisation process and analysed potential impacts on the company’s organisational structure.
Operationally, the focus was on price trends in energy markets and the Group’s financial performance. The Supervisory Board discussed in detail the net assets, financial position and result of operations, evaluated opportunities and risks, and approved the medium-term planning for the years 2026 to 2030. Other topics included the geopolitical situation, the impact of sanctions and the portfolio strategy in global origination and trading, particularly regarding the LNG and gas supply contracts that the Group concluded to secure supply. These contracts primarily related to the expansion of existing and the establishment of new procurement relationships – including with partners in the USA and Argentina – and to the development of additional sales markets, such as in India and Turkey.
In the framework of the WIGA Group’s integration into the SEEHG corporate structure, the Supervisory Board also focused on strategic infrastructure projects in 2025. Crucial aspects under consideration in this regard were the projects’ contribution to the security of supply, their further development and their integration into the long-term corporate strategy.
In this context, the Supervisory Board also closely monitored the marketing of natural gas storage capacities. These capacities play a significant role in Germany’s security of supply. In the current market environment, there are few incentives for market participants to inject natural gas into SEFE’s storage facilities, which is why gas storage fill levels have been very low. The Supervisory Board therefore examined this issue in detail, as well as the development of possible solutions.
The Supervisory Board also examined matters related to corporate financing. The focus was on ensuring a stable liquidity position and on the strategy for the financing structure. Another topic was the repayment of state aid under the EU state aid decision.
In addition, the Supervisory Board extended the contract of Chief Executive Officer Dr Egbert Laege by five years until 15 December 2030. Dr Laege has been Chief Executive Officer since 2022. First as trustee of the German Federal Government and subsequently as Managing Director, he successfully steered SEFE through the energy crisis and the strategic repositioning process, putting it on a trajectory of sustainable growth.
Corporate governance
The Supervisory Board monitored compliance with, and the further enhancement of, the company’s governance principles, taking into account the requirements of the German Federal Government’s Public Corporate Governance Code (PCGK). It was also kept continuously informed about the progress of litigation, compliance assurance, and the impact of EU regulations and sanctions. Additionally, it examined in detail the appointment of company managers and the overall staffing levels and adopted the necessary resolutions.
Committee activities
In order to perform its duties in an efficient manner, the Supervisory Board has established several committees, whose chairpersons regularly report to the full Supervisory Board.
During the 2025 financial year, the Audit and Finance Committee, taking into account the auditor’s reports, thoroughly examined, in particular, the single-entity Financial Statements, prepared in accordance with German commercial law, and the Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (IFRS). The committee drafted recommendations for the Supervisory Board and discussed the Group Management Report, the proposal for the appropriation of net income, and the selection of the auditor. In addition, the committee also reviewed the quarterly figures, the forecast and the Group’s business performance. It paid particular attention to the medium-term planning for the years 2026 to 2030 in order to safeguard the financial stability and strategic positioning of the Group.
The Risk Committee focused on the Group’s market, credit, liquidity and operational risks, as well as conducting a detailed review of the risks associated with individual LNG and gas transactions. The committee also examined risks arising from the long-term portfolio of gas storage and LNG contracts. Furthermore, the committee discussed the update to the Group-wide risk register, the strategic planning aimed at ensuring business continuity and crisis management, developments in regulatory reporting, and capital optimisation measures.
In 2025, the Compliance Committee regularly discussed in detail all compliance matters within the Group. Key areas of focus included the further enhancement of the compliance management system, guideline revisions and updates, the identification and monitoring of risks, and the initiation and control of risk mitigation measures, especially in connection with whistleblower cases and litigation. In certain cases, the committee was also involved in know-your-customer (KYC) processes. Where necessary, the committee submitted corresponding recommendations to the Supervisory Board.
The ESG (Environmental, Social and Governance) Committee focused on producing the ESG report and preparing for future reporting requirements under the CSRD. It paid particular attention to the transformation plan, which defines the Group’s decarbonisation and transformation strategy. The committee reviewed the key levers for achieving climate targets, assessed progress towards established ESG goals, and discussed measures to improve the Group’s ESG profile and ratings. In addition, the committee examined analyses of emissions comparisons, which serve as the basis for the strategic development of the LNG portfolio.
Corporate governance and declaration of compliance
The company applies the latest applicable version of the PCGK. Key recommendations for management and oversight have been implemented since the nationalisation of the SEFE Group in 2022. The declaration of compliance with the PCGK was issued by the Supervisory Board at its meeting on 8 April 2025, jointly with the Managing Directors, and is available to the public.
Audit of the single-entity and Consolidated Financial Statements as at 31 December 2025
SEEHG’s single-entity Financial Statements as at 31 December 2025, the company’s Condensed Management Report and the Consolidated Financial Statements, prepared in accordance with IFRS, were audited by the auditor PricewaterhouseCoopers GmbH (PwC). Each of these reports received an unqualified audit opinion. PwC also audited the remuneration report.
Pursuant to the articles of association, the Supervisory Board examined the single-entity Financial Statements and the Consolidated Financial Statements, the Management Report and the proposal for the appropriation of net income. This examination was based on the audit reports issued by the auditor, as well as the preliminary review by the Audit and Finance Committee. In the financial statement review meeting, PwC reported on the scope and approach of the audit, as well as on the main findings and facts. The committee discussed the documents in detail with the auditor and the Managing Directors.
On this basis, the Supervisory Board examined the single-entity Financial Statements and the Consolidated Financial Statements as well as the company’s Management Report for the 2025 financial year and did not raise any objections. It unanimously recommended approving the single-entity Financial Statements and the Consolidated Financial Statements, as well as adopting the proposal for the appropriation of net income.
Personnel changes in the Supervisory Board and in the committees
There were no personnel changes in the Supervisory Board and / or its committees during the period under review. The Supervisory Board believes that the current membership fully meets the objectives for the Supervisory Board’s composition, taking into account the required expertise.
The Supervisory Board would like to thank the Managing Directors, all employees of the Group worldwide and the employee representatives of all Group companies for their commitment and achievements in the 2025 financial year.
Berlin, 27 May 2026
The Supervisory Board
Sincerely,
Reinhard Gorenflos
Chairman
