Disclosure according to sec. 85 German Securities Trading Act and Art. 20 MAR for company PNE AG:

Warburg Research GmbH, Münchmeyer Petersen Capital Markets GmbH (MPCM), M.M.Warburg & CO (AG & Co.) KGaA or an affiliated company according to Section 271 (2) of the German Commercial Code (HGB) had reached an agreement on the compilation of the research recommendation with the analysed company.

Warburg Research GmbH, Münchmeyer Petersen Capital Markets GmbH (MPCM), M.M.Warburg & CO (AG & Co.) KGaA or an affiliated company according to Section 271 (2) of the German Commercial Code (HGB) and employees of one of these companies have other important interests in relation to the analysed company, such as, for example, the exercising of mandates at analysed companies.

Markings in the chart show rating changes by Warburg Research GmbH in the last 12 months. Every marking details the date and closing price on the day of the rating change.

Date	Recommendation	Target Price	Close Price	Analyst
26.11.2025	Buy	16.80 EUR	9.72 EUR	Oliver Schwarz, Malte Schaumann
13.05.2025	Buy	23.80 EUR	14.88 EUR	Jan Bauer, Jan Bauer
24.02.2025	Buy	23.80 EUR	12.70 EUR	Jan Bauer, Jan Bauer