I believe this is [a Batch-ism](https://ss64.com/nt/syntax-esc.html#delimiters) 
and unrelated to Geany.

You could test it by running in a regular command prompt:

```batch
C:\> pcontextual.bat a=b
```

You'll probably find that `%1` contains `a` and `%2` contains `b`.

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