<p>I believe this is <a href="https://ss64.com/nt/syntax-esc.html#delimiters" rel="nofollow">a Batch-ism</a> and unrelated to Geany.</p>
<p>You could test it by running in a regular command prompt:</p>
<div class="highlight highlight-source-batchfile"><pre>C:\<span class="pl-k">></span> pcontextual.bat a=b</pre></div>
<p>You'll probably find that <code>%1</code> contains <code>a</code> and <code>%2</code> contains <code>b</code>.</p>

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