Photon Energy Group Reports 7.9% Revenue Growth and More Than Doubled EBITDA Despite Market Challenges in the First Three Quarters of 2024
Amsterdam – 20 August 2024 – Photon Energy N.V. (WSE: PEN, “Photon Energy Group”, the “Group” or the “Company”) announces financial results for the first half of 2024.
“The financial results for the first six months of this year, characterised by growing revenue and more than doubled year-over-year EBITDA, reflect the significant and successful changes we have implemented since the middle of last year. At that time, the foundations of our business were challenged by dramatic shifts in market conditions, including declining electricity prices, reduced volumes and prices in PV components and deteriorated conditions for solar assets. In response to these challenges, we have successfully implemented changes which positively impacted our Q2/H1 results. The results for the six-month period and the prospects for the remainder of 2024 made the management board to confirm its full-year guidance,” said Georg Hotar, CEO of Photon Energy Group.
In the first half of 2024, Photon Energy Group’s consolidated revenues amounted to EUR 41.289 million, compared to EUR 40.231 million a year earlier, marking an increase of 2.6% year over year.
Electricity generation in Q2 2024 amounted to 56.6 GWp and was approximately 36.8% higher year over year, outpacing the rate of IPP portfolio expansion. The total year-to-date electricity production for the first six months of this year was 86.8 GWp, up by 31.0% year over year. This increase was primarily driven by the commissioning of new assets in Romania.
Other revenues remained stable at EUR 28.994 million in H1 2024, compared to EUR 28.887 million a year earlier (+0.4% YoY). On a quarterly basis, the expansion of other revenues was more pronounced, with revenues reaching EUR 15.365 million in Q2 2024, representing an 11.7% increase year over year.
The consolidated EBITDA of EUR 6.057 million for H1 2024 more than doubled year over year compared to EUR 2.833 million in H1 2023. In Q2 2024 alone the EBITDA was EUR 5.274 million, compared to EUR 2.503 million in Q2 2023. Consolidated EBIT of EUR 0.843 million in H1 2024 materially improved compared to EUR -1.469 million a year earlier.
The Group recorded a net loss of EUR -2.789 million in Q2 2024 and EUR -4.109 million in H1 2024. However, these results represent an improvement compared to the same periods of the previous year.
According to the guidance published on 16 May 2024, consolidated revenues are expected within a range of EUR 90–100 million. In H1 2024, consolidated revenues amounted to EUR 41.3 million, which represents 45.9% of the lower guided thresholds. Given the seasonality of revenues and the recent recovery of electricity prices and assuming no major changes to the current economic environment and the course of business, the management expects revenues in H2 2024 to be higher than in the reporting period and in line with the full-year guidance.
The management also remains confident in the full-year EBITDA expectations, which were initially estimated within the range of EUR 16–18 million. As of the first half of 2024, the reported consolidated EBITDA stands at EUR 6.2 million, approximately 37.9% of the lower end of the guided range.
The Company is organising a video conference on Tuesday, 20 August at 11:00 a.m., during which it will present its results for the first half of 2024 and answer questions. Participants are asked to send questions during the session via the chat function or in advance via email to ir@photonenergy.com.
The report for the first half of 2024 is available here.
Photon Energy Group is a group of companies providing renewable energy, clean water and environmental remediation solutions worldwide. Photon Energy and Lerta provide comprehensive renewable energy solutions, including solar power and energy flexibility. Since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 160 MWp and has power plants with a combined capacity of 131.1 MWp in its proprietary portfolio. It is currently developing projects with a combined capacity of 1 GWp in Australia, Hungary, Poland and Romania and provides operations and maintenance services for over 880 MWp worldwide. Photon Energy’s Virtual Power Plant aggregates renewable energy generators and consumers with a total capacity of over 480 MW. Photon Energy and Lerta hold electricity trading licenses in Poland, the Czech Republic, Slovakia, Hungary, Romania and Serbia. Lerta is the third largest provider of DSR services to the Polish TSO, with a contracted capacity of 389 MW for 2024. Through Photon Water, the Group offers water treatment and management solutions, and its remediation technology removes PFAS and other contaminants from water and soil. Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges as well as Xetra, Germany’s leading online trading platform. Photon Energy Group is headquartered in Amsterdam, with offices in Australia and across Europe.
Martin Kysly
Head of Marketing and Corporate Communications
Tel. +420 774 810 670
E-mail: martin.kysly@photonenergy.com
Joanna Rzesiewska
Investor Relations Manager
Tel. +420 777 486 464
E-mail: joanna.rzesiewska@photonenergy.com