Ecoener (ENER) H1 2024 earnings summary

Executive summary

• Revenue rose 48.2% year-over-year to €41.1 million, driven by new solar PV plants in Colombia and the Dominican Republic and strong hydropower and wind output.

• EBITDA increased 48.6% to €19.5 million, with an EBITDA margin of 47.6%.

• Net profit attributable to the parent grew 22.7% to €3.7 million, while consolidated net profit reached €4.7 million, up 33.5%.

• Installed capacity reached 741 MW (342 MW in operation, 399 MW under construction), with a pipeline of 1,509 MW.

• The Group expanded internationally, with new projects and subsidiaries in Canada, Italy, Greece, Poland, Romania, Indonesia, Colombia, and Mexico.

Financial highlights

• Revenue: €41.1 million (up €13.4 million, +48.2% year-over-year).

• EBITDA: €19.5 million (up €6.4 million, +48.6% year-over-year); EBITDA margin 47.6%.

• Adjusted EBITDA: €18.5 million (up 35.2%); adjusted EBITDA margin 45.0%.

• Operating profit: €10.7 million (up 56.6%).

• Net profit: €4.7 million (up 33.5%).

• Total assets: €676.8 million; equity: €143.8 million; net financial debt: €381.2 million.

Outlook and guidance

• The Group will continue investing in pipeline projects, prioritizing growth areas based on profitability and risk control.

• The business outlook is positive, with electricity expected to gain market share and renewables to remain a key focus.

• The Group aims to generate additional operational income and cash flows from its Backlog (363 MW), Advanced Development (184 MW), and Early Stage (962 MW) projects.