Enefit Green (EGR1T) Q1 2025 earnings summary

Executive summary

• Electricity production rose 25% year-over-year, mainly from new wind and solar farms, but a 33% drop in implied captured price led to a 3% decrease in operating income and a 35% decline in net profit.

• Renewable profile discounts increased, and asset sales negatively impacted operating income and EBITDA by €8m and €6.5m, respectively.

• Major strategic moves included a partnership with Sumitomo Corporation for offshore wind and a voluntary takeover bid by Eesti Energia.

• Management proposed no dividend for FY2024.

Financial highlights

• Revenue rose to €62.4m (+11%), but renewable energy support and other operating income fell sharply.

• Operating income: €66.9m (-3% YoY); EBITDA: €31.0m (-27% YoY); Net profit: €21.7m (-35% YoY).

• Basic and diluted EPS for Q1 2025 was €0.082, down from €0.127–0.13.

• Investments totaled €37.7m in Q1, down 64% YoY.

• Operating expenses (excl. D&A) rose 35% YoY, mainly due to higher electricity purchase and fixed costs.

Outlook and guidance

• Leverage expected to stabilize as new assets ramp up and capital expenditure moderates.

• 132 MW of new capacity under construction, with major projects in Lithuania and Poland expected to come online in 2025–2026.

• Completion of projects under construction will require an estimated €100m.

• No new PPAs signed in 2025; existing PPAs and CfDs provide partial price protection and revenue stability.