Energeia (ENERG) Q4 2025 earnings summary

Executive summary

• The group is focused on developing, operating, and owning solar power plants, with activities in Norway and the Netherlands, and a strategic shift toward project development and cost reduction in 2025.

• 2025 saw a 21% decline in consolidated revenues to 53.4 MNOK, driven by loss of management income, lower sales in the Netherlands, and a cable theft incident.

• The group reduced headcount from 54 to 42 and implemented cost-saving measures, but still reported a net loss of -34.6 MNOK.

• Financial position was strengthened by 64.4 MNOK in new equity, raising the equity ratio to 54%.

Financial highlights

• Consolidated revenues: 53.4 MNOK (down from 67.6 MNOK in 2024).

• EBIT: -33.3 MNOK (2024: -29.0 MNOK).

• Net result: -34.6 MNOK (2024: -36.7 MNOK).

• Operating cash flow: -25.7 MNOK (2024: -21.3 MNOK).

• Cash position: 22.5 MNOK (2024: 13.1 MNOK).

• Equity: 111.1 MNOK (2024: 83.1 MNOK), equity ratio 54%.

Outlook and guidance

• The group expects continued need for new capital to fund operations and project development, with an estimated liquidity gap of 8–10 MNOK for the next 12 months.

• Further capital requirements are anticipated if investment decisions are made on Norwegian solar projects.

• Cost base has been reduced to 17 MNOK per year, down from 20–25 MNOK.