Energiekontor (EKT) Q1 2025 earnings summary

Executive summary

• 2024 was a transition year with adjusted earnings met, but sales and earnings declined; dividend proposal reduced to €0.50.

• Project pipeline and own generation capacity expanded, with portfolio on track to exceed 600 MW.

• Operates in five countries with 39 group-owned wind and solar parks totaling 444 MW; six projects (160 MW) under construction.

• Growth strategy for 2023–2028 reaffirmed, targeting to double EBT from €60m to €120m by 2028 with 15% average annual growth.

Financial highlights

• 2024 sales: €126.5m (down 47.7%); EBITDA: €72.9m (down 46.2%); EBIT: €49.8m (down 65.5%).

• EBT: €36.2m (down 62.1%); net result: €22.6m (down 72.9%); EPS: €1.62 (down 72.9%).

• Share price closed Q1 2025 at €47.20, down 4% YTD; market cap €660m as of 31 March 2025.

• Gross power generated by group-owned parks was 147 GWh in Q1 2025 (Q1 2024: 200 GWh), mainly due to lower wind volumes.

• Cash & equivalents at year-end: €142.0m (down 19.1%); equity ratio: 24.1% (down 1.6pp).

Outlook and guidance

• FY 2025 EBT guidance raised to €70–90m, with main contributions from UK and expansion in DE and US.

• Project pipeline to support earnings into 2026/2027; focus on tenders, direct marketing, and financial closes in DE and FR.

• Project development and sales segment EBT expected well above 2024 (€7.3m); power generation segment EBT to remain at 2024 level (€26.0m) excluding non-recurring effects.

• 2024 and 2025 are considered transitional years due to market and grid delays; growth strategy targets remain unchanged.

• Growth strategy targets EBT of €120m by 2028, with 1.5–2.0 GW owned portfolio.