Energiekontor (EKT) Q2 2024 earnings summary

Executive summary

• Achieved record results in 2023 with significant growth in sales, earnings, and project pipeline; FY 2024 performance on track with major project milestones and expanded portfolio.

• Revenue rose to €78.0m in H1 2024, up 19.7% year-over-year, but EBT fell to €16.7m from €27.8m due to project timing and market headwinds.

• Focused on organic, sustainable growth in onshore wind and solar, with a diversified presence across five countries and a project pipeline exceeding 12 GW.

• No project sales were completed in H1 2024; most EBT is expected from UK project sales later in the year, though delays in UK grid expansion may defer some sales to 2025.

• Confirmed mid-term strategy targeting 15% annual EBT growth and expansion of group-owned portfolio to 1.5–2.0 GW by 2028.

Financial highlights

• 2023 sales rose 28.9% year-over-year to €241.8m; EBITDA up 35.8% to €135.6m; group result up 87.1% to €83.3m; EPS nearly doubled to €5.97.

• H1 2024 revenue: €78.0m (+19.7% year-over-year); EBITDA: €35.9m (down from €47.2m); EBT: €16.7m (down from €27.8m); net profit: €11.8m (down from €21.0m); EPS: €0.85.

• Cash and cash equivalents at €162.9m as of 30/06/2024, down from €175.6m at year-end 2023; equity ratio stable at 25.0%.

• Cash flow from operating activities: -€14.5m (H1 2024); dividend payout of €16.7m in H1 2024.

• EBT margin: 21.4% (H1 2024); total assets: €723.6m (30/06/2024).

Outlook and guidance

• FY 2024 EBT guidance set at €30–80m, significantly below 2023 (€95.5m), due to project delays and pull-forward effects.

• Most UK project sales and related earnings likely postponed to 2025–2026; 2024 is considered a transition year.

• Management remains confident in achieving the 2028 EBT target of €120m, with a well-filled project pipeline and ongoing project approvals.

• Strategy focuses on established technologies, further solar expansion, and regional growth in stable markets.