Energiekontor (EKT) Q2 2025 earnings summary

Executive summary

• Adjusted earnings targets met in 2024 despite lower sales and profit; growth strategy through 2028 confirmed and project pipeline expanded.

• H1 2025 delivered strong operational progress, with significant project sales, new capacity commissioned, and EBT up 70% YoY to €28.3m.

• Own generation capacity expanded to 444 MW, with eight parks under construction and a target of 650 MW.

• Project pipeline (excluding US) increased to 11.4–12 GW, with over 2.8 GW in mature phases.

• US wind projects discontinued due to unfavorable policy; US focus shifts to solar.

Financial highlights

• FY 2024: Sales €126.5m (–47.7% YoY), EBITDA €72.9m (–46.2%), EBIT €49.8m (–65.5%), EBT €36.2m (–62.1%), net result €22.6m (–72.9%), EPS €1.62 (–72.9%).

• H1 2025: Sales €76.0m (–2.5% YoY), EBITDA €51.0m (+41.9%), EBIT €39.3m (+65.6%), EBT €28.3m (+69.5%), net result €24.1m (+104.1%), EPS €1.72 (+102.4%).

• Cash and cash equivalents at 30/06/2025: €193.4m (+36.2% from 31/12/2024); equity ratio at 23.8%.

• Total assets: €896.4m (up from €774.1m at 31/12/2024); equity: €213.1m (up from €186.9m).

• Cash flow H1 2025: operating €18.6m; investing –€40.1m; financing €73.0m.

Outlook and guidance

• FY 2025 EBT guidance of €70–90m confirmed, mainly from project sales in Germany, UK, and US (solar).

• Strategy targets EBT of ~€120m by 2028, requiring 15% average annual growth.

• Project development and sales segment EBT to significantly exceed prior year; power generation expected below 2024 due to weak wind.

• Focus remains on organic growth, expanding own portfolio, and realising 2–3 GW by 2028.