Novavis Group (NVG) Q1 2025 earnings summary

Executive summary

• Novavis Group S.A. reported a consolidated net loss of 823k PLN for Q1 2025, compared to a net profit of 1,491k PLN in Q1 2024, mainly due to lack of milestone achievements in key photovoltaic projects under the Iberdrola agreement.

• Operating revenues were 7k PLN, significantly lower than the previous year, as no new project milestones were recognized.

• The company’s main business is the development and management of photovoltaic projects, with a major contract with Iberdrola Renewables Polska Sp. z o.o.

Financial highlights

• Consolidated operating revenues: 7k PLN (Q1 2025) vs. 2,895k PLN (Q1 2024).

• Operating loss: 949k PLN (Q1 2025) vs. operating profit of 1,842k PLN (Q1 2024).

• Net loss: 823k PLN (Q1 2025) vs. net profit of 1,491k PLN (Q1 2024).

• Net cash from operating activities: 1,620k PLN (Q1 2025) vs. 896k PLN (Q1 2024).

• Total assets: 32,130k PLN as of 31.03.2025, down from 35,559k PLN a year earlier.

• Equity attributable to shareholders: 3,677k PLN as of 31.03.2025, down from 9,843k PLN as of 31.03.2024.

Outlook and guidance

• Future results depend on achieving project milestones under the Iberdrola agreement, which are subject to administrative and grid connection decisions outside the company’s control.

• The company is in talks with new investors for a large photovoltaic project after Iberdrola withdrew from the Manowo-Wyszebórz project.

• No financial forecasts were published for 2025.