EQS-News: Energiekontor AG: Energiekontor successfully completes transition year 2024

Energiekontor successfully completes transition year 2024

• Adjusted forecast for transition year 2024 fulfilled
• Sales and earnings below previous year as expected
• Dividend proposal adjusted to 0.50 euros per share

Bremen, 28 March 2025 – Energiekontor AG (“Energiekontor”), one of the leading German project developers and operators of wind and solar parks, based in Bremen and listed in the General Standard, has met the recently slightly raised forecast for the 2024 transitional financial year at the upper end of the range and currently expects a significant improvement in the Group's results in the financial year 2025.

Adjusted forecast for 2024 fulfilled – dividend proposal adjusted to balance sheet profit

Amid a challenging market environment, Energiekontor generated consolidated revenues of 126.5 million euros in the 2024 financial year (2023: 241.8 million euros). Total income amounted to 195.9 million euros (2023: 275.4 million euros). In particular, lower project planning activity with an effect on earnings led to a reduced operating Group net profit (EBIT) of 49.8 million euros (2023: 114.4 million euros), which corresponds to an EBIT margin of 39.4 percent (2023: 47.3 percent). Adjusted for a significantly improved interest result, Energiekontor generated Group net profit before taxes (EBT) of 36.2 million euros (2023: 95.5 million euros) and an EBT margin of 28.6 percent (2023: 39.5 percent).

This means that Group EBT, which was significantly lower than the previous year, meets the earnings forecast for Group EBT in the 2024 financial year, which was recently raised again slightly in mid-March 2025 and envisaged Group earnings before taxes in a range of approximately 34 to 37 million euros. The increase was based on positive one-off effects that materialised after the reporting date and resulted primarily from receivables in connection with the compensation of loss of earnings at various wind parks in Germany. At 36.2 million euros, Group EBT came in at the upper end of the range. Previously, Energiekontor’s assumptions for Group EBT were in a lower range of approximately 23 to 27 million euros after the ongoing sales processes in Germany and the United Kingdom in early December 2024 led to postponements with an impact on earnings until the 2025 financial year.

In the 2024 financial year, the Group tax rate was 37.6 percent (2023: 12.7 percent), which resulted in a corresponding reduction in Group net profit for the year of 22.6 million euros (2023: 83.3 million euros). The previous year’s significantly lower tax rate and the resulting high level of Group net profit for the year were largely due to favourable tax conditions for the projects sold abroad during the same period. Undiluted earnings per share amounted to 1.62 euros (2023: 5.97 euros).

The objective is for shareholders of Energiekontor AG to benefit from the company’s performance even in challenging financial years. The amount of the dividend payout is based on the level of earnings achieved. The Management Board and the Supervisory Board will propose to the Annual General Meeting on 28 May 2025 in Ritterhude that around 43 percent of Energiekontor AG’s balance sheet profits be distributed as a dividend. The proposed distribution corresponds to a dividend of 0.50 euros per share (2023: 1.20 euros).

Project delays limit performance of the project development and sales segment

In the 2024 financial year, the project development and sales segment generated external sales revenue of 52.4 million euros (2023: 157.8 million euros). Segment EBT stood at 7.3 million euros (2023: 64.1 million euros). One of the reasons for the marked decline in the contribution to sales and earnings was, among other things, a Scottish wind project sold at the end of 2023, which resulted in a positive pull-forward effect in the 2023 financial year, and meant that the contribution was recognised early. In addition, project delays, supply chain issues and extended due diligence processes over the course of the 2024 financial year caused further postponements until the 2025 financial year, with a related impact on sales and earnings. 

In the 2024 financial year, Energiekontor sold a total of three projects with a total generation capacity of around 51 megawatts (2023: 162 megawatts). As at 31 December 2024, a total of ten projects with a total generation capacity of around 386 megawatts were under construction or had reached financial close (31 December 2023: 316 megawatts).

In addition, four wind parks and one solar park with a total generation capacity of around 124 megawatts were commissioned (2023: 76 megawatts). With the exception of one wind park and one solar park, the remaining three commissioning projects in the United Kingdom and Germany were sold. Moreover, a large number of building permits had been granted for facilities with a total generation capacity of around 1,129 megawatts as at the reporting date (31 December 2023: 748 megawatts). More than half of this volume relates to project business in the United Kingdom. More than 40 percent also related to the business in Germany and the remainder to the French national market.

Positive one-off effects strengthen solid power generation segment

External revenues and earnings (EBT) in the power generation segment in the Group-owned wind and solar parks were below the previous year’s level in the 2024 financial year, with the segment generating external revenues of 69.4 million euros (2023: 79.0 million euros). These lower earnings are attributable mainly to a significant drop in wind volumes, the shutdown of one wind park during the year, and lower electricity prices on the spot market, which Energiekontor is countering with direct marketing and private power purchase agreements (PPAs) to secure acceptable price levels. Segment EBT, by contrast, decreased less dynamically than revenues to 26.0 million euros (2023: 27.8 million euros). These were offset by one-off effects that had an impact on earnings, resulting primarily from receivables in connection with compensation for loss of earnings at various wind parks in Germany. 

The total generation capacity of Group-owned wind and solar parks increased again slightly in the 2024 financial year to around 395 megawatts (31 December 2023: around 389 megawatts). The Group-owned Giersleben wind park was sold at the end of 2024 for reasons of convenience. The commissioning of the Seukendorf solar park in the fourth quarter of 2024 and the Letschin solar park in the first quarter of 2025 increased the total nominal capacity of the Group-owned portfolio to currently around 444 megawatts. Additional projects currently under construction will increase Energiekontor’s own portfolio to more than 600 megawatts in the future. In addition, a large number of projects are expected to reach financial close in the 2025 financial year, including more than 400 megawatts that are also earmarked for the company’s own portfolio.

The Alfstedt wind park in Lower Saxony, Germany, was not in operation all year round due to repeatedly broken rotor blades, which resulted in the shutdown of the entire wind park in October 2023. The clean-up of the affected areas was completed in summer 2024. The rotor blades were replaced on the damaged wind turbines. The systems have been restored to full working order. One of the five decommissioned wind turbines resumed operations in December 2024. The arbitration report agreed with the manufacturer to determine the cause of the damage was finalised at the end of 2024 and submitted to the authorities. In mid-March 2025, Energiekontor received the positive official notification from the relevant district to lift the prohibition on use. Following the completion of preparatory measures, Energiekontor aims to recommission the park in the second quarter of 2025.

Despite the shutdown mentioned above, gross power production at Group-owned parks reached a high level of around 610 gigawatt hours in the 2024 financial year (2023: around 635 gigawatt hours). This is primarily due to the Jacobsdorf wind park, which was recommissioned at the beginning of 2024, and ongoing operational measures to increase earnings.

Operation development, innovation and others segment with upside potential

The operation development, innovation and others segment saw its sales and earnings fall below the previous year’s level. External revenues fell to 4.6 million euros (2023: 5.0 million euros). Segment earnings (EBT) reached 2.8 million euros (2023: 3.6 million euros). Segment EBT decreased primarily as a result of the factors influencing electricity income described above, which form the basis for operations income.

Further expansion of project pipeline

In the 2024 financial year, Energiekontor again succeeded in expanding its historically extensive project pipeline by around 470 megawatts to approximately 11.2 gigawatts (excluding US project rights) despite the many challenges it faced (31 December 2023: 10.7 gigawatts). More than 2.7 gigawatts of the project pipeline are already at an advanced stage of project development and therefore form the basis for short- and medium-term growth. Technological diversification was also put on a broad footing. The share of projects in the solar sector amounts to approximately one third.

Back on track with the 2023 to 2028 growth strategy

The 2024 financial year can be seen as a transition year owing to a number of exceptionally successful projects in the 2023 financial year and several project delays. This also applies to a certain extent to the 2025 financial year. The main reasons for this are persistently long project realisation times stemming from the limited availability of turbines and large components on the market, as well as further delays in grid connection dates and the next CFD tender round in the United Kingdom. By contrast, Energiekontor expects significant improvements in terms of timing with regard to the UK grid connection reform taking place this year, which could possibly lead to an acceleration in the realisation of the 17 projects that have now been approved in the United Kingdom. 

In the 2025 financial year, Group EBT is expected to be generated as planned from project sales in Germany, the United Kingdom and the United States (solar). As in previous years, the majority of the planned EBT contributions are expected to come from ready-to-build sales in the United Kingdom. This includes the transaction for a major Scottish wind power project that was postponed in December 2024. Commissioning of most of the wind and solar park projects currently under construction and others planned for this year with financial close in Germany is expected to take place in the 2026 financial year, and in some cases not until the 2027 financial year. In this respect, some of the contributions to earnings resulting from these sales projects will not be realised until 2026 and 2027. Moreover, Energiekontor continues to expand its own wind park portfolio, thereby strengthening the steady stream of income in the power generation segment.

Despite persistent challenges in the manufacturer and supplier markets, ongoing delays in grid expansion in the United Kingdom and in view of the planned transactions and expansion of the company’s own portfolio, the Management Board of Energiekontor AG now expects Group EBT for the 2025 financial year to be significantly higher than in the previous year, in a range of 70 to 90 million euros.

“While the situation is complex and challenging at the moment, there are also many opportunities that we intend to make the best possible use of,” said Peter Szabo, CEO of Energiekontor AG. “In times such as these, we benefit from our many years of experience, perseverance and solid financial position based on our organic growth model. Thanks to our well-filled project pipeline, a large number of projects in the later stages of maturity, several projects that already have building permits and the prospect of more flexible conditions in the industry, we are continuing to lay the necessary foundations in order to capitalise on the temporary shifts in earnings in the current and future financial years, and to achieve the growth targets of our 2023 to 2028 strategy as planned.”

The Annual Report 2024 contains further information on Energiekontor’s business performance, the economic and market environment and the outlook. It is available for download at https://www.energiekontor.de/en/investor-relations/financial-reports.html.

About Energiekontor AG

For almost 35 years, Energiekontor has stood for a solid business policy and extensive experience in renewable energies. Founded in Bremerhaven, Germany, in 1990, the company is among the pioneers in its industry and is now one of Germany’s leading project developers. Its core business ranges from the planning and construction to the operational management of wind and solar parks in Germany and abroad. In addition, Energiekontor operates 36 wind and three solar parks with a total nominal power of around 444 megawatts in its own portfolio. Around 160 megawatts, which are also earmarked for the Group's own portfolio, are currently under construction. Energiekontor also plays a pioneering role in economic terms and aims to realise the first wind and solar parks in all target markets at market prices as quickly as possible, independently of state subsidies.

Along with its headquarters in Bremen, Germany, Energiekontor has offices in Bremerhaven, Hagen im Bremischen, Aachen, Augsburg, Berlin, Berlin-Spandau, Potsdam and Hildesheim. The company also has branch offices in England, Scotland, Portugal, France and the United States.

Since being established, Energiekontor has a proud track record of realising over 160 wind and solar park projects with a total nominal power of more than 1.4 gigawatts. This corresponds to an investment volume of more than 2.0 billion euros. The significantly expanded project pipeline in the first half of 2024 (11.0 gigawatts excluding US project rights) shows the future growth potential and the possible contribution that Energiekontor can make to the expansion of renewable energies.

Energiekontor AG (WKN 531350/ISIN DE0005313506/General Standard) is listed on the SDAX of the German Stock Exchange in Frankfurt. Shares can be traded on all German stock markets.

Contact

Julia Pschribülla
Head of Investor & Public Relations
Phone: +49 (0)421-3304-126

Kathrin Mateoschus
Investor & Public Relations Manager
Phone: +49 (0)421-3304-297

Email for investor relations matters: ir@energiekontor.com
Email for press matters: pr@energiekontor.com

Energiekontor AG
Mary-Somerville-Strasse 5
28359 Bremen
Germany

Phone: +49 (0)421 3304-0
Fax: +49 (0)421 3304-444
Email: info@energiekontor.de
Web: www.energiekontor.de