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ER - Photon Energy Group Reports 26.3% Revenue Growth and Over Twofold Increase in EBITDA in 2024

Company: Photon Energy N.V. Date: 2025-02-21 Language: English Register to download
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 News Details

Corporate | 20 February 2025 09:22

#   

Photon Energy Group Reports 26.3% Revenue Growth and Over Twofold Increase in EBITDA in 2024

Issuer: Photon Energy NV / Key word(s): Annual Results  

Photon Energy Group Reports 26.3% Revenue Growth and Over Twofold Increase in EBITDA in 2024  

  

20.02.2025 / 09:22 CET/CEST  

The issuer is solely responsible for the content of this announcement.  

  

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**Photon Energy Group Reports 26.3% Revenue Growth and Over Twofold Increase in EBITDA in 2024**  

-   In 2024, the Company achieved consolidated sales revenue of EUR 89.229 million (+26.3% YoY). EBITDA for the year amounted to EUR 8.726 million (+135.5% YoY). The net loss for the period stood at EUR 13.604 million, compared to a net loss of EUR 15.750 million in 2023.
-   In Q4 2024 alone, revenue reached EUR 25.088 million (+124.1% YoY). EBITDA was recorded at EUR -1.130 million compared to EUR -1.044 million in the corresponding period of 2023. The net loss amounted to EUR 6.535 million versus EUR 6.155 million in Q4 2023.

**Amsterdam – 20 February 2025 –** Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (the “Group” or the “Company”) has released its preliminary unaudited financial results for Q4 2024 and the full fiscal year ending 31 December 2024. The revenue achieved for 2024 is close to the lower boundary of the projected range (EUR 90–100 million), while EBITDA was 12.7% below the expected EUR 10 million.

“2024 was a year of dynamic revenue growth and significant EBITDA improvement, primarily driven by higher electricity sales, strong capacity market revenues, and a substantial increase in PV technology sales. However, declining margins in PV component trading due to inventory liquidation, one-time restructuring costs, and losses from asset sales in Australia negatively impacted our financial performance at subsequent levels. We anticipate that 2025 will create opportunities to further strengthen our market position and improve our financial results, although the pace of this growth will depend on various market and regulatory factors,” said **Georg Hotar, CEO of Photon Energy Group** .

**2024 Results vs. Guidance**

The lower-than-expected results were influenced by a combination of several factors, including:

-   Reversal of an amount booked in Q2 2024 in other gains of EUR 0.9 million; this represents the first instalment on the sale of a 20.4 MW solar PV project in Poland. This gain has been reversed in Q4 2024 due to the postponement of project completion into 2025.
-   EUR 0.25 million in higher-than-expected costs related to restructuring and severance payments
-   EUR 0.3 million in write-offs resulting from a balance sheet review and the clearance of old working capital positions

  

**Key Operational Developments in Q4 2024**

-   Electricity generation of 23.4 GWh in Q4 2024 (-6.6% YoY) and 165.5 GWh FY 2024 (+18.4% YoY); the decline in Q4 was attributable to the sale of 14.5 MWp of the Company’s operating solar assets in Australia
-   Improving energy market conditions in Q4 2024 were significantly offset by negative regulatory changes in Romania, which caused a sharp drop in energy prices – from EUR 130/MWh in September to approximately EUR 50/MWh in October and November 2024
-   Commissioning of 3.2 MWp in Q4 2024 in Romania; the construction of an additional 5.1 MWp of PV projects in Hungary made solid progress toward commissioning in Q1 2025
-   Finalization of the sale transaction of 14.5 MWp of operating PV assets in Australia, resulting in net cash proceeds of EUR 6.0million.
-   The new PV technology trading team delivered sharply increased volumes and have substantially cleared our previous stock overhang.
-   The increased O&M portfolio under contract now exceeds the threshold of 1.0 GWp; although some of new projects are not yet in operation.

**Other Financial and Operational Indicators for Q4 2024**

In Q4 2024, revenue from electricity generation reached EUR 3.373 million, reflecting a 23.0% YoY increase. Other revenue streams grew even more dynamically—up by 157.0% YoY—to EUR 21.714 million.

On the cost side, the most significant increase was in raw materials and consumables, which amounted to EUR 13.031 million, up by 75.6% YoY. This was mainly driven by higher volumes in the Technology, New Energy and Engineering segments.

Other costs also rose significantly, to EUR 9.226 million, including expenses related to engineering projects, capacity market contracts, and Origination & Trading.

Despite rising costs, the Group generated strong operating cash flows—EUR 6.429 million in Q4 2024 and EUR 19.944 million for the full fiscal year—supported by favorable changes in working capital.

As of 31 December 2024, the Company held cash reserves of EUR 8.437 million, compared to EUR 5.838 million at the end of December 2023.

**Q4 2024 Results Presentation**

The Company will host a live webcast on **Thursday 20 February 2025 at 11:00 am CET** to present its fourth-quarter results followed by a Q&A session. Attendees are invited to submit questions during the session through the chat feature or in advance via email to [ir@photonenergy.com](mailto:ir@photonenergy.com) .

Webcast: [https://tailorsgroup.clickmeeting.com/photon-energy-q4-2024-results-presentation](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=a670fa964da7a012c1e488f3d136c12b&application_id=2088957&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3&application_name=news)

View the Company’s financial report for the fourth quarter of 2024 [here](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=7f884053eb86b35cdbe4e7ac1e95419b&application_id=2088957&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3&application_name=news) .

**About Photon Energy Group – photonenergy.com**

Photon Energy Group delivers solar energy and clean water solutions around the world. Its solar power services are provided by Photon Energy; since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 180 MWp and owns power plants with a combined capacity of 130 MWp. It is currently developing projects with a combined capacity of 1 GWp in Australia, Hungary, Poland, Romania and South Africa and provides operations and maintenance services for over 1 GWp worldwide. The New Energy business has electricity trading licenses in Poland, Hungary, the Czech Republic, Slovakia, and Serbia. The Company is one of the largest providers of DSR services to the Polish TSO with a contracted capacity of approx. 320 MW for 2025, and through its Virtual Power Plant (VPP) aggregates energy generators and consumers with a total capacity of over 480 MW. The Group’s other major business line, Photon Water, provides clean water solutions including treatment and remediation services, as well as the development and management of wells and other water resources. Photon Remediation delivers comprehensive environmental remediation solutions, including patented in-situ technology that has been proven to effectively remove PFAS from groundwater and soil. Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges, as well as XETRA, Germany’s leading online trading platform. Photon Energy Group is headquartered in Amsterdam, with offices in Australia and across Europe.

**Media Contact  

Martin Kysly**  

Head of Marketing and Corporate Communications  

Tel. +420 774 810 670  

E-mail: [martin.kysly@photonenergy.com](mailto:martin.kysly@photonenergy.com)

**Investor Contact  

Joanna Rzesiewska**  

Investor Relations Manager  

Tel. +420777486464  

E-mail: joanna.rzesiewska@photonenergy.com

  

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The issuer is solely responsible for the content of this announcement.  

  

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.  

Archive at www.eqs-news.com  

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![fncls.ssp?fn=show_t_gif&application_id=2088957&application_name=news&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3](https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=2088957&application_name=news&site_id=airport_aws~~~7cc68db1-74de-43c8-af69-2ae0a97efdc3)