Amsterdam – 29 April 2025 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (the "Group" or the "Company") has published its Annual Report 2024.
"As we review our 2024 performance, we are encouraged by the significant increase in consolidated revenues, particularly from our Engineering and New Energy divisions. While we faced challenges resulting in a net loss, we remain optimistic about our growth and recovery in profitability. Our focus on enhancing our energy portfolio and expanding operations positions us well for 2025. We look forward to opportunities in energy trading and environmental remediation as we continue delivering sustainable solutions for our stakeholders," said Georg Hotar, CEO of Photon Energy Group.
Key highlights from the Company's Annual Report 2024 include:
- The Group's consolidated revenues amounted to EUR 89.917 million, compared to EUR 70.649 million a year earlier, up by +27.3% year-on-year (YoY). The most significant growth was recorded in Engineering business, where revenues increased to EUR 17.974 million, up by 98.2% YoY and New Energy division where revenues increased to EUR 32.531 million, up by 32.7% YoY.
- EBITDA increased to EUR 7.821 million, more than doubling year-on-year compared to EUR 3.706 million in 2023.
- The Group recorded a net loss of EUR - 13.196 million compared to a net loss of -15.750 million in 2023.
- Total comprehensive income was negative of EUR -9.433 million compared to EUR 0.459 million a year earlier.
- Equity amounted to EUR 60.065 million compared to EUR 69.504 million at the end of 2023. The adjusted equity ratio stood at 25.6%, remaining above the minimum threshold of 25.0% required by the bond covenants.
- The total capacity added to the proprietary portfolio in 2024 amounted to 16.2 MWp. Considering the divestment of 14.5 MWp of operating assets in Australia, the net increase was moderate, rising by 1.9% year-on-year to reach 129.6 MWp at the end of 2024.
- The electricity generation came in at 162.8 GWh, up by 16.5% YoY, compared to 139.8 GWh in 2023.
- O&M segment surpassed the threshold of 1.0 GWp in assets under O&M contracts, increasing by more than 400 MWp in 2024, compared to 300 MWp in 2023.
- 326 MW of DSR capacity contracts were secured for 2025, with total DSR revenues of approximately EUR 13 million in 2025.
Outlook for 2025
The Company reports expectations of continued growth and a recovery in profitability. Positive trends in energy markets, alongside the balanced risk profile of its portfolio, provide confidence in further improvements in the performance of the generation segment. Although capacity market contracts are expected to be lower this year, growth in the energy trading business is anticipated, driven by rising electricity prices and the launch of ancillary services in Poland.
Engineering revenues are also projected to grow, backed by existing contracts and ongoing negotiations with new C&I clients. The O&M segment will reflect the impact of recent capacity acquisitions, while technology trading, which showed strong momentum in Q4 2024, is expected to achieve significant year-on-year revenue growth with healthy margins.
Additionally, there is increasing interest in the Company's environmental remediation business. Although still small, its commercial applications have been successfully demonstrated through multiple pilot-scale projects.
Finally, despite some delays, there remains optimism about monetizing project development efforts and finalizing the sale of PV projects globally.
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 1.1 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.
