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.
Webcast: https://tailorsgroup.clickmeeting.com/photon-energy-q4-2024-results-presentation
View the Company's financial report for the fourth quarter of 2024 here.
About Photon Energy Group
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
Investor Contact
Joanna Rzesiewska
Investor Relations Manager
Tel. +420 777 486 464
E-mail: joanna.rzesiewska@photonenergy.com
