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Enefit Green (EGR1T) investor relations material
Enefit Green Q1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2025 earnings summary8 May, 2025
Executive summary
Electricity production rose 25% year-over-year to 617 GWh, mainly from new wind and solar parks in Lithuania and Latvia, nearly doubling installed capacity since Q1 2022, while heat production fell 19% due to asset sales.
Operating income was €66.9m (-3%), EBITDA €31.0m (-27%), and net profit €21.7m (-35%) compared to Q1 2024, impacted by a 33% drop in captured electricity prices and higher purchase costs.
New wind and solar assets contributed significantly to production, but deeper wind discounts and lower PPA prices pressured margins.
Major strategic moves included a partnership with Sumitomo Corporation for offshore wind and a voluntary takeover bid by Eesti Energia, with management proposing no dividend for 2024.
Financial highlights
Revenue rose to €62.4m (+11%), but renewable energy support and other operating income fell sharply, and overall operating income declined due to lower prices and asset sales.
Average implied captured electricity price dropped to €54.5/MWh from €81.4/MWh year-over-year.
EBITDA margin contracted as operating expenses (excluding D&A) rose 35% year-over-year.
Investments in Q1 2025 totaled €37.7m, down 64% year-over-year, reflecting the current phase of project development.
Cash flow from operations was €25.8m, with a net cash outflow of €8.5m for the quarter.
Outlook and guidance
Focus remains on high-return wind and hybrid projects in the Baltics and Poland, with 132 MW under construction and Kelmė I and Latvian PV parks expected to contribute positively in upcoming quarters.
Strzałkowo solar park in Poland to boost production and revenues from next summer, with 75% output under a 15-year CfD.
Estimated total investment capacity for pipeline projects is approximately €200 million, with €100m required to complete projects under construction.
Long-term PPAs and indexed CfDs are expected to provide revenue stability amid market volatility, with 50.8% of 2025-2028 expected production covered by PPAs.
Integration with Eesti Energia aims to create a more competitive, integrated energy group.
Explain the deeper wind discounts impact.
Why propose no dividends for 2024?
Assess Strzalkowo solar farm CfD impact.
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Frequently asked questions
Enefit Green AS is a publicly traded renewable energy company based in Tallinn, Estonia, focusing on producing electricity and heat from renewable sources. Established in 2016 as part of Eesti Energia's renewable energy assets, Enefit Green operates across Estonia, Latvia, Lithuania, and Poland. The company's energy production portfolio includes wind farms, the Iru waste-to-energy plant, biomass power plants in Paide and Valka, the Keila-Joa hydroelectric power plant, and the Ruhnu hybrid power generation system. The company is headquartered in Tallinn, Estonia, and its shares are listed on the Nasdaq Tallinn.
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