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Photon Energy (PEN) investor relations material
Photon Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Q3 2025 revenues rose 6.2% year-on-year to EUR 24.27 million, driven by strong growth in technology trading and new energy segments, despite a 13.8% drop in electricity generation revenues due to regulatory challenges in Romania and asset sales in Australia.
EBITDA increased 18.1% year-on-year to EUR 4.49 million, supported by a EUR 1.4 million gain from the Yadnarie Project sale, though recurring business performance was weaker.
Net comprehensive income was -EUR 2.26 million, with net loss narrowing to EUR 2.66 million from EUR 2.96 million year-on-year, impacted by impairments and weaker operating cash flow.
Operating cash flow was EUR 2.28 million, down from EUR 6.88 million year-on-year, with cash and liquid assets at EUR 11.3 million.
Financial highlights
Electricity generation revenues fell 13.8% year-on-year to EUR 7.79 million, mainly due to Romanian regulatory issues and asset disposals.
Technology trading revenues surged 146% year-on-year to EUR 5.42 million, driven by a tenfold increase in module distribution volume.
New energy segment revenues grew 37.7% year-on-year to EUR 8.92 million, with EBITDA improving to EUR 1.43 million.
O&M and asset management contracted capacity grew 34% year-on-year to nearly 1.2 GW peak.
Impairment charges totaled EUR 1.6 million, mainly for software and project pipeline write-downs.
Outlook and guidance
Management maintains full-year 2025 guidance at the lower end of the revenue range (EUR 100–110 million) and guided EBITDA (EUR 9 million), with 72% of revenue and 94.8% of EBITDA guidance achieved in the first nine months.
Regulatory issues in Romania are expected to be resolved by early 2026, restoring full generation capacity.
Dynamic growth is anticipated in the C&I and O&M segments, with new opportunities in utility-scale battery services.
Guidance does not account for unforeseen risks; management remains confident in achieving targets barring unexpected events.
Romania licensing: remaining revenue at risk?
How will pipeline divestments impact 2026 results?
Reconcile Q3 EBITDA drivers with full-year guidance
Undisclosed options to boost equity ratio?
Water business strategy for material contribution?
O&M segment: How to leverage for significant EBITDA?
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Next Photon Energy earnings date
Q4 202520 Feb, 2026
Next Photon Energy earnings date
Q4 202520 Feb, 2026
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