7C Solarparken (HRPK) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 declined 10% year-over-year to €55.0 million, mainly due to lower electricity prices and reduced specific yield.

• EBITDA fell 21% year-over-year to €44.0 million, impacted by a €5.4 million impairment related to the Reuden Süd project.

• Electricity production remained stable at 329 GWh, with a 4% increase in weighted average capacity to 427 MWp.

• 2024 guidance confirmed; a second share buyback program is under consideration.

Financial highlights

• Revenue decreased 10% year-over-year to €55.0 million, with 98.9% from electricity sales.

• EBITDA dropped 21% year-over-year to €44.0 million, mainly due to a one-time impairment.

• Net debt reduced to €111.2 million as of September 30, 2024, down €22.1 million from year-end 2023.

• Equity ratio improved to 45.1% from 43.7% at year-end 2023.

Outlook and guidance

• 2024 revenue forecast at €61.0 million and EBITDA at €46.0 million.

• Cash flow per share expected at €0.43 for 2024.

• No dividend planned for 2024; a second share buyback program is being considered post-refinancing.