Ecoener (ENER) H1 2024 earnings summary

Executive summary

• Revenue rose 48.2% year-over-year to €41.1 million, driven by new solar PV plants in Colombia and the Dominican Republic and strong hydropower and wind output.

• EBITDA increased 48.6% to €19.5 million, with an EBITDA margin of 47.6%.

• Net profit attributable to the parent grew 22.7% to €3.7 million, while consolidated net profit reached €4.7 million, up 33.5%.

• Power generation reached a record 376.5 GWh, up 82% year-over-year, driven by new operations in Latin America.

• The Group expanded internationally, with new projects and subsidiaries in Canada, Italy, Greece, Poland, Romania, Indonesia, Colombia, and Mexico.

Financial highlights

• Revenue: €41.1 million (up €13.4 million, +48.2% year-over-year).

• EBITDA: €19.5 million (up €6.4 million, +48.6% year-over-year); EBITDA margin 47.6%.

• Operating profit: €10.7 million (up 56.6%).

• Net profit: €4.7 million (up 33.5%).

• Investment hit a record €72.5 million in H1 2024, a 25% increase year-over-year.

Outlook and guidance

• The Group will continue investing in pipeline projects, prioritizing growth areas based on profitability and risk control.

• Target of 1,000 MW in operation and under construction expected to be met before end of 2025, enhancing installed capacity and international diversification.

• 434 MW currently under construction in the Dominican Republic, Guatemala, Colombia, and Panama will contribute to income in coming months.