Energeia (ENERG) Q2 2024 earnings summary

Executive summary

• H1 2024 solar electricity production was 5,767 MWh, 12% below budget due to record rainfall in the Netherlands, with full-year production expected at 11,000–11,500 MWh.

• H1 EBITDA was NOK 0.9 million; Q2 EBITDA was NOK 4.5 million. H1 EBIT was a loss of NOK 6.1 million, but Q2 EBIT turned positive at NOK 1 million.

• Dutch operations delivered positive EBITDA of NOK 5.5 million; Norway had an EBITDA loss of NOK 4.7 million, mainly from project development costs.

• Net cash flow in H1 was negative NOK 3.8 million, reducing cash to NOK 27 million at period end.

• Norwegian project execution delayed 18–24 months due to grid connection bottlenecks and slow concession processes.

Financial highlights

• H1 2024 revenues were NOK 34.4 million, down from NOK 38.8 million in H1 2023.

• H1 2024 EBITDA was NOK 0.9 million, compared to negative NOK 0.8 million in H1 2023.

• H1 2024 net loss was NOK 6.3 million, compared to NOK 3.4 million loss in H1 2023.

• Q2 2024 revenues were NOK 21 million, down 5% year-over-year; Q2 EBITDA was NOK 4.5 million, up from NOK 1.6 million in Q2 2023.

• Group equity ratio at period end was 47%, with book equity of NOK 109 million.

Outlook and guidance

• Full-year 2024 power production expected at 11,000–11,500 MWh.

• Dutch operations expected to continue generating positive cash flow, but not enough to cover Norwegian development costs.

• Additional liquidity will be needed to support Norwegian project development.

• Services division expects growth in retail electricity storage system sales.