Energeia (ENERG) Q2 2025 earnings summary

Executive summary

• Received first major solar concession in Norway, marking a significant milestone and expanding the national solar market by 44%.

• Raised NOK 35 million through private placements and is conducting a NOK 31 million rights issue to secure 12 months of operations.

• Appointed Jarl Egil Markussen as new group CEO in January 2025.

Financial highlights

• H1 2025 revenues were NOK 30.4 million, down 11.8% year-over-year.

• Group EBITDA was negative NOK 11.7 million, compared to positive NOK 0.9 million in H1 2024.

• Net loss after tax was NOK 22.2 million, widening from NOK 6.3 million loss in H1 2024.

• Net cash flow was positive NOK 3.9 million, with cash position at NOK 17 million at period end.

Outlook and guidance

• Full-year 2025 solar production expected between 11,000 and 11,500 MWh, driven by favorable weather.

• Anticipates significant growth in retail electricity storage system sales in the Netherlands.

• Ongoing cost-cutting measures in Norway and the Netherlands to improve profitability.