Energeia (ENERG) Q3 2024 earnings summary

Executive summary

• Group revenues for the first nine months of 2024 were NOK 53.6 million, with EBITDA of NOK 1.3 million and a net loss of NOK 8.7 million after tax.

• The Netherlands contributed 88% of consolidated revenues, mainly from energy installation/services and power production.

• Norwegian operations posted a negative EBITDA of NOK 7.6 million, mainly due to project development costs.

• Energeia is awaiting concession decisions for 9 Norwegian solar projects totaling 580 MW, facing delays in public authority processes.

• Additional liquidity may be required to continue Norwegian project development.

Financial highlights

• Q3 2024 revenues were NOK 18.96 million, up from NOK 16.74 million in Q3 2023.

• Group EBITDA for Q3 2024 was NOK 0.38 million, with an operating loss (EBIT) of NOK 3.16 million.

• Gross margin for the first nine months was NOK 40.8 million (75.7%).

• Net negative cash flow of NOK 19.4 million in the first nine months, reducing cash position to NOK 11.5 million.

• Equity ratio at period end was 49.5%, with book equity of NOK 111 million.

Outlook and guidance

• Dutch operations generate positive cash flow but are insufficient to fully support Norwegian development costs.

• Energeia may implement temporary cost reductions in Norway if concession delays persist.

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

• The solar installation market in the Netherlands is expected to recover after a temporary slowdown.