Energeia (ENERG) Q4 2024 earnings summary

Executive summary

• Energeia AS focuses on developing, operating, and owning solar power plants, with main activities in Norway and the Netherlands and a smaller presence in Italy and Singapore.

• The group produced 10,803 MWh of electricity in the Netherlands in 2024, down 5.1% from 2023, and faced a 20% drop in Dutch electricity prices.

• The company is in a challenging financial situation, with a capital need of NOK 20–25 million for the next 12 months, and has implemented cost-cutting measures.

• Two capital increases totaling NOK 25 million were completed in early 2025, with a further NOK 10 million proposed and a planned delisting from Oslo Børs.

Financial highlights

• 2024 revenue was NOK 67.6 million (down from NOK 71.1 million in 2023), with the Netherlands contributing NOK 58.4 million.

• EBITDA for 2024 was minus NOK 6.3 million; EBIT was minus NOK 20.6 million.

• Net loss for 2024 was NOK 36.7 million, compared to a loss of NOK 16.4 million in 2023.

• Total assets at year-end were NOK 197 million; equity was NOK 83 million (42% equity ratio).

• Cash at year-end was NOK 13.1 million, of which NOK 3.5 million was restricted.

Outlook and guidance

• The company expects continued project development costs in Norway due to slow regulatory processes and uncertain project timelines.

• The Dutch market for rooftop solar installations declined, but battery storage and energy management systems are seen as future growth areas.

• The company is preparing for further cost reductions and may consider asset sales or structural transactions if capital needs are not met.