Energiekontor (EKT) Q2 2026 earnings summary

Executive summary

• Achieved strong FY 2025 results with sales up 32.8% and group result up 81.4% year-over-year; dividend proposal doubled to €1.00.

• Achieved key operational milestones in H1 2026, including commissioning four wind parks totaling 88 MW and expanding the owned portfolio to 41 parks with 461 MW capacity.

• Project pipeline expanded to ~12.2 GW by end of 2025, with 11.3 GW secured (excluding US rights) and 3.0 GW in advanced phases.

• Market environment remains challenging due to geopolitical tensions, volatile energy prices, and regulatory changes, but financial stability and strategic flexibility are maintained.

Financial highlights

• FY 2025 sales: €167.9m (+32.8% YoY); EBITDA: €86.1m (+18.1% YoY); EBIT: €65.4m (+31.3% YoY); EBT: €40.5m (+12.0% YoY); EPS: €2.94 (+81.5% YoY).

• H1 2026 sales: €99.9m (+31.4% YoY); EBITDA: €21.1m (-58.6% YoY); EBT: -€4.7m (vs. €28.3m in H1 2025); EPS: -€0.38.

• Group net profit was -€5.3m (H1 2025: €24.1m); cash & equivalents at 30/06/2026: €178.0m; equity ratio: 17.9%.

• Dividend of €1.00 per share paid for 2025, doubling previous year.

Outlook and guidance

• FY 2026 EBT guidance of €40–60m remains achievable, with key contributions expected in H2 2026, contingent on UK project sales and German project commissioning.

• Mid-term strategy targets EBT growth to ~€120m by FY 2028 (~15% CAGR), focusing on a balanced split between project sales and own portfolio.

• Segment EBT for project development and sales expected above 2025; power generation and operations segments to be slightly above or at 2025 levels.

• Growth strategy remains intact despite increased competition, regulatory uncertainty, and reduced project timing visibility.