EnviTec Biogas (ETG) H1 2024 earnings summary

Executive summary

• Strong business development in all segments, with normalization after exceptional years 2022/2023; multi-year comparison remains dynamic.

• Largest investment program in company history (>€150m) focused on advanced biofuels and LCO2 production.

• International expansion continues, with new markets in Sweden and Southeast Asia and the 100th EnviThan plant to be commissioned in Denmark.

• Ongoing challenges from fraudulent THG quota credits and political uncertainty in Germany; active industry advocacy.

• Strategic diversification into wind and solar projects planned.

Financial highlights

• Revenue rose to €179.4m in H1 2024 (H1 2023: €142.1m), driven by strong plant construction activity, especially in the US.

• EBITDA at €39.6m (H1 2023: €47.8m); EBT at €28.6m (H1 2023: €39.3m); Net income at €23.3m (H1 2023: €33.3m).

• Gross margin stable at €77.3m (H1 2023: €77.4m).

• EPS at €1.57 (H1 2023: €2.24).

• Order backlog declined to €173.7m (H1 2023: €307.5m), reflecting high project completions.

Outlook and guidance

• 2024 revenue/gross output expected in €360–400m range; EBT forecast at €40–50m.

• Full-year results to be below 2023 due to absence of prior-year one-off gains in energy trading and lower energy prices.

• Service segment expected to remain stable; plant construction to deliver positive EBT but below 2023.

• Continued strong international demand, especially in France, USA, Baltics, Scandinavia, and Southeast Asia.