Meyer Burger (MBTN) H2 2023 earnings summary

Executive summary

• 2023 sales were CHF 135m, while EBITDA was CHF -164m and net result CHF -292m after extraordinary charges; European market distortions and a funding gap shaped the outlook.

• Strategic focus shifted toward U.S. cell and module production, with ramp-up dependent on securing financing; potential technology partnerships are also being explored.

Financial highlights

• Net sales were CHF 135m in 2023 versus CHF 147m in 2022.

• EBITDA was CHF -164m, EBIT CHF -250m and net result CHF -292m in 2023; reported results included substantial one-off and impairment charges.

• EBITDA before additional extraordinary items was CHF -123m and already included one-offs; further inventory value adjustments of CHF 40m and PP&E/intangible impairment losses of CHF 57m reduced EBITDA and EBIT.

Outlook and guidance

• Planned U.S. facilities comprise 2.0 GW module capacity in Goodyear, with production targeted for Q2 2024, and 2.0 GW cell capacity in Colorado Springs, targeted for year-end 2024; both timelines are subject to financing.

• U.S. ramp-up is intended to serve domestic-content demand under the Inflation Reduction Act; production equipment originally intended for a 2 GW German cell expansion was redirected to the U.S.

• Italy’s announced resilience measures could provide investment credits subject to efficiency, European production and 2024–2025 investment criteria; available inventory was cited as supporting readiness.