Nordic Financials (NOFIN) Q3 2024 earnings summary

Executive summary

• Divested all solar park assets in Q3 2024, distributing them to shareholders at an equity value of 60mNOK (2.50NOK per share).

• Entering Q4 2024 with no ownership of solar parks or Italian assets; retains shareholding in Norsk Renewables.

• Strategic process underway to redefine business focus and secure future funding.

• Extraordinary general meeting (EGM) to be called to present new strategic options and propose a capital increase.

Financial highlights

• Q3 2024 revenues were EURt 1,003, down from EURt 1,136 in Q3 2023.

• EBITDA for Q3 2024 was EURt 588, compared to EURt 771 in Q3 2023.

• Loss from disposal of solar business was EURt 904 in Q3 2024.

• Net loss for Q3 2024 was EURt 860, compared to a net loss of EURt 1,280 in Q3 2023.

• Cash at end of Q3 2024 was EUR 44k, down from EUR 1,986k at year-end 2023.

Outlook and guidance

• Strategic review may result in a shift from solar park ownership to other investment activities.

• Capital injection is necessary to continue operations due to low or non-existent revenues.

• EGM will present alternative strategic opportunities and a proposal for capital increase.