Novavis Group (NVG) Q1 2026 earnings summary

Executive summary

• Report covers the period from January 1 to March 31, 2026, with all figures in thousands of PLN unless stated otherwise.

• The group operates mainly in renewable energy, focusing on photovoltaic projects and energy storage.

• The reporting period was marked by a net loss and significant regulatory changes impacting the business model.

Financial highlights

• Consolidated revenue from operations: 1,982 PLN thousand (up from 956 PLN thousand year-over-year).

• Net loss: 1,812 PLN thousand (compared to a net loss of 823 PLN thousand in Q1 2025).

• Operating costs: 3,241 PLN thousand (up from 956 PLN thousand year-over-year).

• Net cash flow from operating activities: 2,255 PLN thousand (up from 1,511 PLN thousand year-over-year).

• Cash and equivalents at period end: 2,155 PLN thousand.

Outlook and guidance

• Key driver for future results is the execution of the developer agreement with Iberdrola, with milestone payments dependent on administrative decisions.

• Regulatory changes in energy law may limit the number of projects and require increased external financing.

• No financial forecasts were published for 2026.