Novavis (NVG) Q4 2025 earnings summary

Executive summary

• The group reported a consolidated net loss of 4,404 thousand PLN for 2025, compared to a loss of 2,058 thousand PLN in 2024, with operating revenues dropping to 1,637 thousand PLN from 4,043 thousand PLN year-over-year.

• The main negative impact was the withdrawal of Iberdrola from the Manowo-Wyszebórz project, resulting in the absence of a milestone payment exceeding 2 million EUR.

• The group continued to develop its portfolio in photovoltaics and energy storage, including new projects and partnerships.

Financial highlights

• Operating revenues: 1,637 thousand PLN (2024: 4,043 thousand PLN).

• Operating costs: 5,522 thousand PLN (2024: 5,320 thousand PLN).

• Net loss: 4,404 thousand PLN (2024: 2,058 thousand PLN).

• Cash and equivalents at year-end: 259 thousand PLN (2024: 1,617 thousand PLN).

• Equity at year-end: 1,682 thousand PLN (2024: 5,549 thousand PLN).

Outlook and guidance

• The group expects 2026 to be challenging, focusing on financial discipline, operational flexibility, and monetization of its project portfolio.

• The sale of the Manowo-Wyszebórz project to Yarrow Renewable Energy, planned for Q3 2026, is critical for liquidity improvement.

• The group plans to invest around 5 million PLN of own funds in renewable energy projects in 2026, with total investments (including debt) expected at 10-15 million PLN.