Photon Energy (PEN) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues grew 7.5% year-over-year to EUR 25.7 million, driven by strong technology trading and project execution, despite declines in electricity generation due to asset disposals and regulatory shutdowns in Romania.

• EBITDA declined 46.2% year-over-year to EUR 2.8 million, mainly due to lower capacity market volumes, weaker electricity generation, and margin pressure in New Energy.

• Net loss for Q2 2025 was EUR 3.3 million, with total comprehensive loss at EUR 2.8 million, an improvement from the previous year.

• Major operational achievements included a significant EPC contract in Romania, expansion into battery storage optimisation in Poland, and the sale of the Yadnarie project in Australia.

• Technology trading revenues surged 182.7% year-over-year to EUR 6.3 million, swinging from a loss to a EUR 0.5 million profit in Q2.

Financial highlights

• Q2 2025 revenues: EUR 25.7 million (+7.5% YoY); H1 2025: EUR 47.8 million (+15.7% YoY).

• Q2 2025 EBITDA: EUR 2.8 million (-46.2% YoY); H1 2025: EUR 4.0 million (-33.2% YoY).

• Revenues from electricity generation dropped 4.7% YoY to EUR 8.1 million, as higher prices only partially offset weaker output.

• Operating cash flow improved to EUR 8.2 million, while net cash decreased by EUR 4.1 million to EUR 3.9 million.

• Average realised electricity price: EUR 169/MWh in Q2 2025 (+6.7% YoY).

Outlook and guidance

• 2025 revenue expected to exceed EUR 110 million, with EBITDA projected around EUR 9 million, similar to last year.

• Management expects profitability to recover as Romanian generation normalises and new ancillary services launch.

• Ongoing focus on technology trading, project development, and expansion in energy storage and hybrid asset management.

• All Romanian power plants expected to be reconnected and generating by Q4.

• Anticipated positive P&L impact from the Yadnarie sale and Hungarian portfolio refinancing in Q3.