Photon Energy (PEN) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenues fell 29.7% year-on-year to EUR 18.1 million, mainly due to asset disposals, regulatory impacts in Romania and Hungary, and a significant provision for a dispute with the Polish TSO.

• Net loss widened to EUR 7.8 million in Q4 and EUR 17.5 million for FY 2025, reflecting regulatory challenges, project delays, and one-off provisions.

• EBITDA for Q4 was negative at EUR -3.5 million, mainly due to a EUR 3.2 million provision for the Polish TSO dispute and other one-offs.

• Full-year EBITDA reached EUR 5.1 million, about 44% of guidance, missing targets due to regulatory and project-related losses.

• The company exited the Australian C&I segment, placing subsidiaries into voluntary administration.

Financial highlights

• Q4 2025 consolidated revenues: EUR 18.1 million, down 29.7% year-on-year; FY 2025 revenues: EUR 90.1 million, up 0.2% YoY but 9.9% below guidance.

• Electricity generation revenues: EUR 2.8 million in Q4, a 15.5% year-on-year decline; total generation down 23.6% YoY.

• Full-year electricity generation revenues: EUR 23 million, down 7% year-on-year.

• Q4 EBITDA: -EUR 3.5 million (vs. -EUR 2.0 million in Q4 2024); FY 2025 EBITDA: EUR 5.1 million, down 35.1% YoY.

• Cash position at year-end: EUR 3.2 million; equity declined to EUR 52.4 million, with an adjusted equity ratio of 25.1%.

Outlook and guidance

• No formal guidance for 2026 provided; management expects improved performance as one-off items are resolved and regulatory issues in Romania ease.

• Anticipates higher contributions from newly licensed Romanian assets and cost reductions.

• Next major EPC project (34 MWp) for Hyperion Renewables expected to accelerate in Q2 2026.

• Expects positive EBITDA impact from exiting loss-making Australian C&I business.