Energiekontor adjusts earnings forecast for 2024 financial year

Energiekontor adjusts earnings forecast for 2024 financial year

Bremen, 4 December 2024 – In view of the expectations for the remainder of the year and as a result of additional one-off effects, the Management Board of Energiekontor AG (“Energiekontor”), a leading German project developer and operator of wind and solar parks based in Bremen, is reducing the forecast target range for Group earnings before taxes (EBT) for the 2024 financial year.

The previous earnings forecast envisaged consolidated EBT in the range of 30 to 70 million euros for the 2024 financial year. However, due to delays in the current sales processes, several ongoing sales transactions in Germany and the United Kingdom can no longer be finalised as planned by the end of 2024 from today's perspective. Against this background, Energiekontor AG's earnings expectations for the 2024 financial year are likely to be reduced to a consolidated EBT in the range of approximately 23 to 27 million euros.

The delays in sales are primarily the result of project delays and supply chain problems, which have led to a prolongation of the due diligence processes. As a result, several of the transactions currently underway are not expected to be finalised until the first quarter of 2025, which will result in a shift in margins of around 40 to 45 million euros from the 2024 financial year to the 2025 financial year with an impact on earnings.

The largest proportion of the margin is attributable to a wind park project in Scotland (around 47 megawatts), for which the due diligence and negotiation of the transaction agreements with an investor based in the European Union (“EU”) are already far advanced. Nevertheless, the closing of the transaction will be postponed until the 2025 financial year, as the buyer requires EU authorisation for the transaction and this cannot be granted by the EU by the end of the year.

The breakdown of consolidated EBT is presented on page 43 of Energiekontor AG’s Annual Report for 2023, which is available on the company’s website. Publication of the audited figures for the 2024 financial year is scheduled for 28 March 2025.

Contact

Julia Pschribülla
Head of Investor & Public Relations
Phone: +49 (0)421-3304-126
Email: ir@energiekontor.com

Energiekontor AG
Mary-Somerville-Strasse 5
28359 Bremen
Germany

Phone: +49 (0)421 3304-0
Fax: +49 (0)421 3304-444
Email: info@energiekontor.de
Web: www.energiekontor.de