Well @Tenbagger2024 and @Singulus is this the signal at $EKT (-7,02%) you have been waiting for?
Bremen, August 14, 2025 - Energiekontor AG ("Energiekontor"), one of Germany's leading project developers and operators of wind and solar parks based in Bremen and listed in the General Standard, significantly increased its consolidated earnings in the first half of 2025. The project business made a significant contribution. Further projects are to be sold. Energiekontor confirms both the forecast for the current 2025 financial year and the 2023 to 2028 growth strategy.
The first half of 2025 at a glance
In the first half of 2025, Energiekontor made strong progress in project development and the expansion of its own portfolio. Two wind projects were sold. Two additional purchase agreements were signed and recently confirmed by the buyer's local authority. The Group's own wind farm portfolio was noticeably expanded and further diversified in terms of technology. Many further projects are under construction for the Group's own portfolio. A large number of approved and subsidized projects, which are due to reach financial close next, provide further potential for sales and expansion. Energiekontor has also succeeded in expanding the valuable project pipeline (excluding US project rights) to around 11.4 gigawatts and at the same time further increasing the proportion of projects in the advanced development phases to more than 2.8 gigawatts. Energiekontor carefully reviewed the US wind business (most recently 333 megawatts) in the first half of 2025 and made the decision to discontinue it in light of the Trump administration's restrictive policy on wind energy.
The aforementioned progress already bore its first fruits in the first half of 2025, which are now also reflected in the Group's figures - although the very weak wind volume still slowed down the actual momentum of the overall development somewhat. In this context, Energiekontor was able to achieve consolidated revenue of EUR 76.0 million in the first half of 2025, roughly at the previous year's level (H1 2024: EUR 78.0 million). In contrast, consolidated earnings before taxes (EBT) rose by 69.5 percent to EUR 28.3 million (H1 2024: EUR 16.7 million). Energiekontor is therefore well on track to meet the annual forecast for the 2025 financial year.
Total Output amounted to EUR 171.5 million in the first half of 2025 (H1 2024: EUR 95.7 million). The 79.2% increase in this figure is mainly due to increased changes in inventories as a result of the many projects under construction. Other operating income decreased compared to the previous year's reporting date. Operating expenses increased, primarily as a result of higher material costs and increased personnel costs. Depreciation and amortization decreased. As a result, the operating result (EBIT) amounted to EUR 39.3 million (H1 2024: EUR 23.8 million). Adjusted for a reduction in net interest income, Energiekontor generated the aforementioned consolidated earnings before taxes (EBT) of EUR 28.3 million. The Group tax rate amounted to 15.1% (H1 2024: 29.5%), in particular due to favorable tax conditions abroad, which resulted in a doubling of consolidated earnings after taxes to EUR 24.1 million (H1 2024: EUR 11.8 million). Earnings per share increased accordingly to EUR 1.72 (H1 2024: EUR 0.85).
Project planning segment picks up speed
Energiekontor sold one Scottish and one German wind project in the first half of 2025. The purchase agreements for two additional transactions in Germany were signed at the end of June 2025. Final confirmation was recently given by the buyer's local authority. With significantly improved external sales revenue of EUR 43.3 million (H1 2024: EUR 33.6 million) and a noticeable increase in changes in inventories of finished goods and work in progress, the segment made a significant contribution to the positive development of the Group result. Compared to the weak first half of 2024, segment EBT amounted to EUR 22.9 million in the first half of 2025 (H1 2024: EUR 0.8 million).
Energiekontor commissioned a solar park and a wind park in Germany in the first half of 2025. The Letschin solar park has since contributed to the earnings of the Power Generation segment. As of June 30, 2025, a total of 15 projects were under construction or financial close had been reached for these projects - including eight wind and solar projects that are expected to increase Energiekontor's own portfolio to at least 650 megawatts in the future. Further projects for sale and the company's own portfolio are expected to reach financial close in the current 2025 financial year, as Energiekontor received EEG awards for more than 320 megawatts for twelve wind projects and one solar project in this year's first tenders by the Federal Network Agency alone. In addition, 33 construction permits for more than 1.2 gigawatts had been granted as of the reporting date.
Power generation segment with potential for improvement due to weather conditions
In the first half of 2025, external revenue in the Electricity Generation segment from the Group's own wind and solar parks was below the previous year's level and amounted to EUR 30.7 million (H1 2024: EUR 41.8 million). Segment EBT decreased to EUR 4.8 million (H1 2024: EUR 14.3 million). Gross electricity production at the proprietary parks amounted to around 287 gigawatt hours in the first half of 2025 (H1 2024: 320 gigawatt hours). The total generation capacity of the Group's own portfolio of wind and solar parks amounted to around 444 megawatts as at June 30, 2025.
The reduction in electricity production in the first six months of 2025 is mainly due to the sharp year-on-year decline in wind and solar generation during this period. In addition, there was a slight decline in the level of electricity remuneration - particularly for the short-term hedged parks due to the fall in PPA market prices. The new Letschin solar park, which was transferred to the Group's own park portfolio at the end of March 2025, and the Alfstedt wind park, which has been fully operational again since May 2025, had a partially offsetting effect. There is potential for growth, particularly if weather conditions improve in the second half of 2025.
Decline in the Operating Development, Innovation and Other segment
As the Operational Development, Innovation and Other segment is dependent on income from the Power Generation segment as the basis for operational management revenue, it also recorded a decline in revenue and earnings in the first half of 2025. External sales amounted to EUR 2.1 million (H1 2024: EUR 2.7 million). Segment EBT fell to EUR 0.6 million (H1 2024: EUR 1.6 million).
Forecast for financial year 2025 and growth strategy 2023 to 2028 confirmed
The Management Board of Energiekontor AG is sticking to the target issued at the beginning of the year and expects Group EBT for the 2025 financial year to be significantly higher than the previous year's result in a range of EUR 70 to 90 million (2024: EUR 36.2 million). In the 2025 financial year, Group EBT is expected to be generated as planned and primarily from project sales in Germany, the UK and the United States (Solar). Ready-to-build sales in the UK account for the largest share of the planned EBT contributions. Several projects in Germany and abroad are currently in negotiations, some of which are at an advanced stage, and should be successfully concluded in the coming weeks and months.
The Management Board of Energiekontor AG remains very positive about the development of the company and the course of business over the next few years. With the help of the well-filled project pipeline, the large number of projects in late maturity phases and the projects that have already been approved and awarded, all the necessary steps are being taken to achieve the growth targets of the 2023 to 2028 strategy as planned. Assuming that the earnings trend will level out over the multi-year period of the growth strategy, the 2023 to 2028 growth strategy and the target EBT of around EUR 120 million for the 2028 financial year are once again confirmed.
"We have made very good progress in the first six months of 2025 and are working intensively on the further development and sale of our projects. Irrespective of this, we have realized that we are no longer only operating in a challenging market environment, but also in a socio-politically changed environment. The new skepticism towards climate change makes us an important player. Our task is to constantly help shape the inevitable shift towards renewable energies and make our contribution to a reliable, climate-friendly energy supply. Our continuous growth and the successful realization of our projects show that we can do this even under complex framework conditions," says Peter Szabo, CEO of Energiekontor AG.
The half-year report 2025 is available for download at https://www.energiekontor.de/investor-relations/finanzberichte.html available for download.
