Encavis AG Reports Lower Preliminary Results for First Half of 2024

Hamburg, 30th July 2024 – Encavis AG, a wind and solar park operator listed on the MDAX, has reported a significant decline in revenue and earnings for the first half of 2024. The figures have been impacted by lower electricity prices and reduced production volumes, in line with expectations.

During the first half of 2024, electricity prices across Encavis' European generation portfolio were more than a third lower compared to the same period last year, diminishing revenue by approximately EUR 12 million. This was compounded by a further EUR 10 million loss due to lower production volumes.

The company generated 1,656 GWh of electricity, down from 1,734 GWh in H1 2023, primarily due to lower wind yields and fewer sunshine hours. The PV Parks segment saw a 9% reduction in output, and the Wind segment's production fell by 4.5%, affected by the sale of two wind farms.

Net operating revenue for H1 2024 was EUR 205.7 million, a 9% decrease from the previous year's EUR 226.2 million. Operating EBITDA dropped by 17% to EUR 126.1 million, and operating EBIT fell by 30% to EUR 65.3 million. Operating cash flow also decreased by 15% to EUR 96.6 million.

Encavis' CFO, Dr. Christoph Husmann, expressed caution for the rest of the year, citing weather conditions and regulatory risks. However, he reaffirmed the company's operational guidance for 2024, excluding costs of the Elbe/KKR project.