Photon Energy Group Achieves 7.9% Revenue Growth Amid Challenges

In the first three quarters of 2024, Photon Energy Group reported a 7.9% increase in revenue, totaling EUR 64.141 million, compared to EUR 59.456 million in the same period the previous year. Despite market challenges, the company's EBITDA more than doubled to EUR 9.857 million, up from EUR 4.750 million in 2023. This growth reflects a strategic focus on higher-margin activities and a diversified production portfolio, resulting in improved profitability.

Photon Energy Group has increased its energy generation capacity, notably commissioning 8.2 MWp of new projects in Romania in Q3 2024. The group's electricity generation rose by 23.2% year-on-year, yet was impacted by a decrease in realized electricity prices.

Looking ahead, Photon Energy adjusted its 2024 EBITDA forecast to EUR 10 million, down from the prior projection of EUR 16-18 million, mainly due to regulatory changes affecting electricity generation and capacity market operations.