Photon Energy Group announces its preliminary results for 2023

Photon Energy Group has released its preliminary financial results for the fiscal year ending on December 31, 2023, showing a decline in several key areas. Total revenues reached 74.369 million EUR, a decrease of 21.8% compared to the previous year. EBITDA stood at 5.107 million EUR, down by 79% year-on-year. The year was challenging for the company, impacted by a turbulent macroeconomic environment, delays in the commissioning of new plants in Romania, and increased competition in PV component distribution.

Despite these challenges, Photon Energy still managed to increase its generation capacity, with 35.4 MWp commissioned during the year. CEO Georg Hotar highlighted the adverse conditions, while also emphasizing the approval by the EBRD of financing of up to 15 million EUR and the signing of significant photovoltaic project sales agreements in Poland and Romania.

Electricity production saw an uptick, with 139.4 GWh generated in 2023, marking a 14.6% increase compared to the previous year. The company continues to develop new projects, holding a combined development portfolio of 1.2 GWp in various countries.