Photon Energy Group Reports Financial Performance for First Half of 2024

Photon Energy Group has released its financial and operational results for the first half of 2024. Consolidated revenues increased to EUR 41.289 million, up 2.6% from EUR 40.231 million in H1 2023. The growth is attributed to strong expansion in capacity market contracts and the EPC business.

EBITDA more than doubled, reaching EUR 6.057 million compared to EUR 2.833 million in the first half of the previous year. This increase was driven by a rising share of high-margin activities such as energy sales and EPC services. Despite a net loss of EUR 4.109 million in H1 2024, the group showed improved financial performance.

Photon Energy Group generated 56.6 GWh of electricity in Q2 2024, an increase of 36.8% compared to the same period last year. The IPP portfolio grew to 132.8 MWp, with additional assets in Romania expected to bring the total to 143.5 MWp by Q3 2024. The Group has 18 MWp of projects ready to start construction in Romania later this year.

The company's full-year guidance remains unchanged, with anticipated revenues between EUR 90–100 million and EBITDA ranging from EUR 16–18 million. H1 2024 results suggest that the group is on track to meet these targets.