Photon Energy Group Reports Solid Q1 Results and Progress on Strategic Growth Objectives - Seite 2

 

Q1 2025 and Recent Operational Highlights

• Electricity generation was 23.7 GWh in Q1 2025, down from 30.2 GWh in Q1 2024. The decline was primarily due to the sale of 14.5 MWp of capacity in Australia and temporary shutdown of 19.4 MWp of assets in Romania. Excluding this impact, electricity generation increased by 6.5% YoY.
• IPP portfolio increased to 134.7 GWp thanks to commissioning of 5.1 MWp of new power plants in Hungary.
• Securing additional capacity market contracts for 139 MW in Poland, locking in revenues of EUR 12.5 million for 2026.
• Continued progress towards launching flexibility services in Poland.
• Commercialisation of PFAS technology is progressing well - successful implementation of industrial water recycling solutions for Jihostroj, a client in the Czech Republic, achieving over 99.5% efficiency in PFAS elimination.
• Signing a large-scale EPC contract with Hyperion Renewables for design, procurement and construction of a 34 MWp PV solar park in Saliste, Romania – an example of a large-scale turnkey solar solution that meets the needs of an international investor and supports the transition to clean energy.

 

Financial Indicators

In Q1 2025, revenue from electricity generation reached EUR 4.178 million, reflecting a 11.5% YoY increase on the back of growing prices per MWh. Other revenues also increased: to EUR 17.871 million, up by 31.1% YoY driven by a significant rise in PV technology sales and growing revenues from EPC contracts and O&M.

EBITDA reached EUR 1.206 million in Q1 2025, representing a 54.0% increase year-on-year. EBITDA margins improved in both the electricity generation segment and the New Energy division, demonstrating the strong fundamentals of the Company’s core business. Margins were negatively impacted in the engineering segment, due to ongoing EPC contracts which experienced delays and budget overruns, which weighed on overall profitability.

Despite rising costs, the Group generated strong operating cash flows—EUR 3.860 million in Q1 2025 — supported by positive developments of working capital, mainly declining inventories and receivables and other non-cash items.