EQS-News

ENCAVIS AG: Results for Q1/2024 are, as expected, below the comparative period of the previous year, but still generally in line with plan – Management Board confirms guidance for the full year 2024

EQS-News: ENCAVIS AG / Key word(s): Quarterly / Interim Statement/Quarter Results ENCAVIS AG: Results for Q1/2024 are, as expected, below the comparative period of the previous year, but still generally in line with plan – Management Board confirms guidance for the full year 2024 14.05.2024 / 18:40 CET/CEST The issuer is solely responsible for the content of this announcement. Corporate News

 

Results for Q1/2024 are, as expected, below the comparative period of the previous year, but still generally in line with our plan – Management Board confirms guidance for the full year 2024
 

Hamburg, 14^th May 2024 – MDAX-listed wind and solar farm operator Encavis AG (Prime Standard; ISIN: DE0006095003, ticker symbol: ECV) reports revenue and earnings in the first quarter of 2024 to be significantly lower than in the same period of the previous year, but generally on target. Operating revenue and operating earnings*⁾ in the same period of the previous year (Q1/2023) had benefited from a positive one-off effect of around EUR 8.1 million from the retroactive compensation of the subsidies for the Dutch solar parks in 2022, more favourable meteorological conditions as well as comparatively higher electricity prices. In Q1/2024 average electricity prices have fallen by around 11% across the entire generating portfolio.

The Management Board confirms the guidance for the financial year 2024, as already published with the Consolidated Financial Statements 2023. Further revenue growth at Stern Energy, expanded power generation capacities, and an increase in revenue at Encavis Asset Management in the current financial year is expected to largely compensate for the sharp fall in electricity prices. Overall, a moderate improvement of the essential key figures of the Group is expected for the financial year 2024.

The results in detail: In the first three months of the financial year 2024, the Group has generated around 741 gigawatt hours (GWh) of green electricity, compared to 753 GWh in the first quarter of 2023 - a decrease in overall production of around 2%, varying by segment. The PV segment recorded a decline in electricity production of around -9% in Q1/2024 from already existing assets, and the wind segment of around -6% (-22 GWh) - the latter being almost entirely driven by the divestment of the two wind farms Sohland and Greußen (-20 GWh). Due to newly connected wind farms, the wind segment has achieved an overall increase in electricity production of +6% in Q1/2024 compared to Q1/2023.