Greencells Doubles EBIT to €5.6M in H1 2023, Predicts Surpassing Year-End Forecast

• Greencells GmbH doubled its consolidated EBIT to EUR 5.6 million in the first half of 2023, up from EUR 2.8 million the previous year.
• Despite a decrease in consolidated sales from EUR 102.0 million to EUR 78.9 million, gross profit improved from EUR 7.6 million to EUR 10.3 million.
• Consolidated earnings after tax more than tripled from EUR 0.9 million to EUR 3.4 million compared to the same period of the previous year.
• As of 30 June 2023, Greencells managed five ongoing construction projects with a total volume of 272 MWp and had firm orders for a further ten projects with a volume of 131 MWp.
• The company expects to exceed its annual targets of more than EUR 200 million in sales, an EBIT of EUR 10-12 million, and a return on sales of 2-3%.
• Greencells is diversifying its EPC business and focusing on the European target markets and large-scale solar power plants, expecting positive effects from the sale of the development portfolio and the development platform of the sister entity Greencells Group Holdings Ltd. planned for 2024.