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

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

• In Q1 2025, the Company achieved consolidated sales revenue of EUR 22.049 million (+26.9% YoY). EBITDA for the quarter amounted to EUR 1.206 million (+54,0% YoY).
• Notable revenue increases were achieved in electricity generation, growing by 11.5% YoY to EUR 4.178 million due to higher MWh prices, and in other segments which rose by 31.1% YoY to EUR 17.871 million, fueled by a substantial rise in PV technology sales, EPC and O&M contracts.
• EBITDA margins improved in the electricity generation and New Energy segments, showing the strength of the Company’s core business, while margins in the engineering segment declined because of delays and cost overruns in EPC contracts, which affected overall profitability.

Amsterdam – 19 May 2025 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (the “Group” or the “Company”) announces a solid start to the financial year 2025, reaffirming the positive trajectory of its long-term objectives.

“The financial results for Q1 2025 demonstrate solid revenue growth and a significant expansion of EBITDA year-on-year. By maintaining a balanced 50/50 split between merchant exposure and fixed revenues (feed-in tariffs and green bonuses), we achieved strong average revenues per MWh of electricity generated, effectively offsetting lower output with higher realized prices. As a result, average revenue rose from €133/MWh in Q1 2024 to €185/MWh in Q1 2025—a 39.1% increase driven by stronger market prices and a greater share of FiT-backed generation. Overall, these results reflect both robust financial performance and key operational progress. While transformative change takes time, we remain confident in our trajectory, and this quarter’s achievements reaffirm the success of our strategic initiatives,” said Georg Hotar, CEO of Photon Energy Group.

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.

The net loss for the period stood at EUR 3.705 million, compared to a net loss of EUR 1.320 million in 2024 (the Q1 2024 result included a one-off financial gain of EUR 1.6 million related to realised FX gain). As of 31 March 2025, the company held cash reserves of EUR 7.939 million, compared to EUR 8.437 million at the end of December 2024.

Q1 2025 Results Presentation

The Company will host a live webcast on Monday 19 May 2025 at 11:00 am CET during which it will present its results for the first quarter and answer questions. Participants are asked to send questions during the session via the chat function or in advance via email to ir@photonenergy.com.

Webcast: https://tailorsgroup.clickmeeting.com/photon-energy-q1-2025-results-presentation

View the Company's financial report for the first quarter of 2025 here.

About Photon Energy Group – photonenergy.com

Photon Energy Group delivers solar energy and clean water solutions around the world. Its solar power services are provided by Photon Energy; since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 180 MWp and owns power plants with a combined capacity of 135 MWp. It is currently developing projects with a combined capacity of 870 MWp in Australia, Hungary, Poland, Romania and South Africa and provides operations and maintenance services for over 1.1 GWp worldwide. The New Energy business has electricity trading licenses in Poland, Hungary, the Czech Republic, Slovakia, and Serbia. The Company is one of the largest providers of DSR services to the Polish TSO with a contracted capacity of approx. 320 MW for 2025, and through its Virtual Power Plant (VPP) aggregates energy generators and consumers with a total capacity of over 480 MW. The Group’s other major business line, Photon Water, provides clean water solutions including treatment and remediation services, as well as the development and management of wells and other water resources. Photon Remediation delivers comprehensive environmental remediation solutions, including patented in-situ technology that has been proven to effectively remove PFAS from groundwater and soil. Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges, as well as XETRA, Germany’s leading online trading platform. Photon Energy Group is headquartered in Amsterdam, with offices in Australia and across Europe.

Media Contact
Martin Kysly
Head of Marketing and Corporate Communications
Tel. +420 774 810 670
E-mail: martin.kysly@photonenergy.com

Investor Contact
Joanna Rzesiewska
Investor Relations Manager
Tel. +420777486464
E-mail: joanna.rzesiewska@photonenergy.com