Photon Energy Group Reports Financial and Operational Results for the First Quarter of 2024

  • In the first quarter, the Group's consolidated revenues amounted to EUR 17.375 million, compared to EUR 19.280 million a year earlier, representing a decrease of 9.9% YoY.

  • Consolidated EBITDA of EUR 0.783 million more than doubled YoY, compared to EUR 0.330 million in Q1 2023. EBIT of EUR -1.425 million slightly improved compared to EUR -1.569 million a year earlier. The Group recorded a net loss of EUR –1.321 million, compared to a loss of EUR -4.170 million in Q1 2023.

  • The Group has released its full-year 2024 financial guidance, forecasting 2024 revenues to fall between EUR 90 and 100 million and 2024 EBITDA in the range of EUR 16 to 18 million. 

Amsterdam – 17 May 2024 – Photon Energy N.V. (WSE: PEN, “Photon Energy Group”, the “Group” or the “Company”) announces financial results for the first quarter of 2024.

“The first quarter of 2024 was marked by our continued efforts to make our business model more resilient to further economic and geopolitical fluctuations. First of all, we have managed to complete the rebalancing of our IPP portfolio which, as of 1 April 2024, represents a nearly 50/50 split between the support scheme mechanism, or FIT, and a merchant model, selling on day-ahead spot prices. Transitioning to a more balanced portfolio between the two schemes is a strategic move, especially given the declining energy prices in the CEE region and current geopolitical uncertainties. In May 2024, we finally signed a project refinancing agreement for EUR 15 million with EBRD. This funding will undoubtedly provide a significant boost to the Group’s expansion plans in Romania and the development of the capacity market offerings. Looking ahead, we believe that the achievements of this first quarter will not be undermined as they help us to leverage the strength of our business model and recover the overall growth and profitability of the Group in 2024. With the above changes in place, we feel more confident that we can promise a more positive trajectory for our Group’s business in the coming quarters,” said Georg Hotar, CEO of Photon Energy Group.

First Quarter 2024 and Recent Operational Highlights

  • Generated 30.2 GWh of clean electricity, up by 24.2% YoY, on the back of new PV assets constructed and connected to the grid in Romania.

  • Increased IPP (independent power producer) portfolio by 3.8 MWp in Q1 2024 and an additional 1.7 MWp after the reporting period up to 132.8 MWp.

  • Brought construction works for the remaining capacity of 10.7 MWp in Romania to the final stage of the commissioning process.

  • Signed an EPC contract for 21 MWp in New Zealand and a 20-year on-site PPA in Hungary, both in January 2024.

  • Concluded the sale of 20.4 MWp PV project rights in Poland in May 2024; further negotiations are underway for additional 50 MWp in Romania.

  • Signed a senior project financing agreement for EUR 15 million with the European Bank for Reconstruction and Development (EBRD) in May 2024.

  • Expanded Photon Energy’s O&M portfolio by over 40 MWp, bringing its global O&M portfolio to above 720+ MWp as of the reporting date.

Financial Indicators

In the first quarter, Photon Energy Group’s consolidated revenues amounted to EUR 17.375 million, compared to EUR 19.280 million a year earlier, marking a decrease of 9.9% YoY.

Revenues from electricity generation reached EUR 3.746 million, a contraction of 9.7% YoY, primarily due to lower average realized electricity prices, which declined by 23.1% YoY, from EUR 173 / MWh in Q1 2023 to EUR 133 / MWh in Q1 2024. Although electricity generation increased to 30.2 GWh, up by 24.2% YoY, it was still insufficient to offset the impact of falling electricity prices.

Other revenues of the Group also decreased from EUR 15.129 million in Q1 2023 to EUR 13.629 million in the reporting period, down by 9.9% YoY, mainly due to weaker trading volumes of PV components. Other segments performed better than a year ago, particularly Photon Energy’s New Energy division, which saw its external revenues increase by 120.5% YoY.

The Group’s consolidated EBITDA of EUR 0.783 million more than doubled YoY, compared to EUR 0.330 million in Q1 2023. EBIT improved slightly to EUR -1.425 million, compared to EUR -1.569 million a year earlier. The Group’s operating profitability was negatively impacted by the contraction of margins in the energy generation segment, lower volumes of PV component trading, higher personnel costs, and other expenses.

Depreciation increased to EUR 2.113 million from EUR 1.952 million a year earlier, attributable to the addition of new power plants in Romania. Interest expenses rose by 8.5% YoY, totaling EUR 2.678 million. The Group recorded a net loss of EUR -1.321 million, compared to a loss of EUR -4.170 million in Q1 2023. Other comprehensive income amounted to EUR 0.213 million, negatively impacted by foreign currency translation losses. Total comprehensive income for the first quarter of 2024 amounted to EUR -1.108 million.

The report for the first quarter of 2024 is available here.


The Company has published the full-year 2024 guidance, expecting revenues within the range of EUR 90-100 million, up by at least 27% compared to the last year, and EBITDA within the range of EUR 16-18 million, more then triple compared to EUR 3.7 million in 2023.

First Quarter 2024 Results Presentation

The Company is organising a video conference on Friday, 17 May at 11:00 a.m., 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


About Photon Energy Group –

Photon Energy Group is a group of companies providing renewable energy, clean water and environmental remediation solutions worldwide. Photon Energy and Lerta provide comprehensive renewable energy solutions, including solar power and energy flexibility. Since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 160 MWp and has power plants with a combined capacity of 132.8 MWp in its proprietary portfolio. It is currently developing projects with a combined capacity of 1.2 GWp in Australia, Hungary, Poland and Romania and provides operations and maintenance services for over 700 MWp worldwide. Photon Energy’s Virtual Power Plant aggregates renewable energy generators and consumers with a total capacity of over 420 MW. Photon Energy and Lerta hold electricity trading licenses in Poland, the Czech Republic, Slovakia, Hungary, Romania and Serbia. Lerta is the third largest provider of DSR services to the Polish TSO, with a contracted capacity of 389 MW for 2024. Through Photon Water, the Group offers water treatment and management solutions, and its remediation technology removes PFAS and other contaminants from water 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

Investor Relations Contact

Joanna Rzesiewska
Investor Relations Manager
Tel. +420 777 486 464

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