Corporate News

Preliminary key performance indicators for Q1/2024 are significantly lower than in the same quarter of the previous year, but approximately on target – Management Board confirms guidance for the FY 2024

Hamburg, 3^rd May 2024 – The Management Board of the MDAX-listed wind and solar park operator Encavis AG (ISIN: DE0006095003, ticker symbol: ECV) is already today publishing the preliminary key performance indicators (KPIs) for the first quarter of 2024, which are significantly lower than in the same quarter of the previous year, but are close to the planned level. Revenue and operating profit figures for the same quarter of the previous year (Q1/2023) benefited from a positive one-off effect of around EUR 8.1 million from the retrofitting of the Dutch feed-in tariff for the previous financial year 2022, very good weather conditions and an increased electricity price level:

Net revenue decrease of more than 12% compared to previous year to around EUR 86.6 million (previous year: EUR 98.8 million)

Decrease of adjusted EBITDA*) of more than 24% compared to previous year to around EUR 48.5 million (previous year: EUR 64.3 million)

Decrease of adjusted EBIT*) of more than 48% compared to previous year to around EUR 18.2 million (previous year: EUR 35.3 million)

Adjusted Earnings Per Share*) (EPS) turns into the negative of around EUR –0.04 (previous year: EUR 0.09)

Decrease of operating cash flow of around 30% compared to previous year to around EUR 36.3 million (previous year: EUR 51.8 million)

“By nature, the first quarter of each year is subject to strong meteorological fluctuations. In addition, the revenue figures for the first quarter of 2024 were mainly price driven and, due to a positive one-off effect in 2023, are significantly lower than the previous year’s quarter, but approximately at the level planned. Average electricity prices fell by around 11% across the entire generation portfolio. There were large differences between regions. In Spain, prices fell by more than a third compared with the same period of the previous year. Nevertheless, revenues are approximately at the planned level, as we had taken into account a decrease in electricity prices and the almost complete hedging of our planned revenues by means of subsidy tariffs or Power Purchase Agreements is taking effect,” explained Dr Christoph Husmann, Spokesman of the Management Board and CFO of Encavis AG, one of the main earnings effects. “Such a fluctuation in key figures in the first quarter of the fiscal year is not unusual for a company like Encavis, which is dominated by solar capacity, given that we have very low solar radiation in the first quarter and therefore low production and sales, but the expense is fixed. This can only be offset by an exceptionally good wind performance or – as in previous years – by the turbulence in the electricity price markets due to a series of superimposed geopolitical events,” Dr Husmann added the further factors influencing the first quarter of 2024.

The Management Board confirms the guidance for the financial year 2024, already given with the publication of the consolidated financial statements 2023. Further sales growth at Stern Energy, expanded wind capacity in Germany and a further increase in sales at Encavis Asset Management in the current financial year will largely compensate for the sharp fall in electricity prices, resulting in only a moderate increase in the Group's key figures for the financial year 2024.

*) Explanations and calculation of the adjusted operating earnings figures can be found in the Annual Report / Consolidated Financial Statements 2023 of Encavis AG beginning on page 17 and at page 37.

The Annual Report / Consolidated Financial Statements 2023 of Encavis AG are available at:
https://www.encavis.com/en/green-capital/investor-relations/financial-reports

About Encavis:
The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from Renewable Energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), Encavis acquires and operates (onshore) wind farms and solar parks in twelve European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group’s total generation capacity currently adds up to around 3.5 gigawatts (GW), of which around 2.2 GW belong to the Encavis AG, which corresponds to a total saving of around 0.8 million tonnes of CO₂ per year stand-alone for the Encavis AG. In addition, the Group currently has around 1.2 GW of capacity under construction, of which around 830 MW are own assets.

Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors. Another Group member company is Stern Energy S.p.A., based in Parma, Italy, a specialised provider of technical services for the installation, operation, maintenance, revamping and repowering of photovoltaic systems across Europe.

Encavis is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been awarded by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with their “AA” level and ISS ESG with their “Prime” label (A-).

Additional information can be found on www.encavis.com

Contact:
Encavis AG
Jörg Peters       
Head of Corporate Communications & Investor Relations
Tel.: + 49 40 37 85 62 242     
E-Mail: joerg.peters@encavis.com
http://www.encavis.com