European Energy A/S: Full-year 2025 report

Financial Performance - In 2025, the company reported revenues of EUR 766 million, significantly higher than EUR 416 million in 2024, marking a substantial year-over-year increase [5] - EBITDA for 2025 was EUR 170 million, slightly above EUR 154 million in 2024, but below the initial guidance of EUR 200 million to EUR 300 million, primarily due to lower project sales [5] - The company expects 2026 EBITDA to range between EUR 200 million and EUR 300 million, driven by higher project sales and the rollout of Battery Energy Storage Systems (BESS) [5] Power Sales - Gross profit from energy sales reached EUR 96.1 million, up from EUR 71.1 million in the previous year, reflecting a 35% year-over-year increase [5] - The company produced 2,046 GWh of energy, a slight decrease of 2% year-over-year, impacted by curtailment of energy parks in various countries [5] Project Divestments - The company divested 19 projects totaling 1.5 GW across 8 transactions, generating EUR 157.6 million in gross profit, an increase from EUR 149.6 million the previous year [5] - The average realized gross profit margin for these divestments was 27%, consistent with historical levels [5] Construction Activity - At the end of 2025, 1.7 GW of projects were under construction, including 1,183 MW of solar, 145 MW of wind parks, and 342 MW of PtX/BESS [5] - The company grid-connected 662 MW across 14 projects during 2025, including the start of operations at the Kassø e-methanol facility [5] BESS Development - More than 7 GW of new battery capacity was under development at the end of 2025, nearly tripling from 2.4 GW the previous year [5] - 284 MW of BESS projects were under construction at the end of 2025, with 54 MW of battery capacity (equivalent to 204 MWh) connected to the grid during the year [5]