Core Insights - Enefit Green's Q1 2025 operating income decreased by 3% while operating expenses increased by 35% compared to Q1 2024, leading to a 27% decline in EBITDA to €31.0 million and a net profit decrease of 35% to €21.7 million [2][8][25] Production and Sales Volumes - Electricity production increased by 25% to 617 GWh, with new wind and solar farms contributing 343 GWh, a 104% increase year-on-year [6][9] - Heat energy production decreased by 19% to 105 GWh, primarily due to the sale of biomass-based cogeneration and pellet business [2][6] - Electricity sales rose by 22% to 763 GWh [6] Financial Performance - Operating income for Q1 2025 was €66.9 million, down from €68.9 million in Q1 2024, with sales revenue increasing by €6.3 million [6][10] - EBITDA fell to €31.0 million from €42.4 million, and net profit decreased to €21.7 million from €33.4 million [8][25] - The average electricity price in core markets rose to €107.4/MWh from €87.0/MWh, but the implied captured electricity price dropped to €54.5/MWh from €81.4/MWh [11] Market Conditions - Despite rising regional electricity prices, Enefit Green's captured electricity price was significantly lower due to low market prices during production periods [3] - The company is adapting its production strategy through digital solutions and long-term power purchase agreements (PPAs) to stabilize revenue [3] Investments and Projects - Construction is ongoing at the Kelmė II wind farm in Lithuania, and a final investment decision has been made for the Strzałkowo solar farm in Poland, expected to produce 45 GWh annually [4][7] - Total investments in Q1 2025 were €37.7 million, significantly lower than the previous year, with a focus on developing wind farms [26] Financing and Debt - As of March 31, 2025, the group's interest-bearing liabilities were €734.0 million, with a net debt/EBITDA ratio of 6.2 [28][29] - The average interest rate on bank loans was 3.72%, down from 3.90% at the end of 2024 [30]

Juhan Aguraiuja, CEO of Enefit Green comments: " In the first quarter, we produced 617 GWh of electricity, which is 25% more than a year earlier, and 105 GWh of thermal energy, which is 19% less. Although electricity production increased, the overall result for the quarter was affected by exceptionally low wind speeds in February. The decrease in thermal energy production was related to the sale of the biomass-based cogeneration and pellet business, which took place at the end of 2023 and the beginning of 2 ...