Core Insights - Enefit Green's Q1 2025 operating income decreased by 3% year-on-year, while operating expenses increased by 35%, leading to a 27% decline in EBITDA to €31.0 million and a net profit decrease of 35% to €21.7 million [1][24]. Production and Sales Volumes - Electricity production increased by 25% to 617 GWh, with new wind and solar farms contributing to a 104% rise in production from these assets [5][6]. - Heat energy production decreased by 19% to 105 GWh, primarily due to the sale of biomass-based cogeneration and pellet business [1][5]. Financial Performance - Operating income for Q1 2025 was €66.9 million, down from €68.9 million in Q1 2024, while sales revenue increased by 11% to €62.4 million [5][8]. - EBITDA fell by €11.4 million, a 27% decrease compared to the previous year, and net profit decreased by €11.8 million [1][24]. - 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 [9][10]. Investments and Projects - Construction activities are ongoing at the Kelmė II wind farm in Lithuania, and a final investment decision was made for the Strzałkowo solar farm in Poland, projected to produce 45 GWh annually [3][25]. - Total investments in Q1 2025 amounted to €37.7 million, significantly lower than the previous year, with €36.6 million allocated to development investments [25][26]. Financing and Debt - As of March 31, 2025, the group's interest-bearing liabilities stood at €734.0 million, with bank loans accounting for €724.4 million [27][28]. - The net debt/EBITDA ratio increased to 6.2, attributed to ongoing development projects [28]. Market Conditions - Despite rising regional electricity prices, Enefit Green's captured electricity price was significantly lower due to a wind discount, impacting operating income and EBITDA [2][20]. - Digital solutions and long-term power purchase agreements (PPAs) are being utilized to stabilize revenue in a volatile market [2][4].