Core Insights - Enefit Green's electricity production in May reached 153.2 GWh, a 32% increase compared to the previous year, driven by new wind and solar farms [1][5] - Wind energy production was 122 GWh, marking a 34% increase year-over-year, while solar energy production reached 19.9 GWh, nearly 50% higher than last year [1][3][5] Production Details - The increase in wind energy production was attributed to new wind farms, specifically the Sopi-Tootsi and Kelme I wind farms, along with the Sopi solar farm [1] - Despite the overall increase, downregulations due to low electricity prices resulted in 26.5 GWh of unproduced wind energy, with 14.2 GWh from the Finnish market [2] - Weather conditions negatively impacted wind production by approximately 12.7 GWh, particularly affecting Lithuanian wind farms [2] Segment Performance - The production from new wind farms contributed significantly, with 69.9 GWh produced, a 73.2% increase from last year [5] - Solar energy production was also affected by downregulation, leading to 2.6 GWh unproduced, while weather conditions had a positive impact of +0.3 GWh [3] - The Iru cogeneration plant's electricity production decreased by 6% to 11.2 GWh, and thermal energy production fell by 4.7% to 36.1 GWh [4][5] Country-Specific Production - Estonia saw a significant increase in electricity production, rising by 92.5% to 90.2 GWh, while Lithuania's production increased by 10% to 54.2 GWh [5] - In contrast, Finland experienced a drastic decline in production, down 87.4% to 1.9 GWh [5]

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]

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].