European Energy reports 2024 EBITDA at EUR 144 million with EBITDA in Q4 2024 at  EUR 155 million  

Strong project pipeline and improving market conditions set the stage for renewed growth in 2025 despite the financial performance falling short of guidance in 2024.

Copenhagen, Denmark, 28th of February, 2025 – EBITDA for the year totalled EUR 144 million, down from EUR 178 million in 2023 and below the initial outlook of EUR 230 million. Profit before tax also decreased to EUR 41 million, compared to EUR 126 million the previous year. The result after tax totalled EUR 45 million.

Q4 2024 delivered the strongest financial performance in the company’s history, with a gross profit of EUR 176 million, an EBITDA of EUR 155 million, and a pre-tax result of EUR 114 million. However, declining power prices during the first half of the year and delays in project sales approvals in Q4 affected overall performance.

“Our financial results did not meet our expectations. Despite this, we demonstrated that we achieved significant EBITDA and profit before tax, even amid challenging macroeconomic conditions. We have also laid a strong foundation in 2024 for the coming year. Some divestments expected in 2024 will take place in 2025, and we are seeing stabilising power prices and falling interest rates,” says Knud Erik Andersen, CEO of European Energy.

The company’s equity more than tripled to EUR 1,028 million in 2024 following Mitsubishi HC Capital’s acquisition of a 20% stake, resulting in a capital injection of approximately EUR 700 million.

In 2024, European Energy started operations at its first Power-to-X facility, grid-connected its first project in Australia, commenced construction of its first wind project in Greece, and began work on its first solar park in Latvia. Moreover, construction activities started in more than seven different markets during the year. This activity reflects a diverse portfolio across the company’s 25 markets.

European Energy also ventured into battery storage in 2024, building a pipeline of approximately 21 GWh of battery storage projects in Denmark, Lithuania, Sweden, the UK, Germany, the US, and Australia.

The revenue from European Energy is fully eligible for the EU taxonomy for sustainable activities. European Energy has a total of seven Taxonomy-eligible activities, which  demonstrates the company’s contribution to mitigating climate change. With 2,079 GWh of renewable electricity produced from its own assets, European Energy managed to avoid nearly half a million tonnes of CO2 through the renewable energy produced by its own renewable energy assets. This is an increase of 15 percent compared to 2023.

In 2024, the company secured establishment permits for two offshore projects in Denmark. These projects will be the first major offshore wind parks developed by European Energy.

“We remain committed to executing our strategic priorities in 2025. This means scaling our organisation for our growing pipeline and delivering value to all our stakeholders. We built strong momentum in the final quarter of 2024, and with improved market conditions, we look forward to a year of renewed growth for the company,” says Jens Due Olsen, chair of the board of directors at European Energy.

In 2025, European Energy expects to reverse the decline in financial results compared to 2024 due to continued high activity levels. However, external risks remain though the company also expect improvements in the overall market situation for renewables in the year ahead.

European Energy expects 2025 EBITDA in the range of EUR 200 – 300 million. As the company has historically experienced, the financial results will fluctuate over the quarters, mainly reflecting the timing of energy park divestments.

Read the annual report here.

Facts for 2024

2.2 GW of projects reached the ready-to-build stage

1.8 GW of power purchase agreements (PPAs) signed

0.65 GW of contracts for difference (CfDs) secured

479 MW was connected to the grid in five countries

2,079 GWh was produced from own assets

Contact

Ming Ou Lü

PR Manager

+45 31 26 9376

miol@europeanenergy.com