Jump to content

Annual Report 2023

A year of growth and resilience

Growth and resilience in a turbulent year

To successfully steer through a year with unfavourable market conditions and still deliver guided 30% growth in EBITDA is a testimony to the resilience of European Energy’s business model – and to our organisation’s 713 employees, who are dedicated to driving the business forward.

Annual Report 2023

This year, ESG performance indicators have been integrated with the financial report, reflecting the close connection between our core renewable energy business and society’s sustainable development.

Annual financial results

Financial highlights 2023



Revenue decreased by 4%, mainly due to lower project sales, partly offset by increased sales of energy and asset management services.



EBITDA increased to EUR 178m or 27%, which is a record-high result and met our 2023 financial outlook. The increase in EBITDA stems mainly from sale of energy parks and projects (including re-evaluation gain from Kassø), partly counterbalanced by a small decrease in profits from sale of power and an increase in staff costs and other external expenses as a consequence of higher activity.


Profit before tax

Profit before tax increased to EUR 126m, with growth of 10% compared to last year, and well within the guided outlook of EUR 140m +/- 20%. The increase in the profit before tax stems mainly from the increase in EBITDA, partly counterbalanced by increases in depreciation and net financial expenses.



Equity increased by EUR 41m to EUR 432m, mainly as a result of the profit for the period, partly offset by negative fair value adjustments on hedging instruments and net redemption of hybrid capital.


Cash flow from operating activities

Cash flow from operating activities improved by 27%, mainly as a result of increased profit and a lower increase in inventories.



Inventory increased by EUR 270m or 26%, which is lower growth than last year, as overall construction activities were slightly lower due to difficult market conditions and the Kassø Power-to-X plant was deconsolidated following the 49% divestment to Mitsui.

Annual business results

Business highlights 2023


Power producing assets

During 2023, our power producing capacity increased further by 139 MW to 1.044 MW, as the net result of new renewable energy parks being successfully grid-connected and the divestment of 357 MW of operating solar and wind parks during 2023 (including the deconsolidation of Kassø solar park).


Development pipeline

In 2023, our development pipeline increased by 26% to 39 GW, reflecting the efforts of the project development organisation, and which will ensure a steadily increasing flow of ready-to-build projects and construction of renewable energy farms in the years to come.


Under construction

At the end of 2023, we had 910 MW of projects under construction, a decline of 348 MW compared to the end of 2022. This reflects a record-high number of MW being COD’ed during 2023, as well as lower new construction activity initiated, due to difficult market circumstances.


Divested capacity

European Energy divested a total capacity of 1.1 GW during 2023, with 713 MW as ready-to-build projects and 407 MW as operating parks. In 2022 the total divested capacity where 299 MW, hereof 39 MW ready-to-build projects and 260 MW as operating parks.

Annual ESG results

ESG performance highlights 2023

Renewable energy production

We are a 100% renewable energy company. In 2023, we produced a total of 1,870 GWh wind power and solar power, which is an increase of 140% compared to 2022.

Avoided greenhouse gas emissions

We avoided 434,962 tonnes of CO2e GHG emissions through the 1,870 GWh renewable energy we produced in 2023, which is 140% more than in 2022.

(Scope 1 and 2)

Greenhouse gas emissions

100% of power purchased for own consumption was certified renewable energy in 2023. Our market-based indirect GHG emissions (scope 2) declined accordingly.

(Scope 1 and 2)

Greenhouse gas emission intensity

The greenhouse gas emission intensity (scope 1 and 2) was 0.22 g CO2e/kWh in 2023, which is significantly lower when compared to 4.99 CO2e/kWh in 2022.

Full time equivalents


Our workforce grew by 24% from 493 employees in 2022 to 609 employees in 2023. We recognise that our employees are our most essential resource.

Gender diversity

In 2023, we did not succeed in increasing the gender diversity of our workforce. Despite this, our high ambitions are maintained, with a target of 40/60 across all levels.

Lost time injury rate


The lost time injury rate of our contractors’ employees of 3.3 is a slight improvement compared to the year before. The rate for our own employees remains 0.

Supplier due diligence

To ensure responsible business practices, we conducted risk screening of 92% of our critical suppliers in 2023, bringing us close to our target of 100%.

About European Energy

Do you want to know more?

Go to our investor relations page

Go to our investor relations page

Go to our sustainability page

Go to our sustainability page

Go to ‘our company’ page

Go to ‘our company’ page