Annual Report 2024
Q4 2024 delivered the strongest financial performance in the company’s history. However, declining power prices during the first half of the year and delays in project sales approvals in Q4 affected overall performance, which fell short of the guidance.
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 and contributes significantly to energy security and industrial development.
Performance highlights
Annual performance highlights
EURm
Revenue
Revenue declined from 420.3m by 9% to EUR 380.4m, mainly due to lower sale of energy parks and sale of energy.
EURm
EBITDA
EBITDA reached EUR 144.3m, reflecting a decrease of EUR 34.2m compared to the previous year. This decline primarily resulted from the lower sale of energy.
EURm
Profit before tax
Profit before tax decreased from EUR 125.6m in 2023 to EUR 41.0m, mainly as a result of the lower EBITDA and higher financial items.
EURm
Inventory
Inventory increased by EUR 392m to EUR 1,713m and reflects an increased activity on projects in development and under construction and limited sale of energy parks and projects.
EURm
Equity
Equity increased by EUR 596m, mainly as a result of the capital increase on sale of 20% share to Mitsubishi HC Capital Inc.
MW
Divested capacity
European Energy divested in total 1,207 MW during 2024, compared to a divested capacity of 1,120 MW in 2023.
MW
Under construction
Our ongoing construction activity increased to 1,151 MW up from 910 MW in 2023.
MW
Power producing assets
Our power-producing assets increased to 1,314 MW up from 1,044 MW in 2023.
Performance highlights
Sustainability performance highlights
EU Taxonomy-eligible KPIs
Our share of Taxonomy-eligible revenue was 100% in 2024 identical to the 2023-result. We have a total of seven Taxonomy-eligible economic activities.
GWh
Renewable energy production
We are a 100% renewable energy company. In 2024, we produced a total of 2,079 GWh wind and solar power, which is an 11% increase compared to 2023.
tCO2eq, Scopes 1, 2 and 3 (market-based)
Greenhouse gas (GHG) emissions
In 2024, we assessed our scope 3 GHG emissions for the first time. As expected, our scope 3 GHG emissions accounts for 99% of our total GHG emissions.
g CO2e/kWh, Scopes 1, 2, and 3 (market-based)
Greenhouse gas emissions intensity
Our scopes 1 and 2 GHG emissions intensity was 0.19 gCO2eq/kWh in 2024. When adding scope 3 GHG emissions the intensity was 191.76 gCO2eq/kWh.
Nature conservation
We will donate 5% of the land we build our solar parks on, and 1 hectare land per wind turbine we install to the Danish Nature Fund. In 2024, we engaged in nature protection and restoration efforts related to our sites in Denmark.
%
Gender diversity
With the welcoming of Hilde Bakken to our Board of Directors, the share of female members was 14% in 2024. Our target remains 40/60 across all levels.
%
Suppliers screened
In 2024, we broadened the scope of our environmental and social screenings of our suppliers to include all tier 1, tier 2 and tier 3 direct suppliers.
%
Anti-corruption and antibribery training
All employees are required to complete our anti-corruption and anti-bribery course. In 2024, 81% of our employees had completed the course.
Outlook for 2025
In 2025, we expect to reverse the decline in financial results compared to 2024 due to continued high activity levels. However, there are risks associated with our business that are outside our control, though we also expect improvements in the overall market situation for renewables in the year ahead.
We expect 2025 EBITDA in the range of EUR 200 – 300 million. As experienced historically, we anticipate financial results will fluctuate over the quarters, mainly reflecting the timing of energy park divestments.
Corporate announcement
Press release
About European Energy
Do you want to know more?
Investor relations
Investor relationsHow we work with sustainability
How we work with sustainabilityAbout our company
About our company
