European Energy experienced a lower-than-expected financial performance in 2024, with the overall results impacted by external market factors and delays in project sales approvals.
For the full year, EBITDA totalled € 144 million, down from € 178 million in 2023 and below the initial outlook of € 230 million. Profit before tax decreased to € 41 million compared with € 126 million in the previous year, while the result after tax was € 45 million.
In the fourth quarter of 2024, the company recorded its best quarterly performance to date, achieving a gross profit of € 176 million, an EBITDA of € 155 million, and a pre-tax result of € 114 million. Nevertheless, declining power prices during the first half of the year and project sales approval delays in Q4 affected overall performance.
During 2024, European Energy initiated operations at its first Power-to-X facility, connected its first grid project in Australia, began construction of its first wind project in Greece, and started work on its first solar park in Latvia. Construction activities also commenced in more than seven different markets throughout the year.
The company further expanded into battery storage, developing a pipeline of approximately 21 GWh of battery storage projects across Denmark, Lithuania, Sweden, the UK, Germany, the US, and Australia.
European Energy secured establishment permits for two offshore wind projects in Denmark.
Looking ahead to 2025, the company expects to reverse the decline observed in 2024, driven by continued high activity levels. While external risks remain, improvements in the overall market situation for renewables are anticipated. The company forecasts EBITDA in 2025 to be in the range of € 200 to 300 million.
