The year 2024 saw continued growth for NextGeo Group across key areas of its business. The company expanded its activities in submarine high-voltage cable interconnections and offshore renewable energy, contributing to its overall performance.
The Group recorded an increase in production value, reaching €203.3 million compared to €148.6 million in 2023. EBIT rose to €47.9 million, while net profit increased to €43.1 million. The EBIT margin stood at 23.6%, with a 21.8% increase in backlog. EBITDA reached €54.0 million, with an EBITDA margin of 26.5%. Despite higher amortisation, Return on Investment (ROI) increased compared to the previous year.
The submarine high-voltage cable interconnection sector accounted for 60.4% of total revenue, growing from the previous year. Offshore renewable energy, particularly offshore wind farm development, made up 31.2% of revenue. The company also remained active in the offshore Oil & Gas sector, which contributed 3.6% of revenue, while environmental studies, marine research, and defence projects made up the remaining 4.8%.
In 2024, the company delivered several projects in Northern Europe and the Mediterranean. In the North Sea region, it contributed to offshore wind and interconnection projects, including the Courseulles-sur-Mer offshore wind farm in Normandy, the Poseidon project with TenneT Offshore GmbH in Germany, the Eastern Green Link between Scotland and England, and the Bay of Biscay interconnection between France and Spain. The company also continued its collaboration with TenneT BV in the Netherlands. In the Mediterranean, NextGeo supported floating offshore wind projects, including 7 Seas Med and Ichnusa Wind Power, and was involved in European infrastructure projects such as the Sa.Co.L. 3 project, the Tyrrhenian Link, and the GreatSea Interconnector between Greece and Cyprus.
The financial results for 2024 reflect the company’s continued activity in energy infrastructure. Its involvement in offshore energy and interconnection projects underlines its contribution to renewable energy development and energy transmission networks.
