ENCAVIS Reports Decline in First Half of 2024 Revenue but Maintains Annual Guidance

Encavis AG, a wind and solar park operator listed on the MDAX, announced that its revenue and earnings for the first half of 2024 were significantly lower compared to the same period in 2023, as anticipated. The company, however, has confirmed its financial guidance for the full year 2024.

The decline was driven by an over 33% drop in electricity prices across Europe compared to the first half of 2023, resulting in a €12 million decrease in net revenue. Additional factors include a negative volume effect amounting to €10 million and a prior year's positive one-off effect of €8.7 million from the Dutch feed-in tariff repayment.

Net operating revenue for the first half of 2024 was approximately €205 million, down by €21.3 million from €226.3 million in 2023. Operating EBITDA also fell by €25.6 million, reaching €126.1 million. Operating EBIT decreased by €28.2 million to €65.3 million.

The management noted the impact of weather conditions and the regulatory environment on operations and stated that future assessments would determine if adjustments to the annual guidance are necessary.