Greencells GmbH: Consolidated Revenue Reaches EUR 209.7 Million in 2023

Greencells GmbH, a global EPC and O&M service provider for utility-scale solar power plants, reported a significant increase in revenue for the fiscal year 2023. The company's consolidated revenue grew by 32% to EUR 209.7 million, surpassing the target of EUR 200 million. Major revenue contributions came from two key projects in Hungary, totaling EUR 118.5 million.

EBIT improved slightly to EUR 8.3 million from EUR 7.9 million the previous year, though it remained below the forecast range of EUR 10 to 12 million. The EBIT margin dropped to 4.0% from 5.0% in 2022. The net profit for the year was EUR 3.4 million, resulting in a return on sales of 1.6%, below the targeted 2% to 3% range.

Looking ahead, Greencells anticipates a consolidated revenue of around EUR 170 million in 2024. The company forecasts a consolidated EBIT between EUR 8 million and EUR 9.5 million. They expect the return on sales to be between 2.0% and 3.0%, aided by reduced negative one-off charges at the project and receivables level.