ENCAVIS AG: Results for Q1/2024 are, as expected, below the comparative
period of the previous year, but still generally in line with plan - Management
Board confirms guidance for the full year 2024

EQS-News: ENCAVIS AG / Key word(s): Quarterly / Interim Statement/Quarter
Results
ENCAVIS AG: Results for Q1/2024 are, as expected, below the comparative
period of the previous year, but still generally in line with plan -
Management Board confirms guidance for the full year 2024

14.05.2024 / 18:40 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Corporate News

Results for Q1/2024 are, as expected, below the comparative period of the
previous year, but still generally in line with our plan - Management Board
confirms guidance for the full year 2024

Hamburg, 14th May 2024 - MDAX-listed wind and solar farm operator Encavis AG
(Prime Standard; ISIN: DE0006095003, ticker symbol: ECV) reports revenue and
earnings in the first quarter of 2024 to be significantly lower than in the
same period of the previous year, but generally on target. Operating revenue
and operating earnings*) in the same period of the previous year (Q1/2023)
had benefited from a positive one-off effect of around EUR 8.1 million from
the retroactive compensation of the subsidies for the Dutch solar parks in
2022, more favourable meteorological conditions as well as comparatively
higher electricity prices. In Q1/2024 average electricity prices have fallen
by around 11% across the entire generating portfolio.

The Management Board confirms the guidance for the financial year 2024, as
already published with the Consolidated Financial Statements 2023. Further
revenue growth at Stern Energy, expanded power generation capacities, and an
increase in revenue at Encavis Asset Management in the current financial
year is expected to largely compensate for the sharp fall in electricity
prices. Overall, a moderate improvement of the essential key figures of the
Group is expected for the financial year 2024.

The results in detail: In the first three months of the financial year 2024,
the Group has generated around 741 gigawatt hours (GWh) of green
electricity, compared to 753 GWh in the first quarter of 2023 - a decrease
in overall production of around 2%, varying by segment. The PV segment
recorded a decline in electricity production of around -9% in Q1/2024 from
already existing assets, and the wind segment of around -6% (-22 GWh) - the
latter being almost entirely driven by the divestment of the two wind farms
Sohland and Greußen (-20 GWh). Due to newly connected wind farms, the wind
segment has achieved an overall increase in electricity production of +6% in
Q1/2024 compared to Q1/2023.

Net operating revenue*) of EUR 86.6 million were around 12% lower than the
previous year's figure of EUR 98.8 million after deduction of electricity
price caps in the previous year's first quarter. Both operating revenue and
operating earnings*) in the same period of the previous year (Q1/2023) had
benefited from a positive one-off effect of approximately EUR 8.1 million
from the retroactive compensation of the subsidy for the Dutch solar parks
in 2022. At EUR 45.3 million (previous year: EUR 55.4 million), 52% of net
operating revenue*) for Q1/2024 were distributed by the solar park portfolio
and around 33% by the wind farm portfolio of the Group with EUR 28.6 million
(previous year: EUR 31.3 million). In addition to the one-off effect
described above, the decline in net operating revenue*) of the solar park
portfolio of around 18% is based on significantly lower electricity prices
compared to the previous year. Naturally, the first quarter of each year is
subject to considerable meteorological fluctuations and has resulted in
lower electricity production in this segment in Q1/2024 than in the previous
year's first quarter. The PV Services segment, which continues to grow
strongly, has increased revenue in Q1/2024 by around 25% to EUR 12.9 million
(previous year's first quarter: EUR 10.3 million).

Operating earnings before interest, taxes, depreciation and amortisation
(operating EBITDA*)) in the first three months of the financial year 2024
were at EUR 48.5 million, a significant decrease of around 25% compared to
the previous year's comparable figure of EUR 64.3 million. The Operating
financial result decreased by around EUR 5.9 million to a total of around
EUR -21.7 million (previous year: EUR -15.8 million) due to investments in
portfolio growth. This has led to a result from operating activities
(operating EBIT*)) of EUR 18.2 million, which is significantly lower than
the previous year's figure of EUR 35.3 million. A fluctuation in key
operating figures*) of this nature in the first quarter is not unusual for a
company like Encavis, whose primary driver is the installed solar PV
capacity. The first quarter shows low solar irradiation and therefore low
production and revenue, while expenses are largely fixed.

Overall, Encavis has generated a consolidated operating profit after taxes*)
of EUR -5.8 million (previous year: EUR 16.6 million). This is mainly due to
the one-off, price, and weather effects described above.

In line with the earnings development in the first quarter of 2024, cash
flow from operating activities decreased by around 30% to EUR 36.3 million
(previous year: EUR 51.8 million). This resulted in an operating cash flow
per share of EUR 0.23 in the first quarter of 2024 (previous year: EUR
0.32).

The equity ratio as of 31 March 2024 increased slightly to 33.5% from 33.2%
at year-end 2023, but significantly compared to the same quarter of the
previous year of 30.7%.

"We are looking back at a successful first quarter of 2024 despite the less
favourable weather conditions and decreased power prices. Across the Group,
both Encavis AG and Encavis Asset Management have signed long-term Power
Purchase Agreements (PPAs) at national and European level for around 2,600
gigawatt hours (GWh) of green electricity from Renewable Energy for ten
years. In parallel, we have started the construction of the two currently
largest solar parks of Asset Management in Bartow with a planned generation
capacity of around 270 megawatt hours (MWh) per year and Encavis AG in
Borrentin with a planned generation capacity of around 119 MWh per year.
Commissioning of the two solar parks is planned for summer 2025 in Bartow
and autumn 2024 in Borrentin," underlined Dr Christoph Husmann, Spokesman of
the Management Board and CFO of Encavis AG, the successful first quarter of
2024.

The Management Board confirms the guidance for the financial year 2024, as
already published with the Consolidated Financial Statements 2023. Further
revenue growth at Stern Energy, expanded power generation capacities, and a
further increase in revenue at Encavis Asset Management in the current
financial year are expected to largely compensate for the sharp fall in
electricity prices, resulting in a moderate increase in essential key
figures of the Group for the financial year 2024.

This year's Annual General Meeting of the Company will take place on 5 June
2024 in physical presence at the Privathotel Lindtner in Hamburg.

*) Explanations and calculation of the adjusted operating earnings figures
can be found in the Annual Report / Consolidated Financial Statements 2023
of Encavis AG beginning on page 17 and on page 37.

The Annual Report / Consolidated Financial Statements 2023 of Encavis AG are
available at:
https://www.encavis.com/en/green-capital/investor-relations/financial-reports

About Encavis:
The Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a
producer of electricity from Renewable Energies listed on the MDAX of
Deutsche Borse AG. As one of the leading independent power producers (IPP),
ENCAVIS acquires and operates (onshore) wind farms and solar parks in twelve
European countries. The plants for sustainable energy production generate
stable yields through guaranteed feed-in tariffs (FIT) or long-term power
purchase agreements (PPA). The Encavis Group's total generation capacity
currently adds up to more than 3.5 gigawatts (GW), of which around 2.2 GW
belong to the Encavis AG, which corresponds to a total saving of around 0.8
million tonnes of CO2 per year stand-alone for the Encavis AG. In addition,
the Group currently has around 1.2 GW of capacity under construction, of
which around 830 MW are own assets.

Within the Encavis Group, Encavis Asset Management AG offers fund services
to institutional investors. Another Group member company is Stern Energy
S.p.A., based in Parma, Italy, a specialised provider of technical services
for the installation, operation, maintenance, revamping and repowering of
photovoltaic systems across Europe.

Encavis is a signatory of the UN Global Compact as well as of the UN PRI
network. Encavis AG's environmental, social and governance performance has
been awarded by two of the world's leading ESG rating agencies. MSCI ESG
Ratings awarded the corporate ESG performance with their "AA" level and ISS
ESG with their "Prime" label (A-).

Additional information can be found on www.encavis.com


Contact:
Encavis AG
Jörg Peters
Head of Corporate Communications & Investor Relations
Tel.: + 49 40 37 85 62 242
E-Mail: IR@encavis.com
http://www.encavis.com


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   Language:       English
   Company:        ENCAVIS AG
                   Große Elbstraße 59
                   22767 Hamburg
                   Germany
   Phone:          +49 4037 85 62 -0
   Fax:            +49 4037 85 62 -129
   E-mail:         info@encavis.com
   Internet:       https://www.encavis.com
   ISIN:           DE0006095003
   WKN:            609500
   Indices:        MDAX
   Listed:         Regulated Market in Frankfurt (Prime Standard),
                   Hamburg; Regulated Unofficial Market in Berlin,
                   Dusseldorf, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1902873

End of News EQS News Service
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1902873 14.05.2024 CET/CEST