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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
2024-05-14 / 18:40 CET/CEST
The issuer is solely responsible for the content of this announcement.
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, 14^th 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 Börse 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 CO[2]
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
2024-05-14 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com  
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 

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