European Energy has posted its best-ever first half with adjusted EBITDA rising to €99m in the six months to June 2025, compared with a €2m loss a year earlier.
The result before tax increased to €45m from a €50m loss in the same period last year. Including a one-off expense from an arbitration case in Italy, EBITDA was €93m and pre-tax profit €36m.
Chief executive Knud Erik Andersen (pictured) said: “With record construction levels, a major power-to-x milestone, and accelerating investments in energy storage, European Energy continues to demonstrate the strength of our business model.”
Revenue was supported by electricity production of 1063GWh, a 4% rise year on year, equivalent to avoiding more than 255,000 tonnes of CO₂ emissions.
The company marked a milestone with the completion of the world’s largest market-based e-methanol facility at Kassø, Denmark.
The first delivery was made earlier this year to Laura Maersk, the world’s first container vessel built to run on e-methanol.
European Energy also advanced its power-to-x activities, taking a final investment decision to expand the Måde Green Hydrogen site with an additional electrolyser unit.
In storage, the company will commission a first test system in Denmark this year, followed by 122MW/400MWh of new battery capacity under construction. A pipeline of more than 15GWh is being developed across Europe, Australia and Poland, with a target of 1GWh installed in the Nordics and Baltics by 2027.
Construction activity reached a record 1.7GW at mid-year, the fourth year in succession of growth, spanning wind, solar, hydrogen and storage.
The company also divested 1252MW of renewable assets, including six operational wind farms in Poland.
Andersen added: “While the investment environment remains challenging, our diversified portfolio, global reach, and ability to deliver large-scale green projects give us confidence for the future.”
The company reiterated its full-year EBITDA guidance of €200–300m, though it said results are more likely to be at the lower end due to weaker-than-expected power sales and delays in some project transactions.