European Energy has reported a loss for the first three months of 2024.
The Danish developer recorded an EBITDA deficit of €3.7m, compared to a €16.3m profit in Q1 2023.
The board said the decrease in EBITDA primarily stems from a lower gross profit from the sale of energy parks and projects, which stood at a loss of €7.9m in Q1 2024 compared to €7.9m in the same period in 2023.
Gross profit from power sales also dropped from €21.7m in 2023 to €17.5m.
Additionally, lower power prices in Q1 2024 compared to Q1 2023, as well as increased direct costs associated with the power production, due to more parks and higher production volumes, also contributed to the decline, European Energy said.
The board added that it is confident about the project sales outlook for the remainder of the year.
It said “we maintain our financial outlook for 2024 of an EBITDA of €230m or a growth of approximately 30%, with a risk margin of +/- 10%.
“Profits before tax will also grow, but at a lower rate than EBITDA.”