OX2 has reported negative operating income and profit for the first quarter of 2024, which the developer has attributed to the lack of finalised project sales during the first months of the year.
Operating income fell to negative Skr110m (negative €9.4m) in Q1 2024 compared with Skr102m in Q1 2023, while profit fell to negative Skr58m in the first quarter of this year down from Skr89m in the same period in 2023.
OX2 CEO Paul Stormoen said: “Our business involves quarterly fluctuations and we fully understand that it is difficult to assess OX2’s development based on individual quarters.
“In order to make a fair assessment it is relevant to look at longer trends.
“For the past two years, we have achieved an operating income level of just over Skr1bn on an annual basis, despite significant costs related to investments in our organisation and project development.
“We reiterate our forecast of increased operating income in 2024, with the expectation that earnings will largely be driven by the sale of onshore wind projects.
He said that over the past year, the majority of OX2’s sales have been to industrial buyers, who generally have longer decision-making processes than financial investors, resulting in longer periods to finalise sales.
“We have however in the beginning of the year noted a higher level of activity and increased capital inflow among financial investors,” Stormoen said.
In Q1 OX2 acquired 50MW of projects compared with 952MW in Q1 2023 and it didn’t hand over any capacity in Q1 2024, compared with handing over 171MW in Q1 2023.