European Energy recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) of under €6mm in the first quarter of the year, down 46% on the same period in 2020.
The Danish renewables developer blamed the fall to €5.6m on fewer project divestments this year but said it maintains a full-year 2021 outlook for €80m.
The lack of sell-offs pushed revenue down, coming in at €12.1m for the first three months compared to €28.7m a year ago.
The company said construction activity was tripled during Q1 with 22 projects being built. The number of employees has increased by approximately 40% compared to the same period last year.
European Energy increased its hybrid bond on the NASDAQ stock exchange with €75 million in order to secure capital for ongoing construction, bringing the total equity for the group above €300 million by the end of the first quarter.
“The demand for renewable energy capacity is growing,” said chief executive Knud Erik Andersen.
“We will continue to witness the rapid electrification of society in more energy-intensive areas, such as shipping, transportation, and heating. European Energy is a part of the first generation of the Power-to-X technologies, and we consider it to be part of our DNA to drive the industry forward and develop new business areas.”