Eurowind Energy has reported a net profit of €102m for the second half of 2024 up from €22m in 2023.
The company, which has aligned its financial year with the calendar year, reported results for the period from 1 July 2024 to 31 December 2024.
In the second half Eurowind Energy achieved an EBITDA of €200.6m, compared with €129m (1 July 2023 to 31 June 2024).
The results were driven by strong power prices in key markets during Q4, steady progress in construction projects, and a partial divestment of selected wind farms.
Jens Rasmussen, CEO of Eurowind Energy, said: “This six-month period was a ‘typical Eurowind Energy period’.
“We saw significant progress across our business and solid profitability.
“It is crucial that we deliver daily on our aspiration to be a company that not only generates great ideas but also executes them systematically and commercially.
“Our performance in the second half of 2024 is a testament to this commitment.”
Gert Vinther Jorgensen, Chairman of the Board of Directors, added: “In a more complex renewable energy market, Eurowind Energy delivers an impressive result.
“The progress confirms the strategy of investing in parks that combine wind and solar energy, and of maintaining a broad presence across Europe and the USA.
“This positions Eurowind Energy for further growth in the coming years.”
During this period, Eurowind Energy had nearly 900MW under construction, and its development pipeline expanded by 5.5GW, reaching a total of 59.4GW.
Looking ahead to 2025, the positive trend from the second half of 2024 has continued.
Eurowind Energy plans to construct up to 50 new energy parks across Europe, adding almost 1GW of power generation capacity.
The company expects EBITDA to reach €120-240m for the full year of 2025, while profit before tax is projected at €60-90m.
The wide range in expectations is connected to potential farm downs of energy facilities.
“We have begun well in 2025, and we will focus on getting things done, while ensuring that we are profitable.
“The ability to make a profit and build an attractive pipeline of development projects is what will allow us to maintain an aggressive growth strategy towards 2030,” said Rasmussen.