The wind and solar park operator Encavis achieved almost constant sales in the first nine months despite higher production volumes.
EBITDA fell. The MDAX company ENCAVIS stuck to its forecast for the full year.
In the first nine months of 2023, the group achieved sales of 356 million euros, roughly at the same level as the previous year. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 9 percent to 246 million euros, with the corresponding margin falling by 7 points to 69 percent. This is due to the first-time inclusion of Stern Energy’s service business in the consolidated figures, which has a lower margin than that of electricity generation from renewable energies. Analysts had expected 243 million euros in a consensus published by the company itself.
Operating EBIT fell by 5 percent to 159 million euros. The consolidated operating result rose slightly to 88.6 from 86.9 million euros.
The Executive Board continues to expect a slight decline in sales revenue to just over 460 million euros for the 2023 financial year, which is 440 million euros after deducting the electricity price brakes. The group expects an operating EBIT of more than 185 (2022: 198.3) million euros.
Via XETRA, the ENCAVIS shares temporarily lost 0.75 percent to 12.56 euros.
FRANKFURT (Dow Jones)
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