Photon Energy Group Presents Preliminary Results for 2023

  • In 2023, the Company achieved revenues of 74.369 million EUR (-21.8% YoY). EBITDA was 5.107 million EUR (-79% YoY).

  • Throughout the last year, the company's net loss amounted to 14.429 million EUR compared to a net profit of 6.262 million EUR recorded in 2022.

  • On January 24, 2024, the European Bank for Reconstruction and Development (EBRD) approved the provision of a financing facility to Photon Energy Group up to the amount of up to 15 million EUR. At the end of December 2023, the Company had 5.838 million EUR in cash.

Amsterdam – 20 February 2024 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (the ‘Group’ or the ‘Company’) has announced its unaudited financial results for the fourth quarter of 2023 and for the full fiscal year ending 31 December 2023. In the fourth quarter of 2023, it recorded revenues of 14.914 million EUR (-45.5% QoQ) and an EBITDA result of 0.357 million EUR (-75.5% QoQ). Over the entire year, revenues fell by 21.8% YoY to 74.369 million EUR, and EBITDA decreased by 79.0% YoY to 5.107 million EUR. Both results are below the forecast for 2023, which assumed achieving sales values in the range of 75-80 million EUR and EBITDA in the amount of 10 million EUR.

‘We are aware that the results published in this Q4 2023 report are not what we wished for and promised at the beginning of 2023. This was a challenging time, due to external and internal factors, which were changing over the course of the year to our detriment. In a year of a turbulent macroeconomic situation, a high interest rate environment and declining energy prices we have also experienced delays in the commissioning of new power plants in Romania, lower production yields and fierce competition in the PV component distribution segment. The integration of Lerta into the Group’s structures also proved to be a challenging task. Despite all these adversities, we managed to achieve the largest increase in generation capacity in the history of Photon Energy Group with overall 35.4 MWp commissioned within a year,’ said Georg Hotar, CEO of Photon Energy Group.

Mr Hotar added: ‘The EBITDA forecast of 10 million EUR was contingent upon the conclusion of negotiations regarding the sale of Polish photovoltaic projects. Eventually, on 25 January, we announced the sale to  INWE Group of the rights to a photovoltaic project with a capacity of 2.3 MWp located in Złoczew. Currently, Photon Energy and INWE are conducting advanced negotiations regarding a comprehensive cooperation in the further development and sale to INWE of a portfolio of small and medium projects in Poland with a total capacity of up to 11.5 MW AC.’

Key Events in Recent Months


  • Electricity generation 24.6 GWh in Q4 2023 and 139.4 GWh in FY2023, up by 32.4% and 14.6%, respectively.

  • IPP portfolio increased by 3.9 MWp in Q4 2023 and by 35.4 MWp in FY2023, to a total of 127.3 MWp, up by 38.5% YoY.

  • In January 2024 a further 3.8 MWp was commissioned, bringing total IPP portfolio above 131 MWp.

  • EBRD approval of a financing facility of up to EUR 15 million received on 24 January 2024.

  • 20-year on-site Power Purchase Agreement signed with FORVIA Clarion Hungary for the construction of a 630 kWp PV power plant and offtake of 13.5 GWh expected over the life of the contract.

  • Expansion of the O&M portfolio by 132 MWp in Q4 2023 and 24 MWp in January 2024, bringing it above 700 MWp as of the reporting date.

  • In Australia, 21 MWp EPC contract signed.

  • Sale of 2.3 MWp PV project rights in Poland; further negotiations under way for 32 MWp in Poland and 54 MWp in Romania.


Financial Indicators


In 2023, the Company recorded consolidated revenues of 74.369 million EUR (-21.8% YoY) compared to 95.136 million EUR the previous year.

Revenues from electricity generation amounted to 21.407 million EUR, marking a decrease of 39.3% YoY, mainly due to lower realised electricity prices and unfavorable weather conditions.

Unaudited consolidated EBITDA for 2023 decreased to 5.107 million EUR compared to 24.309 million EUR the previous year, marking a decrease of 79.0% YoY. EBIT dropped from 16.985 million EUR in 2022 to -6.581 million EUR in the period under review.

At the net income level in 2023, the Group recorded a loss of 14.429 million EUR compared to a profit of 6.262 million EUR the previous year. In addition to the decline in revenues and the deterioration in profitability, this was affected by higher financial costs resulting from increased levels of bank financing related to the Group’s proprietary production installations and the increased balance of Green Bonds 2021/2027 issued by the Company.

At the end of December 2023, the company had 5.838 million EUR in cash. Furthermore, on 24 January 2024, EBRD approved the provision of a financing facility to Photon Energy Group in the amount of up to 15 million EUR.


Q4 2023 Results Presentation


The Company will host a live webcast on Tuesday 20 February 2024 at 11:00 am CET to present its fourth-quarter results followed by a Q&A session. Attendees are invited to submit questions during the session through the chat feature or in advance via email to


View the Company's financial report for the fourth quarter of 2023 here.


Media Contact:


Martin Kysly
Head of Marketing and Corporate Communications
Tel. +420 774 810 670


Investor Contact:


Joanna Rzesiewska
Investor Relations Manager 
Tel. +420 777 486 464

Používáním těchto stránek souhlasíte s užitím souborů cookies.


Join our Newsletter

The copy needed. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aenean euismod.

Amdgkas dkagd kaghd…

This site is protected by reCAPTCHA and the Google
Privacy Policy andTerms of Service apply.