EQS-Adhoc: ABO Energy KGaA reduces forecast for the 2024 annual result to EUR 20 to 25 million and confirms market expectation for the 2025 financial year

In preparation for a capital market conference starting tomorrow, Monday, the management of ABO Energy KGaA has updated its regular business planning. As it emerged today, the current planning status for the financial year 2024 indicates a group net profit of between EUR 20 and 25 million. Previously, the company had communicated a range of 25 to 31 million euros. Analysts' expectations were between 28 and 29 million euros.

The main reason for the now lower profit expectations are delays in the construction and sale of turnkey wind and solar parks in Hungary, Germany, Spain and Colombia. This was partly due to longer delivery times on the part of suppliers. The acceleration of approval procedures, particularly in Germany, had a counteracting positive effect.

Due to changes in electricity market prices, initially expected revenues in the Spanish solar market and the Finnish wind market could not yet be realised in the 2024 financial year. The annual result will also be negatively impacted by a probable write-down on the value of shares in ABO Kraft & Wärme AG held by ABO Energy.

Due the positive development of permits and secured tariffs, particularly in Germany and France, ABO Energy's two largest markets, the management expects profits to increase significantly again in the coming years. Based on current planning, a group net profit of between 29 and 39 million euros is expected for the 2025 financial year. Analysts' expectations for 2025 were most recently between 30 and 32 million euros.

2036975  24-Nov-2024 CET/CEST