Bremen, 31 March 2026 – Energiekontor AG (“Energiekontor”), one of Germany’s leading project developers and operators of wind and solar parks, based in Bremen and listed in the General Standard, has achieved its forecast for the 2025 financial year, which was adjusted in October 2025, at the upper end of the range and, from today’s perspective, expects a further improvement in Group earnings in the 2026 financial year. In addition, Energiekontor confirms its multi-year growth target, taking the changed market conditions into account.
Adjusted forecast for 2025 achieved at the upper end – dividend proposal doubled
In an increasingly complex and challenging market environment, Energiekontor generated increased consolidated revenue of 167.9 million euros in the 2025 financial year (2024: 126.5 million euros). Total income amounted to 339.1 million euros (2024: 195.9 million euros). In particular, the increased project planning activities recognised in profit or loss led to higher Group operating profit (EBIT) of 65.4 million euros (2024: 49.8 million euros), which corresponds to an EBIT margin of 38.9 percent (2024: 39.4 percent). Adjusted for higher interest expenses, Energiekontor generated Group earnings before taxes (EBT) of 40.5 million euros (2024: 36.2 million euros) and an EBT margin of 24.1 percent (2024: 28.6 percent).
The year-on-year increase in Group EBT thus achieves the earnings forecast for Group EBT in the 2025 financial year, which was adjusted in October 2025, at the upper end of the range. It envisaged a Group earnings before taxes of approximately 30 to 40 million euros. Previously, Energiekontor had assumed a higher range of approximately 70 to 90 million euros. The main reason for the reduced profit forecast was the postponement of key closing conditions for pending transactions, which could therefore no longer be met in the 2025 financial year. This related in particular to project delays caused by the authorities and the resulting deadline extensions, as well as the postponement of the announcement and updating of grid connection commitments owing to grid reform in the United Kingdom, which is still in progress.
Group taxes showed a positive amount of 0.4 million euros in the 2025 financial year (2024: -13.6 million euros), resulting in a Group net profit for the year of 41.0 million euros (2024: 22.6 million euros), which was therefore slightly higher than Group EBT. The positive tax effect mainly resulted from favourable tax conditions for a project sold abroad and the reversal of deferred taxes. Undiluted earnings per share amounted to 2.94 euros (2024: 1.62 euros).
Shareholders of Energiekontor AG should participate in the company’s development, even in challenging financial years. The amount of the dividend distribution is based on the balance sheet profit achieved. The Management Board and Supervisory Board will therefore propose to the Annual General Meeting on 27 May 2026 in Ritterhude, Germany, that around 35 percent of Energiekontor AG’s balance sheet profit be allocated for the dividend distribution. The proposed distribution corresponds to a dividend of 1.00 euro per share, which is double that of the previous year (2024: 0.50 euros).
Significant increase in earnings in the project development and sales segment
In the 2025 financial year, the project development and sales segment achieved increased external revenues of 94.9 million euros (2024: 52.4 million euros). At 20.8 million euros, the segment EBT almost tripled year-on-year (2024: 7.3 million euros).
In the 2025 financial year, Energiekontor sold seven wind projects with a total generation capacity of around 209 megawatts (2024: 51 megawatts). Of these, one British wind project and one German repowering wind project contributed to the segment result for the 2025 financial year. The remaining five turnkey wind projects sold, which are currently under construction, will be recognised in profit or loss when they are commissioned in the 2026 and 2027 financial years.
As at 31 December 2025, a total of 21 projects with a total generation capacity of around 640 megawatts were under construction or financial close had been reached for these projects (31 December 2024: 368 megawatts). In addition, Energiekontor commissioned two solar parks and one wind park with a total generation capacity of around 83 megawatts in the reporting year (2024: 124 megawatts). As at the reporting date, there were also 34 building permits with a total generation capacity of almost 1.2 gigawatts (31 December 2024: 1,129 megawatts). In terms of total nominal capacity, the majority was attributable to the UK project business, followed by Germany, while the remaining share was predominantly attributable to the French market.
Stable earnings in the electricity generation segment with continued expansion of the Group’s own portfolio
In the 2025 financial year, external revenues in the electricity generation segment from the Group’s own wind and solar parks were roughly on a par with the previous year, with the segment generating external revenues of 68.6 million euros (2024: 69.4 million euros). The segment result (EBT) amounted to 17.1 million euros (2024: 26.0 million euros). The lower result is primarily attributable to one-off effects recognised in profit or loss, which were included in the previous year and which were predominantly based on receivables in connection with the compensation for loss of revenue at various wind parks in Germany. Apart from this, the segment result showed comparatively solid development in the 2025 financial year.
The total generation capacity of the Group’s own portfolio of wind and solar parks increased to approximately 448 megawatts in the course of the 2025 financial year (31 December 2024: approximately 395 megawatts). The expansion of the Group’s own park portfolio was driven forward in particular by the commissioning of new solar projects. Further projects with a total generation capacity of more than 230 megawatts, intended for the Group’s own portfolio, are currently under construction. The aim is to expand the Group’s own park portfolio to over 680 megawatts, with this target figure rising continuously as further financial closes are achieved.
Electricity production from the Group’s own parks totalled around 617 gigawatt hours in the reporting year and was therefore slightly above the previous year’s level despite a significantly below-average wind year. Additional generation contributions from newly commissioned solar parks had a stabilising effect.
Operation development, innovation and others segment delivers solid contribution
The operation development, innovation and others segment recorded sales and earnings development slightly below the previous year’s level. External revenues fell slightly to 4.4 million euros (2024: 4.6 million euros). The segment result (EBT) reached 2.5 million euros (2024: 2.8 million euros).
Project pipeline continues to grow – share of advanced projects increased again
Energiekontor was once again able to expand its already high-level project pipeline in the 2025 financial year. As at 31 December 2025, the project pipeline totalled around 11.6 gigawatts (excluding US project rights), compared with 11.2 gigawatts in the previous year. Including the US project rights, it totalled approximately 12.2 gigawatts (31 December 2024: approximately 12.1 gigawatts).
At the same time, the share of projects in advanced development phases increased again. Their total generation capacity was around 3.1 gigawatts (31 December 2024: around 2.7 gigawatts) and forms the basis for short and medium-term growth, whilst ensuring the high quality of the project pipeline. Technological diversification was also driven forward. Solar projects now account for around a third of the project pipeline.
Continued focus on 2023–2028 growth strategy
The 2025 financial year was characterised by a highly dynamic market environment. In particular, extended project realisation times, limited availability of plants and infrastructure as well as delays in grid connection confirmations and tender processes – especially in the United Kingdom – affected the ability to plan project sales in terms of timing. In Germany, too, uncertainties persist regarding the future structure of the EEG subsidy system from 2027 and the specific design of the announced grid package, the effects of which cannot yet be conclusively assessed. It can be assumed that these conditions will remain in place throughout 2026. Energiekontor expects planning certainty to increase gradually over the course of the year as soon as regulatory requirements in the core markets of Germany and the United Kingdom become more specific.
In this context, the business development remains robust in operational terms. At the same time, market mechanisms in project development have changed considerably. An increasing number of approved projects combined with high costs for plants, infrastructure and financing, as well as falling award values in the Federal Network Agency’s tenders, is increasing the economic pressure on individual projects. Energiekontor is addressing these developments through consistent project selection and focused management of its project pipeline. In doing so, the company benefits from its lean organizational structure and high operational efficiency.
Against this backdrop, earnings development remains largely dependent on the timing of individual project sales and realisations. At the same time, the ongoing expansion of Energiekontor’s own portfolio strengthens the basis for stable, recurring income and increases the resilience of the business model. At the same time, despite its high level of investment activity, the company maintains a robust liquidity position and a solid equity base, which financially supports the execution of its project pipeline and the expansion of its own portfolio. As a result, the Group’s earnings base continues to gain in stability and predictability. Furthermore, Energiekontor is constantly striving to strengthen its competitive position through targeted technological and innovative improvement measures, including in the areas of Smart Wind Farm Controlling, proactive maintenance, hybrid park concepts, battery storage solutions, and other initiatives to enhance project profitability.
Based on current project planning and taking into account the remaining uncertainties with regard to regulatory and market conditions, Energiekontor currently expects Group earnings before taxes (EBT) in a range of 40 to 60 million euros for the 2026 financial year (2025: 40.5 million euros). The forecast deliberately reflects the remaining timing uncertainties in project execution. The main earnings contributions are expected to be generated from several ready-to-build sales in the UK market, from the commissioning of the three German turnkey wind parks sold in the 2025 financial year and from the Group’s own wind park portfolio.
With increasing planning certainty regarding the regulatory and infrastructural conditions over the course of the year and the resulting confirmation of existing project planning, Energiekontor sees significant potential for additional earnings contributions in the coming financial years. Against this backdrop, the growth strategy for 2023 to 2028, which aims to achieve Group EBT of 120 million euros in the 2028 financial year, remains focused on sustainable and profitable growth and will become more specific and refined over the course of the year, whilst actively taking into account any changes in market and regulatory conditions that may have occurred in the meantime.
“We established a solid earnings base in the 2025 financial year despite a very challenging environment and met the guidance we revised in October 2025 at the upper end. Although the currently communicated guidance range for 2026 may appear conservative at first glance given the existing project portfolio, it deliberately reflects the remaining timing uncertainties in project execution. However, as clarity regarding the regulatory and infrastructure framework conditions increases, we expect significantly improved planning reliability and continue to see substantial potential for additional earnings contributions in the coming years,” says Peter Szabo, CEO of Energiekontor AG.
The 2025 annual report contains further information on business development, the financial position, the economic and market environment, as well as Energiekontor’s outlook. It is available for download at https://www.energiekontor.de/investor-relations/financial-reports.html.
Key figures (in € million) | 2025 | 2024 |
Sales | 167.9 | 126.5 |
Total income | 339.1 | 195.9 |
EBITDA | 86.1 | 72.9 |
EBIT | 65.4 | 49.8 |
EBT | 40.5 | 36.2 |
Group net profit | 41.0 | 22.6 |
Earnings per share (in €, undiluted) | 2.94 | 1.62 |
Dividend per share (in €)1 | 1.00 | 0.50 |
Total assets2 | 1,077.9 | 774.1 |
Equity2 | 224.7 | 186.9 |
Equity ratio (in %)2 | 20.8 | 24.1 |
Notional equity ratio2,3 | 29.0 | 28.5 |
Cash and cash equivalents2 | 194.6 | 142.0 |
Employees (number)2 | 260 | 259 |
1For the 2025 reporting year, subject to the approval of the Annual General Meeting on 27 May 2026.
2As at the reporting date (31 December).
3Further details on the notional equity ratio can be found in the 2025 annual report on page 81.
About Energiekontor AG
For more than 35 years, Energiekontor has stood for a solid business policy and extensive experience in renewable energies. Founded in Bremerhaven, Germany, in 1990, the company is among the pioneers in its industry and is now one of Germany’s leading project developers. Its core business ranges from the planning and construction to the operational management of wind and solar parks in Germany and abroad. In addition, Energiekontor operates 39 wind and solar parks with a total nominal power of around 450 megawatts in its own portfolio. Energiekontor also plays a pioneering role in economic terms and aims to realise the first wind and solar parks in all target markets at market prices as quickly as possible, independently of state subsidies.
Along with its headquarters in Bremen, Germany, Energiekontor has offices in Bremerhaven, Hagen im Bremischen, Aachen, Augsburg, Berlin, Potsdam and Hildesheim. The company also has branch offices in England, Scotland, Portugal, France and the United States.
Since being established, Energiekontor has a proud track record of realising more than 170 wind and solar park projects with a total nominal power of over 1.5 gigawatts. This corresponds to an investment volume of more than 2.3 billion euros. The significantly expanded project pipeline in the 2025 financial year (12.2 gigawatts including US project rights) shows the future growth potential and the possible contribution that Energiekontor can make to the expansion of renewable energies.
Energiekontor AG (WKN 531350/ISIN DE0005313506/General Standard) is listed on the SDAX of the German Stock Exchange in Frankfurt. Shares can be traded on all German stock markets.
Contact
Julia Pschribülla
Head of Investor & Public Relations
Phone: +49 (0)421-3304-126
Kathrin Mateoschus
Investor & Public Relations Manager
Phone: +49 (0)421-3304-297
Email for investor relations matters: ir@energiekontor.com
Email for press matters: pr@energiekontor.com
Energiekontor AG
Mary-Somerville-Strasse 5
28359 Bremen
Germany
Phone: +49 (0)421-3304-0
Fax: +49 (0)421-3304-444
Email: info@energiekontor.de
Web: www.energiekontor.de/en/index.html