Energiekontor Ag · XETR:EKT
Energiekontor — 9M 2024 Earnings Presentation
53 slides from Energiekontor's earnings presentation, Nov 14, 2024
Slide 1: First nine months 2024
Company Presentation First nine months 2024 Bremen, 14 November 2024
Slide 2: Agenda
Agenda 01 Energiekontor at a glance 02 Market environment 03 Business year 2023 04 First half-year 2024 05 First nine months 2024 (operational) 06 Outlook and mid-term strategy 07 Share and shareholder structure 08 Appendix
Slide 3: Energiekontor at a glance
01 Energiekontor at a glance
Slide 4: We are a leading German project developer and operator of onshore wind and solar parks
Energiekontor at a glance A solid business policy and lots of experience in renewable energies for >30 years • Founded in 1990 in Bremerhaven We are a leading • Headquartered in Bremen German project • Additional offices in Germany and abroad developer and (UK, PT, FR, US) operator of onshore • IPO
Slide 5: Important milestones in Energiekontor's successful development
Energiekontor at a glance Important milestones in Energiekontor‘s successful development 1994 1999 2002 2010 2017/18 2023 First wind park Foundation of the First wind park in Realisation of Market entry in the Listing in the TecDAX in Misselwarden subsidiary in the Energiekontor’s the first solar pa
Slide 6: The three pillars of our success – Our business divisions
Energiekontor at a glance The three pillars of our success – Our business divisions Project development Covering the entire value chain from & sales acquisition to commissioning and sale; (onshore wind, solar) incl. repowering Energiekontor AG Power generation Income from the sale of the in the Grou
Slide 7: We proudly look back on a strong track record since company foundation
Energiekontor at a glance We proudly look back on a strong track record since company foundation >160 realised wind and solar parks ~1.4 GW total generation Green energy for capacity Power generation >810,000 households >2.7 billion kWh p.a. Saving ~2.0 million tons of CO2 p.a. 14 November 2024 Ener
Slide 8: We are close to the market – Across 5 countries at 17 company sites
Energiekontor at a glance We are close to the market – Across 5 countries at 17 company sites United Germany Kingdom 3 9 United 2 States 2 Portugal 1 France 14 November 2024 Energiekontor AG / Company Presentation / First nine months 2024 8
Slide 9: We are well positioned with a total of ~400 MW own capacity (growing)
Energiekontor at a glance We are well positioned with a total of ~400 MW own capacity (growing) Germany United Kingdom Portugal 32 3 4 wind and wind parks wind parks solar parks Ca. 297 MW Ca. 60 MW Ca. 38 MW 14 November 2024 Energiekontor AG / Company Presentation / First nine months 2024 9
Slide 10: Pioneers of change – Our mission statement
Energiekontor at a glance Pioneers of change – Our mission statement is more relevant than ever before 100% renewable energy As a pioneer in renewable energy, we are actively shaping the transition to 100% renewables. Concentrating on our core competences and innovations will drive our business to a
Slide 11: Our vision is 100% renewable energy
Energiekontor at a glance Taking an active role in shaping the future – Our vision is 100% renewable energy Short term Long term Realisation of wind and … at generation costs below solar parks in all … without public subsidies … those of conventional country markets … power plants. 14 November 2024
Slide 12: We grow organically and sustainably while maintaining our financial stability
Energiekontor at a glance We grow organically and sustainably while maintaining our financial stability ~50% own portfolio Power generation in the Group‘s own wind Project and solar parks development 100% cost Group EBT & sales coverage (+10% to +20% p.a.) Operation, (onshore wind, solar) developmen
Slide 13: We focus on our main strategic points
Energiekontor at a glance As a pioneer of the energy transition, we focus on our main strategic points Realisation of Systematic Implementing Consistent wind and solar expansion of the regionality Systematic development parks free of own portfolio principle to expansion of and expansion state subsid
Slide 14: Our team's regional presence is our strategic success factor
Energiekontor at a glance Our team's regional presence is our strategic success factor Decentralised Decentralised structures and structures and hierarchies hierarchies Project Project management from management A to Z from A to Z Close Close proximity proximity to to relevant relevant stakeholders,
Slide 15: Market environment
02 Market environment
Slide 16: Renewable energies generated more than 50% of electricity in Germany in 2023
Market environment Renewable energies generated more than 50% of electricity in Germany in 2023 Renewable energies Gross power production in Germany (in %). Source: Federal Statistical Office. 14 November 2024 Energiekontor AG / Company Presentation / First nine months 2024 16
Slide 17: Onshore wind energy expansion continued in Germany in 2023
Market environment Onshore wind energy expansion continued in Germany in 2023 Wind Target for 2030 115 GW Target fulfilment requires an average annual expansion of ~8 GW Installed generation capacity (in MW). Source: Deutsche WindGuard GmbH. 14 November 2024 Energiekontor AG / Company Presentation /
Slide 18: Solar capacity doubled in Germany in 2023
Market environment Solar capacity doubled in Germany in 2023 Solar Target for 2030 215 GW Target fulfilment requires an average annual expansion of ~20 GW Installed generation capacity (in MW). Source: German Federal Network Agency. 14 November 2024 Energiekontor AG / Company Presentation / First ni
Slide 19: Current market challenges
Market environment Current market challenges ! ! ! ! ! Limited market Prolonged availabilities delivery High Delays of wind Higher times and interest in grid turbines and costs realisation rates expansion large components processes 14 November 2024 Energiekontor AG / Company Presentation / First nin
Slide 20: Countermeasures
Market environment Countermeasures Systematic Securing Expansion improvement of Project attractive of the procure- profitability marketing in the Early request electricity tariffs ment of systems through UK based on the and securing of for existing and large-scale technical and "ready-to-b
Slide 21: Business year 2023
03 Business year 2023
Slide 22: Successful project business
Business year 2023 Highlights in FY 2023 • Increased earnings forecast fulfilled Successful • Significant growth in sales and earnings project • Dividend proposal raised to €1.20 business • Growth strategy 2023 to 2028 confirmed delivers new record result • Project pipeline significantly expanded in
Slide 23: Project development business successfully continued in 2023
Business year 2023 Project development business successfully continued in 2023 Germany United Kingdom Project sales clearly above PY (+69%) mainly due to successful UK business Commissionings below PY (-19%) mainly due to shift into 2024 (DE/UK) 2 7 3 commis- project commis- project sionings sales s
Slide 24: Project pipeline considerably expanded by >1.0 GW by end of 2023
Business year 2023 Project pipeline considerably expanded by >1.0 GW by end of 2023 Value added Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Cumulative Project pipeline per phase value added (incl. US project rights) 1-2% 6,142 >2.3 GW 1-2% 10,248 11,667 in phases (5,337) ~72 MWp 3-5 (solar) under 6-8% 2
Slide 25: Project pipeline further diversified by end of 2023
Business year 2023 Project pipeline further diversified by end of 2023 Regional diversification Technological diversification 7.7% 1.3% 8.1% 32.4% ~11.7 GW 52.2% ~11.7 GW 30.6% 67.6% Germany Onshore wind United Kingdom Solar United States France Portugal 14 November 2024 Energiekontor AG / Company P
Slide 26: Group profit and loss statement – EPS almost doubled
Business year 2023 Group profit and loss statement – EPS almost doubled In € million 2023 2022 Change Sales 241.8 187.6 28.9% Total output 275.4 255.7 7.7% EBITDA 135.6 99.8 35.8% EBIT 144.4 80.0 43.1% EBT 95.5 62.9 51.8% Group result 83.3 44.5 87.1% Earnings per share (undiluted, in €) 5.97 3.18 87
Slide 27: Sales and EBT contribution by segment
Business year 2023 Sales and EBT contribution by segment – Very successful project business Project development & sales (onshore wind, solar) Sales share EBT share In € million 2023 2022 Change €187.6 m €241.8 m €62.9 m €95.5 m Sales (external) 157.8 104.8 50.6% EBT 64.1 28.4 125.8% Power generation
Slide 28: Group balance sheet – Equity ratio considerably increased
Business year 2023 Group balance sheet – Equity ratio considerably increased In € million 31/12/2023 31/12/2022 Change Cash & cash equivalents 175.6 127.0 38.2% (incl. short-term securities) Long-term liabilities 378.4 342.8 10.4% Short-term liabilities 158.0 167.1 -5.5% Equity 185.2 123.7 49.8% Equ
Slide 29: Group cash flow statement – Highly comfortable cash position
Business year 2023 Group cash flow statement – Highly comfortable cash position Cash flow from Cash flow from Cash flow from operating activities investing activities financing activities €144.8 m €-45.5 m €-49.8 m €175.6 m €127.0 m Thereof cash €132.2 m Thereof short- term securities €43.3 m 14 Nov
Slide 30: First half-year 2024
04 First half-year 2024
Slide 31: Operational highlights of H1 2024
First half-year 2024 Operational highlights of H1 2024 Commissionings (~80 MW) ✓ Sold wind park Bergheim (~11 MW) ✓ Own wind park Jacobsdorf (~18 MW) ✓ Sold wind park Longhill Burn (~50 MW) Perfor- Expansion of own park portfolio (~107 MW) mance on ✓ 2 solar parks under construction (~72 MW) ✓ 2 rep
Slide 32: Project pipeline increased to more than 12 GW in H1 2024
First half-year 2024 Project pipeline increased to more than 12 GW in H1 2024 Value added Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Cumulative Project pipeline per phase value added (incl. US project rights) 1-2% 6,425 ~2.5 GW 1-2% 11,667 12,009 in phases (6,142) 3-5 >100 MW 6-8% 2,047 under 8-10% con
Slide 33: Project pipeline further expanded by end of H1 2024
First half-year 2024 Project pipeline further expanded by end of H1 2024 Regional diversification Technological diversification 8.1% 1.3% 8.4% 33.0% ~12.0 GW 53.3% ~12.0 GW 28.8% 67.0% Germany Onshore wind United Kingdom Solar United States France Portugal 14 November 2024 Energiekontor AG / Company
Slide 34: Group profit and loss statement
First half-year 2024 Group profit and loss statement In € million H1 2024 H1 2023 Change Sales 78.0 65.2 19.6% Total output 95.7 110.5 -13.4% EBITDA 35.9 47.2 -23.9% EBIT 23.8 36.7 -35.1% EBT 16.7 27.8 -39.9% Group result 11.8 21.0 -43.8% Earnings per share (in €) 0.85 1.50 -43.3% 14 November 2024 E
Slide 35: Sales and EBT contribution by segment
First half-year 2024 Sales and EBT contribution by segment Project development & sales (onshore wind, solar) Sales share EBT share In € million H1 2024 H1 2023 Change Sales (external) 33.6 19.8 69.7% €65.2 m €78.0 m €27.8 m €16.7 m Total output 51.1 64.9 -21.3% EBT 0.8 9.3 -91.4% Power generation in
Slide 36: Group balance sheet
First half-year 2024 Group balance sheet In € million 30/06/2024 31/12/2023 Change Cash & cash equivalents 105.3 132.2 -20.3% Short-term securities 57.5 43.3 32.8% Long-term liabilities 373.7 378.4 -1.2% Short-term liabilities 169.1 158.0 7.0% Equity 180.8 185.2 -2.4% Equity ratio (in %) 25.0 25.7 -
Slide 37: Group cash flow statement
First half-year 2024 Group cash flow statement Cash flow from Cash flow from Cash flow from operating activities investing activities financing activities €-14.5 m €-0.1 m €2.0 m €175.6 m €162.9 m Thereof cash Thereof cash €132.2 m €105.3 m Thereof short- Thereof short- term securities term securiti
Slide 38: First nine months 2024 (operational)
05 First nine months 2024 (operational)
Slide 39: Operational highlights of 9M 2024 (and beyond)
First nine months 2024 (operational) Operational highlights of 9M 2024 (and beyond) Sales (~38 MW) ✓ Oederquart repowering wind park (~17 MW) ✓ Project rights to Erftstadt-Erp wind park (~22 MW) Energiekontor ✓ Further project sales planned until end of 2024! Commissionings (~124 MW) consequently ✓
Slide 40: Operational progress in 9M 2024 (and beyond)
First nine months 2024 (operational) Operational progress in 9M 2024 (and beyond) 31/12/2023 30/09/2024 14/11/2024 Projects Performance Projects Performance Projects Performance (number) (MW) (number) (MW) (number) (MW) Project sales1 5 162 2 38 2 38 Under construction or FC in place 9 316 12 413 10
Slide 41: Expansion of own park portfolio to ~615 MW
First nine months 2024 (operational) Expansion of own park portfolio to ~615 MW Generation capacity Projects Tech- Electricity Commis- Project Total own Country under construction nology remuneration sioning1 (MW) parks (MW) 383.52 Seukendorf Solar DE PPA Q4 2024 11.6 395.13 Letschin Solar DE PPA Q1
Slide 42: Outlook and mid-term strategy
06 Outlook and mid-term strategy
Slide 43: Growth in Group EBT in accordance with five-year strategy
Outlook and mid-term strategy Growth in Group EBT in accordance with five-year strategy EBT 2023 2024 2028 Risks +15% Strategy €60 million €69 million ~ €120 million Capacity shortfalls Forecast €70 – 80 million €30 – 70 million Delivery delays Cost Reported €95.5 million increases Delayed grid expa
Slide 44: FY 2024 is a key component in setting the course for our mid-term strategy
Outlook and mid-term strategy FY 2024 is a key component in setting the course for our mid-term strategy Linear vs. actual earnings development Growth strategy 20231 to 2028 (EBT in € million) • Targeted EBT growth to around €120 million in FY 2028 Earnings trend to level out • Based on proven organ
Slide 45: Share and shareholder structure
07 Share and shareholder structure
Slide 46: Basic share information
Share and shareholder structure Basic share information Key share data Shareholder structure1 WKN ∙ ISIN 531350 ∙ DE0005313506 Bloomberg ∙ Reuters EKT Class of shares No-par-value bearer shares Listing Deutsche Börse, Frankfurt/Main Marketplaces XETRA, Frankfurt, all other German marketplaces Market
Slide 47: Dividend payout and analysts' coverage
Share and shareholder structure Dividend payout and analysts' coverage Dividends Coverage Broker/Institute Recommendation Price target Last update First Berlin Buy €126.00 13/08/2024 (Hauck & Aufhäuser)1 (Buy) (€136.00) (20/12/2023) Metzler Buy €109.00 13/08/2024 M.M. Warburg Buy €149.00 13/08/2024
Slide 48: Share price performance vs. benchmark indices
Share and shareholder structure Share price performance vs. benchmark indices 120 110 100 90 80 70 Date Closing price 29/12/2023 €82.70 01/01/2024 €82.70 (high) 60 23/09/2024 €54.40 (low) 30/09/2024 €57.00 50 31.12.2023 31.03.2024 30.06.2024 30.09.2024 Energiekontor SDAX price index TecDAX price ind
Slide 49: Appendix
08 Appendix
Slide 50: Financial calendar and news
Appendix Financial calendar and news Date Event Location/format 26 November 2024 German Stock Exchange – German Equity Forum Frankfurt/Main 28 March 2025 Business figures for the 2024 financial year Publication 15 May 2025 Interim statement on the first quarter of 2025 Publication 28 May 2025 Annual
Slide 51: Contact
Contact Investor & Public Relations Julia Pschribülla Kathrin Mateoschus Head of IR & PR IR & PR Manager Phone: +49 (0)421-3304-126 Phone: +49 (0)421-3304-297 Email for IR matters: ir@energiekontor.com Email for PR matters: pr@energiekontor.com Energiekontor AG Mary-Somerville-Strasse 5 28359 Bremen
Slide 52: Thank you for your attention!
Thank you for your attention!
Slide 53: Disclaimer
Disclaimer The information in this presentation does not constitute an offer to buy or sell securities or a solicitation of an offer to buy securities but is provided for informational purposes only. The information contained in this presentation is directed exclusively at interested parties domicil