Nordic Solar publishes interim financial statements for the first quarter 2024

In the first quarter of 2024, the company generated revenue of EUR 7.6 million, EBITDA of EUR 3 million and a pre-tax loss of EUR 7.6 million. Lower electricity production and electricity prices led to lower first quarter results compared to 2023. During the quarter, new greenfield capacity was added to the portfolio, a major construction project in Lithuania was completed and a solar park in Portugal was sold.

The company's results in outline: Revenue of EUR 7.6 million (Q1 2023: EUR 10.2 million), EBITDA of EUR 3 million (Q1 2023: EUR 5.2 million) and a loss for the period of EUR 6.1 million (Q1 2023: a loss of EUR 4.2 million). The share of secured revenue increased to 78% (Q1 2023: 68%).

For 2024, Nordic Solar maintains its expectations of revenue for the year of DKK 57-69 million and EBITDA, including profit from divestments, in the range of EUR 36-48 million.

New greenfield capacity and construction completion

At the end of the first quarter, Nordic Solar’s portfolio of development projects reached 2,083 MWp following the introduction of two new greenfield projects in Sweden. More than half of the capacity under development is expected to be or already is ready for construction within the next 12 months. During the quarter, the company completed its 100 MWp construction project in Lithuania, which is now in operation. Four projects with a total capacity of 247 MWp were still under construction at the end of the quarter.

The capacity of the operational portfolio has increased to 469 MWp (Q1 2023: 358 MWp) after commissioning of the solar park in Lithuania. Despite increased capacity, production in the first quarter came to 61.5 GWh, which is 13% less than for the same period in 2023 (70.4 GWh).

CEO Nikolaj Holtet Hoff elaborates: “First quarter results were influenced by a slightly lower production coupled with lower electricity prices compared to 2023. At the same time, we are seeing good progress across our portfolio as we are executing our strategy by introducing greenfield projects, maturing the development portfolio, completing the construction in Lithuania and divesting in Portugal. Moreover, we are looking into the possibilities of connecting batteries to a wide range of our projects, which in our view holds a great future potential.”

Webinar this afternoon at 16:00

In connection with the publication of our Q1 2024 Interim Financial Report, Nordic Solar will host an online presentation at 16:00. At the webinar, CEO Nikolaj Holtet Hoff and CFO Jes Vengaard will present the highlights and results for the quarter and subsequently be available for questions from online participants. The presentation will be held in Danish and will subsequently be available on the company's website. Register for the webinar here.

For more information, please contact:

Head of Investor Relations, Thomas Ølholm France, tel.: +45 86 93 99 24, e-mail: [email protected]