Amsterdam – 19 November 2025 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (the “Group” or the “Company”) reports its financial results for the third quarter and first nine months of 2025, marked by continued revenue growth, higher Q3 EBITDA and progress in monetising its development pipeline.
“While the third quarter of 2025 was softer than we initially expected, we still delivered 6.2% year-on-year growth in consolidated revenues to EUR 24.3 million and an 18.1% increase in EBITDA to EUR 4.488 million, driven by the strong performance of our New Energy activities, robust technology trading and the monetisation of our development pipeline. At the same time, we continued to address the temporary headwinds in our recurring business, notably the regulatory challenges in Romania and the impact of the Pukenui project, while successfully refinancing 31.5 MWp of operating assets in Hungary. With an O&M portfolio approaching 1.2 GWp, a solid pipeline of further divestments, and the progressive transition of our Romanian portfolio to the merchant model, we are strengthening the Group’s long-term financial stability and remain confident in our ability to improve recurring profitability and deliver sustainable value for our investors,” said Georg Hotar, CEO of Photon Energy Group.
Q1-Q3 2025 business highlights
- Electricity generation of 49.8 GWh in Q3 2025 (-9.4% YoY) and 123.6 GWh YTD 2025 (-0.3% YoY); strong generation of power plants in Hungary but offset by lower output in Romania and Australia (sale of 14.5 MWp). Estimated loss of revenues related to the regulatory changes in Romania amount to EUR 1.5 million for 9M 2025. Progressing toward the completion of the licensing process for our Romanian assets will mitigate these risks going forward.
- An increasing portfolio of O&M contracts, now up to 1.2 GWp, strengthening the Group’s position as a leading independent O&M service provider in the CEE region.
- Monetisation efforts for the divestment of our development pipeline accelerated, with the completion of the Yadnarie sale generating an immediate EUR 1.4 million impact in Q3 2025 results, and the Domanowo sale expected to be closed in Q4. Additional divestment transactions are planned for execution in 2026.
- Signing of a re-financing agreement with K&H Bank for 31.5 MWp of operating assets in Hungary, with approximately EUR 5 million in additional funds for the Group.
Financial indicators
Revenues from electricity generation amounted to EUR 7.788 million, down by 13.8% YoY, following weaker generation (-9.4% YoY) and slightly weaker average realised revenues of EUR 164/MWh (-5.1% YoY). The generation output declined to 49.8 GWh compared to 55.0 GWh a year earlier, as a result of the sale of 14.5 MWp in Australia and the temporary shutdown of operating assets in Romania due to on-going licensing process.
The most significant growth was recorded in the technology trading business, which reported an increase of revenues to EUR 5.416 million (+146.2% YoY), driven by a strong demand for PV modules and batteries in the CEE region. Our New Energy division also reported solid revenue growth, which increased to EUR 8.921 million (+37.7% YoY) on the back of supplementary auctions in the capacity market in Poland and growing electricity trading volume for our Origination & Trading business. A small increase was also recorded in the O&M segment, with revenues increasing to EUR 1.097 million, up by 7.7% YoY. A contraction of revenues was recorded in the Engineering segment with revenues declining to EUR 1.422 million (-68.7% YoY) upon the completion of 20.8 MWp project in New Zealand. In total, other revenues increased by 19.3% YoY to EUR 16.482 million in Q3 2025.
On the cost side, expenses for raw materials and consumables rose to EUR 10.259 million, representing a 26.5% YoY increase. This growth was primarily driven by higher volumes in the technology trading segment. Other operating expenses amounted to EUR 8.238 million, up by 47.5% YoY. These costs include a one-off charge related to the sale of Yadnarie project in the amount of EUR 2.2 million. Financial expenses amounted to EUR 2.240 million in Q3 2025, representing a 22.2% year-on-year decline, related to the unwinding of hedging in Hungary.
The Group recorded a net loss of EUR 2.661 million in Q3 2025 compared to a net loss of EUR 2.959 million in Q3 2024. As of 30 September 2025, the Company held cash and cash equivalents of EUR 3.779 million, compared to EUR 8.437 million as of 31 December 2024.
Q3 2025 results presentation
The Company will host a live webcast on Thursday 20 November 2025 at 11:00 am CET during which it will present its results for the third quarter and answer questions. Participants are asked to send questions during the session via the chat function or in advance via email to ir@photonenergy.com.
Webcast:
https://tailorsgroup.clickmeeting.com/photon-energy-q3-2025-results-presentation
View the Company's financial report for the second quarter of 2025 here.
About Photon Energy Group – photonenergy.com
Photon Energy Group delivers solar energy and clean water solutions worldwide, supporting the transition to sustainable and low-carbon technologies. Since 2008, Photon Energy has built and commissioned solar plants with over 180 MWp capacity and currently owns 135 MWp of assets. The Group is developing over 590 MWp of projects across Australia, Europe, and South Africa and provides operations and maintenance services for 1.2 GWp globally. Its New Energy business holds electricity trading licenses in several Central and Eastern European markets and is a leading provider of Demand Side Response (DSR) services in Poland. Photon Energy also operates a Virtual Power Plant aggregating over 480 MW of distributed energy resources. Photon Energy Group’s water division offers clean water and environmental remediation solutions, including patented PFAS removal technology. The Group is listed on the Warsaw, Prague, Frankfurt, and XETRA stock exchanges and is headquartered in Amsterdam with offices worldwide.
