Photon Energy Group Reports Q2 2025 Results with Revenue Growth and Key Operational Milestones

Amsterdam – 20 August 2025 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (the “Group” or the “Company”) reports on the first half of 2025, underlining its continued focus on improving profitability and creating long-term value for investors.

“Our Q2 2025 results confirm continued business expansion, with consolidated revenues up 7.5% year-on-year to EUR 25.7 million, despite weaker performance in the capacity market and lower electricity generation. Thanks to a balanced 50/50 split between merchant exposure and fixed revenues, we achieved solid average revenues of EUR 169/MWh, mitigating the impact of reduced output. Technology trading surged by 182.7% year-on-year, driven by strong PV module demand in Romania, Hungary, Poland, and the Western Balkans. Operationally, we signed a major utility-scale 34 MW EPC contract, advanced our LFC node implementation for ancillary services, and secured a strategic divestment agreement with AGL Energy in Australia. Photon Water also achieved important milestones, including two patents, an environmental license for its PFAS filtration plant and new remediation contracts abroad. While EBITDA declined year-on-year due to temporary market pressures, our refinancing activities and operational successes strengthen the foundation for recovery. Looking ahead, we remain confident in improving profitability and delivering long-term value for our investors,” said Georg Hotar, CEO of Photon Energy Group.

H1 2025 and Recent Operational Highlights

• Electricity generation of 50.1 GWh in Q2 2025 down by 11.6% YoY, primarily due to TSO-mandated shutdown of 19.4 MWp and negative regulatory changes in Romania. Year-to-date generation remained stable at 73.8 GWh +0.1% YoY.
  
  
• Signing a large-scale EPC contract with Hyperion Renewables for design, procurement and construction for a 34 MWp PV solar park in Saliste, Romania – a large-scale turnkey solar solution for Hyperion Renewables.
  
  
• Signing the first BESS optimisation contract in Poland for a hybrid PV system and a battery storage in Nehrybka - a strategic expansion into hybrid asset management combined ancillary services.
  
  
• Securing development approval for the Yadnarie project – up to 150 MW of concentrated solar generation and 90 MW of thermal generation – and subsequent sale to AGL Energy for about EUR 3.9 million.
  
  
• Signing re-financing agreement with K&H bank for 31.5 MWp of operating assets in Hungary bringing about EUR 5 million of extra funds for the Group.
  
  
• Positive developments in PFAS remediation business recorded by securing Environment Protection License for our mobile PFAS water filtration plant and having two patents approved in China and Japan; new remediation contract with Fire & Rescue New South Wales was signed.

Financial Indicators

In Q2 2025, revenues from electricity generation totalled EUR 8.151 million, down 4.7% YoY, as stronger realised electricity prices only partially offset weaker generation output. In the first half of 2025, revenues from electricity generation amounted to EUR 12.329 million, compared to EUR 12.295 million in the same period of 2024.

Other revenues increased by 14.3% YoY to EUR 17.556 million in Q2 2025. The most significant growth was recorded in the technology trading business, which surged by 182.7% YoY. In the first half of 2025, other revenues reached EUR 35.427 million, compared to EUR 28.994 million in the same period of 2024, representing an increase of 22.2% YoY.

On the cost side, expenses for raw materials and consumables rose to EUR 12.074 million in Q2 2025 (+37.8% YoY), mainly due to higher volumes in the technology trading segment. Other operating expenses decreased by 5.4% YoY to EUR 6.580 million, reflecting lower direct engineering costs in line with reduced EPC activity. Financial expenses amounted to EUR 3.183 million in Q2 2025, representing a 3.6% decline year-on-year, thanks to the repayment of loans and declining outstanding balances. 

In Q2 2025, the Group posted a positive operating cash flow of EUR 8.202 million, driven by favourable developments in working capital.

The Group recorded a net loss of EUR 3.258 million in Q2 2025 compared to a net loss of EUR 2.789 million in Q2 2024. As of 30 June 2025, the Company held cash and cash equivalents of EUR 3.878 million, compared to EUR 8.437 million a year earlier. Some of the key transactions such as AGL contract and refinancing agreement with K&H will be booked in Q3 2025, supporting the cash positioning going forward.

Q2 2025 Results Presentation

The Company will host a live webcast on Wednesday 20 August 2025 at 11:00 am CET during which it will present its results for the second 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-q2-2025-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 840 MWp of projects across Australia, Europe, and South Africa and provides operations and maintenance services for more than 1.1 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.