Photon Energy Closes Strong Third Quarter with Improved EBITDA and EBIT

Photon Energy N.V. (WSE: PEN, the 'Group' or'Company' or 'Photon Energy') today announcedfinancial results for the third fiscal quarter, ending 30 September2020, posting consolidated revenues of EUR 8.965 million, down12.7% YoY. However, revenues from the Group’s growing proprietaryportfolio increased to EUR 5.896 million, up 19.0% YoY, leading toa EUR 3.766 million EBITDA growth, up by 22.0% YoY. This was thanksto strong electricity production, which compensated for higheroperating costs and a decline in technology sales.

 ‘Coming off a strong first half of the year, we deliveredan even more robust financial performance in the third quarter,having made significant progress across most of our business linesand underscoring the solidity of our business as we adapt andperform in an environment challenged by the COVID-19 pandemic,’commented Georg Hotar, CEO of Photon Energy N.V.

The third quarter of 2020 at Photon Energy was truly eventful,as was clearly reflected in the Group’s financials for thereporting period. The Company began construction on two largephotovoltaic power plants, with a combined capacity of 14.6 MWp, inLeeton, New South Wales. It officially entered the solar PV marketin Poland, the fastest growing and largest market in the CEEregion. And finally, the Group’s water treatment division PhotonWater entered into a pilot project for PFAS remediation technologywith the Australian Department of Defence.   

In the reporting period the Company also filed a securitiesprospectus with the Dutch financial market regulator (nl.Autoriteit Financiële Markten/AFM) to move the listing of itsshares from the alternative markets NewConnect and Free Market tothe regulated markets of the Warsaw Stock Exchange and Prague StockExchange, respectively, in order to expand its investor base. Atthe same time, the Company’s shares were admitted for trading inthe open market (de. Freiverkehr) segment of the Munich StockExchange (de. Börse München).

In the reporting period, Photon Energy as an independent powerproducer (IPP) also saw outstanding figures in electricitygeneration from its ever growing portfolio of power plants,increasing to 25.3 GWh, up by 63.0% YoY.

After the reporting period, the Company passed the 100 MWpmilestone for its EPC portfolio with the commissioning of the firsteight of ten power plants with a combined capacity of 11.3 MWp inPüspökladány, Hungary. The commissioning of the remaining two powerplants, which will have a combined capacity of 2.8 MWp, is tofollow soon.

Consolidated revenues decreased by 12.7% YoY to EUR 8.965million; this was partly attributable to a strong electricitygeneration output (+63.0% YoY) as a result of the expansion of ourproprietary portfolio in Hungary (+34.8 MWp over the past 12months) and to a decline in technology sales.

As a result, the solid performance of our IPP portfolio led to aremarkable EBITDA of EUR 3.766 million in Q3 2020 (+22.0% YoY),which made up for the decline in low-margin technology wholesaleand increased operating costs.

While EBIT increased to a record of EUR 1.087 million (+48.1%YoY), the costs related to our business expansion in the Hungarianmarket and an additional EUR bond placement brought about a loss ofEUR 0.619 million, before tax.

Bottom line, contrasted effects, consisting in an unrealizednegative foreign currency translation difference connected to highmarket volatility for the Hungarian Forint (HUF) and the Czechcrown (CZK) and a positive revaluation difference stemming from anadjustment to our portfolio revaluation model according IAS 16model, incurred a total comprehensive income of EUR 4.304 millioncomparing to EUR 3.189 million a year earlier.

Find out more in our Q3 2020 report here.

The company will present the results, followed by a Q&Asession via a live webcast, on 13 November at 11:00 am CEST.Participants are invited to ask questions through the webcast chatbox, or can email them in advance to




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Martin Kysly
Photon Energy Group
T +420 774 810 670

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