Eurowind Energy posts a three-digit profit: - Our situation can evoke envy

Low electricity prices and high interest rates have taken a significant portion off the bottom line at Eurowind Energy, but it has still been a fiscal year of substantial growth and increased investments

Normally, a 95% reduction in pre-tax profit would be almost a disaster, causing heads to roll in the executive suite.

However, at Eurowind Energy in Hobro, the financial statement for 2023/24 is received with anything but a swan song.

- In many respects, our situation can evoke envy, as we possess more opportunities than we can currently realize. This means that our growth is largely within our control, states CEO Jens Rasmussen in a press release.

The energy developer posted a pre-tax profit of DKK 119 million, down from nearly DKK 2.4 billion the year before, reflecting significant revenues through Norlys Energy Trading, in which Eurowind Energy owns a minority stake. The gross profit reached DKK 895 million, which was about DKK 200 million lower than the 2022/23 financial year. Earnings were also affected by falling electricity prices in most markets, which were exacerbated by rising interest rates throughout the year.

Eurowind Energy: Key Figures 2023/2024
DKK million	2023/24
Revenue	1.108
Gross profit	895
EBITDA	235
Financial income and expenses	-162
Profit before tax	119
Profit	68
Profit attributable to owners	55
Assets	14.311
Equity	5.150
ROE	1,30
Number of employees	575

Power Major

Behind the numbers also lies a very active year in which the renewable energy developer experienced both growth and increased investments in advancing the strategy to become a "Power Major" by 2030, which means being among the top 10 companies in the world for onshore renewable energy.

- We have invested and developed the company in a period that can best be described as back to normal, states chairman Gert Vinther Jørgensen, who is the CEO of Norlys, which acquired half of European Energy in 2020.

Eurowind Energy expanded its project development portfolio from 34 GW to 54 GW. Additionally, the company obtained building permits for 29 projects with a total capacity of nearly 1 GW across various markets during the fiscal year - and three weeks ago, the Hobro-based company announced plans to develop 50 new energy parks across Europe over the next two years.

Significant growth expected

Eurowind Energy has decided to change its financial year to align with the calendar year. Initially, there will be a report covering the second half of 2024. And it appears to follow the positive trends at the end of the financial year 23/24, where, in the words of the chairman of the board, they saw "a positive development in profitability."

- At the same time, we aim to maintain an aggressive pace in investments and development. We will continue to grow across the company in development, construction, and asset management, states Gert Vinther Jørgensen.

Eurowind Energy expects the pre-tax profit to be between DKK 746 million and DKK 1.044 billion for the second half of 2024.