Energiekontor (EKT) Q4 2025 earnings summary

Executive summary

• Achieved record results in 2025, fulfilling adjusted earnings forecast at the upper end and delivering solid growth in sales and earnings year-over-year.

• Dividend proposal doubled to €1.00, with guidance for FY 2026 EBT raised to €40–60 million.

• Project pipeline expanded to ~12.2 GW, with own generation capacity and IPP portfolio increasing toward >680 MW.

Financial highlights

• Sales rose 32.8% to €167.9 million compared to 2024.

• EBITDA increased 18.2% to €86.1 million; EBIT up 31.3% to €65.4 million.

• Group result surged 81.0% to €40.9 million; EPS up 81.5% to €2.94.

• Cash & cash equivalents grew 37.0% to €194.6 million; equity ratio at 20.8%.

Outlook and guidance

• FY 2026 EBT guidance set at €40–60 million, driven by project sales, commissioning, and recurring IPP income.

• Growth strategy targets EBT of ~€120 million by FY 2028 (~15% CAGR), with a focus on organic growth and balanced project sales vs. own portfolio.

• Strategy to be refined as regulatory visibility improves in 2026.