Encavis Q1 2024 slumps, confidence in FY outlook maintained
- Admin
- May 6, 2024
- 1 min read
Encavis AG, a German operator of wind and solar farms, reported a decrease in key performance indicators for Q1 2024 compared to Q1 2023, despite revenues being close to planned levels. The company experienced a 12% decrease in net revenues largely due to lower electricity prices and less favorable weather conditions, despite full hedging. Adjusted EBITDA and EBIT also saw significant declines. The company expects growth in its Italian solar operations and expanded wind capacity in Germany to help offset these declines, maintaining a positive outlook for the current financial year.
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