DGAP-News: Photon Energy Group Announces Record 2021 Revenue and EBITDA

Photon Energy Group Announces Record 2021 Revenue and EBITDA

- The Company posted a record 2021 revenue of EUR 36.359 million (+28.7%) and hit a record EUR 11.734 million revenue in Q4 (+130.3% YoY).

- In Hungary the Company commissioned a 1.4 MWp power plant, the Company's first merchant project in its European markets, bringing the overall propriatary portfolio to 90.5 MWp.

- The Company fully placed its first green bond in the amount of EUR 55 million, attracting many new institutional investors, including the European Bank for Reconstruction and Development, which joined as a long-term investor.

Amsterdam - 11 February 2022 - Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) ('Photon Energy Group' or the 'Company') today announced unaudited financial results for the fourth quarter of 2021 and for the fiscal year ending on 31 December 2021, posting an all-time Q4 revenue record of EUR 11.734 million (+130.3% YoY) and EBITDA of EUR 1.030 million compared to a negative Q4 EBITDA of EUR -1.026 million a year ago. For the full year, 2021's unaudited consolidated revenues increased to EUR 36.359 million from EUR 28.258 million in 2020, up by 28.7% YoY, while EBITDA grew to EUR 9.584 million (+13.6% YoY).

Q4 2021 Highlights

In the fourth quarter of 2021 the Company was successful in its project development efforts, with an agreement kickstarting the development of its first project deploying the RayGen technology that combines concentrated solar, photovoltaics and energy storage through the use of water. With a generation capacity of 300 MWp and an energy storage capacity of 3.6 GWh, this project in South Australia will be the largest renewable energy storage project in the world upon completion.

In 2021, the Company expanded its project development pipeline in Hungary, Poland and Romania to 490 MWp (approximately 291 MWp added since December 2020). Together with its 300 MWp project in Australia, the Company is currently developing PV projects with a total capacity of 790 MWp.

With the commissioning of a 1.4 MWp power plant in Tolna, Hungary, the Company grew its IPP portfolio of power plants to 90.5 MWp in the reporting period. This is the Company's first project in Europe selling electricity at market prices, meaning that it is not dependent on any kind of support mechanism. It uses the same business model as the Company's first utility-scale projects in the southern hemisphere, which were built and grid-connected in Leeton, New South Wales in August 2021. These Australian projects, with a combined capacity of 14.6 MWp, mitigate the seasonal impact that traditionally results in weaker levels of electricity generation in the fourth quarter.

The Company's technology wholesale business line has also seen very dynamic growth in Q4. This has been driven by a sound procurement strategy, with components secured at competitive prices during a period marked by shortages caused by global supply chain interruptions.

As for the Company's presence on capital markets, the fourth quarter of 2021 has been very exciting, with the placement of its third EUR-denominated bond in November for EUR 55.0 million. For the first time this bond has been rated as a 'green bond' in line with the International Capital Market Association (ICMA)'s Green Bond Principles 2021, underlining the Company's commitment to sustainable development. With this bond issuance, the Company managed to not only convince a large portion of existing bondholders to convert their current bond holdings to the new green bond, but also to attract many new institutional investors, including the European Bank for Reconstruction and Development.

'Looking ahead to 2022, we see a lot of opportunities for growth. Along with the continued expansion of our proprietary portfolio of utility-scale PV power plants, a very exciting area that will support all our business lines is the significant interest in 'behind-the-meter' projects. For some of these commercial customers we will also provide solutions offered by Photon Water to address their water needs. This fits perfectly with our strategy to combine renewable energy and clean water in solutions for users of both,' commented Georg Hotar, CEO of Photon Energy Group.

Financial Metrics

In 2021 the Company increased its unaudited consolidated revenues to EUR 36.359 million, up by 28.7% YoY, with a Q4 revenue record of EUR 11.734 million (+130.3% YoY). This was thanks to a remarkable 77.5% increase in revenues from the sale of electricity generated by the Company's growing proprietary portfolio, while other revenue streams increased by 156.6% YoY.

This strong performance led to an EBITDA of EUR 9.584 million in 2021, as compared to EUR 8.440 million in 2020, up by 13.6% YoY. Q4 EBITDA increased to EUR 1.030 million from a negative Q4 EBITDA of EUR -1.026 million a year ago. In Q4 2021 the company posted an EBIT of EUR -0.771 million compared to EUR -2.877 million one year ago, representing a significant improvement for a traditionally weak Q4. For the full year EBIT contracted to EUR -0.862 million compared to EUR -0.142 million in 2020 due to the increased depreciation of the Company's growing proprietary portfolio of power plants.

The Company recorded a net loss of EUR -6.313 million compared to EUR -8.693 million in 2020, while the Total Comprehensive Income amounted to a solid EUR 2.427 million compared to EUR 2.084 million a year ago.

Equity increased by 29.3% compared to the end of 2020 and amounted to EUR 51.830 million at the end of 2021. The adjusted equity ratio remained stable at 28.8% (versus 28.9% at the end of 2020).

Q4 2021 Results Presentation

The Company will host a live webcast on Monday 14 February at 11:00 am CEST to present its fourth-quarter results followed by a Q&A session. Attendees are invited to submit questions during the session through the chat box or in advance via email to ir@photonenergy.com.

Webcast: https://tailorsgroup.clickmeeting.com/photon-energy-q4-2021-results-presentation

About Photon Energy Group - photonenergy.com

Photon Energy Group delivers solar energy and clean water solutions around the world. Its solar power services are provided by Photon Energy; since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 100 MWp and has power plants with a combined capacity of 90.5 MWp in its proprietary portfolio. It is currently developing projects with a combined capacity of 790 MWp in Australia, Hungary, Poland and Romania and provides operations and maintenance services for over 310 MWp worldwide. The group's second major business line, Photon Water, provides clean water solutions including treatment and remediation services, as well as the development and management of wells and other water resources. Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges. The company is headquartered in Amsterdam, with offices in Australia and across Europe.

Media Contact

Martin Kysly
Head of Marketing and Corporate Communications
Tel. +420 774 810 670
E-mail: martin.kysly@photonenergy.com

Investor Contact

Emeline Parry
Investor Relations and Sustainability Manager
Tel. +420 702 206 574
E-mail: emeline.parry@photonenergy.com