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    European Energy reports robust performance in the third quarter

    European Energy recorded €78 million in Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) during the third quarter of 2023, marking a substantial increase from €20 million in the corresponding period of 2022.


    Profits before tax for Q3 2023 amounted to €59 million, a notable rise from the €10 million reported in the same quarter of 2022. For the first nine months of 2023, the EBITDA reached €127 million, surpassing the €97 million recorded in the initial nine months of 2022.


    The positive results in Q3 2023 were influenced by increased power sales and the divestment of a 49% stake in the Kassø Power-to-X Plant and Kassø Solar Park to Mitsui & Co.


    Although solar and onshore wind projects constitute the majority of the company’s portfolio, European Energy is also observing advancements in offshore wind projects and anticipates that its first in-house developed projects in this sector will be ready for a final investment decision by late 2025.


    Knud Erik Andersen, CEO of European Energy, said “I am pleased that the company has delivered a solid Q3 this year. European Energy’s diverse pipeline with solar and onshore wind in various markets allows us to leverage these technologies’ current financial strengths.”


    European Energy has maintained its expansion of the overall pipeline, surpassing 60 gigawatts by the quarter’s conclusion. Over the past year, the net pipeline has grown by 11 gigawatts, with over 1.7 gigawatts of projects maturing into the ready-to-build phase during the first three quarters of 2023.


    The company’s robust performance can be attributed in part to its strategic revenue diversification. With a diverse range of projects available for divestment and a substantial portfolio of operating renewable energy assets under its Independent Power Producer (IPP) umbrella, European Energy has strengthened its financial standing.


    While the divestment of projects has played a role in the positive outcomes, European Energy has achieved a milestone by setting a record for the highest power generation in a single quarter. During the third quarter of 2023, the company managed assets that produced over 1 terawatt-hour, with its own assets contributing an impressive 535 gigawatt-hours to this total.


    Chair of the Board at European Energy, Jens Due Olsen, added “The quarter shows European Energy’s ability to maintain the profitability of the projects despite volatile market conditions. The hybrid business model of having a solid base of power sales combined with project divestment gives confidence for future growth,”


    There have been no alterations to European Energy’s guidance for the year 2023.


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