November 30 (Renewables Now) - Danish renewables developer European Energy A/S on Wednesday said it delivered solid financial results in a volatile energy market in the third quarter of 2022.
Pre-tax profit increased slightly to EUR 9.8 million (USD 10.2m) from EUR 9.6 million in the same quarter last year, when, however, there was a large one-off gain.
Earnings before interest, tax, depreciation and amortisation (EBITDA) expanded to EUR 19.2 million from EUR 5.5 million, driven by higher power prices, offset in part by fewer project sales. Revenue climbed to EUR 52.2 million from EUR 46.8 million.
In the nine-month period, the company’s pre-tax profit jumped to EUR 78.9 million from EUR 10.5 million a year earlier as revenue grew to EUR 337.7 million from EUR 84.9 million.
European Energy ended the quarter with a development pipeline of 25 GW, an increase from 19 GW a year ago. It also had 1.4 GW of green energy projects under construction across nine countries.
The company’s portfolio of power producing assets, meanwhile, increased to 526 MW in the third quarter from 382 MW in the third quarter of 2021.
The developer confirmed its 2022 forecast for EBITDA of EUR 135 million and pre-tax profit of EUR 100 million.
(EUR 1 = USD 1.038)