Edisun Power Europe AG Edisun Power Europe AG: Challenging half-year results and resolute implementation of the new strategy

Ad hoc announcement pursuant to Art. 53 LR

Zurich, 28 august 2026

Challenging half-year results and resolute implementation of the new strategy 

• Lower solar power generation of 61’163 MWh (-16.2%)
• Revenues down to CHF 5.57 million (-22.8%)
• EBITDA margin of 45% with EBITDA of CHF 2.5 million (-18.6%)
• Net loss of CHF 3.96 million
• Acquisition of the business operations of SMARTENERGY Group AG
• Issuance of a new 3.75% five-year bond

With the acquisition of the business operations of SMARTENERGY Group AG, as announced in the ad hoc announcement dated August 24, 2026, Edisun is advancing its vision of becoming a leading global investor in renewable energy solutions in high-growth markets. The half-year financial statements are presented without the newly acquired business operations.

 

Weather conditions and low electricity prices are leading to significantly lower solar power revenues

Total revenue fell by 22.8% to CHF 5.57 million (1st half of 2025: CHF 7.22 million). This decline was driven by unfavorable weather conditions, lower production volumes, plant shutdowns, and lower electricity prices. The impact of these negative factors was most pronounced in Portugal. In Spain, the decline in production was offset by regulated compensation. In France, higher production volumes led to a slight increase in revenue. In Switzerland, production increased, while revenue declined due to the expiration of a price guarantee. In Italy, production fell, but revenue rose year-over-year due to tariff effects. In Germany, production and revenue declined primarily due to unfavorable weather conditions, curtailments, and lower electricity prices, as well as the operational decommissioning of two small-scale plants.

EBITDA margin of 45% and equity ratio of 26.7%

Earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased to CHF 2.50 million (1st half of 2025: CHF 4.60 million), corresponding to an EBITDA margin of 45% (1st half of 2025: 63.6%). The main factor behind the decline was a CHF 1.65 million decrease in revenue, primarily in Portugal. Total costs rose to CHF 3.07 million (1st half of 2025: CHF 2.63 million). This increase was driven by the expansion of organizational structures as part of strategic development, as well as a one-time compensation payment for the early termination of a lease agreement for a facility in France. The facilities in the various countries achieved EBITDA margins ranging from 39.5% (Germany) to 92.2% (Italy). The EBITDA margin in Spain increased to 57.8% (1st half of 2025: 49.9%) due to government compensation payments that offset the effects of operational disruptions resulting from cable thefts and curtailments during periods of negative electricity prices. The net result was a net loss of CHF 3.96 million, compared to a net loss of CHF 2.97 million in the same period of the previous year. This was primarily due to lower revenue, while interest expenses remained stable at CHF 3.60 million compared to the same period of the previous year.

The equity ratio decreased to 26.7% (end of 2025: 28.3%) as a result of the net loss and currency translation differences.

Acquisition of the business operations of SMARTENERGY Group AG

As outlined in the ad hoc announcement dated August 24, 2026, the agreed-upon purchase price for the business operations of SMARTENERGY Group AG amounted to just under CHF 440 million (approximately USD 550 million). The current plan is to settle the seller’s loan with 2,016,943 newly issued registered shares of Edisun Power at a price of CHF 218.05 per registered share. As a result, Edisun’s total assets will increase from the current level of approximately CHF 343 million to at least CHF 783 million, reaching nearly USD 1 billion. The current equity ratio of 26.7% will improve to at least 67%; prior taking into account the effects of the purchase price allocation on the opening balance sheet and the new bond.

New 5-Year Bond at 3.75%

To finance the further development of renewable energy projects, with a focus on investments in renewable and climate-friendly energy solutions for industry, aviation, and data centers, a new five-year bond will be issued in early December at an interest rate of 3.75%. The plan is to issue a CHF 40 million bond with options to increase the amount. The subscription period ends on November 30, 2026.

 

Outlook for the current year

From an operational standpoint, electricity production is volatile due to highly variable weather conditions. On a positive note, the price of electricity recovered somewhat in Q3 as a result of the heat waves in Europe. The full-year results remain contingent on the timing of the completion and outcome of the sales negotiations for the “Fuencarral to AI” project, as well as on other activities related to the merger of SMARTENERGY Group AG’s business operations. A key focus will be on the integration of SMARTENERGY Group AG’s business operations.

 

The Edisun Power Group’s 2026 Mid-Year Report is available on the website:

https://www.edisunpower.com/en/investors#reporting

For more information

Dr. René Cotting, +41 44 266 61 20, info@edisunpower.com

 

Edisun Power Group (before acquisition of the business operations of SMARTENERGY Group AG)

As a listed European solar power producer, the Edisun Power Group finances and operates solar power plants in various European countries. Edisun Power began its involvement in this field back in 1997. The company has been listed on the Swiss stock exchange since September 2008. Edisun Power has extensive experience in the implementation and acquisition of both national and international projects. The company currently owns 32 solar power plants in Switzerland, Germany, Spain, France, Italy, and Portugal. With a portfolio of projects totaling almost 1 GWp, the company is poised for significant growth, particularly through its “Renewables to AI” strategy.

Key figures of Edisun Power Group

Income Statement (in KCHF)		30.06.2026		30.06.2025
Revenues		5’574		7’224
Revenue from sale of electricity		5’568		7’194
Other operating income		6		30
EBITDA		2’508		4’597
in % of total revenues		45.0%		63.6%
Depreciation and amortization		-2’960		-3’090
Impairment		188		-780
EBIT		-264		727
in % of total revenues		-4.7%		10.1%
Net result		-3’963		-2’975
in % of total revenues		-71.1%		-41.2%
per share in CHF		-3.46		-2.73
Balance Sheet (in KCHF)		30.06.2026		31.12.2025
Land, plant and equipment		95’756		99’517
Inventories (solar projects for sale)		233’139		235’218
Total assets		342’943		346’884
Total equity		91’586		98’142
in % of total assets		26.7%		28.3%
Net debt		235’373		235’782
Cash flow (in KCHF)		30.06.2026		30.06.2025
From operating activities		-317		681
From investing activities		69		-1’010
From financing activities		23		-621
Photovoltaic plants		30.06.2026		30.06.2025
Number of photovoltaic plants		32		34
Installed capacity		104.7 MW		105.5 MW
Solar power production		61’163 MWh		72’973 MWh
Number of photovoltaic plants in development		4		4
Capacity in development		996.0 MW		996.0 MW