Energiekontor AG: Energiekontor’s first half of 2026 shaped by high construction activity – key earnings contributions scheduled for the second half of 2026

Energiekontor’s first half of 2026 shaped by high construction activity – key earnings contributions scheduled for the second half of 2026

Bremen, 13 August 2026 – Energiekontor AG (“Energiekontor”), a leading German project developer and operator of wind and solar parks based in Bremen and listed in the General Standard, increased its Group sales by more than 30 percent in the first half of 2026. At the same time, the company achieved key operational milestones and continued to drive the expansion of its Group-owned portfolio. Business performance was significantly shaped by the current high level of construction activity. The earnings range forecast at the beginning of the year for the 2026 financial year remains achievable from today’s perspective. A key prerequisite for this is that the central targets set for the 2026 financial year are achieved as planned in the second half of the year.

Financial performance in the first half of 2026

In the first half of 2026, Group sales rose by 31.4 percent compared with the same period of the previous year, reaching 99.9 million euros (H1 2025: 76.0 million euros). At the same time, total income rose to 182.8 million euros (H1 2025: 171.5 million euros).

Total income benefited in particular from the large number of projects under construction. At the same time, the cost of material rose significantly due to extensive project implementation. By contrast, both personnel costs and other operating expenses fell compared with the same period of the previous year. Against this backdrop, Energiekontor generated a positive operating result (EBIT) of 10.1 million euros (H1 2025: 39.3 million euros). The Group’s high level of investment activity was also reflected in higher interest expenses. Group earnings before taxes (EBT) amounted to -4.7 million euros (H1 2025: 28.3 million euros). Group net profit after taxes amounted to -5.3 million euros (H1 2025: 24.1 million euros). Earnings per share stood at -0.38 euros (H1 2025: 1.72 euros).

Due to Energiekontor’s project-based business model, the results for the first half of 2026 are not yet representative of the expected full-year result. Key earnings contributions expected for the 2026 financial year, particularly from ready-to-build project sales in the United Kingdom and the commissioning of German wind parks already sold in the previous year, are scheduled to be realised in the second half of the year based on current planning.

Project-based business with high implementation activity

In the first half of 2026, the project development and sales segment generated external revenues of 63.2 million euros, an increase of 46.0 percent compared with the same period of the previous year (H1 2025: 43.3 million euros). Sales were driven in particular by the commissioning and handover of wind park projects that had already been sold. Total income rose to 146.2 million euros (H1 2025: 138.6 million euros). The current high level of construction activity was reflected in particular in changes in inventories and significantly higher cost of material. Segment EBT amounted to -12.9 million euros (H1 2025: 22.9 million euros).

In terms of operations, Energiekontor achieved key project milestones in the first half of 2026. A total of four wind parks with a combined generation capacity of around 88 megawatts were commissioned. These included Drensteinfurt-Rieth, one of the three German wind projects already sold in the previous year and scheduled for commissioning and handover in the 2026 financial year. Three projects with a combined generation capacity of around 56 megawatts reached financial close. As at 30 June 2026, a total of 20 projects with a combined generation capacity of around 609 megawatts were under construction. Of these, around 227 megawatts relate to projects intended for the expansion of the Group’s own portfolio. The projects under construction include the Elsdorf-Frankeshoven and Elsdorf-Tollhausen wind parks, which were sold on a turnkey basis in the 2025 financial year, and for which construction work is currently proceeding according to schedule. The earnings-relevant commissioning and handover of the two wind parks are still expected later in 2026. Furthermore, as at the reporting date, Energiekontor held 33 building permits representing a combined generation capacity of around 1.2 gigawatts.

Own portfolio benefits from higher electricity output and further expansion

External revenues from the power generation in Group-owned wind and solar parks segment rose by 12.4 percent to 34.5 million euros in the first half of 2026 (H1 2025: 30.7 million euros). Segment EBT rose by 45.8 percent to 7.0 million euros (H1 2025: 4.8 million euros).

Gross electricity production at Group-owned wind and solar parks rose to around 329 gigawatt hours in the reporting period (H1 2025: around 287 gigawatt hours). The increase is attributable in particular to improved wind conditions compared with the exceptionally low-wind first half of the previous year, as well as to the further expansion of the Group’s own park portfolio. As at 30 June 2026, the Group’s own portfolio comprised 41 wind and solar parks with a total generation capacity of around 461 megawatts (31 December 2025: around 448 megawatts).

Positive performance in the operation development, innovation and others segment

The operation development, innovation and others segment also recorded positive sales and earnings growth in the first half of 2026. External revenues increased by 9.5 percent to 2.3 million euros (H1 2025: 2.1 million euros). Segment EBT more than doubled compared with the same period of the previous year, reaching 1.3 million euros (H1 2025: 0.6 million euros).

Project pipeline remains at a high level

Energiekontor’s project pipeline remained at a high level as at 30 June 2026. The total generation capacity of secured projects amounted to around 11.3 gigawatts excluding US project rights (31 December 2025: around 11.6 gigawatts) or around 11.9 gigawatts including US project rights (31 December 2025: around 12.2 gigawatts). Against the backdrop of changing market conditions, in the first half of 2026 Energiekontor did not pursue certain projects with long-term implementation horizons or lower economic attractiveness. This allows development resources to be focused specifically on projects offering attractive returns and a high probability of realisation.

The total generation capacity of projects at advanced stages of development was around 3.0 gigawatts (31 December 2025: around 3.1 gigawatts), forming the basis for short- and medium-term growth. Furthermore, the solar sector now accounts for just over a third of the total generation capacity of the project pipeline.

Key developments expected later in the year

The general conditions for renewable energy project development remain characterised by significant uncertainty in 2026. In particular, the ongoing reform of grid connection procedures in the United Kingdom, parliamentary deliberations on the future structure of the EEG support scheme and the announced grid package in Germany will have a significant impact on the development of the sector. Although concrete draft legislation is already available for the German initiatives, it is not currently possible to make a definitive assessment of their final form and practical implications for project development, given that the legislative processes are still ongoing.

At the same time, the sector remains in a phase of consolidation. Grid bottlenecks, high financing costs, increased demands on project implementation and regulatory changes are posing significant challenges for many project developers. Energiekontor, however, has a robust operational and financial foundation for meeting these challenges. Despite sustained high levels of investment, the company also has a solid balance sheet and liquidity position.

Grid connection offers and confirmations of grid connection costs expected as part of the ongoing NESO grid reform remain of particular importance for further developments in the United Kingdom. According to the unchanged timetable, these are expected to be available by mid-September 2026 and should provide clarity on the planned grid connection dates and costs. A purchase agreement has already been concluded for one UK project. In addition, Energiekontor is engaged in further project negotiations. A prerequisite for the commercial realisation and monetisation of these and other projects is that the expected grid connection offers confirm the project assumptions made to date and that the planned project sales can be realised in the 2026 financial year.

Energiekontor entered the 2026 financial year expecting Group EBT in a range of 40 to 60 million euros (2025: 40.5 million euros). From today’s perspective, this range remains achievable. A prerequisite for this is that the central targets for the 2026 financial year are achieved as planned. As explained, among other occasions, at the Annual General Meeting in May 2026, these include in particular several earnings-relevant ready-to-build sales in the United Kingdom as well as the planned commissioning of the three German wind projects already sold in the previous year. One of these projects was successfully commissioned and handed over in the first half of the year. As communicated at the beginning of the year, the remaining key targets relevant to the forecast can only be achieved in the second half of 2026 due to the respective project development and construction progress.

“From an operational perspective, the first half of 2026 was characterised by a very high level of implementation and construction activity,” says Peter Szabo, CEO of Energiekontor AG. “With four wind parks commissioned, three financial closes, the further expansion of our own portfolio and a project pipeline that remains strong, we have established important prerequisites for the company’s further development. Particularly in a challenging market environment, we benefit from the breadth of our project pipeline, the continuous expansion of our own portfolio and the flexibility of our business model. Despite the current challenges, we have a strong operational foundation and solid financing. The task now is to translate the prerequisites we have created into corresponding contributions to earnings over the remainder of the year.”

The 2026 half-year report contains further information on Energiekontor’s business development, financial position, economic and market environment, and outlook. It is available for download at https://www.energiekontor.de/en/investor-relations/financial-reports.
 

About Energiekontor AG

For more than 35 years, Energiekontor has stood for a solid business policy and extensive experience in renewable energies. Founded in Bremerhaven, Germany, in 1990, the company is among the pioneers in its industry and is now one of Germany’s leading project developers. Its core business ranges from the planning and construction to the operational management of wind and solar parks in Germany and abroad. In addition, Energiekontor operates 41 wind and solar parks with a total nominal power of more than 460 megawatts in its own portfolio. Energiekontor also plays a pioneering role in economic terms and aims to realise the first wind and solar parks in all target markets at market prices as quickly as possible, independently of state subsidies.

Along with its headquarters in Bremen, Germany, Energiekontor has offices in Bremerhaven, Hagen im Bremischen, Aachen, Augsburg, Berlin, Potsdam and Hildesheim. The company also has branch offices in England, Scotland, Portugal, France and the United States.

Since being established, Energiekontor has a proud track record of realising more than 170 wind and solar park projects with a total nominal power of around 1.6 gigawatts. This corresponds to an investment volume of approximately 2.4 billion euros. The project pipeline, which was further developed in the first half of 2026 (11.9 gigawatts including US project rights) shows the future growth potential and the possible contribution that Energiekontor can make to the expansion of renewable energies.

Energiekontor AG (WKN 531350/ISIN DE0005313506/General Standard) is listed on the SDAX of the German Stock Exchange in Frankfurt. Shares can be traded on all German stock markets.

Contact

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Phone: +49 (0)421-3304-126

Kathrin Mateoschus
Investor & Public Relations Manager
Phone: +49 (0)421-3304-297

Email for investor relations matters: ir@energiekontor.com
Email for press matters: pr@energiekontor.com

Energiekontor AG
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Germany

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