clearvise AG

Latest Results (02.09.2026):

clearvise AG — financial year 2025 (full-year results reported 30 April 2026). The company reported improved profitability and higher generation despite a challenging market: consolidated revenue rose to EUR 40.7 million (includes compensation for curtailments), adjusted EBITDA increased to EUR 25.6 million, and electricity generation (including compensated curtailments) rose to about 514 GWh. Operating cash flow strengthened meaningfully, the equity ratio declined to 35% following portfolio write‑downs, and management has not proposed a dividend for the 2025 AGM.

Revenue and earnings

Consolidated revenue increased 12.6% to EUR 40.7 million in FY2025 (revenue excluding compensation payments: EUR 37.7 million vs. EUR 36.1 million in 2024). Adjusted EBITDA rose 11.5% to EUR 25.6 million (2024: EUR 23.0 million).

Production

Measured production was 455.7 GWh (2024: 441.1 GWh). Including compensated curtailments, generation amounted to ~514 GWh (+16.5%). Wind output was stable at 291.6 GWh; photovoltaics increased to 164.1 GWh.

Cash flow and deleveraging

Operating cash flow increased to EUR 26.3 million (2024: EUR 14.8 million). The company repaid a total of EUR 24 million in debt during the year.

Balance sheet and impairments

Equity ratio fell to 35% (2024: 42%), mainly due to scheduled and unscheduled write‑downs. Impairment losses amounted to 2.8% of total assets, driven by lower power prices, higher capital costs and revaluations of development projects.

Dividend policy and capital priorities

The Executive and Supervisory Boards will not propose a dividend for the 2025 AGM for the time being; liquidity needs (asset sales, project financing, battery installs and repowering) will be reviewed before resuming dividend distributions aligned with long‑term value growth.

Outlook for 2026

clearvise expects 2026 production of 554–584 GWh and forecasts revenue of EUR 44.2–46.5 million and adjusted EBITDA of EUR 26.7–28.7 million, while continuing opportunistic hedging of future electricity prices.