ENCAVIS AG

ECV

Equity

ISIN DE0006095003 / Valor 923850

Xetra (2025-09-10)

EUR 17.60+0.11%

ENCAVIS AG
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About company

ENCAVIS AG, headquartered in Hamburg, is a prominent independent electricity producer specializing in the acquisition and operation of solar parks and wind farms across Europe. The company emerged from the merger of Capital Stage AG and CHORUS Clean Energy AG in 2017, creating a significant player in the renewable energy sector. ENCAVIS AG's operations are supported by its subsidiary, Encavis Asset Management AG, based in Neubiberg near Munich, which provides investment advice and manages renewable energy assets for institutional clients. The company is publicly traded on the Frankfurt Stock Exchange's Prime Standard, reflecting its established presence in the market. ENCAVIS AG's strategic focus is on expanding its portfolio of renewable energy assets, leveraging its expertise in managing and optimizing the performance of its solar and wind energy projects.

Summarized from source with an LLMView SourceSector: Finance

Headline adjusted operating figures (Q3/9M 2024)

Adjusted operating revenue: €322.2m (9M 2024). Adjusted operating EBITDA: €190.9m. Adjusted operating EBIT: €99.0m. Adjusted operating EBT: €46.0m. Adjusted operating consolidated earnings: €26.4m. Adjusted operating EPS: €0.14 (avg. shares ~161.3m).

IFRS results (Q3/9M 2024)

IFRS consolidated earnings (9M): loss of €9.7m. Undiluted IFRS EPS: -€0.08. The difference versus adjusted results reflects several non‑cash and IFRS measurement effects disclosed in the report.

Revenue and generation drivers

PV parks fed 1,747 GWh into the grid in 9M 2024 (down from 1,842 GWh a year earlier); wind parks fed 930 GWh (up from 831 GWh). Encavis attributes lower revenue mainly to weaker meteorological conditions (esp. southern Europe), lower electricity price levels and some negative‑price shutdowns (Spain/Finland), plus delayed commissioning of new assets.

Guidance update (full‑year 2024)

Management updated operative guidance: Revenue ~€425m (previous >€460m); EBITDA €260–270m (prev. >€300m); EBIT €135–145m (prev. >€175m); Operating cash flow €225–235m (prev. >€260m). Technical availability/performance expected >95%.

Cash flow & balance sheet highlights

Change in cash 9M 2024: -€45.7m. Cash & cash equivalents at 30‑Sep‑2024: ~€260.8m (liquid assets including restricted cash: ~€329.4m). Cash flow from operating activities: €171.2m; investing: -€320.4m (mainly acquisitions and construction); financing inflow: €103.4m. Total assets: ~€3.821bn; total equity: ~€1.180bn.

Financing and strategic developments

Major financing/strategic items in 9M 2024: signed €300m syndicated revolving facility (to 30‑Apr‑2025); project refinancing €203m for Talayuela and La Cabrera (Spain); three investment loans (~€110m) and €80m drawn on the revolver. Encavis signed an investor agreement with KKR (Elbe BidCo AG); takeover offer acceptance reached 87.41% (closing subject to approvals). Also framework agreement with Innovar Solar to develop a rolling 500 MW in Germany.

Portfolio growth & projects

Acquisitions/Additions: three Spanish solar projects in Andalusia (Lirios 109 MW, Almodóvar ~95 MW, La Florida Hive 30 MW) and a 114 MW Borrentin solar park in Germany (under construction / connection expected 2H 2025–Q4 2025 for the Spanish projects). Asset management: 260 MW Bartow project under construction with long‑term off‑take commitments.

Costs, financing impact & one‑offs

Operating personnel expenses rose to €37.4m (from €26.3m) due to team expansion and one‑off costs related to the KKR/Elbe project. Operating financial result weakened (operating finance costs ~‑€53.0m) because of new group/project financing and a one‑off project financing effect. These factors contributed materially to the year‑on‑year earnings decline.

ESG rating

MSCI upgraded Encavis AG’s ESG rating to “AA” (31 Jan 2024), citing progress in HR/talent management and CO2 reduction planning (Encavis Transition Plan toward net‑zero by 2040).

Summarized from source with an LLMView Source

Key figures

3.29%1Y

-19.6%3Y

25.7%5Y

Performance

5.60%1Y

28.0%3Y

35.0%5Y

Volatility