Announcement • May 26
Enefit Green AS, Annual General Meeting, Jun 26, 2025 Enefit Green AS, Annual General Meeting, Jun 26, 2025, at 16:00 FLE Standard Time. Location: at enefit green head office lelle 22, tallinn, Estonia Announcement • May 14
Eesti Energia AS completed the acquisition of 20.03% stake in Enefit Green AS (TLSE:EGR1T) for approximately €180 million. Eesti Energia AS proposed to acquire remaining 22.83% stake in Enefit Green AS (TLSE:EGR1T) for approximately €210 million on March 27, 2025. A cash consideration valued at €3.4 per share will be paid by Eesti Energia AS. Eesti Energia AS pays the purchase price in full from their own resources. As part of consideration, an undisclosed value is paid towards common equity of Enefit Green AS. Upon completion, Eesti Energia AS will own 100% stake in Enefit Green AS. The goal is to increase Eesti Energia's shareholding in Enefit Green to at least 90%, which would allow them to initiate a squeeze-out process for the remaining shares and delist Enefit Green from the Nasdaq Tallinn Stock Exchange. This would simplify management and reduce reporting obligations. This is contingent upon regulatory approval. As of April 7, 2025, the prospectus and the bid notice received approval from the Financial Supervision Authority.
As of April 21, 2025, The opinion of the Supervisory Board of Enefit Green AS ("Supervisory Board") has been prepared. All members of the Supervisory Board are on the opinion that the Bid does not have any negative impact for the interests of Enefit Green. There are no foreseeable immediate or direct impacts to Enefit Green's employment relationships with employees in relation to the Bid, however, it can not be ruled out, that due to integration of the internal processes, existing positions and employment relationships will also need to be changed.
Eesti Energia AS completed the acquisition of 20.03% stake in Enefit Green AS (TLSE:EGR1T) on May 12, 2025. During the offer period 52,940,905 shares were tendered. After completion of offer, Eesti Energia AS now owns 256,872,310 Shares that amounts to 97.2%. Announcement • Apr 09
Eesti Energia Launches Takeover Bid for Enefit Green's Shares and Plans to Delist stock from the Nasdaq Tallinn Stock Exchange Eesti Energia AS has launched a voluntary takeover bid for the shares not already held in subsidiary Enefit Green AS, planning to delist the renewables developer’s stock from the Nasdaq Tallinn Stock Exchange. With the bid, Eesti Energia aims to lift its shareholding in Enefit Green to at least 90% from the current 77.17%. The company said on April 7, 2025 it has offered EUR 3.40 (USD 3.72) per share for the remaining 22.83% of Enefit Green. It will target at least 33.92 million shares in order for its bid to be successful, and if this happens, it will buy out the remaining stock of the renewables company. Bidding for Enefit Green stock will be held between April 8 and May 12. Results from it will be available around May 14 and the settlement is scheduled for May 16. Reported Earnings • Apr 06
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: €0.27 (up from €0.21 in FY 2023). Revenue: €207.9m (down 8.4% from FY 2023). Net income: €70.3m (up 26% from FY 2023). Profit margin: 34% (up from 25% in FY 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 31
Price target decreased by 10% to €3.25 Down from €3.63, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €3.32. The company is forecast to post earnings per share of €0.24 for next year compared to €0.27 last year. Announcement • Mar 28
Eesti Energia AS proposed to acquire remaining 22.83% stake in Enefit Green AS (TLSE:EGR1T) for approximately €210 million. Eesti Energia AS proposed to acquire remaining 22.83% stake in Enefit Green AS (TLSE:EGR1T) for approximately €210 million on March 27, 2025. A cash consideration valued at €3.4 per share will be paid by Eesti Energia AS. As part of consideration, an undisclosed value is paid towards common equity of Enefit Green AS. Upon completion, Eesti Energia AS will own 100% stake in Enefit Green AS. The goal is to increase Eesti Energia's shareholding in Enefit Green to at least 90%, which would allow them to initiate a squeeze-out process for the remaining shares and delist Enefit Green from the Nasdaq Tallinn Stock Exchange. This would simplify management and reduce reporting obligations. This is contingent upon regulatory approval. New Risk • Mar 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Estonian stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (26% accrual ratio). Major Estimate Revision • Mar 04
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from €215.8m to €237.8m. EPS estimate increased from €0.228 to €0.244 per share. Net income forecast to shrink 5.9% next year vs 14% growth forecast for Renewable Energy industry in Europe . Consensus price target down from €3.73 to €3.63. Share price was steady at €2.69 over the past week. Reported Earnings • Mar 02
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: €0.27 (up from €0.21 in FY 2023). Revenue: €220.9m (down 2.7% from FY 2023). Net income: €70.3m (up 26% from FY 2023). Profit margin: 32% (up from 25% in FY 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Feb 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings are forecast to decline by an average of 5.9% per year for the foreseeable future. High level of non-cash earnings (29% accrual ratio). Announcement • Feb 20
Sumitomo Corporation (TSE:8053) signed an agreement to acquire 50% stake in Liivi Offshore OÜ from Enefit Green AS (TLSE:EGR1T). Sumitomo Corporation (TSE:8053) signed an agreement to acquire 50% stake in Liivi Offshore OÜ from Enefit Green AS (TLSE:EGR1T) on February 19, 2025. The transaction is subject to approval from the Estonian Consumer Protection and Technical Regulatory Authority. New Risk • Feb 12
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). High level of non-cash earnings (29% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Dec 31
Enefit Green AS to Report Q1, 2025 Results on May 08, 2025 Enefit Green AS announced that they will report Q1, 2025 results on May 08, 2025 Price Target Changed • Dec 20
Price target decreased by 12% to €3.63 Down from €4.11, the current price target is an average from 2 analysts. New target price is 32% above last closing price of €2.74. Stock is down 22% over the past year. The company is forecast to post earnings per share of €0.24 for next year compared to €0.21 last year. Announcement • Dec 19
Enefit Green AS Elects Karin Madisson as Member of Supervisory Board Enefit Green AS at its extraordinary general meeting of the shareholders held on 19 December 2024, approved election of Karin Madisson as a member of the Supervisory Board, with a mandate for a term of 3 years effective from 19 December 2024. Announcement • Dec 12
Enefit Green AS Announces Board Changes Andres Maasing, Member of the Management Board and Head of Development at Enefit Green, will resign at his own request on 4 March 2025. Enefit Green's Management Board currently consists of three members – Juhan Aguraiuja, Chairman of the Management Board, Innar Kaasik, Member of the Management Board responsible for production, and Andres Maasing, responsible for developments. On 31 January 2025, Argo Rannamets will start his tenure as a Member of the Management Board. Major Estimate Revision • Nov 07
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €210.9m to €214.8m. EPS estimate fell from €0.291 to €0.256 per share. Net income forecast to grow 6.2% next year vs 6.3% growth forecast for Renewable Energy industry in Europe. Consensus price target of €4.01 unchanged from last update. Share price fell 4.6% to €2.80 over the past week. Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: €0.021 (up from €0.019 in 3Q 2023). Revenue: €43.5m (flat on 3Q 2023). Net income: €5.45m (up 8.4% from 3Q 2023). Profit margin: 13% (in line with 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 65%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • Sep 25
Enefit Green AS Announces Changes in Its Management Board Veiko Räim's mandate as a Member of the Management Board and CFO of Enefit Green expired on 24 September 2024. The process of selecting a new board member is ongoing. Until the new CEO Juhan Aguraiuja takes office on 14 October 2024, the Management Board of Enefit Green will continue to work with two members on a temporary basis. In addition to interim CEO Andres Maasing, the Management Board also includes Innar Kaasik, who is responsible for production and asset management. Reported Earnings • Aug 02
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: €0.015 (up from €0.004 in 2Q 2023). Revenue: €38.3m (down 6.5% from 2Q 2023). Net income: €3.94m (up 246% from 2Q 2023). Profit margin: 10% (up from 2.8% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Renewable Energy industry in Europe. Declared Dividend • Jun 06
Dividend reduced to €0.10 Dividend of €0.10 is 50% lower than last year. Ex-date: 10th June 2024 Payment date: 18th June 2024 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 26 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • May 09
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €199.5m to €214.4m. EPS estimate increased from €0.266 to €0.302 per share. Net income forecast to grow 34% next year vs 25% growth forecast for Renewable Energy industry in Europe. Consensus price target of €3.94 unchanged from last update. Share price was steady at €3.20 over the past week. Reported Earnings • Apr 06
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: €0.21 (down from €0.42 in FY 2022). Revenue: €227.0m (down 11% from FY 2022). Net income: €55.8m (down 49% from FY 2022). Profit margin: 25% (down from 43% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Renewable Energy industry in Europe. Announcement • Apr 04
Aavo Kärmas to Resign as Chairman of the Management Board of Enefit Green AS, Effective 1 July 2024 Enefit Green AS announced that Aavo Kärmas, Chairman of the Management Board of the company, will resign in agreement with the Supervisory Board as of 1 July 2024. In near future, the supervisory board will start the recruitment process for a new chairman of the management board. Aavo Kärmas' mandate as a member of the management board and chairman of Enefit Green commenced on 5 July 2017. In addition to Aavo Kärmas, the Management Board of Enefit Green includes Innar Kaasik (responsible for production), Veiko Räim (responsible for finance) and Andres Maasing (responsible for developments). New Risk • Mar 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). High level of non-cash earnings (29% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (24% net profit margin). Major Estimate Revision • Mar 05
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €251.1m to €214.5m. EPS estimate fell from €0.384 to €0.253 per share. Net income forecast to shrink 6.5% next year vs 5.1% growth forecast for Renewable Energy industry in Europe . Consensus price target down from €4.05 to €3.90. Share price fell 5.3% to €3.30 over the past week. Announcement • Mar 02
OÜ Utilitas completed the acquisition of district heating operations of Paide and Valka of Enefit Green. OÜ Utilitas entered into a sale and purchase agreement to acquire district heating operations of Paide and Valka of Enefit Green for a transaction valued at €15.8 million on November 28, 2023. Nothing will change for the employees, customers, and partners of Paide and Valka district heating companies before the transaction officially takes effect. After the transfer of assets, the companies will continue their current activities as part of the Utilitas group. All services will continue to be provided and all employees of the companies will be transferred to Utilitas. The completion of the transaction is subject to approval from the Estonian and Latvian competition authorities. AS LHV Pank acted as financial advisor, KPMG Baltics OÜ acted as financial due diligence provider, Tark Grunte Sutkiene acted as legal advisor to Enefit Green. Superia Corporate Finance acted as financial advisor, TRINITI acted as legal advisor to Utilitas.OÜ Utilitas completed the acquisition of district heating operations of Paide and Valka of Enefit Green on March 1, 2024. Reported Earnings • Mar 01
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: €0.21 (down from €0.42 in FY 2022). Revenue: €230.1m (down 10% from FY 2022). Net income: €55.8m (down 49% from FY 2022). Profit margin: 24% (down from 43% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Renewable Energy industry in Europe. Price Target Changed • Dec 07
Price target decreased by 14% to €4.05 Down from €4.70, the current price target is an average from 2 analysts. New target price is 16% above last closing price of €3.48. Stock is down 21% over the past year. The company is forecast to post earnings per share of €0.26 for next year compared to €0.42 last year. Announcement • Sep 09
Enefit Green Announces Gradual Restart of Turbines in Akmene Wind Farm Enefit Green has been working closely with the turbine supplier General Electric, construction company Merko Statyba, technical consulting company DNV Services UK and other partners including Lithuanian local and national government authorities to investigate circumstances that led to the collapse of one wind turbine. During the time of the investigation all wind turbines in Akmene wind farm have been stopped. The management board of Enefit Green discussed the findings of the investigation at its meeting on 7 September 2023. A detailed root cause analysis has led to the conclusion that a malfunctioning sensor sent incorrect information to the turbine controller which led to an excessive load on the tower structure and resulted in the collapse of the turbine. Following identification of the failure mechanism, General Electric has identified andis implementing additional protective measures to prevent any recurrence of this specific or similar incident in the future. The management board of Enefit Green also discussed and approved a gradual restarting plan of the unaffected turbines prepared and proposed by General Electric. The plan foresees gradual restart of 12 turbines over a period of 3 weeks commencing on 11 September 2023. The collapsed wind turbine will be replaced completely, and one additional turbine will undergo nacelle replacement due to an unrelated technical issue. New Risk • Aug 05
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks High level of debt (44% net debt to equity). Paying a dividend despite having no free cash flows. Reported Earnings • Aug 04
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: €0.004 (down from €0.064 in 2Q 2022). Revenue: €41.2m (down 13% from 2Q 2022). Net income: €1.14m (down 93% from 2Q 2022). Profit margin: 2.8% (down from 36% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 42%. Earnings per share (EPS) also missed analyst estimates by 95%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Renewable Energy industry in Europe. New Risk • Jun 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. High level of non-cash earnings (31% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • May 31
Upcoming dividend of €0.21 per share at 4.3% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Estonian dividend payers (5.4%). Higher than average of industry peers (2.8%). Reported Earnings • May 06
First quarter 2023 earnings: EPS misses analyst expectations First quarter 2023 results: EPS: €0.12 (down from €0.13 in 1Q 2022). Revenue: €77.5m (up 17% from 1Q 2022). Net income: €30.5m (down 13% from 1Q 2022). Profit margin: 39% (down from 53% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Renewable Energy industry in Europe. Reported Earnings • Apr 07
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: €0.42. Revenue: €256.5m (up 40% from FY 2021). Net income: €110.2m (up 38% from FY 2021). Profit margin: 43% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Renewable Energy industry in Europe. Major Estimate Revision • Mar 07
Consensus EPS estimates increase by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €274.9m to €301.2m. EPS estimate increased from €0.382 to €0.494 per share. Net income forecast to grow 18% next year vs 18% growth forecast for Renewable Energy industry in Estonia. Consensus price target of €5.03 unchanged from last update. Share price was steady at €4.45 over the past week. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: €0.42 (vs €0.92 in FY 2021) Full year 2022 results: EPS: €0.42. Revenue: €257.0m (up 40% from FY 2021). Net income: €110.2m (up 38% from FY 2021). Profit margin: 43% (in line with FY 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Renewable Energy industry in Europe. Announcement • Dec 21
Enefit Green AS to Report Fiscal Year 2022 Results on Apr 04, 2023 Enefit Green AS announced that they will report fiscal year 2022 results on Apr 04, 2023 Price Target Changed • Dec 08
Price target increased to €5.03 Up from €4.70, the current price target is an average from 3 analysts. New target price is 15% above last closing price of €4.39. Stock is up 9.5% over the past year. The company is forecast to post earnings per share of €0.42 for next year compared to €0.92 last year. Reported Earnings • Nov 04
Third quarter 2022 earnings released: EPS: €0.087 (vs €0.20 in 3Q 2021) Third quarter 2022 results: EPS: €0.087. Revenue: €60.3m (up 66% from 3Q 2021). Net income: €22.9m (up 50% from 3Q 2021). Profit margin: 38% (down from 42% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Renewable Energy industry in Europe. Major Estimate Revision • Sep 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from €215.0m to €248.2m. EPS estimate unchanged from €0.38 at last update. Renewable Energy industry in Europe expected to see average net income growth of 26% next year. Consensus price target up from €4.70 to €4.95. Share price fell 3.6% to €4.15 over the past week. Announcement • Sep 23
Enefit Green AS (TLSE:EGR1T) agreed to acquire Rääbiste Põllud OÜ. Enefit Green AS (TLSE:EGR1T) agreed to acquire Rääbiste Põllud OÜ on September 21, 2022. Rääbiste Põllud OÜ, owns two early-stage solar development projects in Pärnu County (Estonia) with a planned total capacity of up to 165 MW. These projects will become part of Enefit Green's long-term development portfolio with the aim to reach final investment decision in 2024. This transaction is not considered to be a transaction with a related party for the purposes of stock exchange rules, and the supervisory board and management board members of Enefit Green do not have personal interest in this transactio. Reported Earnings • Aug 05
Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2022 results: EPS: €0.064. Revenue: €47.3m (up 31% from 2Q 2021). Net income: €16.9m (up 80% from 2Q 2021). Profit margin: 36% (up from 26% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 4.3%, compared to a 2,626% growth forecast for the industry in Europe. Major Estimate Revision • Jul 30
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €203.5m to €211.6m. EPS estimate increased from €0.30 to €0.36 per share. Net income forecast to shrink 0.9% next year vs 36% growth forecast for Renewable Energy industry in Europe . Consensus price target of €4.70 unchanged from last update. Share price rose 3.7% to €4.19 over the past week. Announcement • Jul 28
Enefit Green Announces Resignation of Linas Sabaliauskas as Member of the Management Board and Head of Developments, Effective August 1, 2022 On meeting the Supervisory Board of Enefit Green decided to approve the resignation of Linas Sabaliauskas, Member of the Management Board and Head of Developments, and to recall him from his position as a Member of the Management Board of Enefit Green from 1 August 2022. Linas Sabaliauskas resigns from the board at his own request. The Management Board of Enefit Green will temporarily continue to work with three members. A search for candidates will be launched to find a new member of the Management Board responsible for development. Until a new member of the Management Board is found, the functions of this position will be performed by the Chairman of the Management Board Aavo Kärmas. In addition, the Management Board consists of Innar Kaasik, COO and Veiko Räim, CFO. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: €0.13. Revenue: €66.7m (up 70% from 1Q 2021). Net income: €34.9m (up 179% from 1Q 2021). Profit margin: 52% (up from 32% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 24%. Earnings per share (EPS) also surpassed analyst estimates by 63%. Over the next year, revenue is expected to shrink by 8.6% compared to a 3,396% growth forecast for the industry in Estonia. Announcement • May 02
Enefit Green AS to Report Q1, 2022 Results on May 05, 2022 Enefit Green AS announced that they will report Q1, 2022 results at 8:00 AM, E. Europe Standard Time on May 05, 2022 Announcement • Apr 04
Enefit Green AS Proposes Dividend Enefit Green AS proposed dividend of EUR 0.151 per share to the annual general meeting. Reported Earnings • Mar 01
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €0.35 (down from €14.16 in FY 2020). Revenue: €183.7m (up 24% from FY 2020). Net income: €79.7m (up 17% from FY 2020). Profit margin: 43% (down from 46% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) also surpassed analyst estimates by 289%. Over the next year, revenue is forecast to grow 2.2%, compared to a 40% growth forecast for the industry in Estonia. Announcement • Mar 01
Enefit Green AS Proposes Dividend for the Year 2021 Enefit Green AS the Management Board proposes to distribute to shareholders EUR 39.9 million in dividends (EUR 0.151 per share) from earnings of previous periods in 2022, which is equivalent to 50% of group’s unaudited net profit in 2021.