Duyuru • 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 Duyuru • 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%. Duyuru • 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 07
Full year 2024 earnings released: EPS: €0.27 (vs €0.21 in FY 2023) 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 is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 4.2% decline forecast for the Renewable Energy industry in Germany. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: €0.27 (vs €0.21 in FY 2023) 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 is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 7.8% decline forecast for the Renewable Energy industry in Germany. 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). Shares are highly illiquid. 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). Minor Risk Paying a dividend despite having no free cash flows. Duyuru • 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. Duyuru • 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 Duyuru • 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. Duyuru • 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. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €2.63, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 24x in the Renewable Energy industry in Germany. New Risk • Nov 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.2% 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 (10% operating cash flow to total debt). Shares are highly illiquid. Earnings are forecast to decline by an average of 6.2% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 02
Third quarter 2024 earnings released: EPS: €0.021 (vs €0.019 in 3Q 2023) 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 is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Renewable Energy industry in Germany. Duyuru • 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 released: EPS: €0.015 (vs €0.004 in 2Q 2023) 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 is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Renewable Energy industry in Germany. 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 3.6%, which is higher than the industry average of 3.2%. 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. Reported Earnings • Apr 06
Full year 2023 earnings released: EPS: €0.21 (vs €0.42 in FY 2022) 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 is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Renewable Energy industry in Germany. Duyuru • 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). Shares are highly illiquid. 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). Duyuru • 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 released: EPS: €0.21 (vs €0.42 in FY 2022) 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 is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Renewable Energy industry in Germany.