Akuo, a global renewable energy developer and producer, reported revenue of €251 million and EBITDA of €136 million for the 2024 fiscal year.
Excluding the impact of the inframarginal rent contribution (€1.5 million in 2024 vs. €20.6 million in 2023), adjusted revenue increased nearly 3% to €249 million. Adjusted EBITDA rose 6% to €135 million, with a margin of 54%, up from 52% in 2023. No inframarginal rent contribution is expected in 2025.
Growth was driven by the full-year performance of solar plants commissioned in 2023 and new plants added in 2024. However, production was partially affected by unfavorable weather, especially for wind power. Hydro activity also faced pricing challenges. Despite these headwinds, cost savings and a shift in geographic focus helped support results.
Revenue Breakdown:
- Energy sales (consolidated): €232 million
- Services to third parties: €18.5 million
- Total energy sales (including SPVs): €334 million
Financial Results:
- Operating profit: €22 million (down from €27 million in 2023)
- Net loss: €70 million
The decline in operating profit includes one-time charges linked to:
- Geographic restructuring (especially in Spain)
- Asset revaluations under accounting standards
- Provisions related to Chile and Mayotte (due to cyclone Chido)
- Project development write-downs
The net loss was mainly due to increased financial costs tied to higher debt at the project (SPV) level and rising interest rates, along with a sharp rise in non-cash tax charges.
