Photon Energy Group’s second-quarter 2025 results highlight a mixed performance. Consolidated revenue reached EUR 25.707 million, up 7.5% compared with the same period in 2024. This growth was mainly attributable to the increase in photovoltaic technology sales. In the first half of the year, total revenues amounted to EUR 47.756 million, representing a 15.7% year-on-year increase.
At the same time, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) dropped by 46.2% year-on-year in the second quarter, reaching EUR 2.839 million. The decline was primarily due to lower volumes, price pressure in the capacity market, and reduced electricity generation.
Electricity generation revenues and balanced exposure
In Q2 2025, revenues from electricity generation amounted to EUR 8.151 million, down 4.7% compared with the previous year. Nevertheless, average revenues per megawatt hour rose by 6.7% to EUR 169/MWh, supported by a balanced mix of merchant market revenues and fixed mechanisms (feed-in tariffs and green bonuses).
Quarterly electricity generation stood at 50.1 GWh, a decrease of 11.6%, mainly due to a 19.4 MWp curtailment mandated by the grid operator and negative regulatory changes in Romania. For the first half of the year, production totalled 73.8 GWh, remaining stable compared to 2024.
Operational progress and refinancing
The Group finalized an EPC (Engineering, Procurement and Construction) contract for the design and delivery of a 34 MWp solar park in Saliste, Romania. The agreement was signed with Hyperion Renewables as a turnkey solar solution.
A refinancing agreement was also signed with K&H Bank for 31.5 MWp of operating assets in Hungary, providing approximately EUR 5 million in additional liquidity. These funds will be recorded in the third quarter of 2025.
In addition, Photon Energy obtained development approval for the Yadnarie project in Australia—designed for up to 150 MW of concentrated solar power and 90 MW of thermal generation—before selling it to AGL Energy for EUR 3.9 million.
Strategic deployment in hybrid storage
The Group signed its first Battery Energy Storage System (BESS) optimization contract in Poland, within a hybrid plant in Nehrybka. This contract marks a diversification into ancillary services associated with hybrid assets.
In the water business, subsidiary Photon Water obtained an environmental license for its mobile filtration unit targeting PFAS (Perfluoroalkyl Substances) and signed a remediation contract with Fire & Rescue New South Wales. Two patents were also granted in China and Japan.
Financial flows and outlook
Non-electricity revenues reached EUR 17.556 million in Q2 2025, an increase of 14.3%. Technology trading was the main driver of growth, surging 182.7% year-on-year. For the first half, these revenues amounted to EUR 35.427 million, up 22.2% annually.
Costs for raw materials and consumables rose by 37.8% to EUR 12.074 million, reflecting higher volumes in the technology segment. In contrast, operating expenses decreased by 5.4%, due to lower engineering costs consistent with reduced EPC activity.
The Group generated positive operating cash flow of EUR 8.202 million. The net loss for the quarter amounted to EUR 3.258 million, compared with EUR 2.789 million a year earlier. Cash and cash equivalents stood at EUR 3.878 million on June 30, 2025, down from EUR 8.437 million in 2024. The financial impacts of agreements with AGL Energy and K&H Bank are expected to be reflected in the third quarter.
