2024 FINANCIAL RESULTS

Paris, June 4, 2025. Akuo, a global renewable energy developer and producer, announces revenue of €251 million and EBITDA of €136 million for 2024 fiscal year.

Adjusted for the impact of the contribution on inframarginal rent [1], revenue increased by nearly 3% to €249 million, while EBITDA grew by 6% to €135 million, representing a margin of 54% compared to 52% a year earlier. No contribution on inframarginal rent is expected for 2025 fiscal year.

This growth reflects the positive impact of new solar power plants commissioned in 2023 (full-year effect) and 2024, partially offset by weather conditions that adversely affected production (notably wind generation). On a smaller scale, hydro activity was impacted by unfavorable pricing, though results benefited from structural cost savings and the early effects of the Group’s geographic refocusing.

During this period, consolidated energy sales [2] amounted to €232 million, while services provided to third parties generated €18.5 million in revenue.

Operating profit stood at €22 million, compared to €27 million a year earlier. This result includes non-recurring charges related to (i) geographical refocusing (notably in Spain); (ii) asset revaluation under IAS 16 standards; (iii) provisions on activities in Chile and on plants located in Mayotte following cyclone Chido; and (iv) asset impairments related to project development activities, inherent to the Group’s development projects.

Net income was a loss of €70 million, mainly reflecting (i) higher financial charges associated with an increase in debt volumes at the SPV level and a rise in financing costs for the Group’s holding company, and (ii) a significant increase in non-cash tax expenses.

Technological and Geographical Refocusing

In line with its strategy of refocusing its activities in Europe and the Americas, as well as on solar, wind and storage, Akuo has notably (i) sold its last biomass power plant in Croatia, (ii) announced on December 5, 2024, the signing of an agreement to sell its African business to Taranis Investments, an asset management and investment company of the Perenco Group (the effective sale took place on April 29, 2025), and (iii) ceased its operations in Australia and exited the Spanish market.

Capacity in operation and under construction of 1.9 GW

During the fiscal year, the Group commissioned eight new power plants with an electrical capacity of over 220 MW and nearly 10 MWh of storage capacity. This includes projects in Portugal (Santas, 181 MW), France, and Chile.

By the end of 2024, the Group also had 312 MW under construction, including 192 MW in Portugal, along with 45 MWh of storage capacity. The total operating and under-construction capacity [3] thus reached 1.9 GW, with storage capacity exceeding 130 MWh.

Additionally, the Group was awarded over 50 MW of projects and 10 MWh of storage in France and overseas territories.

Excluding its African business, the Group's development project portfolio stands at over 10 GW and nearly 10 GWh of storage, cornerstone for the growth of renewable energy. The vast majority of this portfolio is composed of solar projects or hybrid projects (solar and storage).

Bond Issuance of €194 Million

During the fiscal year, the Group completed a green bond issuance totaling €194 million, with a five-year maturity. The proceeds from this issuance will be used to finance green energy production and storage plants, in line with the Group’s development strategy.

By the end of 2024, Akuo had four outstanding bonds with a total nominal value of approximately €340 million and was complaint with the financial covenant vis-à-vis its bondholders.

Cash and cash equivalents stood at €209 million, with equity [4] totaling €600 million.

Outlook

In 2025, the Group expects to commission over 200 MW, including the Margalha project in Portugal (147 MW) and 35 MWh of storage. The year is also expected to be marked by the start or continuation of the construction of several solar, wind and storage power plants.

For the full fiscal year, the Group anticipates growth in revenue and results.

[3] Excluding the power plant in Mali sold in April 2025
[4] Restated from shareholders loans and other financial instruments

About Akuo : Entrepreneur by Nature

Akuo is a global renewable energy developer and producer. The Group is present across the entire value: development, financing, construction and operation. As of the end of 2024, Akuo had a total capacity of 1.9 GW in operation or under construction. More information sur www.akuoenergy.com.

Relations investisseurs
Jérôme Chosson 
chosson@akuoenergy.com

Relations presse 
Mathilde Elia 
elia@akuoenergy.com