MPC Energy Solutions ends 2024 with strong Q4, beats revenue guidance

28 Feb 2025 07:00 CET

Amsterdam/Oslo -- 28 February 2025 -- MPC Energy Solutions ("MPCES",
"Company") published its preliminary, unaudited financial results for 2024
today. The audited results will be published along with the Annual Report and
ESG report on 17 April 2025.

MPCES experienced a fourth quarter above expectations, helping the Company to
beat its year-end guidance on proportionate revenues and meet its guidance for
proportionate project-level earnings before interest, taxes, depreciation and
amortization (EBITDA).

MPCES reported significant year-over-year increases across all key metrics in
2024. The Company generated 116.1 GWh of clean and affordable energy (+31%
compared to 2023). Proportionate revenues and project-level EBITDA were USD
12.8 million and USD 7.9 million, respectively, substantially surpassing 2023
values of USD 9.0 million and USD 4.4 million. EBITDA margins improved as well
from 49% to 61%, despite poor margin contributions from projects in Puerto
Rico and Colombia, which were compensated by strong performances of the
Company's solar PV plants in El Salvador and Mexico.

"We are looking back at a year of record overall performance of our
portfolio", said Stefan H.A. Meichsner, Managing Director and Chief Financial
Officer of MPCES. "We also managed to lower overhead spending by 30%
year-over-year, as targeted, and are proud to report substantial increases and
improvements of our operating profits and margins compared to 2023 and prior
years."

The Company reported a positive consolidated group EBITDA of USD 3.8 million
compared to a negative group EBITDA of USD 0.7 million in 2023. Adjusted for
impairment charges (see below), the Company reported a consolidated EBIT of
negative USD 0.4 million (2023: negative USD 4.8 million).

"With the addition of our project San Patricio in Guatemala to the portfolio
in a few months and further cost reductions we already implemented for 2025,
positive group EBIT is all but ensured for the current financial year",
projected Meichsner.

Construction in Guatemala on track
Meichsner also underlined that the construction of the 66 MWp solar PV plant
in Guatemala is progressing as planned. "We are on track to connect the
project to the grid by mid-2025." This project alone is expected to generate
revenues of more than USD 8 million per year at EBITDA margins above 80
percent once operational. It will be the largest project in the Company's
portfolio and have a significant positive impact on the Company's overall
financial results.

Impairments weight down net result of the group, but clean up balance sheet
MPCES decided to record several impairment charges in 2024, which were in part
triggered by the sale of its CHP plant in Puerto Rico, but also by adjusting
the carrying value of certain investments, legacy obligations and discontinued
development projects. The overall consolidated impairment charge for 2024 was
USD 12.9 million, which in turn led to a net loss for 2024 of USD 15.7 million
(negative EPS of USD 0.69 and negative USD 0.05 when adjusted for the non-cash
impairment charges and non-cash FX effects).

Meichsner added. "Despite the strong operating results and successful cost
reduction measures, some of our investments, particularly those in Puerto Rico
and Colombia, delivered results below our original expectations. Consequently,
value adjustments were required. In addition, we wanted to make sure that we
start 2025 with a solid and clean balance sheet and therefore decided to also
remove valuation risks related to certain legacy obligations and development
projects."

The following table summarizes the preliminary and unaudited financial results
for 2024 compared to 2023:

+-------------------------------------------------------+----------+---------+
| in thousand USD unless stated otherwise, negative | | |
| values in "()" | | |
+-------------------------------------------------------+----------+---------+
| | | |
| Proportionate financials, 2024 vs. 2023 | | |
+-------------------------------------------------------+----------+---------+
| | 2024 | 2023 |
| | | |
+-------------------------------------------------------+----------+---------+
| Revenue | 12,785 | 9,018 |
+-------------------------------------------------------+----------+---------+
| Project EBITDA | 7,860 | 4,382 |
+-------------------------------------------------------+----------+---------+
| Group EBITDA | 4,255 | (730) |
+-------------------------------------------------------+----------+---------+
| | | |
| | | |
+-------------------------------------------------------+----------+---------+
| | | |
| | | |
+-------------------------------------------------------+----------+---------+
| Consolidated financials, 2024 vs. 2023 | | |
| | | |
+-------------------------------------------------------+----------+---------+
| | 2024 | 2023 |
| | | |
+-------------------------------------------------------+----------+---------+
| Revenue | 11,623 | 9,092 |
+-------------------------------------------------------+----------+---------+
| Project EBITDA | 7,407 | 4,402 |
+-------------------------------------------------------+----------+---------+
| Group EBITDA | 3,802 | (710) |
+-------------------------------------------------------+----------+---------+
| Adj. Group EBIT | (411) | (4,770) |
+-------------------------------------------------------+----------+---------+
| Net income / (loss) | (15,662) | (8,502) |
+-------------------------------------------------------+----------+---------+
| Net income / (loss) excl. impairments and FX effects | (1,147) | (8,347) |
+-------------------------------------------------------+----------+---------+
| EPS (basis and diluted), in USD | (0.69) | (0.38) |
+-------------------------------------------------------+----------+---------+
| EPS (basis and diluted), in USD excl. impairments and | (0.05) | (0.38) |
| FX effects | | |
+-------------------------------------------------------+----------+---------+
| Total assets (in million USD) | 126.8 | 123.1 |
+-------------------------------------------------------+----------+---------+
| Equity | 49.5 | 69.4 |
+-------------------------------------------------------+----------+---------+
| Free cash position (in million USD) | 4.3 | 14.8 |
+-------------------------------------------------------+----------+---------+

MPC Energy Solutions -- Invitation to webcast -- Preliminary 2024 Results

A webcast for the investment community will be held today, 28 February 2025 at
02:00 p.m. CET. There will be a Q&A session after the presentation, and a
recording and written transcript of the webcast will be published on the
Company's website afterwards.

From 02:00 p.m. CET on 28 February 2025, the presentation to be reviewed
during the conference call and webcast will be available on our website:
https://www.mpc-energysolutions.com/investors/reports-presentations

Webcast information:
Date: 28 February 2025
Time: 02:00 p.m. CET
Duration: 30 minutes incl. Q&A

Sign up for and access the webcast here: MPCES Preliminary results 2024 and
outlook 2025 (https://hca.videosync.fi/2025-02-28-mpces/register)

For further information, please contact ir@mpc-energysolutions.com.

- ENDS -

About MPC Energy Solutions
MPC Energy Solutions ("MPCES") develops, builds, owns and operates renewable
energy assets, including utility-scale solar photovoltaics (PV) and onshore
wind farms and hybrid projects, combining renewable sources and storage
technologies. More details at www.mpc-energysolutions.com
(http://www.mpc-energysolutions.com/)

Media contacts

MPC Energy Solutions N.V.
Investor Relations & Public Relations
Email: ir@mpc-energysolutions.com ()

More information:
Access the news on Oslo Bors NewsWeb site

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