Press release

Annual Report 2023

Nordic Solar publishes Annual Report for 2023


Frontcover of annual report

In 2023, the Company generated revenue of EUR 58.9 million, EBITDA of EUR 32.8 million and a result before tax of a negative EUR 7.4 million. Lower electricity prices led to a loss for the year, while operational cash flow remained strong at EUR 23.5 million. During the year, Nordic Solar reached important milestones in terms of solidifying and financing the Company’s business model enabling further growth of the portfolio. In addition, Nordic Solar initiated the divestment of assets by selling an Italian rooftop portfolio, and in early 2024, the sale of a Portuguese asset followed.

The company's results in outline: Revenue of EUR 58.9 million (2022: EUR 72.4 million), EBITDA of EUR 32.8 million (2022: EUR 49.3 million) and a loss for the year of EUR 9.2 million (2022: a profit of EUR 6.2 million). The share of secured revenue increased to 76% (2022: 64%). Cash flow from operating activities remained strong at EUR 23.5 million (EUR 32.4 million).

For 2024, Nordic Solar expects revenue in the range of EUR 57 to 69 million. Further, the Company expects EBITDA, including profit from divestments, in the range of EUR 36 to 48 million. Profit from already realised divestments in 2024 is included in the EBITDA outlook. In addition, expected divestments for the rest of 2024 of EUR 5 million are included in the EBITDA outlook.

Continued value creation in portfolio

During 2023, Nordic Solar’s portfolio of projects in development and under construction reached a combined 2,020 MWp. At year end, five projects with a total capacity of 345 MWp were under construction, of which several are expected in operation during 2024. The amount of capacity under construction has increased by more than 900% compared to 2022.

The capacity of the operational portfolio increased to 372 MWp after divestments (2022: 359 MWp). Meanwhile, production increased by 10% to 454 GWh (2022: 407 GWh).

CEO Nikolaj Holtet Hoff elaborates: “2023 was a transitional year for Nordic Solar. The financial performance was heavily impacted by the lower electricity prices as well as increased interest payments and costs related to strengthening our organisation. On the operational side, we executed strongly on the development portfolio, bringing projects to construction and operation. At the same time, we reached an important milestone by financing our portfolio growth with a EUR 300 million debt facility.”

ESG part of our annual reporting

Recognising the growing importance of environmental, social and governance (ESG)-related considerations in today's business landscape, Nordic Solar has anchored its ESG reporting within the Annual Report. By including ESG factors alongside its financial reporting, Nordic Solar aims at providing stakeholders with a more comprehensive understanding of the Company’s performance in addition to financial and portfolio-based metrics.

Read the report here

Webinar this evening at 19:00

In connection with the publication of the Annual Report for 2023, Nordic Solar will host an online presentation this evening at 19:00 CET. At the webinar, CEO Nikolaj Holtet Hoff and CFO Jes Vengaard will present the highlights and results for 2023 and subsequently be available for questions from online participants. The presentation will be held in Danish and will subsequently be available on the Company's website. Register for the online presentation via the following link: Nordic Solar – Webinar on 2023 results.

For more information, please contact:
Head of Investor Relations, Thomas Ølholm France, tel.: +45 86 93 99 24, e-mail: [email protected]