Grupo EiDF has presented its results for the first half of 2024, returning to a positive EBITDA in a complex context for the self-consumption sector.

Specifically, the national leader company achieved an EBITDA of 3.09 million euros, reflecting a growth of 233% compared to the first six months of the previous year. Moreover, the operating result also increased by 143%, surpassing 1.6 million euros.

According to Joan Gelonch, CEO of Grupo EiDF: “These results reaffirm that we have made the right strategic decisions, leaving behind a crisis thanks to the support of our main shareholders, the value of the assets that make up the fixed assets, and the strengthening of Corporate Governance.”

The results for this first half also show the success of the balance sheet cleaning work started by the company during 2023, increasing its equity by over 42 million and bringing the Group’s net worth to nearly 35 million euros.

On the other hand, the reduction of debt undertaken by the company with financial entities has also yielded positive results, achieving a decrease of more than 78% since December 2022.

The increase in liquidity, which enables the company to meet short-term commitments, is also notable, thanks to a working capital exceeding 20 million euros.

“We can be very proud of the results we have presented. The figures for operating performance, EBITDA, debt reduction, and increased equity demonstrate that we are on a path of sustained and sustainable growth.

In such a complex sector environment, we are fully aligned with the objectives of our five-year Business Plan, having consolidated all the objectives proposed for the 2023 fiscal year in the first half of 2024,” added Gelonch.

Thus, Grupo EiDF is advancing in its new strategy, more focused on the business as a source of profitability and growth. The Group holds an important portfolio of projects that ensure the continuity of the business in the long term across its three business lines: industrial self-consumption, photovoltaic generation, and clean energy commercialization.

Specifically, the company has identified four key business objectives: maintaining its leadership in industrial photovoltaic self-consumption installations; building its own photovoltaic generation plants; specializing its energy retailers in the business segment; and integrating its own generation with its retailers, guaranteeing 100% green energy while improving profitability for shareholders and customers.

In a generally crisis-affected sector due to falling energy prices, the company has managed to contain the decrease in business turnover to 38%.

In June, the EiDF Shareholders’ Meeting agreed to a capital increase of 50 million euros through the capitalization of convertible loans.

The conversion of convertible loans into capital is now reflected in the financial result, as it implies a negative accounting entry of 6.6 million euros without affecting the company’s cash flow.

The company has also achieved a high degree of compliance with the vertical integration objectives set out in its 2024-2028 Business Plan.

Thus, the profit forecasts have been met by 46%, and the gross margin forecast by 72%, aligning the company’s situation with the revenue projections.

The EBITDA forecast has been met by 24%, affected by a lower contribution from self-consumption revenues in the first half, a situation that will reverse in the second half due to agreements reached with Finlight in July 2024.

Finally, over the past six months, Grupo EiDF has implemented new processes and measures, in addition to making significant internal reforms to ensure the compliance with Corporate Governance objectives, such as the integration of a corporate director, the creation of a risk control area, and the strengthening of the Board with new independent directors.