MPC Energy Solutions continues revenue growth and margin improvements in second quarter; 2024 outlook confirmed

Amsterdam/Oslo – 31 July 2024 – MPC Energy Solutions (“MPCES”, “Company”) published its financial results for the second quarter and first half of 2024 today.

The second quarter was marked by a strong increase in energy output, resulting in surging revenues and margins in the first half of this year. An increase of proportionate energy output to 59.1 GWh (H1 2023: 40.4 GWh) led to proportionate project revenues and EBITDA of USD 6.1 million and USD 3.9 million, respectively, up from USD 4.0 million and USD 1.9 million in the first half of 2023.

“The results for the year's first half demonstrate that the changes we made and measures we implemented work. Our portfolio of assets across Central America enables us to grow, and we continue to control costs and increase profitability”, said Stefan H.A. Meichsner, Chief Financial Officer of MPCES. “We have laid a robust foundation for the remainder of the year.“

The Company also reported a positive group EBITDA of USD 1.7 million for H1 2024, compared to a negative group EBITDA of USD 0.9 million in H1 2023.

Fully operational portfolio
MPCES today owns and operates five power-producing assets across Latin America and the Caribbean with an aggregate capacity of around 79 MWp. 2024 is the first time the entire portfolio will be fully operational for a whole year.

“The third quarter is where we commonly see the largest contribution of revenues and profits to our business”, Meichsner added. “Based on the solid numbers we have delivered year-to-date, we confirm our 2024 outlook.”

The Company expects revenues in 2024 to increase to USD 12 million and project EBITDA to grow to USD 8.5 million, nearly doubling the 2023 EBITDA.

On track with milestone project
In addition to the solid financial results, Meichsner also underlined that the construction of the 65 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. MPCES is in the process of finding a co-investor for the project. “We intend to close a deal by the end of 2024, demonstrating the significant upside of the revised strategy and focus we introduced last year”, said Meichsner.

For Q2 2024 and H1 2024, the MPCES Group reported the following key financials (unaudited):

MPC Energy Solutions – Invitation to webcast – H1 2024 results

A webcast for the investment community will be held today, Wednesday, 31 July 2024 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 today, the presentation to be reviewed during the webcast will be available on our website: https://www.mpc-energysolutions.com/investors/reports-presentations

H1 webcast information:
Date: 31 July 2024
Time: 02:00 p.m. CET
Duration: 45 minutes incl. Q&A

Sign up for and access the webcast here: https://hca.videosync.fi/2024-07-31-mpces/register

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

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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, energy efficiency solutions and hybrid projects, combining renewable sources and storage technologies. More details at www.mpc-energysolutions.com.

Media contacts

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

Norway
Mats Samdahl Weltz
Salto Advisers
Phone: +47 950 46330
Email: msw@saltoadvisers.no

Attachments
MPCES H1 Report 2024 Final