Interim Report on the First Quarter of 2024

Declining electricity prices impact revenue and earnings

Revenue of the W.E.B Group amounted to EUR 50.8 million in the first quarter of 2024, comprising a 15% decrease from the comparable prior-year figure. The profit before tax equaled EUR 16.4 million (Q1/2023: EUR 24.7 million)., thus reflecting the development of electricity prices. After the exceptionally high prices in 2022 and 2023, current electricity costs are moving close to the level prevailing in the years beforehand. The Göls repowering project came on stream, involving a capacity expansion from 6.0 MW to 11.2 MW.

The first quarter of 2024 was primarily characterized by the very good results in wind power production, particularly in Europe. January showed record production results for W.E.B and Austria. The photovoltaic segment also generated electricity volumes surpassing expectations in several countries, above all in Italy.

Expansion of the power plant portfolio

At the turn of the year, construction work proceeded on wind power plant projects with a capacity of more than 150 MW. The repowering project in Göls was put into operation in the first quarter of the year. The three existing and older facilities were replaced by two new, more efficient turbines enabling the installed capacity to be increased from 6.0 MW to 11.2 MW.

At the end of the first quarter of 2024, the Kuhs repowering project in Germany and the photovoltaic projects in Rohr bei Hartberg and Grafenschlag were close to being commissioned.