Clearvise AG Outperforms Earnings Forecast in 2023

clearvise AG, an independent power producer specializing in renewable energy, reported surpassing its earnings forecast for the 2023 fiscal year. The company achieved consolidated revenues of EUR 44.8 million, hitting the upper end of their forecast range, and reported an adjusted EBITDA of EUR 30.3 million, also exceeding expectations. Despite a drop in revenue from the previous year and a sell-off of Finnish wind farms, the company managed to increase its electricity production by about 8% to 533 GWh.

The firm achieved these results by focusing on optimizing and diversifying its portfolio. Notably, the company divested its Finnish wind farms and is currently investing in solar projects in Italy and France. This strategy allowed it to outperform targets even amidst challenging market conditions. clearvise also reported a significant improvement in its equity ratio from 35% to 44%, setting a solid foundation for future financing.

Looking ahead to 2024, clearvise anticipates producing between 440 and 460 GWh of electricity and expects revenues between EUR 35.5 to 37.0 million, with adjusted EBITDA estimated to be between EUR 21.8 to 23.1 million. The company has based these forecasts on the secured prices through purchase power agreements and the current tariffs, despite ongoing volatility in electricity prices.