SUNEX: 17.9% Revenue Decline in Q3 2024 Due to Weak Market Conditions in the Renewable Energy Sector and Delays in Germany

• The revenues of SUNEX Group reached PLN 66.9 million in the third quarter of 2024, compared to PLN 81.7 million in the same period in 2023.
• Cumulatively, consolidated revenues from the beginning of the year to the end of the third quarter of 2024 amounted to PLN 153.1 million, compared to PLN 270.1 million in the same period in 2023.
• In the period I-III quarter of 2024, the industry was weakened by the economic climate in the renewable energy sector, additionally negatively impacted by delays in the start of heating device subsidies in Germany

SUNEX, a leading Polish manufacturer of innovative solutions based on renewable energy, in the third quarter of 2024, had estimated consolidated revenues of PLN 66.9 million, 17.9% less than in the same period last year. Cumulatively, from the beginning of the year to the end of the third quarter of 2024, consolidated revenues amounted to PLN 153.1 million, 43.3% less y/y.

“Several factors affected the revenues, especially on the unit level, in the third quarter of 2024, particularly the ongoing weak economic climate and the resulting high inventory levels of companies in the renewable energy sector. This was accompanied by high interest rates in the eurozone, which in turn had a negative impact on new investments, which saw a significant drop. It is also important to remember that we are comparing results with a period that was a financial record for Sunex Group” – explains Romuald Kalyciok, CEO of SUNEX. “The eurozone has already begun a cycle of interest rate cuts and this should help stimulate the market for new construction investments in our strategic markets in Germany and Austria. We are also hoping that the actions we have taken during this weaker period for the industry, especially the launch of direct sales to customers, will pay off and have a positive impact on the results,” added the CEO of SUNEX.

Estimated revenues:

Awaiting an improvement in the market situation, the company is focusing on building a sales network in Germany, expanding the offer and introducing further products in Austria. The management board is counting on positive outcomes of tender procedures conducted by local governments, which intend to finance renewable energy investments from KPO funds.