– SUNEX Group’s consolidated revenues in Q4 2023 reach PLN 51.2 million, down from PLN 79.6 million in Q4 the previous year. Cumulative revenues for 2023 reach PLN 320.5 million, up from PLN 289.5 million the previous year.
– Results influenced by economic downturn in the German market in the second half of 2023 and uncertainty over renewable energy subsidy programs.
– In early 2024, the SUNEX board observes a clear revival in the renewable energy sector in the Austrian market and expects the launch of larger renewable energy equipment subsidy programs in Germany than in 2023.
In Q4 2023, SUNEX recorded more than PLN 51.2 million in consolidated revenues, compared to PLN 79.6 million in the same period the previous year. In total, 2023 saw consolidated revenues of over PLN 320.5 million, compared to PLN 289.5 million in 2022.
Despite a promising first half of 2023, where the SUNEX Group reported high revenue dynamics in strategic markets and significant interest in eco-friendly heating techniques, the second half was weaker for the renewable energy sector and companies operating in it. This slowdown was due to a number of factors, including an economic downturn, high inventory levels in the renewable energy sector, legal regulation changes in the German market strategic for SUNEX, and pause in customer orders for renewable energy devices pending the immobilization of new, more favorable subsidies announced to replace the current ones. This led to weaker demand and lower revenues towards the end of 2023.
The SUNEX Board observes a revival in Austria and expects improvements in the German and Polish markets.
“We are seeing an increase in orders in the Austrian market from the first days of 2024. Customers are purchasing renewable energy devices using the subsidy programs that were launched at the beginning of the year. There are also good prospects for our most important sales market – Germany. Formal issues surrounding subsidy allocation criteria are nearly resolved. We expect orders to increase once the programs launch, including from those customers who had been holding off on investments waiting for these new programs. Our home market also promises well after the announcement that the entire €5 billion prepayment granted to Poland from KPO will be dedicated to renewable energy investments and power grids. We hope that communes and local governments will benefit from this funding for modernization of installations or zero-emission transport,” says Romuald Kalyciok, President of SUNEX.
A longer-term revival in the renewable energy sector will also be influenced by EU regulations emphasizing a low-emission economy for member states.
