DJ Charwood Energy: 2024 full-year results
Charwood Energy Charwood Energy: 2024 full-year results 29-Apr-2025 / 17:45 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- Press release Saint-Nolff, April 29, 2025 2024 full-year results - A year of transformation and solid business growth at +23% First proprietary power plant signed with Verallia France in 2025: Acceleration of recurring revenue Charwood Energy (ISIN: FR001400AJ60, ticker: ALCWE), a biomass specialist offering innovative solutions for the energy transition, has released its 2024 full-year results, which show strong sales momentum and major industrial advances. The full-year financial statements have been approved by the Board of Directors on April 24, 2025. They have been audited, and the certification reports are currently being prepared. The annual financial report will be posted on the Company's website no later than April 30. (in millions of euros) 2024 2023 Revenue 5.0 4.1 Other operating income 0.7 2.2 Purchases consumed (2.6) (3.6) External expenses (2.9) (2.0) Personnel expenses (2.9) (2.3) EBITDA[1] (2.7) (1.5) Depreciation, amortization and provisions (0.6) (0.4) Operating income (3.2) (2.0) Net financial income (0.07) (0.2) Non-recurring items (0.3) (0.02) Taxes - 0.6 Consolidated net income (3.6) (1.6) Net income (Group share) (3.5) (1.6)
Charwood Energy made consolidated revenue of EUR5.0 million in fiscal year 2024, an increase of +23% on 2023.
This revenue was generated entirely on behalf of third parties, through the design, construction and installation of bespoke energy solutions using biomass for external customers including farms, manufacturers and local authorities.
Other income breaks down as follows:
-- Inventoried production of EUR0.2 million corresponding to the change in work in progress within LG Concept.
-- Capitalized production of EUR0.3 million linked to the development of the Colpo site.
Transformational commercial and operational advances
The Group reached several key milestones in its development during 2024 fiscal year:
-- Signature of a contract for the replacement and modernization of a heating facility used to dry lumberand building wood in a sawmill in Ille-et-Vilaine.
-- Inauguration of the first industrialization-ready gasification demonstrator in France at the Colpo sitein Brittany.
-- Increase in the production capacity of the Saint-Nolff site in Brittany to a total production area of1,750 m².
-- Launch of a new pyrogasification offer with Charwood Innovation.
-- Signature of a strategic partnership between its Energy&+ subsidiary and Swiss group Schmid EnergySolutions, the world leader in eco-responsible heating systems.
In its own-account business, five power plants are under development, including one on behalf of Verallia France, with which Charwood Energy announced last January it had signed a corporate PPA.[2]
This 21-year contract covers the construction and operation, within the Verallia plant in Cognac, of a production plant for syngas, a green gas generated using biomass pyrogasification, which Charwood Energy will own. Construction of the plant is scheduled to begin at the end of the first half of 2025. Once commissioned, expected in the first quarter of 2027, it will be used to supply Verallia with syngas to power one of the three furnaces at its Cognac site.
The signature of this first corporate PPA represents a historic milestone for Charwood Energy, which will see it roll out a new proprietary energy production activity.
2024 full-year results reflect the investments made by the Group to support deployment
Personnel expenses rose during 2024 fiscal year, reflecting the ongoing structuring of the teams to support the Group's development, and the ramp-up of projects to be delivered during 2025.
Owing to this increased investment, Charwood Energy made an operating loss of -EUR3.2 million at December 31, 2024.
After accounting for financial income and tax expense, Charwood Energy recorded a net loss Group share of -EUR3.5 million.
A solid financial structure
At December 31, 2024, Charwood Energy's financial structure included shareholders' equity of EUR5.1 million, gross financial debt of EUR2.4 million and gross cash of EUR0.7 million.
Medium-term strategy and outlook
In its activity on behalf of third parties, the Group has secured an order book[3] totaling EUR9 million, deliverable and billable in 2025 and 2026. It also continues to have a solid pipeline[4] reflecting strong sales momentum.
In line with the evolution of its business model, Charwood Energy adjusted its strategic roadmap last February to better reflect its new priorities and performance objectives:
-- Steady growth in revenue from third-party customers, strengthening sales momentum and diversification ofrevenue sources.
-- The consolidation, from 2027, of a recurring revenue base from its own-account business, guaranteeingincreased visibility.
-- A gradual increase in ARR, driven by the ramp-up of energy sales and by securing revenue over severalyears through contractual commitments with new manufacturers.
Charwood Energy is laying the foundations for a high value-added hybrid business model, combining immediate commercial performance and recurring revenue from its own power plants with a clear ambition to become a leading player in local decarbonized production in Europe.
Next publication: H1 2025 revenue, September 16, 2025, after market close.
About Charwood Energy
Convinced that biomass is a key response to the challenges of the energy transition, Charwood Energy designs, installs and maintains tailored solutions for the production of biomass renewable energy.
Charwood Energy boasts a wealth of technical know-how and expertise in all biomass recovery technologies, including heating and heat networks, anaerobic digestion, and pyrogasification.
Positioned since 2019 in the promising area of pyrogasification technology, Charwood Energy is now also involved in the development and operation of proprietary pyrogasification units aiming to produce and sell green gas, biochar and carbon credits to industrial customers under direct purchasing contracts.
The company is listed on Euronext Growth® Paris (ISIN: FR001400AJ60; Ticker: ALCWE) - Eligible for PEA PME equity savings plans - Certified as an "Innovative Company" by Bpifrance.
To find out more: https://charwood.energy/investisseurs
Contacts
SEITOSEI.ACTIFIN SEITOSEI.ACTIFIN
CHARWOOD ENERGY Investor Relations Press Relations
investisseur@charwood.energy Ghislaine Gasparetto Michael Scholze
+33 (0)2 97 26 46 30 charwood@seitosei-actifin.com michael.scholze@seitosei-actifin.com
33 (0)1 56 88 11 22 33 (0)1 56 88 11 14
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[1] EBITDA (earnings before interest, tax, depreciation and amortization) is the operating result before taking into account depreciation, amortization and provisions (which are non-cash expenses).
[2] Power Purchase Agreement - a long-term contract between the electricity consumer, usually a company (in this case Verallia), and the producer, who in this case is building a new renewable power plant to supply its customer.
[3] Total order book for signed projects deducted from revenue already recognized in line with the progress of work.
[4] Detailed or preliminary quotation sent and awaiting a response.
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Regulatory filing PDF file File: PR_Charwood Energy_2024 FY Results_vFinal
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Language: English
Company: Charwood Energy
1 Rue Benjamin Franklin - P.A. de Kerboulard
56250 Saint-Nolff
France
Phone: 0297264630
E-mail: contact@energy.bzh
ISIN: FR001400AJ60
Euronext Ticker: ALCWE
AMF Category: Inside information / News release on accounts, results
EQS News ID: 2126888
End of Announcement EQS News Service
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2126888 29-Apr-2025 CET/CEST
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April 29, 2025 11:45 ET (15:45 GMT)
