Photon Energy Group reported a narrowed net loss of EUR 0.3 million in the second quarter of 2026, down sharply from a EUR 3.2 million loss in the same period a year earlier, as its turnaround strategy gained traction. Revenue rose 10.4% year-on-year to EUR 28.3 million, driven by a 20.5% increase in electricity generation revenue to EUR 9.8 million and a 5.7% rise in other revenues to EUR 18.5 million.
Electricity generation volume increased 10% to over 55 gigawatt-hours, while EBITDA more than doubled to EUR 5.7 million from EUR 2.8 million in Q2 2025. Total comprehensive income turned positive at EUR 0.9 million, compared with a EUR 2.7 million loss a year earlier. Personnel expenses fell 27.7% to EUR 2.9 million, and other operating expenses declined 47.6% to EUR 3.5 million, reflecting ongoing cost discipline.
Operational progress included the Săhăteni power plant in Romania, a 7.1-megawatt facility that secured its license in mid-July and began commercial operations on August 3, selling power into the day-ahead market. The Făget 3 plant, a 7.5 MWp facility, was expected to complete testing by the end of August, with a licensing-related shutdown of 45–50 days anticipated. Regulatory approval for the monetization of Romanian assets was targeted before the end of August, with asset sales expected to close by the end of September.
The company’s total installed PV capacity stood at 134.7 MWp, distributed across portfolios in the Czech Republic, Slovakia, Hungary, and Romania. Feed-in tariffs varied by market, with the Czech portfolio generating over EUR 600 per MWh, Hungary around EUR 120, and Slovakia approximately EUR 250–260. The operations and maintenance segment expanded by nearly 25% year-on-year, with over 90% of its contracted volume sourced from external customers. A 100 MW battery asset management contract was connected in Hungary.
Photon Energy Trading PL, the group’s Polish trading unit, filed for bankruptcy at the end of March due to disputes tied to Poland’s capacity market. A court-appointed supervisor was installed in June, with a final court decision expected between late September and late October. The group’s net cash position stood at EUR 2.4 million as of Q2 2026, with total liquid assets of EUR 8.8 million. Equity totaled EUR 51.7 million, and the adjusted equity ratio was 23.2%, down slightly from 23.8% at year-end 2025.
Management emphasized a shift toward a capital expenditure-light model focused on services. CEO Georg stated that the combination of operational improvements in Romania, favorable weather, and higher power prices had strengthened the segment’s contribution to group results. CFO Stanislav Zeman highlighted the more than doubling of EBITDA year-on-year as a key milestone in the turnaround effort.
