P&L Deep-Dive
Where the profit came from, and where it went.
Year-on-year decomposition of revenue and profitability. EBITDA bridge isolates volume, price and cost effects to make variance commentary actionable.
Revenue · FY
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EBITDA · FY
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EBITDA margin
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Net Income · FY
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EBITDA bridge
Decomposition of the EBITDA variance between two years.
EBITDA bridge · FY 2024 → FY 2025
Volume / Price / OpEx / SG&A decomposition
Positive
Negative
Total
Monthly revenue
FY breakdown by month
Winter premium
Why European wind revenue lags in summer
- ▸ Wind resource peaks in Q4–Q1. Atlantic low-pressure systems drive the strongest winds in autumn and winter. Summer anticyclonic conditions bring calmer air and lower output per MW installed.
- ▸ Solar floods the grid and compresses spot prices. Summer midday solar depresses clearing prices via the merit-order effect — wind sells the same MWh at a structurally lower rate.
- ▸ Double compression: fewer MWh × lower €/MWh. The trough is structural. PPA mix and hedge ratio directly determine how much of this seasonality passes through to booked revenue.
EBITDA margin trend
Monthly · rolling 3M average overlay
Monthly
3M average
Detailed P&L
FY 2025 vs FY 2024
| Line item | Prior FY | Current FY | Δ € | Δ % |
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Profitability by entity
Revenue (left axis) · EBITDA margin % (right axis) · under-construction entities show nil revenue
Variance commentary