Forecast & Scenarios
Base case · 2026 → 2041

Choose two scenarios to compare

Click any card to set primary scenario · Shift-click for comparison.
Primary Comparison
Revenue · FY 2030
EBITDA · FY 2030
Cumul. NI · 2026-2041
Net Debt · EoY 2041
ND / EBITDA · 2030
Peak Net Debt · year

16-year trajectory

Revenue, EBITDA, Net Debt — primary scenario vs comparison.
Financing strategy timeline
Equity calls + RCF utilization (primary scenario)
Equity calls RCF drawn
5-Step Cascade · Net CF by site

Industry-standard energy yield assessment (IEC 61400-15-2): production decomposed through wake, technical, availability and curtailment losses.

Scenario comparison · key milestones

Primary scenario figures with delta vs comparison at strategic checkpoints.
Metric 2028 2030 2035 2041
Strategic insights
    ⚠ Model limitations & caveats
    • Consolidation: arithmetic sum without IC eliminations. Intercompany loans (~€550M in 2030) and management fees (~€2-3M/yr) inflate Total Assets and Liabilities equally; EBITDA, Net Income and Net Debt are not affected.
    • Balance sheet articulation: max gap of €24M on a €2.4Bn total balance sheet (~1%, below standard materiality threshold). Driven by timing of interest expense recognition.
    • Working capital: AR/AP held flat from opening (no projected variation). Real-world WC would oscillate with revenue growth.
    • Tax: applied at full statutory rate per entity on positive PBT. No tax loss carry-forwards, no deferred tax mechanics, no group fiscal integration.