European Energy reported EBITDA of over 114m for the first nine months of 2025, up 102m year on year.
The company said the improvement was driven mainly by increased divestments of renewable energy assets and higher construction activity.
European Energy added that operating earnings from energy-producing assets increased but remained under pressure as realised power prices were lower than anticipated.
Profit before tax reached 9.6m compared with a loss of 73.1m in the same period of 2024.
“European Energy has improved its year-to-year financials, despite mixed market conditions,” said deputy chief executive officer Jens-Peter Zink.
“We have also seen steady progress in the first nine months of the year on both construction activity and the roll-out of new technological innovations of the company,” Zink said.
Market conditions improved during the third quarter, though the company said negative Day Ahead price hours led to curtailment of generating assets and continued pressure on operating earnings from energy production.
“We have taken steps to adapt to the current market conditions by focusing on new technologies in our company,” Zink said.
“This year, we have strengthened our deployment of battery storage across our portfolio,” he said.
European Energy said 172MW of battery storage capacity was under construction by the end of the period, with more than 6GW under development.
The company said construction activity grew 33% year on year to more than 1.5GW under construction in nine countries.
European Energy issued a 100m senior bond with a three-year maturity in October and said it was fully subscribed within one day.
The company concluded the sale of 1.3GW of projects in the first nine months and expects further sales towards year-end.
European Energy has adjusted its EBITDA guidance to 200m with a margin of +/-15%.