Company Announcements

clearvise AG increases profitability in financial year 2025 and further optimizes its portfolio

• Consolidated revenue, including compensation payments for load curtailment and redispatch measures, increased by 12.6% to EUR 40.7 million
• Adjusted EBITDA increased by 11.5% to EUR 25.6 million
• Electricity generation, including compensated curtailments, increased by 16.5% to 514 GWh
• Outlook for 2026: Revenue of EUR 44.2 million to EUR 46.5 million and adjusted EBITDA of EUR 26.7 million to EUR 28.7 million expected

Frankfurt, 30 April 2026 - clearvise AG (WKN A1EWXA / ISIN DE000A1EWXA4), a producer of electricity from renewable energy sources, published its annual report for 2025 today. In what was overall a challenging market environment, clearvise increased its revenue, adjusted EBITDA, and electricity production compared to the previous year. The wind and solar parks that were newly commissioned in the 2025 financial year made a significant contribution to this.

Consolidated revenue rose by 12.6% to EUR 40.7 million in the 2025 financial year. This figure also includes compensation payments for curtailment and redispatch measures. Even excluding these compensation payments, revenue increased by 4.5% to EUR 37.7 million (2024: EUR 36.1 million). At the same time, adjusted EBITDA improved disproportionately by 11.5% to EUR 25.6 million (2024: EUR 23.0 million). The earnings performance reflects the Group’s operational progress in optimizing its portfolio.

Bernhard Gierke, CEO of clearvise AG, explains: “The 2025 financial year was characterized by a challenging market environment for clearvise, marked by declining electricity prices, historically weak wind conditions in Northern Europe, and higher cost of capital. Nevertheless, our diversified portfolio proved resilient and demonstrated solid overall operational performance. In addition, we were able to repay a total of EUR 24 million in debt. With our strategic realignment as a YieldCo and a clear focus on operational excellence, we are well positioned to continue developing clearvise in a value-oriented manner in the current fiscal year as well.”

On the production side, clearvise recorded positive growth during the reporting year, although the increasing number of curtailments and redispatch measures implemented by grid operators and direct marketers over the course of the year had a negative impact on total production. Total production of 455.7 GWh (2024: 441.1 GWh) consisted of 291.6 GWh from wind energy (2024: 291.5 GWh) and 164.1 GWh from photovoltaics (2024: 149.6 GWh). Wind power production remained stable despite exceptionally weak wind conditions from February through April, as the commissioning of the German Weilrod 2 wind farm beginning in the third quarter had a positive impact. In the photovoltaic portfolio, the Group recorded a significant increase in production, which would have been approximately 58 GWh higher had it not been for the curtailments resulting from grid congestion and direct marketing interventions. These interventions have a negative impact on measured production but are compensated for under the concluded direct marketing or power purchase agreements.

Operating cash flow increased significantly in fiscal year 2025 to EUR 26.3 million (2024: EUR 14.8 million). The equity ratio fell to 35% as of the balance sheet date (2024: 42%), primarily due to scheduled and unscheduled write-downs in the portfolio, but remains above the industry average. The impairment losses for the fiscal year, amounting to 2.8% of total assets, reflect the challenging market environment for renewable energy. In particular, the continued decline in electricity prices in various European countries during the reporting period, increased capital costs, and revaluations of development projects led to an increased need for impairment charges, which also affected numerous other market participants.

The Executive Board and Supervisory Board have decided not to propose a dividend distribution at this year’s Annual General Meeting for the time being. Initially, factors affecting liquidity — such as the successful execution of planned sales from the existing portfolio, the financing requirements for the construction and further development of existing wind and solar projects, the development and installation of battery storage systems at the sites of existing plants, and measures for the repowering of existing plants — will be reviewed. The company’s goal of a sustainable dividend policy in line with the company’s long-term value growth remains unchanged.

Outlook for 2026
For the 2026 financial year, clearvise expects electricity production of 554 GWh to 584 GWh based on its existing operational portfolio and projects currently under construction. Despite lower-than-expected wind generation in the first two months of the year, the company is thus confirming its production plan, which is based on long-term assumptions. Against the backdrop of continued volatility in electricity markets, clearvise remains focused on opportunistically hedging future electricity prices through tariffs and power purchase agreements. On this basis, the Executive Board forecasts revenue of EUR 44.2 million to EUR 46.5 million for 2026, as well as EBITDA adjusted for special items of EUR 26.7 million to EUR 28.7 million.

The 2025 Annual Report is available on the company's website under the Investor Relations section at clearvise.de.

About clearvise
clearvise AG is a producer of electricity from renewable energies with a diversified European investment portfolio of onshore wind and solar parks.

The company focuses on the profitable operation of its portfolio and, as a YieldCo, pursues an active dividend strategy. The shares of clearvise AG (WKN A1EWXA / ISIN DE000A1EWXA4) have been listed on the stock exchange since 2011 and are currently traded on the open market of various German stock exchanges and via XETRA (www.clearvise.com).

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