Otovo’s third quarter results for 2023 are released today. Here are the highlights:
- Strong annual growth, despite market taking a breath after spur in 2022
- 2,629 installations versus 1,970 same quarter last year, up 33%
- 2,073 unit sales versus 2,740 same quarter last year, down 24%
- IFRS Revenues of NOK 235M, up 35% versus last year
- FRS reported margins back above 21%, up 1.5%p versus last year
- Proving that portfolios can turn to cash
- Completed Europe’s first solar portfolio sale, with Swiss Life Asset Managers
- NOK 94M Subscription SPV Capex, versus NOK 46M Q3 last year, up 2x
- Significant increase in IRR, at 13.5% for projects installed this quarter v.s. 9.6% same quarter last year, up 4.1%p
- Increasing share of projects handled from Madrid
- A full 24% of projects installed in Q3 were handled, at least in part, from the Shared Service Center in Madrid, up from 0% one year ago, and 8% last quarter
- This leads to higher efficiency, and lower cost per project
Please find attached the quarterly report. The presentation will be held by Andreas Thorsheim (CEO) and Petter Ulset (CFO) on webcast at 09:00 October 26th.