Encevo concluded the 2024 financial year with a net profit of €193 million, representing a 10% increase over 2023. Officials of the energy group on Wednesday presented their report for the past year, noting that the rise in profitability came despite a significant drop in annual turnover, which fell from €5.1 billion to €3.8 billion.
The decline was primarily attributed to reduced sales volumes and shifts in European energy prices.
The group also pointed to global geopolitical tensions – like the ongoing war in Ukraine and international trade disputes – as contributing factors to a more complex energy market landscape. Despite these challenges, Encevo remains strongly committed to the energy transition.
The company thus continues to invest heavily in renewable energy, with CEO Claude Seywert reaffirming that Encevo is on track to achieve its goal of reducing customer energy consumption by 30% by 2030.
To support this transition, Encevo has earmarked €1.3 billion in investments over the next three years, with a focus on expanding and modernising energy infrastructure.
Encevo also announced changes at the board level. Jeff Feller, a senior advisor at the Ministry of the Economy, will assume the role of chair of the board of directors, succeeding Marco Hoffmann. Hoffmann will continue in his role as chairman of the board at the Enovos subsidiary.
At the Creos subsidiary, Carole Brückler has been appointed to the board, replacing Mario Grotz, who now serves as executive director of Luxinnovation.
