BayWa r.e. delivers EBIT growth of 134.4% y/y in 9-mo 2022

BayWa r.e. AG, the renewables segment of German diversified group BayWa AG (ETR:BYW6), delivered earnings before interest and taxes (EBIT) of EUR 161.7 million (USD 163.2m) for the first nine months of 2022, up by 134.4% year-on-year.

Revenues more than doubled to EUR 4.5 billion at the end of September, BayWa AG said in the earnings report on Thursday.

The group highlighted BayWa r.e’s successful business of trading PV components as the primary driver of growth. The total output of sold solar PV modules grew by almost 79% year-on-year, while sales of inverters went up by around 61% mainly on higher demand in Europe.

BayWa r.e.’s independent power producer (IPP) activities, which include the energy trading division, also recorded positive earnings. The parent group did not disclose any details, saying only that the IPP business benefited from high power production and electricity marketing.

The project business sold around 423 MW of wind and solar parks over the three-month period. Among those sold is the 41-MW Sellingen floating solar farm in the Netherlands, touted as the largest such power plant in Europe.

BayWa AG said that more projects are scheduled for sale in the final trimester, adding that it expects the renewables segment to post record earnings for the fiscal year 2022.

(EUR 1.0 = USD 1.009)

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