Roskilde, May 30, 2024 – The Momentum Group has just published their annual report for 2023, and CEO Kim Madsen expresses great satisfaction with
The result.
“The year 2023 was a very satisfactory year for the Momentum Group. Despite challenges with rapidly rising interest rates, war in Ukraine, falling electricity prices and general macroeconomic challenges, Momentum has managed to create the company’s absolute best result since its establishment in 2005,” says Kim Madsen.
The financial statements showed significant progress in all material areas:
| (1000 DKK) | 2023 | 2022 | Deviation |
| Turnover | 424.981 | 180.315 | 135,7 % |
| EBITDA | 241.993 | 129.984 | 86,2% |
| Profit after tax | 123.624 | 21.136 | 484,9% |
| Shareholders’ equity | 546.796 | 331.984 | 64,7% |
Strategic transformation and growth
The 2023 results clearly show that Momentum’s long-term strategy, set 4-5 years ago, is now bearing fruit. Momentum has evolved from a small administrator of wind turbines and solar plants to a significant investor, developer and manager of renewable energy sources in six countries.
“In 2023, our own wind turbines and solar plants produced 406 GWh of green electricity, which corresponds to the annual electricity consumption of more than 250,000 adult Danes. Including the assets we manage for customers, the total production was 1,330 GWh, which corresponds to the annual electricity consumption of over 830,000 adult Danes. We are very proud to contribute to this,” says Kim Madsen.
Future projects and service capacity expansion
Momentum has in recent years built an impressive pipeline of new solar and wind projects in Denmark, Sweden and Germany with an installed capacity of over 2 GW expected to be realized in the coming years. These projects will almost tenfold Momentum’s current production of green energy.
“In order to service our own and our customers’ wind turbines and solar installations, in just a few years we have built one of the largest service companies in the market with more than 50 employees and 17 service vehicles covering all of Denmark. The goal is to be able to reach every asset we service within an hour.” Kim Madsen explains. “With this initiative, we have once again shown that we go very far when it comes to Asset Management in relation to wind turbines and solar plants. We want to manage all processes to ensure the highest possible return at the lowest possible risk for as long as possible in the lifetime of the assets.”
Focus on ESG and biodiversity
Momentum has also intensified its efforts in the ESG area, including biodiversity. The 2023 annual report highlights the company’s dedication to sustainability.
“We are especially proud that in our first year of reporting within the international ESG benchmark GRESB Infrastructure Assessment, we were ranked #1 in Northern Europe in the category ‘On-shore Windpower generation’. It took a huge effort across all teams and personally, it’s one of the 2023 milestones I’m most proud of” says Kim Madsen. The recognition has given us more motivation to raise the bar in the coming years and we have therefore strengthened the organization significantly within ESG and biodiversity to be among the leaders in this area.”
Future optimism
Despite challenges such as falling electricity prices, rising interest rates and geopolitical unrest, Momentum enters 2024 with a strong belief in the future. CEO Kim Madsen explains the company’s optimism and future goals:
“Although electricity prices have fallen significantly since the start of the Ukraine war in 2022, interest rates have risen and geopolitical unrest continues to affect our everyday lives, we enter 2024 full of optimism. Our goal is to continue to increase the capacity to produce green power in the most sustainable way and optimize the management of our own and customers’ assets,” concludes Kim Madsen.
Let’s Fix the Future!
The full Annual Report for 2023 can be downloaded here.
For further information contact:
Kim Madsen, CEO,