Anticipating Challenging 2Q23/24 Financial Results for Grodno: Impact of Declining Interest in Renewable Energy and Strategic Shifts

2Q23/24 financial results preview. We expect rather poor financial results in 2Q23/24. 2Q23 sales yoy decline is probably related to falling interest in photovoltaic installations and heat pumps. Besides, the focus on the new clients and market share acquisition declared by the Company’s management probably adversely affected margins. Grodno

✕■ Financial forecast. Our forecasts (modified in August) stay intact.

■ Valuation. Our 12M EFV (downgraded in August) stays intact.

GPW’s Analytical Coverage Support Programme 3.0

The Warsaw Stock Exchange's (GPW's) Analytical Coverage Support Programme 3.0 supports investment firms in drafting analytical reports which are financed by GPW. The objective of the Programme is to improve the availability of research covering less liquid companies, facilitating investors' informed investment decisions based on a reliable independent source of issuer information. Eligible to participate in the Programme are companies listed on the GPW Main Market (other than WIG20 participants) and on NewConnect. The Programme covers up to 50 issuers.

Anticipating Challenging 2Q23/24 Financial Results for Grodno: Impact of Declining Interest in Renewable Energy and Strategic Shifts

GPW’s Analytical Coverage Support Programme 3.0

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