Last year, Modus Group’s revenue reached 392 million. EUR, investments exceeded a quarter billion. euros

International corporate groupsMode Group“, operating in the fields of renewable energy, mobility services, car sales and investment management, according to consolidated unaudited data, operating sales revenue in 2023. amounted to 392 million euros and remained at a similar level as in 2022. (404 million euros). The group’s profit before interest, taxes, depreciation and amortization (EBITDA) reached 45 million. EUR, and investments in Lithuania and abroad almost doubled – up to EUR 262 million. euros.

in 2023 “Mode Groupgross income decreased slightly – 3 percent, from 404 to 392 million. euros, and the consolidated “Mode GroupEBITDA decreased by 42% during the mentioned period. and amounted to 45 million euros. On the other hand, the group’s investments in development projects exceeded a quarter of a billion euros – they amounted to 262 million. and compared to the previous year, it increased by as much as 90 percent.

“2023 was another challenging year, with continued worries about the war in Ukraine, high operating and borrowing costs dampening consumption and investment, and uncertainty about the economic outlook. The fact that in this context “Mode Group” was able to maintain similar income as in 2022, we consider it a good result and proof that our business is resilient and well diversified both in terms of geography and sectors,” says Ainė Martinkėnaitė-Martyniuk, “Mode Group“chairwoman of the board.

According to her, the economic cycle unfavorable to growth prompted to do “homework” inside the companies: review internal processes, increase efficiency, properly prepare for the predicted economic recovery and sustainable development of the group in the coming years.

Last year “Mode Group” successfully distributed 8 million euro bond – 2.5 times higher investor demand was received in the public offering of bonds. “Such active interest of investors in our group’s bonds testifies that the market trusts the resilience of our businesses, the chosen strategy and long-term growth prospects”, notes A. Martinkėnaitė-Martyniuk.

Green Genius has successfully expanded its portfolio of projects

The income of the group’s renewable energy business “Green Genius” decreased by a tenth during the year and reached 25 million due to the cyclicality of energy projects. euros, while EBITDA decreased by 64 percent. – up to 16 million euros. Last year, the company increased its portfolio of projects under construction to 256 MW, and total investments doubled to 192 million. euros. The company agreed on financing the development of a 500 MW solar energy portfolio in Italy and the construction of an 80 MW wind farm in Jurbarka.

“For newcomers to the renewable energy market, last year was difficult, but Green Genius firm is a large and experienced player implementing projects all over Europe, so the challenges did not prevent her from continuing to successfully expand her project portfolio. Currently, the company is developing several significant renewable energy projects, and the increasing demand of European countries for renewable energy, sustainability and energy independence also allows for further growth to be planned,” says A. Martinkėnaitė-Martyniuk.

In the coming years, Green Genius intends to expand its range of activities by including biomethane and transport decarbonization projects in its portfolio.

The demand for mobility services was growing

Revenues of mobility companies (CityBee and MyBee) grew by 3 percent. – and amounted to 114 million euros. The companies’ EBITDA last year amounted to 11 million. euros – 35 percent. less than in 2022, when this indicator reached 16 million. euros.

The MyBee car subscription service met expectations in all three Baltic countries. Due to high inflation and increased borrowing costs, consumers willingly chose to try this alternative to traditional forms of car purchase: quickly and conveniently get a car with a fixed monthly payment and a flexible contract. We have no doubt that the need for this service will continue to grow”, says A. Martinkėnaitė-Martyniuk.

Speaking about CityBee’s activities, she emphasizes that due to the economic situation, people felt the need to save and chose mobility alternatives more boldly. Also, with the increase in the supply of car sharing services, the overall demand for these services has also increased.

“Demand is consistently growing because more people are trying out car sharing alternatives, existing customers are using the service more often, as well as more drivers are giving up their own cars to save money.” Last year, CityBee devoted most of its efforts to operational efficiency, service improvement and data analysis, which allows us to better understand customer needs,” says “Mode Group“chairwoman of the board.

Demand for luxury car brands is growing

“Mode GroupThe income of the car trade business compared to last year was 6 percent. lower than in 2022 and amounted to 249 million euros. EBITDA decreased by 5 percent last year, from 20 to 19 million. euros.

“In an environment of increased interest rates and record inflation rates, consumers tended to postpone larger purchases until the future. Accordingly, we have seen lower sales in the economy car segment, which is a natural part of the economic cycle. The group-wide slowdown in the economy segment was helped by stronger demand for luxury car brands, which are less affected by economic fluctuations. This year, we will continue to focus on the higher class segment and offer electric versions of our customers’ favorite luxury class brands”, says A. Martinkėnaitė-Martyniuk.

“Mode Asset Management” expanded investment portfolios

“Mode In 2023, Asset Management successfully continued to expand the solar power plant portfolios of its managed investment funds in Poland and Lithuania and entered the Latvian market. The company also started implementing the first wind farm project in Lithuania. By the way, “Mode Asset Management agreed on a partnership with the asset management company Atelier Investment Management, which established the financing fund Clean Energy Infrastructure Access Fund. The objective of this fund’s investment strategy is to invest in “Mode Clean Energy Infrastructure Fund, a closed-end fund for informed investors managed by Asset Management. This is an attractive opportunity for an even wider range of investors to enter the rapidly growing renewable energy market.

“With 7 years of experience and deep knowledge of the sector, we were able to attract 97 million euros even in a sluggish market. EUR of investor commitments, this will help to further accelerate the region’s transition to renewable energy. With interest rates falling, we expect that in 2024 the market will be livelier and we will be able to continue expanding projects, especially those based on power purchase agreements, which help businesses secure attractive electricity prices and manage costs for a long time,” says A. Martinkėnaitė-Martyniuk.

Investments increased by 90 percent.

in 2023 common “Mode Group“investments grew by 90 percent. and reached 262 million euros. Most of the investments were made in the development of solar, wind and biomethane projects – 192 million. euros. Investments in mobility businesses “CityBee” and “MyBee” amounted to 65 million. euros. These funds are mainly intended for improving services and entering new markets. Investments in renewable energy and mobility businesses grew by 120 percent compared to the previous year, respectively. and 34 percent

According to “Mode Group“, chairman of the board, the largest amount of investment will be allocated to the development of renewable energy and mobility businesses.

“On a global scale, more and more attention is being paid to sustainability, commitments to reduce the amount of carbon dioxide are growing, various renewable energy technologies are being improved, and more and more people are looking for more sustainable and at the same time cheaper transport alternatives. More than ten years ago, we saw the first beginnings of these big changes, and this allowed us to “jump on the train” early and accumulate the necessary knowledge that will help us continue to grow innovative energy and mobility businesses”, notes A. Martinkėnaitė-Martyniuk.

“Mode Group“ is an international group of companies currently operating in 10 European markets. The main activities of the group include four areas – renewable energy (“Green Genius“), mobility services (“Mode Mobility, CityBee“MyBee“, “Mobility Fleet Solutions“), the automotive business (16 well-known brands), the group also owns a company that manages renewable energy investment funds “Mode Asset Management“.

“Mode Group” unaudited consolidated financial results include the results of MG NL Holding BV established and operating in the Netherlands, which owns UAB “Mode Group” and Green Genius International BV (former name Mode Energy International BV) “Mode Group” activity consists of 4 main business branches: car sales, mobility services, renewable energy and management of investment funds.