The Keno Group: market analysis, forecasts, international activities: wholesale photovoltaics in Poland, Germany and Europe

How Keno relies on long -term growth despite the decline in sales

The Keno Group, headquartered in Poland, has established itself as an important player on the European market for renewable energies in the past 15 years. The company is characterized by a wide-ranging business model, which includes the manufacture and distribution of photovoltaics (PV) components, heat pumps, assembly systems and e-mobility solutions as well as the energy trade and the production of energy-efficient modular houses. This diversification, paired with a strong emphasis on research and development (F&E) and an international expansion strategy with branches in Germany, Great Britain, Norway, Hungary, Romania and the Czech Republic (via Franconia), positions Keno at the interface of various growth trends in the sector of renewable energies.

The financial development of the Keno Group showed a mixed picture with clear challenges in 2023. The core company Keno Sp. Z oo recorded a significant decline in sales to around 999 million PLN compared to 2.28 billion pln in the previous year and showed a net loss of 41.46 million pln after significant profits in previous years. The subsidiary Keno Energia Sp. Z oo, which works in the energy trade, also had a net loss despite the growth of sales. This development indicates a more difficult market environment in Poland in 2023, possibly influenced by slowing down growth in PV micro installations, a general decline in solar investments, as well as by costs in connection with international expansion and increased operating costs.

Despite these short-term financial challenges, the medium to long-term prospects for the markets used by Keno remain positive. The European countries in which Keno is active have strong growth forecasts for solar PV, heat pumps and energy stores, driven by ambitious climate goals and supportive political framework. Kenos, such as the comprehensive product portfolio, strengthen its own manufacturing capacity for key components, the F&E activities including a separate PV test laboratory and the established market presence in Poland, form a solid basis for future growth.

The strategic challenges for Keno lie in the stabilization of the core business in Poland, ensuring the profitability of international operations and adapting to dynamic market conditions, including intensive competition and dependence on funding policies. The ability of the company to fully exploit the ability of synergies between its diversified business areas, especially in the area of ​​integrated energy solutions and the Keno Home segment, will be crucial for long -term success.

Company profile of the Keno Group

Foundation, mission and corporate structure

The Keno Group was founded in Gliwice, Poland about 15 years ago and has since developed into an important actor in the field of renewable energies. The company's core mission is the transformation of the energy market in Poland and Europe through the promotion and use of renewable energy sources (EE). From the beginning, corporate philosophy was based on the principles of environmental protection, the efficient use of natural energy sources and the improvement of air quality. Keno is perceived as one of the pioneers of the ecological revolution in the energy sector.

The Keno Group is a holding structure that includes several specialized subsidiaries that together pursue the goal of giving access to an ecological and sustainable life. The most important entities include:

• Keno Sp. Z oo: This company, founded in 2008, forms the heart of the group. It acts as a manufacturer of PV assembly systems and connection distributors and is an authorized distributor for complete photovoltaic systems and solutions in the field of electromobility.
• Kensol: This subsidiary focuses on the production of photovoltaic systems, TÜV-certified heat pumps and HLK equipment (heating, ventilation, air conditioning technology).
• Keno Home: Produces energy-efficient, fully equipped modular houses in the CLT construction (cross-laminated timber) that integrate various energy solutions from the portfolio of the Keno Group.
• Keno Energia: is active in electricity trading and acts as a competitor to established energy suppliers. The company also enables the offsetting of energy from PV systems and acts electricity on the Polish electricity exchange.
• Emiternet: acts as a distributor for smart home systems and other related products.
• Frankensolar: is one of the largest distributors for products in the field of renewable energies in the Czech and Slovak market and is part of the Keno Group.

The international presence of the Keno Group extends through branches in Germany (Keno GmbH), Great Britain (Keno Energy LTD), Norway (Keno Energy AS), the Czech Republic (through FrankenSolar Eastern Europe Sro), Romania (Keno Energy SRL) and Hungary (Keno Energy KFT).

The diversified structure of the Keno Group, which includes production, distribution, energy trade and the construction of modular houses, indicates a strategy of vertical integration and risk diversification. This structure enables Keno to cover different segments of the value chain in the area of ​​renewable energies. For example, the integration of products and services of the entire group in Keno Home is a clear indication of the endeavor to use synergies. However, such diversification can also increase the complexity of corporate management and requires efficient coordination of the individual business areas to ensure competitiveness.

The foundation of the subsidiary Keno Energy for electricity trading can be interpreted as a strategic reaction to changes in the funding mechanisms for renewable energies, such as the transition to the net billing system in Poland. This enables Keno to continue to support the economy of PV systems for end customers and at the same time to open up new sources of income in the energy market. The role of Keno Energia thus goes beyond pure electricity trade and is closely linked to the core business in the PV sector.

Product and service portfolio

The Keno Group's product and service offer is broad and covers numerous aspects of renewable energies and energy efficiency:

• Photovoltaic systems: Keno is both a distributor for PV modules of leading international manufacturers and producers of their own PV systems under the Kensol brand. The offer includes complete PV systems for different areas of application.
• Montage systems: A core competence of Keno is the in-house production of TÜV-certified PV assembly systems for open space and roof systems. These systems are known for their simple and quick installation.
• Connection distributors and switchgear: Keno produces its own connection distributor and switchgear (Combiner Boxes), which are offered both as standard models and customer -specific configured. The production capacity is over 1,000 units per day.
• Heat pumps and HLK equipment: Keno TÜV-certified heat pumps (in particular air-water heat pumps) and associated HLK equipment such as hydroboxes sell under the Kensol brand.
• E-mobility solutions: The portfolio also includes solutions for electromobility, such as charging stations.
• Energy storage systems: Keno distributes battery storage systems from different manufacturers and integrates them into its energy solutions.
• Modular CLT-Houses (Keno Home): An innovative business area is the production of energy-efficient, ecological module houses made of boarding wood (CLT), which are equipped with EE systems and smart home technology in the Keno Group by default.
• Smart Home Systems: About EMITERNET and the Kensol Smart EMS (Energy Management System), the group offers intelligent house control systems that help optimize energy consumption.

In addition to this product range, Keno offers comprehensive services. This includes certified training for installers in the area of ​​renewable energies (OZE) through the accredited training center of the Polish office for technical surveillance (UDT), product training and webinars. The company provides technical advice, supports the planning and implementation of PV projects and operates its own PV laboratory for modules. An important interface to the installers is the Keno B2B platform that offers online tools for configuring and ordering products.

The extensive portfolio, the PV systems, heat pumps, electromobility solutions, energy storage and smart home systems combined, positions Keno ideal to benefit from the growing trend of sector coupling. This trend aims to intelligently network the sectors of electricity, heat and traffic in order to increase energy efficiency and maximize the use of renewable energies. Keno can act as a provider of integrated energy solutions for buildings, which goes beyond the purely sale of individual components.

The Keno Home segment in particular has considerable growth potential. These module houses combine the trend towards quick, prefabricated building with the increasing awareness of sustainability through the use of CLT wood and the standard integration of EE technologies of the Keno Group. With the corresponding market acceptance, scalability of production and competitive pricing, Keno Home could develop into an important sales and image carrier.

Research, development and innovation

Research and development (F&E) as well as innovation are central pillars of Keno's corporate strategy. The group maintains its own F&I department and has been working closely with the Silesian Technical University since January 2021. This cooperation underlines the endeavor to stay technologically at the top and to secure access to current know-how and qualified specialists.

A unique selling point from Keno in Poland is your own PV laboratory. This is equipped with a class A+A+A+sun simulator and can test photovoltaic modules up to a size of 270 cm x 140 cm. The laboratory not only enables quality control and performance testing of modules, but also the implementation of tests according to international standards such as IEC 60904-9 ED. 3 and bypass diet tests according to IEC 61215-2. This ability for independent examination and verification is an important factor for securing product quality and the trust of customers.

The focus of the F&E activities is on the development of innovative solutions that increase the longevity of the products and thus improve the profitability of the installed systems and reduce their environmental impact. One result of these efforts is the TÜV certification of the assembly systems produced by Keno itself, which confirms their quality and security.

Investments in its own F&I infrastructure and the test laboratory make Keno a potential competitive advantage over pure trading companies. They enable the company not only to drive off products, but also actively participate in their improvement, to set their own standards and to react faster to technological developments and market requirements. This is particularly important in a dynamic and often prize-driven market like that for PV components. The statement of management to actively help shape the market instead of just reacting to it is underpinned by these investments in innovation and quality assurance.

Financial performance and market positioning

Analysis of the latest financial results

In 2023, the financial development of the Keno Group, in particular its main companies Keno Sp. Z oo and Keno Energia Sp.

Keno Sp. Z oo, the core company of the group, recorded sales of 999.19 million Pln in the 2023 financial year. This represents a significant decline compared to previous years; A turnover of 2.28 billion PLN or EUR 575 million was reported for 2022 and for 2021 of 1.87 billion PLN. The change in the result is even more serious: After a net profit of 141.94 million PLN in 2022 and 177.55 million PLN in 2021, Keno Sp. Z oo for 2023 had to show a net loss of 41.46 million pln. The EBIT (result before interest and taxes) was in 2023 at -45.90 million Pln and the EBITDA (result before interest, taxes, depreciation on property systems and depreciation on intangible assets) at -39.76 million Pln. The company's balance sheet total was reduced from 936.50 million PLN in 2022 to 615.27 million PLN in 2023. The decline in liabilities is positively to 133.35 million Pln, which led to a relatively low debt of 22%.

Keno Energia Sp. Z oo, the subsidiary working in the energy trade, was able to increase its turnover by 42.97% to 209.21 million PLN in 2023 with 147.31 million pln in 2022. Despite this sales growth, the company remained in the loss zone with a net loss of 648,225 PLN in 2023. the net loss of 2.42 million pln in 2022. In 2021, Keno Energia had made a win of 378,544 PLN. The EBIT and EBITDA for 2023 were at -389,718 pln. The total assets of Keno Energia fell from 7.38 million pln (2022) to 5.01 million pln (2023). The high degree of debt of 139% in 2023, which is due to liabilities of 6.97 million PLN.

Financial key figures Keno Sp. Z oo and Keno Energia Sp. Z oo (2021-2023)

Sources: The sales for Keno Sp. Z oo for 2022 are specified differently in different sources (2.28 billion PLN or 513 million USD). The value used here of 2.28 billion pln is based.

The financial key figures of Keno Sp. Z oo and Keno Energia Sp. Z oo for the years 2021 to 2023 show a significant development in different areas. In Keno Sp. Z oo, sales of EUR 412.30 million in 2021 initially rose to ~ 501.60 million in 2022, but then decreased significantly to EUR 219.82 million in 2023. At the same time, the company showed a net loss of -9.12 million in 2023 after it was a net profit of EUR 39.06 million in the two previous years (2021) and EUR 31.23 million (2022). EBIT decreased to -10.10 million EUR in 2023 after EUR 48.41 million (2021) and EUR 41.20 million (2022). Similarly, the EBITDA of EUR 48.85 million in 2021 and EUR 41.98 million fell to -8.75 million EUR in 2023 in 2022.

At Keno Energia Sp. Z oo, sales continuously rose from EUR 31.55 million in 2021 to EUR 32.41 million in 2022 and reached EUR 46.03 million in 2023. Nevertheless, the company remained in a similar framework for net profit-/-loss index in all three years, whereby 2021 was achieved an easy profit of EUR 0.08 million in 2021 and In the following years, losses of -0.53 million EUR (2022) and -0.14 million (2023) were shown. The EBIT also showed a decrease and fell from EUR 0.11 million (2021) over -0.48 million EUR (2022) to -0.09 million (2023). The EBITDA followed a similar course, but remained in 2023 with -00.09 million compared to EUR -0.46 million in 2022 and EUR 0.11 million in 2021 at a more stable level.

Overall, the key figures reflect economic challenges, whereby the sales development of Keno Energia Sp. Z oo tends to be positive, while Keno Sp.

Please note: For a correct tax or financial assessment, the exact exchange rate of the respective period should be used.

The drastic decline in sales and the change from high profits to significant losses at Keno Sp. Z oo in 2023 are critical development. Several factors could have contributed to this:

Firstly, reports already indicated that the growth in micro installations in the Polish PV market indicated that there was a general decline in solar investments in Poland in 2023. This could have steamed the demand for Kenos core products.

Second, Keno has invested significantly in the international expansion and diversification of its business model in recent years, for example in the establishment of warehouse and administrative structures in new markets and the development of the Keno Home Segment. Such expansions are typically associated with high preliminary investments, which can burden the result at short notice.

Thirdly, the operational costs, including personnel costs, have risen both at Keno Sp. Z oo and Keno Energia, which could also have put the margins under pressure. After all, the competition in the market for renewable energies is intensive, which can lead to price pressure.

In contrast to the decline in Keno Sp. Z oo, Keno Energia was able to increase its sales. This could indicate a successful establishment in the energy trade segment. However, the persistent losses and the high level of debt of 139% in Keno Energia show that profitability in this area has not yet been achieved. This could be due to start -up costs, low margins in electricity trade or investments in customer acquisition.

Despite the loss at Keno Sp. Z oo, the degree of debt of 22% appears relatively moderate. This could offer the company a certain financial flexibility for the necessary trend reversal. The simultaneous decline in the total assets and the liabilities could indicate consolidation measures such as the sale of assets or the repayment of debt, possibly to secure liquidity or to sharpen the focus on core areas. However, these measures must be assessed in the context of the overall strategy and long -term profitability.

Market share in Poland and competitive analysis

Keno had developed a strong market position in Poland in the years before 2023. According to a study by the Polish Institute for Renewable Energies, Keno achieved a market share of over 50% in the PV modules sold in Poland in 2021, based on the sale of over 830 MW of modules. In 2022, Keno even delivered 1027 MW of PV modules and 1326 MW of inverters. These numbers underline the company's dominance at the time in the Polish PV distribution market. In view of the challenging financial results for 2023 and the changed market dynamics, the question arises whether this high market share could be kept. A more difficult overall market, characterized by slowing down the growth and a decline in solar investment, could either have led to shrinking the overall market or to a market share loss for Keno, or a combination of both.

The competitive environment for Keno is complex. In the broader Polish energy market, Keno competes, especially through Keno Energia, with large, vertically integrated energy groups such as PGE, Tauron, Enea and Energies, which are also active in the area of ​​renewable energies. In the specific segment of PV assembly systems, where Keno appears as a manufacturer, international specialists such as Schlettter, Unirac and Terrasmart are the main competitors. In the market for heat pumps, Keno (with its Kensol brand) meets established international manufacturers such as Daikin, Mitsubishi Electric and Panasonic.

The Tracxn platform evaluates Keno in the area of ​​“Solar Racking and Solar Mounting System” in 36 out of 173 active competitors and awards a score of 25/100. Leading competitors such as Schlettter (Score 53/100) or Unirac (Score 52/100) are classified significantly higher here. This indicates that Keno is present in this specific production segment, but still has potential to strengthen its market position in international comparison.

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Market development and forecasts in the operational countries

The markets in Europe used by Keno Energy show mostly positive growth prospects for renewable energies, driven by political objectives, technological progress and increasing environmental awareness. However, the specific developments and forecasts vary from country to country.

Poland

The Polish market for renewable energies has been strongly dominated by photovoltaic microphilia in recent years, which reached an installed output of 12.7 GW by 2024, with 99% of solar energy. The prosumer market is an essential driver of this growth. The PV inverter market is expected to grow by 2030 with an average annual growth rate (CAGR) of 25.9%. The heat pump market also recorded dynamic growth by 2023 and was considered the fastest growing in Europe for three years. The battery market also expands strongly with a forecast CAGR of 22% by 2030. However, there was finally signs of slowing down the growth in micro installations and a decline in the overall investment in solar energy in 2023. Provides more ambitious EE goals. The modernization of the network infrastructure remains a challenge in order to cope with the increasing EE feedback. Overall, growth of $ 1.5 billion is forecast for the Polish EE market in 2023 to $ 5.9 billion in 2031 (CAGR 18.8%), whereby the solar PV segment should have the highest growth.

Germany

In Germany, the proportion of renewable energies in electricity generation in 2024 already reached 59%. The solar energy market had an installed power of 103.45 GW in 2023 and is expected to grow to 514.31 GW by 2033 (CAGR 17.39%). The market for heat pumps in the residential building sector will probably reach USD 679.8 million by 2025 (CAGR 11.9% from 2019-2025). The energy storage market is also growing steadily, driven by the integration of renewable energies and the increase in electromobility. Political instruments such as the Renewable Energies Act (EEG) with feed-in tariffs and various funding programs support this development.

United Kingdom

Renewable energies generated in the United Kingdom for the first time in 2024 over 50% of the electricity. The market for solar power is expected to grow from 23.5 GW in 2024 to 130 GW in 2033 (CAGR 18.7%). The market for air heat pumps is expected to increase from USD $ 5.09 billion to 2030 (CAGR 11.25%), and the thermal energy storage market is to achieve a volume of USD 860.9 million (CAGR 12.3%). Important political drivers are the auction system for Contracts for Difference (CFD), the Net Null emission goal until 2050 and support programs such as the boiler upgrade scheme.

Norway

Norway recorded a greatly increased demand for electricity from renewable energies in 2024, documented by proof of origin (Guarantees of Origin). The heat pump market is expected to grow from $ 770.1 million in 2024 to USD 1.34 billion to 2030 (CAGR 9.4%). Particularly strong growth is expected for the market for battery management systems, which is expected to achieve a volume of $ 713.4 million by 2030 (CAGR 25.1%). The Norwegian government promotes EE investments, also in developing countries, through state guarantees. The PV market is even less developed compared to other European countries, but interest in storage solutions and heat pumps is high.

Hungary

In 2024, Hungary achieved a remarkable proportion of 25% solar power at the national energy mix, with an installed solar capacity of 7.8 GW. The country has good solar potential. However, the heat pump market declined in 2024 after several years of growth. The energy storage market is under construction, including through initiatives from the Energy Group MOL, the large battery storage projects. The national energy strategy by 2030 is aimed at increasing the EE content, supported by feed-in tariffs and tenders for solar PV.

Romania

Romania recorded record growth in the solar energy sector in 2024 and achieved an installed capacity of 5 GW, which corresponds to an increase of 1.8 GW compared to 2023. With 2.2 GW, over 170,000 prosumers contributed to this development. The market for battery energy storage systems (BESS) is also growing strongly, with a target of 3 GWH in the coming years. There are hardly any detailed data for the heat pump market. The Romanian government promotes EE expansion through CFD auctions, an updated NEKP with increased goals (solar target: 10 GW by 2030) and improved network connection rules.

Czech Republic & Slovakia

In the Czech Republic, the PV market has been experiencing a revival since 2020. In 2023, almost 1 GW of new PV performance was installed, mainly driven by private roof systems. The country is aiming for an installed solar capacity of 10 GW by 2030. EU funds support the expansion of energy storage (goal: 1.5 GWh). The funding takes place via feed -in tariffs or premium models.

In Slovakia, the PV market grew by 274 MW in 2024, which increased the total capacity of over 900 MW. This growth was primarily driven by companies and self -consumption. The national goal provides for 1.2 GW solar capacity by 2030. The funding is carried out by feed -in remuneration and grants. The Slovakian market for heat pumps (parts for cold and freezers as well as heat pumps) grew by 7.13%in terms of value.

Comparative overview of EE market growth forecast (CAGR) for important operational countries and technologies

Note: The CAGR value for the entire EE market is given for Poland, Solar-PV is expected as a segment with the highest growth.

The comparative overview of market growth forecast for renewable energies (CAGR) in important operational countries and technologies shows an interesting dynamic. Up to 2031, Poland has a total growth of renewable energies of 18.8%, with strong growth in heat pumps and a CAGR of 22% for batteries between 2024 and 2030. In Germany, growth for solar energy is 17.39% (2023–2033), while heat pumps in residential buildings between 2019 and 2025 and battery systems without Develop the specified CAGR strongly. The United Kingdom achieves solar growth of 18.7% by 2033 and a growth rate of 11.25% in air heat pumps by 2030, while storage technologies have a growth of 12.3% in the same period. Norway, although less developed, expects a CAGR of 9.4% for heat pumps (2025–2030) and impressive growth in battery systems (25.1% by 2030). Heat pumps are declining in Hungary, while solar and battery technologies grow strongly, the latter with no specified growth rate. R. The Czech Republic also has high growth goals for solar systems (10GW until 2030) and storage technologies (EU funding from 1.5GWH), while heat pumps are growing by 13.1% across Europe. Slovakia shows a moderate growth of over 1% in solar energy between 2025 and 2030 and 7.13% in partial markets of heat pumps in 2023. Europe's battery storage is also promising with growth of 45% by 2029.

The analysis of the operational countries shows a consistently positive trend for the technologies offered by Keno. This confirms the strategic direction of Keno's product portfolio to growth segments. A recurring challenge in several markets, such as Poland and Romania, is the condition and expansion of the network infrastructure. Bottlenecks here could brake the quick expansion of renewable energies and thus the growth of Keno if projects cannot be realized due to a lack of network capacities. Furthermore, market development in many countries depends heavily on state support programs and political framework. Changes in these programs can have a significant impact on market dynamics, which for Keno both opportunities and risks and requires a high level of adaptability.

Development and activities of Keno Energy in the target countries

Keno Energy has expanded its business from his home market Poland to several European countries. The strategy and the level of development vary depending on the market.

Poland (main market)

In Poland, Keno has an established and strong market position, both as a distributor of leading international brands and as a manufacturer of its own products under the Kensol brand (PV modules, heat pumps) and Keno (assembly systems, distributors). The company offers comprehensive services for large -scale projects in the field of photovoltaic farms, which range from planning and design to the delivery of components to support in energy marketing by the subsidiary Keno Energia. The own production of TÜV-certified assembly systems and electrical distributors ensures control of quality and supply chains. A long-term partnership with the PV module manufacturer Longi, which, for example, included the delivery of 400 MW on modules in 2022, underlines the importance of Keno as a distribution partner. However, the challenging financial results for Keno Sp. Z oo and Keno Energia in 2023, which were accompanied by a decline in solar investments in Poland in the same year, indicate a more difficult market environment or internal adaptation. The company has hired strategic considerations for adapting to the new Net Billing system for prosumers in order to continue to support the profitability of PV systems.

Germany (Keno GmbH / Keno Energy GmbH)

The expansion to Germany was founded by the foundation of Keno GmbH (also known as Keno Energy GmbH), a subsidiary of the Polish Keno Group. A significant step was to sign a long-term rental agreement in December 2023 for a new logistics and administrative property in Hilden near Düsseldorf. This contract has a volume of EUR 16 million and signals the long -term commitment of Keno in the German market. The focus in Germany is on the distribution of complete photovoltaic systems and heat pumps. Keno has been awarded the “Top Brand PV Award” in the wholesale segment several times in Germany, including in 2021, 2023 and 2024, which reflects recognition in the industry. The law firm Tigges has accompanied Keno on legal and tax issues since entering Germany.

United Kingdom (Keno Energy Ltd)

Keno Energy LTD was founded on November 4, 2022 and is based in London, but operates a camp in West Hallam, Ilkeston. The company works as an authorized distributor and manufacturer of complete PV systems. The business activities include the production of PV assembly systems and switching boxes (with TÜV certification), the distribution of high-quality PV components with a focus on high stocks for minimizing waiting times, didactic offers (accredited UDT training center, cooperation with the Silesian University of Technical University) as well as research and development for product improvement. A committed team, including an industry manager and a Europe Sales Manager with a focus on the British market, is driving the activities. The registered business areas include electrical installation, wholesale with electronics and telecommunications equipment, unspecificized wholesale and retail via mail order or internet.

Norway (Keno Energy AS)

As part of his European expansion, Keno founded a branch in Norway under the name Keno Energy AS. The company positions itself as a provider of comprehensive solutions for experts in the field of renewable energies. The product portfolio for the Norwegian market includes PV modules, inverter and the assembly systems and distribution boxes produced by Keno itself. The Keno B2B platform is also available. Detailed information on specific projects or the market share in Norway is less prominent in this information than for other countries.

Hungary (Keno Energy KFT)

Keno is also represented in Hungary with its own branch, Keno Energy KFT. Similar to other markets, Keno offers comprehensive solutions for renewable energies and a B2B platform for installers. Participation in specialist conferences such as the “Sustainable Tech 2024” in Hungary indicates active market processing. Specific major projects or detailed market share information for Hungary are currently not publicly documented.

Romania (Keno Energy SRL)

The official market entry in Romania took place in 2023. Keno Energy SRL operates a warehouse with over 2,200 sqm area in the CTP Park Bucharest (Dragomirești Deal). From here, the company sells a wide portfolio of international brands such as Huawei, Sharp and Longi as well as Keno's own products, including PV modules, assembly systems, heat pumps and charging solutions for electric vehicles. An important part of the offer in Romania is the B2B platform and a training center that offers courses for anre-certified installers. Participation in industry events such as the Cisolar & Green Battery 2024, in which the Sales Director Bianca Dragusin performed as a spokeswoman, underlines the commitment in the Romanian market.

Czech Republic & Slovakia (Franken solar Eastern Europe Sro)

FrankenSolar, one of the largest distributors for renewable energies in the Czech Republic and Slovakia, has been part of the Keno Group since 2023. FrankenSolar Eastern Europe SRO focuses on the distribution of high-quality PV components. A recently announced strategic partnership between the inverter manufacturer Sigenergy and Franken solar Eastern Europe aims to further develop the Czech solar market and was presented at the Strechy Praha trade fair. This positions Frankensolar as an important partner for manufacturers who want to gain a foothold in these markets. Specific project lists or number of market share for Franconia is not available in detail, but the role as a leading distributor is clear.

Kenos expansion strategy in Europe is clearly recognizable and typically includes the construction of local sales and logistics structures as well as the provision of training offers to bind and qualify local installers (e.g. Anre in Romania, Udt in Poland/UK). The takeover or integration of established actors such as Franconia is a strategic move to gain faster market access in the Czech Republic and Slovakia. These localization efforts indicate the endeavor to anchor yourself deep in the respective markets.

While the expansion is progressing, the financial results of 2023 raise the question of the current profitability of international operations and the associated investment costs. The international expansion is capital -intensive (personnel, rents, marketing, warehouse structure), and it will be crucial to observe when these new markets can make a positive contribution to the group result.

The importance of strategic alliances with manufacturers for the distribution business is underlined by the partnership with Longi in Poland and the cooperation between FrankenSolar with Sigenergy in the Czech Republic. Such partnerships are essential in order to be able to offer a competitive product portfolio.

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SWOT analysis

A SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) offers a structured overview of the internal and external situation of Keno Energy:

Strengthen

Established market position in Poland: Keno had a significant market share in the Polish PV module market in 2021/2022.

Drees, diversified product portfolio: The offer includes PV systems, heat pumps, assembly systems, energy storage, e-mobility solutions and energy-efficient modular houses (Keno Home), which enables a comprehensive coverage of customer needs in the area of ​​renewable energies.

Own production and F&E: The self-production of core components such as assembly systems and distributors as well as your own F&E capacity, including a PV test laboratory, enable quality control, innovation and a certain independence.

International presence: branches in several growing European markets for renewable energies (Germany, UK, Norway, Hungary, Romania, Czech Republic/Slovakia) offer geographical diversification and growth potential.

Training and B2B platform: A accredited training center and a well-established B2B platform for installers promote customer loyalty and technical know-how on the market.

Visionary management: The declared intention of management to actively shape the market instead of just reacting indicates proactive and future -oriented corporate management.

Weaken

Financial performance 2023: The significant decline in sales and the net loss to Keno Sp. Z oo as well as the persistent loss of net at Keno Energia in 2023 are considerable weakness and raise questions about short -term profitability. The high degree of debt from Keno Energy is also questionable.

Dependence on funding programs: Demand in many markets for renewable energies still depends heavily on state subsidies and political framework conditions. Changes or the elimination of such programs can negatively affect market dynamics.

Competition position in specific segments: According to Tracxn, Keno has a relatively low score compared to top international competitors in the area of ​​PV assembly systems, which indicates improvement potential in this specific production segment.

Internal challenges: Employee reviews on platforms such as Gowork.PL sometimes indicate internal dissatisfaction or structural problems, even if there are also positive voices. This could affect employee loyalty and operational efficiency.

opportunities

Growing EE markets in Europe: All European markets used by Keno show positive growth forecasts for solar PV, heat pumps and energy storage, driven by EU climate goals and national energy strategies.

Sector coupling and integrated solutions: The increasing demand for holistic energy solutions for buildings (PV + memory + heat pump + e-mobility + smart home) offers Keno significant opportunities with its broad portfolio.

Growth potential for Keno Home: The trend towards sustainable and fast construction, combined with the integration of EE technologies, could make Keno Home an important growth field.

Expansion of the energy trade: Keno Energia has the potential to continue growing in liberalized energy market, in particular through innovative offers in the context of net-billing and flexibility marketing.

Further international expansion: There are opportunities to deepen the presence in existing international markets or to expand into new, promising European markets.

Poland as a “Cleanetech Hub”: Poland's development into an important location for clean technologies in Europe, supported by EU funds, can create positive framework conditions for Keno.

Risks

Intensive competition: Keno sees itself exposed to strong competition from local and international actors in all product segments and markets.

Price pressure: Especially with PV components there is often a considerable price pressure that can strain the margins.

Network infrastructure bottlenecks: Delays or inadequate capacities when expanding the power grids in key markets could hinder the implementation of EE projects and thus the demand for Kenos products.

Economic uncertainties: economic downturns or high inflation could dampen the willingness to invest in renewable energies in both private and commercial sector.

Supply chain dependency: How many companies in the EE sector also depends on working global supply chains for components and raw materials.

Effects of the financial situation 2023: The negative financial results of 2023 could affect the company's ability to grow aggressively, to maintain favorable financing conditions or to strengthen the trust of partners and investors.

Potential growth strategies and recommendations for action

Based on the analysis of the market conditions and the company situation, the following strategic shock directions and recommendations for Keno Energy can be derived:

Stabilization and optimization of the core business in Poland

A thorough analysis of the causes of the significant decline in sales and the losses of the Keno Sp. Z oo in 2023 is essential. Building on this, countermeasures should be initiated. This could include strict cost management, the increase in surgical efficiency and an adaptation of the sales and product strategy to the changed market conditions in Poland (e.g. saturation tendencies in the prosumer market, effects of the net billing system).

Keno Energia's profitability must be improved. This could be achieved through the development of innovative energy products and services, optimization of trade strategies or greater integration with the PV system business in order to use synergies as part of the net billing and the marketing of flexibility.

Profitable growth of international expansion

International expansion should continue to be a strategic focus, but with a clear focus on profitability. It is important to prioritize those markets that offer the best growth prospects in combination with achievable margins.

The cost structures of the foreign branches should be critically checked and optimized to ensure that international activities make a positive contribution to results promptly.

Strengthening the differentiation and solution business

Keno should highlight the advantages of its own products (Kensol PV modules and heat pumps, Keno Montage systems, Keno Home) and its specialized services (F&E, accredited training, PV laboratory) in the marketing in order to stand out from the pure distribution competition.

An increased focus on the offer of integrated energy solutions (PV + memory + heat pump + e-mobility + smart home management) is recommended. Keno Home in particular offers an ideal platform to offer such complete solutions from a single source and demonstrate the added value for the customer.

Strategic considerations on the capital base and partnerships

The information that Keno is an “unfunded company” typically refers to the absence of external venture capital or private equity finance rounds. This does not exclude traditional bank financing or internal financing. In view of the losses in 2023 and the ambitious growth plans, however, a review of the capital structure and, if necessary, the development of new sources of financing or strategic partnerships could be useful to ensure the necessary investments in product development, international expansion and marketing.

Internal processes and employee satisfaction

The criticism expressed in some employee reviews should be taken seriously and addressed. The securing of high employee satisfaction and loyalty is crucial to keep qualified specialists and to ensure a high surgical excellence. This is particularly important in a knowledge -intensive and dynamic sector such as renewable energies.

The results of 2023 make it clear that a mere continuation of the previous strategy for Keno may not be sufficient. Adaptation to the changed market conditions, especially in the home market of Poland, as well as a critical review of the costs and the profitability of international investments seem to be essential. The discrepancy between the ambitious growth and expansion rhetoric and the hard financial figures of 2023 indicates that the company has to react to these challenges in order to ensure and expand its market position sustainably.

A key to success will be to fully exploit the considerable synergy potential between the different business areas of the Keno Group. Keno Home is an exemplary example of how the group's products and services (Kensol PV and heat pumps, assembly systems, Keno Energy Services) can be bundled and marketed as an integrated solution. The effectiveness of the use of these synergies in practice and the potential for further optimizations for reducing or increasing customer protection should be assessed continuously.

The long -term vision of management to actively shape the market and not only react to it is a positive indicator of the strategic orientation of the company. However, the current financial challenges require equally strong attention to short -term measures for improvement in results. This is the only way to create the financial basis to realize the long -term vision and to position Keno Energy as the leading provider of comprehensive solutions for renewable energies in Europe.

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