Photon Energy replaces CFO as bond review tests Photon Energy stock

Published on 10/18/2026 at 13:04 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

A review is due by November 30, 2026. Photon Energy stock is tied to a EUR 78.77 million bond with a 6.50 percent coupon.

Funding review and leadership change

Photon Energy ended Andrej Horansky's CFO role on October 14, 2026.
Second-quarter 2026 revenue reached EUR 28.40 million and EBITDA EUR 5.80 million.
EY-Parthenon is expected to complete its review by November 30, 2026.

Photon Energy (WSE), NL0010391108, Illustration mit AI erstellt.

Photon Energy (ISIN NL0010391108) replaced its group CFO after Andrej Horansky left the role on October 14, 2026, according to PAP. Stanislav Zeman reassumed responsibility for the finance function, while the company continues to address funding and reporting pressure.

Leadership changes in October

The latest move came after Horansky had taken over as CFO on October 1, 2026. The October 15 announcement said the cooperation ended by mutual agreement, while Zeman returned to the CFO function after serving as chief operating officer.

Photon Energy's second-quarter 2026 revenue was EUR 28.40 million and EBITDA was EUR 5.80 million, compared with EUR 17.10 million of revenue and EUR 0.20 million of EBITDA in the first quarter, according to Agent Rynku. Net income was negative EUR 0.40 million in the second quarter, compared with negative EUR 4.60 million in the first quarter.

What does the bond review mean?

The financing issue remains central because Photon Energy's Green Bond 2021/2027 has EUR 78.77 million outstanding and carries a 6.50 percent coupon. An independent review by EY-Parthenon is expected by November 30, 2026, according to Batteriespeicher-Report. The same report said the equity ratio stood at 23.20 percent at June 30, 2026 under the bond definition, or 25.00 percent after an exception described by the company.

Three dated steps ahead

Photon Energy published second-quarter figures for the period ending June 30, 2026, sold 7.6 MWp of Slovakian solar assets on September 24, 2026, and changed its CFO on October 14, 2026. The asset sale was reported by finanzen.ch.

Upcoming dates for creditors

The next stated dates are November 23, 2026, for the next bond interest date, and November 30, 2026, for the expected completion of the EY-Parthenon review.

Stock context after October 16

A Stuttgart quote stood at EUR 0.24 on October 16, 2026 at 9:55 p.m. CEST. The dated market level keeps the financing review and the CFO change as the central issues for the stock.

The further course of trading is shown by the continuously updated real-time quote of Photon Energy stock.