DGB Group N.V. (“DGB” or “the Group”) (Euronext: DGB: NL000916951), a leading purpose-driven project developer focused on large-scale ecosystem restoration and the generation of verified carbon credits, announces the publication of its audited Annual Report for the financial year ended 31 December 2024. DGB also confirms that its Annual General Meeting (AGM) of shareholders will be held on 17 July 2025.
DGB develops nature-based projects including afforestation, reforestation, landscape restoration, and clean cooking initiatives across Africa and other emerging markets. These projects generate measurable environmental, biodiversity, and community impacts through the issuance of high-quality, independently verified carbon credits. These credits are sold to corporates and governments seeking to meet net-zero targets and invest in nature-positive solutions.
With fully audited financials, DGB solidifies its role as a public company on Euronext Amsterdam. This milestone marks the beginning of a new chapter, enhancing shareholder engagement and reinforcing the Group’s long-term commitment to environmental and financial integrity. Link to the Annual Report.
Annual General Meeting on 17 July 2025
Following the publication of the Annual Report, the Board of Directors convenes the Annual General Meeting (“AGM”) of shareholders on 17 July 2025. Key agenda topics for the upcoming AGM include the adoption of the 2024 audited annual accounts, voting on discharging the Executive Board of their 2024 duties, amendment to the Articles of Association, and presenting the outlook on the carbon credit market and DGB's strategy. The AGM’s full meeting notice, agenda and its explanatory notes, and further AGM materials can be downloaded from DGB’s website at www.green.earth/invest/investor-relations.
Frequently Asked Questions (FAQ)
1. What was the outcome of the audit for 2024?
DGB Group received a disclaimer of opinion from our independent auditor, GCP Auditors Ltd, on our financial statements for the year ending 31 December 2024. This outcome was fully anticipated and aligned with our objective to establish a formal audit foundation. This audit marks DGB’s transition into a new phase of financial maturity and accountability.
2. What does this audit opinion mean?
A disclaimer of opinion means the auditor was unable to obtain sufficient evidence to express an unqualified opinion—primarily due to the lack of audited opening balances from prior years. This stems from historical data limitations, as DGB had not undergone a full audit since 2018, before its strategic transformation into a carbon project developer. Without a verified baseline, the auditor could not confirm the opening balances for 2024.
This outcome was expected and aligns with our internal objective: to establish a clean and fully auditable financial trail starting with FY2024.
Crucially, a disclaimer is not a reflection of inaccuracies or misstatements—had those been present, an adverse opinion would have been issued. DGB’s 2024 financial statements were prepared with full transparency and a conservative approach, grounded in prudent valuation methods and verifiable data.
3. What are the implications for DGB and its shareholders?
This audit is a foundational milestone in DGB’s corporate development. While the disclaimer reflects our legacy data gap, the audit process itself reinforces our commitment to enhanced financial governance. There were no findings of fraud or regulatory non-compliance. The company remains fully compliant with Euronext Amsterdam listing requirements.
4. What does DGB do with this report going forward?
We are proud to share that we proactively used this audit as a benchmark year. Several structural improvements are already in progress. We are onboarding additional directors to strengthen governance, and we are actively preparing for a clean audit next year.
Our 2024 financials have been prepared using a deliberately conservative valuation approach. We applied low-case assumptions across all key items and intentionally excluded any potential upside from unverified revenues or future carbon credit valuations. This ensures a clear and reliable baseline from which future performance can be measured with confidence.
5. Why are valuations set conservatively?
In preparing our 2024 financial statements, we intentionally adopted the most prudent and conservative valuation assumptions. This included using minimum observable values for assets, investments, and receivables, and excluding any unrealised or projected revenues from carbon credits—even where underlying project progress was strong.
Our aim was to avoid incorporating forward-looking gains or asset revaluations at this stage, and instead establish a clean, transparent financial baseline. This conservative approach ensures that future upside—once verified and realised—can be reported with full clarity and credibility.
FY2024 marks a pivotal step in DGB’s financial governance. Looking ahead to FY2025, we are targeting a full, unqualified audit supported by enhanced data integrity, confirmed forward sales, and validated project revenues. Our commitment to robust, transparent financial reporting remains absolute.
6. How does this audit outcome affect DGB’s relationships with partners, customers, and regulators?
The audit enhances DGB’s credibility and reaffirms our commitment to accountability and transparency. Stakeholders—across regulatory, commercial, and investment domains—have responded positively to the full audit process and the increased transparency it brings. This marks a significant step in aligning DGB’s financial profile with its operational ambitions and long-term growth trajectory.
This audit marks an important milestone in enhancing DGB’s financial reporting and governance. The disclaimer reflects historical limitations and, therefore, demonstrates our commitment to transparency and external accountability. By taking this step, we have laid a stronger foundation for continued collaboration, regulatory alignment, and investor confidence going forward.
Contact for press enquiries
For more information about DGB's initiatives, please contact:
DGB GROUP NV
press@green.earth
+31320788118
Visit our website: https://www.green.earth/
Disclaimer
This press release qualifies as a disclosure within the meaning of Article 17 paragraph 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and contains inside information within the meaning of Article 7 paragraph 1 MAR.
This press release does not contain an (invitation to make an) offer to buy or sell or otherwise acquire or subscribe to shares in DGB and is not an advice or recommendation to take or refrain from taking any action. This press release contains statements that could be construed as forward-looking statements, including about the financial position of DGB, the results it achieved and the business(es) it runs. Forward-looking statements are all statements that do not relate to historical facts. These statements are based on information currently available and forecasts and estimates made by DGB’s management. Although DGB believes that these statements are based on reasonable assumptions, it cannot guarantee that the ultimate results will not differ materially from those statements that could be construed as forward-looking statements. Factors that may lead to or contribute to differences in current expectations include, but are not limited to: developments in legislation, technology, tax, regulation, stock market price fluctuations, legal proceedings, regulatory investigations, competitive relationships and general economic conditions. These and other factors, risks and uncertainties that may affect any forward-looking statement or the actual results of DGB are discussed in the annual report. The forward-looking statements in this document speak only as of the date of this document. Subject to any legal obligation, DGB assumes no obligation or responsibility to update the forward-looking statements contained in this document, whether related to new information, future events or otherwise. The provision of DGB’s services and products is subject to its General Terms and Conditions.
