Profil:
Polenergia SAPolenergia power posts PLN 150.3 mln EBITDA in Q3 2024, above market expectations
Poland's largest private energy group Polenergia's EBITDA result after three quarters of 2024 amounted to PLN 544.9 million (EUR 125.5 mln), up by PLN 125.1 million (EUR 28.8 mln) year on year. In the third quarter alone, the group's EBITDA reached PLN 150.3 million (EUR 34.6 mln), above the PAP Biznes consensus assuming a result of PLN 134.1 million (EUR 30.9 mln).
The higher year-on-year EBITDA result was mainly contributed by a higher result in the onshore wind farms segment. This, in turn, is mainly a consequence of higher electricity prices obtained by the farms, due to the lack of extension of the freeze on electricity prices for generators to 2024 and higher production, related to the start of operation of the Grabowo (44 MW) and Pieklo (13.2 MW) wind farms in the third quarter of 2023.
Higher EBITDA in annual terms was also recorded in the distribution segment mainly due to a higher unit margin on energy sales and a higher margin on electricity distribution.
The above effects were partially offset by a lower result in the trading and sales segment. The deterioration is mainly due to a lower result on other activities taking into account lower sales volumes of photovoltaic panels and heat pumps, a lower margin on electricity trading from RES assets as a result of a change in the billing model taking into account a higher purchase price from RES projects and higher operating costs due to the expansion of the group's scale of operations.
In the first three quarters of 2024, Polenergia Group's adjusted net profit amounted to PLN 296.9 million (EUR 68.4 mln), a year-on-year increase of PLN 83.2 million (EUR 19.2 mln).
The company said the change in adjusted net profit in 2024 was mainly driven by factors affecting EBITDA, higher depreciation and amortisation resulting from the increase in generation capacity and amortisation of the established dismantling provision, and an increase in financial income from granted guarantees and financial expenses from fees.
The EBITDA result in the third quarter of 2024 alone amounted to PLN 150.3 million (EUR 34.6 mln), up by PLN 39.3 million (EUR 9.1 mln) from the prior year period.
In the third quarter of 2024, the group's adjusted net profit amounted to PLN 74.5 million (EUR 17.2 mln), an increase of PLN 30.6 million (EUR 7 mln) over the result in the prior year period.
The final consolidated results will be presented in Polenergia's consolidated quarterly report for the third quarter of 2024. The company is slated to publish the report on November 21.
pr/ ao/
