Highlights from Polenergia’s financial report for the first quarter of 2024:
• PLN 236.3 million – adjusted EBITDA (+17% year-on-year)
• PLN 141.9 million – adjusted net profit (+16% year-on-year)
• 574 MW – capacity of onshore RES projects in operation (+22% year-on-year)
• 2100 MW – capacity of onshore RES projects in development in Poland
• 3000 MW – maximum capacity of offshore wind farms in development
Polenergia has published its consolidated financial report for the first quarter of 2024. During this period, the Group achieved an adjusted EBITDA of PLN 236.3 million. This represents a year-on-year increase of PLN 35 million, or 17%. The first quarter of 2024 also saw an increase in the Group’s adjusted net profit, which amounted to PLN 141.9 million, an increase of PLN 19.6 million or 16% year-on-year.
Polenergia started 2024 with double-digit growth, which is the best proof of the effectiveness of our operations. The very good performance of our Group is an important signal for investors who support us on our path of systematic growth. In the last 12 months, we have commissioned more than 100 MW of new capacity gathered from renewable sources. The amount of energy we generate thanks to them is a harbinger of further record results of Polenergia.
Double-digit growth driven by wind energy
Polenergia’s higher EBITDA for the first quarter was driven by, among other things, growth in the onshore wind segment, where the Group recorded a result higher by PLN 58.2 million compared to the same period in 2023. Polenergia’s total RES capacity increased by 22% compared to the same period last year. The 44 MW Grabowo and 13.2 MW Piekło wind farms were commissioned in Q3 2023. The improved performance was also driven by higher energy sales prices compared to last year’s prices.
Strategic consistency
In the first quarter of 2024, Polenergia implemented further projects in its key strategic areas. The construction of the Strzelino photovoltaic farm was completed, construction of the Szprotawa I and Szprotawa II photovoltaic farms began. In the distribution segment, Polenergia continued to implement the adopted plan for 2021-2026. The Group also actively developed the infrastructure and services of electric vehicle charging stations. In the first three months of 2024, Polenergia also concluded key agreements for the Baltic 2 and Baltic 3 wind farm projects, jointly developed with Norway’s Equinor.
Our interest today naturally focuses on the construction of wind farms in the Baltic Sea. The current timetable calls for the launch of our first wind power plants in the Polish sea in just three years. The Baltic projects, implemented by Polenergia in cooperation with Equinor, will open a new chapter in the history of the Polish energy industry. Their launch will be a development leap for Polenergia, which will absolutely translate into increases in our financial results.
Distribution with high margins
It is not only the wind segment that is responsible for Polenergia’s higher results in the first quarter of 2024. The Group also recorded higher adjusted EBITDA in the distribution segment.
Compared to the first three months of last year, the result is higher by PLN 15.6 million, which is a consequence of the high unit margin on energy sales in the first quarter of this year. This, in turn, is due to a lower energy purchase price, with sales prices remaining at a similar level until the fourth quarter of 2023, and a higher margin on energy distribution.
Sales compensated by wind farms and distribution
Revenue from sales excluding the trading segment in the first quarter of 2024 amounted to PLN 350.3 million and was 34% higher than revenue excluding the trading segment in the first quarter of 2023.
In total, sales revenue for the first quarter of 2024 amounted to PLN 1,191.2 million, down by PLN 275.7 million compared with revenue for the first quarter of last year, which was mainly due to lower revenue in trading and sales (by PLN 364.8 million), offset in part by higher revenue in the onshore wind farms segment (by PLN 78.6 million) and in distribution (by PLN 11.3 million).
Non-financial reporting two years ahead of schedule
Polenergia also published its Consolidated Sustainability Report in the first quarter of 2024. The report was published much earlier than required by EU regulations – the 2023 document is based on the latest ESRS (European Sustainability Reporting Standards) reporting guidelines, which, together with the EU CSRD (Corporate Sustainability Reporting Directive), will only apply to Polenergia from 2025.
Polenergia’s ESG report was based on a so-called double materiality test and was also audited, receiving a positive assessment of compliance with the ESRS and the Taxonomy, a new EU law that classifies business activities based on sustainability. The Group had already been preparing for the new sustainability reporting obligations since 2021. From 2022 onwards, Polenergia has been reporting on its compliance with the Taxonomy.
Polenergia’s key documents for the first quarter of 2024:
• Consolidated Financial Report:
• Result presentation:
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