The Management Board of Polenergia S.A. with its registered office in Warsaw (the ‘Issuer’) hereby publishes the selected preliminary consolidated financial results of the Polenergia S.A. Capital Group (the ‘Group’) for 2024.
The Group’s EBITDA result in 2024 amounted to PLN 642.1 million and was higher by PLN 94.5 million compared to the same period of the previous year. This was mainly due to the higher result of the onshore wind farm segment, which is primarily a consequence of the higher power prices obtained by the farms, due to the fact that the suspension of power price increases for producers was not extended to 2024. The distribution, photovoltaic farms, and gas and clean fuels segments also recorded a higher EBITDA year-on-year. These effects were partially offset by a lower result in the trading and sales segment, mainly due to a lower result in other activities in the area of prosumer energy as a result of the write-down of inventories and lower sales volumes of photovoltaic panels and heat pumps, as well as due to the lower result on power trading and business services, the time shift in the realisation of transactions on green certificates and the lower result on power trading from RES assets. A decrease in EBITDA was also recorded in the unallocated segment, mainly due to higher operating costs at the Head Office resulting from the increase in the scale of operations and one-off events, including the recognition in 2024 of the salary costs of Members of the Management Board ending their term of office in 2024.
The Group’s EBITDA result achieved in 2024, amounting to PLN 642.1 million, was composed of the results of individual segments:
In 2024, the Group’s adjusted net profit amounted to PLN 307.4 million, which is an increase of PLN 33.8 million compared to the same period last year. This was mainly due to the factors affecting EBITDA described above, which in turn was partially offset by higher interest and guarantee costs, financial costs due to discounting arising from the settlement of wind turbine and solar panel dismantling costs over time, the result on derivative transactions and foreign exchange differences, higher depreciation and amortisation, and higher income tax related to the Group’s higher gross profit.
The EBITDA result in the Q4 2024 amounted to PLN 97.3 million and was lower by PLN 30.6 million compared to the same period last year. This was mainly due to the lower result in the unallocated segment due to higher operating costs of the Head Office related to the increase in the scale of operations and the occurrence of one-off events, including the recognition of the costs of remuneration of Members of the Management Board ending their term of office in 2024 as a charge to 2024. This effect was further amplified by lower results in the distribution and trading & sales segments due to the provisions and inventory write-downs recognised in these segments. The above results were partially offset by the higher result in the onshore wind segment due to higher power prices and the higher result in the gas & clean fuels segment.
Excluding one-off events in the Q4 2024 income statement, including write-offs, provisions and one-off costs, totalling PLN 54.9 million, EBITDA for this period would amount to PLN 152.2 million, i.e. 19% more compared to the same period last year.
In the fourth quarter of 2024, the Group’s adjusted net profit amounted to PLN 10.5 million, which represents a decrease of PLN 49.4 million compared to the same period last year. This was mainly due to the factors affecting EBITDA described above and higher interest expenses.
The presented figures are estimates and may be subject to change. The final consolidated results will be presented in detail in the consolidated annual report of the Polenergia Capital Group for 2024, which is scheduled for publication on March 25, 2025.
Legal basis: Article 17.1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ EU L. of 2014 No. 173, p. 1, as amended).
Management Board of the Issuer
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