The Management Board of Polenergia S.A., a company with its registered office in Warsaw (the ‘Issuer’), announces selected preliminary estimated consolidated financial results of the Polenergia S.A. Group. (‘Group’) for nine months of 2024.
The Group’s EBITDA result for the nine months ended September 30, 2024 amounted to PLN 544.9 million, an increase of PLN 125.1 million compared to the result in the same period of the previous year. This was mainly due to a higher result in the onshore wind farms segment, which is mainly a consequence of higher Power prices obtained by the farms, in notice of the non-extension to 2024 of the freeze on Power prices for generators and higher production, related to the start of operation of the Grabowo (44 MW) and Piekło (13.2 MW) wind farms in the third quarter of 2023. Higher year-on-year EBITDA was also recorded in the distribution segment mainly due to a higher unit margin on power sales and a higher margin on power distribution. The above effects were partially offset by a lower result in the trading and sales segment, which 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 the trading of power 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 scale of the Group’s operations.
In the first three quarters of 2024, the Group’s adjusted net profit amounted to PLN 296.9 million, an increase of PLN 83.2 million over the result in the same period last year. The change in adjusted net profit in 2024 was mainly due to the factors affecting EBITDA described above, higher depreciation and amortisation resulting from the increase in generation capacity and the amortisation of the dismantling provision set up and an increase in financial revenue from guarantees granted and financial expenses from fees.
The EBITDA result in the third quarter of 2024 alone amounted to PLN 150.3 million, an increase of PLN 39.3 million compared to the result in the same period of the previous year. This was mainly attributable to the higher result in the onshore wind farms segment as a result of higher power prices obtained by the farms, in notice of the non-extension of the freeze on power prices for generators to 2024. The above result was partially offset by a lower result in the unallocated segment.
In the third quarter of 2024, the Group’s adjusted net profit amounted to PLN 74.5 million, an increase of PLN 30.6 million compared to the result in the same period last year.
The figures presented are estimates and are subject to change. The final consolidated results will be presented in detail in Polenergia Group’s consolidated quarterly report for the third quarter of 2024, scheduled for publication on November 21, 2024.
Legal basis: Article 17 clause 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. 2014 No. 173, p. 1, as amended).
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