The revenues (+37.6%) and net profitability (+54.3%) of the TERNA Energy group showed a significant increase during the first quarter of the year following the increased installed capacity and the normalization of wind conditions, compared to the corresponding period of the previous year. Also, following the increase in operating profitability, the leverage ratio (Net debt/adj.EBITDA) decreased at the end of Q1 2024 to 4.1x from 4.7x at the end of 2023.

According to the company’s announcement, the installed capacity at the end of the First Quarter amounted to 1,227 MW compared to 906 MW at the end of the first quarter of 2023. It is recalled that the 327 MW Kafirea project fully electrified in the last quarter of 2023. Since the beginning of the year, TERNA ENERGY Group has continued the further development of its portfolio, as 63 MW of photovoltaics are under construction in Greecewhile the construction of another 560 MW of new projects of various technologies (mainly PV but also wind and storage projects) is gradually starting in Greece and abroad, which are expected to be put into operation by the end of 2025, representing a total investment of €370 million At the same time, the construction of the Amfilochia pumped storage project is progressing according to plan, as well as the further maturation of new projects, with the aim of increasing the power to 6.0 GW by the end of the decade.

Regarding the load factor, it was 33.7% for the entire portfolio in the first quarter of the year, compared to 32.5% for the first quarter of 2023, while specifically for Greece it was 33, 3% versus 31.9%. Combined with increased installed capacity, energy production increased by 42.2% to 879 GWh. It is noted that excluding the Kafireas project, energy production increased by 6.2%.

The total revenue during the 1st Quarter of 2024 amounted to € 101.7 million compared to € 73.9 million in the 1st Quarter of 2023. The revenues from RES sales amounted to € 82.9 million compared to € 59.7 million following higher energy sales, while revenues of the PPP/Concession sector (waste management and electronic ticket) amounted to € 12.3 million compared to € 6.1 million in the corresponding period of the previous year. End, construction activity recorded revenues of €6.5 million versus €8.0 million for Q1 2023.

In terms of profitability, adjusted operating profitability (adjusted EBITDA)2 amounted to € 62.7 million compared to € 43.3 million in the corresponding period of the previous year, following higher sales. The corresponding margin (adj.EBITDA margin) was 61.7% against 58.6%. Adjusted net profit came in at €27.0m versus €17.5m for the corresponding quarter of 2023, following strong organic profitability.

The operating cash flows of the Group for the 1st Quarter of the year amounted to € 67.9 million, compared to € 19.2 million in the previous year, following the improved operating profitability, but also the working capital (collection of receivables). As regards investment costs (Capex), these amounted to €18.1 million for the first quarter of the year and are expected to increase in the following periods, as a result of the implementation of the investment plan.

Msbad credit position (loan liabilities minus cash, minus restricted deposits related to loan liabilities) was formed at the end of the 1st Quarter of the year at the level of € 817.9 million against € 844.6 million at the end of 2023, with the corresponding leverage ratio (Net Debt/adj.EBITDA) to decline, as expected, to 4.1x (vs. 4.7x for 2023).

The Board of Directors, in continuation of the policy of returning value to shareholders, will propose to the upcoming General Assembly, the distribution of a dividend of €0.38/mch., for the financial year 2023.