KN Energies (KNE1L) Q4 2023 earnings summary

Executive summary

• FY2023 revenue rose to €83.525m from €77.818m; EBITDA increased to €35.6m from €35.0m, and net profit was €13.226m versus a €5.904m loss.

• Higher LNG regasification volumes supported revenue growth, while the 2023 tariff model shifted more terminal revenue directly to users.

Financial highlights

• Gross profit increased to €23.501m from €20.115m; operating profit was €12.702m versus €12.193m.

• Profit before tax was €15.972m versus a €6.900m loss; basic and diluted EPS was €0.04 versus a €0.02 loss per share.

• Operating cash flow was €39.194m versus €43.520m; year-end cash and cash equivalents were €19.535m versus €72.423m.

Outlook and guidance

• Klaipėda LNG terminal capacity is fully allocated to six market participants through 2032.

• The DET contract covers four German LNG terminals; Stade and Wilhelmshaven-2 were expected to enter service in 2024.

• CCS Baltic Consortium targets a final investment decision in Q1 2027 and CO₂ capture and export operations from 2030; projected value-chain investment is €1.1–1.2bn.