Admie Holding (ADMIE) Q2 2024 earnings summary

Executive summary

• Net income for H1 2024 reached €37.1m, up 27.2% year-over-year, driven by higher IPTO S.A. earnings and a 100% dividend payout policy, with interim dividends already distributed in September 2024.

• Revenue for H1 2024 was €37.6m, entirely from equity-accounted investments, with no direct operating revenue.

• IPTO, the sole Greek TSO, reported H1 2024 net profit of €73.8m, up 27.3% year-over-year, and EBITDA of €165.1m, up 20.7%.

• Major infrastructure projects are progressing, including the Ariadne Interconnection and Cyclades Phase D, with significant milestones achieved in 2024.

• Cash and cash equivalents rose sharply to €35.1m, reflecting a significant dividend received from IPTO S.A.

Financial highlights

• ADMIE Holding H1 2024 income was €37.6m (up 27.4% year-over-year), with net profit at €37.1m and cash at €35.1m.

• EBITDA for H1 2024 was €37.0m, up from €29.1m year-over-year.

• Earnings per share after tax were €0.16, compared to €0.126 in H1 2023.

• Dividend per share for 2024 is projected at €0.124, more than double the previous year.

• Share price at 30/06/2024 was €2.175, down 5.23% year-over-year, with a market capitalization of €504.6m.

Outlook and guidance

• Cumulative investments of €6.1bn planned from 2024 to 2035, with major projects scheduled for completion through 2031.

• Regulatory allowed revenue for 2025 set at €484.8m, with WACC at 7.45% for 2025.

• Interim dividend of €13.5m (€0.058 per share) approved for payment in September 2024.

• Ongoing expansion of international interconnections, including projects with Italy, Bulgaria, Turkey, Albania, Egypt, and Saudi Arabia.

• No significant changes in risk profile or business model anticipated for the remainder of 2024.