Alerion Clean Power (ARN) H1 2024 earnings summary

Executive summary

• Installed capacity increased to 911.7 MW, up from 866.6 MW year-over-year, driven by new photovoltaic plants in Italy and Romania.

• Energy production rose to 775.5 GWh from 695.4 GWh year-over-year.

• Revenue (adjusted) declined to €91.3M from €97.6M year-over-year due to lower electricity prices despite higher production.

• EBITDA (adjusted) fell to €65.8M from €74.1M year-over-year; net income (adjusted) dropped to €17.7M from €25.8M.

• Significant investments and new project authorizations in Romania and Italy, with major wind and solar projects underway.

Financial highlights

• Adjusted revenue: €91.3M (down from €97.6M year-over-year).

• Adjusted EBITDA: €65.8M (down from €74.1M year-over-year).

• Adjusted net income: €17.7M (down from €25.8M year-over-year).

• Net financial debt: €543.5M (up from €458.7M at year-end 2023).

• Equity: €299.2M (down from €326.7M at year-end 2023).

• Dividend of €0.61/share paid in May 2024, totaling €32.7M.

Outlook and guidance

• Continued investment in new wind and solar plants, especially in Romania and Italy.

• No expected negative operational impact from geopolitical conflicts.

• Ongoing development of renewable capacity in Spain and the UK.