Alerion Clean Power (ARN) H2 2024 earnings summary

Executive summary

• Revenue adjusted rose to €243.6M in 2024, up from €187.8M in 2023, mainly due to a €77M gain from an equity recycling transaction, despite lower energy prices and production volumes.

• Adjusted EBITDA increased to €188.4M (2023: €138.3M), with an EBITDA margin of 84.3%.

• Adjusted net income reached €96.2M, nearly doubling from €49.5M in 2023.

• Net financial debt increased to €533.8M (2023: €458.7M), reflecting investments and new bond issuance.

• Equity rose to €372.6M, up from €326.7M at year-end 2023.

Financial highlights

• Operating revenue (excluding equity recycling) declined to €146.6M from €163.9M due to lower energy prices and slightly reduced production.

• Energy production from fully consolidated plants was 1,307 GWh, down from 1,335 GWh in 2023.

• Average sale price for electricity (including incentives) was €112.2/MWh, down from €122.8/MWh.

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

• Market capitalization at year-end was €868M, down from €1,443M in 2023.

Outlook and guidance

• Continued investment in new wind and solar plants in Italy and Romania, with further expansion planned in Spain and the UK.

• No expected negative operational impact from geopolitical conflicts.

• Ongoing focus on equity recycling and portfolio optimization.