Alerion Clean Power (ARN) Q3 2024 earnings summary

Executive summary

• Electricity production reached 1,010.3 GWh in the first nine months of 2024, up from 946.6 GWh year-over-year, driven by new photovoltaic capacity in Italy and Romania.

• Adjusted total revenues were €126.7 million, down from €132.2 million in the same period of 2023, reflecting lower electricity prices despite higher production.

• Adjusted EBITDA was €87.7 million, compared to €96 million in the first nine months of 2023.

Financial highlights

• Adjusted operating revenues were €112.9 million, down from €117 million year-over-year, mainly due to lower electricity sale prices.

• Average electricity sale price was €111.7/MWh, still above pre-2022 sector averages.

• Net financial debt increased to €560.1 million as of September 30, 2024, from €458.7 million at year-end 2023, mainly due to investments and €32.7 million in dividend payments.

• EBITDA margin (adjusted EBITDA/operating revenues) stood at 77.7%.

Outlook and guidance

• Adjusted EBITDA for full-year 2024 is expected between €180–190 million; adjusted net profit is forecast between €90–100 million, supported by the positive impact of a joint venture with Alperia.

• An update to the Industrial Plan is expected in early 2025 following the equity recycling transaction.