Energa (ENG) Q2 2024 earnings summary

Executive summary

• Net profit for the six months ended 30 June 2024 was PLN 833m, down from PLN 1,424m year-over-year.

• Sales revenue for the period was PLN 10,265m, compared to PLN 11,194m in the prior year.

• The Group operates in distribution, generation, and sales of electricity and heat, with ORLEN S.A. as the parent company.

Financial highlights

• EBITDA for H1 2024 was PLN 2,109m, down from PLN 2,607m year-over-year.

• Operating profit for H1 2024 was PLN 1,107m, compared to PLN 1,117m in H1 2023.

• Earnings per share for H1 2024 were PLN 2.04, down from PLN 3.44 in H1 2023.

• Cash and cash equivalents at 30 June 2024 were PLN 649m, compared to PLN 521m at year-end 2023.

• Total assets increased to PLN 31,994m from PLN 31,679m at year-end 2023.

Outlook and guidance

• Regulatory changes extended electricity price caps and compensation mechanisms into H2 2024.

• New tariffs for G tariff group customers approved for July 2024–December 2025 at PLN 623/MWh.

• The Group expects a PLN 350m negative impact on financial results from tariff changes in H2 2024.