Energa (ENG) Q3 2024 earnings summary

Executive summary

• Sales revenue for the nine months ended 30 September 2024 was PLN 15,374 million, down from PLN 16,260 million year-over-year.

• Net profit for the period was PLN 911 million, a decrease from PLN 1,619 million in the prior year.

• The Group operates in distribution, generation, and sales of electricity and heat, with ORLEN SA as the ultimate parent.

Financial highlights

• EBITDA for the period was PLN 1,842 million, compared to PLN 3,358 million in the previous year.

• Gross profit on sales was PLN 2,683 million, down from PLN 4,208 million year-over-year.

• Earnings per share (basic and diluted) were PLN 2.27, compared to PLN 3.94 in the prior year.

• Cash and cash equivalents at period end were PLN 606 million, up from PLN 521 million at year-end 2023.

• Total assets increased to PLN 32,701 million from PLN 31,679 million at year-end 2023.

Outlook and guidance

• Regulatory changes extended electricity price caps and compensation mechanisms through the second half of 2024, with new tariffs approved for 2024–2025.

• The Group expects a deterioration of financial results on contracts with G tariff customers by approximately PLN 350 million in H2 2024 due to tariff changes.