Energa (ENG) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was PLN 22,081m, down from PLN 26,087m in 2023, with net profit at PLN 268m versus PLN 606m year-over-year.

• Significant impairments and higher financial expenses impacted profitability, with notable one-off impairment losses on renewable and conventional assets.

• Major acquisitions expanded renewable capacity, including wind and photovoltaic farms, and several new project companies were integrated.

Financial highlights

• Sales revenue decreased by 15% year-over-year, while cost of sales dropped by 11%.

• EBITDA for 2024 was PLN 3,302m, up from PLN 2,885m in 2023.

• Net profit margin fell to 1.2% from 2.3% year-over-year.

• Earnings per share declined to PLN 0.74 from PLN 1.49.

• Cash and cash equivalents increased to PLN 989m from PLN 521m.

Outlook and guidance

• Regulatory changes, including extended price caps and compensation mechanisms, will continue to impact revenue and margins into 2025.

• Ongoing investments in renewable energy and grid modernization are expected to drive future growth.

• The company secured a major PLN 7.7bn loan for electricity network development in early 2025.