Galata Wind Enerji (QWIND) Q4 2024 earnings summary

Executive summary

• Revenue declined 12% year-over-year to TRY 2,364 million in 2024, despite an 11% increase in total production and a 2% rise in market clearing price (MCP).

• EBITDA fell 19% to TRY 1,636 million, and net profit decreased 7% to TRY 834 million compared to 2023.

• Gross margin dropped to 52.5% from 59.5% year-over-year, reflecting higher costs and lower carbon credit sales.

• Total assets increased 12% to TRY 14,810 million, driven by ongoing investments and capacity expansions.

• The company operates three wind and two solar power plants, with 297.2 MW installed capacity, generating 810,127 MWh in 2024.

Financial highlights

• Operating profit declined 76% to -TRY 226 million, mainly due to higher administrative and marketing expenses.

• Free cash flow dropped sharply to TRY 472 million, down 72% from the previous year.

• CapEx rose 6% to TRY 2,005 million, reflecting continued investment in new projects.

• Cash and cash equivalents surged 1,284% to TRY 1,318 million, while financial investments fell to zero.

• Bank borrowings increased 106% to TRY 2,201 million, with a notable rise in USD-denominated loans.

Outlook and guidance

• Ongoing and planned investments will expand installed capacity from 297 MW to over 1,090 MW by 2030, including new wind and solar projects in Turkey and Europe.

• Future projects include capacity expansions at Mersin, Alapınar, and Şah WPPs, new licenses, and European SPP investments.

• Dividend distribution of TRY 531.4 million (indexed) was approved in April 2024.