Grenevia S.A. (GEA) H1 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 reached PLN 922 million, up 21% year-over-year, with net profit at PLN 52 million, down from PLN 92 million in the prior year period.

• The group continued its strategic transformation towards renewable energy, with significant activity in large-scale photovoltaics, wind energy, and battery systems for e-mobility.

• Major one-off items included a PLN 60 million impairment on photovoltaic assets and increased write-downs on inventories.

Financial highlights

• Gross profit from sales was PLN 358 million, up from PLN 283 million year-over-year.

• EBITDA for H1 2024 was PLN 244 million, compared to PLN 229 million in H1 2023.

• Operating profit dropped to PLN 108 million from PLN 144 million year-over-year.

• Net cash from operating activities was PLN 213 million, a significant improvement from negative PLN 83 million in H1 2023.

• Basic EPS for H1 2024 was PLN 0.09, down from PLN 0.16 in H1 2023.

Outlook and guidance

• The group is reinvesting profits to support its strategic shift towards renewables and e-mobility, with no dividend payout for 2023.

• Management expects continued growth in OZE and e-mobility segments, despite market volatility and sector-specific risks.