Grenevia S.A. (GEA) Q3 2024 earnings summary

Executive summary

• Revenue for the 9 months ended 30.09.2024 reached PLN 1,359m, up from PLN 1,126m year-over-year, with net profit at PLN 98m versus PLN 154m in the prior year period.

• The group operates in four main segments: mining and wind energy (Famur), energy distribution (Elektroenergetyka), large-scale renewables (OZE), and e-mobility.

• Significant one-off items included a PLN 60m impairment on PV farms and inventory write-downs, and the sale of subsidiaries in Kazakhstan and Poland.

Financial highlights

• Gross profit from PV farm sales was PLN 58m (PLN 186m revenue, PLN 128m cost).

• EBITDA for the group was PLN 390m for the period.

• Operating profit was PLN 200m, down from PLN 240m year-over-year.

• Net cash from operating activities was PLN 350m, with cash and equivalents at period end of PLN 813m.

• Effective tax rate increased to 39% from 25% year-over-year.

Outlook and guidance

• The group continues to focus on green transformation, expanding OZE and e-mobility segments, and expects further growth in renewables and battery systems.

• Ongoing investments in wind turbine technology and expansion of PV and battery projects are planned.