Petrol (PETG) Q3 2024 earnings summary

Executive summary

• Achieved strong business results in the first nine months of 2024, with EBITDA of EUR 242.0 million, up 20% year-over-year and above plan, despite challenging regulatory and market conditions.

• Gross profit increased and operating costs were reduced, driven by cost rationalization and strong sales in merchandise, services, and energy solutions.

• Revenue declined 13% year-over-year to EUR 4.5 billion, mainly due to lower energy commodity prices.

• Net profit rose 30% year-over-year to EUR 123.6 million, reflecting improved operational efficiency and margin management.

Financial highlights

• Revenue: EUR 4.52 billion (down 13% year-over-year).

• EBITDA: EUR 242.0 million (up 20% year-over-year).

• Operating profit: EUR 162.3 million (up 28% year-over-year).

• Net profit: EUR 123.6 million (up 30% year-over-year).

• Gross profit (with derivatives): EUR 556.6 million (up 3% year-over-year).

• Earnings per share: EUR 2.86 (up from EUR 2.32 year-over-year).

• Net debt: EUR 484.2 million; Net debt/Equity: 0.5; Net debt/EBITDA: 1.5.

• Total assets: EUR 2.42 billion (down 8% from end-2023).

Outlook and guidance

• 2024 guidance: Revenue EUR 5.8 billion, gross profit EUR 705.6 million, EBITDA EUR 304.6 million, net profit EUR 156.5 million.

• Management expects to achieve planned business results if regulatory conditions remain stable.

• CapEx for 2024 projected at EUR 130 million, with 44% for energy transition projects.