Petrol (PETG) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was EUR 6.1 billion, down 12% year-over-year, mainly due to lower energy prices, but gross profit rose 8% to EUR 730.4 million and EBITDA increased 15% to EUR 314.2 million, both exceeding targets.

• Net profit reached EUR 145.9 million, up 7% from 2023, with profit before tax at EUR 188.1 million, a 12% increase year-over-year.

• The group maintained strong liquidity and reduced net debt/EBITDA to 1.4, with a leverage ratio of 30%.

• Dividend for 2023 was EUR 1.8 per share, the highest to date, and share price rose 35.2% in 2024.

Financial highlights

• Gross profit margin improved to 41.9% (from 38.3% in 2023).

• Operating costs decreased by 2% to EUR 552 million, with cost efficiency gains despite inflationary pressures.

• Net investments totaled EUR 60.1 million, 27% less than 2023, with 24% allocated to energy transition projects.

• Return on equity (ROE) was 15.4%, and return on capital employed (ROCE) was 14.1%.

• Earnings per share (EPS) reached EUR 3.37.

Outlook and guidance

• 2025 targets: revenue EUR 6.1 billion, gross profit EUR 789 million, EBITDA EUR 339 million, net profit EUR 177.8 million, net debt/EBITDA 1.2.

• Planned net CapEx for 2025 is EUR 150 million, with over half for energy transition, renewables, and digitalization.

• Continued focus on process optimization, cost management, and risk mitigation amid volatile energy markets and regulatory changes.