ADMIE (IPTO) HOLDINGS S.A. records an increase in profits and revenues in the first half of the year.

KEY DEVELOPMENTS

In particular, the revenue of ADMIE reflects its 51% participation in the profits of the ADMIE S.A. Group and amounts to €37.6 million, an increase of 27.4% compared to the same period in 2023.

Profit before tax & finance costs amounted to €37.1 million, up 27.3% compared to the same period in 2023, mainly due to the significant increase in revenues and operating efficiency.

Net profit was EUR 37.1 million compared to €29.2 million in the same period in 2023. Earnings per share increased by 27.2%, reaching 0.16 per share compared to 0.13 in the same period in 2023.

The company's cash and cash equivalents as of 30 June 2024 amounted to €35.1 million. Its debt is zero.

CEO STATEMENT

"In the first half of the year, the positive results of ADMIE S.A. continued, with a significant increase in revenues by 27.4% to €37.6 million and earnings per share to €0.16 from €0.13 in the same period in 2023, while debt remained zero," said the CEO of ADMIE S.A., Ioannis Karabelas, commenting on the financial results of the first half of 2024, adding:

"ADMIE Group's projects made significant progress, and total investments for the six months amounted to €262.3 million. Specifically, the Crete-Attica interconnection is in the final stage, while the second phase of the tender for the sale of the 20% stake with a binding offer by State Grid International Development Belgium Ltd. has been completed. Also, the Cyclades interconnection is in the fourth and final phase, with the aim to be completed within 2026, while work on the projects in the Peloponnese and the Dodecanese is progressing according to schedule.

The Group's strategic objective to make Greece a strong exporter of clean energy continues to be successfully pursued, with the new North-South interconnection corridor progressing intensively, while the cooperation studies for the interconnections with the Middle East and the Balkans are also underway.

At ADMIE Participations, we aim to create added value for our stakeholders, supporting the group's investment work and continuing to invest in optimising corporate structures and maximising shareholder reward.".