Revenues (+42.5%) and net profitability (+41.0%) from continuing operations of Terna Energy increased significantly in the first half of the year, following the increased installed capacity and the more favourable wind conditions, compared to the corresponding period of the previous year.

The net debt position at 30 June 2024 amounted to €776.1 million (excluding €43.6 million related to activities for sale) compared to € 844.6 million at the end of2023.

Installed capacity at the end of the first half of the year amounted to 1,224 MW, compared to 1,096 MW at the end of the first half of 2023. It may be recalled that the 327 MW Kafirea project was fully electrified in the last quarter of 2023. Since the beginning of the year, TERNA ENERGY Group has continued to further develop its portfolio, as 63 MW of photovoltaic projects are under construction in Greece, while the construction of another 550 MW of new projects of various technologies (mainly PV but also wind and storage projects) in Greece and abroad is gradually starting, which are expected to be operational by the end of 2025, representing a total investment of €370 million. At the same time, the construction of the pumped storage project in Amphilochia is progressing according to plan.

Regarding the load factor, it was 30.3% for the entire portfolio, compared to 27.6% for the first half of 2023, while for Greece in particular it was 30.5% compared to 27.6%. Combined with the increased installed capacity, energy production increased by 45.4% to 1,575 GWh. It should be noted that excluding the Kafireas project, energy production increased by 10.7%.

Total income from continuing operations in H1 2024 amounted to €152.1 million compared to €106.7 million in H1 2023, following the increase in energy production and sales, showing a 42.5% increase.

In terms of profitability, adjusted operating profitability (adjusted EBITDA) from continuing operations amounted to € 96.9 million compared to € 71.8 million in the same period of the previous year, following higher sales, representing an increase of 35.0%.

Net financial expenses from continuing operations for the first half of the year amounted to € 29.6 million compared to € 21.6 million in the corresponding period of 2023, mainly as a result of increased borrowings due to the implementation of new investments.

Profit before tax from continuing operations amounted to € 40.3 million, up 49.9% compared with € 26.8 million in the corresponding six-month period of the previous year. Net profit for the year from continuing operations attributable to owners of the parent company amounted to € 29.9 million, up 46.3% compared with the corresponding six-month period of the previous year (€ 20.4 million).

The Group's operating cash flow from continuing operations for the first half of the year amounted to €85.8 million, compared to €65.2 million in the previous year, in line with the improved operating profitability. As regards capital expenditure for continuing operations (Capex), this amounted to € 42.0 million for the first half of the year and is expected to increase in subsequent periods as a result of the implementation of the investment plan.

The net debt position (debt liabilities less cash and cash equivalents, less restricted deposits related to debt liabilities) stood at €776.1 million (excluding €43.6 million related to activities and assets held for sale) at the end of the first half of the year, compared with €844.6 million at the end of 2023.