A significant increase was recorded in revenue (+42.6%) and net profitability (+45.3%) from continuing operations of Terna Energy in the first nine months of 2024, mainly as a result of the increased installed capacity compared to the corresponding period of the previous year.

The net debt position at 30 September 2024 was € 822 million (excluding € 35.4 million related to activities and assets held for sale) compared to € 844.6 million at the end of 2023. Installed capacity at the end of September 2024 amounted to 1,224 MW compared to 1,124 MW at the end of September 2023.

It is recalled that the 327 MW Kafirea project was fully electrified in the last quarter of 20232. Since the beginning of the year, TERNA ENERGY Group has continued to further develop its portfolio, as 67 MW of photovoltaic projects are under construction in Greece, while the construction of another 500 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 come into operation gradually from the end of 2025, representing a total investment of €370 million. At the same time, the construction of the pumped storage project in Amfilochia is progressing according to plan.

Regarding the load factor, it was 29.4% for the entire portfolio, compared to 28.0% for the corresponding period in 2023, while for Greece in particular it was 29.8% compared to 28.7%. Combined with the increased installed capacity, energy production increased by 27.3% to 2,301 GWh. It should be noted that excluding the Kafireas project, energy production increased by 2.8%.

Total income from continuing operations in the Nine Months of 2024 amounted to €249.4 million compared to €174.9 million in the Nine Months of 2023, following the increase in energy production and sales, showing an increase of 42.6%.

In terms of profitability, adjusted operating profitability (adjusted EBITDA)3 from continuing operations amounted to € 153.6 million compared to € 118.3 million in the same period of the previous year, following higher sales, representing an increase of 29.8%.

Net financial expenses from continuing operations amounted to € 45.6 million compared to € 33.6 million in the corresponding period of 2023, mainly as a consequence of increased borrowings due to the implementation of new investments.

Profit before tax from continuing operations amounted to € 66.3 million, up 40.2% compared to € 47.3 million in the corresponding period of the previous year.

Adjusted net profit for the year from continuing operations amounted to € 52.3 million, up 45.3% compared with the corresponding period of the previous year (€ 36.0 million).

The Group's operating cash flow from continuing operations for the nine months of the year amounted to €137.5 million, in line with the improved operating profitability.

With regard to capital expenditure for continuing operations (Capex), this amounted to € 62.9 million and is expected to increase in the coming periods as a result of the implementation of the investment plan.

It should be noted that in the third quarter of the year the company joined the payment of a dividend to shareholders of € 0.38 per share.

The net debt position (debt liabilities less cash and cash equivalents, less restricted deposits related to debt liabilities) stood at the end of the nine-month period at € 822 million (not including € 35.4 million related to activities and assets held for sale) compared to € 844.6 million at the end of 2023.