TERNA ENERGY has achieved a 24.7% year-on-year increase in renewable energy production, reaching 3.2 TWh for its full portfolio across Greece and international markets. This growth can be largely attributed to the significant addition of installed capacity, with the commissioning of the Kafireas wind farm (327 MW), completed by the end of 2023. Consequently, the total installed capacity rose to 1,224 MW by the end of 2024.

The load factor also improved, reaching 30.8%, up from 28.6% in 2023. In Greece specifically, the load factor increased to 31.3% from 28.8% the previous year. This enhanced performance was driven by better wind conditions and the high load factors associated with Kafireas. Excluding the Kafireas project, energy production from existing facilities still displayed a 4.5% increase.

Total revenue from continuing operations climbed by 37.6% year-on-year, amounting to €3,471.1 million in 2024. This upturn was fueled by renewable energy sales, which reached €308.3 million—a 23.3% rise compared to the prior year. Additionally, the construction segment (EPC for photovoltaic projects) significantly contributed €38.8 million from just €2.3 million in 2023.

On the profitability front, adjusted EBITDA from continuing operations reached €212.6 million, compared to €173.4 million in the previous year, reflecting a 22.6% growth driven by increased revenues in both the Energy and Construction sectors. Specifically, the Energy sector’s adjusted EBITDA stood at €204.2 million, marking an 18.7% increase year-on-year.

 However, net financial expenses from continuing operations rose to €62.9 million in 2024, up from €50.2 million in 2023, primarily due to higher borrowing costs in support of new investments.

Earnings before taxes from continuing operations climbed to €93.7 million, representing a 26.1% increase over last year's €74.3 million. Similarly, net earnings from continuing operations reached €70.5 million, up 23.5% compared to €57.1 million during the same period last year.

As of December 31, 2024, the net debt position (calculated as total debt minus cash, cash equivalents, and restricted deposits related to debt) was €795.6 million, a decrease from €844.6 million at the end of 2023.