There was a significant increase in revenue (+28.3%), adjusted operating profit (+26.7%), and adjusted net profits (+87.5%) during the third quarter of the year, primarily due to the increased installed capacity resulting from the gradual electrification of the Kafireas wind complex - the largest wind project in Greece with a total capacity of 330 MW - as well as the normalized wind conditions, fully offsetting the weak wind conditions that prevailed in the previous quarters of 2023.

In more detail, during the third quarter of the year, total revenues from ongoing activities amounted to 90.2 million euros compared to 63.0 million euros in the corresponding quarter of 2022, following the increased by 28.4% production of RES (Renewable Energy Sources), as well as the further positive contribution from the commencement of waste management operations in the Peloponnese, along with construction activity.

In terms of profitability from ongoing activities, the adjusted operating profit (EBITDA) for the third quarter of the year amounted to 49.8 million euros compared to 33.0 million euros in the corresponding period of the previous year. Similarly, adjusted net profits for the third quarter of 2023 reached 18.0 million euros compared to 9.6 million euros for the third quarter of 2022.

At the Nine-Month level, the strong performance during the third quarter more than offset the lower performance in the First Half (with a 9.7% decrease in production), resulting in a total energy production increase of 2.3% during the first nine months of 2023 compared to the Nine-Month period of 2022.