Total revenues increased (10.0%) and adjusted operating profitability of Terna Energy increased by 8.3% and +0.77% during 2023, mainly as a result of the higher installed capacity due to the gradual development of the Kafireas wind farm, the largest wind project in Greece with a total capacity of 327 MW.

It is noted that during the fourth quarter of the year (the first quarter of full operation of the Kafireas wind cluster), revenues and adjusted operating profitability increased by 16.0% and 41.2%, respectively, compared to the corresponding quarter of 2022. In the same context and combined with lower administrative expenses, net earnings per share from continuing operations for the full year increased to €0.51 compared to €0.17 in 2022.

The Group's installed capacity increased to 1,224 MW at the end of the year (compared to 906 MW at the end of 2022) following the completion of installations at the Kafirea project, which will record its first year of full operation and contribution to the Group's financials in 2024.

In addition, the waste management project in the Peloponnese is now in full commercial operation, and the construction of the pumped storage project in Amphilochia (680 MW) is progressing at an intensive pace.

Within the period 2024–25, the group plans to complete 10 new projects (mainly PV parks) with a total capacity of over 600 MW in Greece and abroad. At the same time, the Group is advancing the procedures for the maturation of projects with a total capacity of more than 3.5 GW and various technologies (e.g., hydro, storage, hybrid, etc.) in Greece that are expected to be able to gradually start construction. In this context and according to the group's investment plan, total capacity is expected to exceed 6.0 GW by the end of the current decade.

With regard to the load factor, this was 28.6% for the full year compared to 31.7% for 2022, mainly due to the windy conditions that prevailed in the country in the first part of the year, with a normalisation in the second half.

The stochasticity of wind conditions is consistent with wind power generation and is taken into account in any forecast model without affecting the long-term performance of the projects. In this context, renewable energy production in 2023 amounted to 2,586 GWh, an increase of 7.5% following the operation of new projects in the second half of the year.

Total income from continuing operations amounted to €327.8 million, compared to €298.0 million in 2022. Revenues from renewable energy sales amounted to € 249.9 million compared to € 236.2 million following higher energy sales, while revenues from the PPP/concessions segment (waste management and e-ticketing) amounted to € 31.4 million compared to € 21.5 million in the previous year. Finally, the construction business recorded revenues of €46.5 million versus €40.3 million for 2022.

In terms of profitability from continuing operations, adjusted operating profitability (adjusted EBITDA) for 2023 was €178.4 million, compared to €164.7 million in the previous year following higher sales. Adjusted net profit for 2023 was €64.6 million compared to €69.7 million for 2022, impacted by higher depreciation, amortization, and financing costs due to new investments.

Note that net profit from continuing operations amounted to €62.1 million compared to €21.7 million for 2022. The increase in net profit for the year from continuing operations was due to the valuation costs of the plan from the free share allocation recognised under IFRS 2, under which the expense charged to the 2022 results amounted to €48.8 million, compared with a charge of €0.6 million in 2023.