Premier Energy Group reports normalized revenue of €534.8 million and normalized net profit of €39.9 million in the first six months of 2024 – Financial Information

Premier Energy Group, a major player in the energy market of Southeast Europe, listed on the Bucharest Main Stock Exchange, reports revenues of 512.4 million euros in the first six months of 2024, an increase of 10% compared to the same period. last year (YoY), with normalized revenue of EUR 534.8 million, an increase of 21% YoY. Normalized EBITDA registered an increase of 3%, reaching 53.2 million euros.

Jose Garza, CEO of Premier Energy Group, said: “In the first half of 2024, Premier Energy posted strong growth across all sectors despite business challenges. Both electricity and natural gas supplies saw significant, double-digit increases. This growth was driven by strategic acquisitions, such as CEZ Vânzare and the 18 MW wind farm, but also by organic expansion, including the natural gas sector, where we expanded our distribution network, we increased the amount given and the number of customers. We achieved all key performance indicators that were within our control. Our diversified and integrated business model has been a successful strategy in this complex environment. As part of our continued development, we added 80 MW of wind capacity and 5 MW of solar capacity after June 30, keeping us on track to achieve our strategic goals.“

Regarding the main operating results, production from renewable energy sources (RES) increased by 7%, largely driven by recently acquired and developed generation assets. This increase was moderated by less favorable wind conditions in Romania. The group also recorded a 48% increase in the amount of electricity supplied and a 26% increase in the amount of natural gas supplied, reflecting the expansion of its energy supply capabilities. The number of customers served by the natural gas distribution network increased by 11%, thus strengthening the Group’s market position. In addition, with the acquisition of CEZ Vânzare, renamed Premier Energy Furnizare, the Company added 1.3 million supply customers to its growing customer portfolio. These new customers are onboarding and proceeding according to plan. The operations in Moldova performed as expected, contributing positively to the overall financial results.

Petr Stohr, Chief Energy Group CFO, said: „Despite a complex and volatile energy market in the first half of 2024, the Premier Energy Group recorded a 21% increase in normalized income to EUR 534.8 million and maintained a stable EBITDA evolution on normal. This performance demonstrates the resilience of our vertically integrated and diversified operating model. Although high electricity instability costs and weaker market conditions affected some of our profitability, we have managed effectively in the first half of the year and are in a strong financial position with approximately €109 million in net working capital and cash balance, which reinforces our belief that we are well positioned to continue to drive growth and effectively execute our stated strategy.“

The income from the renewable energy sector in Romania recorded a decrease of 13%, reaching 87.4 million euros. This sector was affected by the general reduction in electricity prices, the introduction of a new solidarity tax for electricity production plants from April 2024 and the reduction of wind production in Romania. The recently acquired Romanian power supply division generated revenues of €78.6 million in the first three months of Group membership, since the acquisition was completed in April. Revenues from natural gas distribution and supply operations increased by 20% in the first half of the year. Electricity distribution and supply activity in the Republic of Moldova recorded a decrease of 13% compared to the same period last year according to IFRS standards, but remained relatively stable, at around 200 million euros for the six months. time

Normalized EBITDA for the first six months of 2024 was 53.2 million euros, compared to 51.4 million euros recorded in the first half of 2023. The normalization includes the value of tariff movements from the Republic of Moldova , in the total amount of 17.6 million euros, compared to a performance above expectations and therefore a negative change of 36.2 million euros in the first half of 2023, as well as the impact of lower taxes for energy that has been provided but not paid​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​frontside​​​​​

Profit before tax was €23.2 million for the first half of 2024, down 64%, and profit after tax was €19.9 million, down 60% from the same period last year. Normalized net profit, adjusted for the after-tax effect of tariff movements and energy provided but not billed, was 39.8 million euros, registering a normalized increase of 48% compared to the same period of the previous year .

Premier Energy Group maintained a very liquid financial position with approximately €109 million in net working capital and cash balance at the end of the first half of 2024. .

With one of the fastest growth rates in the South East Europe region, Premier Energy Group operates through vertical businesses – electricity production, supply and distribution; production and management of renewable energy (wind and solar) and supply and distribution of natural gas.

The group owns, manages or develops more than 1,200 MW of renewable energy generation capacity (mainly wind and photovoltaic) and supplies electricity to approximately 2.3 million consumption points in Romania and Moldova, which Most of them are homes and small businesses. The group also owns a large electricity distribution network in Moldova, covering about 75% of the country’s population.

Premier Energy is also a supplier of natural gas to domestic and non-domestic consumers (retail, business, trade) and owns a gas distribution network of over 3,700 km in the areas surrounding the capital, in the south and west of the country. , as well as small towns in northern Romania. The company is the third largest player in the natural gas distribution market.

After the BSE listing, Premier Energy Group is 71% owned by Czech investment fund Emma Capital, founded by Czech entrepreneur Jiří Šmejc. Šmejc is also the CEO of PPF, the largest investment fund in the region with assets of over EUR 43 billion.

The BSE listing in May 2024 represents the largest initial public offering (IPO) of an entrepreneurial company in the past seven years and the fifth largest since the establishment of the Bucharest Stock Exchange.