AB Amber Grid (AMG1L) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €35.0 million, down 18% year-over-year due to lower gas volumes and prices.

• Net profit for H1 2024 was €3.4 million, a 73% decrease compared to H1 2023, mainly due to a one-off gain in 2023.

• EBITDA reached €12.0 million, up from €10.7 million in H1 2023; adjusted EBITDA was €13.7 million.

• Gas transported to Lithuanian consumers increased by 46.1% year-over-year, while exports to Latvia and Poland fell sharply.

• Strategic focus remains on decarbonisation, hydrogen infrastructure, and integration of renewable gases.

Financial highlights

• Revenue: €35.0 million (H1 2024), down 18% from H1 2023.

• Net profit: €3.4 million, down 73% year-over-year; adjusted net profit €5.1 million.

• EBITDA: €12.0 million; adjusted EBITDA: €13.7 million.

• Investments: €2.9 million, significantly lower than €19.9 million in H1 2023.

• Operating expenses (excl. depreciation): €23.1 million, down 28% year-over-year.

Outlook and guidance

• 2025 gas transmission service price to rise by 7.4% to €1.60/MWh.

• 2025 revenue cap set at €63.83 million, 4.75% lower than 2024.

• Planned investments of €213 million over the next decade, with €150 million in the next five years.

• Focus on hydrogen network development, renewable integration, and infrastructure upgrades.