AB Amber Grid (AMG1L) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 was €51.4m, down 15% year-over-year due to lower gas prices and transmission volumes.

• Net profit for the period was €5.7m, a significant decrease from €15.8m in the same period last year.

• Adjusted EBITDA reached €20.9m, with management adjustments reflecting regulatory differences.

• The company lost control of GET Baltic in May 2023, retaining a 34% stake now accounted for as an associate.

Financial highlights

• Revenue declined to €51.4m from €60.3m year-over-year.

• Net profit dropped to €5.7m from €15.8m year-over-year.

• EBITDA was €19.0m, slightly up from €18.1m, but adjusted EBITDA was €20.9m (vs. €19.2m prior year).

• Basic and diluted EPS was €0.03, down from €0.09 year-over-year.

• Operating cash flow for the period was €25.9m, down from €32.9m year-over-year.

Outlook and guidance

• Management continues to monitor regulatory impacts and expects ongoing effects from lower gas prices and volumes.

• Adjusted EBITDA is used as a key performance indicator to reflect regulatory and one-off impacts.