Polenergia (PEP) Q4 2024 earnings summary

Executive summary

• Achieved record financial results in 2024, with significant growth in revenue, EBITDA, and net profit year-over-year.

• Major progress in offshore wind projects Bałtyk 2 & 3, including securing PLN 750 million in funding and key contracts.

• Joined the mWIG40 index, reflecting strong market position.

• Launched oversubscribed green bond issue, raising PLN 750 million.

Financial highlights

• Revenue (excluding Trading & Sales) rose 21% to PLN 1,176.7 million for 2024 compared to 2023.

• EBITDA increased 17% year-over-year to PLN 642.1 million.

• Adjusted net profit grew 12% to PLN 307.4 million.

• Electricity production from RES reached 1,444 GWh (+3.6%), with installed RES capacity up 8% to 574 MW.

• 89% of 2025 energy production hedged at prices above current market rates.

Outlook and guidance

• Strategy targets 1.5 GW generation capacity and PLN 1.6 billion EBITDA by 2030.

• Capital expenditure of PLN 4.6 billion planned, mainly for offshore investments.

• Focus on offshore wind, onshore wind, and PV, with de-emphasis on emobility and hydrogen.