Terna Energy (TENERGY) H2 2024 earnings summary

Executive summary

• Renewable energy generation rose 24.7% year-over-year to 3.2 TWh, driven by new capacity and improved load factors.

• Total installed capacity reached 1,224 MW at year-end 2024, with significant contributions from the Kafireas wind park.

• Sustainability initiatives led to the prevention of 1,318,572 tonnes of CO2 emissions and 100% green electricity operations.

Financial highlights

• Revenues from continuing operations increased 37.6% year-over-year to €347.1m in 2024.

• Revenues from RES energy sales grew 23.3% to €308.3m; construction segment revenues rose to €38.8m from €2.3m.

• Adjusted EBITDA from continuing operations was €212.6m, up 22.6% year-over-year.

• Net profit from continuing operations reached €70.5m, a 23.5% increase year-over-year.

Outlook and guidance

• 67 MW of PV under construction in Greece; 500 MW of new projects (mainly PV, wind, storage) starting construction, with operations expected from end-2025.

• Amfilochia hydro-pump storage (670 MW) progressing as planned; target to reach 6.0 GW total capacity by 2030.