Polenergia reports record EBITDA. Offshore wind farms key to future growth
Polenergia, Poland’s largest private energy group, has released its preliminary financial results for 2024. The company achieved an EBITDA of PLN 642.1 million and an adjusted net profit of PLN 307.4 million, representing increases of 17% and 12%, respectively, compared to the previous year. The primary driver of this growth was energy production from onshore wind farms. Company executives emphasize that this success lays a strong foundation for further development, particularly in the context of offshore wind farm projects in the Baltic Sea.
In brief
Polenergia reported 2024 EBITDA of PLN 642.1 million and adjusted net profit of PLN 307.4 million, up 17% and 12% on the previous year. In the fourth quarter of 2024 alone, EBITDA reached PLN 97.3 million, and excluding one-off events worth PLN 54.9 million it would have amounted to PLN 152.2 million. The Polenergia Group operates 13 onshore wind farms with a capacity of 493 MW and six photovoltaic farms with a capacity of 82 MW. Polenergia CEO Adam Purwin said the results form a foundation for the Bałtyk offshore wind farm projects developed with Equinor. The annual report is scheduled for 25 March 2025.
– The excellent results achieved throughout 2024 are primarily due to Polenergia’s onshore wind farms. The group’s very strong financial position creates solid foundations for further growth and a significant increase in wind energy production in the coming years – this time thanks to the Baltic offshore wind farm projects, which we are developing in cooperation with Equinor – says Adam Purwin, CEO of Polenergia S.A.
In the fourth quarter of 2024 alone, Polenergia reported an EBITDA of PLN 97.3 million and an adjusted net profit of PLN 10.5 million. These results were significantly impacted by one-off events, including write-offs, provisions, and costs related to executive remuneration. Excluding these factors, EBITDA would have amounted to PLN 152.2 million.
– In the last quarter of 2024, we experienced several one-off events. The results were affected by inventory write-offs in the trading and sales segment and provisions in the distribution segment. Additionally, expenses related to executive remuneration for board members whose terms ended at the year’s close were included in the accounts for 2024. The total impact of these one-off events amounted to PLN 54.9 million. Excluding them, EBITDA for the fourth quarter would have increased by 19% compared to the same period last year. This demonstrates that our business generates recurring profits, and the group is ready to implement groundbreaking offshore wind farm projects – adds Piotr Sujecki, vice president of the management board of Polenergia S.A.
The 2024 results confirm Polenergia’s dynamic growth as a leader in the renewable energy sector. The group currently operates 13 onshore wind farms with a total capacity of 493 MW and six photovoltaic farms with a capacity of 82 MW. A crucial step in its continued development will be the execution of offshore wind farm projects in the Baltic Sea, which are expected to significantly increase the share of green energy in Poland’s energy mix.
The final, detailed financial data will be presented in the consolidated annual report, scheduled for publication on March 25, 2025.
Source: Gazeta Morska · Compiled by: Kamil Kusier
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