EPH announces Financial Results for 2024

10. 4. 2025

Energetický a průmyslový holding, a.s. (“EPH”, or “the Group”), a leading utility with a diversified and vertically integrated business mix, is pleased to announce its financial results for the fiscal year 2024. Group’s EBITDA[1] reached EUR 2.6 billion. The year was marked by Group’s heightened internal development activity focused on enhancing future results. Our efforts were crowned by the recently announced agreement to increase our ownership share of Slovenské elektrárne a.s. which is planned to be finalized in Q2 2025.

Financial Highlights

  • Total Revenue remained stable at level of EUR 23.3 billion (EUR 24.0 billion in 2023) despite significant decrease in European wholesale power price and volatility
  • EBITDA reaching EUR 2.6 billion (EUR 3.6 billion in 2023), supported by materially increasing share of regulated and contracted revenue streams in our overall business mix
  • Free Cash Flow[2] of EUR 1.4 billion (EUR 1.8 billion in 2023). Excluding CAPEX[3] expensed for development projects, the Free Cash Flow amounts to EUR 1.8 billion (EUR 2.3 billion in 2023) resulting in a strong Cash Conversion ratio[4] (excl. development CAPEX) of 70% (65% in 2023)
  • Net Financial Debt[5] decreased to EUR 4.4 billion at year end 2024 from EUR 4.8 billion at year end 2023 while keeping Net leverage[6] low at 1.7x

Operational Highlights

  • The Group operated fleet of flexible assets combining for 14.6 GW Net installed capacity (13.9 GW in 2023)
  • Generated 32.0 TWh of power placing EPH among the leading European energy producers (36.1 TWh generated in 2023)
  • Operated Gas storages with total capacity of over 64.4 TWh, significantly contributing to Europe’s gas supply safety (64.3 TWh in 2023)
  • Distributed 47.3 TWh of natural gas to customers (45.5 TWh in 2023)
  • Supplied power 24.7 TWh to customers (23.5 TWh in 2023)

Agreement to acquire Enel’s stake in Slovenské elektrárne

On December 18, 2024, EPH signed an agreement with Enel Produzione S.p.A. to acquire the remaining 50% stake in Slovak Power Holding BV, which owns 66% of Slovenské elektrárne, a.s. (or “SE”). This transaction will raise EPH’s stake in Slovenské elektrárne to 66% with the purchase price being already prepaid at the time of acquisition of the initial share in 2016. Slovenské elektrárne is Slovakia’s largest electricity producer, generating power exclusively from zero-emission assets such as nuclear, hydro, and solar. This acquisition is a significant and promising step for EPH, as it strengthens our position in the clean energy sector and enhances our portfolio with high-quality, zero-emission assets. The deal is expected to close in Q2 2025. The approval from the relevant antitrust authority has been received, while approval from the European Commission under the Foreign Subsidies Regulation (Regulation (EU) 2022/2560) is pending. The acquisition is anticipated to contribute positively to EPH’s future financial results and sustainability goals.

Pro-forma 2024 results[7] combining EPH and SE results:

  • EBITDA of EUR 4.3 billion (SE contribution EUR 1.7 billion)
  • Free Cash Flow of EUR 2.7 billion (SE contribution EUR 1.3 billion)
  • Net installed capacity 18.5 GW (SE contribution 3.9 GW)
  • Net power production 50.7 TWh (SE contribution 18.7 TWh)

Other achievements

During 2024, EPH made significant investments totaling EUR 640 million, focused on long-term growth and operational excellence. These investments include the commissioning of a new 806 MW CCGT power plant in Tavazzano, further construction progress of an 881 MW CCGT power plant in Ostiglia, and a start of the construction of battery storage facilities with up to 760 MWh of capacity in Italy. In the UK, EPH commissioned a 647 MW OCGT in Kilroot and is preparing the construction of a 698 MWh battery storage project. In addition to the above-mentioned internal development projects, EP UK Investments (EPH’s fully-owned United Kingdom subsidiary) acquired a 50% stake in West Burton Energy from TotalEnergies (West Burton Energy owns a 1.3 GW gas power plant and a 49 MW battery storage system), strengthening our presence in the UK energy market. All these new build projects and West Burton Energy acquisition have a significant portion of their revenue backed by long term capacity market contracts, further improving the quality of the Group’s EBITDA.

Daniel Křetínský, Chairman of the Board, commented: “EPH’s business model has always been based on stable, regulated or contracted revenues from the energy infrastructure segment, complemented by the power generation segment’s ability to seize opportunities in volatile markets while ensuring consistent secured income through long-term capacity contracts and the provision of electricity network balancing services. This is why, despite declining electricity prices and lower market volatility, the Group delivered strong financial results also in the past year. The numbers presented though do not yet reflect the Group’s potential for the years to come. The past year was a year of significant investments into future growth through new-builds, refurbishment and acquisitions. We continue to expand our installed capacity with long-term contracted revenue streams.”

EPH continued its transition away from coal, with plans to become almost coal-free by the end of 2025 and completely coal-free by 2030. Key milestones include decommissioning coal power plant at Mehrum in Germany (closed in March 2024), strategic reallocation of two Czech CHPs to EP Heat & Power in March 2025 and advancing the transition of the MIBRAG Energy Group to EP Energy Transition in 2025. Our focus on sustainability was further solidified in May 2024, when EPH introduced its Green Finance Framework and subsequently issued its inaugural green bond of EUR 500 million via its subsidiary EPH Financing International, a.s.

Jan Špringl, Vice-Chairman of the Board and CEO, concluded: “Our mission remains unchanged: supporting the energy transition in a socially responsible and reliable manner, while maintaining the highest standards of quality and security of supply. Together, we are shaping the future of a resilient, sustainable, and innovative energy landscape across Europe.”

For more information please see: https://www.epholding.cz/en/results-centre/

[1] EBITDA represents the profit (loss) for the period before income tax expenses, finance expense, finance income, change in impairment on financial instruments and other financial assets, share of profit (loss) of equity accounted investees, net of tax, gain (loss) on disposal of subsidiaries, joint ventures and associates, depreciation, amortization and impairment of tangible and intangible assets and negative goodwill
[2] “Free Cash Flow” represents EBITDA less CAPEX less income tax paid
[3] “CAPEX” represents cash outflow for acquisition of property, plant and equipment, investment property and intangible assets. Presented number does not include amounts related to discontinued operations
[4] “Cash Conversion Ratio” represents Free Cash Flow as a percentage of EBITDA 
[5] Net financial debt = Loans and borrowings + Issued bills of exchange – Cash and cash equivalents
[6]  Net leverage = Net financial debt / Underlying EBITDA
[7] The pro-forma data presented herein for EPH and SE is based on data for FY 2024. The SE data are non-audited. An agreement to acquire additional stake in SE has been signed in December 2024, and the transaction is subject to regulatory approvals expected in Q2 2025. The information provided is for illustrative purposes only and does not constitute a guarantee of future performance