EPH Reports Solid First Half 2024 Financial Results
25. 9. 2024
Energetický a průmyslový holding, a.s. (“EPH” or the “Group”) is pleased to announce its financial performance for the first half of 2024. The Group’s strategic focus on growth, diversification, prudent financial management, while focusing on sustainability goals has delivered solid results.
Underlying EBITDA performance
In the first half of 2024, the Group’s Underlying EBITDA reached €1,441 million, which is €430 million lower compared to the same period last year, yet remains a strong achievement given the challenging market conditions with electricity prices declining from their peaks in the previous periods. This performance reflects the ability of EPH to adapt and maintain operational efficiency, even in a volatile market environment.
High level of capital expenditures
EPH has made significant investments totaling €304 million during the first half of 2024, reflecting its strategic focus on long-term growth and operational excellence. Notably, the biggest investment projects continue to be constructions of highly efficient gas units, all of which are H2 ready, in Italy and the UK, out of which one gas-fired unit has already been commissioned during the first half of 2024, the rest should follow during the next 12 months. All of these projects are underpinned by long-term capacity remuneration schemes thus improving the Group’s risk profile and delivering higher visibility of cash flows.
Maintained Low Net Leverage Ratio
EPH maintains a strong financial position, demonstrated by favorable net Leverage Ratio, which currently stands at 1.3 multiple of EBITDA (for the last twelve months).
Continued Transition Away from Coal
EPH’s ongoing commitment to sustainability is evident in its decreasing reliance on coal assets. By 2025, the Group anticipates becoming almost coal-free, and by the end of 2030 completely coal-free. This strategic shift aligns with EPH’s dedication to environmental and social responsibility and a sustainable and affordable energy future.
Pavel Horský, CFO of the Group, said: “Despite the downward trend in electricity prices during the first half of 2024, we are proud to have achieved strong results, demonstrating the resilience and efficiency of our operations. Our focus on strategic investments and operational excellence has positioned us well for continued growth and future success in an evolving energy market.”
For more details on the results, as well as the financial indicators used, please refer to https://www.epholding.cz/en/results-centre/.