Premier Energy Group reports higher revenues in the first six months of 2024

Premier Energy Group (BVB: PE), a key player in the energy market in Southeast Europe, listed on the Main Market of the Bucharest Stock Exchange, reports EUR 512.4 million in revenues in the first six months of 2024, a 10% year-on-year (YoY) increase, with normalized revenue standing at EUR 534.8 million, a 21% YoY increase. The normalized EBITDA saw a 3% increase to EUR 53.2 million.

Jose Garza, CEO of Premier Energy Group, commented: "In the first half of 2024, Premier Energy achieved robust growth across all divisions, despite the industry's challenges. Both our electricity and natural gas supply volumes saw significant double-digit increases. This growth was driven by strategic acquisitions, such as CEZ Vanzare and an 18 MW wind park but also by organic expansion, including in our natural gas segment, where we increased our distribution footprint, supplied volumes and the number of customers. We delivered on all key performance indicators within our control. Our diversified, vertically integrated business model has proven to be a successful strategy in this complex environment. As part of this ongoing execution, we added 80 MW of wind capacity and 5 MW of solar capacity after June 30th, keeping us on track to reach our strategic electricity generation targets.”

In terms of operational highlights, the owned renewable energy sources (RES) production registered a 7% increase, driven primarily by newly acquired and developed generation assets. This growth was tempered by less favorable wind conditions in Romania. The Group also recorded a 48% increase in electricity supplied and a 26% growth in natural gas supplied, reflecting on the expansion of its energy supply capabilities. The number of customers served by the natural gas distribution network grew by 11%, further strengthening the Group's market position. Additionally, with the acquisition of CEZ Vanzare, renamed to Premier Energy Furnizare, the Company added 1.3 million supply customers to its growing client portfolio. The integration of these new customers is ongoing and on schedule. Operations in Moldova performed as expected on a normalized basis, contributing positively to the overall financial results.

Petr Stohr, CFO of Premier Energy Group, added: "Despite the complex and volatile energy market in the first half of 2024, Premier Energy Group achieved 21% growth in normalized revenue, reaching EUR 534.8 million and a stable EBITDA evolution on a normalized basis. This performance reflects the resilience of our vertically integrated and diversified model of operations. While unsustainably high electricity imbalance costs and lower market conditions impacted some of our profitability, we navigated the first half of the year well and have a strong financial position with approximately EUR 109 million in net working capital and cash balance, ensuring that we are well-positioned to continue driving growth and effectively executing on our stated strategy."