Admie Holding (ADMIE) Q1 2024 earnings summary

Executive summary

• Q1 2024 saw strong financial performance with significant year-over-year growth in income and net profit at both ADMIE Holding S.A. and IPTO Group, driven by higher transmission system rent and operational efficiencies.

• Major infrastructure projects progressed, including the Crete-Attica, Cycladic Islands, and other key interconnections, with significant international initiatives advancing.

• Regulatory framework updates and international interconnection plans support long-term growth and energy transition.

Financial highlights

• ADMIE Holding S.A. Q1 2024 net profit rose 25.4% year-over-year to €18.6m; EPS increased to €0.08.

• IPTO Group Q1 2024 revenue grew 16.8% to €109.8m; net profit up 25.1% to €36.9m; EBITDA reached €82.2m, up 17.4%.

• Dividend per share estimated at €0.124 for 2024, up 114% from the previous year; dividend distribution of 50% of 2023 net profit (€58.96m) approved for IPTO shareholders.

• Capital expenditures for IPTO Group were €97.2m, mainly for grid interconnections.

• ADMIE Holding S.A. maintained zero debt and cash equivalents of €5.3m at quarter-end.

Outlook and guidance

• Regulatory WACC set at 7.51% for 2024, supporting stable returns.

• Major capex projects planned through 2035, with total investment of €6.1bn; ongoing investment program of €5bn until 2030 to support energy transition and grid modernization.

• International interconnections expected to enhance grid stability and RES integration.