Admie Holding (ADMIE) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw stable financial performance with revenue up 2% to €19.7m and net profit rising 2.5% to €19.6m, reflecting a 51% share in IPTO Group profits.

• Major infrastructure projects progressed, including Ariadne, Cyclades, and Crete-Attica interconnections, supporting the energy transition.

• Regulatory framework updates and international interconnection plans underpin long-term growth and grid resilience.

• Cash and cash equivalents reached €21.2m, with zero debt at the holding level.

Financial highlights

• ADMIE Holding Q1 2025 income was €19.7m, up from €19.3m in Q1 2024; net profit reached €19.6m, up from €19.1m.

• IPTO Group total revenue rose 2% to €111.9m; net income increased 2% to €38.6m.

• EBITDA for IPTO Group was €81.6m, down 0.7% year-over-year; adjusted EBITDA was €82.3m, nearly flat.

• Capital expenditures were €84.7m, mainly for Crete-Attica and Cyclades interconnections.

• Net debt for IPTO Group rose to €1,116.9m, up 6.6% from year-end 2024.

Outlook and guidance

• Dividend payout ratio remains at 50%, with a 2025 dividend per share of €0.18, including interim and remaining 2024 dividend.

• Major capex plans continue, with €6.1bn total capex through 2031 and significant projects scheduled for completion in 2025-2031.

• Regulatory WACC set at 7.45% for 2025, supporting stable returns.

• International interconnections with Italy, Germany, Egypt, Saudi Arabia, Cyprus, Albania, Turkey, and North Macedonia are advancing.