Admie Holding (ADMIE) Q3 2024 earnings summary

Executive summary

• ADMIE Holding reported strong financial performance for the first nine months of 2024, with revenue up 31.3% to €61.2m and net profit up 31.5% to €60.5m, reflecting a strong 51% share in IPTO Group profits.

• IPTO, the sole transmission system operator in Greece, continues to execute a high-capex investment program, focusing on major interconnection projects and grid upgrades.

• The regulatory environment remains supportive, with stable WACC and allowed revenue frameworks through 2025.

• Cash and cash equivalents reached €21.7m at period end, with zero debt.

• An interim dividend of €13.5m (€0.058 per share) was distributed in September 2024.

Financial highlights

• ADMIE Holding 9M 2024 income reached €61.2m, up 31.3% from €46.6m in 9M 2023; net profit rose 31.5% to €60.5m; EPS increased to €0.26 from €0.20.

• Q3 2024 net profit was €23.4m, up 38.9% year-over-year; cash at period end was €21.7m.

• Dividend per share for 2024 is projected at €0.124, with a 100% payout ratio.

• IPTO Group 9M 2024 revenues increased 21.7% to €356.4m; EBITDA rose 22.5% to €260m; net income up 31.3% to €120m.

• Capital expenditures for the group totaled €398.9m, focused on major interconnection projects.

Outlook and guidance

• Cumulative investments of €6.1bn planned from 2024 to 2035, with major projects scheduled for completion through 2031.

• IPTO continues to execute a €5.4bn investment program through 2030, targeting grid modernization and energy transition.

• Regulatory WACC set at 7.51% for 2024 and 7.45% for 2025, supporting stable returns.

• Allowed revenue for 2025 projected at €484.8m.