Q3 2024 Ignitis Grupe AB Earnings Call Transcript
Key Points
- Ignitis Group AB (STU:IGV0) expanded its green capacity portfolio by adding around 600 megawatts, reaching a total of 7.7 gigawatts.
- The company achieved significant milestones, including the first power supply to the grid from the second Silesia and KelmÄ— farms and the final investment decision on the Tume solar farm.
- Ignitis Group AB (STU:IGV0) increased its adjusted EBITDA by 15% to EUR 397 million, maintaining a strong balance sheet with a BBB+ credit rating from S&P.
- The green share of generation amounted to 83.6%, and scope two emissions were reduced by 34.5%, reflecting strong sustainability efforts.
- The company proposed a dividend of EUR 0.663 per share for the first half of 2024, in line with its dividend policy.
- Despite a 31% year-over-year surge in green capacity for electricity production, EBITDA growth was modest at 2.4%, impacted by increased operational expenses.
- Market-based total emissions increased by 19.7% year-over-year, primarily due to biogenic emissions from the Vilnius CHP biomass unit.
- Free cash flow was negative, amounting to minus EUR 124.5 million, as investments exceeded adjusted EBITDA and changes in working capital.
- The company's net debt increased by 10% to EUR 1.4 billion by the end of Q3 2024.
- The investment guidance was updated to EUR 750 million to EUR 900 million due to timing effects, indicating potential delays in project payments.
Good afternoon, ladies and gentlemen, and welcome to Ignitis Group earnings call for the first nine months of 2024. Thank you for joining us today. I'm AinÄ Riffel-GrinkeviÄienÄ , Head of Investor Relations, and I will moderate today's presentation during which the CEO and CFO of the Ignitis Group will present the strategic and financial performance for the reporting period. This will be followed by a question and answer session.
Before we begin, I would like to remind you that today's presentation contains forward-looking statements that are subject to risks and uncertainties. These statements are based on management's current beliefs, expectations and assumptions and actual results may differ materially from those expressed or implied.
For that, I would like to hand over to Darius to start with the strategic highlights.
Good afternoon, everyone. Let me start with
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