Net profit attributed to shareholders of the parent adjusted for non-operating items increased by 29.2% in 9M 2024 reaching €114.6m (of which € 96.1m from continuing operations ).
Operating profitability (adj.EBITDA) increased by 9.5% in the same period, coming at €433.9m (of which € 279.2m from continuing operations), boosted by the construction, concessions and RES segments, with the adj. EBITDA margin at 17.5% against 15.7% in the respective period of 2023.
Group revenues in 9M 2024 amounted to € 2,482.7m (of which € 2,233.2m from continuing operations) compared to € 2,529.4m in 9M 2023. The implementation of the Group’s strategic plan continues with a steady pace since the beginning of the year, with the aim of making the Group a leader in the infrastructure sector at European level, providing already tangible results. Starting with the most recent and emblematic developments, the successful completion of the transfer of TERNA ENERGY to Masdar significantly helps to crystallize value for the shareholders and further increases liquidity to accelerate the Group's investment plan.
An important development is also the commencement as of 06.10.2024, of the 25-year concession period of Attiki Odos, one of the most attractive motorway concessions at European level, with the project already showing its dynamic, with the traffic at 10-month level depicting an increase of 5.6% (October +6.8%), surpassing our initial estimates. Its operation already from the last quarter of the current year will boost the Group's figures. The new CCGT unit of 877MW in Komotini (50/50 with Motor Oil)is already in trial operation, with its commercial operation expected within the first quarter of 2025, and it will be the largest and most efficient natural gas unit in Greece (64% efficiency).
During 9M 2024, the Group further strengthened its profitability, following the maturity of investments in the concessions and RES sectors and the healthy profitability of the construction sector.
More specifically, the concessions sector posted an increase in revenue and operating profitability mainly due to increased traffic on Nea Odos and Kentriki Odos. The construction segment maintained its healthy profitability levels, - despite lower revenues due to timing of project execution - while the backlog stood at € 5.0bn. In the conventional energy segment, the decline in energy prices led to lower revenues, despite the increase of market share. Finally, in the RES segment, the increase in installed capacity to 1,224 MW from the end of 2023 led to increased production and profitability.
