The increase in revenue, as noted in the announcement by the listed company, was primarily driven by renewable energy sales, totaling €308.3 million, reflecting a 23.3% year-on-year growth.
Energy production from renewable sources across TERNA ENERGY's portfolio in Greece and abroad rose by 24.7% year-on-year, reaching 3.2 TWh. This growth was attributed to the increased installed capacity during the year, following the gradual operation of the Kafirea wind farm (327 MW), which was completed toward the end of 2023. Consequently, the total installed capacity reached 1,224 MW by the end of 2024.
Regarding the load factor, it stood at 30.8%, up from 28.6% in 2023. In Greece, the load factor reached 31.3%, compared to 28.8% the previous year. This improvement was due to better wind conditions and the higher load factors achievable by the Kafirea wind farm. Notably, excluding the Kafirea project, energy production from existing installations increased by 4.5%.
Revenue from the construction sector (EPC for photovoltaic projects) reached €38.8 million, compared to €2.3 million in 2023. Adjusted EBITDA from continuing operations amounted to €212.6 million, up from €173.4 million in the previous year, marking a 22.6% increase. This growth was driven by higher revenues from both the Energy and Construction sectors.
The adjusted EBITDA of the Energy sector reached €204.2 million, reflecting an 18.7% increase. Net financial expenses from continuing operations amounted to €62.9 million in 2024, compared to €50.2 million in 2023, due to increased borrowing for new investments.
Profit before tax from continuing operations totaled €93.7 million, up 26.1% from €74.3 million last year. Net profit from continuing operations reached €70.5 million, a 23.5% increase compared to €57.1 million in the previous year.
The net debt position stood at €795.6 million as of December 31, 2024, down from €844.6 million at the end of 2023.
Portfolio
TERNA ENERGY continues to expand its portfolio, with 67 MW of photovoltaic projects under construction in Greece. Additionally, 500 MW of new projects—spanning photovoltaics, wind, and storage—will begin construction in Greece and abroad, with operations expected to begin by the end of 2025. This represents an investment of approximately €370 million. The construction of the pumped storage project in Amfilochia (670 MW) is also progressing as planned. Furthermore, the Group is developing new projects and monitoring the secondary market for acquisition opportunities, aiming for a total installed capacity of 6.0 GW by the end of 2030.
In 2024, TERNA ENERGY made significant progress in its sustainability and environmental management initiatives, confirming its position as a leading renewable energy producer in Greece. The Group produced 3,248,360 MWh of net energy in 2024, preventing 1,318,572 tons of CO2 equivalent emissions, demonstrating its commitment to combating climate change.
All the Group’s facilities, both in Greece and abroad, operated with 100% green electricity, aligning with its commitment to sustainable practices.
The Group also achieved notable results with respect to the EU Taxonomy provisions, with 88.8% of its turnover, 84.9% of its capital expenditures, and 99.5% of its operating expenses meeting the relevant criteria. These accomplishments underscore the Group’s leadership in sustainable business practices and its role as a pioneer in the transition to a greener economy.
