Jose Garza, CEO of Premier Energy Group, commented: "We are pleased to report strong third-quarter results, marking continued growth driven by both organic performance and strategic acquisitions.  Despite facing challenges such as high balancing costs, lower electricity prices, and reduced wind conditions in 2024, our diversified and vertically integrated operations demonstrated strong results, particularly in the natural gas segment, helping to maintain overall resilience, stability and effectively navigating large market volatility.  In line with our strategy to expand capacity, we successfully added 80 MW of wind generation capacity in late July, bolstering our renewables division's growth in the third quarter.  We continue our strategy of focusing on operational improvements, organic growth and finalizing our backlog of attractive developments.”

In terms of operational highlights, the owned renewable energy sources (RES) production registered a 38% YoY increase in the first nine months of 2024, driven by acquisitions and commissioning of new developments. In July 2024, Premier Energy added 80 MW of wind capacity to its portfolio, as well as commissioned an additional 5 MW of solar capacity in the quarter. The growth, although solid, was tempered by less favorable wind conditions, that were especially weak in the first six months of 2024.

The Group moreover recorded a 66% YoY increase in electricity supplied and a 34% YoY growth in natural gas supplied, reflecting on the expansion of its energy supply capabilities. The number of customers served by the natural gas distribution network grew by 5%, further consolidating the Group's market position. In the Republic of Moldova, operations performed as expected on a normalized basis, with supply volumes up 8% YoY and a 1% increase in customer numbers.

Premier Energy Group closed the third quarter of 2024 with 2.3 million energy customers across its key markets, registering a 111% YoY increase, driven by the acquisition of CEZ Vanzare, today Premier Energy Furnizare.

Petr Stohr, CFO of Premier Energy Group, added: “Our financial performance in the first nine months of 2024 reflects a balance between seizing growth opportunities and managing market headwinds. While unprecedented balancing costs and regulatory impacts weighed on our results, we maintained focus on optimizing our operations. The results for the third quarter, following a challenging first half, mark a return to expected profitability in the Romanian energy supply segment, even amid ongoing obstacles. The 22% increase in the normalized EBITDA in the third quarter underscores our strategic resilience, particularly in the natural gas segment, where operational enhancements drove profitability. Looking ahead, we remain committed to mitigating volatility risks and ensuring our financial stability as we continue to serve our growing customer base effectively.”

In the renewable segment, revenues in Romania increased by 6% to €145.6 million. The segment benefited from the acquisition of an 80 MW wind farm in July 2024 but faced headwinds from lower overall electricity prices, higher price volatility during the day, the introduction of a new solidarity tax on electricity production from April 2024, and weaker wind production.

The Romania energy supply segment, acquired in April 2024, contributed EUR 181.1 million in revenue during its first six months under the Group's ownership.

The natural gas division reported an 11% increase in revenue, reaching €223.8 million in 9M 2024 compared to €202.3 million in 9M 2023. This growth was supported by a 32% increase in supply volumes, driven by strong domestic sales and wholesale activity outside of Romania.

In the Republic of Moldova, the electricity distribution and supply business saw a 16% YoY decline in revenue, totaling €265.3 million. However, when adjusting for tariff deviations and tariff impacts in unbilled energy, normalized revenue grew by 5% YoY to €291.2 million, with normalized EBITDA up 10% YoY to €31.9 million.

Despite facing multiple challenges, Premier Energy achieved an 8% increase in normalized EBITDA, reaching €72.3 million for the first nine months of 2024, compared to €67.1 million in the same period of 2023. These results account for tariff deviations in the Republic of Moldova, impact of energy tariffs for unbilled supply, and one-time acquisition costs for the 80 MW wind park. Profit before tax amounted to €32.1 million for 9M 2024, a 61% decrease, while profit after tax was €26.5 million, down 58% YoY. On a normalized basis, adjusting for after-tax tariff deviations, impact of tariffs in unbilled energy, and one-off acquisition expenses, net profit amounted to €30.3 million, reflecting a 12% YoY increase.