The Elecnor Group posts a net profit of EUR 859.9 million in the third quarter of 2024

At the end of the third quarter of 2024, the Elecnor Group reached a consolidated net profit of EUR 859.9 million, compared to 73.7 in the same period of the previous fiscal year, due to the sale of its subsidiary Enerfín, in which it has been building value for over 26 years. Completed in May, the sale to Statkraft European Wind and Solar Holding AS for EUR 1,560 million, has enabled the Group to obtain a capital gain of EUR 805.3 million for the sale of its subsidiary Enerfín, which demonstrates the Group’s capacity for creating value by developing its business activities.

Revenue stands at EUR 2,667.4 million, of which EUR 1,196.9 million derive from the domestic sphere and EUR 1,470.5 million relate to international sales, which represent more than 55% of the total. In turn, the gross operating profit (EBITDA) reached EUR 94.4 million.

Elecnor (Essential Services and Sustainable Projects)

The Elecnor subsidiary has continued its pattern of growth in the domestic market, as a result of the essential services performed for the sectors of electricity, telecommunications, water, power transmission and distribution, fields where Elecnor works for all the utilities, particularly carrying out maintenance activities for both the public and private sectors. In the first nine months of the year, the activity reached EUR 1,196.9 million, up 5.3% on the same period in the previous year. Within the activity of sustainable projects, both construction work on wind and solar photovoltaic power farms and projects related to self-consumption and energy efficiency have also contributed to the growth of sales and earnings related to this business.

As regards the international market, which accounts for over 55% of the total revenue, Elecnor has continued to carry out sustainable projects in Australia, Brazil and Chile, particularly in renewable energy and electric power transmission lines. In the first nine months of the year, the activity reached EUR 1,485.4 million, down 8.5% on the same period of the previous year. The Group has made progress with the construction of solar photovoltaic power plants in the Dominican Republic, substations and power transmission lines in Angola, Senegal, Zambia and Gambia, among others. Also noteworthy in relation to these figures is the activity of essential services conducted by the US subsidiaries (Hawkeye, Belco and Energy Services), as well as the distribution and telecommunications contracts that Elecnor is executing in Italy.

Celeo

Celeo, a company jointly owned and managed with APG, one of the largest pension funds in the world, runs 7,950 km of electricity power transmission lines in Chile, Brazil and Peru, in use and under construction, and has stakes in 345 MW of renewable energy (photovoltaic and thermosolar) in Spain and Brazil, the figures for which are similar to those in 2023. The combination of assets in operation that the company manages came to about EUR 6,317 million at the end of last year.

Celeo’s transmission networks business has performed well in the third quarter of the year with a consolidated net profit until September of EUR 11.2 million, an increase of 13.4% in relation to the EUR 9.9 million in the same period of the previous year.

This business has been boosted by the increase in price indexes that affect the sales rates applicable to power transmission lines, which have had a particular impact on the Brazilian projects, while the thermosolar power plants managed by Celeo in Spain have produced less than in the same period last year.

Forecast for 2024

The Elecnor Group’s activities will benefit from three major trends that are driving worldwide economic development: environmental and social sustainability, the energy transition and electrification of the economy, and the urbanisation and digitalisation of society. The sound contract portfolio and the current market situation, in which organisations with Elecnor’s capacity and singularity are in great demand, will enable the Group to continue to strengthen its leading position and profitability in the coming years.

The production portfolio of projects due to be executed in the next 12 months amounts to EUR 2,706.5 million, up 5% on the EUR 2,577.7 million at the end of 2023. The domestic portfolio accounts for 30% of this figure, amounting to EUR 800.5 million and 70% comes from the international market, amounting to EUR 1,906.0 million. The domestic market portfolio is composed of contracts for activities relating to essential services, as well as sustainable construction projects for renewable energy power plants for the amounts planned to be executed over the next 12 months. The international portfolio is based on contributions both from European countries (Italy and the United Kingdom), where activities relating to services are carried out, and from other countries (mainly Australia, the United States and Brazil) where contracts have been awarded for major projects involving the construction of renewable energy power plants and power transmission.