The Hungarian energy company ALTEO reported its 2024 Q1 earnings on this Tuesday 2024. In a nutshell the Company’s EBITDA decreased by 43% compared to a year ago from HUF 7.8 billion to HUF 4.5 billion in the first three months of 2024. The revenue decreased by 26% from HUF 36 billion to HUF 27.7 billion.
The main driver behind the decreasing results is the normalization of the energy markets (i.e. the electricity, gas and heat market). To some extent the energy trading and the renewable-based segment could offset the revenue and EBITDA decline.
The cost of sales has also decreased because of the lower gas and CO2 prices (relative to the last year), but not more than the revenue. Because of the higher fixed asset base depreciation became higher and the interest income was negatively affected by the lower interest rate environment.
It’s worth noting, the report says, that the Company has made several acquisitions in the last years while in recent months, one has been able to see rapid stock price movements. The main drivers behind these moves are the extra dividend (HUF 400) and the new share repurchase program under which the Company can buy back shares proportion to the 25% of the capital.
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