PannErgy Sold More Heat in Q3 2024 Than in Q3 Last Year

The Hungarian company PannErgy sold 163,101 gigajoules (GJ) of heat in the third quarter, 5.3% more than in the same period last year, the company said in its production report published on the Budapest Stock Exchange (BSE) website on Tuesday, while confirming the expected achievement of its consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) target of HUF 3,900-4,100 million for this year.

It said that this result was about 2% below the quarterly target. They noted that the weather in the period under review was significantly more variable compared to the same period in 2023 and the average of recent years (in the least heating sensitive quarter), with the summer months being significantly warmer and September being temporarily cooler and very wet - representing overall similar company-wide heat sales potential.

Despite the particular and varied weather conditions, PannErgy achieved heat sales in the quarter that exceeded the base period heat sales and were slightly below the period plan.

In the third quarter, the Miskolc Geothermal System sold a total of 61,101,000 GJ of thermal energy, below the average for the corresponding period of the past years, but 6.2% above the heat sales achieved in the same period of 2023.

In the third quarter of 2024, the Győr Geothermal System sold 100,583,000 GJ of thermal energy, exceeding the average of the corresponding period of the last years and surpassing the heat sales achieved in the same period of 2023 by 4.9 percent.

PannErgy Plc.'s shares are traded in the premium category of the Budapest Stock Exchange. The share price has ranged between HUF 1,180 and HUF 1,550 over the past year.