BREAKING NEWS – 14.11.2024

In the press release of November 5, 2024, Altea Green Power, a company active in the development of renewable energy generation facilities and as a service integrator during all phases of the construction and operation of green plants, announced the approval of its management data for the third quarter of 2024. The results confirm the positive business trend that has characterized the current year. As of September 30, 2024, total revenues stood between € 20.00 and € 20.50 million, with a significant increase (+69.0%) compared to € 11.80 million recorded in the same period of the previous year. This increase is primarily attributable to the conclusion of the co-development contract for nine BESS Storage plants in Italy, as well as the sale of stakes in Green BESS Srl and Blue BESS Srl. Additionally, the Group made important progress in the permitting processes for other energy storage projects, as well as in the solar and photovoltaic sectors. These advancements align with the company’s multi-year growth plan and point to further acceleration in the fourth quarter. EBITDA for the period also improved, ranging between € 11.00 and € 11.50 million, with growth of over 107.0% compared to € 5.30 million in 3Q23A, and an EBITDA Margin around 55.0%, up from 45.0% in the third quarter of the previous year. This positive development is also attributable to the completion of the co-development contract for the nine BESS Storage plants in Italy. As for the financial position, the NFP increased to € 8.60 million compared to € 4.40 million on December 31, 2023. This increase was primarily due to the payment of a tax debt of approximately € 4.50 million during the third quarter and the delayed collection of over € 3.00 million, which was subsequently received in October 2024. Although the level of debt is rising, this increase appears to have been well managed, considering the growth context in which it takes place. As of September 30, 2024, Altea Green Power’s order backlog exceeded € 150.00 million, highlighting the strength of its project pipeline, which currently includes new developments for a total capacity of over 3 GW. This order backlog represents a stable and robust revenue base for the future, in line with the growth targets of the Industrial Plan published last year. In light of the communicated information and the results achieved, and while awaiting the progress of the uplisting process on the Euronext Milan or Euronext STAR Milan market, we confirm our recommendation: target price € 14.30, rating BUY, risk MEDIUM.

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