The Grenevia Group generated revenues of PLN 781 million in the first half 2023, recording an increase of 42% compared to the same period in 2022. The Group's profit amounted to PLN 92 million, while EBITDA at 229 million is 20% higher compared to the first six months of last year. 40% of Grenevia's revenue came from "green business".

Key financial indicators reflect the impact of all Group segments on its business operations. External revenues (i.e., excluding intersegment sales) increased in each of them: in the FAMUR segment, they were higher by PLN 74 million, in the electric power business (Elgór+Hansen) by PLN 18 million, and in photovoltaics (PST) – by PLN 13 million. On the other hand, the consolidation of revenues from e-mobility (Impact) helped add PLN 125 million to the Group's bottom line.

The increase in the Grenevia Group's revenues in H1 2023, up by PLN 231 million compared to the same period in 2022, was attributable to increases in the segments: FAMUR (+15% y/y), power generation (+106% y/y) and photovoltaics (+50% y/y), while the consolidation of the e-mobility segment added PLN 125 million to the Group's revenues.

The increase in revenue translated into an improvement in EBITDA. In the first six months of this year, this indicator amounted to PLN 229 million. That's 38 million more than in H1 2022, an increase of 20%. Grenevia Group's profit in the first half of 2023 amounted to PLN 92 million.

It is important to note that in the first half of this year, revenue growth was recorded in all business segments of the Grenevia Group. We are intensively developing our portfolio companies, maintaining high EBITDA profitability of 29%. The ratio of net debt to EBITDA remains at a safe level and allows us to support the development of our green investments.

Beata Zawiszowska, President of the Management Board of Grenevia SA

As an active investor in green transformation projects, Grenevia is growing the activities of four business segments. These include: large-scale photovoltaics and PV solutions for business concentrated in Projekt Solartechnik; battery systems, power storage and electromobility as part of IMPACT Clean Power Technology; modern automation equipment for the industry, as well as solutions for the power distribution industry as Elgór+Hansen. Technologies and products for the mining and wind power industries will are being developed within the FAMUR brand. This structure provides a high degree of operational independence of the segments that make up the Group.

The Grenevia Group is consistently implementing its Sustainability Strategy in business operations. The 2023-2030 document has been adopted in all of the Group's market segments.

We are successively implementing a strategy of sustainable development in the Grenevia Group, as proven by the acquisition of Total Wind. This will allow the FAMUR segment to significantly increase its involvement in wind turbine gearbox repairs and other activities. The Elgór+Hansen segment, meanwhile, has begun supplying products to partners in the renewable energy sector. A consistently increasing number of our organization's processes also fit into the principles of circular economy. In June 2023, the Group joined the United Nations Global Compact, the world's largest initiative bringing together sustainable businesses. All of these measures show that we are consistently heading down the green path we communicated earlier this year.

Beata Zawiszowska, President of the Management Board of Grenevia SA

Summary of Grenevia Group segment operations in H1 2023

E-mobility segment - the activities of IMPACT were focused on acquiring new framework agreements and orders pertaining to the supply of e-bus battery systems for 2024-2026, as well as in the areas of energy storage, rail transport and off-highway machinery. IMPACT continues to work with its customer, SOLARIS, which has won several tenders since June this year to supply buses to European cities, including in Italy, Serbia and Austria. IMPACT has also begun working with a new client, Alexander Dennis Limited (ADL), a world leader in the design and manufacture of double-decker buses. Serial production is planned for ADL in the coming quarters of 2023 and 2024. IMPACT is continuing its GigafactoryX investment, which involves building a large-scale battery factory for electric vehicles and energy storage in Pruszków. The modern plant, designed in accordance with ESG guidelines, will be one of the largest of its kind in Europe. Its erection will increase Impact's production capacity to an annual level of 1.2 GWh in 2024 and over 4 GWh in 2027. The fully automated, state-of-the-art production line will enable manufacturing a new battery for e-mobility purposes every 11 minutes. Planned capital expenditures for the implementation of this project are estimated at about PLN 120 million. At the same time, the range of solutions for large-scale energy storage was expanded, and work was carried out on the development of hydrogen cell-based energy storage technology.

In the photovoltaic segment - PST focused on developing a portfolio of projects both in Poland and in foreign markets. PST is successively building new PV farms. The total capacity of photovoltaic projects in the company's portfolio is approx. 4.1 GW (at various stages of development). Grid-connected photovoltaic farms reached a total capacity of 133 MW, and the increase in the capacity of projects in Poland at various stages of development amounted to +380 MW in the first six months of this year. PST is also focusing on diversifying its portfolio into wind power and energy storage - at the end of H1 2023, it had 0.2 GW in energy storage projects and 15 MW in wind projects with connection conditions already issued. In the German market, PST has some 580 MW in projects at the initial stages of development. The operations of companies: Projekt Solartechnik Romania S.R.L. in Bucharest, Projekt Solartechnik France SAS in Rouen and PST Spain in Madrid were registered with their respective authorities. In May this year, PST adopted a development strategy for 2023-2027. According to it, PST intends to diversify its product offering and continue to expand in Poland and foreign markets. By 2027, it intends to obtain connection conditions and achieve the ready to build (RtB) status in Poland for 170 MW in wind projects, 400 MW in energy storage, and 1.5 GW in PV (photovoltaic) projects. The company intends to achieve a similar result in foreign markets.

Within the power generation and distribution industry, Elgór+Hansen continued with deliveries of more transformer stations for PV farms and the industry. In the first half of this year, it secured PLN 109 million in orders, including more than PLN 40 million from non-mining sectors. Within the framework of synergies in the Grenevia Group, an agreement has been concluded with Projekt Solartechnik for the supply of transformer stations for photovoltaic farms worth approx. PLN 31 million. E+H has also launched a new production line for transformer stations in Zabrze.

The FAMUR segment has consistently increased its involvement in the wind power industry by growing its portfolio of wind turbine gearbox repair and maintenance services. FAMUR has won orders for the repairs of further turbines and maintenance services of components. At the same time, the range of services provided was expanded, including the repair of inverters and control systems, as a result of which orders were obtained from new partners. FAMUR has also supplemented its competencies in the area of solutions and services for the wind power sector, which consequently enables a dynamic increase in the scale of wind gearbox repair services. This goal was brought closer to completion by the acquisition of Total Wind PL, a company focused on wind turbine installation and maintenance services, as well as replacements of major components for key turbine manufacturers The acquired company has projects in 10 countries, mainly in Europe. In the area of mining machinery, stabilisation was evident in the domestic market, mainly in replacement orders. FAMUR also handled an increased volume of orders related to business recovery in the aftermarket area, including new leases for shearers and roadheaders. Foreign markets are experiencing investment restrictions and continued price pressure from Chinese manufacturers. FAMUR has stopped providing offers and quotations to Russia and Belarus, and has begun the process of dvesting its assets in Russia.