The EP Group Energy segment (companies engaged in the energy industry, controlled by EP Group, a.s., collectively referred to as the “Energy segment” or “Segment”) announces its results for the year 2024. With pro-forma[1] revenue of EUR 34.5 billion, the Segment achieved a strong pro-forma1 EBITDA[2] of EUR 5.5 billion. The Segment’s pro-forma1 Free Cash Flow[3] reached EUR 3.3 billion. During the year, the Segment continued to invest heavily in internal growth, driven by ongoing renewable and flexible power generation CAPEX projects, as well as external growth, as evidenced by recently announced acquisitions.
The Energy segment is a part of EP Group, a.s. (“EP Group” or “Group”). Consisting of Energetický a průmyslový holding, a.s. (“EPH”) and EP Energy Transition, a.s. (“EPETr”) groups, it is a key segment of the Group, engaged in power generation, natural gas transmission and storage, distribution and supply of gas, heat and electricity, trading, and logistics operations.
The Energy segment managed to generate 84.4 TWh[4] of electricity, proving its substantial footprint among leading European energy producers. At the end of the year, the Segment operated a well-diversified and flexible portfolio of power generation assets, combining for a net installed capacity of 25.9 GW[5].
To further enhance the Energy segment’s position in European energy markets, the companies forming the Segment invested in internal development projects and external growth, all strictly in accordance with the Segment’s long-term mission of providing flexible power generation capacities and supporting the energy transition in a socially responsible and reliable manner, while maintaining the highest standards of quality and security of supply.
Agreement to acquire Enel’s stake in Slovenské elektrárne
This transaction will raise EPH’s stake in Slovenské elektrárne (“SE”) to 66%. SE is Slovakia’s largest electricity producer, generating power exclusively from zero-emission assets such as nuclear, hydro, and solar. The acquisition is a significant and promising step for the Group, as it strengthens the Group’s position in the clean energy sector and enhances its portfolio with high-quality, zero-emission assets and is expected to close in Q2 2025, subject to regulatory approvals, and is anticipated to contribute positively to the Segment’s future financial results and sustainability goals.
Pro-forma 2024 results[6] combining Energy segment and SE results:
- EBITDA of EUR 5.5 billion (SE contribution EUR 1.7 billion)
- Free Cash Flow of EUR 3.3 billion (SE contribution EUR 1.3 billion)
- Net installed capacity 25.9 GW (SE contribution 3.9 GW)
- Net power production 84.4 TWh (SE contribution 18.7 TWh)
Further on M&A front, in March 2025, EPETr acquired a 30% stake in LEAG from PPF, thereby becoming the sole shareholder of LEAG. This step shall streamline the already ongoing transition of the Segment’s German assets away from traditional fossil fuels toward more environmentally friendly solutions. Another acquisition was completed in December 2024, when EP UK Investments, a wholly-owned subsidiary of EPH in the United Kingdom, acquired a 50% stake in West Burton Energy from TotalEnergies. West Burton Energy owns a 1.3 GW gas power plant and a 49 MW battery storage system, thereby bolstering the Group’s presence in the UK energy market.
Throughout the year, the Group continued investing in its assets, with a focus on long-term growth and operational excellence. These investments resulted in the commissioning of a new 647 MW open cycle gas turbine (OCGT) in Kilroot in the UK and completion of an 806 MW combined cycle gas turbine (CCGT) power plant in Tavazzano (Italy) in March 2025. Furthermore, the Group has been finalizing construction of an 881 MW CCGT in Ostiglia (Italy). These investments amount to EUR 1.2 billion, of which 87% has already been spent in past years. Meanwhile, EPETr and EPH groups did not lag behind in the development of several renewable projects in Germany. Key milestones include commissioning of solar parks with total installed capacity of 90 MW and the beginning of constructing wind parks with installed capacity totaling 188 MW. The Segment was also active in the field of energy storage, commissioning a new battery project in France (44 MWh) and announcing new BESS projects in Italy, the UK, France, and Germany with a combined capacity of 1,645 MWh, half of which are already under construction.
As the Group finishes building its state-of-the-art, hydrogen-ready generation units and commission new renewable projects, the old coal generation units are being closed. In 2024 alone, the Segment put 1,910 MW of coal net installed capacity offline. The main closures include Mehrum, Jänschwalde blocks E and F, and Vojany[7].
Daniel Křetínský, Chairman of the Board and CEO of EP Group, commented: „Our Energy segment’s performance in 2024 is a testament to our relentless pursuit of excellence. Our assets have proven to be a dependable source of energy for Europe, ensuring stability and efficiency in the region’s energy supply. With significant investments in our development projects and strategic acquisitions, we have strengthened our position as a leading European energy producer. The decisions we make today give us confidence in our ability to continue delivering sustainable and reliable energy both now and in the future.“
Please be aware that the financial data for the EP Group Energy segment in this press release shows aggregated, not consolidated, figures based on standalone and consolidated results of the entities belonging to the EP Group Energy segment for the full year 2024, disregarding the date of acquisition. Substantial differences between this data and the consolidated results of EP Group or any other entity may arise, attributable to the applied accounting principles and consolidation methods and the impact of the events which occurred in 2024, such as obtaining control over selected entities during 2024 or in Q2 2025 (expected for SE) and any other events relevant to the consolidation process. The financial data in this press release cannot be read as an approximation of any consolidated results of EP Group or any other entity.
For more information please see: www.epgroup.eu
[1] Pro-forma figures are based on combined results of EP Group Energy segment and Slovenské elektrárne, a.s., all at 100%. All figures are non-audited, preliminary and aggregated, not consolidated. The information provided is for illustrative purposes only and does not constitute a guarantee of future performance
[2] “EBITDA” represents the profit (loss) for the period before income tax expenses, finance expense, finance income, change in impairment on financial instruments and other financial assets, share of profit (loss) of equity accounted investees, net of tax, gain (loss) on disposal of subsidiaries, joint ventures and associates, depreciation, amortization and impairment of tangible and intangible assets and negative goodwill
[3] “Free Cash Flow” represents EBITDA less CAPEX less income tax paid
[4] Number includes power production of Slovenské elektrárne, a.s.
[5] Number includes Net installed capacity of Slovenské elektrárne, a.s.
[6] The pro-forma data presented herein for EP Group Energy segment and SE is based on data for FY 2024. All data are non-audited, preliminary and aggregated, not consolidated. An agreement to acquire additional stake in SE has been signed in December 2024, and the transaction is subject to regulatory approvals expected in Q2 2025. The information provided is for illustrative purposes only and does not constitute a guarantee of future performance
[7] Owned by Slovenské elektrárne, a.s. where, at the time of units’ closure, EPH (a subsidiary of EP Group) owned 33% and consolidated its share as associate via equity method