Amprion reports a successful first half of 2024: results and investments in grid expansion on target

Amprion achieved sound results in the first six months of this year and, as planned, invested €1.3 billion in grid expansion. In May, the company once again issued a €1 billion green dual-tranche bond on the international capital market. In publishing its second Green Finance Investor Report, Amprion is providing transparent reporting on the use of the funds raised from green bonds.

Revenue was down by around 5 percent year-on-year to €2.8 billion. The decline is due mainly to the one-time federal subsidy allocated by the German federal government to all transmission system operators in the prior-year period. This served to stabilise grid charges. Another factor for the decline in revenue were less proceeds from congestion management.

Adjusted EBITDA* came to around €593 million in the reporting period,a rise of around 27 percent compared with the first half of the previous year. Adjusted net income* rose by around 24 percent to around €214 million. The rise in these key earnings figures is due primarily to an increase in the asset base as a result of higher investments compared with the first half of 2023.

Investment in grid expansion on target

In the first six months of this year, Amprion invested around €1.3 billion with the aim of driving the necessary upgrading and expansion of its transmission grid and thus the transformation of the energy system in Germany. For the full year, Amprion plans to invest around €3.9 billion, an increase of around 28 percent compared with 2023. In the period to 2028, it is scheduled to invest €27.5 billion in grid infrastructure.

Peter Rüth, CFO of Amprion, said: “The first six months were once again a successful period for Amprion. We issued another green dual-tranche bond in May and invested heavily as planned. At the same time, we continue to pursue with our strategy to secure capacity.” Amprion is increasingly in the implementation phase of the grid expansion projects, he explained. “It is beneficial that we have already been able to secure around €29 billion of resources and services over the period to 2034.”

Annual publication of the Green Finance Investor Report

Following its début last year, Amprion is now publishing the next Green Finance Investor Report for 2023. The report meets the reporting requirements of the international Green Bond Principles (GBP) and provides investors in Amprion’s green bonds with full information on the appropriate use of the funds.

In allocating funds, Amprion follows a portfolio approach. The portfolio contains all projects classified as sustainable and is updated on an annual basis. As at 31 December 2023, the project portfolio amounted to €6.03 billion. Raised funds, on the other hand, amount to €3.0 billion. The use of those funds will have a significant positive effect on the achievement of Germany’s climate targets in 2035.

The Green Finance Investor Report 2023 (English) is available at the following link .
You can find the tables showing the unaudited IFRS figures for the first half of 2024* at the following link .

^{*As part of its IFRS financial reporting, Amprion also presents key financial figures on an adjusted basis in order to avoid significant distortions caused by regulatory issues and achieve a more accrual-based presentation of the results of operations.}