ONDE ready to accelerate

ONDE noted PLN 46 million of the operating profit and PLN 30 million of the net result for the entire 2024. This is mainly a result of improvement in profitability in contractorship and in income on RES development activities.

 In 2024, the ONDE Group, specialising in RES construction and developments, achieved revenues of PLN 804 million, versus PLN 1083.8 million in the similar period of 2023 (-26% y-o-y). Despite its lower revenues, the company maintained the operating profit at the similar level as in 2023. It amounted to PLN 46 million, i.e. ca. PLN 2.2 million less than a year earlier. Thus, the ONDE operating profitability increased from 4.5 percent to 5.7 percent. Whereas in the reporting period, the Company net result was at the level of PLN 30,3 million, versus PLN 33.4 million in the comparable period, and the net profitability increased from 3.1 percent to 3.8 percent.

 ‘Our RES developer activities had a significant share in the profit, as it contributed ca. PLN 24 million to EBIT. This amount was comparable to the one achieved in 2023; therefore, the increase in the Group profitability mainly reflected an improvement in the market and the possibility to realize higher margins’ says Paweł Przybylski, ONDE President. ‘However, the market remains challenging. There are a lot of tenders, especially in the PV area – so we participate in many proceedings, but investors take their time with awarding contracts. Additionally, many are waiting for the positive outcome of final works on 10H Distance Act amendment, which are currently in progress, as it will have an advantageous influence on the onshore wind power generation market. A significant boost is expected from 2026’ adds Paweł Przybylski.

 From the perspective of ONDE’s strategy, putting into operation the photovoltaic Park Lewałd, which will remain in the company assets, was a very important event. This way ONDE becomes the energy producer and will earn some of its income in that segment.

 ‘We decided that leaving this power plant in our assets was the best solution in the current situation. On average, it will add ca. PLN 10 million to our EBITDA annually, and we will complete the process of its hybridisation with the wind, and possibly also the storage part, significantly increasing the farm potential and market value’ explains Paweł Przybylski.‘We are working on further diversification of our business model. For example, we are interested in a very large market of energy transmission and distribution, as well as in foreign markets’ adds Paweł Przybylski.

 Currently, ONDE has in its developer portfolio 1.36 GW of RES projects, of which 418 MW already have connection conditions. The sale of up to 328 MW in the develop-sell-build (DSB) mode, i.e. together with the contract for the farm construction, is the priority for this year, In accordance with the adopted strategy, the Company plans to win further several hundred MW of projects, mainly of the greenfield type. In consequence, ONDE will enter 2026 with the portfolio of at least 2 gigawatts. The start of development of energy storage projects should also be noted, as they are necessary to balance the grid and improve the profitability for investors. The execution value of the portfolio of own RES projects amounts today to PLN 961 million, versus PLN 913 million at the end of the third quarter. ‘It should be noted that under the 10H Distance Act, the administrative procedures are also to change, and this is to shorten the investment preparation time by half. The awareness that wind power generation means the security for Poland and a lower cost of energy generation is visibly increasing among decision-makers’ comments Paweł Przybylski.