EU UTILITIES: Alperia (ALPERI NR/NR/BBB): FY24 Results
Apr-01 09:04By: Donal Golden
Credit Sector+ 2
- Alperia reported revenue -13% YoY, mainly due to the “superbonus” incentive rolling off.
- Normalised EBITDA reached €500mn, +53% YoY due to changes in consolidation scope and the reclassification of a subsidiary in discontinuing operations (one off).
- Capex increased to €220mn. Reported net leverage fell to 1.6x from 3x YoY, helped by both the increase in EBITDA and lower net debt.
- It has already guided for slightly above 2x net leverage at the end of its current business plan in 2027. That implies EBITDA below €340mn, normalising after one-off last year.
