Extraordinary results, which confirm the Group's solid leadership in the national energy landscape. Consolidated EBITDA was excellent at €392.6 million, up sharply compared to the previous year and a net profit of €169.8 million: the best ever achieved by the Group. As the Company expected, the net financial position returned to pre-energy crisis levels, reaching €267.6 million, a net decrease compared to €642.8 million at the end of 2022. Production capacity expanded through the acquisition of a share of a wind energy production company. Record investments for €140.8 million. Plan objectives for 2023 achieved.

Rovereto, 29 April 2024 –  The Shareholders' Meeting of Dolomiti Energia Holding, chaired by Silvia Arlanch, today approved the excellent results for 2023 of the Dolomiti Energia Group, which allow the company to look positively at the ambitious future economic, business and sustainability objectives, set out in the 2023-2027 Business Plan. In 2023, the gross operating margin (EBITDA) grew to €392.6 million. The recovery of hydroelectric power and the positive contribution of commercial activities in addition to the termination as at 30 June of the withdrawal linked to expensive energy (PRICE CAP) contributed to the result.

The Group's net financial position amounted to €267.6 million, a significant recovery compared to the 2022 figure (€642.8 million). This result is due to the reduction in working capital following normalisation of the price trend and to the improved performance of the various businesses, leading to a +100% increase in EBITDA. The trend was extremely positive in commercial activities which, despite a situation of strong competition accentuated by the end of the enhanced energy protection market, again recorded an increase in the number of customers served this year, rising to over 733,000 supply points, with a net increase in supply points on the free market of 33,000.

Hydroelectric production was up compared to the previous year (all-time low), due to heavy rainfall in the last few months of the year that offset the low level of water supply in the first four months and the energy produced benefited from a strong price on the wholesale energy markets. The results also improved thanks to the end – after 1 July – of the extraordinary regulatory measures related to expensive energy (PRICE CAP), whose effects had heavily penalised the Group's results in 2022, and to the significant improvement in the results of the market area, which had also been adversely impacted until the first quarter of 2023 by market shocks and the effects of the ensuing emergency measures.

The energy markets were characterised by elevated volatility with average prices falling considerably when compared to 2022, with a huge impact on total revenues, which fell primarily as a result of the decrease in the sale prices of electricity and gas to end customers.

The positive results of 2023 and the strict financial strategy adopted by the Group led to a sizeable reduction in the net financial position, making it possible to optimise capital strength ratios.

Investments in 2023 amounted to over €140 million, mainly concentrated in enhancement of the electricity, gas and water distribution networks and in digitalisation and information systems to strengthen and improve the Group's operating capacity and customer services.

The Group also boosted investments in renewable energy sources through finalisation of the joint venture acquisition of two wind farms in Puglia, an operation that combines decarbonisation objectives with the Group objectives to diversify renewable production, in line with the provisions of the Business Plan that will drive the Group's transformation over the next 5 years.

To support the growth of its activities, the Group must invest in people: during 2023, the Group hired 120 new employees (net of exits and also taking into account the increase in scope linked to the start-up of waste collection activities in the Communities of Vallagarina and Altipiani Cimbri), with a significant impact in terms of employment in the local area.

Group consolidated financial statements as at 31 December 2023: main economic and financial highlights(in millions of euro)

These are the key consolidated financial statements figures for 2023 at a glance. The Group's scope of consolidation includes both the Parent Company Dolomiti Energia Holding and the subsidiaries Dolomiti Energia Solutions Srl, Novareti SpA, Dolomiti Ambiente Srl, Dolomiti Energia Trading SpA, Dolomiti Energia SpA, SET Distribuzione SpA, Hydro Dolomiti Energia Srl, Dolomiti GNL sr Srl, Dolomiti Energia Hydro Power Srl, Dolomiti Energia Wind Power Srl, Gasdotti Alpini Srl, Dolomiti Transition Assets Srl and Dolomiti Edison Energy Srl, in addition to investee companies that are accounted for in the financial statements using the equity method in line with the accounting standards.

“Achievements we must be proud of because they are not just the result of a generous water supply in the second half year and a positive energy market, but also a testament to our Group's resilience to adverse and complex situations and ability in navigating tough and unpredictable circumstances” said President Silvia Arlanch. “The Dolomiti Energia Group has shown that it can regroup and follow a fresh path, seizing new opportunities. In today's intricate and ever-changing world, it is the team that makes the difference, with its social capital, built on trust, identity and collaboration. Thanks to the whole team who worked hard this year and made it possible to achieve these wonderful results. In particular, my thanks go to the managers I worked closely with this year. I greatly appreciated their tenacity, their dedication and their professionalism in achieving the goals we set ourselves. They successfully navigated a year filled with immense challenges, marked by complexity, instability, and unpredictability, demonstrating that they care about the Group. And a special thanks goes to our Chief Executive Officer, Marco Merler, who expertly led the team and demonstrated fairness, professionalism and patience in sharing a history of information with me. Thank you on behalf of everyone for the great commitment shown in the service of the growth of the Group in the last 20 years and the sincere wishes for a future full of personal and professional satisfaction.”

CONSOLIDATED NON-FINANCIAL STATEMENT

The Shareholders' Meeting has also acknowledged the Consolidated Non-financial Statement, approved by the Board of Directors at the meeting on 29 March 2024, provided in accordance with Italian Legislative Decree No. 254/2016.

DIVIDENDS The Shareholders' Meeting approved the distribution of dividends relating to 2023, which totalled €46 million, which will largely benefit the local community, for a value of €0.12 per share (€0.06 in 2022).

At the end of his mandate, the outgoing Chief Executive Officer Marco Merler declared "It has been an honour and a privilege to lead the Dolomiti Energia Group over the last twenty years. My heartfelt and grateful thanks go to all those who with commitment, dedication and professionalism have made it possible to achieve ambitious industrial and economic growth, which has helped the Group to become, as of today, one of the key players in the Italian energy landscape. I am leaving a strong and cohesive team which my successor can rely on to achieve new and important goals for the future."  

APPOINTMENT OF NEW BOARD OF DIRECTORS

The Shareholders' Meeting appointed the new Board of Directors, due to expiry of the mandate of the previous Board, which shall remain in office until approval of the financial statements as at 31 December 2026, based on the three lists presented by the Shareholders.

The new Board of Directors of Dolomiti Energia is therefore composed as follows:

Chairperson: Silvia Arlanch

Deputy Chairperson: Massimo Fedrizzi

Directors: Stefano Granella, Manuela Seraglio Forti, Michele Iori, Chiara Tomasi, Paolo Nicoletti, Simone Canteri

Giuseppe Consoli, Marco Panfili, Claudio Cortella, Giorgio Franceschi.

APPOINTMENT OF BOARD OF STATUTORY AUDITORS

The Shareholders' Meeting also appointed the Board of Statutory Auditors, composed as follows, for the next three financial years:

Chairperson: Monia Bonenti

Standing Auditors: Maura Dalbosco, Laura Costa.

The administrative manager responsible for drawing up the corporate accounting documents, Michele Pedrini, declares – taking into account the matters envisaged by current legislation – that the accounting disclosure contained in this press release corresponds to the documented results, books and accounting records.

Alternative Performance Indicators

A number of “alternative performance indicators” are used in this press release, not envisaged by the international accounting standards as adopted by the European Union (IFRS-EU), but which Dolomiti Energia Holding SpA's management considers useful for a clearer assessment and monitoring of the trend of the economic and financial operations of Dolomiti Ener ia Holding SpA and the Group. In line with the matters recommended in the Guidelines published on 5 October 2015 by the European Securities and Markets Authority (ESMA) in accordance with Regulation No. 1095/2010/EU and incorporated by Consob in its supervisory policies by means of communication No. 92543 dated 3 December 2015, the meaning, content and calculation basis of these alternative performance indicators are set out below:

- EBITDA (or Gross operating margin) is an operational alternative performance indicator, calculated as the sum of the "Net operating result" plus "Amortisation, Depreciation, provisions and write-downs”;
- Net financial indebtedness is an indicator of the financial structure. This indicator is determined as the result of financial payables net of cash and cash equivalents and current and non-current financial assets (financial receivables and securities other than equity investments).

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