The energy group Andel ended 2024 with a loss of DKK 1.1 billion before tax, mainly due to a sharp decline in the price of the company's shareholding in Ørsted. However, this is an improvement compared to last year, when the loss was DKK 5.5 billion. The result before tax, adjusted for the value adjustment, ended at DKK -42 million, according to Andel's annual report. The energy group announced this in a statement.
Andel's net revenue fell significantly to DKK 83.5 billion in 2024 against DKK 124.3 billion the year before. The decline was mainly due to lower energy prices, which negatively affected the top line. However, the operating profit (EBITDA) increased to DKK 3.1 billion, while the group also increased the number of customer relationships to 3.2 million.
Despite the economic challenges, Andel set an investment record with total investments of DKK 4.8 billion. DKK, an increase of 39 percent compared to previous years. The investments were primarily directed towards expanding and future-proofing the Eastern Danish electricity grid via Cerius and Radius Elnet, developing charging networks through Clever and rolling out fiber networks through Fibia. In addition, DKK 684 million was invested in new solar parks.
- The transition to a greener future without fossil fuels has certainly met headwinds. But it has by no means been cancelled. In 2024, we at Andel significantly increased our contribution to a greener and more digital future. It is crucial that we and others continue to insist on taking responsibility and slowing down climate change. Only in this way can we leave a more sustainable planet for future generations, says CEO of Andel Jesper Hjulmand.
Will invest even more in 2025
In 2025, Andel expects to further increase the investment level to around DKK 5.3 billion. The largest investment amount is still expected to go to the electricity grid, but ongoing solar cell projects, charging networks and the expansion of fiber networks will also receive significant funds.
- In a world characterized by increased unrest and polarization, strong communities are more important than ever, and when Andel can continue to invest long-term and patiently even in challenging times, it is largely due to the strong community that lies within the cooperative. A community strong enough for us to stand and fight for the green transition, says Andel's chairman, Bart Gyldenløve Roetink.
At the same time, the Group maintains a sharper focus on cost management to handle the financial challenges after the year's large losses. Andel is fighting to move society in a greener and more digital direction through the Group's three business areas: Energy Production, Infrastructure and Customer Solutions.
The Customer Solutions business area in particular experienced significant progress in 2024, with operating profit increasing by 180 percent to DKK 874 million, driven by growth in e-mobility and fiber networks. The infrastructure business also developed positively with increasing consumption and more large grid connections, which underlines the need for continued massive investments in the electricity grid. In the Energy Production business area, revenue and operating profit developed negatively in 2024 due to, among other things, less wind and lower prices than expected.
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