AB KN Energies unaudited financial information for the twelve months of 2024

Klaipedos nafta AB

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AB KN Energies (hereinafter – KN, the Company) announces the unaudited consolidated (hereinafter – the Group) and separate financial results for the twelve months ended 31 December 2024.

Key financial indicators for the 1-12 months of 2024:

Management comment:

According to unaudited data, the KN Energies Group's revenue in 2024 grew by 12% to EUR 93.7 million. EBITDA increased by 38% to EUR 49.3 million, while net profit grew by 16% to EUR 15.4 million.

Despite fluctuations in financial results over the past five years, the company has successfully returned to profitability in 2023 and is poised for further growth in 2024. This achievement can be attributed to a consistent strategy that prioritizes international expansion and operational efficiency.

In May 2024, the Independence was inspected and repaired in a dry dock in Denmark, where the ship's anti-corrosion coating was renewed and other periodic maintenance work was carried out. The repairs have reduced the availability of the storage vessel, resulting in a reduction in the volume of regasification and reloading. In 2024, the Klaipeda LNG terminal regasified and reloaded 27.7 TWh of LNG, compared to 33.7 TWh in 2023. However, revenues from the regulated LNG segment grew by 14% to EUR 55.8 million last year, EBITDA grew by 48% to EUR 33.7 million, primarily due to revenues from reserved but unused terminal capacity.

In 2024, KN Energies' liquid energy terminals operations were mainly influenced by the supply and demand imbalance in the global and European liquid fuels market. European demand for diesel remained lower than before the pandemic due to the decline in activity in the major economies, leading to a decline of around 17% in liquid energy terminals transshipment to 3.4 million tonnes, EBITDA decreased by 13% to EUR 9 million. Nevertheless, the segment's revenues in 2024 remained at a similar level as in 2023. Stable revenues were supported by a stable customer base in Lithuania, growing demand for product storage services, and an increase in biofuel and bitumen cargo volumes.

Significant milestones include KN Energies' market entry in Germany, the successful operation of the Açu LNG terminal in Brazil, and the commencement of small-scale LNG services in Klaipeda. These achievements contributed to a record profit of EUR 4.8 million in the commercial LNG segment in the previous year, while EBITDA grew by 159% to EUR 6.8 million. In January 2024, the company became the commercial operator of four German LNG terminals in the North Sea, and since May it has also been providing O&M services to the second LNG terminal in Wilhelmshaven.

The 2024 financial statements of KN Energies highlight the New Energies segment, reflecting the company's strategic initiative to enter the business of new renewable energies such as hydrogen and its carriers, carbon capture and transport and energy storage.

The company is committed to monitoring market developments, assessing infrastructure needs and new energy developments, and analyzing opportunities and its potential role in new areas of activity.

Enclosed:

1. Consolidated and Separate Financial Statements of AB KN Energies for 12 months period ended 31 December 2024.
2. Presentation of the unaudited financial results of the Group for the 12 months period of 2024.

Tomas Tumenas, Chief Financial Officer, +370 46 391772

Attachments

• KN Energies IFRS 4Q 2024
• KN_activity results for_2024