ENNA Group financial highlights for 2024

Zagreb, 16 May 2025 – ENNA Group recorded revenues of EUR 609 million in 2024, alongside a strong increase in EBITDA profitability compared to the previous year. All divisions of the Group – Energy, Logistics and Food – reported growth compared to 2023. A robust investment cycle continued in the logistics and energy sectors, with a particular focus on investments in renewable energy sources.

Following the exit of Prvo plinarsko društvo (PPD) from ENNA Group in July 2023, the year 2024 represents the first full year without PPD’s revenues being included in the Group’s financial results. This, together with stabilised global energy prices, contributed to a reduction in total Group revenues compared to 2023.

The EBITDA achieved in 2024 amounted to EUR 44 million, representing a 63% increase compared to the previous period, driven by strategic activities across key business areas. Notable progress was made in the Energy division, particularly in geothermal energy and the further expansion of solar capacities. In the Logistics division, significant work has been underway to complete the first phase of investment in the Rijeka Gateway terminal, scheduled for completion in the third quarter of this year.

It should be noted that, as of early 2025, ENNA Fruit and its subsidiaries are no longer part of ENNA Group. Consequently, the Group has exited the Food division and continues its strategic focus on the Energy and Logistics sectors.

ENERGY DIVISION

In 2024, ENNA Next generated operating revenues of EUR 190.4 million, representing a decline compared to the previous year’s EUR 217.2 million. The decrease was primarily due to stabilisation in energy markets.

At the same time, the company’s profit and EBITDA increased significantly due to a 55% rise in electricity and gas volumes sold.

In 2024, ENNA Next reported EBITDA of EUR 17.9 million, an 18% increase compared to the previous year. Net profit for the year amounted to EUR 14.9 million, up by 22%.

Looking ahead, ENNA Next is pursuing its ambitions in 2025. In January 2025, the company became an active participant in the balancing of the Croatian electricity system and now operates its own virtual power plant as an aggregator. During the year, a company in Slovenia was acquired, and the acquisition of a company in Italy is currently being finalised – both moves aimed at entering the Italian and Slovenian gas and electricity markets.

Throughout 2024, ENNA Geo continued its investments in geothermal energy exploration. Drilling began on the first well of the “Slatina 2” project, which was successfully completed in early 2025. Total investment by ENNA Geo to date amounts to EUR 15 million. The construction of two geothermal power plants, one in Slatina and the other in Babina Greda, is expected to require total investment of EUR 240 million.

In 2024, ENNA Solar completed a 10 MW solar power plant project and continued developing projects totalling over 100 MW in installed capacity.

ENNA ESCO has installed solar power systems with a total capacity of 3,712 kWp to date.

As of the end of 2024, the Energy division employed 64 people.

LOGISTICS DIVISION

The Logistics division (ENNA Transport and ENNA Logic) recorded operating revenues of EUR 53.5 million in 2024, with profit of EUR 3.1 million and EBITDA of EUR 10 million.

A total of 3 million tonnes of cargo was transported during the year, representing a 9.7% decrease compared to the previous year. The “North” region saw a 16% increase in volume, while the “South” region, particularly Ploče, experienced a 23% decline due to a natural disaster in Bosnia and Herzegovina in October 2024, which completely halted rail transport. A prompt response and redirection of logistics routes from Ploče to the Rijeka terminal helped to mitigate this negative impact.

Investment in the Rijeka Gateway container terminal project continued throughout 2024. The terminal is expected to be completed and operational by the end of Q3 2025, when a significant increase in rail traffic from Rijeka is anticipated.

In 2025, further growth is expected in intermodal transport, improved performance in the South region, and increased utilisation of corridors X and Vc.

Freight rail operations are planned to begin in Slovenia by mid-2025. Additionally, a new company – ENNA Transport HU – was established in Hungary at the beginning of 2025, with first freight rail services expected in early 2026.

ENNA Transport BGD in Serbia continues to operate successfully, following its establishment in 2023.

At the end of 2024, the Logistics division employed 204 employees.

FOOD DIVISION

In 2024, companies within the Food division delivered excellent results. ENNA Fruit, Moslavina Voće and Naturala generated total revenues of EUR 363.4 million – a 35% increase year-on-year – driven by a 30% rise in sales volumes and optimised internal processes. EBITDA grew by 25%, reaching EUR 17.5 million in 2024. Net profit amounted to EUR 10.3 million.

At the end of 2024, the Food division employed 755 employees.