PannErgy Nyrt.
QUARTERLY PRODUCTION REPORT 2025 Q1
15 April 2025
This announcement is published in Hungarian and English languages. In case of any contradiction between these two versions, the Hungarian version shall prevail.
2025 | PannErgy Plc. |
Quarterly production report - 2025 Q1
Introduction
PannErgy Nyrt. publishes quarterly production reports on its production and utilisation of green energy. In its report, in addition to other useful information, PannErgy presents the green heat sales figures of its key geothermal energy production systems in the reporting period.
In its extraordinary publication of 1 October 2024, the Company informed the public that the regulated district heating producer tariffs to be applied from 1 October 2024 - also applicable to subsidiaries subject to PannErgy's district heating price regulation - were announced by the Minister of Energy in his Decree No. 16/2024 (IX. 30.) (hereinafter: "Decree") published in volume 98 of 2024 of the Magyar Közlöny (the Hungarian Official Journal). In contrast to previous practice, the Regulation set district heating producer tariffs not only in the form of a sales heat tariff for the heat volume sold, but also in the form of a split heat supply tariff for the heat volume sold, and a monthly sales base tariff, i.e. using a so-called two-element pricing system:
With the introduction of the two-element pricing above,
- the sustainable profitability of the Company - derived from regulatory pricing - becomes more predictable;
- the impact on the Company's profitability of changes in the demand for heat affected by the regulatory pricing (e.g. the weather) is minimised;
- in the case of lower sales heat tariff (HUF/GJ) and higher sales base tariff in the fourth quarter of the year compared to the other quarters, the weight and share of the first half of the year in the operating profit generation capacity decreases in the financial year, while it increases in the second half of the year.
- Consolidated production information
300,000
250,000
200,000
150,000
100,000
50,000
0
2021 2022 2023 2024 2025
Figure 1
Consolidated volume of heat sold (GJ)
The chart presents the aggregate volume of heat sold across all operational projects, in a monthly breakdown
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2025 | PannErgy Plc. |
Quarterly production report - 2025 Q1
2021 | 2022 | 2023 | 2024 | 2025 | 2025 TARGET | |
January | 221,966 | 197,923 | 232,696 | 225,521 | 241,489 | |
February | 194,173 | 199,600 | 193,989 | 206,080 | 196,147 | |
March | 211,762 | 209,267 | 211,365 | 214,659 | 233,192 | |
Q1 | 627,901 | 606,790 | 638,050 | 646,259 | 670,828 | 653,982 |
April | 192,053 | 207,861 | 192,834 | 159,116 | ||
May | 96,333 | 78,637 | 92,125 | 68,687 | ||
June | 38,595 | 58,955 | 56,645 | 52,745 | ||
Q2 | 326,981 | 345,453 | 341,604 | 280,548 | 0 | 287,272 |
July | 42,919 | 56,299 | 50,385 | 47,662 | ||
August | 48,023 | 54,838 | 50,659 | 47,099 | ||
September | 53,870 | 90,033 | 53,905 | 68,343 | ||
Q3 | 144,812 | 201,170 | 154,949 | 163,104 | 0 | 163,099 |
October | 180,427 | 179,453 | 133,450 | 209,679 | ||
November | 197,872 | 224,871 | 208,031 | 224,674 | ||
December | 221,198 | 226,770 | 229,190 | 242,321 | ||
Q4 | 599,497 | 631,094 | 570,671 | 676,675 | 0 | 666,246 |
Total | 1,699,190 | 1,784,507 | 1,705,274 | 1,766,586 | 670,828 | 1,770,598 |
Figure 2
Consolidated actual and target volumes of heat sold, in a table format (GJ)
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
-5.0
2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
Figure 3
Average temperatures
The weather in the period under review was significantly colder compared to the corresponding period in 2024, while the Group-level geothermal heat sales potential was similar to the average of recent years.
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2025 | PannErgy Plc. |
Quarterly production report - 2025 Q1
A comparison of the 2025 Q1 heat sales figures with the average values of the corresponding period in historical years indicates that PannErgy achieved record heat sales in the period under review, exceeding both the heat sales of the base period and the target for the period, mainly due to the launch of the third production well in Miskolc. PannErgy exceeded the quarterly target by approximately 2.6% and the base period sales by approximately 3.8%.
In view of the information presented in this production report, PannErgy maintains the previously published (15 January 2025) consolidated EBITDA target range of HUF 4,000-4,150 million for the 2024 business year.
- Major projects
Miskolc Geothermal Project
(Miskolci Geotermia Kft., Kuala Kft.)
140,000 120,000 100,000 80,000 60,000 40,000 20,000 0
2021 | 2022 | 2023 | 2024 | 2025 |
Figure 4
Volume of heat sold in Miskolc (GJ)
In 2025 Q1, the Miskolc Geothermal System sold a record total of 328,026 GJ of thermal energy, significantly exceeding the corresponding period of the past years and 20.3% higher than the heat sales in the same period of 2024. The primary reasons for the increase are the launch of the new (third) production well at the end of 2024, and its performance being in line with the expectations of PannErgy.
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2025 | PannErgy Plc. |
Quarterly production report - 2025 Q1
Győr Geothermal Projects
(DD Energy Kft., Arrabona Koncessziós Kft.)
140,000 120,000 100,000 80,000 60,000 40,000 20,000 0
2021 | 2022 | 2023 | 2024 | 2025 |
Figure 5
Volume of heat sold in Győr (GJ)
In 2025 Q1, the Győri Geothermal System sold 332,706 GJ of thermal energy slightly below average, behind the figures of the corresponding period of the last years and 8.6% below the heat sales achieved in the same period of 2024, due to temporary technical reasons.
This announcement is published in Hungarian and English languages. In case of any contradiction between these two versions, the Hungarian version shall prevail.
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Disclaimer
PannErgy Nyrt. published this content on April 15, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 15, 2025 at 21:09 UTC.
