The outstanding performance of our Regulatory Center, the strong rebound of our retail business, which was the worst hit by the pandemic in 2020, and the strong capacity expansion of our renewable energy-based power generation business were the main contributors to our record result in 2021. It also helped our company, which outperformed the five-year strategy set out in 2019 on a time-proportional basis, to set much bolder milestones than before for the period to 2026.
In 2021, ALTEO achieved the highest results in its history, according to the Fast Track Report. The excellent financial performance is partly due to favorable market conditions: in particular the high regulatory energy and capacity market prices experienced during the year. On the other hand, this record is also due to ALTEO’s successful strategic choices, focused on the expansion of renewable energy capacity and the development of its regulatory energy market capabilities. As a result, ALTEO’s 2021 earnings before interest, tax, depreciation and amortisation (EBITDA) reached an unprecedented high of nearly HUF 12.9 billion.
However, the pandemic caused a slight slowdown in the recently launched waste management, e-mobility and renewable generation management businesses. The latter has been challenged by the rise in balancing energy prices, but has not been negatively impacted in any significant way,” said Mr. Attila Chikán Jr., who said that the company’s good performance was also due to its renewable energy-based power generation activities, which saw significant capacity expansion in the previous year: within the subsidized electricity generation segment, the 15 MW wind farm and the additional output of the refurbished hydroelectric power plant in Gibárt, which ALTEO took over in October 2020, also contributed to the increase in EBITDA in 2021. While consolidated EBITDA jumped by 134 percent compared to the same period last year, consolidated net profit (HUF 5.9 billion), which also reached a record level, increased by 892 percent.
In line with last year’s commitment, ALTEO achieved ESG certification in 2022 and was also awarded the Deloitte Hungary Green Frog Award for the best sustainability report.