The SEFE Group forecasts that good results will again be achieved in all business areas in 2025.
The SEFE Group anticipates that the operating gross profit will slightly exceed the previous year’s level, while EBITDA and the result for the period will likely be marginally below the levels realised in 2024. This forecast is based on the following assumptions about the performance of the business areas.
The profitability of the Trading business area will probably match the 2024 level, with margin growth to be driven by new strategic initiatives. These initiatives include the establishment of metal trading, increased intraday and bilateral power trading activities, expanded relationships with strategic partners and entry into new markets. In addition, LNG trading volumes will probably grow even further in 2025. The sales volumes of natural gas will likely exceed the previous year’s level and further bolster the Group’s market position. The SEFE Group will also continue to strive for growth in power sales and forge ahead with its strategy to develop future hydrogen sales.
The Infrastructure business area is expected to make a significant contribution to the Group’s earnings. The stable income from the transport business will contribute to the Group’s earnings for a full year for the first time in the coming financial year. In contrast, the margins for the marketing of storage capacity could come under pressure due to lower seasonal spreads. In order to ensure a secure, uninterrupted and sustainable energy supply, the Group plans to make further investments in the expansion and modernisation of the transport infrastructure in 2025. One of the objectives of these investments is the creation of a hydrogen transport network.
The SEFE Group is convinced that its financial stability is secured and that it complies with the thresholds established by the EU Commission regarding the debt and equity ratio for the state aid received. In addition, the Group expects it can meet the conditions for further repayments of the state aid.
The SEFE Group is currently adapting its performance measurement concept to ensure that its strategic objectives are met. Adjusted EBITDA will become the primary profitability metric in the future, as it reflects value creation more accurately because IFRS-based EBITDA is adjusted for valuation differences to the commercial results and non-operating effects. This approach minimises the impact of timing distortions and provides a better overview of the Group’s result for the period. Adjusted EBITDA will also serve as the basis for employee incentive programmes. Moreover, capital expenditure (capex) will play a more important role in the management of the Group. The SEFE Group’s investments in appropriate initiatives are intended to transform the Group into a key driver of the energy transition. In addition, ESG metrics will be integrated, with a focus on carbon emissions, the proportion of female managers and obtaining an ESG rating.
A key focus for 2025 is to create a solid foundation for future growth and to achieve environmental goals. The Group’s forecast for Scope 3 emissions remains at the targeted level to ensure progress towards achieving the net-zero targets.
SEEHG, as the parent company of the SEFE Group, performs holding functions and has no other operational business activities. Dividend payments to SEEHG are not planned in 2025. The company therefore expects the negative result for the period in the 2025 financial year will be slightly less than the level realised in the period under review.