PPD continues reorganization of international operations, revenues in Croatia in 2024 amounted to EUR 1.4 Billion

Strong focus on further growth in the Croatian market and diversification of supply

Zagreb, May 9, 2025 – Last year, PPD continued its corporate reorganization and changes in international operations, concluding 2024 in Croatia with EUR 1.4 billion in revenues.

Namely, for years, PPD generated nearly 80 percent of its revenues in foreign markets. Last year, however, the company announced that revenues from international operations would no longer be consolidated in Croatia but would be gradually realized within the announced restructuring through its subsidiaries in Europe. This primarily concerns optimization that has enabled greater access to business financing through collaboration with strong international financial institutions, thereby leading to faster growth of companies operating in other European countries.

The net profit of the Croatian part of the business amounted to EUR 15.4 million last year.

PPD maintained the same gas volumes in its domestic operations, but revenues in 2024 were still affected by the continued trend of price stabilization and consolidation of the European gas market. Specifically, the market disruptions from the record-high prices of 2022 were still felt in 2023, so when comparing the same periods, the average realized gas price in the past year was a full third lower. In 2024, the average gas price was EUR 34/MWh, ranging from EUR 23 to EUR 48.5/MWh, while the range in the previous year was from EUR 24 to EUR 75/MWh.

Commenting on the financial results, Management Board member Slaven Rajman emphasized that in 2024, PPD retained its status as the largest supplier in the Croatian market and sees room for further growth domestically.

"Last year, we generated EUR 670 million in revenue from sales to domestic consumers. We believe there is room for additional growth in Croatia, so this year we will put an additional focus on strengthening our domestic portfolio and further diversifying our supply. I would particularly like to emphasize that at the end of last year, PPD had goods worth EUR 136 million in gas storage facilities in the European Union, thereby ensuring the availability of gas for Croatian citizens and the economy," Rajman highlighted.

PPD continues to be the leading lessee of the LNG terminal in Omišalj, and thus the leading importer of liquefied natural gas through its long-standing cooperation with British Petroleum (BP). Further diversification of supply is planned this year, and PPD continues to be a guarantor of supply stability and prices in the Croatian energy market.