Exolum’s EBITDA reached 533 million euros in 2022 boosted by the recovery in mobility, its international business and new services
In 2022, Exolum faced the challenge of absorbing major changes in fuel supply chains as a result of the sanctions imposed by the EU on imports of Russian product, and all of this with no impact on the end customer. Exolum’s logistics network has proven to be highly resilient and adaptable to very complicated situations such as those resulting from the invasion of Ukraine by Russia.
Exolum’s financial results in 2022 experienced a considerable recovery compared to the two previous years, which were greatly affected by the pandemic. The elimination of restrictions on mobility, the recovery of the aviation sector, the implementation of new biofuel services and the consolidation of its international business brought EBITDA to 533 million euros, 13.2% higher than in 2021.
The diversification initiated by Exolum 7 years ago, both geographically and in business lines, has enabled it to obtain more balanced results that increasingly adapt to the energy transition. In 2022, 28% of revenues came from outside Spain. Moreover, the recovery of the aviation sector reinforces the commitment made by the company in this area, which already represents 32% of the business.
Exolum is already involved in projects intended to develop the transport and storage infrastructures required for the sustainable fuels and chemical products of the future. The company’s next projects are focused on promoting latest generation biofuels produced from waste, such as SAF (Sustainable Aviation Fuel). For the slightly longer term, the company is already developing projects relating to the value chain of green hydrogen and its derivatives, such as ammonia.
The company has also approved a new ESG Master Plan which focuses on advancing towards the promotion of a sustainable energy transition, while maintaining operational excellence at all times and a corporate governance aligned with best practices.
Exolum aims to reduce its CO2 emissions in order to become a net zero company by 2040 and has specific intermediate plans to achieve this.
Earlier today Exolum’s CEO, Jorge Lanza, explained the evolution of the company’s business, its financial results and its growth plan, which aims to develop and operate the logistics infrastructures required for the mobility and decarbonised industry of the future.
In 2022, Exolum faced the challenge of absorbing major changes in fuel supply chains as a result of the sanctions imposed by the EU on imports of Russian product, and all of this with no impact on the end customer. Exolum’s logistics network has proven to be highly resilient and adaptable to very complicated situations such as those resulting from the invasion of Ukraine by Russia.
2022 Results
Exolum’s financial results in 2022 experienced a considerable recovery compared to the two previous years, which were greatly affected by the pandemic. The elimination of restrictions on mobility, the recovery of the aviation sector, the implementation of new biofuel services and the consolidation of its international business brought the company’s EBITDA to 533 million euros, 13.2% higher than in 2021.
The diversification initiated by Exolum 7 years ago, both geographically and in business lines, has enabled it to obtain more balanced results that increasingly adapt to the energy transition. In 2022, operating income reached 944 million euros, 10.7% higher than in 2021. 28% of this income came from outside Spain. Moreover, the recovery of the aviation sector strengthens the company’s commitment to this area, which already represents 32% of the business.
For their part, operating expenses amounted to 410 million euros, 7.7% more than the previous year as a result of high energy costs and salary rises linked to inflation.
Investments reached 100 million euros, which is in line with previous years, and the aim is to increase this figure in forthcoming years.
Growth Plan
Exolum is already involved in projects intended to develop the transport and storage infrastructures required for the sustainable fuels and chemical products of the future. The company’s next projects are focused on promoting latest generation biofuels produced from waste, such as SAF (Sustainable Aviation Fuel). For the slightly longer term, the company is already developing projects relating to the value chain of green hydrogen and its derivatives, such as ammonia.
In the aviation sector, the company aspires to maintain its position as a leading independent aviation logistics provider and aims to continue growing, building and operating more infrastructures at airports around the globe where SAF supply can also be implemented.
In advanced biofuels, Exolum will store, transport and manage the waste and raw materials needed in the new supply chains of these sustainable fuels which also contribute to the circular economy. Furthermore, it will provide new logistics solutions for the chemical industry, which has started to use new, more sustainable raw materials in its production processes.
In this regard, the company has adapted its facilities for the differentiated storage and transport of new fuels and their components, and expects to support the new business models that may arise in this area. Likewise, it also participates and invests in the development of logistics solutions that facilitate the deployment of new production plants for future fuels and the adaptation of refineries to become green energy complexes.
Exolum has also become a major player in the promotion of the use and spread of sustainable aviation fuel (SAF) for air transport by collaborating with, and establishing, agreements and alliances with operators and airline companies in this area. The company also manages Avikor.com, a platform which offers users the possibility to fly more sustainably by reducing the CO2 emissions caused by flights by up to 80% using SAF.
In hydrogen and its derivatives, Exolum offers a comprehensive service for the transport and storage of hydrogen. At an initial stage, the company will transport hydrogen over short distances from production centres (hydrogen hubs or valleys) to surrounding consumption centres; then, as demand grows, it will develop products specially conceived for the long-distance transport of higher quantities of H2.
At the same time, Exolum is promoting the development of hydrogen for mobility purposes by building a network of supply points (hydrogen refuelling stations) for heavy transport by lorry and bus.
In this regard, the company will shortly complete the construction of the first production and dispatch plant for green hydrogen for mobility purposes in the Madrid Region, Green Hydrogenares, covering the whole value chain, which will initially produce 60 tonnes per year of this new energy vector.
Exolum is also committed to becoming a relevant player in the development of the supply chains for new sustainable energy products, such as ammonia and green ethanol. For such purpose, the company will harness its privileged position at many ports and will support the development and establishment of new international supply chains.
The company also participates in research and development consortia for the development of technologies that will allow the efficient and sustainable use in the future of its present infrastructures for:
– The storage and transport of H2 in liquid form through its combination with liquid organic hydrogen carriers (LOHC).
– The storage of energy in liquid batteries.
– Carbon capture, utilisation and storage (CCUS).
2022-2026 ESG Master Plan
The new ESG Master Plan aims to define a common framework for the coming years by responding to internal ambition levels, the expectations of stakeholders and the current energy context. The plan is aligned with the Sustainable Development Goals established by the UN and the principles of the Global Compact of which Exolum is a signatory.
Built on the progress made by Exolum to date, this new strategy consists of five main lines of action and focuses on advancing towards the promotion of a sustainable energy transition, while maintaining operational excellence at all times, which is at the very essence of the company, in order to ensure a safe transition through its traditional business.
The first line of action is business diversification with the purpose of identifying and investing in new business aligned with the energy transition by developing a robust platform to support the company’s long-term growth.
The second line of action deals with team and culture transformation. In this area, the aim is to transform the company by promoting an agile global culture, in addition to reinforcing Exolum’s purpose and fostering a sense of pride in belonging.
The third line consists of excellence in safety and zero environmental damage. Exolum aims to continue to provide the best service based on its solid expertise, to reduce environmental impact and achieve carbon neutrality, while focusing on the safety of its facilities, people and surrounding areas. The fourth line is the creation of value with its stakeholders by cooperating with them to generate sustainable value.
Lastly, the line of governance and compliance, which is cross-sectional in nature, focuses on a corporate governance system aligned with the company’s purpose, mission, vision and values, as well as with best practices, in addition to fostering a culture of compliance and zero tolerance based on strict ethical principles, transparency and compliance with acquired commitments.
In order to comply with this plan, the company has established objectives across all areas, such as a higher percentage of women in middle and top management or the reduction of its carbon footprint aiming to become a net zero company by 2040.
For such purpose, Exolum will continue to carry out actions to reduce its emissions further, such as the construction of photovoltaic plants for energy self-consumption, the incorporation of new technological developments, the replacement of lighting or pumping systems with more efficient alternatives, the signing of renewable PPAs or the diversification of energy supply sources ensuring they are emission-free.