Ecoener
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Ecoener (ENER) investor relations material

Ecoener H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved record capacity addition of 253 MW (+60%), bringing total operational capacity to 680 MW and 815 MW including projects under construction, with installed capacity reported at 656 MW and a pipeline of 2,444 MW.

  • Generation reached a record 935 GWh, up 33% year-over-year, with monthly generation exceeding 100 GWh for the first time.

  • EBITDA grew 20% to €42.3m, with margin improving to 50%, while net profit declined 52% to €5.8m due to higher operating and finance costs.

  • International revenue accounted for 63% of total, with 82% secured or protected under long-term contracts, and operations spanning six countries across hydro, wind, and solar.

  • Significant expansion in Latin America, new entry into the EU market with a 15-year CfD for a wind project in Romania, and commissioning of multiple new solar plants.

Financial highlights

  • Revenue increased 4% to €84.7m, with 10% growth in the generation segment and solar photovoltaic revenue up 40.7% to €40m.

  • Adjusted EBITDA rose 20% to €42.3m, with EBITDA margin improving to 50%.

  • Net profit declined 52% to €5.8m, mainly due to higher operating and finance costs.

  • Net debt stood at €608m, with a normalized net debt/EBITDA ratio of 7.8x, and financial liabilities increased to €700.2m.

  • Capex for the year was €87.5m, with cash at year-end at €76.4m and negative working capital reflecting heavy investment.

Outlook and guidance

  • Revenue projected to grow 56% to €132m by 2027, based on 815 MW in operation and under construction.

  • EBITDA expected to nearly double to €80m within 24 months, an 89% increase.

  • 332 MW expected to reach Ready to Build status in 2026, supporting further growth.

  • Positive outlook with strong industry trends, robust project pipeline, and focus on sustainable growth and community engagement.

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Frequently asked questions

Ecoener S.A. is a Spanish company specializing in the generation and commercialization of renewable energy. It operates across the entire value chain, from the development and construction to the management and maintenance of renewable energy facilities. Ecoener's portfolio includes hydroelectric, wind, and solar photovoltaic power plants. The company is vertically integrated, handling everything from project development to energy sales. Besides Spain, Ecoener is also active in several countries, including Honduras, Guatemala, Colombia, Chile, Kenya, Panama, and the Dominican Republic. The company is headquartered in La Coruña, Spain, and its shares are listed on the BME.

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