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Greenvolt - Energias Renováveis (GVOLT) investor relations material

Greenvolt - Energias Renováveis Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Greenvolt - Energias Renováveis S.A.
Q2 2024 earnings summary24 Sep, 2024

Executive summary

  • Operating income for 1H24 rose 42% to €188M, driven by Utility-Scale and DG growth, but EBITDA fell 40% to €26.5M due to no asset rotation and lower UK prices, resulting in a net loss.

  • KKR became the largest shareholder with 83.6% after converting €200M in bonds, strengthening equity and enabling new growth opportunities.

  • Project pipeline expanded to 9.3 GW, with 3.6 GW ready to build and 800 MW under construction; storage projects reinforced in Poland, Hungary, and the UK.

  • Major UK biomass acquisition and agreement to sell 153 MWp solar in Italy; five portfolios in sales processes.

  • 1H24 marked by accelerated growth, but lower UK prices, no asset rotations, and DG ramp-up led to negative net results.

Financial highlights

  • Revenue: €188M (+42% YoY); EBITDA: €26.5M (-40% YoY); net loss: €19M to €25.5M; EBIT: €2M (-87% YoY).

  • Net financial debt: €900M–€1,025.5M; pro forma net debt/EBITDA at 9.2x, expected to improve with new projects.

  • Liquidity: €325M–€425M; unused credit/guarantee lines: €377M–€500M.

  • Cost of debt stable at 4.5%; average debt maturity 3 years; 51% fixed-rate debt.

  • DG installed capacity up 52% to 42.5 MWp; backlog up 88% to 311.4 MWp.

Outlook and guidance

  • Expects improved EBITDA and positive net results in H2 2024, driven by asset rotation and operational ramp-up.

  • Plans to sell at least 500 MWp of Utility-Scale projects in 2024, with three asset sales targeted.

  • Full-year 2024 EBITDA and net profit expected to surpass 2023, with €90M EBITDA targeted.

  • Confident in achieving positive EBITDA in DG by year-end as installations accelerate.

  • Strategic focus on portfolio expansion and long-term value creation.

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Frequently asked questions

Greenvolt - Energias Renováveis S.A., known as Greenvolt, operates within the renewable energy sector, focusing on three main areas: biomass, utility-scale wind and solar projects, and distributed generation. The company is a leading entity in producing energy from residual forest biomass in Portugal and operates an urban waste biomass power plant in the United Kingdom. Greenvolt stands out in Europe for its development of large-scale solar and wind projects, with a significant pipeline of approximately 5.8 GW, around 4.0 GW of which are in an advanced or ready-to-build stage, marking its presence in multiple markets globally including Portugal, United Kingdom, Spain, Poland, Greece, Italy, France, Romania, Bulgaria, Serbia, and the United States. Greenvolt is headquartered in Porto, Portugal, and its shares are listed on the Euronext Lisbon stock exchange.

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