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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.
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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