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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
Renewable energy demand is rising, with distributed generation (DG) and storage gaining importance due to permitting bottlenecks and system flexibility needs.
The project pipeline expanded to 9.3 GW, with 3.6 GW Ready to Build and expectations to reach over 6 GW by 2025; major storage projects are underway in Poland, Hungary, and the UK.
KKR became the largest shareholder, holding over 80% after converting €200M in convertible bonds, strengthening equity and enabling new growth opportunities.
1H24 saw 42% revenue growth to €188M, but EBITDA fell 40% to €26.5M due to lower UK prices, minimal asset rotation, and ramp-up costs in DG.
Acquired Kent Renewable Energy, its second UK biomass plant, and signed agreements to sell 153 MWp of solar in Italy.
Financial highlights
1H24 revenues rose 42% year-over-year to €188.0M; EBITDA declined 40% to €26.5M, with a net loss of €19.0M, mainly due to lower UK biomass prices and lack of asset rotations.
All business segments contributed to revenue growth, notably Utility-Scale, due to operational asset growth and changes in asset accounting in Poland.
Biomass EBITDA fell 15% year-over-year, primarily from lower UK prices and plant stoppages in Portugal.
Utility-Scale EBITDA dropped by about 49% year-over-year due to no asset rotation, partially offset by increased operational assets.
Distributed Generation installed capacity grew 52% to 42.5 MWp, with EBITDA at -€5.7M due to ramp-up costs.
Outlook and guidance
Stronger results are expected in the second half of 2024, with positive EBITDA and net profit anticipated, driven by asset rotations, operational performance, and DG backlog execution.
Expects to complete three asset sales in 2024, targeting over 500 MW sold.
Confident in achieving positive EBITDA in Distributed Generation by year-end.
Storage profitability remains robust, with double-digit equity IRRs expected, especially in Poland and Hungary.
Strategic focus remains on portfolio expansion and long-term value creation.
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