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Voltalia (VLTSA) investor relations material
Voltalia H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Capacity in operation and under construction reached 3.3 GW (+7% year-over-year), with production up 14% to 2.4 TWh and turnover rising 8% to €257M.
EBITDA was stable at €78M (down 4%), while net loss widened to €40M, impacted by fewer asset disposals, non-recurring SPRING and discontinued activity costs.
The SPRING transformation plan was launched to refocus on core geographies and technologies, streamline operations, and drive sustainable, self-financed growth of 300–400 MW per year.
Major commercial wins included new EPC contracts in Ireland and Tunisia, and a dedicated service subsidiary was launched to improve accountability and margins.
Closure of the loss-making Equipment Procurement business and exit from non-core geographies are ongoing.
Financial highlights
Turnover rose 8% year-over-year to €257M, mainly from volume effects and new service contracts, despite negative price and FX effects.
EBITDA stable at €78M; margin pressure from price, service/corporate costs, and regional declines in Brazil and France, but improved elsewhere.
Depreciation and amortization up 20% due to new plant commissioning; noncurrent expenses doubled, including SPRING transformation costs.
Cash position at €235M as of June 2025, with €47M operational cash flow and €171M CapEx; financial debt rose to €2.4bn.
Services turnover grew 50% to €104.8M, with strong growth in Development & Construction (+55%) and O&M (+26%).
Outlook and guidance
2025 targets: 3.6 GW capacity, 5.2 TWh production, EBITDA €200–220M; net loss group share expected to be higher in H2 2025 due to restructuring.
By 2027: 4.2 GW capacity, EBITDA €300–325M (90% from energy sales).
By 2030: 5 GW capacity, 4.5 GW in operation, EBITDA margin 70–72% for energy sales, 9–11% for services.
Positive net result expected from 2026; first dividend planned for 2028.
No compensation for Brazilian curtailment included in 2025 guidance.
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