7C Solarparken (HRPK) Q1 2025 earnings summary

Executive summary

• Q1'25 production increased by 18% to 66 GWh, with weighted operating capacity up by 22 MWP year-over-year to 443 MWP, mainly due to new grid connections and acquisitions.

• EBITDA rose by approximately 20% to EUR 8.4 million in Q1'25, while net debt decreased to EUR 115 million.

• Specific yield improved by 12% to 149 kWh/kWp, though still below market yield due to outages, theft, and curtailments.

Financial highlights

• Revenues for Q1'25 reached EUR 10.6 million, up from EUR 9.8 million in Q1'24.

• Other operating income increased to EUR 1.3 million, including insurance recoveries and asset sales.

• OPEX slightly increased to EUR 3.4 million.

• Equity ratio stood at 43.7%.

Outlook and guidance

• 2025 EBITDA guidance set at EUR 51 million, with Q1'25 EBITDA at EUR 7 million.

• Focus remains on protecting cash flows from existing assets and opportunistic growth, including rehabilitation and extension of parks, and potential share buy-backs or M&A.

• Central scenario anticipates continued price pressure in 2025–2026, with government intervention expected.