7C Solarparken (HRPK) Q2 2025 earnings summary

Executive summary

• Achieved a record EBITDA of €32.8m in H1 2025, up 41% year-over-year, driven by strong weather and portfolio growth.

• Raised full-year EBITDA guidance to at least €51m and CFPS to at least €0.50 per share.

• Net result was negative at -€2.8m due to €14.8m in asset impairments from lower long-term power price expectations.

• Portfolio reached 494 MWp, nearing the 500 MWp milestone, with significant investments in new and existing projects.

• Continued share buyback program, with over 5% of capital repurchased.

Financial highlights

• Revenue rose to €35.9m in H1 2025 (H1 2024: €31.6m), with 99% from power sales.

• EBITDA margin surged to 91.4% (H1 2024: 73.7%).

• EBIT dropped to -€0.5m (H1 2024: €5.0m) due to higher depreciation and impairments.

• Net cash from operations increased to €21.4m (H1 2024: €20.2m).

• Equity ratio improved to 44.0% (Dec 2024: 43.5%).

Outlook and guidance

• EBITDA guidance for 2025 raised to at least €51m, with revenue forecast unchanged at €66m.

• Cash flow per share guidance increased to at least €0.50.

• No cash dividend planned for 2024 due to CFPS below €0.50 threshold.

• Roadmap 2030 targets annual portfolio growth of 10 MWp and battery installations of 15 MW/30 MWh per year.