7C Solarparken (HRPK) Q3 2025 earnings summary

Executive summary

• Production increased by 10% in the first nine months of 2025, driven by a 4% better specific yield and a 6% larger IPP portfolio compared to the same period in 2024.

• Revenues rose 6% to EUR 58.1M, primarily due to higher production, despite a 4% lower capture price.

• EBITDA grew sharply by 21% to EUR 53.0M, reflecting higher power sales and the absence of a prior-year impairment.

• Net debt decreased to EUR 90M as of 30 September 2025.

Financial highlights

• Electricity production reached 361 GWh, up 9.7% year-over-year, with weighted average capacity increasing 5.8% to 452 MWp.

• Specific yield improved by 3.8% to 799 kWh/kWp.

• Capture price declined 4.2% to EUR 159/MWh.

• Other operating income rose to EUR 7.2M, including EUR 3.2M in damages for Redispatch 2.0 curtailments.

• Personnel expenses increased slightly, while other operating expenses fell due to the absence of a prior-year impairment.

Outlook and guidance

• Management confirms full-year 2025 guidance: revenues of EUR 66.0M, EBITDA of at least EUR 51.0M, and CFPS of at least EUR 0.50 per share.