7C Solarparken (HRPK) Q4 2025 earnings summary

Executive summary

• 2025 marked a strong operational year, with EBITDA rising 26% year-over-year to EUR 59.6m, surpassing guidance, and all key performance indicators exceeding targets, including CFPS and net debt reduction.

• Management responded to structural headwinds in the energy market by prioritizing cash flow protection and leveraging high FIT assets.

• Outperformance was driven by higher irradiation, better capture prices, reduced operating expenses, and one-off income.

• The company’s roadmap to 2030 focuses on new PV growth, co-located BESS, and share buy-backs to sustain value as FITs expire.

Financial highlights

• EBITDA for 2025 reached EUR 59.6m, up from EUR 47.2m in 2024 and beating guidance by 17%.

• CFPS rose to EUR 0.59/share, 18% above guidance and up 34% from 2024.

• Net debt fell to EUR 96.3m, a 15% improvement from 2024 and well below guidance.

• Revenues increased 3.8% year-over-year to EUR 65.7m, with power sales at EUR 64.9m.

• Net loss of EUR 7.8m due to a non-cash impairment charge of EUR 21.2m, which did not affect cash flow.

Outlook and guidance

• 2026 revenue guidance is EUR 66.5m, driven by new parks offsetting normalization of irradiation and expiration of swap agreements.

• 2026 CFPS guidance is EUR 0.50/share, normalizing from the record 2025 level.

• By 2030, EBITDA is expected to drop to EUR 28m as FITs expire, with value sustained through new PV, BESS, and buy-backs.

• Year-end 2026 net debt forecast at EUR 91.9m.

• BESS deployments planned for 2027, with pipeline progressing.