Alerion Clean Power (ARN) H1 2025 earnings summary

Executive summary

• Installed capacity reached 958.2 MW as of June 30, 2025, up from 911.7 MW year-over-year, with 889.1 MW consolidated.

• Consolidated electricity production was 600.5 GWh, down from 742.7 GWh year-over-year due to exceptionally low wind conditions in Q1.

• Revenues for H1 2025 were €77.6M, down from €91.3M in H1 2024, reflecting lower production but higher average selling prices.

• EBITDA was €51.8M (vs. €65.8M), EBIT €25.5M (vs. €38.9M), and net income €5.8M (vs. €17.9M) year-over-year.

• Net financial debt increased to €616.3M from €533.8M at year-end 2024, mainly due to investments and dividend payments.

Financial highlights

• Average electricity selling price (including incentives) rose to €110.4/MWh from €109.7/MWh year-over-year.

• Incentive tariff (FIP) for 2025 set at €55.3/MWh, up from €42.2/MWh in 2024.

• EBITDA margin on operating revenues was 78.1%.

• Equity attributable to the group was €342.8M, down from €366.7M at year-end 2024, mainly due to dividend distribution.

• Cash and equivalents at June 30, 2025, were €254.1M, down from €515.9M at year-end 2024.

Outlook and guidance

• The group confirmed its 2025 EBITDA target of approximately €200M, expecting improved wind conditions and increased capacity in H2.

• Ongoing construction of new wind and solar plants in Italy and Romania is expected to boost installed capacity by year-end.

• The equity recycling strategy is expected to offset lower output from full-ownership plants affected by low wind in Q1.