Alerion Clean Power (ARN) Q1 2025 earnings summary

Executive summary

• Approved the updated 2025-2028 industrial plan, confirming a dual growth strategy via full ownership and partnerships/equity recycling.

• Targets EBITDA of approximately €380 million in 2028, with €1.8 billion in investments and 2.5 GW gross installed capacity by end-2028.

Financial highlights

• Q1 2025 operating revenues were €37.3 million, down from €49.1 million in Q1 2024, mainly due to lower wind conditions and perimeter changes.

• Q1 2025 EBITDA was €27.8 million, compared to €41.6 million in Q1 2024.

• Net financial debt at March 31, 2025, was €558.7 million, up from €533.8 million at December 31, 2024, mainly due to growth investments.

Outlook and guidance

• By 2028, expects gross installed capacity of 2.5 GW (1.5 GW in Italy, 1 GW abroad).

• Forecasts net financial debt/EBITDA ratio of about 4x at end-2028, with net financial debt around €1.5 billion.