Alerion Clean Power (ARN) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was €112.9 million, down from €126.7 million year-over-year, mainly due to lower wind production in Q1 and changes in consolidation scope.

• EBITDA for the period was €73.7 million, compared to €87.7 million in the same period of 2024; proforma adjusted EBITDA was €81.4 million versus €90.7 million.

• Electricity production from fully consolidated plants was 863.2 GWh, down from 1,010.3 GWh year-over-year, with Q2 and Q3 showing recovery after a weak Q1.

Financial highlights

• Revenue for the first nine months was €112.9 million, with operational revenue at €95.4 million, both declining year-over-year.

• EBITDA margin and adjusted metrics reflect the impact of lower production and deconsolidation of certain assets.

• Net financial debt as of September 30, 2025, was €681.5 million, up from €533.8 million at year-end 2024, mainly due to growth investments.

Outlook and guidance

• Guidance for 2025 is confirmed, targeting consolidated EBITDA of approximately €200 million, supported by ongoing equity recycling operations.

• Expected improvement in wind conditions in Q4 should aid production recovery.

• Equity recycling is a key strategic lever to optimize asset rotation and fund new investments.