Ecoener (ENER) H1 2025 earnings summary

Executive summary

• Achieved 9x capacity and 11x generation growth over the past decade, reaching 815 MW capacity and 1,550–1,650 GWh generation in 2025 compared to 2015.

• Operational capacity nearly doubled year-over-year to 656 MW, with 159 MW under construction and 75% of capacity outside Spain.

• Revenue for H1 2025 rose 3% to €42.1 million, driven by new solar plants in Guatemala, Colombia, and the Dominican Republic.

• Net profit was €4.33 million, down 6.8% year-over-year, mainly due to FX impacts and higher costs.

• Latin America contributed 53% of total revenue, with significant expansion and new projects in four countries.

Financial highlights

• Revenue increased by 3% YoY to €42.1m for H1 2025.

• EBITDA rose 6% YoY to €19.6m, maintaining stable margins.

• Net profit declined 7% YoY to €4.3m, impacted by US interest rates, COD delays, and FX effects.

• Generation output grew 8% YoY to 406 GWh, driven by new PV plant deliveries; Latam generation up 41%.

• Secured generation revenue now represents 81% of total revenue.

Outlook and guidance

• Targeting 1 GW in operation and under construction by 2025, with 188 MW of new projects planned.

• Focus on high-remuneration PPAs and expansion in Dominican Republic, Guatemala, and Romania.

• Backlog, Advanced Development, and Early Stage projects total 2,088 MW, supporting future expansion.