Ecoener (ENER) H2 2025 earnings summary

Executive summary

• Achieved record capacity addition of 253 MW (+60%), bringing total operational capacity to 680 MW and 815 MW including projects under construction.

• Generation reached a record 935 GWh, up 33% year-over-year, with monthly generation exceeding 100 GWh for the first time.

• EBITDA grew 20% to €42.3m, outpacing revenue growth, with improved cost management and expanding margins.

• International revenue accounted for 63% of total, with Latin America contributing over €53 million in sales.

• Significant expansion in Latin America and new entry into the EU market with a 15-year CfD for a wind project in Romania.

Financial highlights

• Revenue increased 4% to €85m, with 10% growth in the generation segment.

• Adjusted EBITDA rose 20% to €42.3m, with EBITDA margin improving to 50%.

• Net profit declined 52% to €5.8m, mainly due to higher operating expenses and finance costs.

• Net debt stood at €608m, with a normalized net debt/EBITDA ratio of 7.8x, expected to settle between 5-6x mid-term.

• Capex for the year was €87.5m, with cash at year-end at €76.4m.

Outlook and guidance

• Revenue projected to grow to €132m by 2027, with €115m forecast for 2026, based on 815 MW in operation and under construction.

• EBITDA expected to reach €65m in 2026 and nearly double to €80m within 24 months.

• 332 MW expected to reach Ready to Build status in 2026 in Romania, Colombia, and Guatemala.