Galata Wind Enerji (QWIND) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 declined 17% year-over-year to TRY 556 million, with net profit down 54% to TRY 134 million, mainly due to lower production and indexation effects despite higher market clearing prices.

• Electricity generation reached 192,919 MWh, with 95% from wind and 5% from solar sources.

• The company operates three wind and two solar power plants, totaling 297.2 MW installed capacity.

• A new subsidiary, Galata Wind Energy Global BV, was established in the Netherlands to coordinate international investments.

• Ongoing investments include capacity expansions at Mersin and Şah WPPs, new licenses, and European SPP projects, targeting 1,088.8 MW by 2030.

Financial highlights

• Gross profit for Q1 2025 was TRY 279 million, down 31% year-over-year, and EBITDA decreased 22% to TRY 395 million.

• Gross margin was 50.2% and EBITDA margin 71.1% for Q1 2025, both lower than the previous year.

• Free cash flow turned negative at TRY -224 million, while net cash from operating activities rose 26% to TRY 386 million.

• CapEx dropped 74% to TRY 283 million, but net cash from investing activities was negative TRY 602 million due to major expenditures.

• Cash and cash equivalents fell 53% to TRY 687 million at period end.

Outlook and guidance

• Ongoing investments target a total installed capacity of 1,088.8 MW by 2030, with projects in Turkey and Europe.

• Several projects are scheduled for completion in 2025–2026, including Taşpınar Hybrid SPP Phase 2 and Alapınar WPP.

• Dividend distribution of TRY 346 million (64.07% of issued capital) approved, to be paid by year-end 2025.