Galata Wind Enerji (QWIND) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 decreased by 10% year-over-year to TRY 1,194 million, with net profit down 27% to TRY 412.4 million.

• EBITDA declined 13% to TRY 837 million, and gross profit fell 22% to TRY 551 million compared to the same period last year.

• Generated 403,480 MWh of electricity in H1 2025, with 376,648 MWh from wind and 26,832 MWh from solar sources.

• Owns three wind and two solar power plants, with a total installed capacity of 354.2 MW.

• Expanded international presence with subsidiaries in the Netherlands, Germany, and Italy.

Financial highlights

• Gross margin dropped to 46.17% from 53.57% year-over-year; EBITDA margin decreased to 70.06% from 73.07%.

• Net financial debt to equity ratio remained low at 0.09.

• CapEx for the period was TRY 861 million, down 31% year-over-year.

• Free cash flow was negative at TRY -283 million, a 177% decline from the previous year.

• Cash and cash equivalents declined to TRY 716.0 million as of June 2025 from TRY 1,538.2 million at year-end 2024.

Outlook and guidance

• Ongoing investments include capacity expansions in Turkey and new projects in Europe, targeting a total installed capacity of 1,086.8 MW by 2030.

• Taşpınar WPP and Hybrid SPP to continue benefiting from YEKDEM feed-in tariffs until 2030.

• New 9 MW solar project in Germany completed in August 2025, increasing Sunspark's capacity to 61 MW.