Galata Wind Enerji (QWIND) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was TRY 2,940 million, down 5% year-over-year, with EBITDA at TRY 2,012 million, a 6% decrease.

• Net profit declined 23% to TRY 845 million compared to 2024, mainly due to higher tax and finance expenses.

• Generated 880,937 MWh of electricity in 2025, with 826,845 MWh from wind and 54,092 MWh from solar sources.

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

• Total assets increased 5% to TRY 20,339 million, driven by new license acquisitions in Germany and Italy.

Financial highlights

• Revenue for 2025 was TRY 2,939.7 million, down from TRY 3,094.8 million in 2024.

• Net profit for 2025 was TRY 845.4 million, compared to TRY 1,092.2 million in 2024.

• Gross margin fell to 45.8% from 52.5% year-over-year; EBITDA margin slightly decreased to 68.4%.

• CapEx dropped 38.5% to TRY 1,614 million; free cash flow turned negative at -TRY 73 million.

• Earnings per share were TRY 1.566 in 2025, down from TRY 2.023 in 2024.

Outlook and guidance

• Ongoing investments include capacity expansions in Türkiye and new solar projects in Europe, targeting 1,086.8 MW by 2030.

• Taşpınar WPP will continue to benefit from YEKDEM until 2030, with SPPs under YEKDEM until 2027/2028.

• Expansion into international markets through Galata Wind Energy Global BV in the Netherlands.