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.

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

• Electricity consumption in Türkiye rose 3.8% year-over-year, reaching 361,216 GWh by end-2025.

Financial highlights

• 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.

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

• Cost of sales increased 8% due to higher depreciation from new capacity additions.

Outlook and guidance

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

• Future projects include wind and solar with storage, and international expansion in Germany and Italy.