Genneia (GENN) Q1 2025 earnings summary

Executive summary

• Revenues/net sales grew 13.6%–15% year-over-year, reaching up to $86 million, driven by new wind and solar farm commissioning and higher output from renewables and conventional sources.

• EBITDA increased 2.1% year-over-year, reaching up to $63 million, though margins declined due to higher costs and investment activities.

• Net profit dropped to $5.2 million from $47.3 million year-over-year, mainly due to higher costs and one-time expenses.

• Major solar projects (Anchoris, San Rafael, San Juan Sur) and Malargüe I are progressing, with significant capex allocated and new green bonds issued.

• Free cash flow was negative $25 million due to ongoing renewable capex; net leverage remained stable at 3.0x.

Financial highlights

• Revenue/net sales increased 13.6%–15% year-over-year, reaching up to $86 million.

• EBITDA totaled up to $63 million, a 2.1% increase year-over-year; EBITDA margin declined to 73%.

• Capex for the quarter was up to $104.5 million, with major allocations to Anchoris, La Elbita, Malargüe I, and San Rafael.

• Gross debt was up to $933 million, with net debt at $742 million and 68% USD-denominated.

• Net leverage held steady at 3.0x.

Outlook and guidance

• Anchoris (180 MW) expected to reach commercial operation in 3Q25; San Rafael (180 MW) expansion underway; San Juan Sur (129 MW) planned with $110 million capex and COD in 2H26.

• Renewable energy investment plan for 2025 & 2026 is on track, with full capex for 2025 secured.

• Management expects negative working capital to reverse as new projects come online.