Genneia (GENN) Q1 2026 earnings summary

Executive summary

• Net sales reached US$101.3 million in 1Q26, up 18.3% year-over-year, driven by new solar facilities and farm commissioning.

• EBITDA increased 19.0% year-over-year to $73.1 million, with positive free cash flow of $5 million.

• Major solar projects (San Rafael, San Juan Sur, Lincoln & Junín) and BESS Maschwitz are progressing, with early COD achieved for part of San Juan Sur and San Rafael.

• Surpassed 2 GW of total installed capacity, with a diversified portfolio including wind, solar, and conventional assets.

• Strategic participation in the Transener bidding process, acquiring a 13.2% stake in a key infrastructure asset.

Financial highlights

• Adjusted EBITDA for LTM 1Q26 supports a net leverage ratio of 2.9x, with EBITDA margin stable at 72%.

• Capex totaled $77 million in the quarter, mainly for solar and battery storage projects.

• Gross debt as of March 31, 2026, was $1.141 billion, with 67% denominated in US dollars.

• Net debt was $824 million, with cash and short-term investments at $327 million.

• Positive free cash flow of $5 million, despite significant capex.

Outlook and guidance

• All major solar and battery storage projects are fully funded, with expected CODs in 2Q26 for solar and 1Q27 for BESS Maschwitz.

• Revenue stability is expected to continue, supported by long-term PPAs averaging 13 years for guaranteed contracts.

• New renewable projects are under evaluation, with a focus on energy system resilience.