Genneia (GENN) Q2 2024 earnings summary

Executive summary

• Adjusted EBITDA reached US$51 million in 2Q24, including a US$5 million impairment loss on CAMMESA receivables.

• Net leverage stood at 3.1x, with liquidity at US$236 million as of June 2024.

• Consolidated net sales were $75 million in 2Q24, stable year-over-year, as new solar capacity offset lower wind generation.

• 75% of La Elbita Wind Farm (162 MW) is operational; Los Molles (90 MW) and Anchoris (180 MW) solar projects are progressing.

• Successfully issued US$60 million in local green bonds to support project financing.

Financial highlights

• 98% of revenue is USD-denominated, with 95% backed by PPAs and 85% from renewable sources.

• Adjusted EBITDA for the last twelve months (LTM) was US$212 million (consolidated pro-forma).

• Gross debt totaled US$944 million, with net debt at US$710 million as of June 30, 2024.

• Net sales were $74.9 million, flat YoY; renewable energy contributed 82% of sales, with solar revenue up 19.5% and wind down 1.3%.

• Wind power net generation was 675 GWh (43.5% load factor), solar generation 88 GWh (18.3% load factor).

Outlook and guidance

• La Elbita Wind Farm expected to reach full commercial operation by 3Q 2024.

• Los Molles Solar PV Project (90 MW) targets final COD in 2Q 2025; Anchoris Solar PV Project (180 MW) targets 4Q 2025.

• Renewable installed capacity expected to exceed 1.4 GW by end-2025 with Anchoris project.