Genneia (GENN) Q2 2025 earnings summary

Executive summary

• Revenues reached $95 million in 2Q25, up 26.6% year-over-year, driven by new renewable facilities and higher wind speeds.

• EBITDA totaled $72 million, a 39.9% increase year-over-year, supported by higher revenues, insurance recovery, and one-off items.

• Anchoris Solar Farm (180 MW) achieved full commercial operation in August 2025, raising renewable capacity to 1,436 MW.

• Construction advanced at San Rafael (180 MW) and San Juan Sur (129 MW) solar farms, both targeting COD in 2Q26 and 2H26.

• Free cash flow was negative $26 million due to significant capex investments; net leverage remained stable at 2.9x.

Financial highlights

• Net sales reached $94.9 million in 2Q25, up 26.6% year-over-year; wind segment net sales grew 26.8% to $71.3 million, solar segment net sales nearly doubled to $10.9 million.

• EBITDA margin for wind assets was 85%, solar EBITDA margin improved to 84%.

• Gross debt as of June 30, 2025, was $924 million, with 67% in US$ and 33% US$-linked.

• Cash and short-term investments totaled $155 million at quarter-end.

• Moody’s upgraded global credit rating to B2 with a stable outlook.

Outlook and guidance

• San Rafael Solar Farm (180 MW) expected to reach COD in 2Q26; San Juan Sur (129 MW) in 2H26.

• Renewable capex for 2025 fully financed with a new $50 million loan; prefunding strategy in place for upcoming solar projects.

• Ongoing evaluation of new renewable projects under the MATER framework and exploration of new technologies to enhance system resilience.