Genneia (GENN) Q3 2025 earnings summary

Executive summary

• EBITDA reached $73 million in 3Q25, up 18.9% year-over-year, driven by new solar and wind farm commissioning and higher asset availability.

• Net sales rose 16.2% year-over-year to $98 million, with net profit for the nine months ended September 30, 2025 at $70.2 million, up from $26.5 million year-over-year.

• Free cash flow was negative $12 million due to $59 million in capex, while net leverage remained stable at 2.8x.

• Major solar and storage projects (San Rafael, San Juan Sur, Lincoln & Junín, BESS Maschwitz) are progressing, with updated CODs between 1Q26 and 1Q27.

• The company secured a 40 MW battery storage project and is advancing distributed generation projects in Buenos Aires.

Financial highlights

• 3Q25 adjusted EBITDA was $73 million, an 18.9% increase year-over-year, with a margin of 75%.

• Net sales reached $97.9 million in 3Q25, up 16.2% year-over-year, mainly from new solar and wind capacity.

• Wind segment contributed $70.9 million in net sales (up 8.1% YoY); solar segment contributed $15.5 million (up 143.8% YoY); thermal segment net sales declined 8.7% to $10 million.

• Cash and short-term investments increased by $37 million quarter-over-quarter to $192 million.

• Long-term, stable free cash flow generation is supported by 94% of revenue from US$-denominated PPAs, with 85% from renewables.

Outlook and guidance

• San Rafael (180 MW) expected COD in 1Q26; San Juan Sur (129 MW) in 2Q26; Lincoln & Junín (40 MW) in 2H26; BESS Maschwitz (40 MW/160 MWh) in 1Q27.

• The company will continue to evaluate new renewable projects under the MATER framework and explore new technologies to enhance energy system resilience.

• Regulatory changes in the electricity market are expected to provide additional flexibility and optionality for new projects.

• The company expects to reverse negative working capital as new projects come online and through additional financing.

• Awarded a 40 MW battery storage project (BESS Maschwitz) in Buenos Aires, supporting grid reliability.