Genneia (GENN) Q4 2024 earnings summary

Executive summary

• Adjusted EBITDA reached $73 million in 4Q24, up 33.4% year-over-year, driven by new wind and solar capacity and the commissioning of La Elbita Wind Farm.

• Positive free cash flow of $12 million in 4Q24, with net leverage stable at 2.9x as higher EBITDA and asset sales offset renewable expansion capex.

• Renewable energy capacity surpassed 1GW in early 2024, reaching 1.3GW after Malargüe I Solar Farm came online in January 2025.

• Announced new 150 MW San Rafael Solar Farm project, with $150 million investment and COD expected in 2Q26.

• Revenues increased to $311.1 million in 2024, up 9% year-over-year, driven by growth in wind and solar segments.

Financial highlights

• Net sales in 4Q24 totaled $97.3 million, up 30.5% year-over-year, mainly due to new wind and solar capacity.

• Capex for the year totaled $79 million.

• 96% of revenue is USD-denominated, with 93% backed by PPAs and 84% from renewable sources.

• Gross profit rose to $196.6 million in 2024 from $189.7 million in 2023.

• Extraordinary gains of $34 million from thermal asset sales in 2H24, with proceeds used for renewable expansion.

Outlook and guidance

• The company is advancing construction of major solar projects (Malargüe I, Anchoris, San Rafael) with over 400 MW under development.

• Anchoris (180 MW) expected to reach COD in 4Q25; San Rafael (150 MW) targeted for 2Q26.

• Ongoing investments in renewable capacity are expected to drive future revenue growth.

• Strategy focuses on expanding renewable projects under the MATER framework to supply industrial users.

• Sales to large industrial users (MATER) forecasted to exceed 35% of total by 2026, up from 15% in 2024.