Genneia (GENN) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 rose 15.0% YoY to $382 million, with 4Q25 net sales at $103 million, up 6.1% YoY, driven by new solar and renewable capacity additions and strong operational performance.

• Achieved record net profit of $94.5 million in 2025, up 105% YoY, and EBITDA reached $275 million, up 12.0% YoY; 4Q25 EBITDA was $69.9 million, down 3.8% YoY due to higher expenses.

• Over 400 MW of new solar capacity was added, surpassing the initial 270 MW target, with major investments in San Rafael, San Juan Sur, Lincoln, Junín, and a 40 MW battery storage system awarded in 2025.

• Issued $400 million in green bonds and secured a $185 million IDB Invest financing agreement to support capex and project development.

• Installed capacity reached 1,762 MW (767 MW wind, 632 MW solar, 363 MW conventional), with 179 MW in joint ventures and 199 MW of solar under construction.

Financial highlights

• Revenues increased to $361.3 million in 2025 from $311.1 million in 2024, with gross profit up to $220.4 million and EBITDA exceeding $301 million.

• 4Q25 net sales increased 6.1% YoY to $103 million, mainly from new solar farms; 4Q25 EBITDA was $69.9 million, down 3.8% YoY due to higher costs.

• Negative free cash flow of $38 million in 4Q25, reflecting ongoing capex investments; cash and short-term investments rose to $413 million.

• Gross debt stood at $1.23 billion, with 71% denominated in US dollars; weighted average debt life improved to 4.5 years.

• Capital expenditures totaled $343.5 million in 2025, focused on renewables and grid storage.

Outlook and guidance

• All major solar and battery storage projects are fully funded and under construction, with expected CODs in 2026–2027 and $365 million in new project investments planned for 2026.

• Management expects continued growth in renewable generation and stable cash flows from long-term PPAs; uncommitted credit lines of $520 million available.

• Continued evaluation of new renewable projects and alternatives to enhance energy system resilience.