Genneia (GENN) Registration filing summary

Company overview and business model

• Operates Argentina's largest utility-scale wind and solar assets, with 2,128 MW gross installed capacity as of June 2026, including 1,765 MW renewables and 363 MW thermal.

• Business model is 'develop-to-own and operate,' with in-house project origination, construction management, and data-driven operations.

• Nearly all revenues are from long-term, USD-denominated PPAs with CAMMESA and private C&I customers under the MATER framework.

• Pipeline includes 60 MW under construction, 175 MW ready to build, 2,491 MW in development, 1,273 MW in pre-development, and 1,200 MW in prospection.

• Recent expansion into high-voltage transmission via a 13.2% indirect stake in Transener, Argentina’s main transmission company.

Financial performance and metrics

• For the three months ended March 31, 2026: revenues $96.4M, net income $7.9M, Adjusted EBITDA with JVs $73.1M.

• For LTM ended March 31, 2026: revenues $376.8M, net profit $97.2M, Adjusted EBITDA with JVs $286.5M.

• Adjusted EBITDA margin consistently above 70% in recent years.

• As of March 31, 2026: total assets $2.22B, total liabilities $1.69B, shareholders’ equity $534M.

• Net leverage target of 3.0x; Adjusted Net Debt as of March 31, 2026: $780.5M.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for general corporate purposes, including expansion of operations in Argentina, project pipeline development, and/or acquisitions.

• Capital allocation governed by strict DCF discipline, IRR-first project selection, and prudent funding mix leveraging DFIs, ECAs, and bonds.

• Flexible growth plan allows acceleration or deferral of projects based on market and regulatory conditions.