Genneia (GENN) Registration filing summary

Company overview and business model

• Operates Argentina’s largest renewable energy platform with 2,148 MW installed capacity, including 1,785 MW renewables and 363 MW thermal.

• Business model is “develop-to-own and operate,” focusing on in-house project origination, construction, 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 40 MW BESS under construction, 596 MW ready to build, 2,491 MW in development, 1,273 MW in pre-development, and 1,200 MW in prospection.

• Portfolio is concentrated in high-resource wind and solar corridors, with thermal units supporting grid stability.

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.

• Annual renewable energy generation grew at a 38% CAGR from 2016 to LTM 1Q26; Adjusted EBITDA with JVs from wind/solar grew at 28% CAGR.

• As of March 31, 2026: total assets $2.22B, shareholders’ equity $534.1M, Adjusted Net Debt $780.5M, net leverage ratio 2.96x.

• Gross profit margin for 2025 was 61%, Adjusted EBITDA margin 71.6%.

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 is governed by DCF discipline, IRR-first project selection, and prudent funding mix, targeting long-term net leverage of 3.0x.

• Management plans to accelerate annual new capacity additions from 250–300 MW/year with additional funding.