Grenergy Renovables (GRE) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 financial results: revenues reached €237 million, up 116% year-over-year, EBITDA rose 165% to €62 million, and net income increased fivefold to €32.4 million, driven by asset rotation and strong Chilean operations.

• Closed over $1 billion in financing, including €324 million for Oasis de Atacama Phase IV and $700 million for Oasis of Atacama, and signed major PPAs such as a 15-year 24/7 agreement with Codelco.

• Recognized for ESG leadership, maintaining AAA MSCI rating, top 16% Utilities sector ranking by S&P Global, and publishing a climate change policy aligned with CSRD standards.

• Total production increased 52%, with 88% of output contracted and realized prices up 3%.

• Strategic plan for 2025-2027 to be presented at Capital Markets Day on May 28, 2025.

Financial highlights

• Revenues: €237.2 million (+116% YoY); EBITDA: €61.7 million (+165% YoY); Net income: €32.4 million (+422% YoY).

• CapEx reached €165 million, up 124% year-over-year, mainly for hybrid and solar plus storage projects in Chile.

• Net debt stood at €726 million, with leverage at 3.7x EBITDA (1.3x corporate leverage), and could drop to 1.2x pro-forma after asset rotations.

• Gross margin improved 111% YoY to €81.5 million.

• Share buyback of €27 million completed, representing 2.44% of shares at €37.7 per share.

Outlook and guidance

• Strategic plan for 2025-2027 to be detailed on May 28, outlining future growth and storage strategy.

• Additional operational and pipeline updates, including CapEx per MW and project timelines, to be provided at Capital Markets Day.

• Anticipates further cash inflows from asset disposals, with €40 million expected in 2025 and additional proceeds possible.

• Continued focus on pipeline growth, especially in Latin America.