Grenergy Renovables (GRE) Q1 2026 earnings summary

Executive summary

• Announced a €3.7 billion CapEx plan for 2026–2028, with a focus on diversification across Chile, Europe (notably Spain), and the USA, marking a significant increase in investment outside Chile for the first time.

• Storage and hybrid solar+BESS platforms (Oasis) have scaled rapidly, now totaling 5 GW and 22 GWh, with expansion into Spain (Iberian Oasis) and a pipeline of 71–72 GWh BESS globally.

• Launched GR Data, a digital infrastructure initiative targeting AI/data centers, starting in Chile with two cloud campuses and a major AI training data center in Atacama.

• Asset rotation remains a core funding mechanism, targeting €800 million over 2026–2028, with 30% already achieved and major M&A activity in Spain, Chile, Colombia, and the USA.

• Strong ESG progress, with a focus on impact, community engagement, and leading sector ESG ratings.

Financial highlights

• Q1 2026 revenues fell 40% year-over-year to €143 million, with EBITDA down 92% to €4.8–5 million and net income dropping 94% to €2 million, mainly due to lower asset rotation and project timing.

• CapEx for the quarter was €132.5 million, up 59% year-over-year.

• Cash balance at €429 million, supported by €170 million in bonds and €105 million revolving credit facility.

• FX gains of around €40 million and a one-off positive impact from closing a financial hedge.

• Asset rotation deals achieved at attractive multiples, e.g., Gabriela at 1.8x EV/IC.

Outlook and guidance

• 2027 EBITDA guidance confirmed; targeting €1.5 billion EBITDA in 2028, with significant project connections, especially Greenbox.

• Targeting 8 GWh Greenbox BESS in operation/under construction in Europe by 2028.

• GR Power aims for over 5 TWh/year contracted by 2028, more than doubling current volume.

• No CapEx for GR Data included in current plan; meaningful contribution expected post-2028.

• European investment to account for nearly 45% of total CapEx, matching Chile; US to represent 5%.