Grenergy Renovables (GRE) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €438 million, up 128% year-over-year, driven by asset rotation, M&A, and higher energy production, with EBITDA rising 176% to €86 million and net income at €35 million.

• Achieved 55% of the €800 million asset rotation target for 2025–2027, mainly through major sales in Chile, including the $475 million sale of Gabriela (phase 4, Oasis de Atacama).

• Significant progress in the Greenbox standalone BESS division, with a 32 GWh pipeline across six European countries and flagship projects in Oviedo.

• Strong ESG performance, including A- in CDP 2024, entry into IBEX ESG Index, and recognition by S&P, MSCI, Sustainalytics, ISS ESG, and EthiFinance.

• Launched a €3.5 billion strategic plan focused on energy storage and hybridization, with major PPAs signed in Chile.

Financial highlights

• Gross CapEx for H1 2025 reached €421 million, up 127% year-over-year, mainly in Chile and Spain, supporting the growth pipeline.

• Net debt stood at €815 million, leverage ratio at 3.8x EBITDA (1.3x covenant leverage), with pro forma leverage potentially dropping to 0.2x after pending deals.

• Cash position at June 2025 was €283 million, supporting self-funding of the business plan.

• Gross margin doubled to €126.6 million (+106% yoy); earnings per share increased to €1.25 from €0.02 year-over-year.

• Equity decreased to €391.4 million from €473.5 million, mainly due to derivative valuations and capital reduction.

Outlook and guidance

• On track to meet or exceed €3.5 billion CapEx target for 2023–2025, with acceleration expected in H2 and continued focus on asset rotation and project execution.

• Asset rotation proceeds expected to reach targets ahead of schedule, potentially enabling increased CapEx or debt reduction.

• Anticipates announcing tolling agreements in Spain and Germany before year-end, with further pipeline updates in November.

• By 2027, aims for 4.4 GW solar and 18.8 GWh storage in operation or construction, with pro forma EBITDA for Energy business projected at €450–500 million.

• Asset rotation and project finance expected to generate €3.4 billion in funding through 2027.