Grenergy Renovables (GRE) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €661.3 million, up 51% year-over-year, with EBITDA at €126.5 million (+47% yoy) and net profit at €74.2 million (+112% yoy), driven by strong project execution, asset rotation, and energy sales in Chile and Spain.

• Major asset rotation completed with the sale of Gabriela in Chile (€373.9 million recognized in sales), and Colombian assets expected to be delivered before year-end.

• Expanded project pipeline to 10.8 GW solar and 62.8 GWh storage, with a strategic focus on hybrid and standalone battery platforms and a mixed Build-to-Own/Build-to-Sell model.

• Launched a €50 million share buyback program, funded by asset rotation proceeds, as part of a €100 million shareholder remuneration plan.

• Sustainability initiatives advanced, including electrification and native forest restoration in Chile, and establishment of a Sustainability Committee.

Financial highlights

• Revenue rose to €661.3 million (+51% yoy), EBITDA to €126.5 million (+47% yoy), and net profit to €74.2 million (+112% yoy), with a solid cash position at €272.7 million after €275 million CapEx in H1.

• Net debt/EBITDA reduced to 4.6x (down from 8.1x), with net debt at €1.1 billion and pro forma leverage expected at 3.8x.

• Issued €170 million green bond, renewed €200 million green notes program, and secured €100 million non-recourse financing for Oviedo BESS project.

• Asset rotation transactions generated significant cash, including the sale of Gabriela and seven solar assets in Colombia.

• D&C EBITDA grew 55% yoy, Energy EBITDA up 4%, and Retail EBITDA up 1,519%.

Outlook and guidance

• Updated investment plan for 2026-2028 increases planned CapEx to €3.7 billion, focusing on hybrid Oasis platforms and Greenbox standalone battery platform, with 45% allocated to Europe.

• Targeting 5 GW solar and 22 GWh storage capacity in Oasis platforms, and 8 GWh in Greenbox by 2028.

• Asset rotation target of €800 million in proceeds between 2026 and 2028 remains on track, with 30% already achieved.

• Double-digit IRRs expected, with project acquisitions at low CapEx due to favorable market conditions.

• Share buyback program of up to €50 million launched, supporting further shareholder returns.