Grenergy Renovables (GRE) Q2 2026 earnings summary

Executive summary

• Achieved record half-year results with revenues up 51% to €661 million, EBITDA up 47% to €126 million, and net profit doubling to €74 million (+112% YoY), driven by strong execution in project finance, M&A, and energy management.

• Major asset rotation completed, including the Gabriela sale for $475 million and Colombian assets, with proceeds supporting a €50 million share buyback and further project acquisitions.

• Significant progress in hybrid and standalone battery projects, with rapid expansion in Spain, Chile, Romania, and Poland, and a global portfolio of 71 GWh storage and 12 GW solar capacity at various stages.

• Sustainability initiatives launched, including electrification in Chile and native forest restoration.

• Share buyback program of up to €50 million announced, funded by asset rotation.

Financial highlights

• Revenue reached €661.3 million (+51% YoY), EBITDA €126.5 million (+47% YoY), and net income €74.2 million (+112% YoY) for H1 2026.

• Net debt/EBITDA reduced to 4.6x from 8.1x, with net debt at €1.1 billion and cash position at €273 million.

• Gross CAPEX was €275 million (+25% YoY), mainly focused on Central Oasis and hybrid projects, with significant increases expected in H2.

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

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

Outlook and guidance

• CAPEX for 2026 guided at €3.7 billion, with 45% allocated to Europe, focusing on Greenbox and hybrid plants.

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

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

• Investment levels expected to rise as project pipeline advances, focusing on BESS and hybrid platforms.

• Shareholder remuneration plan includes up to €100 million, with €50 million allocated to buybacks.