Grenergy Renovables (GRE) Q4 2024 earnings summary

Executive summary

• Revenues reached €643 million in 2024, up 61% year-over-year, with EBITDA at €160 million (+53%) and net income at €60 million (+17%), driven by project development in Latin America, especially Chile and Spain.

• Major asset rotation included the sale of Oasis de Atacama Phases 1-3 for $962 million EV and Quillagua and Victor Jara parks in Chile for €926 million, exceeding asset rotation targets.

• Platform expanded to over 16.5 GW solar and wind projects and 28.1 GWh storage pipeline, with a strategic focus on hybridization and a shift toward a mixed Build-to-Own model.

• Strong ESG performance confirmed by top ratings from MSCI, S&P Global, and Sustainalytics, with the ESG Roadmap 2024-2026 fully achieved for Q4 2024.

• Announced a new Capital Markets Day for May 28, 2025, to outline strategy and targets for 2025–2027.

Financial highlights

• Revenues rose to €643 million, mainly due to higher project sales and construction activity, with EBITDA at €160 million and net profit at €59.8 million.

• CapEx increased to €650 million (+77% YoY), with expectations to approach €1 billion in 2025, and property, plant & equipment grew 26% to €920.3 million.

• Net debt reduced to €566 million from €975 million in September 2024, with leverage ratio at 3.6x and corporate leverage at 0.7x EBITDA.

• Cash position at year-end was €374 million, up from €121 million in December 2023; free cash flow rose to €252.5 million.

• Gross margin improved 36% to €213.5 million; equity increased by €129.8 million to €473.5 million.

Outlook and guidance

• €2.6 billion investment plan for 2023–2026 secured, with no annual guidance provided; asset rotation target of €600 million achieved two years ahead of schedule.

• Further asset disposals and new PPAs expected in 2025, with visibility to be provided at Capital Markets Day.

• Strategy targets continued growth in solar and storage, focusing on hybrid projects and recurring revenue from energy sales.

• Merchant price recovery expected in 2025 due to rising gas prices and higher nighttime merchant prices.

• ESG Roadmap 2024-2026 to drive further sustainability integration and stakeholder value.