Grenergy Renovables (GRE) Q4 2024 earnings summary

Executive summary

• FY24 revenues reached €642.9m (+61%), EBITDA €160m (+53%) and net income €59.6m (+17%).

• Asset rotation target of €600m achieved two years early, supporting a €2.6bn investment plan.

• Platform expanded to 16.6GW Solar PV and 26.9GWh BESS capacity.

• Launched the first phase of Oasis de Atacama, a large-scale battery project enabling nighttime solar sales.

Financial highlights

• Revenue rose to €642.9m, driven by asset sales in Chile and Peru.

• EBITDA increased to €160m; EBIT rose 37% to €118.6m and net income to €59.6m.

• CapEx reached €649m (+77%), mainly for hybrid projects.

• Gross margin improved 36% to €213.5m; free cash flow was €252.5m.

Outlook and guidance

• €2.6bn investment plan secured; €600m asset rotation target achieved ahead of schedule.

• Capital Markets Day scheduled for May 28, 2025, to update the investment plan and strategy.

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

• Merchant price recovery expected in 2025, supported by rising gas prices and higher nighttime prices.