Grenergy Renovables (GRE) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking 2025 performance with revenue of €1.07 billion (up 66%), EBITDA of €201.4 million (up 26%), and net profit of €87 million (up 46%), driven by strong project execution, especially in Chile and Spain.

• Strategic focus on hybrid solar-storage platforms, standalone storage, and a shift toward a mixed Build-to-Own model, with major projects and expansion across six countries.

• Asset rotation and M&A activity generated substantial liquidity, with proceeds of approximately $1 billion and 60% of the 3-year rotation target achieved in one year.

• Expanded pipeline to 11.6 GW solar and 72 GWh storage, with a 2025–2027 plan targeting €3.5 billion investment and 4.4 GW solar/18.8 GWh storage in operation or under construction by 2027.

• Strong progress in ESG, fully complying with the 2025 roadmap, publishing TNFD-aligned biodiversity reports, and achieving high international ESG ratings.

Financial highlights

• Revenue exceeded €1.07 billion for the first time, up 66% year-over-year, driven by higher construction activity and asset sales.

• EBITDA reached €201.4 million, a 26% increase year-over-year.

• Net profit rose to €87 million, up 46% from the previous year.

• CapEx totaled €880 million, a 36% increase from 2024, mainly driven by hybrid projects in Latin America.

• Net debt at year-end was €993 million (debt ratio 4.21–5x), expected to normalize to 1.5x post-divestments; cash position at year-end was €305 million.

Outlook and guidance

• On track for €3.5 billion capex target for 2025–2027, with over 60% of asset rotation proceeds already accomplished.

• Pipeline includes 72 GWh total BESS, with >9 GWh in advanced development and 2.4 GW/17 GWh in advanced stages for 2027–2028.

• No formal EBITDA guidance for 2026, but key drivers include the Elena project and potential M&A deals.

• Strategy update and new targets for 2026–2028 to be announced alongside Q1 results.

• Baseload 24x7 PPAs and capacity payments secured in key markets, supporting future revenue visibility.