Grenergy Renovables (GRE) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking 2025 performance with revenue of €1.07 billion, up 66% year-over-year, EBITDA of €201.4 million (+26%), and net profit of €87.1 million (+46%), driven by strong project execution, especially in Chile and Spain.

• Major progress in hybrid solar and storage platforms, with nearly 1 GW of solar and 7 GWh of storage built in 2025, and a pipeline of 11.6 GW solar and 72 GWh storage.

• Significant asset rotation, generating proceeds of nearly $1 billion and achieving over 60% of the 2025-2027 target in one year, with major transactions in Chile, Spain, and Colombia.

• Strategic shift from pure Build-to-Sell to a mixed Build-to-Own model, with investments in energy storage and hybridization.

• Strong ESG performance, achieving full compliance with the ESG Roadmap 2025, improved S&P ESG rating, and published TNFD-aligned biodiversity report.

Financial highlights

• Revenue reached €1.07 billion, up 66% year-over-year; EBITDA €201.4 million (+26%); net profit €87.1 million (+46%).

• CapEx totaled €880 million, a 36% increase from 2024, with over 80% invested in Chile.

• Net debt stood at €993 million (5x EBITDA, 1.4x corporate), with pro forma net debt post-divestments expected to fall to €501 million (1.5x leverage).

• Cash position at year-end was €305 million.

• Gross margin improved 36% to €290.4 million.

Outlook and guidance

• On track for €3.5 billion investment target for 2025-2027, with 4.4 GW solar and 18.8 GWh storage in operation or under construction by 2027.

• Asset rotation expected to generate €800 million in cash, with over 60% already secured.

• Guidance for solar PV CapEx at $0.47 million/MW; storage CapEx expected to remain flat.

• Further strategic updates and 2028 targets to be provided in May.

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