Grenergy Renovables (GRE) Q4 2025 earnings summary

Executive summary

• FY25 revenue reached €1,070m, up 66% year over year; EBITDA was €201.4m (+26%) and net profit €87m (+46%).

• Total production increased 37%, driven mainly by Chilean assets; 90% of output was contracted.

• Nearly 1 GW of solar and 7 GWh of storage were built in 2025; 2.2 GW and 8.3 GWh were in operation and under construction.

• Asset rotation, major project financings, and progress across hybrid solar and storage platforms supported the 2025 investment program.

Financial highlights

• Revenue reached €1,070m, up 66% year over year; EBITDA was €201.4m, up 26%, and net profit was €87m, up 46%.

• Gross margin increased 36% to €290.4m.

• Gross CapEx totaled €880m, up 36%; more than 80% was invested in Chile.

• Net debt was €993m; year-end cash was €305m, compared with €374m in FY24.

• Realized price fell 9% year over year to €45.7/MWh.

Outlook and guidance

• On track for the €3.5bn 2025–27 investment target; more than 60% of the asset rotation target had been achieved.

• Asset rotation target for 2025–27 is €0.8bn; proceeds reached 60% of the target in 2025.

• Storage pipeline totals 72 GWh, with more than 9 GWh in advanced development.

• CapEx expected to accelerate in 2026 and 2027, with further strategic updates and visibility on 2028 targets due in May.