Grenevia S.A. (GEA) Q1 2025 earnings summary

Executive summary

• Revenue increased to PLN 488 million in Q1 2025, up from PLN 471 million year-over-year, driven by growth in E-mobility and Renewable Energy segments, despite declines in FAMUR and Power Engineering.

• Net profit doubled to PLN 80 million from PLN 40 million year-over-year, with operating profit rising to PLN 110 million from PLN 71 million.

• EBITDA reached PLN 172 million, representing 35% of revenue.

• Major acquisitions included Windhunter Service and Windhunter Academy, expanding wind energy capabilities.

Financial highlights

• Gross profit was PLN 181 million, down 10% year-over-year, mainly due to lower gains on solar PV farm sales (PLN 21 million vs. PLN 58 million prior year).

• Cash flows from operating activities were positive at PLN 66 million, while investing activities saw outflows of PLN 115 million, and financing activities generated PLN 31 million.

• Net debt decreased to PLN 136 million, with a net debt/EBITDA ratio of 0.25.

• Undrawn working capital credit limits (excluding project finance) stood at PLN 432 million.

Outlook and guidance

• Management expects continued pressure on margins in E-mobility due to Chinese competition and market volatility.

• Renewable Energy segment faces risks from price pressure on PV farms, grid curtailment, and limited access to financing.

• FAMUR segment outlook is challenged by declining coal demand, customer cost-saving measures, and global decarbonization trends.

• No financial forecasts for 2025 were published.