Holaluz-Clidom (HLZ) H1 2026 earnings summary

Executive summary

• Second consecutive positive half-year for normalized EBITDA: €2.1M vs. -€2.1M in H1 2025; LTM normalized EBITDA reached €6.8M.

• Value-over-volume strategy lifted margins despite lower revenue, supported by a more selective customer portfolio, lower costs and Solar & Storage growth.

• Net loss narrowed 40% YoY to €8.8M as gross profit rose 17% to €13.4M despite revenue declining 5%.

Financial highlights

• Revenue excluding Route-to-Market was €64.5M, down 5% YoY; consolidated turnover including Route-to-Market was €68.5M.

• Gross profit rose to €13.4M from €11.5M; gross margin increased to 20.8% from 16.9%.

• Normalized operating and personnel costs fell 17% to €11.3M; direct costs declined 31%, marketing and CAC 30%, overheads 11%, and procurement costs 10%.

• Statutory EBITDA improved to -€0.4M from -€6.6M; EBIT was -€7.3M vs. -€13.7M, and net loss narrowed to €8.8M from €14.7M.

• Financial result was -€1.5M vs. -€1.0M, with higher financial costs following balance-sheet restructuring.

Outlook and guidance

• H2 focus is consolidating profitability and recovering solar installation pace; Solar & Storage targets 90–100 installations per month, its Q4 2025 break-even run rate.

• Operating structure is sized for a solar break-even run rate of ~100 installations per month in H2 2026.

• VPP currently optimizes day-ahead and intraday markets; balancing, demand response, capacity and frequency services are future opportunities.

• Debt maturities extend through 2028 and covenants are waived through 2027, supporting business-plan execution.