Holaluz-Clidom (HLZ) H2 2024 earnings summary

Executive summary

• Achieved EUR 3.5 million consolidated normalized EBITDA in 2024, with record per-customer profitability and strong margin improvements through AI-driven efficiencies and cost reductions, despite a 36% revenue decline.

• Maintained over 300,000 active energy contracts, including more than 15,000 solar contracts, and tripled battery attachment rate to 45% by year-end.

• Secured EUR 22 million strategic investment from Icosium Investment and completed a debt restructuring plan with strong creditor support.

• Delivered industry-leading customer satisfaction and advanced ESG milestones, including SBTi-approved emission targets and 2.9 million tonnes of CO2 avoided.

Financial highlights

• Consolidated revenue was EUR 181.8 million, down 36% from 2023, mainly due to lower electricity prices and a contracting Spanish solar market.

• Gross profit reached EUR 40.9 million, with an improved margin of 23% and best-ever unit economics in both Solar and Energy Management segments.

• Normalized operating costs decreased by 38% year-over-year, driving a 47% improvement in EBITDA to -EUR 12.0 million.

• Net result was a loss of EUR 27.7 million, improved from a EUR 31.5 million loss in 2023.

• Net debt reduced to EUR 41.1 million, down EUR 24.3 million from 2023, following financing cancellations and restructuring.

Outlook and guidance

• Focus for 2025 includes further AI-driven cost optimization, increasing installation ticket size, and reaching solar break-even.

• Plans to launch Spain's first Virtual Power Plant and expand the '0€ bill for 5 years' Tarifa Justa for Solar + Battery customers.

• Strategic partnership with Icosium Investment to support growth and a redefined vision.

• Focus on leveraging technology to maintain optimal gross margins.