Holaluz-Clidom (HLZ) H2 2025 earnings summary

Executive summary

• Achieved a decisive turnaround in H2 2025, restoring profitability and reaching break-even in solar and storage by December, supported by a €22 million capital increase and full debt restructuring.

• Embedded AI and automation across operations, driving a 30% year-over-year structural cost reduction and operational efficiency.

• Managed over 221,650 supply contracts and nearly 13,000 solar installations, with a record 95% battery attachment rate in December 2025.

• Platform and business model fully aligned with favorable regulatory changes, expanding the addressable market and unlocking new revenue streams.

• ESG progress validated by SBTI, with 3.1 million tons of CO2 avoided since inception and a 20% reduction in own footprint in 2025.

Financial highlights

• Full-year revenue exceeded €141 million, with H2 seeing commercial normalization and strong recovery.

• Gross profit rose 49% in H2 versus H1; gross margin improved from 17% to 22% sequentially, with a full-year gross margin of 20%.

• Normalized EBITDA reached €2.6 million for the year, with €4.7 million in H2 offsetting H1 losses.

• Operating and personnel costs reduced 30% year-over-year, with a further 8% reduction in H2.

• Solar and storage segment reached EBITDA breakeven in Q4 2025 at 90-100 installations/month.

Outlook and guidance

• Entering 2026 with a structurally sound business, extended debt maturities, and a clear path to sustainable debt reduction.

• Positioned for growth in 2026, leveraging regulatory tailwinds, lower PV/battery costs, and platform scalability.

• Solar and storage segment expected to maintain breakeven at 90-100 installations/month.