Voltalia (VLTSA) H1 2024 earnings summary

Executive summary

• H1 2024 turnover rose 28% to €249 million, with EBITDA up 34% to €75 million and margin improving to 30%, driven by strong growth in Energy Sales and Services.

• Net loss (Group share) narrowed to €15.7 million, improved by 19% from H1 2023, reflecting seasonal business patterns.

• Installed and under-construction capacity exceeded 3 GW, with a development pipeline of 17.2 GW, up 7% year-over-year.

• 2024 EBITDA guidance reaffirmed at €255 million before Brazilian curtailment, which could reduce EBITDA by up to €40 million if unresolved.

• 2027 targets confirmed: over 5 GW in operation and construction, over 8 GW operated for third parties, and normalized EBITDA of ~€475 million.

Financial highlights

• Turnover reached €249 million (+28% year-over-year), driven by new plant commissioning, higher production, and growth in both IPP and services activities.

• EBITDA rose 34% to €75 million, with margin improving to 30% from 29% in H1 2023.

• Net result (Group share) was a seasonal loss of €15.7 million, improved by 19% from H1 2023.

• Cash and cash equivalents increased to €329 million at June 2024.

• Net debt stood at €1.8 billion, with a gearing ratio of 59%.

Outlook and guidance

• 2024 EBITDA guidance reaffirmed at €255 million before curtailment, with €230 million from energy sales; curtailment in Brazil could reduce EBITDA by up to €40 million.

• 2024 capacity target: ~3.3 GW in operation and construction, ~2.5 GW in operation.

• 2027 targets reaffirmed: over 5 GW in operation and construction, over 8 GW operated for third parties, normalized EBITDA ~€475 million.