Voltalia (VLTSA) H1 2025 TU earnings summary

Executive summary

• Q2 2025 turnover rose 11% year-over-year to €147.7 million, driven by strong Services growth offsetting a decline in Energy Sales.

• Energy production increased 13% in Q2 2025 to 1,257 GWh, with first-half production up 14% to 2,373 GWh.

• Services to third parties surged, particularly in construction and O&M, while Energy Sales declined due to lower prices and adverse FX.

• The SPRING transformation plan's diagnostic phase was completed, with action steps to be presented in September 2025.

Financial highlights

• Q2 2025 turnover: €147.7 million (+11% year-over-year, +16% at constant FX).

• H1 2025 turnover: €257.0 million (+9% year-over-year, +13% at constant FX).

• Q2 Energy Sales: €81.7 million (-13% year-over-year, -7% at constant FX); Q2 Services: €65.9 million (+69% year-over-year, +70% at constant FX).

• H1 Energy Sales: €152.1 million (-9% year-over-year, -2% at constant FX); H1 Services: €104.8 million (+50% year-over-year, +50% at constant FX).

Outlook and guidance

• 2025 targets: ~3.6 GW capacity in operation/under construction (+10% vs. 2024), ~3 GW in operation (+20%), and ~5.2 TWh production (+10%), assuming 10% curtailment in Brazil.

• SPRING transformation plan actions to be unveiled with H1 2025 results in September.