Voltalia (VLTSA) H2 2024 earnings summary

Executive summary

• Achieved 3.3 GW in operation or under construction in 2024, with 2.5 GW operational (+6%); EBITDA reached €215 million, in line with guidance but down 11% year-over-year.

• Turnover rose 10% to €547 million, with energy sales up 20% to €359 million, driven by new plants.

• Net loss of €20.9 million (Group share), mainly due to Brazilian curtailment and solar panel inventory devaluation.

• Strong cash position at €360 million and operating cash flow of €258 million, more than doubling year-over-year.

• SPRING transformation project launched to simplify business, prioritize returns, and consolidate geographic presence, with first conclusions expected mid-2025.

Financial highlights

• Energy generation grew 9% to 4.7 TWh in 2024; capacity in operation rose 6% to 2,514 MW.

• EBITDA margin declined to 39% (from 49% in 2023), reflecting curtailment impact.

• EBIT fell 43% to €68.4 million, impacted by higher depreciation and provisions.

• Net financial result was -€74.8 million, with average financing cost rising to 6.1%.

• Cash and cash equivalents at €360 million (+€41 million); financial debt rose 21% to €2.3 billion, debt ratio at 62%.

Outlook and guidance

• Targeting 3.6 GW in operation or under construction for 2025, with 3 GW operational and production forecasted at 5.2 TWh (+10%).

• Brazilian curtailment forecast to drop to 10% from 21% in 2024.

• SPRING project diagnostic phase to conclude by June 2025, with implementation in H2 2025 and first benefits expected in 2025.

• Capex plan for 2025 set at €516m–€600m, supporting the path to 5 GW by 2027.