Voltalia (VLTSA) H2 2024 earnings summary

Executive summary

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

• Energy sales turnover rose 20% to €359 million, driving total turnover up 10% to €547 million.

• Net loss of €20.9 million, mainly due to Brazilian curtailment and solar panel inventory devaluation, compared to a €29.6 million profit in 2023.

• 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 model, prioritize returns, and consolidate geographic presence, with strategic review underway.

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.

• Free cash flow from operations (plants commissioned before 2023) was €106 million; strong cash generation from plants operated >12 months.

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

Outlook and guidance

• Targeting 3.6 GW in operation or under construction for 2025, with 3 GW operational (+20%).

• Forecasting 5.2 TWh energy production in 2025, up 10%, assuming 10% curtailment in Brazil.

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

• Capex plan for 2025 set at €516–600 million, supporting growth to 5 GW by 2027.