Voltalia (VLTSA) H2 2025 earnings summary

Executive summary

• Achieved 3.6 GW capacity (+9% year-over-year), meeting 2025 targets for both capacity and EBITDA at €211 million, despite challenging market conditions and significant restructuring under the SPRING transformation plan.

• Turnover grew 16% at constant exchange rates to €588 million, driven by strong growth in third-party services and operational expansion.

• Net loss of €128 million, mainly due to €103 million in exceptional items from the SPRING plan and €36 million from curtailment in Brazil; excluding these, net result would have been -€25 million.

• SPRING transformation plan initiated, focusing on core geographies and technologies, cost reduction, and operational efficiency, with exits from five countries.

• Service activities grew 69–76%, surpassing 2027 maintenance targets for third-party clients.

Financial highlights

• EBITDA stable at €211 million; turnover up 16% to €588 million at constant exchange rates.

• Net result of -€128 million, with €103 million from exceptional charges including project write-offs, restructuring, and discontinued operations.

• Cash flow from operations at €212 million, covering nearly half of investment cash flows.

• Net debt to EBITDA ratio at 10.3x (targeting 8–9 in 2026), leverage at 67–68%.

• Energy Sales turnover down 8% to €315.8 million; Renvolt turnover up 76% to €228.8 million, EBITDA up 87% to €20.3 million.

Outlook and guidance

• 2026 targets: ~3.7 GW in operation/construction, EBITDA €210–230 million, positive net result post-curtailment.

• 2027 targets: ~4.2 GW capacity, EBITDA €300–325 million, with margin improvements and reduced curtailment.

• 2030 ambition: ~5 GW capacity, EBITDA margin of 70–72% for Energy Sales, 9–11% for Renvolt/Services.

• Dividend payments expected to begin in 2028; growth to be self-financed from 2026.