Voltalia (VLTSA) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 turnover reached €133.3 million, up 25% at constant exchange rates year-over-year, driven by strong Renvolt activity and stable Energy Sales.

• Energy production was stable at 1.1 TWh (-1%), with operational capacity rising 17% to 2.9 GW.

• SPRING plan rollout continued, with clearer business line structuring and confirmation of 2026 targets.

Financial highlights

• Energy Sales turnover: €72.0 million (+3% at constant exchange rates), offsetting plant disposals and temporary reduced availability.

• Renvolt turnover: €54.3 million (+80%), driven by third-party construction projects.

• Voltalia Hub turnover: €7.0 million (+4%), with growth in maintenance for third-party clients.

• Geographic turnover: 63% Europe, 31% Latin America, 6% rest of world.

Outlook and guidance

• 2026 targets: 3.7 GW capacity in operation/under construction, EBITDA €210–230 million, positive net profit.

• 2027 targets: 4.2 GW capacity, EBITDA €300–325 million.

• 2030 targets: 5.0 GW capacity, Energy Sales EBITDA margin 70–72%.

• Self-financed growth trajectory, aiming for first dividend from 2028.