Voltalia (VLTSA) Q2 2026 TU earnings summary

Executive summary

• Q2 2026 turnover rose 35% at constant exchange rates to €198.0 million, driven by new capacity in South Africa and Uzbekistan.

• H1 2026 turnover reached €331.3 million, up 30% year-over-year at constant exchange rates.

• All business units contributed to growth, with Energy Sales, Renvolt, and Voltalia Hub showing strong performance.

Financial highlights

• Q2 2026 Energy Sales turnover was €118.2 million, up 40% at constant exchange rates, boosted by new capacity and compensation for curtailment in Brazil.

• Renvolt turnover in Q2 2026 was €69.6 million, up 26% at constant exchange rates, driven by construction and maintenance for third-party clients.

• Voltalia Hub turnover in Q2 2026 was €10.2 million, up 35% at constant exchange rates, supported by growth in services and maintenance in Brazil.

• H1 2026 Energy Sales turnover was €190.2 million (+22% at constant exchange rates), Renvolt €123.9 million (+45%), Voltalia Hub €17.2 million (+20%).

• Net compensation of €29 million recognized in H1 2026 EBITDA from Brazilian curtailment, with €17 million in turnover and €12 million in reduced expenses.

Outlook and guidance

• 2026 EBITDA guidance confirmed at €210–230 million, including €190–210 million from Energy Sales, with a positive net result expected.

• 2026 operational capacity target revised to 3.6 GW (from 3.7 GW) due to selective project phasing, but financial objectives maintained.

• 2027 targets: 4.2 GW capacity in operation/under construction, EBITDA €300–325 million.

• 2030 targets: 5.0 GW capacity, Energy Sales EBITDA margin 70–72%, Services margin 9–11%.