Voltalia (VLTSA) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 turnover rose 31% year-over-year to €164.7 million, driven by a 2.8x increase in Services revenue, offsetting a 13% decline in Energy Sales due to currency and contract effects.

• Production for Q3 2025 increased 6% to 1.3 TWh, with total nine-month production up 11% to 3.6 TWh, despite significant curtailment in Brazil.

• The SPRING transformation plan is underway, with disposals and restructuring actions initiated to focus on core business and improve efficiency.

Financial highlights

• Q3 2025 turnover: €164.7 million (+31% year-over-year); nine-month turnover: €421.6 million (+16%).

• Energy Sales Q3: €85.2 million (-13%); nine months: €237.3 million (-11%).

• Services Q3: €79.5 million (2.8x growth); nine months: €184.2 million (+87%).

• EBITDA for 2025 expected between €200–220 million.

Outlook and guidance

• 2025 targets: ~3.6 GW capacity in operation/under construction (+10%), ~3 GW in operation (+20%), ~5.2 TWh production (+10%).

• 2025 EBITDA guidance: €200–220 million; net loss in H2 2025 expected to exceed H1 due to restructuring and transformation costs.

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

• 2030 objectives: ~5 GW capacity, Energy Sales EBITDA margin 70–72%, Services margin 9–11%.