Voltalia (VLTSA) Q3 2026 TU earnings summary

Executive summary

• Q3 2026 turnover was €177.4m, up 6% YoY at constant exchange rates; production rose 29% to 1.7 TWh.

• The 3 GW operating-capacity objective was achieved in September, one quarter ahead of schedule; 563 MW was under construction, bringing total operating and construction capacity to 3.6 GW.

• The 2026 EBITDA objective of €210m–€230m was confirmed, with €190m–€210m expected from Energy Sales.

Financial highlights

• 9M 2026 turnover reached €508.7m, up 21% at constant exchange rates and 23% at current rates; Q3 turnover increased 6% constant currency and 9% reported.

• 9M turnover mix: Energy Sales 59%, Renvolt 35% and Voltalia Hub 6%; geographic mix was Europe 61%, Latin America 32% and rest of world 7%.

• Q3 Energy Sales rose 26% at constant exchange rates, Voltalia Hub grew 22%, while Renvolt declined 21% due to construction milestone phasing.

Outlook and guidance

• 2026 EBITDA guidance remains €210m–€230m, including €190m–€210m from Energy Sales.

• SPRING plan targets 2027 EBITDA of €300m–€325m and Energy Sales EBITDA of €270m–€300m; 2030 targets include EBITDA margin of 9%–11% for Services and 70%–72% for Energy Sales.

• SPRING targets €300m–€350m in cash flow and capital impact between 2026 and 2028, and a net debt/EBITDA ratio of 7.5–8 in 2030.