Voltalia (VLTSA) Q4 2024 TU earnings summary

Executive summary

• Achieved 2024 operational target with 3.3 GW in operation or under construction, including 2.5 GW in operation (+6%), meeting set objectives.

• 2024 turnover increased by 10% to €547m, with strong Energy Sales growth offsetting a decline in Services.

• Leadership transition with Robert Klein appointed CEO as of January 1, 2025, to drive the next growth phase.

• Launched new EV charging station activity via subsidiary Yusco, targeting 5,000 charging points by 2028 in partnership with major retailers.

• SPRING transformation plan launched to define and implement a strategic action plan for profitable growth from 2025, with conclusions expected by mid-2025.

Financial highlights

• 2024 turnover reached €547m, up 10% year-over-year; Q4 turnover at €93m, up 12% from Q4 2023.

• Energy sales for 2024 totaled €359m, a 20% increase year-over-year, driven by a 6% rise in operational capacity and 9% growth in production to 4.7 TWh.

• Services turnover for 2024 was €187m, down 4% year-over-year, with O&M for third parties up 16% and construction/procurement down 7%.

• 637 MW of new contracts signed in 2024, a 42% increase over 2023, mainly in Tunisia, Uzbekistan, and France.

• EBITDA target for 2024 confirmed at ~€215m after curtailment impacts.

Outlook and guidance

• 2024 EBITDA target of €215m reaffirmed, with confidence in legal actions for compensation related to Brazilian curtailment.

• SPRING transformation plan to be detailed by mid-2025, with no change to medium-term trajectory.

• Next financial results to be published March 13, 2025.