Voltalia (VLTSA) Q4 2025 TU earnings summary

Executive summary

• 2025 turnover rose 16% at constant exchange rates, reaching €587.8 million, driven by strong growth in Services for third-party clients despite a decline in Energy Sales due to higher curtailment in Brazil and less favorable pricing and FX effects.

• EBITDA target for 2025 reconfirmed at €200–220 million, with €190–210 million from Energy Sales, despite operational headwinds.

• The SPRING transformation plan advanced, with divestments in non-core geographies and technologies, and new leadership appointments for Helexia and Renvolt.

Financial highlights

• Full-year turnover: €587.8 million (+16% at constant FX), Q4 turnover: €166.3 million (+8% at constant FX).

• Energy Sales: €315.8 million (–8% at constant FX), impacted by Brazilian curtailment and lower prices.

• Services for third-party clients: €272.0 million (+70% at constant FX), with Development & Construction up 78% and O&M up 18%.

• Q4 Energy Sales: €78.5 million (–15% at constant FX); Q4 Services: €87.8 million (+42% at constant FX).

Outlook and guidance

• 2025 EBITDA guidance maintained at €200–220 million, with Energy Sales contributing €190–210 million.

• Net accounting loss in H2 2025 expected to exceed H1, due to pipeline cleanup, SPRING transformation costs, and refocusing on core activities.

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

• 2030 targets: 5.0 GW in operation/under construction, Energy Sales EBITDA margin 70–72%.