Grenergy Renovables S.A

Latest Results (20.04.2026):

Grenergy Renovables S.A. — reporting on Q2 2025 (six‑month period ended June 30, 2025). The group showed strong operational revenue growth and returned to profitability in H1 2025: statutory revenue increased sharply, operating profit was €71.6m and profit attributable to the parent was €35.1m (EPS €1.25). At the same time the balance sheet reflects heavy construction activity and financing: inventories and PP&E under construction increased materially, net cash declined and borrowings rose to fund development. Large unrealized hedging and FX losses drove total comprehensive income negative and reduced equity versus year‑end 2024.

Revenue and operational performance

Statutory revenue (sales + services) for the six months was €350,000k (vs €124,106k a year earlier). On an alternative measure that includes capitalized work and inventory changes, total income was €438,051k. Development & Construction was the main driver (segment income €372,126k; segment EBITDA €75,713k). Operating profit improved to €71,560k (H1 2024: €22,114k).

Profitability

Profit before tax was €42,117k and consolidated profit for the period €35,037k (profit attributable to the parent €35,131k; EPS €1.25 vs €0.02 in H1 2024). Finance costs were significant at €29,465k (up vs prior year), and income tax expense was €7,080k.

Balance sheet — liquidity and leverage

Total assets were €1,927,696k at June 30, 2025. Cash and cash equivalents fell to €282,772k (from €373,998k at 12/31/2024). Total borrowings (current + non‑current) increased to about €1,181,864k (non‑current €899,658k; current €282,206k), reflecting additional debt to finance construction. Equity declined to €391,400k (from €473,545k), largely due to unrealized hedging and FX losses.

Working capital, inventories and capex

Inventories rose to €337,714k (from €196,773k), mainly plant under construction and projects held for sale (notably Tabernas, José Cabrera in Spain and Gabriela in Chile moved to inventories pending sale). Additions to PP&E and construction payments were large: investing cash outflows were €220,680k (mainly €219,797k PP&E additions).

Cash flow and financing

Operating cash flow improved materially to a negative €9,626k (H1 2024: -€87,787k). Investing used €220,680k. Financing provided net €175,620k (new bank loans and bond issuances partly offset redemptions and buybacks). Net effect: cash decreased by €91,226k in H1 2025 to €282,772k.

Comprehensive income, hedging and FX

Total other income/charges directly recognised in equity were negative €89,794k (mainly hedging losses and currency translation differences), producing total consolidated comprehensive income of -€54,757k. Derivative balances and unrealized results are significant (derivative assets and liabilities materially affecting OCI), so mark‑to‑market and FX volatility remain key short‑term equity drivers.

Portfolio status and impairments

PP&E in operation remained broadly stable (net carrying amounts ~€915.8m across named parks). PP&E under construction totaled €275,225k. Management reports no indicators of impairment for operational assets at June 30, 2025, and continues active project development across Spain, Chile and other markets.