Grenergy Renovables S.A

Latest Results (08.03.2026):

Grenergy Renovables S.A. — Q2 2025 / H1 2025 (six months ended June 30, 2025): the company reported strong operational growth with consolidated total income of €438.1 million (including capitalized work), consolidated revenue of €350.0 million, EBITDA of €85.8 million and operating profit of €71.6 million. Profit attributable to the parent for the period was €35.1 million (EPS €1.25). The balance sheet shows total assets of €1,927.7 million, cash of €282.8 million and significant financial debt; comprehensive income swung negative driven by hedging and FX effects.

Top-line & revenue mix

Consolidated total income (APM) was €438.1m in H1 2025 vs €192.3m a year earlier. Reported revenue was €350.0m (sales €347.7m). Development & Construction was the largest contributor (≈€372.1m of segment income), with Spain (€297.3m) and Chile (€120.3m) the main markets.

Profitability

Operating profit improved to €71.6m (H1 2024: €22.1m). EBITDA rose to €85.8m (H1 2024: €31.0m). Profit before tax was €42.1m and consolidated profit for the period €35.0m, with €35.1m attributable to the parent (EPS €1.25 vs €0.02 a year earlier).

Cash flow & investing

Operating cash flow improved but remained negative at -€9.6m (vs -€87.8m H1 2024). Investing cash outflows were substantial at -€220.7m (mainly PP&E and parks under construction). Net decrease in cash was -€91.2m; cash at period end €282.8m.

Balance sheet & leverage

Total assets €1,927.7m (up from €1,875.2m year-end 2024). Gross borrowings (current + non‑current) ≈ €1,181.9m; non‑current borrowings €899.7m, current borrowings €282.2m. With cash €282.8m, implied net debt is roughly €899.1m.

Working capital & inventories

Inventories rose sharply to €337.7m (from €196.8m) reflecting plants under construction intended for sale (including Spanish and Chilean projects). Customer advances declined to €27.3m (from €96.5m at year‑end 2024).

Equity & comprehensive result

Equity fell to €391.4m from €473.5m at year‑end 2024. The Group recorded a total consolidated comprehensive loss of €54.8m in H1 2025 driven by large unrealized losses from hedging (-€64.8m pre‑tax) and currency translation differences (-€41.2m), partially offset by current period profit.

Operational notes & outlook signals

Significant capex and inventory buildup point to continued project execution and pipeline monetization (development & construction focus). Management highlights growth in Spain and Chile; the Gabriela park was reclassified to inventories pending sale. Key risks remain FX and hedging volatility, and elevated leverage during the buildout phase.