Grenergy Renovables S.A

Latest Results (09.11.2026):

Grenergy Renovables S.A. — second quarter / six‑month period ended June 30, 2025: The group reported a positive operating and net profit for H1 2025 (profit attributable to the Parent €35,131 thousand) on higher activity, but equity and comprehensive income were hit by large unrealized hedging and FX losses; cash fell materially as the company funded heavy construction investment. Total assets stood at €1,927,696 thousand and equity at €391,400 thousand at June 30, 2025.

Revenue and total income

Reported Revenue: €350,000 thousand (Sales €347,667k). Total income including work capitalized and inventory changes: €438,051 thousand (Work capitalized €79,495k; Changes in inventories €123,481k).

Profit and earnings per share

Operating profit: €71,560 thousand. Profit before tax: €42,117 thousand. Profit for the period attributable to the Parent: €35,131 thousand. Earnings per share: €1.25.

EBITDA (APM) and segment performance

Total EBITDA: €85,831 thousand. By segment: Development & Construction €75,713k; Energy €23,361k; Commercialization €94k; Services €533k; Corporate headquarter costs -€13,870k.

Comprehensive result and equity movement

Total consolidated comprehensive income: -€54,757 thousand. Large unrealized losses recognized in equity: hedging transactions -€64,773k and currency translation differences -€41,214k (tax effect +€16,193k). Equity fell to €391,400k from €473,545k at 31.12.2024.

Cash flow and liquidity

Cash & cash equivalents at 30.06.2025: €282,772 thousand (down €91,226k in the period). Operating cash flow: -€9,626k. Investing cash flow: -€220,680k (mainly PP&E additions ~€219,797k). Financing cash flow: +€175,620k. Foreign exchange effect: -€36,540k.

Debt and leverage

Gross borrowings (current + non‑current): €1,181,864 thousand (Non‑current €899,658k; Current €282,206k). Simple net borrowings ≈ €899,092k after cash (excluding other financial investments).

Balance sheet / projects and inventories

Total assets: €1,927,696k. Inventories: €337,714k (Plant under construction €311,654k) — includes projects in Spain (Tabernas, José Cabrera) and the Gabriela park in Chile moved to inventories pending sale.

Geographic mix

Income by country (H1 2025): Spain €297,326k; Chile €120,278k; Colombia €10,845k; Peru €356k; Argentina €2,666k; Mexico €1,238k. Activity remains concentrated in Spain and Chile.

Key takeaways / points to watch

1) Underlying operations generated profit and EBITDA growth driven by Development & Construction. 2) Heavy capex and project inventories are pressuring cash — monitor disposals (e.g., Gabriela sale) and working capital. 3) Large unrealized hedging and FX moves produced a comprehensive loss and materially reduced equity despite positive net profit.