Grenergy Renovables S.A

Latest Results (31.05.2026):

Summary — Grenergy Renovables S.A. Q2 2025 (six‑month period ended June 30, 2025): The company's interim report shows a strong operational turnaround in H1 2025 with consolidated revenue (IFRS) of 350,000 thousand euros and total group income (APM, including work capitalized and inventory changes) of 438,051 thousand euros, producing operating profit of 71,560 thousand euros and profit attributable to the Parent of 35,131 thousand euros (EPS 1.25). However, comprehensive income declined sharply due to adverse fair‑value/hedging and currency translation effects, reducing equity and generating a net decrease in cash driven by large investing activity and FX effects.

Top line

Revenue (IFRS) for the six months was 350,000 thousand euros (≈€350.0m). Including work performed and inventory changes (the Group’s APM “total income”), income was 438,051 thousand euros (≈€438.1m), up substantially versus H1 2024.

Profitability

Operating profit rose to 71,560 thousand euros (H1 2024: 22,114). Profit before tax was 42,117 thousand euros and profit attributable to the Parent was 35,131 thousand euros (EPS 1.25), versus a very small profit in the prior comparable period.

EBITDA & segments

Reported APM EBITDA was 85,831 thousand euros (H1 2024: 31,045). Development & Construction was the main contributor (EBITDA 75,713), Energy contributed 23,361, while corporate costs subtracted ~13,870 thousand euros.

Balance sheet size and composition

Total assets at June 30, 2025 were 1,927,696 thousand euros. Inventories (plants under construction intended for sale) rose to 337,714 thousand euros (from 196,773), while PP&E net carrying amount was ~920,235 thousand euros.

Equity and comprehensive income

Equity attributable to the Parent fell to 391,872 thousand euros (total equity 391,400) from 473,975 thousand at year‑end 2024. The decline mainly reflects a negative unrealized gains/hedging and FX translation effect of c.89,794 thousand euros recognized directly in equity in H1 2025.

Cash flow and liquidity

Net cash used in operating activities was -9,626 thousand euros (improved vs H1 2024). Investing cash outflow was -220,680 thousand euros (major project construction). Financing provided +175,620 thousand euros; net foreign exchange was -36,540 thousand euros, producing a net decrease in cash of -91,226 thousand euros. Cash and cash equivalents at June 30, 2025 were 282,772 thousand euros.

Debt position

Gross borrowings at June 30, 2025 totalled c.1,181,864 thousand euros (non‑current 899,658; current 282,206). Available cash was 282,772 thousand euros and the Group also holds financial investments (non‑current 100,000; current 15,378), which management can use when assessing net leverage.

Investments and operational pipeline

Capital expenditure and additions in H1 2025 were substantial (PP&E additions ~219,797 thousand euros and inventories increased by plants under construction), reflecting continued construction activity in Chile, Colombia and Spain and projects held for sale (e.g., Gabriela moved to inventories pending sale).

Other items to note

Hedging and translation swings materially impacted equity and comprehensive income. Operating improvements produced positive EBITDA and converted to net profit despite higher finance costs (reflecting larger debt) and currency/hedge losses recorded in equity and finance lines.