Ecoener (ENER) H2 2025 earnings summary

Executive summary

• Achieved record capacity addition of 253 MW (+60%), bringing total operational capacity to 680 MW and 815 MW including projects under construction, with installed capacity reported at 656 MW and a pipeline of 2,444 MW.

• Generation reached a record 935 GWh, up 33% year-over-year, with monthly generation exceeding 100 GWh for the first time.

• EBITDA grew 20% to €42.3m, with margin improving to 50%, while net profit declined 52% to €5.8m due to higher operating and finance costs.

• International revenue accounted for 63% of total, with 82% secured or protected under long-term contracts, and operations spanning six countries across hydro, wind, and solar.

• Significant expansion in Latin America, new entry into the EU market with a 15-year CfD for a wind project in Romania, and commissioning of multiple new solar plants.

Financial highlights

• Revenue increased 4% to €84.7m, with 10% growth in the generation segment and solar photovoltaic revenue up 40.7% to €40m.

• Adjusted EBITDA rose 20% to €42.3m, with EBITDA margin improving to 50%.

• Net profit declined 52% to €5.8m, mainly due to higher operating and finance costs.

• Net debt stood at €608m, with a normalized net debt/EBITDA ratio of 7.8x, and financial liabilities increased to €700.2m.

• Capex for the year was €87.5m, with cash at year-end at €76.4m and negative working capital reflecting heavy investment.

Outlook and guidance

• Revenue projected to grow 56% to €132m by 2027, based on 815 MW in operation and under construction.

• EBITDA expected to nearly double to €80m within 24 months, an 89% increase.

• 332 MW expected to reach Ready to Build status in 2026, supporting further growth.

• Positive outlook with strong industry trends, robust project pipeline, and focus on sustainable growth and community engagement.