Galata Wind Enerji (QWIND) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was TRY 692 million, down 5% year-over-year despite a 38% increase in production, mainly due to an 8% decrease in TL-based MCP and a 31% indexation rate.

• EBITDA fell 12% to TRY 457 million, and net profit decreased 6% to TRY 164 million compared to Q1 2025.

• Gross margin declined to 47.6% from 50.2% year-over-year, and EBITDA margin dropped to 66.0% from 71.1%.

• Total assets stood at TRY 22.2 billion, with equity at TRY 15.7 billion as of March 31, 2026.

• The company operates three wind and two solar power plants with a total installed capacity of 354.2 MW, generating 266,526 MWh in Q1 2026.

Financial highlights

• Revenue decreased 5% year-over-year to TRY 692 million.

• EBITDA dropped 12% to TRY 457 million, and gross profit fell 10% to TRY 329 million.

• Net profit was TRY 164 million, down 6% from the previous year.

• CapEx was TRY 471 million, a 32.5% decrease year-over-year.

• Free cash flow was negative at TRY -130 million.

Outlook and guidance

• Ongoing investments include capacity expansions in Türkiye and new projects in Germany and Italy, targeting a total installed capacity of 1,088.2 MW by 2030.

• European SPP investments and projects with storage are planned for 2026–2030.

• A share repurchase program was initiated in March 2026, with a maximum of 7.3 million shares and TRY 225 million allocated.

• A gross dividend of TRY 400 million was approved at the April 2026 general meeting.