Grenergy Renovables (GRE) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 results: revenue up 116% to €237 million, EBITDA up 165% to €62 million, and net profit up fivefold to €32.4 million, driven by asset rotation and strong performance in Chile.

• Closed over $1 billion in project financing, including €324 million for Oasis de Atacama Phase 4 and significant funding for Gabriela.

• Secured major long-term PPAs, including a 15-year baseload contract with Codelco and a 3.5 GWh storage agreement with BYD.

• Recognized for ESG leadership: AAA by MSCI, top 16% by S&P Global, and strong climate policy disclosures.

• Strategic plan for 2025-2027 to be presented at Capital Markets Day on May 28, 2025.

Financial highlights

• Revenue reached €237.2 million (+116% YoY); EBITDA €62 million (+165% YoY); net income €32.4 million (+422% YoY).

• Gross margin improved 111% YoY to €81.5 million.

• CapEx totaled €165 million (+124% YoY), mainly for hybrid and solar plus storage projects in Chile.

• Net debt at €726 million, leverage at 3.7x EBITDA (1.3x corporate), with pro-forma leverage dropping to 1.2x after asset rotations.

• Share buyback of €27 million completed, representing 2.44% of share capital.

Outlook and guidance

• CapEx per MWh trending downward, improving competitiveness for future European projects.

• Strategic plan for 2025-2027 and further project guidance to be detailed at Capital Markets Day on May 28.

• Continued focus on pipeline growth, especially in Latin America.