Grenergy Renovables (GRE) Q2 2025 earnings summary

Executive summary

• Revenue reached €438 million in H1 2025, up 128% year-over-year, driven by asset rotation, M&A, and higher energy production.

• EBITDA rose 176% to €86 million, with net income at €35 million, and major M&A deals including the $475 million sale of Gabriela (Oasis of Atacama phase 4).

• Achieved 55% of the €800 million asset rotation target for 2025–2027, mainly through sales in Chile.

• Gross CapEx reached €421 million, up 127% year-over-year, focused on Chile and Spain, advancing toward the €3.5 billion target.

• Strong ESG performance, with A- in CDP 2024, entry into IBEX ESG Index, and recognition by S&P, MSCI, and Sustainalytics.

Financial highlights

• Energy revenues increased 33% year-over-year, supported by new projects in Chile and Colombia.

• Gross margin doubled to €126.6 million (+106% yoy); net income was €35 million.

• Net debt stood at €815 million; leverage ratio at 3.8x EBITDA, corporate leverage at 1.3x.

• Cash position at June 2025 was €283 million, supporting self-funding of the business plan.

• Share buyback led to cancellation of 2.44% of share capital.

Outlook and guidance

• On track to meet or exceed €3.5 billion CapEx target for 2023–2025, with acceleration expected in H2.

• Asset rotation proceeds expected to reach targets ahead of schedule, potentially enabling increased CapEx or debt reduction.

• Pipeline expansion in Europe and Americas, with 32 GWh BESS standalone pipeline and flagship projects in Spain and Chile.

• Anticipates announcing tolling agreements in Spain and Germany before year-end, with further pipeline updates in November.

• Continued focus on asset rotation and execution capacity to strengthen financial position.