Grenergy Renovables (GRE) Q3 2025 earnings summary

Executive summary

• Revenues reached €687 million in the first nine months of 2025, up 147% year-over-year, driven by asset rotation and higher energy production, especially in Chile.

• EBITDA rose 109% to €111 million, and net profit increased sevenfold to €45 million compared to 9M24.

• Over 55% of the €800 million asset rotation target for 2025-2027 has been achieved, with significant capital gains from recent deals, including a €25 million gain to be recognized next quarter from José Cabrera and Tabernas.

• Major project sales included José Cabrera and Tabernas (Spain) for €273 million and phases 1-4 of Oasis de Atacama (Chile) for $1.5 billion.

• ESG roadmap advanced, with updated climate transition plan and improved ESG ratings, including inclusion in the IBEX ESG index and high scores from S&P, MSCI, and Sustainalytics.

Financial highlights

• Total revenue for the first nine months of 2025 reached €687 million (+147% yoy); EBITDA was €111 million (+109% yoy); net income was €45 million (7x yoy).

• CapEx reached €713 million in nine months, up 70% year-over-year, with over 80% invested in Chile.

• Net debt stood at €1.047 billion, with net debt/EBITDA at 4.9x (corporate 1.4x); pro forma net debt could drop to €322 million (0.7x) after pending asset sales.

• Cash position at €346 million despite record CapEx, supporting continued investment.

• Gross margin reached €171.2 million (+110% yoy).

Outlook and guidance

• On track to invest €3.5 billion from 2025 to 2027, with potential acceleration in execution.

• 6.7 GWh of BESS expected to be connected by year-end, positioning as a global leader in energy storage.

• EBITDA for 2026 expected to exceed €200 million, with the Elena project alone contributing €70–90 million.

• Over 55% of the €800 million asset rotation target for 2025-2027 already achieved.

• Advanced negotiations for tolling agreements in Spain and Germany to support future growth.