Grenergy Renovables (GRE) Q4 2024 earnings summary

Executive summary

• Revenues reached EUR 643 million (+61% YoY), EBITDA EUR 160 million (+53% YoY), and net income EUR 60 million (+17% YoY), driven by asset rotation, M&A, and project development in Latin America, especially Chile and Spain.

• Major asset rotation included the sale of Oasis de Atacama phases and Chilean parks, totaling over EUR 1.1 billion EV, exceeding targets two years ahead of schedule.

• Platform expanded to over 16.6 GW solar and 28.1 GWh storage, with a diversified pipeline across Latin America, Europe, and the U.S.

• Strategic focus on hybrid solar-storage projects, asset rotation, and a shift toward a mixed Build-to-Own/Build-to-Sell model.

• ESG leadership confirmed with top ratings from MSCI, S&P Global, and Sustainalytics, and implementation of the ESG Roadmap 2024-2026.

Financial highlights

• Revenue reached EUR 643 million (+61% YoY), mainly from development and construction division (+77%).

• EBITDA rose to EUR 160 million (+53% YoY), with asset rotation as a key contributor.

• Net income increased to EUR 60 million (+17% YoY); EPS up to EUR 2.11.

• CapEx surged to EUR 650 million (+77% YoY), mainly for hybrid projects and with most investment in Chile.

• Cash position at year-end was EUR 374 million, up from EUR 121 million in 2023.

Outlook and guidance

• CapEx for 2025 expected to approach EUR 1 billion, with continued asset rotation and new disposals planned.

• EUR 2.6 billion investment plan for 2023-2026 secured; asset rotation target already accomplished.

• New Capital Markets Day scheduled for May 28, 2025, in London to provide updated strategy and 2027 targets.

• Anticipates further PPA signings and project financings for Oasis de Atacama phases 5 and 6 in 2025.

• No annual guidance provided; focus remains on multi-year targets.