Grenergy Renovables (GRE) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of €1.07 billion in 2025, a 66% year-over-year increase, with EBITDA at €201.4 million (+26%) and net profit at €87 million (+46%), driven by strong project execution, asset rotation, and growth in Chile and Spain.

• Major progress in hybrid solar and storage platforms, including Oasis of Atacama and Central Oasis in Chile, and expansion of the Greenbox standalone storage platform in Europe.

• Asset rotation generated proceeds of approximately $1 billion, reaching over 60% of the three-year target in one year, with significant transactions in Chile, Spain, and Colombia.

• Strategic shift from Build-to-Sell to a mixed Build-to-Own model, with significant investments in energy storage and hybridization.

• Strong ESG performance, fully complying with the ESG Roadmap 2025, publishing TNFD-aligned biodiversity reports, and improving international ESG ratings.

Financial highlights

• Revenue reached €1.07 billion, up 66% year-over-year, driven by M&A, development, construction, and energy divisions.

• EBITDA rose to €201.4 million (+26%), supported by asset rotation and energy sales.

• Net profit was €87 million, up 46% year-over-year.

• CapEx totaled €880 million (+36%), mainly for hybrid projects in Latin America and Spain.

• Net debt closed at €993 million (5x EBITDA), expected to normalize to 1.5x post-divestments.

Outlook and guidance

• On track for €3.5 billion capex target for 2025-2027, with over 60% of asset rotation proceeds already accomplished.

• Pipeline includes 11.6 GW solar and 72 GWh storage, with 2.4 GW and 17 GWh in advanced development.

• Baseload 24x7 PPAs and capacity payments secured in key markets, supporting future revenue visibility.

• No formal EBITDA guidance for 2026, but key drivers include the Elena project and potential M&A deals.

• Anticipated updates to strategy and 2028 targets in May.