Holaluz-Clidom (HLZ) H1 2024 earnings summary

Executive summary

• H1 2024 saw strong cost reduction and operational optimization, with EBITDA loss reduced by 78% to -€4.0M and normalized EBITDA turning positive at €3.9M, despite revenue declines due to industry headwinds and low electricity prices.

• Customer base remained stable at over 300,000 contracts, with high satisfaction (4/5 Trustpilot, NPS 8.6 for solar customers), and top ESG rankings.

• Financial structure was strengthened through new financing, €4.1M rooftop loan monetization, €7M Green Commercial Paper, and a standstill agreement with creditors.

• Significant cost reductions included normalized operating costs down 46% to €11.9M and staff reduced from 463 to 356.

• Focused on scaling distributed solar and storage, leveraging technology and data for operational efficiency and customer savings.

Financial highlights

• Revenue declined 39–53% year-over-year, with H1 2024 revenue at €96.2M–€152.3M, mainly due to industry headwinds and low electricity prices.

• EBITDA loss reduced by 78% to -€4.0M; normalized EBITDA improved from -€5.4M in H1 2023 to €3.9M in H1 2024.

• Gross margin improved to 24.8–26% overall, with 26% in Energy Management and 52% in Solar.

• Normalized operating costs reduced by 46% to €11.9M; operating cash flow reached €23.8–€23.9M.

• Net result improved to -€13.5M (from -€20.9M); net debt reduced by €24.7M to €40.7M.

Outlook and guidance

• Continued focus on cost reduction, efficiency, and leveraging technology and AI to lower break-even points and achieve group profitability on an adjusted EBITDA basis.

• No significant market upturn expected in the near term, but positioned for future growth and market recovery.

• Management prepared cash flow projections assuming a €20–25M capital increase and successful debt restructuring.