Holaluz-Clidom (HLZ) H1 2025 earnings summary

Executive summary

• Completed a €22M capital increase and comprehensive debt restructuring, extending maturities to 2028 with 70% backed by ICO, and Icosium Investment becoming majority shareholder.

• Achieved a 30% year-on-year reduction in normalized operating and personnel costs to €8.4M, driven by AI and automation.

• Maintained a robust operational base with over 255,000 contracts, 13,800+ solar contracts, and 81% battery penetration, with customer satisfaction at 4.1/5.

• Proprietary technology platform and regulatory alignment position the company to capture new revenue streams and market opportunities in distributed energy.

• Focused on cash preservation and operational efficiency, leveraging AI and automation.

Financial highlights

• H1 2025 revenue was €68.1M, down 29% year-on-year, with gross profit at €11.4M and net loss of €14.7M.

• Normalized EBITDA was -€2.1M, showing significant recovery in Q2 and a positive trajectory from July onwards.

• Gross margin ranged from 17% to 70% in H1 2025, reflecting operational and market impacts.

• Net equity improved to €-2.6M from €-28M, with the parent company at a positive €46.3M.

• Employee benefits expense dropped to €6.5M from €12.2M year-over-year.

Outlook and guidance

• Energy Management segment returned to positive EBITDA from July 2025; Solar & Storage expected to reach operational break-even by Q4 2025, consolidating profitability in 2026.

• Business plan execution is supported by extended debt maturities, improved working capital, and favorable regulatory trends.

• Additional support anticipated from NextGen funds for technology investments.