Q2 2025 Grenergy Renovables SA Earnings Call Transcript
Key Points
- Grenergy Renovables SA (XMAD:GRE) achieved a significant asset rotation, selling phases 1 to 4 of the Oasis of Atacama project for an enterprise value of approximately $1.4 billion.
- The company reported a 128% year-on-year increase in revenues, driven by successful M&A transactions and asset rotations.
- Grenergy secured financing for 3.5 gigawatt hours of battery energy storage systems (BESS) for the Elena project, marking it as the largest BESS plan in a single location.
- The company is advancing its Greenbox project, a standalone division for Europe, with a pipeline of 32 gigawatt hours across six countries.
- Grenergy's financial performance was strong, with EBITDA reaching €86 million, reflecting a 176% growth, and net income of €35 million.
- The company's total installed capacity decreased by 4% due to asset rotations in Chile.
- Realized prices for electricity slightly decreased to €44 per megawatt hour, impacted by forex fluctuations.
- There is a delay in announcing tolling agreements, which has led to some investor expectations not being met.
- The CapEx for solar projects is expected to increase by 10-15%, potentially impacting future project costs.
- The company faces challenges in the standalone battery energy storage market, with time-to-market being a critical factor for project success.
So, okay, let's start. Good morning and welcome to Gray's first half 2025 results presentation. I am Ruben Gomez, head of investor relations. The presentation is going to be led by David Rees, our Chairman and CEO, Daniel Lozano, our chief of strategy and capital markets officer, and Rocio Fernandez, head of sustainability. They're going to take you through our business financial and sustainability review and at the end of the presentation, as it is usual, there will be a cans for sales site analyst. Please remind you to ask just one question per participant, okay, please arrange the floor is yours.
Thank you very much, Ruben, and good morning, everyone.
Let's start, always with the business highlights on page on the slide number 3 with the main highlights.
Of our first half, 2025 results, well, it's, first of all, it's very important to remark that we keep turning, as we say here, rotation into value, and we are
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