This article first appeared on GuruFocus .
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Revenue:Exceeded EUR1 billion, a 70% increase from the previous year.
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EBITDA:Surpassed EUR200 million, marking a 26% growth year-on-year.
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Net Profit:Reached EUR87 million, a 46% increase over the previous year.
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CapEx:Totaled EUR880 million, a 36% increase from 2024.
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Asset Rotation Proceeds:Achieved 60% of the EUR0.8 billion target for the three-year period.
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Operational Capacity:Closed the year with 2.2 gigawatts and 8.3 gigawatt hours in operation and under construction.
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Total Platform Pipeline:72 gigawatt hours in BESS, with more than 9 gigawatt hours in advanced development.
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Cash Position:Ended the year with EUR305 million.
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Net Debt:Stood at EUR993 million, with a net debt-to-EBITDA ratio of 5 times.
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Production:Increased by 37% year-on-year to 1.7 terawatt hours.
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Contracted Volumes:Grew by 61% year-on-year, representing 90% of total electricity production.
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Release Date: February 25, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Grenergy Renovables SA ( STU:5GR ) achieved record-breaking financial performance in 2025, with revenue exceeding EUR1 billion for the first time, marking a 70% increase from the previous year.
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The company's EBITDA surpassed EUR200 million, reflecting a 26% growth, and net profit increased by 46% to EUR87 million, indicating strong profitability and financial maturity.
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Grenergy's strategic shift towards energy storage has been successful, with significant progress in projects like Oasis of Atacama and Central Oasis, and plans to replicate these successes in Spain.
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The company has demonstrated strong asset rotation capabilities, generating significant value and liquidity through asset sales in Chile, Spain, and Colombia, achieving 60% of its three-year rotation target in just one year.
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Grenergy has made substantial progress in its ESG initiatives, fully complying with its 2025 ESG roadmap and receiving positive recognition in international ESG ratings.
Negative Points
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There was a delay in the Oasis Atacama phase five project, now expected to be completed in 2027, due to permitting issues and construction scheduling challenges.
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The company faces challenges in replicating its hybrid solar and storage model in Spain due to permitting complexities and the need for secondary market opportunities.
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Grenergy's net debt increased significantly to EUR993 million, with a net debt-to-EBITDA ratio of 5 times, reflecting the impact of its substantial CapEx program.
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The company is exposed to fluctuations in lithium carbonate prices, which could affect battery costs and installation plans for 2026.
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There is uncertainty regarding the long-term implications of potential changes in the European Union's electricity pricing and ETS mechanism, which could impact Grenergy's strategy in Europe.
Q & A Highlights
Q: Can you provide more details on the delay of Oasis Atacama phase five and the recent tolling agreement? A: David Ruiz de Andres, CEO, explained that the delay in phase five, Algarrobal, was due to permitting issues and the need to manage construction capacity across multiple projects. The tolling agreement allows Grenergy to maintain operational control, optimizing assets internally, especially in core markets like Spain and Chile, while also considering external partnerships for optimization in other regions.
Q: How does Grenergy plan to manage its tolling agreements across Europe, and what is the EBITDA outlook for 2026? A: David Ruiz de Andres, CEO, stated that while Grenergy aims for a broader tolling framework, local market conditions will dictate specific strategies. Daniel Lozano Herrera, Chief of Strategy and Capital Markets Officer, noted that 2026 EBITDA will largely depend on the performance of the Elena project and potential M&A deals, with no specific guidance provided.
Q: How are rising lithium prices affecting Grenergy's 2026 installations, and what opportunities exist in Chile's data center market? A: David Ruiz de Andres, CEO, mentioned that while lithium prices have increased, efficiency gains in battery technology are offsetting costs. In Chile, Grenergy sees opportunities in providing energy to data centers, leveraging its strategic land and grid positions, with potential involvement in data center development.
Q: What are the implications of potential changes in the EU's ETS mechanism for Grenergy's strategy in Europe? A: David Ruiz de Andres, CEO, indicated that while Grenergy's exposure to merchant prices is limited, the company is monitoring regulatory changes. The focus remains on securing tolling agreements and optimizing revenue stacks across different markets, with strategic updates planned for May.
Q: Can you elaborate on Grenergy's plans to replicate its Chilean platforms in Spain? A: David Ruiz de Andres, CEO, confirmed plans to replicate the hybrid platform model in Spain, focusing on secondary market opportunities due to permitting challenges. The company aims to leverage existing parks and explore new acquisitions to accelerate development.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
