2025 HALF-YEAR RESULTS

Core Insights - Voltalia reported a half-year EBITDA of 78.3 million euros, a decrease of 4% compared to the same period in 2024, with a forecasted EBITDA for the full year of between 200 and 220 million euros [3][6][47] - The company confirmed its production and capacity targets for 2025 despite facing operational challenges due to curtailments in Brazil and unfavorable exchange rates [2][36][47] - The SPRING transformation plan aims to enhance operational efficiency and profitability, with initial measures already being implemented [4][41][40] Financial Performance - Turnover for the first half of 2025 reached 257 million euros, an increase of 8% at current exchange rates, driven by a 50% growth in Services for third-party clients [3][7] - The net loss attributable to the group was 39.7 million euros, significantly higher than the 15.7 million euros loss in the first half of 2024, primarily due to fewer project disposals and costs associated with the SPRING plan [9][30] - Energy production increased by 14% to 2.4 terawatt hours, despite a curtailment of 268 gigawatt hours in Brazil, which accounted for 14% of Brazilian production [3][13] Operational Highlights - Capacity in operation and under construction rose by 7% to 3.3 gigawatts, with 2.5 gigawatts currently operational and 0.8 gigawatts under construction [3][14] - The company’s operational capacity for third-party customers increased by 20% to 7.7 gigawatts [3][14] - The SPRING plan focuses on refocusing the business on core activities, clarifying the operating model, and improving performance through efficiency and optimization [3][41] Market Context - The Brazilian grid operator's production curtailment has impacted Voltalia's operational performance, necessitating adjustments in production forecasts [2][36] - The average EUR/BRL exchange rate was 6.30 in the first half of 2025, compared to 5.49 in the same period of 2024, affecting revenue from energy sales [15][27] - Voltalia's strategic focus remains on sustainable growth and value creation in the renewable energy sector, with a clear roadmap established through the SPRING transformation plan [41][56]