Third quarter turnover up +31%

Core Insights - Voltalia reported a strong growth in Q3 2025, with turnover increasing by 31% to 164.7 million euros, primarily driven by a significant rise in third-party services [2][5][7] - The company's operational and financial objectives for 2025 remain aligned with forecasts, with the SPRING transformation plan entering its implementation phase [2][21][23] Financial Performance - Q3 2025 turnover reached 164.7 million euros, up 31% compared to Q3 2024, with a 33% increase at constant exchange rates [5][7] - Energy Sales turnover decreased by 13% to 85.2 million euros, impacted by unfavorable exchange rates and curtailment in Brazil [4][11] - Services to third parties saw a remarkable growth of 2.8 times, reaching 79.5 million euros, driven by construction activities in Ireland, Spain, and the UK [12][13][14] Production and Capacity - Energy production in Q3 2025 was 1.3 terawatt-hours, a 6% increase from Q3 2024, attributed to improved resource levels and increased operational capacity [9][33] - Total energy production for the first nine months of 2025 reached 3.6 terawatt-hours, up 11%, despite a curtailment of 651 gigawatt-hours in Brazil [8][11] - The operational capacity as of September 30, 2025, was 3.3 gigawatts, with a 7% increase in capacity under construction [4][28] Strategic Developments - The company is actively pursuing disposals of development activities in Hungary, Slovakia, and Mexico, expected to be completed by Q2 2026 [23] - Voltalia has initiated the sale of its Spanish development platform, aiming for completion by summer 2026 [23] - The SPRING transformation plan includes the subsidiarization of construction and maintenance activities, projected to be completed in Q1 2026 [23] Market Position and Future Outlook - Voltalia's services segment accounted for 44% of total turnover in the first nine months of 2025, highlighting its strong position in the renewable energy market [6] - The company aims to achieve an EBITDA of 200 to 220 million euros for 2025, with expectations of a higher net loss in the second half of the year due to restructuring costs [21][24]