2025 full year results

Core Insights - The company achieved its EBITDA and capacity targets for 2025, marking a year of transition and action amid a challenging market environment [9][4] - The SPRING transformation plan initiated in 2025 aims to refocus activities, streamline operations, and enhance value creation, with further acceleration planned for 2026 [2][9] - The company reported a net loss of €128.1 million, primarily due to exceptional costs related to the SPRING plan, including project write-offs and restructuring expenses [4][14] Financial Performance - Turnover increased by 16% at constant exchange rates to €588 million, driven by a 70% growth in third-party services [4][11] - EBITDA reached €211.3 million, stable at constant exchange rates, with a margin of 36%, down from 42% in 2024 [4][11][69] - The net loss attributable to the group was €128.1 million, significantly impacted by exceptional items related to the SPRING transformation plan [4][14] Capacity and Production - Total capacity in operation and under construction reached 3.6 gigawatts, a 9% increase, with 2.9 gigawatts in operation, reflecting a 16% growth [4][23] - Energy production amounted to 4.9 terawatt hours, up 4% despite curtailment impacts in Brazil, slightly below the target of 5.2 terawatt hours [4][23] Strategic Focus - The company is refocusing on core activities in Development and Energy Sales, with a clarified operating model through the creation of Renvolt, which consolidates construction and maintenance services [3][5] - Development activities are being streamlined, with a focus on three technologies: solar, onshore wind, and battery storage, and a planned divestment of non-core assets expected to generate €300-350 million from 2026 to 2028 [5][47] Future Outlook - For 2026, the company targets approximately 3.7 gigawatts of capacity in operation and construction, with an EBITDA forecast between €210 million and €230 million [7][57] - The company aims to self-finance its growth from 2026 to 2030 and plans to initiate dividend payments from 2028 [7][54]