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]

Core Insights - Voltalia reported a turnover of 147.7 million euros in Q2 2025, representing an 11% increase compared to Q2 2024, with a 16% increase at constant exchange rates [2][8] - Energy production increased by 13% to 1,257 GWh in Q2 2025, driven by higher resource levels in Brazil and increased operating capacity [10][34] - The company is finalizing its SPRING strategic plan, aimed at enhancing competitiveness and agility in the rapidly evolving renewable energy sector [3][24] Financial Performance - Q2 2025 turnover breakdown: Energy Sales at 81.7 million euros (down 13%), Services at 65.9 million euros (up 69%) [4][8] - First-half 2025 turnover reached 257 million euros, up 9% at current exchange rates, with Energy Sales down 9% and Services up 50% [7][12] - The average EUR/BRL exchange rate was 6.30 in H1 2025, compared to 5.49 in H1 2024, impacting turnover [9] Operational Indicators - Energy production for H1 2025 was 2.4 TWh, a 14% increase despite curtailment in Brazil [6][29] - Total capacity in operation and under construction reached 3.6 GW, a 10% increase compared to 2024 [29][35] - Capacity operated for third-party clients increased by 20% to 7.7 GW [6][17] Services Segment - Services turnover for Q2 2025 was 65.9 million euros, with Development and Construction turnover at 57.8 million euros (up 79%) and Operation and Maintenance at 8.1 million euros (up 23%) [14][15] - The company has initiated the winding down of its Equipment Procurement business segment, affecting turnover restatements [39] Market Context - The renewable energy market is experiencing rapid changes, and Voltalia aims to leverage these challenges for sustainable growth [3][24] - The company is actively addressing curtailment issues in Brazil, which amounted to 268 GWh in H1 2025, representing 14% of Brazilian production [18][19]

Core Viewpoint - Voltalia reported a resilient start to Q1 2025 with a turnover increase of +2% to 113 million euros, driven by strong growth in Services, which offset a temporary decline in Energy Sales [2][6]. Financial Performance - Q1 2025 turnover reached 113.3 million euros, up +2% compared to Q1 2024, and +7% at constant exchange rates [3][6]. - Energy Sales decreased by -6% to 70.4 million euros, but increased by +1% at constant exchange rates [3][9]. - Services for third-party clients saw a significant growth of +19% to 42.9 million euros, both at current and constant exchange rates [3][12]. Operational Indicators - Energy production increased by +15% to 1.1 terawatt hours (TWh) [5][7]. - Capacity in operation reached 2.5 gigawatts (GW), with total capacity in operation and under construction at 3.3 GW, reflecting a +10% increase compared to 2024 [5][25]. - The company aims for operational objectives of 3.6 GW in operation and construction, and 5.2 TWh of production [5][25]. Strategic Initiatives - The SPRING transformation plan is currently in its diagnostic phase, expected to be completed by June 2025, aiming to enhance sustainable profitability and operational agility [5][17][19]. - The conclusions of the SPRING plan will be presented alongside the 2025 half-year results, with an action plan to follow [18][19]. Geographic Performance - Turnover distribution: 60% in Europe, 35% in Latin America, and 5% in Africa [6]. - In Brazil, production increased by +16%, while production in France fell by -14% due to resource challenges [11][27].