French renewable energy firm Voltalia has reported a 30% increase in turnover in the first half of its financial year (at constant exchange rates), to €331.3 million.
This was driven by growth across all its activities, with its Energy Sales division up 22%, Renvolt up 45% and Voltalia Hub up 20%, it said in a statement.
EBITDA rose by 35% during the period to €110.3 million, largely driven by Energy Sales and Renvolt, however this was impacted by portfolio curtailment in Brazil.
‘New power plants, still in their ramp-up phase, did not fully offset less favourable resource levels and availability at certain plants, mainly in Brazil and French Guiana,’ it noted.
As a result, the group reported a net loss attributable to shareholders of €43.3 million, which was mainly driven by higher financial expenses, loss-making assets, transformation costs and asset impairments.
Renewable energy production
Renewable energy production rose by 1% year-on-year, to 2.4 TWh, while capacity (both in operation and under construction) increased 9% to 3.6 GW. The company added that it has €7.0 billion secured by future contracts, with a weighted average remaining maturity of 16.6 years.
Voltalia said that it is continuing with its SPRING transformation plan, which is ‘beginning to deliver measurable effects’, it said. It is in the process of reducing its headcount, as well as pursuing the disposal of non-strategic assets.
The company confirmed its full-year EBITDA target of between €210 million and €230 million, but added that it now expects a net loss for the year, citing uncertainty around the timing and financial impact of planned disposals.
‘Tangible operational results’
“Twelve months after its launch, SPRING is beginning to deliver tangible operational results,” commented Robert Klein, chief executive. “The improvement in our EBITDA, the reduction in our development costs, the simplification of our organization and Renvolt’s strong momentum illustrate the first benefits of this transformation. These achievements enable us to confirm our 2026 EBITDA target.
“However, we now expect to report a net loss for the full year, reflecting primarily higher-than-expected financial expenses, the impact of certain loss-making activities and the transformation costs incurred. This situation reinforces the relevance of SPRING and our determination to accelerate the sustainable improvement of our profitability and our ability to create value.” Read more here.
