Singular Bank | Last week, Grenergy presented its Q2 2025 results with an EBITDA of €24 million, up 218% on the previous year, in line with consensus. Net profit was €3 million, compared to losses of €6 million a year earlier, although this was 12% below consensus. Net debt reached €815 million, up 12% quarter-on-quarter, following investments of €165 million, which increased by 124% year-on-year.
The company maintains a solar portfolio of 12.5 GW and has slightly reduced its energy storage portfolio to 72 GWh from 78 GWh, a move that the market seems to have interpreted as a delay in execution. However, this decision reflects, in the company’s own opinion, a focus on projects with higher returns and a high probability of materialisation. The execution of the strategic plan remains the key point for investors.
Finally, the company anticipates a stabilisation of capex in BESS (battery energy storage systems) projects after falling by around 50% in the last two years due to lower battery costs. It does not expect such sharp declines in the short term, but rather stable prices or slight increases, although in the long term it does see a possible structural downward trend, linked more to the balance of supply and demand than to the evolution of the price of lithium.
