Ecoener (ENER) H1 2026 earnings summary

Executive summary

• Asset base surpassed 1 GW in operation and under construction, nearly quadrupling since 2021, with 680 MW operational and 335 MW under construction.

• Record half-year generation of 612 GWh, up 51% year-over-year, driven by strong Latam contribution and new capacity in Colombia and Guatemala.

• Revenue increased 29% year-over-year to €54.2 million, with 79% from international operations and 87% from secured contracts.

• EBITDA grew 53% year-over-year to €29.9 million, with margin improving to 55%.

• Net profit declined 31% year-over-year to €3.0 million, impacted by higher finance costs and amortizations.

Financial highlights

• Revenue rose by €12.1 million (+29%) to €54.2 million, mainly from power generation.

• Adjusted EBITDA increased by €10.3 million (+53%) to €29.9 million, with margin up to 55%.

• Net profit fell by €1.35 million (-31%) to €3.0 million, due to higher finance costs and amortizations.

• Net financial debt stood at €628.6 million, with net debt/EBITDA ratio improved to 11.9x (normalized).

• Working capital improved to €7.6 million from negative €35.4 million at year-end.

Outlook and guidance

• 500 MW of new capacity expected to be commissioned within two years, targeting 1,200 MW operational by 2028.

• Construction underway for 200 MW in Guatemala and 87 MW in Dominican Republic and Colombia, with additional 248 MW in Panama and Guatemala for 2028.

• Continued focus on Latam expansion, energy storage (BESS) integration, and maintaining a strong project pipeline totaling 2,197 MW.