Greenvolt, a global energy group that also operates in Romania in the Distributed Generation segments, through Greenvolt Next, and Utility-Scale, through Greenvolt Power, achieved revenues of EUR 777 million, an increase of 121% compared to the previous year (+EUR 425.7 million), supported by the execution of the utility-scale asset rotation strategy. EBITDA before tax reached a record value of EUR 207.8 million, supported mainly by the Utility-Scale segment (+EUR 192.7 million). It is worth noting that this EBITDA growth was supported by all three business segments — Utility-Scale, Sustainable Biomass and Distributed Generation — reconfirming the robustness of the Group’s strategic model. Revenues from the Biomass and Distributed Generation segments totaled EUR 370.3 million (+EUR 106.7 million), despite the impact on the Biomass segment from the unplanned shutdown of the Tilbury plant and the longer-than-expected shutdown of the Figueira da Foz I unit.

Greenvolt’s attributable net profit reached EUR 5.3 million, representing an improvement of over EUR 120 million compared to the previous year, with the Utility-Scale and Distributed Generation segments consolidating their contribution to the Group’s financial performance. The Utility-Scale pipeline currently stands at 12.8 GW, with Greenvolt already developing, at least to the Ready-to-Build (RtB) stage or selling 5.1 GW — an increase of 1.2 GW compared to the previous year.

In addition, the asset rotation strategy achieved its 2025 target, with over 1 GW of assets sold in Poland, Romania and Spain. Distributed Generation recorded strong growth with revenues of EUR 171.3 million (+54%). The backlog of projects under development increased by 66% to 684 MWp, of which 110 MWp are secured through long-term contracts (PPAs).

Greenvolt has invested EUR 800 million in 2025, maintaining a strong financial position, with cash and cash equivalents of approximately EUR 204.5 million and 68% of its debt at fixed rates.

“2025 was a year of stabilization and consolidation of execution across all three business segments of the Group and, in particular, confirmed the effectiveness of our strategy in meeting our asset rotation targets. After a challenging 2024, when market conditions limited our ability to complete asset sales, we achieved a very significant improvement in the pace of execution.

As part of our asset rotation strategy, we completed the sale of approximately 1 GW of assets, which was essential to more than double our revenues, achieve a record EBITDA of over EUR 200 million and return to a positive net result attributable to Greenvolt. This performance demonstrates that, even in challenging environments, asset rotation remains a highly effective strategy when supported by high-quality projects,” said João Manso Neto, CEO, Greenvolt Group.

“Our other segments also contributed significantly: Distributed Generation continued to progress steadily towards break-even, while in Biomass, despite an extraordinary outage at one of our UK plants, we maintained a stable and resilient cash flow. Overall, the 2025 results confirm that our three-pillar model, built on a coherent and balanced portfolio, is essential to ensure sustainable long-term growth,” added João Manso Neto.

“In 2026, we expect to intensify asset rotation processes, increase the Ready-to-Build pipeline to 6.3 GW, continue to improve the performance of the Biomass segment and consolidate and expand the Distributed Generation segment.”

Utility-scale revenues increased 4.7 times

The Utility-Scale segment recorded strong growth in 2025, with total operating revenues reaching EUR 441.3 million, a 4.7-fold increase compared to the previous year. EBITDA reached EUR 174.5 million, reflecting a significant recovery compared to 2024.

This performance was supported by the implementation of the asset rotation strategy, with Greenvolt fully achieving its annual target of 1 GW of asset sales in key markets such as Poland, Spain and Romania.

In Poland, agreements were concluded for the sale of 118 MW of wind projects in operation or under construction, as well as 412 MW of storage projects in the Ready-to-Build stage. In Spain, an agreement was signed for the sale of a 229 MW portfolio of wind and solar projects under development or construction. In Romania, a sales agreement was signed for a wind project currently under construction, with an installed capacity of 252 MW.

Operating installed capacity continued to grow during the year, reaching 698 MW across eight geographic regions. At the same time, a global pipeline review was conducted, resulting in an optimized portfolio of 12.8 GW. Of this total, 5.1 GW is already at least Ready-to-Build or sold, representing an increase of 1.2 GW compared to the previous year.

The distributed generation sector’s portfolio of projects under development increased by 66% to 684 MW, of which 110 MW are under PPAs

The Distributed Generation sector recorded solid growth in 2025, with total operating revenues reaching EUR 171.3 million, up 54% compared to the previous year, driven by strong performance in mature markets.

Segment EBITDA was minus EUR 12.8 million, reflecting the expansion phase in several regions and continued investments in infrastructure consolidation.

Newly contracted capacity reached 412 MWp in 2025 (+45% year-on-year), while the portfolio of projects under development increased by 66% to 684 MWp, strengthening the segment’s position. Of the total projects under development, 380 MWp are already under construction, demonstrating solid execution capabilities.

By the end of 2025, Greenvolt had 95 MWp in operation under long-term contracts (PPAs), providing increased revenue visibility and stability, which will support a return to positive EBITDA in the near future.

Sustainable Biomass: EBITDA up 77%

Biomass plants in Portugal and the UK injected a total of 941.2 GWh of energy into the grid in 2025, in line with the previous year, reflecting the operational consistency and resilience of the portfolio.

This performance was achieved despite the unplanned shutdown of the Tilbury plant and a longer-than-expected shutdown at the Figueira da Foz I unit, an impact that was offset by the contribution of the Kent plant, acquired at the end of 2024, which had not yet significantly contributed to the results of the previous year.

Financially, the Biomass segment recorded a robust performance, with total operating income reaching EUR 198.9 million in 2025, up 30.5% year-on-year. EBITDA totaled EUR 50.2 million, representing an increase of 77.1% year-on-year.

Outlook

In 2026, the Group aims to continue developing its three core business areas, ensuring that this growth remains sustainable and organic, with no plans to enter new geographic markets beyond the 20 in which it currently operates. The focus will be on maximizing the potential of its current presence.

The strategy will focus on achieving positive results in Distributed Generation, continuing to generate solid returns through disciplined asset rotation in Utility-Scale and maintaining high operational availability in Biomass, without significant disruptions.

In the Utility-Scale segment, an asset rotation of over 1 GW is expected during the year, in a context where the large-scale project market is increasingly selective, with buyers looking for high-quality and differentiated assets. Greenvolt does not develop commodity projects, but focuses on hybrid solutions — solar combined with storage — as well as standalone storage projects, relevant in markets such as Poland. The group also maintains a major interest in wind energy, a scarce and highly valued resource, with approximately 1.5 GW currently under construction. In summary, the objective is to significantly increase EBITDA through sustainable organic development in the current regions, supported by returns from the Utility-Scale asset turnover, the progress of Distributed Generation towards profitability and high operational performance in the Biomass segment.