2025 turnover up +16% at constant exchange rates
2025 EBITDA target reconfirmed despite curtailment impact
Continued rollout of the SPRING transformation plan
Fourth‑quarter (Q4) 2025 turnover at 166.3 million euros (+8% at constant exchange rates)
Energy Sales: Turnover amounts to 78.5 million euros, down -15% at constant exchange rates, mainly impacted by higher‑than‑expected curtailment in Brazil, a price effect resulting from the end of short‑term contracts previously signed at high price levels1, and a less favorable EUR/BRL exchange rateServices for third‑party clients2: Turnover totals 87.8 million euros, up +42% at constant exchange rates, driven by the combined performance of Construction for third‑party clients (+43%) and Operation & Maintenance (+18%) Achievement of the operating and construction capacity targetCapacity in operation and under construction of 3.6 gigawatts, representing +9% growthCapacity in operation of 2.9 gigawatts, up +16%, driven by 408 megawatts commissioned, more than 75% connected during the fourth quarterCapacity under construction at 0.6 gigawatt, following the start of construction of 305 megawatts in 2025 2025 production up +4% despite higher curtailment in BrazilEnergy production reached 4.9 terawatt-hours, compared with an initial forecast of around 5.2 terawatt-hours, and was split 51% wind, 47% solar, with the remainder coming from other technologies. It should be noted that major commissioning milestones took place at the very end of the year and will contribute to operational results starting in 2026Energy production in Brazil increased by +2%, despite curtailment levels exceeding expectations. Curtailment reached 1,040 gigawatt-hours, up +19% vs. 2024, representing 23% of Brazil’s 2025 production (compared with an initial assumption of 10% for the year)As announced3 , Law No. 15,269, passed in Brazil in November, provides for the reimbursement of compensation4 related to reliability‑based curtailment events that occurred between September 2023 and November 2025, which account for a significant share of total curtailment for Voltalia. Following discussions and analysis, this compensation is estimated at over 20 million euros, although some implementation modalities still need to be finalized. Regarding future curtailment, discussions with authorities are ongoing concerning the mechanisms to be applied, particularly those relating to curtailment caused by supply-demand balances Confirmation of the 2025 EBITDA TargetEBITDA between 200 million euros and 220 million euros, of which 190 million euros to 210 million euros from Energy SalesA Group net accounting loss in the second half of the year exceeding that recorded in the first half of 2025, mainly due to potential impacts related to: (i) the acceleration of pipeline cleanup, (ii) transformation and restructuring costs linked to the SPRING program, and (iii) the effects of geographical refocusing and the strengthened emphasis on core activities SPRING transformation plan: Deployment phase underway
Since the presentation of the SPRING plan roadmap in early September, and in line with the plan, the company has launched the following initiatives:
Geographical refocusing: Disposal of development activities in four countries (Slovakia, Hungary, Mexico, and Spain), with Romania5 now added to the listTechnological refocusing: Confirmation of the discontinuation of biomass and small hydro project development, along with the announcement of the cessation of new green hydrogen project developmentDivestment of non‑strategic activities: Progress in line with the roadmapStrengthening of governance and the operating model: Completion of the creation of Renvolt, which brings together Construction and Operation & Maintenance servicesAppointment of the new Chief Executive Officer of Renvolt and the new Chief Executive Officer of HelexiaVoltalia (Euronext Paris, ISIN code: FR0011995588), an international player in renewable energy, today publishes its turnover for the fourth quarter of 2025 and for the full year 2025.
“In 2025, despite a higher-than-expected level of curtailment in Brazil, we recorded further growth in our turnover and confirmed our EBITDA target, illustrating the resilience of our business model. The validation of the law in Brazil, which confirms the reimbursement of compensation related to past curtailments, represents a significant step forward for Voltalia, while discussions are ongoing regarding the mechanisms applicable to future periods. At the same time, the deployment of the SPRING plan is progressing in line with our roadmap: we are simplifying our scope, clarifying our organization, and focusing our resources on the activities that create the most value. These structural decisions aim to sustainably strengthen our performance and prepare the next phases of the company’s development,” says Robert Klein, Chief Executive Officer of Voltalia.
Fourth quarter (Q4) and 2025 full year turnover
In million euros20252024Var. at current exchange ratesVar. at constant exchange ratesQ4 2025Q4 2024Var. at current exchange ratesVar. at constant exchange ratesEnergy Sales315.8359.4-12%-8%78.593.1-16%-15%Services6272.0160.8+69%+70%87.862.1+41%+42%Turnover587.8520.2+13%+16%166.3155.2+7%+8%ACTIVITY REVIEW
Turnover for 2025 reaches 587.8 million euros, up +16% at constant exchange rates (+13% at current exchange rates), driven by the strong growth of Services for third-party clients, which rises +70% at constant exchange rates (+69% at current exchange rates). Energy Sales and Services for third-party clients accounts for 54% and 46% of total turnover, respectively.
Geographically, 2025 turnover is distributed as follows: 67% in Europe, 29% in Latin America, and 4% in the rest of the world.
Turnover for the fourth quarter of 2025 totals 166.3 million euros, up +8% at constant exchange rates (+7% at current exchange rates). Growth of the Development and Construction segment for third‑party clients more than offset the impact of lower production due to curtailment in Brazil. Energy Sales declines -15% at constant exchange rates (-16% at current exchange rates), while Services for third‑party clients increases +42% at constant exchange rates (+41% at current exchange rates) compared with 2024.
ENERGY SALES
Operational indicators
20252024Var.Long term averageQ4
2025
Q4
2024
Var.Production (in GWh)4,9104,706+4% 1,2611,415-11%Production curtailment (in GWh)1,040876+19% 3891682.3xCapacity in operation (in MW)2,9132,514+16% Capacity in operation and under construction (in MW)3,5543,256+9% Wind load factor in Brazil35%34%+1pt48%39%48%-9ptsWind load factor in Brazil without curtailment46%44%+2pts48%57%55%+2ptsSolar load factor in Brazil24%24%stable29%26%29%-3ptsSolar load factor in Brazil without curtailment31%30%+1pt29%35%34%+1ptWind load factor in France24%23%+1pt24%31%25%+6ptsSolar load factor in France11%14%-3pts13%7%9%-2ptsSolar load factor in Egypt and Jordan26%25%+1pt25%19%20%-1ptSolar load factor in Albania21%21%stable21%12%13%-1ptSolar load factor in the United Kingdom16%14%+2pts15%7%6%+1ptSolar load factor in Portugal19%17%+2pts22%11%9%+2pts
Turnover in 2025 from Energy Sales totals 315.8 million euros, down -8% at constant exchange rates (-12% at current exchange rates) compared with the same period in 2024.
Production in 2025 reaches 4.9 TWh, up +4%, but below the initial forecast of around 5.2 TWh, due to the impact of curtailment in Brazil totaling 1,040 GWh, representing 23% of Brazilian production (17% of total production over the period).
This production level reflects the growth in installed capacity (+16%) as well as improved solar and wind resources in Brazil. To be noted, the main commissioning occurred at the end of the year and will contribute in 2026.
Fourth‑quarter 2025 production reaches 1.3 TWh, compared with 1.4 TWh in the fourth quarter of 2024, representing a -11% decline.
Quarterly production analysis by country:
Brazil: Production falls -17% due to a sharp increase in curtailment in Q4 2025 (up 2.3x to 389 GWh), despite better solar and wind resource levelsFrance: Production decreases -4%, driven by a combination of (i) asset disposals in 20247 (La Faye plant), (ii) the impact of the fire at the Cacao biomass plant in French Guiana (covered by an insurance policy) and (iii) less favorable solar resource compared with Q4 2024, partly offset by better wind conditionsRest of the world: Production grows by +16% notably thanks to new plants commissionedHelexia: Production continues to grow strongly (+20%) across all geographiesFourth‑quarter 2025 turnover from Energy Sales amounts to 78.5 million euros, down -15% at constant exchange rates (-16% at current exchange rates). The increase in capacity, combined with improved resource levels in Brazil, was not sufficient to offset the unfavorable effects of: (i) curtailment in Brazil, (ii) pricing impacts in France and Albania after benefiting from high price levels on initial 2024 production8, and (iii) the EUR/BRL exchange rate impact.
SERVICES9
In million euros20252024Var. at current exchange ratesVar. at constant exchange ratesQ4 2025Q4 2024Var. at current exchange ratesVar. at constant exchange ratesTurnover from Development, Construction244.9137.4+78%+78%83.358.2+43%+43%Turnover from Operation and Maintenance27.123.4+15%+18%4.53.9+15%+18%Total Turnover from Services272.0160.8+69%+70%87.862.1+41%+42%Turnover in 2025from Services for third‑party clients amounts to 272.0 million euros, up +70% at constant exchange rates (+69% at current exchange rates). The Development and Construction segment grows +78% at both constant and current exchange rates, reaching 244.9 million euros, while the Operation & Maintenance segment increases +18% at constant exchange rates (+15% at current exchange rates) to 27.1 million euros.
Turnover for the fourth quarter of 2025from Services for third‑party clients totals to 87.8 million euros, up +42% at constant exchange rates (+41% at current exchange rates).
Turnover from the Development and Construction segment for third‑party clients reaches 83.3 million euros, representing an increase of +43% at both constant and current exchange rates. Ongoing construction projects, particularly in Ireland and Spain, account for a combined capacity of around 900 MW.
Turnover from the Operation & Maintenance segment for third‑party clients totals 4.5 million euros, up +18% at constant exchange rates (+15% at current exchange rates) compared with the fourth quarter of 2024. The capacity operated on behalf of third‑party clients reaches 8.7 GW (+34%), driven by the full‑year impact of new contracts in France, Ireland, and Brazil.
NEW ANNOUNCEMENTS
In Brazil: reflecting a law on the compensation of past curtailment linked to the reliability of the network10
Voltalia welcomes the adoption in Brazil of Law No. 15.269 last November by President Lula, which reimburses a significant part of past compensation related to reliability curtailment (excluding curtailment related to the balance of supply and demand).
The measure covers the period from September 1, 2023 to November 24, 2025 and, following discussions and analysis,
would represent more than 20 million euros for Voltalia (indexed to the IPCA), with calculations made by the ONS (Operador Nacional do Sistema Elétrico – Brazilian grid operator) and ANEEL (Agência Nacional de Energia Elétrica – electricity regulator in Brazil) according to terms that are still being finalized.
The company is currently assessing the accounting treatment of these items, the impact of which is expected to materialize mainly in 2026 and 2027, while discussions continue with the authorities on mechanisms for future curtailment, including those related to the balance of supply and demand, to improve visibility and regulatory stability for the broader market.
In Romania: divestment of development activities11
Voltalia announces the launch of the process of divesting development activities in Romania. It is in addition to the four other countries already announced (Hungary, Slovakia, Mexico and Spain) in October 2025.
These disposals will ease the promotion of the Voltalia’s teams work, on projects under development in these geographies.
In Europe: exclusive negotiations for the sale of a 77 MW portfolio12
Voltalia has entered into exclusive negotiations with Verso Energy for the sale of a European portfolio of multi-technology renewable power plants totalling 77 MW. This operation is part of the SPRING transformation plan and supports the objective of self-financing growth until 2030.
In French Guiana: the “Laussat Solar Park” project, winner of the CRE’s latest call for tenders13
Voltalia announces that it has won the CRE’s latest call for tenders dedicated to Non‑Interconnected Zones (ZNI) for the Laussat wind farm, a 5 MW photovoltaic project on a plot directly adjacent to two other of the company’s solar/storage projects already in operation: “Parc Sable Blanc” (5 MW / 11 MWh) and “Mana Energies Services” (14 MWh).
Appointment of the new Helexia Chief Executive Officer14
Voltalia announces the appointment of Bernard Guntz as Chief Executive Officer of Helexia, replacing Benjamin Simonis, co-founder of the company, as of early January 2026. He has more than 25 years of experience in the energy and operations sector, having led large-scale international projects in more than 15 countries. In particular, he led expansion and integration programs for Auchan in Central Europe, before overseeing the technical operations of Auchan Retail International world and France. This appointment is part of the SPRING transformation plan aimed at strengthening efficiency and integration within Voltalia.
Creation of Renvolt: dedicated to Construction and Maintenance services and appointment of its new Chief Executive Officer
Voltalia announces the creation of Renvolt, dedicated to EPC (Engineering, Procurement & Construction) and O&M (Operation & Maintenance) services, as well as the appointment of Eduardo Porras as Chief Executive Officer as of January 2026. With more than 30 years of international leadership in EPC construction and O&M services, spanning major infrastructure and renewable projects in Europe, Asia, Africa and the Americas, he will oversee Renvolt’s deployment to elevate operational excellence and service performance across the Group.
SPRING TRANSFORMATION PLAN ROADMAP BEING ROLLED OUT
Since the presentation of the SPRING plan roadmap at the beginning of September and in accordance with the plan, the company has launched the following multiple actions:
Geographical and technological refocusing
Divestments of development activities in four countries: Hungary, Slovakia, Mexico and Spain, to which Romania was subsequently addedConfirmation of the termination of biomass project development, small hydropower plants, and announcement of the termination of new green hydrogen project developmentDivestment of non-core businessesAwarded mandates to banking and legal partners on several projects for the sale of non-strategic activitiesStrengthening of the governance and the operating business modelCompletion of the creation of the Renvolt subsidiaryAppointment of the Chief Executive Officer of Renvolt and the Chief Executive Officer of Helexia2025 FINANCIAL OBJECTIVES
Voltalia confirms its financial objectives for 2025:
EBITDA between 200 million to 220 million euros of which 190 to 210 million euros from Energy Sales, despite higher‑than‑expected Brazilian curtailmentThe Group’s net accounting loss for the second half of 2025 is expected to be exceptionally higher than in the first half of 2025, mainly due to potential impacts relating to (i) the acceleration of pipeline clearance, (ii) transformation and restructuring costs related to the SPRING programme, and (iii) the impacts of geographical refocusing and strengthening the focus on our core business activities152027 OPERATIONAL AND FINANCIAL OBJECTIVESOperational objectives: capacity in operation and under construction around 4.2 gigawatts, of which around 3.7 gigawatts in operationFinancial objectives: EBITDA of 300 and 325 million euros including 270 to 300 million euros coming from Energy Sales2030 OPERATIONAL AND FINANCIAL OBJECTIVESOperational objectives: capacity in operation and under construction around 5.0 gigawatts, of which around 4.5 gigawatts in operationFinancial objectives: Energy Sales EBITDA margin between 70% and 72% and Services EBITDA margin of 9% to 11%MISSION’S OBJECTIVESCO2 equivalent avoided: approximately 2.4 million tonnes by 2027100% of capacity under construction backed by a stakeholder engagement plan aligned with IFC (International Finance Corporation, World Bank) standards by 202750% of solar capacity in operation located on co-used or reclaimed land by 202735% reduction in carbon intensity of owned solar power plants by 2030 UPCOMING EVENTS2025 full year results, March 12, 2026 (before market opens)PROSPECTIVE STATEMENTS
This press release contains forward-looking statements. These statements are not historical facts. These statements include projections and estimate and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. These forward-looking statements may often be identified by the words “expect”, “anticipate”, “believe”, “intend”, “estimate” or “plan”, as well as by other similar words. Although Voltalia’s management believes that these forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond Voltalia’s control, that could cause actual results and events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, among others, the uncertainties inherent in the evolution of the selling price of electricity produced by Voltalia, the evolution of the regulatory environment in which Voltalia operates as well as the competitiveness of renewable energies and other factors that may affect the production capacity or profitability of Voltalia’s production sites as well as those developed or identified in Voltalia’s public filings with the Autorité des marchés financiers including those listed in section 2.2 “Risk Factors” of Voltalia’s 2024 Universal Registration Document filed with the Autorité des marchés financiers on April 2, 2025. Voltalia undertakes no obligation to update any forward-looking information or statements, except as required by law.
Capacity in operation as of December 31, 2025
In MWSolarWindBiomassHydroHybrid20252024Albania140 140140Belgium22 2232Brazil790773 8121,5821,528Egypt32 3232France25581 5 340334French Guiana13 175245948Greece31 3117Hungary25 2524Italy26 2623Jordan57 5757Netherlands60 6060Portugal78 7888Romania14 1414South Africa148 1480Spain38 3828United Kingdom102 3213489Uzbekistan126 1260Total1,9578541717682,9132,514Capacity under construction as of December 31, 2025Name of the projetCapacity (MW)TechnologyCountryArtemisya storage100StorageUzbekistanArtemisya wind100WindUzbekistanEast gate34SolarUnited KingdomHelexia10SolarBelgiumHelexia51SolarBrazilHelexia20SolarFranceHelexia2SolarItalyHelexia9SolarPolandHigher Stockbridge45SolarUnited KingdomLe Deffend6SolarFranceLos Venados20SolarColombiaSaint Anne hybrid7HybridFrench GuianaSaint Anne solar43SolarFrench GuianaSaint Anne storage34StorageFrench GuianaSeranon10SolarFranceSpitalla solar100SolarAlbaniaTerres Salées11SolarFranceVoltalia Mobility – Yusco41SolarFranceTotal641 Production as of December 31, 2025In GWhWindSolarBiomassHydroHybridDecember 31, 2025December 31, 2024Albania 260 260258Brazil2,377957 523,3873,322Egypt 74 7474France15183 8 241271French Guiana 1420
