Earnings release
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2025 turnover up +16% at constant exchange rates 28 Jan 2026 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 levels 1, and a less favorable EUR/BRL exchange rate Services for third ‑party clients 2: 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 target Capacity in operation and under construction of 3.6 gigawatts, representing +9% growth Capacity in operation of 2.9 gigawatts, up +16%, driven by 408 megawatts commissioned, more than 75% connected during the fourth quarter Capacity under construction at 0.6 gigawatt, following the start of construction of 305 megawatts in 2025 2025 production up +4% despite higher curtailment in Brazil Energy 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 2026 Energy 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 compensation 4 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 Target EBITDA between 200 million euros and 220 million euros, of which 190 million euros to 210 million euros from Energy Sales A 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 list Technological refocusing: Confirmation of the discontinuation of biomass and small hydro project development, along with the announcement of the cessation of new green hydrogen project development Divestment of non‑strategic activities: Progress in line with the roadmap Strengthening of governance and the operating model: Completion of the creation of Renvolt, which brings together Construction and Operation & Maintenance services Appointment of the new Chief Executive Officer of Renvolt and the new Chief Executive Officer of Helexia
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Voltalia (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 euros 2025 2024 Var. at current exchange rates Var. at constant exchange rates Q4 2025 Q4 2024 Var. at current exchange rates Var. at constant exchange rates Energy Sales 315.8 359.4 -12% -8% 78.5 93.1 -16% -15% Services6 272.0 160.8 +69% +70% 87.8 62.1 +41% +42% Turnover 587.8 520.2 +13% +16% 166.3 155.2 +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 2025 2024 Var. Long term average Q4 2025 Q4 2024 Var. Production (in GWh) 4,910 4,706 +4% 1,261 1,415 -11% Production curtailment (in GWh) 1,040 876 +19% 389 168 2.3x Capacity in operation (in MW) 2,913 2,514 +16% Capacity in operation and under construction (in MW) 3,554 3,256 +9% Wind load factor in Brazil 35% 34% +1pt 48% 39% 48% -9pts Wind load factor in Brazil without curtailment 46% 44% +2pts 48% 57% 55% +2pts Solar load factor in Brazil 24% 24% stable 29% 26% 29% -3pts Solar load factor in Brazil without curtailment 31% 30% +1pt 29% 35% 34% +1pt Wind load factor in France 24% 23% +1pt 24% 31% 25% +6pts Solar load factor in France 11% 14% -3pts 13% 7% 9% -2pts Solar load factor in Egypt and Jordan 26% 25% +1pt 25% 19% 20% -1pt Solar load factor in Albania 21% 21% stable 21% 12% 13% -1pt Solar load factor in the United Kingdom 16% 14% +2pts 15% 7% 6% +1pt Solar load factor in Portugal 19% 17% +2pts 22% 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 levels
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France: Production decreases -4%, driven by a combination of (i) asset disposals in 2024 7 (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 conditions Rest of the world: Production grows by +16% notably thanks to new plants commissioned Helexia: Production continues to grow strongly (+20%) across all geographies Fourth‑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 production 8, and (iii) the EUR/BRL exchange rate impact. SERVICES9 In million euros 2025 2024 Var. at current exchange rates Var. at constant exchange rates Q4 2025 Q4 2024 Var. at current exchange rates Var. at constant exchange rates Turnover from Development, Construction 244.9 137.4 +78% +78% 83.3 58.2 +43% +43% Turnover from Operation and Maintenance 27.1 23.4 +15% +18% 4.5 3.9 +15% +18% Total Turnover from Services 272.0 160.8 +69% +70% 87.8 62.1 +41% +42% Turnover in 2025 from 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 2025 from 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
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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 added Confirmation of the termination of biomass project development, small hydropower plants, and announcement of the termination of new green hydrogen project development Divestment of non-core businesses Awarded mandates to banking and legal partners on several projects for the sale of non-strategic activities Strengthening of the governance and the operating business model Completion of the creation of the Renvolt subsidiary Appointment of the Chief Executive Officer of Renvolt and the Chief Executive Officer of Helexia 2025 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 curtailment The 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 activities 15 2027 OPERATIONAL AND FINANCIAL OBJECTIVES Operational objectives: capacity in operation and under construction around 4.2 gigawatts, of which around 3.7 gigawatts in operation Financial objectives: EBITDA of 300 and 325 million euros including 270 to 300 million euros coming from Energy Sales 2030 OPERATIONAL AND FINANCIAL OBJECTIVES Operational objectives: capacity in operation and under construction around 5.0 gigawatts, of which around 4.5 gigawatts in operation Financial objectives: Energy Sales EBITDA margin between 70% and 72% and Services EBITDA margin of 9% to 11% MISSION’S OBJECTIVES CO2 equivalent avoided: approximately 2.4 million tonnes by 2027 100% of capacity under construction backed by a stakeholder engagement plan aligned with IFC (International Finance Corporation, World Bank) standards by 2027 50% of solar capacity in operation located on co-used or reclaimed land by 2027 35% reduction in carbon intensity of owned solar power plants by 2030
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UPCOMING EVENTS 2025 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 MW Solar Wind Biomass Hydro Hybrid 2025 2024 Albania 140 140 140 Belgium 22 22 32 Brazil 790 773 8 12 1,582 1,528 Egypt 32 32 32 France 255 81 5 340 334 French Guiana 13 17 5 24 59 48 Greece 31 31 17 Hungary 25 25 24 Italy 26 26 23 Jordan 57 57 57 Netherlands 60 60 60 Portugal 78 78 88 Romania 14 14 14 South Africa 148 148 0 Spain 38 38 28 United Kingdom 102 32 134 89 Uzbekistan 126 126 0 Total 1,957 854 17 17 68 2,913 2,514 Capacity under construction as of December 31, 2025 Name of the projet Capacity (MW) Technology Country Artemisya storage 100 Storage Uzbekistan Artemisya wind 100 Wind Uzbekistan East gate 34 Solar United Kingdom Helexia 10 Solar Belgium Helexia 51 Solar Brazil Helexia 20 Solar France Helexia 2 Solar Italy Helexia 9 Solar Poland Higher Stockbridge 45 Solar United Kingdom Le Deffend 6 Solar France Los Venados 20 Solar Colombia Saint Anne hybrid 7 Hybrid French Guiana Saint Anne solar 43 Solar French Guiana Saint Anne storage 34 Storage French Guiana Seranon 10 Solar France Spitalla solar 100 Solar Albania Terres Salées 11 Solar France Voltalia Mobility - Yusco 41 Solar France Total 641 Production as of December 31, 2025
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In GWh Wind Solar Biomass Hydro Hybrid December 31, 2025 December 31, 2024 Albania 260 260 258 Brazil 2,377 957 52 3,387 3,322 Egypt 74 74 74 France 151 83 8 241 271 French Guiana 14 20 33 51 Greece 28 28 29 Helexia Brazil 251 251 139 Helexia Europe 333 333 296 Italy 5 5 0 Jordan 129 129 130 Portugal 87 87 79 United Kingdom 64 64 56 Uzbekistan 18 18 0 Total 2,528 2,303 20 8 52 4,910 4,706 Quarterly production (Q4) 2025 In GWh Wind Solar Biomass Hydro Hybrid Q4 2025 Q4 2024 Albania 37 37 40 Brazil 662 262 15 939 1,128 Egypt 15 15 16 France 49 14 1 64 66 French Guiana 4 9 13 14 Greece 5 5 6 Helexia Brazil 73 73 54 Helexia Europe 54 54 51 Italy 1 1 0 Jordan 24 24 24 Portugal 13 13 11 United Kingdom 7 7 6 Uzbekistan 18 18 0 Total 712 525 9 1 15 1,261 1,415 Average EUR/BRL rate Average rate 2025 2024 EUR/BRL 6.32 5.83 About Voltalia (www.voltalia.com) Voltalia is an international player in renewable energies. The Group produces and sells electricity from its wind, solar, hydro, biomass and storage facilities. It has 3.6 GW of capacity in operation and under construction, and a portfolio of projects under development with a total capacity of 17.4 GW. Voltalia is also a service provider, supporting its renewable energy customers at every stage of their projects, from design to operation and maintenance. A pioneer in the business market, Voltalia offers a comprehensive range of services to businesses, from the supply of green electricity to energy efficiency services and the local production of its own electricity. With more than 2,000 employees in 20 countries on 3 continents, Voltalia has the capacity to act globally on behalf of its customers. Voltalia is listed on the Euronext regulated market in Paris (FR0011995588 - VLTSA) and is included in the Enternext Tech 40 and CAC Mid&Small indices. The company is also included, amongst others, in the MSCI ESG ratings and the Sustainalytics ratings. Voltalia Email: invest@voltalia.com T. +33 (0)1 81 70 37 00 Press Relations Seitosei.Actifin isabelle.dray@seitosei-actifin.com T. +33 (0)1 56 88 11 19
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1 Early generation: electricity sales under a short‑term contract preceding the start of the long‑term contract. The short‑term contract was concluded at higher prices than the long‑term contract in the cases of Karavasta (Albania) and Sud Vannier (France). 2 In the course of 2025, Voltalia initiated a process to withdraw from non‑strategic activities. As of the end of December 2025, the criteria under IFRS 5 had been met. Consequently, the 2025 and 2024 revenue figures have been restated to reflect the impact of these activities. 3 Announcement of the day. 4 Period from September 1, 2023 to November 24, 2025. 5 Announcement of the day. 6 As indicated in footnote 2, Services revenue has been restated to exclude the revenue from the activities from which the Group is withdrawing for 2025 and 2024. 7 December 9, 2024 press release. 8 Early‑generation revenue benefiting from electricity sales under a short‑term contract that precedes the start of the long‑term contract. In the case of Karavasta, the 2024 revenue benefited from a short‑term contract priced higher than the contract in place for the first half of 2025, which itself is also priced above the long‑term contract that will begin in the second half of 2025. 9 Services: Services for third‑party clients. 10 Announcement of the day. 11 Announcement of the day. 12 Announcement of the day. 13 Announcement of the day. 14 Announcement of the day. 15 Press release on the SPRING transformation plan, September 4, 2025. Attachment 2025 turnover up +16% at constant exchange rates