Voltalia reported a 31% increase in revenue for the third quarter of 2025, reaching €164.7mn ($174.5mn) compared to €126.1mn ($133.6mn) in the same period last year. This performance was supported by strong growth in third-party services, which tripled to €79.5mn ($84.2mn), offsetting a 13% decline in energy sales. The decrease in energy sales was due to a combination of unfavourable factors: EUR/BRL exchange rate effects, production curtailment in Brazil, and the end of high-priced short-term contracts signed in 2024.
Construction momentum in Europe and volume growth
The Development and Construction segment generated €72.2mn ($76.3mn), up 3.4 times year-on-year, with projects totalling more than 900 megawatts underway in Ireland, Spain and the United Kingdom. Revenue from the Operation and Maintenance activity decreased slightly to €7.2mn ($7.6mn), although the capacity operated on behalf of third parties reached 7.7 gigawatts, up 16%.
Quarterly energy production increased by 6% to 1.3 terawatt-hours, mainly driven by output in Brazil and the growing contribution of subsidiary Helexia. However, the impact of higher volumes was offset by 383 gigawatt-hours of curtailment in Brazil and less favourable pricing in France and Albania.
Energy sales decline and Latin America’s continued weight
For the first nine months of the year, total revenue reached €421.6mn ($446.8mn), up 16% (+19% at constant exchange rates). Services now account for 44% of total revenue, compared with 27% during the same period in 2024. Energy sales declined by 11% to €237.3mn ($251.4mn), affected by the stronger EUR/BRL exchange rate and operational constraints in Latin America, where Brazil still accounts for 67% of total production.
Total energy output for the nine-month period reached 3.6 terawatt-hours, up 11% despite technical and regulatory constraints. Voltalia now operates 2.6 gigawatts and is building an additional 0.7 gigawatt, for a total of 3.3 gigawatts in operation or under construction as of September 30.
Targets maintained amid profitability warning
Voltalia confirmed its 2025 targets, aiming for 3.6 gigawatts of operational capacity and 5.2 terawatt-hours of production. EBITDA is expected between €200mn and €220mn ($212mn to $233mn), mainly from energy sales. However, the company anticipates a larger net loss in the second half of the year, mainly due to restructuring costs, a reduction in the development pipeline, and geographic repositioning linked to the SPRING transformation plan.
As part of the plan, Voltalia has initiated the disposal of its development activities in Hungary, Slovakia and Mexico, with completion expected by mid-2026. Preparations for the sale of its Spanish development platform are also underway. The subsidiarisation of construction and maintenance activities is in progress and is expected to be finalised in the first quarter of 2026.
