Voltalia: third-quarter revenue up 6% to €177.4m, below expectations, Renvolt down 21%
Voltalia's third quarter reflects two opposing dynamics. Energy sales, supported by production growth of 29%, increased by 26% at constant exchange rates. The third-party construction division Renvolt declined by 21% over the same period.
In total, quarterly revenue, published on October 22, 2026, reached €177.4m, up 6% at constant exchange rates. This amount is below the €195m expected by the sole analyst covered in consensus for this quarter. The group also achieved its objective of 3 GW of operating capacity as early as September, one quarter ahead of schedule, and confirmed its 2026 EBITDA target.
Revenue of €508.7m over nine months, up 21%
Over the first nine months of 2026, Voltalia achieved revenue of €508.7m, compared to €414.5m a year earlier, representing growth of 21% at constant exchange rates (23% at current rates). Energy sales account for 59%, Renvolt 35% and Voltalia Hub 6%. By region, Europe accounts for 61% of activity, Latin America 32% and the rest of the world 7%.
In the third quarter, energy sales reached €111.5m, compared to €85.2m a year earlier. All regions advanced at constant exchange rates: 18% in Latin America, 24% in Europe, 69% in Africa and internationally, 26% for Helexia. Voltalia Hub, the specialized services activity, grew by 22% to €12.1m.
Renvolt posted €53.9m in the third quarter, compared to €68.0m a year earlier. Over nine months, the division remains up 16%, at €177.8m, driven by third-party construction in Europe (approximately 600 MW under construction in Ireland and Spain) and by maintenance, notably in Portugal.
Production boosted by new plants and decline in curtailment
The quarterly decline in Renvolt mainly reflects, according to the group, the recognition of revenues at the pace of construction milestones. The company describes this as temporary and indicates it does not call into question the momentum observed over nine months.
On the production side, Voltalia generated 1,659 GWh in the third quarter, compared to 1,283 GWh a year earlier. The group attributes this increase to the contribution of new plants, better solar and wind resources and the decline in curtailment (production limitations imposed by the grid), falling from 383 GWh to 225 GWh, a decline of 41%. In Brazil, the quarterly wind capacity factor reaches 44%, compared to 37% a year earlier.
Over nine months, the picture is more measured: production advances by 11%, to 4,066 GWh, and the Brazilian wind capacity factor stands at 32%, compared to 34%. The 24% increase in energy sales over the period also includes a favorable exchange rate effect related to the Brazilian real and the recognition, in the first half, of compensation related to curtailment in Brazil. These elements offset lower availability of certain wind farms, currently being resolved according to the group.
Capacity target achieved, 2026 EBITDA confirmed between €210m and €230m
As of September 30, 2026, operating capacity reaches 3,001 MW, up 18% year-over-year, notably thanks to 38 MW of new Helexia capacity commissioned in the third quarter. Adding the 563 MW under construction, the total operating and under construction reaches 3,564 MW, up 8%.
The group confirmed its 2026 EBITDA target of between €210m and €230m, of which €190m to €210m from energy sales, as presented in the half-year results of September 3, 2026. As part of its SPRING transformation plan, Voltalia indicates it is continuing to reduce its development costs, more selective capital allocation, notably through partnerships such as the one concluded with IFC, and a program to divest non-strategic assets.
This divestment program is valued between €300m and €350m over the 2026-2028 period. The plan targets EBITDA of €300m to €325m in 2027 and a net debt to EBITDA ratio of between 7.5 and 8 in 2030. 2026 annual results will be published on March 4, 2027, before market open.
