Okay, I think all of us are connected, so let's start. Okay, good morning and welcome to Grenergy's First Quarter 2025 Results Presentation. I am Rubén Gómez, Head of Investor Relations. The presentation is going to be led by Daniel Lozano, our Chief of Strategy and Capital Markets Officer, and Maria Coimbra, Manager of the Sustainability Department. They are going to take you through our business, financial, and sustainability review. At the end of the presentation, there will be a Q&A session for sell-side analysts. Please, Daniel, the floor is yours.
Thank you, Rubén. Okay, good morning to you all. I'm very happy to lead this quarterly presentation. Actually, it is the best quarter presentation that we have done ever. Thank you, David, for allowing me to lead this quarterly presentation that, as you can see, is purely financial and sustainability results from this quarter. We wanted to split this quarterly presentation from the main operational and pipeline updates that normally we are providing to the market. In this case, we are going to include that in the Capital Markets Day that we are presenting in one week. We are going to focus on financial and sustainability. As I said, let's move to the highlights. In slide three, business highlights, I'm just explaining what we have already told to the market. We keep executing quite well in financing.
In Q1, we could close another $324 million, in this case for the phase IV of Gabriela that we are building, as you know. You know, in addition to this amount, there were another $700 million, so above $1 billion of financing already closed for Oasis of Atacama. There was also good news regarding KivuWatt, that the phase I is already in operation. Phase II will be in really soon. The operation of KivuWatt, even though it is not a project that we are going to keep, as you know, it has been sold to ContourGlobal, we want to let you know that the operation of this storage facility, that is our biggest hybrid storage facility till now, is operating quite well. Any more operational information will be provided in the Capital Markets Day.
1 TW of energy we have been able to close in this first part of the year. It is impressive. Our PPA department, who keep executing new contracts, the first baseload PPA with Codelco, this mining company, investment grade for 15 years, that in addition with other PPAs, like the one signed with a utility, 390 GWh. That will help us to contract the revenue of the project we will present shortly. These PPAs are key in our strategy. Being able to contract 24/7 is a step forward. We can be extremely competitive with just solar plus storage against traditional energy sources. This is happening in Chile. I assume that that will happen in every single market. Recently we have presented a new agreement with BYD, 3.5 GWh of storage for the phase VI of Oasis of Atacama.
This is a huge agreement. It's much more of what has been installed in most of the European markets. Next week, there will be an occasion to explain the way we are going to build this ELENA project, the financing, the energy sale, everything is well on track. You know, I'm repeating it every minute. We have a very important Capital Markets Day next week in Bank of America headquartered in London. If you cannot be there presentially, you can access, of course, through streaming. You can find the link in this column in the business highlight. Anyhow, we will send a notice to have the link ready. It will be also on our website.
Moving to financial highlights that I will explain later, as you can see, revenue times two compared with last year, EBITDA almost times three compared with last year, and net income times five to EUR 32 million. Not a very difficult set of results to be presented. CapEx is a key KPI that I like the most because it is the way we are showing our execution capacity. In just one quarter, we have been able to execute what we were executing in one year some years ago, EUR 165 million. That is 124% more than a year before, driven by, as you know, solar plus storage project. Net debt remains in a very similar position compared with last year, 3.7 times and 1.3 times corporate.
If you take into consideration the agreement we have done and that are coming into our P&L and balance sheet, at the proforma level it will be much better. I will let you know later. We have also released today a notice regarding our share buyback program. It is the third year in a row that we are using part of our cash flow to buy our shares. In this occasion, we have been able to buy EUR 27 million, representing 2.44% of the company at an average price of EUR 37.75, well below our current share price. We are generating value to shareholders and buying at a very nice price. We are terminating it after the general assembly accepted the reduction of capital and the board of directors approved it. We cannot have the share buyback anymore.
Anyhow, we are doing this time to time and will be ready in case it is necessary. Maria will let you know later the progress in sustainability. We keep providing sustainability KPIs every quarter. Sustainability means happy local community, reducing operational risk, and construction means happy employees, good governance, reducing risk. What we are doing since 2019 is allowing us to have an excellence in this matter, having a positive impact. Rating is not the goal, but it is the way this is reflected. Ratings are providing us a very good ranking position within the industry. Let's move into the key operating and financial data. You can see that there is an increase of total installed capacity, just around 2%. We are increasing it because of some distribution asset in Colombia. Regarding production, we experience a 52% increase in total output.
This is coming from Gran Teno, solar asset, Tamango, and some distribution asset, PMGDs in Chile that now they're 100% producing. Contracted volumes increased 80% and represented 88% of our total electricity production. That is an excellent KPI showing the way we are contracting the energy sale. Furthermore, look at load factor has recovered to normal levels in comparison with the first quarter 2024. Realized price increased to EUR 45 per MWh, explained by the recovery on merchant prices, which went up to almost EUR 26, increasing more than 90% compared with last year. Okay. On the right-hand side, you can see the summary of the financial KPI that I will explain to you later. Moving to slide five. Okay.
This is the revenue and EBITDA breakdown that, the total revenue in the first quarter of 2025 amounted to EUR 237 million, representing an impressive increase of 116% year-on-year. This growth, as you may imagine, was fueled by the successful M&A transaction through asset rotation in LATAM. Development and construction was also plus 125% growth compared with last year. Anyhow, energy revenue also is growing, 53%, mainly driven by Chilean asset. Retail revenues that we will let you know more in detail in this Capital Markets Day increased 108% linked to the well-performance of the number of clients and the increase of energy prices. Finally, services grew 14%. Q1 EBITDA was EUR 62 million, representing an impressive growth of 165%, almost times three, and boosted by, as I said, development and construction division and the energy division.
Let's move into CapEx that, as I said, is a way of reflecting our execution capacity. We have split it between the first three columns, that is the CapEx we are keeping in our balance sheet, and then the fourth column is what we are building for third parties, in this case, Oasis of Atacama. Oasis of Atacama, phase I, II, III, represented EUR 81.9 million. In the first columns, we have EUR 9 million development CapEx, EUR 53 million, mainly Gabriela, phase IV of Oasis of Atacama, and Spanish project 21.6 is the very last column that we are building, projects like Ayora, Taberna, San José Cabrera. Slide seven. This is our cash flow in Q1. You can see that, even though we have had a positive EBITDA of 61.7 , there has been a negative networking capital position.
The CapEx that we are investing, 165.4 , that is not affecting totally because we are recovering from the revenue of EPC that we are getting from the asset rotation. Also to mention, financial debt is growing, but that is project financing. Other debts that was negative - 70.7 refers to the deal we did to buy from Repsol and Ibereólica, the ELENA Antofagasta project in Chile. I think it's the last one that I will present. We have leverage and liquidity. As I said, you know our leverage is affected both by the energy revenue that is growing, but as well development and construction, that is M&A. When that happens, move down. Now we are in a very comfortable position of 3.7 times that might change while we are investing in CapEx and will improve whenever we have the EBITDA addition of M&A.
We wanted to include a proforma column, including the deals we have closed that they're still creating EBITDA and positive cash flows, like Oasis of Atacama deal and the Alliance deal. Including those deals, the total leverage would move in a lower position to 1.2 times, and the corporate leverage will be almost 0 - 0.2 times. That is all from my side. Maria is going to explain the main messages about sustainability.
Thank you, Daniel. Good morning, everyone. The first quarter of 2025 marked an important step forward in our climate strategy. We have just published our climate change policy, which is a cornerstone document that reinforces our net-zero ambition. It sets out clear principles and guidance, and it is fully aligned with our broader sustainability policy.
Earlier this year, we also reached another major milestone with the publication of our 2024 non-financial information statement and sustainability report, following the requirements of the CSRD for the first time. This marks a new chapter in how we report with greater transparency, accountability, and alignment with the European standards. In the next slide, you can see that in parallel, as Daniel commented before, we continue to consolidate our ESG positioning. Our performance remains strong across ESG ratings, reflecting consistent progress and robust practices. Although our current ratings already reflect solid performance, we remain focused on going further, raising the bar and driving positive impact and positive outcomes. In this context, our ESG roadmap continues to guide our efforts, embedding continuous improvements across all areas of our business, from governance and climate to social impact. That is everything on my side. Thank you very much.
Okay. Thank you very much, Maria. We are now moving to the Q&A session. Please, if you have any question, raise your hand. We just suggest to ask one question per participant, please. Let's wait, as we always do, 30 seconds to see how many questions we are receiving. Okay. Then we will start the Q&A.
Okay. I think we can start. First question from RBC. Please, Fernando, go ahead.
I think, Fernando, it's me, but I'm not for RBC.
No, sorry.
Not for now. Still, I'm not.
No, it's because he texted us.
He sent in advance.
Okay, Fernando. But no, Fernando La Fuente.
La Fuente. After that, we have Fernando.
Go ahead.
Still, at Alantra. One quick question, Daniel. Thank you for the presentation. Can you drive us through the expenditures and cashings of disposals this year?
I mean, what's going to be the CapEx that you will invest in the assets that you have already sold, which is basically those in Spain and the first three phases of Atacama? And when do we consider the proceeds or you are receiving the proceeds from the sellers? Sorry, from the buyers, both expenditures and proceeds in disposals. Thank you.
Okay. So, regarding EBITDA, cashing, we have two big deals that have been done in the past that will provide EBITDA this year. The first one is Oasis of Atacama. We sold three phases. For the moment, we have registered EUR 110 million in 2024. In Q1, there were sales for EUR 55 million. We expect those sales to reach EUR 103 million within the year. However, total cash of the operation, around $256 million, in this case, million dollars were received in 2024. So a positive working capital.
Around $70 million will be received during 2025, and a little bit might be received later, depending on some earnout. Most likely, the impact during this year will be around EUR 40 million in cash. For the deal of Alliance, remember that was a deal we did in 2023. I think it was around EUR 1 million per MW for those solar assets in Spain. We spent around EUR 70 million EBITDA as that project was sold at the commercial operation date. We expect that to happen mostly in Q3. Those capital gains of EUR 70 million will also be there will be some equity recycling coming. In total, it should be around EUR 110 million. Those are the figures we are using to create that proforma leverage.
Regarding CapEx, it's a difficult question, but we are executing this year not only phase I, II, and III of Oasis of Atacama, but as well IV. There will be more projects coming soon in central Chile and in Spain. Let me wait to next week where there will be a timeline of the project so you will easily make some estimates on CapEx.
Thank you, Daniel.
Thank you, Fernando.
Next question from Henry Carth from Badenberg. Please, Henry, go ahead.
Hi, Henry.
Hi. Hi, guys. Thanks for the presentation. Very much looking forward to next week and the Capital Markets Day. I guess just a quick question on the quarter. The networking capital growth, is that down to equipment? Is that the battery storage moving into Chile?
Maybe Rubén, you have the answer.
Yes. Okay.
I mean, if you remember last year, working capital at the end of the year in full year 2024 was very positive. It was of EUR 200 million positive. Okay. It is logical that now we have those payments to the batteries and it is related to this.
Okay.
Exactly. Batteries, they have good working capital condition that is positive for the financing. And, well, also, in a moment, you have to pay it. That is the way it is affecting in Q1 cash flow.
Yeah. Yeah. Okay. Okay. That is great. And then just one other question, if I could. Just on the price outlook in Chile for merchant. I know you are sort of 80-90% contracted at the moment, and that is going to stay high. How do you see price development in Chile at the moment?
There was an impact.
If you compare our figures to last year's prices, you can see that there has been an improvement. That is happening because last year, one of the assets we have sold, KivuWatt, having some court payment and affected negatively to the permission prices. That is why we decided to hybridize every single project we have. By hybridizing it, you avoid having cannibalization. That is the way to solve the sort of prices issue. How do we see the evolution of merchant prices? As we said, as more batteries are introduced into the system, we assume the prices cure will trend to flatten. That will mean that we will move cheap solar energy to night peak prices. Solar prices should move up. At night, also, they will have a deflation effect. We are taking care, of course, about those two issues.
Okay. Thank you, Henry.
I think. Okay.
Great. Thank you, Daniel.
Thank you.
Okay. Next question from Ignacio Domènech from JB Capital. Please, Ignacio, go ahead.
Hi, Nacho. You're on mute, maybe. We are going to.
Hi.
Yes.
Sorry. Apologies. Can you hear me?
Yes.
Daniel, thank you for the presentation. Two questions. The first one, I'm not sure if you can disclose the CapEx per MW on the deal you signed with BYD, or we have to wait for next week. In any case, it would be interesting to have a reference there. Okay. My second question is on the output in Chile. If you could disclose what was the output in Q1 from Gran Teno and Tamango, because I believe there were some curtailments in Chile in Q1 last year. Also the output in wind, okay, because I'm not sure why is the decrease if it's coming entirely from coastal.
Okay. Thank you.
Okay. First question regarding CapEx per MWh. We will give you, we will provide you a guidance in next Capital Markets Day. That is why we have included. I can tell you, I can assure you that the CapEx trend is going into the right direction. It keeps moving down. That is very good news for the competitiveness of this technology into Europe, okay, because it will provide very good project return very shortly in European markets. We will be able to replicate this incredible business model we are creating in Chile into Europe. Okay. Wait for next week, please. Okay. Then regarding production per project, normally we are not providing it, but okay, I think I have here the number. Correct me, Rubén, if I am wrong, but the production in Q1 was 140 GWh.
Last year, as the project was not 100% producing, it was just 12 GWh of energy. That is an increase of 1,000%.
Thank you, Daniel. On curtailments in Chile, can you give us some color on the situation this year versus last year?
Curtailments are there. Normally, where there is more solar penetration, there is more curtailment. For us, now the market with lower solar prices is helping us to create this business model of getting that spread between the day and night. The Chilean market has kind of 13 different electricity markets, and there are electricity markets more affected by this situation. Anyway, for us, it is not a problem. It is a great opportunity to be able to capture growth and spread and returns.
Thank you. Thank you very much.
Thank you, Nacho.
I think we have no more questions.
Thank you very much for attending, and see you very soon at our Capital Markets Day. For any more doubts, please contact the investor research team. Thank you very much.
Okay. Thank you very much to you all. See you in one week.