French renewable energy company Voltalia reported strong revenue and EBITDA growth for the first half of 2026, while posting a wider net loss and revising its full-year outlook to anticipate a net loss in 2026.
Voltalia’s turnover reached €331.3 million in H1 2026, increasing 30% at constant exchange rates and 32% at current exchange rates compared with €251.5 million in the first half of 2025. Growth was recorded across all three of the company’s activities, with Energy Sales revenue rising 22%, Renvolt increasing 45% and Voltalia Hub growing 20% at constant exchange rates.
Consolidated EBITDA rose 35% at constant exchange rates to €110.3 million, compared with €80.4 million a year earlier. At current exchange rates, EBITDA increased 37%. The EBITDA margin improved to 33% from 32% in H1 2025.
However, net result, Group share stood at a loss of €43.3 million, compared with a €39.7 million loss in H1 2025. Voltalia attributed the deterioration primarily to higher financial expenses, loss-making assets, transformation costs and asset impairments in Brazil, as well as the ongoing review of Helexia’s European portfolio and operations.
Energy Sales Drives EBITDA Growth
Energy Sales generated €190.2 million in turnover, up 22% at constant exchange rates and 25% at current exchange rates. EBITDA increased 23% at constant exchange rates to €116.2 million.
The Energy Sales performance benefited from the recognition of €29 million in compensation related to production curtailment in Brazil, comprising €17 million in additional turnover and €12 million in compensated charges.
Excluding this compensation, Energy Sales EBITDA was €87.2 million, down €5.5 million from H1 2025. Voltalia said lower resource levels and availability at certain plants, particularly in Brazil and French Guiana, affected underlying performance.
The company’s renewable energy production reached 2.4 TWh, up 1% year-on-year, while production curtailment declined to 218 GWh from 268 GWh in H1 2025.
Capacity in operation increased 17% to 3.0 GW, while total capacity in operation and under construction rose 9% to 3.6 GW.
Renvolt Revenue Doubles EBITDA
Renvolt recorded strong commercial momentum during the period, with turnover increasing 45% to €123.9 million. EBITDA doubled to €12.5 million from €6.2 million in H1 2025, lifting its EBITDA margin to 10% from 7%.
The improvement was supported by growth in construction and maintenance services for third-party customers. Renvolt had more than 750 MW under construction for third-party clients, with projects in markets including Ireland, Spain, France and Senegal.
Maintenance activities for third-party customers also increased 46% at constant exchange rates, supported by an operated portfolio of approximately 1.2 GW across Europe and Africa.
Voltalia Hub Revenue Rises, EBITDA Turns Negative
Voltalia Hub generated €17.2 million in turnover, up 20% at constant exchange rates. However, EBITDA declined to a loss of €1.1 million, compared with positive EBITDA of €2.9 million in H1 2025.
The company attributed the decline to the slower ramp-up of certain specialised activities, including Helexia Services, Yusco and Triton.
SPRING Transformation Plan Begins Delivering Results
Voltalia said its SPRING transformation plan, launched 12 months ago, is beginning to produce measurable operational and cost benefits.
The company highlighted greater discipline in capital allocation, lower development costs, an improved cash position, organisational simplification and progress on its asset disposal programme.
Development costs declined 32% to €31 million in H1 2026, while recurring costs decreased by €16 million compared with the first half of 2025. The reduction included a €12 million decrease in development and prospecting costs and a €4 million reduction in structural costs.
Voltalia is targeting a reduction of approximately 200 positions in 2026, equivalent to around 10% of its 2025 workforce. Around 160 positions had already been implemented by the end of the first half.
The company is also progressing with plans to dispose of non-strategic assets and activities, targeting €300 million to €350 million of divestments, with most expected to be achieved during the first half of 2027.
Voltalia Revises 2026 Net Income Outlook
While Voltalia maintained its 2026 EBITDA target of €210 million to €230 million, it now expects to report a net loss for the full year.
The company said the revised outlook reflects the continuation of adverse factors below EBITDA, including higher financial expenses, loss-making assets, transformation costs and asset impairments.
Voltalia’s financial debt stood at €2.62 billion at the end of June 2026, up 5% from December 2025. Cash and cash equivalents increased 9% to €343 million.
The company said 75% of its financial debt is fixed-rate, hedged or inflation-indexed.
2027 EBITDA Target Maintained
Voltalia reiterated its 2027 capacity target of approximately 4.2 GW, including around 3.7 GW in operation, and maintained its EBITDA target of €300 million to €325 million.
However, the company has suspended its previous objective of achieving a positive net result in 2027 and paying a dividend in 2028, citing limited visibility around the execution and financial contribution of planned asset disposals under the SPRING programme.
For 2030, Voltalia continues to target approximately 5 GW of capacity in operation and under construction, including around 4.5 GW in operation.
The company also aims to achieve an Energy Sales EBITDA margin of 70%–72% and a Services EBITDA margin of 9%–11% by 2030.
International Expansion and Strategic Financing
Voltalia said discussions are underway to close or dispose of activities in two additional countries as part of its geographical refocusing strategy, with the Group targeting approximately 12 operating geographies.
The company has also reached an agreement on key terms with the International Finance Corporation (IFC) for a potential investment of up to €120 million in preferred shares of Voltalia’s subsidiary VMI. Subject to shareholder and IFC approvals, the financing would support new renewable power projects, particularly solar and battery storage.
Voltalia also highlighted progress on the Sainte-Anne hybrid power plant in French Guiana, which combines 43 MW of solar capacity, 135 MWh of lithium-ion battery storage and 7 MW of HVO biofuel-backed generation. Commissioning is scheduled for 2028.
The company said its operational and EBITDA objectives remain unchanged despite the revised net income outlook, with the SPRING plan continuing to focus on sustainable profitability, disciplined capital allocation and self-funded growth.
Voltalia is scheduled to publish its third-quarter 2026 turnover on October 22, 2026, after market close.
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