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GREENING: 1H’24 RESULTS (ANÁLISIS BANCO SABADELL)

1H’24 vs. 1H’23:
Sales: € 48.9 M (+6% vs. 1H’23)
EBITDA: € 5.3 M (+43% vs. 1H’23)
The 1H’24 results were worse than expected on the revenues level, leading the company to lower its guidance’24e, although they were solid in terms of capacity (268 MW in COD&UC vs. 174 MW in 2023). GGR’s consolidated 1H’24 sales reached € 48.9 M (+6% vs. 1H’23), recurring EBITDA € 5.3 M (+43% vs. 1H’23) and Net Profit € 1.1 M (due to higher financial costs). These numbers have led the company to lower its 2024e revenues estimate to € 154 M vs. the previous € 190 M due to the delayed construction in some projects and the falling energy prices in Spain (which affected the energy supplier’s turnover, but not margins). However, a significant activity increase is expected in 2H’24 due to the inflow of significant international projects (such as Jasper County in the US) and rising energy prices. Despite the worse revenue guidance, GGR maintains its 2024e EBITDA target at € 21 M (in line with our estimate) due to the expectation of a significant contribution from M&A moves. The NFD/EBITDA’24 guidance stands at 2.78x (vs. 2.37x in 2023 and