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Voltalia
(VLTSA)
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Rating:42Neutral
Price Target:
€3.50
▼(-48.76% Downside)
Action:Reiterated
Date:09/15/26
The score is held down primarily by weakening fundamentals (widening losses, rising leverage, and persistent negative free cash flow) and a strongly bearish technical setup (price below all major moving averages with weak momentum). The earnings call adds some support via confirmed EBITDA targets and visible cost savings, but this is offset by guidance for a 2026 net loss and suspended profitability/dividend objectives. Valuation remains constrained by loss-making performance and no stated dividend yield.
Positive Factors
Contracted revenue visibility
Long-duration contracted revenues provide visibility into future cash generation and reduce reliance on short-term power prices. The high inflation-indexed share can help preserve economic returns over time, supporting planning, financing capacity, and resilience across the operating portfolio.
Negative Factors
Elevated and rising leverage
The rising debt burden and shrinking equity base reduce financial flexibility and increase sensitivity to operating underperformance, interest costs, and refinancing conditions. High leverage can also constrain investment choices while Voltalia continues to fund renewable capacity expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted revenue visibility
Long-duration contracted revenues provide visibility into future cash generation and reduce reliance on short-term power prices. The high inflation-indexed share can help preserve economic returns over time, supporting planning, financing capacity, and resilience across the operating portfolio.
Read all positive factors
Voltalia (VLTSA) vs. iShares MSCI France ETF (EWQ)
Market Cap
€496.42M
Dividend YieldN/A
Average Volume (3M)224.96K
Price to Earnings (P/E)―
Beta (1Y)0.62
Revenue Growth19.27%
EPS Growth-192.48%
CountryFR
Employees1,900
SectorGeneral
Sector StrengthN/A
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-1.00
Shares Outstanding131,318,710
10 Day Avg. Volume129,961
30 Day Avg. Volume224,957
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)1.07
Price to Sales (P/S)1.74
P/FCF Ratio-3.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.39
Revenue Forecast (FY)€618.49M
Voltalia Business Overview & Revenue Model
Company Description
Voltalia S.A. is dedicated to generating electricity through renewable resources, operating primarily across two divisions: energy sales and diverse services. The company undertakes the full scope of activities for wind, solar, hydro, and biomass ...
How the Company Makes Money
Voltalia primarily makes money through (1) electricity sales from renewable generation assets it owns and operates and (2) services provided to third parties across the renewable project lifecycle.
1) Electricity sales (asset ownership and operat...
Voltalia Earnings Call Summary
Earnings Call Date:Sep 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 04, 2027
Earnings Call Sentiment Neutral
The call presented strong operational momentum, significant recurring savings, improved cash generation, commercial progress, and unchanged EBITDA and capacity objectives. However, these positives were offset by the newly expected full-year 2026 net loss, unprofitable Helexia Brazil operations, higher financing costs, elevated leverage, Brazilian curtailment challenges, and uncertainty around the timing and financial contribution of disposals. Overall, the call was cautiously balanced.Positive Updates
Strong First-Half Revenue and EBITDA Growth
First-half turnover reached EUR 331 million, up 30% at constant exchange rates, while EBITDA rose 35% to EUR 110 million. Management attributed part of the period's performance to EUR 29 million of Brazilian historical curtailment compensation, above the more than EUR 20 million initially budgeted.
Negative Updates
Full-Year 2026 Net Loss Expected
Despite confirming the 2026 EBITDA objective, Voltalia now expects a net loss for the full year, including the second half. Management cited financial expenses, loss-making assets, transformation costs, and the impact of the disposal program as factors below EBITDA, and described the outcome as not satisfactory.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong First-Half Revenue and EBITDA Growth
First-half turnover reached EUR 331 million, up 30% at constant exchange rates, while EBITDA rose 35% to EUR 110 million. Management attributed part of the period's performance to EUR 29 million of Brazilian historical curtailment compensation, above the more than EUR 20 million initially budgeted.
Read all positive updates
Company Guidance
For 2026, Voltalia confirms an EBITDA objective of EUR 210 million-EUR 230 million, including EUR 190 million-EUR 210 million from energy sales, approximately 3.6 GW in operation and construction, including around 3 GW in operation, and expects a full year net loss; second-half contributions are expected at EUR 105 million-EUR 120 million from development and energy sales, EUR 5 million-EUR 15 million from Renvolt, and EUR -10 million from other activity and corporate costs, with no additional curtailment compensation expected in the second half. The EUR 300 million-EUR 350 million disposal objective remains for the first half of 2027, while the positive net result objective for 2027 and the related dividend objective for 2028 are suspended; 2027 targets remain around 4.2 GW in operation and construction, including 3.7 GW in operation, and EBITDA of EUR 300 million-EUR 325 million, including EUR 270 million-EUR 300 million from energy sales, with EUR 20 million of curtailment estimated and no curtailment compensation included. For 2030, Voltalia targets around 5 GW in operation and construction, energy sales EBITDA margin of 70%-72%, Renvolt margin of 9%-11%, and net debt to EBITDA of 7.5x-8x, supported by EUR 45 million of average annual recurring savings between 2026 and 2030, including EUR 35 million from development and prospecting and EUR 10 million from structural costs.Voltalia Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
35
Negative
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 661.86M | 588.00M | 547.00M | 495.18M | 465.94M | 358.67M |
| Gross Profit | 309.84M | 244.00M | 490.00M | 424.18M | 96.59M | 78.77M |
| EBITDA | 176.46M | 165.00M | 235.00M | 249.00M | 153.32M | 129.61M |
| Net Income | -131.34M | -128.00M | -21.00M | 29.63M | -7.17M | -1.32M |
Balance Sheet | ||||||
| Total Assets | 4.44B | 4.19B | 3.96B | 3.82B | 3.04B | 2.11B |
| Cash, Cash Equivalents and Short-Term Investments | 343.00M | 315.00M | 391.00M | 318.55M | 383.56M | 302.20M |
| Total Debt | 2.62B | 2.48B | 2.26B | 1.86B | 1.31B | 1.03B |
| Total Liabilities | 3.33B | 3.13B | 2.79B | 2.43B | 1.70B | 1.38B |
| Stockholders Equity | 989.00M | 954.00M | 1.06B | 1.26B | 1.23B | 671.80M |
Cash Flow | ||||||
| Free Cash Flow | -102.36M | -264.00M | -338.00M | -578.68M | -557.34M | -306.09M |
| Operating Cash Flow | 183.62M | 51.00M | 179.00M | 115.50M | -13.93M | 100.21M |
| Investing Cash Flow | -425.64M | -458.00M | -440.00M | -682.11M | -536.39M | -300.56M |
| Financing Cash Flow | 347.10M | 374.00M | 329.00M | 495.63M | 614.22M | 268.13M |
Voltalia Technical Analysis
Negative
6.83
Price Trends
4.93
Negative
5.92
Negative
6.55
Negative
Market Momentum
-0.30
Positive
26.24
Positive
8.69
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:VLTSA, the sentiment is Negative. The current price of 6.83 is above the 20-day moving average (MA) of 4.29, above the 50-day MA of 4.93, and above the 200-day MA of 6.55, indicating a bearish trend. The MACD of -0.30 indicates Positive momentum. The RSI at 26.24 is Positive, neither overbought nor oversold. The STOCH value of 8.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:VLTSA.
Voltalia Peers Comparison
UnderperformOutperform
Sector (55)
FR:VLTSA
Voltalia
3.77
-3.37
-47.27%
FR:HDF
Hydrogene de France
1.95
-2.35
-54.65%
FR:MLCMG
CMG CleanTech SA
0.18
-0.17
-49.14%
FR:MLBSP
Blue Shark Power System SA
3.58
0.68
23.45%
FR:ELEC
Electricite de Strasbourg SA
156.40
-8.18
-4.97%
Voltalia Corporate Events
Voltalia boosts Q3 revenue and hits 3GW capacity target ahead of schedule
Oct 22, 2026
Voltalia reported third-quarter 2026 revenue of 177.4 million euros, up 6% at constant exchange rates, driven by a 29% surge in energy production and strong growth in Energy sales and Voltalia Hub. The company’s nine-month revenue rose 21% a...
Voltalia Updates Share Capital Structure Ahead of Q3 Revenue Release
Oct 19, 2026
Voltalia reported that as of September 30, 2026, its share capital comprised 131,318,716 shares, corresponding to 223,684,571 theoretical voting rights and 223,222,418 exercisable voting rights. This disclosure clarifies the company’s curren...
Voltalia bolsters board with seasoned energy and finance leaders
Oct 13, 2026
Voltalia has strengthened its board of directors with the ratification of Isabelle Kocher de Leyritz as director and the appointment of Emmanuelle Lemer as independent director and chairwoman of the audit committee. The company says their extensiv...
Voltalia Shareholders Back Governance Changes and IFC-Linked Share Conversion Plan
Oct 12, 2026
Voltalia’s combined general meeting on October 9, 2026, in Paris saw all ordinary and extraordinary resolutions approved by shareholders, with more than 201.8 million votes represented. The meeting confirmed the appointments of Isabelle Koch...
Voltalia Updates Share Capital and Voting Rights Ahead of Q3 2026 Revenue Release
Sep 28, 2026
Voltalia reported that, as of August 31, 2026, its share capital comprised 131,318,716 shares, corresponding to 223,702,065 theoretical voting rights and 223,358,589 exercisable voting rights, providing investors with updated information on its ca...
Voltalia lifts EBITDA on SPRING gains but warns of 2026 loss
Sep 3, 2026
Voltalia reported a sharp rise in first-half 2026 revenue and EBITDA, driven by growth across Energy Sales, Renvolt and development activities, including Brazilian curtailment compensation, even as some new plants are still ramping up. Despite the...
Voltalia Updates Share Capital and Sets Date for Half-Year 2026 Results
Aug 25, 2026
Voltalia reported that as of July 31, 2026, its share capital comprised 131,318,716 shares, corresponding to 223,626,007 theoretical voting rights and 223,276,805 exercisable voting rights. This disclosure reflects the company’s current capi...
Voltalia Plans €120 Million SFI Investment to Drive Global Renewable Expansion
Aug 12, 2026
Voltalia has agreed key terms with Société Financière Internationale, a World Bank Group member, for a long‑term investment of up to €120 million in preference shares of its subsidiary Voltalia Management International. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.