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Voltalia
(VLTSA)
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Rating:42Neutral
Price Target:
€5.00
▼(-26.79% Downside)
Action:Reiterated
Date:08/19/26
The score is mainly weighed down by weakening fundamentals (widening losses, rising leverage, and persistent negative free cash flow) and a bearish technical setup (price below major moving averages with negative momentum). Valuation is less supportive because the company is loss-making and no dividend yield is available.
Positive Factors
Revenue Growth
Voltalia is still expanding its revenue base, with 2025 sales reaching €588 million despite broader profitability pressure. Continued top-line growth supports project development, strengthens the scale of its operating platform, and provides a foundation for future earnings improvement if execution and cost control recover.
Negative Factors
Profitability Deterioration
The sharp deterioration in net and operating margins shows that revenue growth is not currently translating into durable profitability. Weaker EBIT leaves less capacity to absorb project costs, financing charges, or execution setbacks, making a sustained earnings recovery dependent on meaningful cost and delivery improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Voltalia is still expanding its revenue base, with 2025 sales reaching €588 million despite broader profitability pressure. Continued top-line growth supports project development, strengthens the scale of its operating platform, and provides a foundation for future earnings improvement if execution and cost control recover.
Read all positive factors
Voltalia (VLTSA) vs. iShares MSCI France ETF (EWQ)
Market Cap
€679.38M
Dividend YieldN/A
Average Volume (3M)197.30K
Price to Earnings (P/E)―
Beta (1Y)0.66
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. Volume439,634
30 Day Avg. Volume197,304
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 Target
€7.00Price Target Upside2.49% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)-0.17
Revenue Forecast (FY)€626.28M
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 two complementary business lines: (1) selling electricity produced by renewable assets it owns and operates, and (2) providing services (development, EPC, and O&M) for its own projects and for third parties.
...
Voltalia Earnings Call Summary
Earnings Call Date:Sep 04, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Mar 25, 2027
Earnings Call Sentiment Neutral
The earnings call highlighted Voltalia's strategic transformation plan aimed at self-financed growth and increasing capacity, alongside maintaining a strong cash position. However, the company is facing profitability pressures with reported losses, challenges with curtailment, and negative EBITDA from service activities. Despite future objectives being set, the expectation of further losses in the second half of 2025 presents a challenging outlook.Positive Updates
Capacity and Production Growth
Voltalia reported an increase in capacity in operation and construction to 3.3 gigawatts, a 7% rise from last year, with production growing by 14% to reach 2.4 terawatt-hours.
Negative Updates
Profitability Pressure and Loss
Voltalia reported a loss of EUR 40 million for the half year, with EBITDA remaining stable at EUR 78 million. Profitability remains under pressure with significant noncurrent expenses and financial results decreasing by 7%.
Read all updates
Q2-2025 Updates
Positive
Negative
Capacity and Production Growth
Voltalia reported an increase in capacity in operation and construction to 3.3 gigawatts, a 7% rise from last year, with production growing by 14% to reach 2.4 terawatt-hours.
Read all positive updates
Company Guidance
During the call, Voltalia provided guidance for its 2025 fiscal year, outlining several key metrics and strategic initiatives. The company reported a 7% increase in capacity, totaling 3.3 gigawatts, and an 8% rise in turnover to EUR 257 million, although EBITDA remained stable at EUR 78 million, resulting in a loss of EUR 40 million. Voltalia is embarking on a 5-year strategic plan called SPRING, aiming for self-financed growth of 300 to 400 megawatts annually until 2030. The plan focuses on improving profitability, with an EBITDA target of EUR 200 million to EUR 220 million by year-end 2025. The company plans to concentrate on core geographies and technologies, such as solar, onshore wind, and storage, while exiting noncore activities. Additionally, Voltalia aims to streamline operations to achieve an EBITDA margin of 70-72% in energy sales and 9-11% in services by 2030, with a net debt-to-EBITDA ratio target of 7.5x to 8x by the same year. The company also anticipates resuming dividend payments in 2028.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 | 153.56M | 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 | -166.14M | -264.00M | -338.00M | -578.68M | -557.34M | -306.09M |
| Operating Cash Flow | 82.38M | 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 | 449.56M | 374.00M | 329.00M | 495.63M | 614.22M | 268.13M |
Voltalia Technical Analysis
Negative
6.83
Price Trends
6.74
Negative
7.09
Negative
7.09
Negative
Market Momentum
-0.30
Positive
22.35
Positive
7.80
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 6.47, above the 50-day MA of 6.74, and below the 200-day MA of 7.09, indicating a bearish trend. The MACD of -0.30 indicates Positive momentum. The RSI at 22.35 is Positive, neither overbought nor oversold. The STOCH value of 7.80 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)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | €1.12B | 8.76 | ― | 8.62% | -9.54% | -16.21% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | €36.24M | -6.15 | -6.93% | ― | -91.03% | 47.04% | |
42 Neutral | €679.38M | -5.08 | -13.52% | ― | 19.27% | -192.48% | |
41 Neutral | €95.49M | -1.87 | ― | ― | 91.61% | -74.56% |
* General Sector Average
FR:VLTSA
Voltalia
5.08
-1.10
-17.87%
FR:HDF
Hydrogene de France
2.46
-2.08
-45.81%
FR:MLCMG
CMG CleanTech SA
0.15
-0.17
-53.13%
FR:MLBSP
Blue Shark Power System SA
3.70
-0.18
-4.64%
FR:ELEC
Electricite de Strasbourg SA
159.00
17.47
12.34%
FR:LHYFE
Lhyfe SA
1.96
-1.06
-35.10%
Voltalia Corporate Events
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. ...
Voltalia lifts Q2 revenue 35% on new capacity, maintains 2026 targets
Jul 23, 2026
Voltalia reported a sharp rise in second-quarter 2026 turnover to 198.0 million euros, a 35% increase at constant exchange rates, driven by new generating capacity in South Africa and Uzbekistan and strong contributions from all business units. En...
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.