7C Solarparken Lifts H1 EBITDA on Strong Operations Despite Lower Power Prices

7C Solarparken AG (ETR: HRPK) posted a sharp rise in first-half 2025 EBITDA to €32.8 million, up from €23.2 million a year earlier, supported by better weather and the absence of a one-off impairment related to its 20-MWp Reuden Süd project.

The company’s performance came despite record negative power prices and weaker swap and PV market values, underscoring the resilience of its portfolio. Average realized prices were maintained at €159/MWh, while cash flow per share rose to €0.33 from €0.21 in the prior-year period.

Management reaffirmed confidence in full-year results, raising its EBITDA and cash flow per share guidance to at least €51 million and €0.50, respectively, despite weaker solar irradiation in the second half and a lower expected average PV market value of €45/MWh.

As part of its Roadmap 2030, 7C Solarparken aims to expand capacity by adding 10 MWp of PV annually and 15 MW/30 MWh of battery storage, while pursuing a multi-market sales model similar to Belgium. The plan also includes annual share buybacks of €8 million. However, EBITDA is projected to gradually decline from €51 million in 2025 to €31 million by 2030 as older high-feed-in tariffs expire, even as net leverage falls to 1.2x EBITDA.

The company also booked a €14.7 million impairment on solar parks due to revised market price assumptions, reducing equity to €233.8 million. Still, its balance sheet remains solid with a 44% equity ratio and net debt cut by 11% to €101 million.

Operationally, 7C Solarparken advanced its 2025 business plan with several repowering projects, a strategic move into battery storage, continued execution of its share buyback program (80% completed), and a decision to complete the 20-MWp Reuden Süd plant. Its IPP portfolio is now approaching the 500-MWp milestone.

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