7C Solarparken AG: Reports 26% EBITDA Growth to EUR 59.6m in 2025

Bayreuth (pta026/01.04.2026/17:38 UTC+2)

7C Solarparken (WKN: A11QW6, ISIN: DE000A11QW68) generated EBITDA of EUR 59.6m in the 2025 financial year, up 26% from EUR 47.2m in 2024 and materially ahead of the EUR 51.0m guidance issued at the start of the year. Cash flow per share increased to EUR 0.59, compared with guidance of EUR 0.50 and EUR 0.44 in the prior year. Net debt declined to EUR 96.3m, significantly below the guided EUR 113.0m and down from EUR 113.9m at the end of 2024.

The outperformance against guidance was driven by four factors: above-average irradiation in the first half of the year; a capture price of EUR 160/MWh versus guided EUR 154/MWh; a sharp reduction in operating expenses following the normalisation of direct power marketing and O&M costs, which had been elevated in 2024; and materially higher other operating income. This included EUR 4.2m of compensation for outages caused by re-dispatch, EUR 1.1m of insurance and EPC contractor recoveries, and EUR 4.3m of one-off items related to the sale of the Nettgau project and the reversal of provisions and liabilities. By contrast, 2024 EBITDA had been burdened by a EUR 5.4m write-down of the receivable associated with the Reuden Süd project.

Operationally, production volumes increased by around 10% to 405 GWh, equivalent to a specific yield of 892 kWh/kWp, compared with 861 kWh/kWp in 2024. The relatively limited increase reflects curtailments driven either by commercial conditions or by grid constraints (re-dispatch). The portfolio expanded to 504 MWp during the year through a series of smaller additions and the repowering of Neuhaus Stetten. Re-dispatch curtailments rose by 38% to 26 GWh, while the number of negative-price hours reached a record 575, underlining the structural pressure on photovoltaic market prices in Germany. The PV market price averaged EUR 45/MWh for the full year.

Against this backdrop, the company's capture price of EUR 160/MWh — supported by approximately 60% of revenues from legacy fixed feed-in tariffs, swap agreements covering around 25% of capacity at an implied price of EUR 70/MWh, and more than EUR 1m of asset-backed intraday trading income in Belgium — demonstrates the resilience of the existing portfolio during the FIT period.

Net profit was affected by a non-cash impairment charge of EUR 21.2m, reflecting management's decision to lower the long-term PV market price assumption to EUR 40/MWh by 2030, in line with the Roadmap 2030 price framework, and to increase the WACC assumption. While this charge had no impact on cash generation, it resulted in a net loss attributable to the group of EUR 7.8m.

The book value of the solar and wind parks stood at EUR 335m at year-end 2025. The group's balance sheet remains solid, with an equity ratio of 44.1% and a book value per share of EUR 2.66, compared with EUR 2.69 at year-end 2024. Share buy-backs totalling EUR 10.4m fully offset the dilutive impact of the impairment charge. The promissory notes issued in 2018 and 2020 were repaid in full on 31 March 2025. Net debt of EUR 96.3m, compared with EUR 113.9m at year-end 2024, reflects strong cash generation and a limited level of new-build activity.

Outlook 2026

The market environment for 2026 remains characterised by structurally rising renewable capacity in Germany, a PV market price expected to stabilise at around EUR 45/MWh, and a forecast 665 negative-price hours, up from 575 in 2025. These are structural developments rather than temporary distortions, and management's commercial strategy remains focused on protecting cash flows through active power marketing, swap agreements and curtailment prioritisation, before batteries begin contributing from 2027 onwards.

For 2026, management provides the following guidance: revenues of EUR 66.5m, EBITDA of EUR 50.0m, and cash flow per share of EUR 0.50, with year-end net debt forecast at EUR 91.9m. The key assumptions are normal irradiation corresponding to a specific yield of 953 kWh/kWp, a PV market price of EUR 45/MWh, and initial contributions from new parks, including Reuden Süd and Burgwindheim III, becoming operational. The guidance reflects the expiry of a swap agreement covering 120 MWp that fixed the PV price at EUR 70/MWh during 2025, partly offset by a new PPA covering 100 MWp for Q2 and Q3 2026 at an average price of EUR 40/MWh, including curtailment compensation.

The 2026 EBITDA guidance of EUR 50.0m is above the EUR 47.0m assumed for 2026 in the Roadmap 2030 publication. The BESS pipeline remains on track, with eight co-location sites in permitting or at an advanced stage of grid reservation, and a targeted annual construction pace of 15 MW / 30 MWh. The first BESS deployments are planned for 2027. At the end of March 2026, the company also completed the grid connection of the 20 MWp Reuden Süd rooftop installation, securing a state-guaranteed FIT of EUR 87/MWh until mid-2043 and expected to generate at least EUR 1.5m in annual revenues.

Share buy-backs will remain an important capital allocation tool alongside investments in new PV (10 MWp per year) and BESS (at least 15 MW per year), with a target of reducing the share count to below 65 million shares by 2030.

Steven De Proost, CEO of 7C Solarparken AG, comments:

"2025 was a year of credibility. We exceeded guidance on EBITDA, cash flow per share and net debt — the three metrics that matter most to our shareholders. This was achieved in what was structurally the most challenging year ever for PV market prices in Germany: record negative-price hours, record re-dispatch curtailments and a capture ratio at historic lows. Our FIT-backed portfolio and active commercial strategy absorbed these pressures and still delivered 26% EBITDA growth. The market continues to value us like a closed-end run-off fund. We are not. We have resolved Reuden Süd, built a BESS pipeline ready for deployment, and now have the strongest balance sheet in the company's history. The discount to book is real — and we intend to close it through results."

Annual Report and Financial Statements 2025

The consolidated and individual financial statements for 2025 will be available on the company's website in the Investor Relations section from 1 April 2026. An investor call for professional investors is scheduled for 2 April 2026 at 08:30 CET.

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Emitter:	7C Solarparken AG An der Feuerwache 15 95445 Bayreuth Germany
Contact Person:	Koen Boriau
Phone:	+49 921 230557-77
E-Mail:	info@solarparken.com
Website:	www.solarparken.com
ISIN(s):	DE000A11QW68 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate BSX
Other Stock Exchanges:	London