New Greening presents its 9M 2026 Trading Update results, with €201 million in revenue and €19 million in EBITDA.

NEW GREENING REACHES €201M IN REVENUE AND €19M IN EBITDA THROUGH SEPTEMBER, MARKING THREE CONSECUTIVE QUARTERS OF GROWTH.

  • Aggregate revenue reached €201M in the January to September period, a 75% increase compared with €115M in the same period of the previous year, mainly driven by an improvement in existing businesses and the incorporation of new complementary businesses.
  • Aggregate EBITDA for the nine-month period amounted to €19M, with a 10% margin on revenue, driven by efforts to achieve synergies in overhead and general service costs, as well as higher execution volumes.
  • New Greening has completed four integrations during the year and has launched a comprehensive restructuring of the group to unlock efficiencies and fully provision those businesses that are not profitable.
  • The company has launched an Efficiency and Competitiveness Plan that represents savings of €15M in 2026 and anticipates additional improvements in the coming quarters.
  • Energy Solar Tech, a company integrated in July, contributes €36M in revenue and €5M in EBITDA in the first nine months of the year.
  • The Greening Group held its Extraordinary General Shareholders’ Meeting last Friday, with the appointment of four new directors who strengthen the independence of the Board of Directors and mark a new phase for the company.
  • New Greening expects to end 2026 with aggregate revenue of between €275M and €300M and EBITDA of between €22M and €25M.

Madrid, November 1, 2026.

New Greening today published its semiannual financial results, as well as an update on its results from January to September 2026. During the period through September, the company reached aggregate revenue of €201M, 75% more than in the same period of the previous year. Aggregate EBITDA stood at €19M in the first nine months of 2026, with a 10% margin.

Trading Update 9M2026: Growth with improved profitability

The revenue reported during the period was generated through the aggregation of the businesses that the company incorporated throughout the period. Of this amount, €132M corresponds to the Greening business, €36M to Energy Solar Tech, and €34M to Lidera, the integrated energy supply business.

EBITDA improved across all of the group’s key geographies, with particular relevance in the United States, and in the services and equipment sector for consumers and data centers. The EBITDA margin reached 10% in the first nine months of the year.

Pablo Otín, CEO of New Greening, added: “The improvement across the businesses is widespread and, moreover, is taking place across all of our key geographies. The businesses are performing: from energy supply through Lidera, to services through GreenSol, to Energy Solar Tech’s recurring outsourcing and substation business, they are laying the foundations for a new phase of growth. To this, we must add a more efficient structure and financial discipline. 2026 marks a turning point. We are starting a new cycle.”

Efficiency and financial discipline

New Greening has launched an efficiency plan that reaches all levels of the organization. The Efficiency and Competitiveness Plan is expected to reduce costs by up to €30M during the 2025–2027 period, of which €15M corresponds to 2026. The plan is structured around two areas: organizational simplification and optimization of operating costs. Through September, structural costs have been reduced by 47% and operating costs by 54%.

At the same time, the company is divesting from non-strategic markets and concentrating its resources on the most profitable projects. These corporate moves include the closure of operations in France and Morocco, divestments in Germany, and the sale of non-strategic business units. In addition, the corporate structure has been reviewed to eliminate duplication across teams, and general and external service expenses have been reduced.

The company has also made significant efforts and progress toward reducing its debt. The company has submitted a debt restructuring proposal to financial institutions. This process includes 14 institutions and is at a very advanced stage of negotiations. The objective is to reach an agreement in the fourth quarter of the year that extends maturity periods, reduces the cost of debt, and strengthens the group’s financial flexibility. At the end of September 2026, the group’s net debt stood at €145 million. The future sale of the assets in Mexico will have a direct and very significant effect on reducing net debt.

The foundations of a new phase

In 2026, New Greening completed four strategic additions in energy generation and supply, premium engineering and construction services, storage, and new technologies adapted to the energy sector.

EiDF will complete its comprehensive reorganization during the fourth quarter of 2026 in order to adapt its structure to its new business profile. As a precautionary measure, 100% of the potential impact of the transaction has been provisioned. EiDF’s activity will focus on cash-generating businesses, and its General Shareholders’ Meeting will renew its governing bodies in the near future.

Nagini is being incorporated into the Lidera energy supply perimeter and will contribute more than 800 GWh of energy supplied and 30,000 corporate customers. It is estimated to generate more than €100M in revenue in 2026 and €7M in EBITDA. Lidera, in addition to energy supply, has demand management, storage systems or industrial hybridization, and self-consumption solutions as its main growth areas, with the goal of becoming a comprehensive energy management platform.

Regarding Energy Solar Tech, the company has a base of operational assets that generate annualized revenue and operates in the data center and electrical substation businesses. In the first nine months of 2026, the company contributed €36M in revenue and €5M in EBITDA to the Group. Greening completed the integration of Energy Solar Tech in July 2026 with an acceptance rate of more than 92%.

The operating assets of the Group’s companies total 128 MW across wind, photovoltaic, and self-consumption, ensuring recurring cash flows for the Group and supplying part of Lidera’s energy supply needs.

Outlook for the end of 2026

New Greening estimates that it will end 2026 with aggregate revenue levels ranging between €275M and €300M and EBITDA between €22M and €25M.

In addition, leverage ratios are expected to remain below 6x for 2026 net financial debt vs. EBITDA and below 4x for 2026 non-recourse corporate debt vs. EBITDA.

Invitation: Trading Update 9M 2026 webcast

New Greening will hold a webcast on November 3, 2026, at 10:00 a.m. (CET), to present the trading update for the first nine months of 2026.

Registration: registration link

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Lucía Lampón - GD DIRECTOR SPAIN

An Industrial Engineer specialized in energy, sustainability, and operations management, she brings more than 15 years of experience in the energy and renewable energy sectors. Throughout her career, she has held leadership positions across technical, production, and operational areas, leading multidisciplinary teams and managing power generation projects for leading companies in the industry. Her expertise spans project development, technical management, process optimization, and comprehensive operations management, combining a strong technical background with a strategic vision focused on efficiency and operational excellence. Currently, as Head of Distributed Generation Spain at Greening, she drives the growth and consolidation of the company’s distributed generation business, contributing to the development of sustainable energy solutions and strengthening Greening’s position in the market.

Arianna Tinaburri – CLO ITALY (Chief Legal Officer Italy)

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Alejandro Ruiz – COUNTRY MANAGER ITALY

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Christof Glasmacher – Key Account Manager

In dieser Rolle verantwortet er die strategische Betreuung und Weiterentwicklung von Schlüsselkundenbeziehungen. Mit einem klaren Fokus auf nachhaltige Lösungen und partnerschaftliche Zusammenarbeit entwickelt er individuelle Konzepte, die sowohl ökologische als auch wirtschaftliche Mehrwerte schaffen.

Seit über 30 Jahren ist er im Vertrieb erklärungsbedürftiger technischer Produkte tätig und bringt umfassende Erfahrung in der Kundenbetreuung und Projektentwicklung mit.

Durch seine ausgeprägte Kundenorientierung, Marktkenntnis und Kommunikationsstärke trägt er maßgeblich zum Wachstum und zur Positionierung der Greening GmbH als innovativen Anbieter im Bereich nachhaltiger Technologien bei.

Sein Fokus liegt auf nachhaltigen Energielösungen und der partnerschaftlichen Zusammenarbeit mit Kunden und Ingenieuren.

Josu Egea – Country Manager Germany

Geschäftsführer mit über 20 Jahren Erfahrung in der Leitung technischer und multidisziplinärer Teams in anspruchsvollen internationalen Umgebungen.

Josu verfügt über umfassende Erfahrung in den Bereichen erneuerbare Energien, Photovoltaik und Energiespeichersysteme (BESS), mit einem klaren Fokus auf Innovation, operative Effizienz und nachhaltiges Wachstum. Experte für Verhandlungsführung, kaufmännisches Management, industrielle Abläufe und internationale Geschäftsentwicklung.

Josu hat eine fundierte technische Ausbildung als Industrieingenieur, ergänzt durch einen MBA, wodurch er seine strategischen Visionen mit der operativen Umsetzung optimal verbinden kann.

Pilar Monzón Rubio – Head of Development – Investments

Pilar Monzón leitet den Bereich Projektentwicklung für Erneuerbare Energien bei der Greening Group in Deutschland, mit Sitz in der Zentrale in Düsseldorf. Sie ist verantwortlich für die Expansionsstrategie von Investments auf dem deutschen Markt und koordiniert alle Phasen der Projektentwicklung – von der Identifikation von Chancen bis hin zur Strukturierung und Umsetzung.

Mit über einem Jahrzehnt Erfahrung im Bereich Erneuerbare Energien, Ingenieurwesen und Unternehmensentwicklung in Deutschland bringt Pilar eine strategische Sichtweise, eine hohe Umsetzungskompetenz und eine klare Ergebnisorientierung mit. Ihr Führungsstil basiert auf sorgfältiger Analyse, der Zusammenarbeit mit interdisziplinären Teams und einem starken Engagement für Nachhaltigkeit als Wachstumsmotor.

Sie ist Architektin und besitzt einen Master in Energiemanagement und Internationalisierung von Projekten, eine Ausbildung, die ihren technischen Fokus stärkt und ihr eine globale Sichtweise verleiht, die an anspruchsvolle regulatorische Rahmenbedingungen angepasst ist.

Hartmut Bergs – Head of Operations Germany

Hartmut Bergs ist ein erfahrener Bau- und Projektmanager mit über 20 Jahren internationaler Expertise in erneuerbaren Energien, Industrie- und Großbauprojekten. 

Seit Dezember 2023 leitet er als Head of Operations bei der Greening Group operative Abläufe und Projektumsetzungen. 

Zuvor verantwortete er bei EnviTec Biogas AG, ENERCON und weltweit Bau, Installation und Inbetriebnahme komplexer Anlagen im Bereich Biogas und Windenergie. Seine Karriere begann er als Bauleiter im Industrie- und Photovoltaikdachbau bei Pohlen Bedachungen/ Solar sowie als Bauleiter in der Petrochemie.
Absolvent der Rheinischen Fachschule Köln als staatlich geprüfter Techniker für Hochbau und Fachkraft für Arbeitssicherheit, verfügt er über ausgeprägte Führungsqualitäten in der Leitung großer, multinationaler Baustellenteams. Mit technischer Präzision, Organisationsstärke und einem hohen Sicherheitsbewusstsein sorgt er für den reibungslosen Ablauf und die erfolgreiche Umsetzung komplexer Projekte im internationalen Umfeld.

Antonio Nievas – COO Solutions

Master Civil Engineer with an MBA and C-Suite executive education from IESE, with additional specializations in corporate sustainability and renewable energy investment and financing. He has over 25 years of senior management experience in both large-scale civil infrastructure and energy sectors.

He has led complex projects and strategic initiatives in national and international markets, including Ireland, United Kingdom, and, for the past 12 years, United States. His profile combines strong technical expertise with strategic vision, contributing to innovation and operational excellence. 

Tobias Deissler - Head of Business Development USA

Originally from Germany, Tobias is the Chief Commercial Officer (CCO) of Greening  and has over 16 years of experience in the renewable energy sector. He joined Greening Ingeniería in 2019 as Managing Director, leading the company’s international expansion since then. Tobias holds a degree in Civil Engineering and a master’s in international economics. He began his professional career in Germany, where he gained experience in Procurement and Logistics at companies such as Berner Group and Riese & Müller. Throughout his career, he has held international leadership positions, including Chief Operating Officer (COO) of the Assyce Group in Spain and Managing Director of its Asian division.

Adrian Ortega – Development Director USA

Development Director at Greening USA, where he leads the full-cycle development of large-scale energy projects. With a degree in Industrial Engineering from the Polytechnic University of Madrid and an MBA from the Granada Chamber of Commerce, Adrian brings strong technical and strategic insight to the company. Since joining Greening in 2019, he has developed solar projects across Spain, Mexico, and the United States. His expertise includes resource assessment, technical and economic feasibility analysis, and the design, optimization, and management of energy recovery facilities.

Claudia Pastor – Finance Director USA

Finance Director for Greening USA, overseeing financial operations and tax planning across North America. With over 12 years of experience in international finance and strategic planning, including the last 7 years dedicated to the solar photovoltaic industry, she brings deep sector knowledge and a global perspective to the team. Her role is pivotal in ensuring full regulatory compliance while driving the company’s long-term financial sustainability and growth in the region. Claudia’s leadership strengthens Greening’s position as a reliable and future-ready partner in the U.S. renewable energy market.

Florencia Ortiz – Head of Legal USA

Head of Legal at Greening USA, where she leads all legal, commercial, and regulatory matters for the region. With extensive experience advising multinational companies in the renewable energy and infrastructure sectors, she serves as both in-house and external counsel on complex transactions and regulatory compliance across the U.S., Brazil, and Argentina. Her legal expertise and strategic counsel play a key role in ensuring the success and integrity of Greening’s operations in dynamic and highly regulated markets.

Alejandro Ruiz – Director of Greening Europe

A Civil Engineer with an Executive MBA from Luiss Business School, he has built a strong international career in the renewable energy sector and infrastructure project management. With more than a decade of experience in business development and operational leadership, he successfully led Greening’s expansion in Italy and currently oversees the company’s European operations as European Director. Specialized in corporate strategy, business development, project execution, and organizational transformation, he combines a global perspective with deep local market expertise to drive sustainable growth, coordinate multidisciplinary teams, and create long-term value across international markets.

Pablo Otín – CEO (Chief Executive Officer)

CEO of Greening since 2026, where he leads the Group’s global strategy and oversees the execution of its renewable energy businesses. He brings more than 20 years of experience in the energy sector, with a strong track record in the development, financing, and management of utility-scale solar photovoltaic and battery energy storage system (BESS) projects. Throughout his career, he has held executive positions at leading international companies such as Grenergy, Powertis, Gestamp Solar, and Gamesa, participating in large-scale energy projects and leading international teams across multiple markets. He specializes in greenfield project development, structured finance, mergers and acquisitions (M&A), power purchase agreements (PPAs), asset management, and cost optimization, playing a key role in driving the growth and international expansion of renewable energy companies.

Sergio Prado - Director of Greening North America

General Manager of Greening USA, responsible for executing the company’s strategic vision and expansion across the North American market. With a background in chemical engineering and a Master’s in Sustainable Energy Systems from the University of Edinburgh, he brings a strong technical foundation and industry insight. Throughout his career, Sergio has held leadership roles in various companies specialized in photovoltaic energy, building a track record of successful growth and market entry strategies. His combined experience in engineering, sales, and management makes him a key driver of Greening’s growth in the United States.

Felipe García - CFO (Chief Financial Officer)

Chief Financial Officer (CFO) of Greening since 2026, where he leads the Group’s financial strategy and supports the execution of its growth plan and long-term value creation for shareholders. He brings extensive international experience in finance roles across the energy and consulting sectors. Before joining Greening, he held several senior leadership positions at Siemens Gamesa, including Managing Director Finance and Finance Head EMEA, overseeing financial operations in complex multinational environments. Prior to that, he spent more than eight years at EY, specializing in due diligence processes and financial structuring for major transactions involving private equity funds, financial institutions, and industrial companies.

Isidro Ramírez - CHRO (Chief Human Resources Officer)

He holds a degree in Business Administration and has developed his career in highly dynamic environments, ranging from the retail sector to the technology and financial industries, including Spain’s first credit rating agency. He is a specialist in talent development, innovative people management, and organizational transformation, with extensive experience in M&A processes and company integrations. With over 25 years of experience leading complex projects and international strategies, he combines strong technical expertise with broad executive experience, enabling him to drive innovation and operational excellence in any organization.

Raquel Lacilla - CLO (Chief Legal Officer)

She holds a dual degree in Law and Business Administration from the University of Zaragoza, with additional studies at the University of Bologna, and is a member of the Madrid Bar Association (ICAM). She has over 15 years of experience in corporate legal advisory, particularly in the renewable energy and infrastructure sectors. She currently serves as Global Legal & Compliance Director at Greening Group, and as Non-Director Secretary of the Board of Directors and its delegated Audit and Appointments & Remuneration Committees. She has held key positions at ENGIE Spain and SICE (part of the ACS Group, now under Vinci Group), and has practiced as a corporate lawyer and external advisor to companies in law firms in Spain and Ireland, specializing in corporate, contractual, and financial matters.

María Dolores Cuadrado - GMD Assistent

Titulada en Secretariado de Dirección Bilingüe y Licenciada en Ciencias Políticas y Sociología posee una larga trayectoria desarrollando el rol de Asistente de Dirección en empresas multinacionales como ITM Ibérica, apoyando a la alta dirección en la organización, planificación y gestión de tareas clave. Esta experiencia le ha permitido adquirir una gran capacidad de organización, comunicación efectiva y un enfoque resolutivo en entornos exigentes. Además, cuenta también con amplia experiencia profesional en el area comercial y de atención al cliente, trabajando en diferentes sectores y liderando equipos orientados a resultados.

D. Ignacio Salcedo Ruiz - Executive Chairman

Co-founder and Executive Chairman of Greening. Since founding the group in 2011, he has led its growth into an integrated energy platform with an international presence across Europe, the Americas, and Africa. Holding a degree in Civil Engineering from the University of Granada and an Executive MBA from EOI Business School, he has built a strong track record in the development, engineering, and execution of energy projects. Under his leadership, Greening has established a vertically integrated business model spanning power generation, engineering, energy retail, and technology-driven solutions for the energy transition. As Executive Chairman, he currently oversees the group’s corporate strategy and business development, driving its international expansion and new growth initiatives within the renewable energy sector.