1H26 Results – Curtailment compensation positive offset by weak resources & availability

研报英文原文证据摘录

1H26 Results – Curtailment compensation positive offset by weak resources & availability

Update

July 23, 2026 05:28 PM GMT

Morgan Stanley Europe S.E., Paris Branch+MVoltalia SA | Europe Arthur Sitbon, CFA

Equity Analyst

1H26 Results – Curtailment Arthur.Sitbon@morganstanley.comMorgan Stanley & Co. International plc+ +33 1 42 90 71-03

Marina Fuentes Juan

Research Associatecompensation positive offset by Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

Robert Pulleyn

Equity Analyst and Commodity Strategistweak resources & availability

Robert.Pulleyn@morganstanley.com +44 20 7425-4388

Sarah E Lester, CFA

AlphaSignals Earnings Reaction Equity Analyst

Sarah.Lester@morganstanley.com +44 20 7425-0551

Unchanged In-line Largely unchanged Arthur Descazeaud

Impact to our thesis Financial results versus consensus Direction of next 12-month Research Associate

consensus EPS Arthur.Descazeaud1@morganstanley.com +44 20 7677-1282

Source: Company data, Morgan Stanley Research

Voltalia SA (VLTSA.PA, VLTSA FP)

Utilities | France

Key Takeaways

Stock Rating Underweight

We expect a neutral reaction from Voltalia shares following the group's 1H26 Industry View Attractive

Price target €7.00

results. Shr price, close (Jul 23, 2026) €6.56

52-Week Range €8.72-5.89

The group has been able to recognise a positive €29mn EBITDA impact from past Mkt cap, curr (mn) €861

curtailment compensation, which is slightly higher than initially anticipated. Net debt (12/26e) (mn)* €2,117

EV, curr (mn)* €3,145

But despite this and stronger BRL than at the start of the year, the group is not * = GAAP or approximated based on GAAP

raising its 2026 EBITDA guidance.

This seems to be due to weak wind resources and lower availability for longer at

the Cacao power plant impacting the business.