GreenCell Posts Record FY2025 Results, Eyes Strong 2026
Greencells, a leading European solar engineering and operations provider headquartered in Saarbrücken, Germany, reported record financial results for fiscal year 2025, achieving revenue of €165.3 million and returning to profitability after a challenging 2024.
The company posted earnings before interest and tax of €9.6 million and net income of €6.9 million, a dramatic improvement from fiscal 2024 when it recorded an EBIT loss of €21.6 million and net loss of €17.7 million on revenue of €114.8 million. The 2025 revenue figure represents a 43.9 percent increase year over year.
Greencells exceeded all three of its 2025 financial targets, encompassing revenue, EBIT and after-tax return on sales. The company's consolidated equity improved to €7.4 million at year-end 2025, while cash and cash equivalents increased to €20.6 million.
Founded in 2009, Greencells has delivered more than 4.1 gigawatts of installed solar capacity across over 20 countries worldwide and employs over 300 professionals. The company operates as an engineering, procurement and construction contractor as well as an operations and maintenance provider for utility-scale solar power plants.
Operational Performance and Project Pipeline
Order intake for 2025 exceeded €182 million, providing visibility into continued business momentum. The company had over 700 megawatts peak of solar projects under construction and maintained an operations and maintenance portfolio above 1 gigawatt.
Greencells manages project execution through a regional hub in Cluj-Napoca, Romania, which ensures construction quality through in-house installation teams and project managers. This operational infrastructure supports the company's ability to deliver large-scale project volumes across European markets.
The improved balance sheet position follows the company's early redemption of its Green Bond on July 29, 2024. Greencells had initially issued the bond in November 2020 with a volume of up to €25 million, later extending it to €50 million in November 2021.
Market Context and Strategic Positioning
The strong 2025 results stand in contrast to the company's 2024 performance, which saw losses despite the profitable fiscal 2023 when Greencells achieved revenue of €209.7 million with EBIT of €8.3 million and net profit of €3.4 million. The 2024 downturn appears to have been an anomalous year in the company's financial trajectory.
Greencells' recovery comes as the European solar market faces a period of adjustment. Industry forecasts indicate the market will experience slight contraction in 2026 and 2027 before growth resumes, with the sector shifting focus from rapid volume expansion to higher-quality, efficiency-driven development and integration with energy storage systems.
Despite near-term market headwinds, BloombergNEF forecasts 93 gigawatts of solar capacity additions between 2026 and 2036 in Central and Southeast European markets, with Poland, Romania and Bulgaria leading growth, driven by a surge in power sector investment across the region.
Outlook and Energy Storage Expansion
For fiscal 2026, Greencells forecasts EBIT in the range of €8.75 million to €9.25 million, indicating expectations for sustained profitability albeit at slightly lower levels than the record 2025 performance.
The company is expanding beyond its traditional solar engineering business into battery energy storage systems. In June 2026, Greencells formed a strategic alliance with Desay ESS, a Chinese battery manufacturer and subsidiary of Desay Battery, to deliver turnkey utility-scale battery energy storage projects across Europe.
Under the partnership, Desay ESS will provide liquid-cooled battery systems integrating proprietary cell production, power electronics and energy management software, while Greencells contributes its EPC expertise. Desay ESS is recognized by BloombergNEF as a tier-1 energy storage manufacturer and brings vertically integrated manufacturing capabilities to the collaboration.
The energy storage partnership positions Greencells to capitalize on the European market's transition toward integrating batteries with solar installations, addressing the industry's evolution toward combined renewable energy and storage solutions.
