MPC Energy Solutions has published its unaudited results for the first half of 2026.
Operational Results
Three solar PV plants have been operational and contributed to the Company’s results over the past six months. The portfolio generated 49.4 GWh, a slight decrease on a like-for-like comparison to the same period last year (50.3 GWh). Corresponding proportionate revenues and earnings before interest, tax, depreciation and amortization (EBITDA) were USD 5.3 million and USD 3.8 million, respectively, a like-for-like decrease compared to H1 2025 of 2% and 6%, respectively. The like-for-like project EBITDA margin was 72% during H1 2026 compared to 75% a year ago.
Meanwhile, MPCES continued to show excellent cost and spending discipline. Mainly driven by lower headcount compared to H1 2025, overhead costs in the first quarter of 2026 were reduced by 18% year-over-year, despite non-recurring expenses incurred in connection with the Company’s divestment activities.
Free Cash
After an additional cash injection of USD 1.5 million for its project in Guatemala to meet debt service payments and ongoing site expenses and bridge the time until COD, as well a setting aside USD 2.0 million for the settlement of a legal dispute in El Salvador, MPCES ended the second quarter with a free cash position of USD 3.4 million.
Following the successful closing of divestments in Guatemala and El Salvador (Project Merlin) on 28 July 2026, the free cash of MPCES increased substantially and, as of today, amounts to USD 26.5 million. This excludes the minimum cash the Company has agreed to maintain as part of the terms of the sale for a period of 12 months (USD 2.8 million) as well as funds currently held in escrow (USD 2.2 million) and to be collected once certain post-closing milestones and purchase price adjustments have been finalized.
Year-end Projection
MPCES confirmed its year-end projection for its key parameters.
In addition, the Company indicated that it expects the free cash to increase to USD 33.0 million by the end of 2026 (excluding the planned distribution to shareholders which is currently still pending supervisory board approval and waiting periods determined by Dutch law). The projection includes further divestment proceeds, allocation and release of funds held in escrow, overhead spending, transaction fees, and taxes. The projection is based on currently available information and the completion of further transactions by year-end.
Source: MPC Energy Solutions
