리뉴(RNW) 2027회계연도 2분기 실적 발표 컨퍼런스 콜: EBITDA 가이던스 상향

리뉴(NASDAQ: RNW)는 2027회계연도 2분기 실적 발표에서 이익 증가를 기록하고 가동 중인 재생에너지 포트폴리오를 확장했으며, 2027회계연도 조정 EBITDA 가이던스 하단을 상향 조정했다고 밝혔다. 해당 분기는 2026년 9월 30일로 종료된 기간이다.

핵심 요약

• 2027회계연도 2분기 조정 EBITDA는 제3자 위탁 제조 판매액 41억 INR를 포함해 전년 동기 대비 28% 증가한 336억 INR를 기록했다.
• 경영진은 2분기 순이익이 전년 동기 대비 37.3% 증가한 64억 INR를 기록했다고 발표했다. 상반기 순이익은 26.2% 증가한 124억 INR를 기록했다.
• 리뉴의 가동 포트폴리오는 400MW 규모의 자산 매각을 반영한 후 전년 동기 대비 23% 증가한 13.8GW에 달했다. 회사는 9월 말까지 2027회계연도 동안 1.3GW 이상을 새로 가동했다.
• 회사는 2027회계연도 조정 EBITDA 가이던스 하단을 상향 조정했다. 새로운 가이던스 범위는 기존 1,030억~1,090억 INR에서 1,050억~1,090억 INR로 조정되었다.
• 제조업 부문은 주요 실적 견인차 역할을 유지했다. 외부 제조 판매로 인한 2분기 조정 EBITDA는 41억 INR였으며 마진은 약 33%였다.
• 경영진에 따르면 태양광 출력 제어로 인해 실적이 2분기 중 약 900만~1,000만 달러, 상반기 중 1,800만~1,900만 달러 감소했다.

주요 재무 데이터

2027회계연도 상반기 조정 EBITDA는 전년 동기 대비 약 20% 증가한 약 640억 INR를 기록했다. 순이익은 26.2% 증가한 124억 INR를 기록했다.

사업 및 운영 실적

리뉴의 총 확정 포트폴리오는 1.7GW 규모의 배터리 에너지 저장 시스템(BESS)을 포함해 20.5GW를 기록했다. 아직 전력 구매 계약(PPA)으로 전환되지 않은 의향서(LOI)를 포함한 전체 파이프라인은 약 27GW였다.

가동 용량은 총 13.8GW로, 풍력 5.7GW, 태양광 7.9GW, 수력 99MW, 배터리 저장 장치 100MW/250MWh로 구성됐다. 회사는 2분기 중 628MW를 신규 가동했으며, 회계연도 개시 후 9월까지 1.3GW 이상을 가동 개시했다.

상업 및 공업용(C&I) 포트폴리오는 인도 5개 주에 걸쳐 2.9GW에 달했으며, 이 중 2.6GW가 가동 중이다. 아마존, 마이크로소프트, 구글이 계약된 C&I 오프테이크 물량의 약 절반을 차지했다.

제조업 부문은 이번 분기 동안 셀 528MW 및 모듈 890MW를 생산했다. 외부 수주 잔고는 약 3.3GW였다. 리뉴는 4GW 규모의 TOPCon 셀 증설이 마무리 단계에 있으며 2027년 1월까지 첫 셀 생산을 예상한다고 밝혔다. 잉곳·웨이퍼 시설의 상업 운전은 내부 유보금과 외부 자금 조달을 통해 2028년 상반기 중 시작될 것으로 예상된다.

자본 재활용도 계속되었다. 1GW 이상의 자산 및 3E의 경영권 지분 매각 거래를 통해 약 2억 7,400만 달러의 현금 흐름이 창출될 것으로 예상된다. 이미 완료된 100MW 태양광 자산 매각을 포함해 경영진은 해당 거래들로 약 3억 달러가 유입될 것으로 예상된다고 밝혔다.

경영진 가이던스

리뉴는 2027회계연도 연결 조정 EBITDA 가이던스를 기존 1,030억~1,090억 INR에서 1,050억~1,090억 INR로 상향 조정했다. 수정된 범위에는 다음 항목이 포함된다:

• 제조업 부문 120억~140억 INR(기존 100억~120억 INR에서 상향).
• 자산 매각 이익 10억~20억 INR.

회사는 2027회계연도 동안 1.6GW~2.4GW 규모의 신규 건설을 지속할 것으로 예상하고 있다.

전체 20.5GW 확정 포트폴리오에 대해 경영진은 런레이트 기준 조정 EBITDA 1,340억~1,400억 INR, 주주 현금흐름 320억~360억 INR 예상을 유지했다. 이 추정치는 평년 수준의 기상을 가정하고 제조업 기여를 제외하며 확정 매각 계약이 체결된 1GW 규모의 프로젝트를 포함한다.

리스크 및 주시할 항목

태양광 출력 제어는 특히 최근 가동된 프로젝트를 중심으로 주요 운영상 장애 요인으로 남았다. 경영진은 이에 따른 영향을 2분기 약 900만~1,000만 달러, 상반기 1,800만~1,900만 달러로 산정하면서도 그 영향이 둔화되고 있다고 덧붙였다.

몬순 우기는 평년보다 약했으나 경영진은 풍력 발전 이용률이 전년 동기 대비 크게 개선되었다고 밝혔다.

시장에 추가 셀 설비가 진입함에 따라 하반기 제조업 마진은 완화될 것으로 예상된다. 모듈 마진은 이미 크게 감소한 반면, 셀 마진은 상반기 동안 상대적으로 견조한 수준을 유지했다.

리뉴는 약 17억 달러 규모의 만기 도래 채무를 안고 있다. 경영진은 이 중 약 12억 5,000만 달러에 대해 차환 가능성을 확보했거나 확약을 받은 상태이며, 나머지 금액은 2027년 중반 만기에 맞춰 리파이낸싱(차환)할 것으로 예상된다고 밝혔다.

제안된 상장폐지 거래는 주주 승인, 규제 당국의 승인 및 기타 조건의 충족 여부에 따라 결정된다. 비컨소시엄 주주는 주당 7.00달러의 현금을 받거나 특정 조건에 따라 롤오버 계약을 통해 주식을 유지할 수 있다. 리뉴는 모든 조건이 충족될 경우 2027년 1분기에 이 계획이 효력을 발휘할 것으로 예상하고 있다.

애널리스트 Q&A 주요 내용

경영진은 태양광 출력 제어가 최근 가동된 특정 프로젝트에 집중되어 있으며 구제 방안과 관련해 인도 정부와 논의가 진행 중이라고 밝혔다.

리파이낸싱과 관련해 회사는 만기 도래액 약 17억 달러 중 약 12억 5,000만 달러에 대해 확약 또는 명확한 자금 조달 가능성이 이미 확보되었다고 설명했다.

인도 태양광 제조업과 관련해 경영진은 셀 마진의 지속적인 강세를 강조하면서도 업계 설비가 확장됨에 따라 마진이 완화될 것으로 예상했다. 회사는 이러한 제조업 실적이 2027회계연도 EBITDA 가이던스 상향을 뒷받침했다고 덧붙였다.

실적 발표 전화회의 전체 대화록

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Thank you for standing by, and welcome to ReNew's 2Q FY '27 Earnings Report. [Operator Instructions]

I would now like to hand the conference over to Anunay Shahi. Please go ahead.

Anunay Shahi

Thank you. Good morning, everyone, and thank you for joining us. We have put out a press release announcing results for the second quarter of fiscal 2027, for the period ended September 30, 2026. A copy of the press release and the earnings presentation are available in the Investor Relations section of ReNew's website at www.renew.com.

With me today are Sumant Sinha, our Founder, Chairman and CEO; Kailash Vaswani, CFO; and Vaishali Sinha, Co-Founder and Chairperson, Sustainability. After the prepared remarks, we will open the call up for questions.

Please note that our safe harbor statements are contained within our press release, presentation materials and materials available on our website. These statements are important and [indiscernible] to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. So we encourage you to review the press release and the presentation on our website for a more complete description.

Also contained in our press release, presentation materials and our annual report are certain non-IFRS measures that we reconcile to the most comparable IFRS measures, and these reconciliations are also available on our website in the press release, presentation materials and our annual report.

With that, it's now my pleasure to hand it over to our Founder, Chairman and CEO, Sumant Sinha. Sumant, over to you.

Sumant Sinha

Yes. Thank you, Anunay. Good morning, good afternoon and good evening, everybody. I'm glad to have you all on our earnings call for the second quarter and the first half of fiscal year 2027.

The first half of this fiscal has been one of the strongest in our history. We have continued to deliver on our promise of profitable growth with strong growth in EBITDA and profit after tax, our lowest-ever receivable days, continued success in project execution and an improving leverage profile. As we had expected at the start of the year, power demand has also come back strongly, and this continues to support the long-term growth of renewable energy in India.

Turning to the highlights for the quarter on Page 6. Our operating portfolio now stands at 13.8 gigawatts, which is a 23% increase year-on-year after adjusting for the 400 megawatts of assets that we sold during the last 12 months. We have commissioned over 1.3 gigawatts so far in fiscal 2027, including 628 megawatts in the second quarter and about 2.7 gigawatts over the trailing 12 months. We have consistently delivered on our project execution over the past few years and expect the momentum to continue. Our committed portfolio is currently 20.5 gigawatts, including 1.7 gigawatts of BESS and our total pipeline is approximately 27 gigawatts, including LOIs, which have not yet been converted into PPAs. This is 2.7x the size of our portfolio at the time of listing about 5 years ago.

Coming to our financial performance. We continue to deliver profitable growth consistently on a year-on-year basis. In Q2 of fiscal 2027, we delivered adjusted EBITDA of INR 33.6 billion, including INR 4.1 billion from third-party sales from our manufacturing business. This is up 28% year-on-year. Our profit after tax was INR 6.4 billion, up 37.3% year-on-year. For the first half of fiscal 2027 adjusted EBITDA was approximately INR 64 billion, up almost 20% year-on-year, and profit after tax of INR 12.4 billion, up 26.2%. We also generated approximately INR 10.2 billion of cash flow to equity in the second quarter and more than INR 23 billion in the first half of fiscal 2027.

We have also benefited from stronger wind PLS in Q2 of fiscal 2027 compared to last year. However, on the solar side, we have continued to see some impact of rig-related curtailment. Our IPP DSO is now at 63 days, our lowest ever despite the seasonality we usually see in this high wind quarter. Our credit and leverage profile also continues to improve. Moody's has revised our outlook to Ba2 with a positive outlook from Ba2 with a negative outlook. And CARE has similarly revised our rating outlook from A to A positive.

Our manufacturing business continues to be profitable and our 4 gigawatt cell expansion is now in advanced stages with commercial operations expected to begin in the fourth quarter of this fiscal. Work is also underway on our 6.5 gigawatt [indiscernible] wafer facility, which we announced following the introduction of the ALMM-3 for wafers and which we will fund through a mix of internal accruals and external foundries.

Capital recycling also continues its momentum. In June, we closed the sale of a 100-megawatt solar asset in Tamil Nadu. In August, we signed definitive documents for the sale of over 1 gigawatt of assets, which is expected to generate around USD 190 million of cash flow. And in October of this year, we signed definitive documents for the sale of our controlling shareholding in 3E, a European renewable energy asset performance management and analytics platform, which is expected to generate another USD 84 million. Together, these transactions are expected to bring in approximately USD 300 million and once again demonstrates the quality of our assets and our ability to find buyers at attractive valuations.

On the back of this strong performance, particularly from our manufacturing business, we are raising the lower end of our fiscal 2027 adjusted EBITDA guidance from INR 103 billion to INR 105 billion. The updated guidance is now INR 105 billion to INR 109 billion.

Let me now hand over to Kailash to take us through the next 2 pages. Kailash, over to you.

Kailash Vaswani

Thank you, Sumant. Turning to Page 7, an update on the take private process. As you will recall, on August 2026, the new signed a transaction agreement with the consortium comprising of CPP investments in Sumant. The acquisition will be effected through a U.K. scheme of arrangement, which is subject to award by the non-consortium shareholders. The special committee comprising of independent directors receive Rothschild's opinion that the cash offer is fair from a financial point of view to the holders of cash out shares. The committee considers the cash offer and the transaction agreement fair and reasonable and intend to unanimously recommend the shareholder vote in favor of the scheme.

JERA and Platinum Cactus A 2019, an affiliate of [indiscernible] to approximately hold 51.1% of the voting power of the shares subject to the scheme have is [indiscernible] undertaken to vote in favor of it. Under the scheme, non-consortium shareholders may receive USD 7.00 per share in cash. Alternatively, subject to certain conditions as will be laid out in the scheme document, they may like to keep their shares and remain shareholders through a rollover arrangement. On October 28, 2026, the ReNew and consortium signed a side letter, [indiscernible] the lever provisions for certain replacement awards under the new incentive plan. Otherwise, the transaction agreement is unchanged.

We continue to work towards the required regulatory approvals. The schedule 13E-3 transaction statement, including the preliminary scheme document has been filed with the SEC, and it was amended on October 28, 2026, subject to all conditions being satisfied, including regulatory approvals, we expect this scheme to become effective in the first quarter of calendar year 2027.

Turning to industry backdrop, Slide 13. Renewables continues to lead capacity addition in India. They made up of more than 85% of all power capacity added in the first half of fiscal '27, in line with recent trends. About 25 gigawatts of renewable energy capacity was added in the first half, including 21 gigawatts of solar, 3 gigawatt of wind and 0.7 gigawatts of hydro. As of September 30, 2026, installed renewal energy capacity, including large hydro stood at 299 gigawatt, that includes 171 gigawatt of solar and 59 gigawatts of wind capacity.

On the demand side, as we have said at the start of the year, we expect power demand to rise in fiscal 2027, helped by El Nino and a favorable pace here. Demand has been higher than last year and every month so far. Demand for the first half of fiscal '27 was up almost 10% year-on-year. Demand in October '26 compared to October '25 was up by 21%. Peak demand has already reached around 271 gigawatt in fiscal 27, which is a new high.

Supply is struggling to keep up, especially outside solar hours. On September 9, 2026, the peak demand deficit reached around 8 gigawatt and the evening deficit average 2.5 gigawatt during September. Again, in October, peak demand is up 24% year-on-year. All of this has also been reflected in rising exchange prices. This shows how important round-the-clock and storage back renewal energy capacity has become. We believe our growing BESS and RTC FDR projects puts us in a strong position to meet this need.

Turning to project execution on Slide 14. Our delivery remains derisked and on track for our annual guidance. Our operating portfolio stands at 13.8 gigawatts, including 100-megawatt or 250-megawatt hour of BESS, up 19% year-on-year, net of the 400 megawatts sold and up 23% adjusting for asset sales. In fiscal 2027 to date, we have commissioned 1.3 gigawatt comprising of 1.2 gigawatt of solar and 132-megawatt of wind capacity.

Looking ahead for solar, around 200-megawatt has been erected and is in advanced stages of commissioning. The majority of modules for the rest of the 327 execution are already at site, and the balance is secured to in-house production. For BESS 100% of pricing is locked in at attractive rates, and we are on track for this year's execution. For wind, around 300-megawatt has been erected and is in advanced stages of commissioning. And 100% of the wind turbine for the year are locked in within budgeted levels. Land is largely tied up or acquired for the next 12 months. Importantly, more than 75% of our 2.5 gigawatt committed capacity is with customers rated A+ or above. And this will continue to become higher with incremental growth largely coming from central or high-quality C&I offtakers.

Turning to our C&I business on Slide 15. We continue to have one of the largest C&I portfolios in India at 2.9 gigawatt across 5 states, of which 2.6 gigawatt is commissioned, including 330 megawatts that we commissioned so far this year. Our share of big tech and hyperscaler customers keeps increasing with Amazon, Microsoft and Google collectively accounting for about half of our contracted offtake in our C&I business. With around 10.7 gigawatt of data center capacity expected in India by 2031, representing a $20 billion market opportunity and 75 terawatt hour of power demand we believe we are well placed to participate in supplying energy to data centers.

Turning to our manufacturing business on Slide 16. Our manufacturing business continued its profitable run in this quarter as well. In Q2 of FY '27, revenue from external sales of modules and sales was around INR 12 billion and adjusted EBITDA from external sales was INR 4.1 billion compared to INR 3.3 billion in Q2 of fiscal '26, at a margin of about 33%. For the first half, adjusted EBITDA from external sales was INR 9.7 billion compared to INR 8.6 billion in Q2 fiscal '26. We produce with 528 megawatts of cells and 890 megawatts of modules during the quarter with best-in-class cell efficiency of around 23.5% and industry-leading utilization rates. Our external order book stands at approximately 3.3 gigawatts.

As a result of our continued strong performance, we've updated the annual EBITDA guidance from our manufacturing business to INR 12 billion to INR 14 billion from INR 10 billion to INR 12 billion previously. Please note that we expect around 40% to 60% of production to be used captively by our IPP business at [indiscernible] and pricing, which does not get reflected in the consolidated financials. We also continue to expect some moderation of margins in the second half of the year.

On our TOPCon expansion of 4 gigawatt cell plant, civil works and PEB works are completed the ETP and cleanroom are almost complete. All tools are on the side, printing lines are installed, and we expect to produce the first sales by Jan '27. On the Ingot-wafer plant, land and major approvals are in place. civil work has started and basing engineering is almost done. We expect commercial operations in the first half of calendar year '28 funded through internal accruals and an external fund raise.

Turning to Page 18. Our Q2 results reflect strong operating execution, continued growth in earnings and disciplined capital allocation. As of September 30, 2026, our total portfolio was approximately 20.5 gigawatts, including 1.7 gigawatt of BESS, operating capacity stood at 13.8 gigawatts, comprising 5.7 gigawatts of wind, 7.9 gigawatts of solar, 99-megawatt of hydro and 100-megawatt or 250-megawatt hour of BESS. We also had 6.6 gigawatt of committed capacity, including 1 gigawatt of wind 4 gigawatt of solar and 1.6 gigawatt of BESS. Since April '25, we have commissioned about 2.7 gigawatt, comprising mainly of around 2.2 gigawatts of solar, 439 megawatts of wind and 25-megawatt of BESS.

On consolidated performance for Q2 of fiscal '27, revenue was up 28% on the year, adjusted EBITDA was up 28% and PAT was up 37%. For Q2 fiscal '27, income was INR 49.6 billion, our revenue was INR 46.5 million. Adjusted EBITDA was INR 33.6 billion or $350 million and PAT was INR 9.9 billion compared to INR 5.6 billion of PAT in the same quarter last year. For the first half, revenue was up 21%. Adjusted EBITDA was up 20%, and PAT was up 26%. Adjusted EBITDA margin for Q2 of fiscal '27 were 82.9% for IPP, excluding 3E, 33.3% of manufacturing and 69.3% on a consolidated basis.

We remain disciplined in capital allocation and on net debt to trailing 12 months of adjusted EBITDA for operating projects has come down from -- to almost 5.3x from 5.7 at the end of last quarter. Of our net debt of INR 711.3 billion, INR 26.7 billion represents contributions from our JV partners and approximately INR 104.7 billion relates to under-construction projects, with debt partially drawn down for about 1.5 gigawatt of renewable energy, including BESS. Excluding these projects, which don't contribute to EBITDA, net debt for operational projects stands at INR 579.9 billion.

We remain committed to reducing our overall leverage and a part of our capital recycling proceeds will be used towards this. The 1 gigawatt of assets locked in under definitive agreements are expected to result in $190 million of cash flow on closing, and we expect another from the sale of our controlling shareholding in 3E. The improvement in our credit profile is also being recognized externally with positive output revisions from Moody's and CARE.

On working capital, as shown on Slide 27, our IPP DSO was 63 days as of September 2026, an improvement of 21 days year-on-year and 31 days over 2 years. and our lowest ever, helped by the INR 5.7 billion we received from under position [indiscernible] in July 2026. Manufacturing DSO was 9 days as central government counterparties became a larger part of our portfolio, more than 75% of our 20 gigawatt portfolio will be with high-quality offtakers that pay within 30 days. Our balance sheet remains robust. Cash and cash equivalents, bank balances and investments, including short and long-term investments, stood at INR 95.1 billion as of September 30, '26.

I will now hand over the call to Vaishali for ESG and sustainability update.

Vaishali Sinha

Moving to Slide 21. As global sustainability transitions from qualitative goals to rigorous operational execution, value chain reporting has become a baseline expectation for transparency and accountability. Driven by these evolving expectations, we continue to strengthen our ESG approach to enhanced nature-based disclosures and deeper supply chain engagement.

On nature, ReNew joined the task force on Nature Related Financial Disclosures, TNFD adopter community as the second India-based electric utility to do so. We completed ESG assessments for 100% of our critical suppliers for the third consecutive year with 0 suppliers classified as high risk. We also extended our engagement to Tier 2 suppliers through a pilot covering 15 value chain partners, further embedding ESG practices across our broader supply chain. ReNew further strengthened its global sustainability financials by being named among TIME's, Most Sustainable Companies in 2026, the only India-based utility company to receive this recognition.

Turning to Slide 22. We continue to make steady progress against our ESG targets. Starting with our environment commitments, we remain focused on advancing our net zero agenda. Renewable energy now accounts for nearly 36% of our manufacturing businesses electricity consumption. We have also published a transition plan aligned with renewals PTI validated net zero 2040 ambition.

[indiscernible] inclusive energy transition must create opportunities not only for the planet, but also for the people and communities at its heart. Our community initiatives have now positively impacted more than 2 million lives. Under Project Surya, 532 women have been trained as solar technicians with 115 successfully placed. Women currently represent 18.07% of our workforce, while board diversity stands at 22%. Our ESG performance also continues to be reflected in strong external ratings. We are currently awaiting results from ESG ratings for 2026 and will disclose progress across all ratings in our upcoming meetings.

I will now turn it over to Kailash to gave us through some guidance.

Kailash Vaswani

Thank you, shale. Turning to guidance on Page 24, backed by the strong performance in the first half, including from our manufacturing businesses we are raising the lower end of our fiscal '27 consolidated adjusted EBITDA guidance from INR 103 billion to INR 105 billion, taking the range to INR 105 billion to INR 109 billion. This now includes INR 12 billion to INR 14 billion from manufacturing, up from INR 10 billion to INR 12 billion earlier and INR 1 billion to INR 2 billion from asset sales gains. We continue to expect to construct between 1.6 to 2.4 gigawatt during fiscal '27 and to generate cash flow to equity of INR 18 crores to INR 22 billion.

For the total committed portfolio of 20.5 gigawatts, including 1.7 of BESS, we continue to expect run rate adjusted EBITDA of INR 134 billion to INR 140 billion and cash flow of equity of INR 32 billion to INR 36 billion, assuming normal weather patterns and excluding contribution from our manufacturing business. Please note that this includes the 1 gigawatt of projects for which we have signed definite agreements to sell.

With that, we will be happy to take questions.

Operator

[Operator Instructions]

Anunay Shahi

Operator, I think if we don't have any questions on the phone. We have 1 question through the webcast link.

Operator

Certainly, sorry. Should I go ahead?

Anunay Shahi

Yes, you can go ahead.

Operator

Yes. So the question is, and I'll read it out is, can you quantify what the impact of curtailment has been this year? And can you also comment on how the monsoon has been this year? And how do you see this impacting the company? And if you could expand on how you plan to fund the upcoming debt maturities.

Sumant Sinha

Maybe I can take the first part of the question. And Kailash will handle the rest. So on curtailment, so there has been some impact of curtailment on our solar projects. So this quarter, the impact was close to around $9 million to $10 million on account of TGMA, for some of our recently commissioned solar projects. And for the full half year, it is around $18 million to $19 million. Having said that, it is slowing over the course of the year. And as you -- as some of you may have read, there are also [indiscernible] under discussion with the government of India, if they can provide some relief for it, but that's the quantum of impact this year.

With respect to monsoon, while the monsoon has been weaker. Having said that, our wind PLS this year have been significantly better than what they were last year. Kailash?

Kailash Vaswani

Yes. And of the maturities, which are coming up of almost around including some other debt, which is not in the form of bonds, our total maturities are almost $1.7 billion. Of that, currently, we have a full line of sight of on $1.25 billion, so that we've already bought commitments in place and the balance is something which is due in the middle of next year, which we will refinance closer to the date.

Anunay Shahi

I think there's one more question from Maheep Mandloi of Mizuho. The question is, how do you think about India manufacturing next year?

I guess the reference is to how the manufacturing sector as a whole is doing. So Maheep, as we have also highlighted in our presentation, we currently have module -- operating module and cell capacity. So while the margins on the module side of things have reduced significantly, but we are seeing reasonable margins and strong margins on the cell business this year as well, at least so far. While we do expect some moderation going forward as more cell capacity comes online. But we are -- so far, at least, we're seeing strong margins given, and that's what's been reflected in our manufacturing results as well, which is where the EBITDA has grown compared to last year.

If there are no further questions, operator, we can close the call.

Operator

Certainly, we do not have any questions on the audio at this time. That does conclude our conference for today. Thank you all for participating. You may now disconnect.