Soltec Power Holdings SA · BME:SOL
Soltec Power Holdings SA — Q1 2023 Earnings Presentation
32 slides from Soltec Power Holdings SA's earnings presentation, May 11, 2023
Slide 1: Q1 2023 Trading Update
Q1 2023 TRADING UPDATE May 11th, 2023
Slide 2: Agenda
01 Q1 2023 Key Highlights 02 Operational Indicators 03 Q1 2023 Financial Update 04 2023 Guidance 05 Closing Remarks 06 Appendix Q1 2023 TRADING UPDATE Agenda
Slide 3: Q1 2023 Key Highlights
01 Q1 2023 Key Highlights
Slide 4: Q1 2023 Key Highlights: Trading Update
Q1 2023 KEY HIGHLIGHTS: TRADING UPDATE €76.8 Mn (€4.6 Mn) FY 2023 CONSOLIDATED GUIDANCE CONSOLIDATED REVENUES CONFIRMED ADJ. EBITDA INDUSTRIAL €221 Mn €10,870 Mn 15.9 GW BACKLOG PIPELINE TRACK RECORD DEVELOPMENT 14.2 GW 130 MW 401 MW ROTATED IN ENVIRONMENTAL PIPELINE COLOMBIA (MAY-23) APPROVALS SPAI
Slide 5: Q1 2023 Key Highlights: On Track to Accomplish 2023 Guidance
Q1 2023 KEY HIGHLIGHTS: ON TRACK TO ACCOMPLISH 2023 GUIDANCE • The company confirms the guidance for FY 2023. • Consolidated Revenues reached €76.8 Mn due to a lower volume during the first three months of the year, while adjusted EBITDA reached (€4.6 Mn). The industrial division shows good visibili
Slide 6: Q1 2023 Key Highlights: ESG Commitment
Q1 2023 KEY HIGHLIGHTS: ESG COMMITMENT ESG RATINGS Low risk AA 93 percentile 67 rating ESG MASTER PLAN 1 2 3 4 5 SUSTAINABLE ENVIRONMENT TALENT SOCIETY GOVERNANCE INNOVATION Use of renewable energies as People are the key element Soltec is committed to the Soltec is in line with best Innovative and
Slide 7: Operational Indicators
02 Operational Indicators
Slide 8: Soltec Industrial Track Record
SOLTEC INDUSTRIAL TRACK RECORD TRACK-RECORD TRACKER SUPPLY 15.9 Yearly GW supplied by Soltec GW 15.6 Cumulative GW supplied by Soltec GW 0.3 11.8 3.8 GW Q1 2023 2023 8.4 15.9 GW 3.4 GW 6.1 2.2 GW 3.2 GW 2.9 0.7 1.7 2025E 2025E 0.1 0.4 GW GW GW GW 1.5 26-30 GW 0.3 0.3 1.0 0.1 2014 2015 2016 2017 2018
Slide 9: Soltec Industrial Operational Indicators: Order Backlog and Pipeline
SOLTEC INDUSTRIAL OPERATIONAL INDICATORS Order Backlog(1) €221 Mn and Pipeline(2) €10,870 Mn Backlog includes tracker supply and other construction services EUROPE NORTH AMERICA ALBANIA FRANCE NORTH MACEDONIA CANADA Pipeline: €2 Mn Pipeline: €6 Mn Pipeline: €14 Mn Pipeline: €48 Mn ARMENIA UNITED KIN
Slide 10: Soltec Industrial Operational Indicators: Pipeline Breakdown by Probability
SOLTEC INDUSTRIAL OPERATIONAL INDICATORS PIPELINE BREAKDOWN BY PROBABILITY Probability of execution of potential projects. Status Probability € Mn • Reinforced value proposition of solar trackers and strong demand in most PV countries worldwide. Contract Signed 100% MoU (Existing Customer) 100% €1,4
Slide 11: Soltec Industrial Operational Indicators: Backlog and Pipeline
SOLTEC INDUSTRIAL OPERATIONAL INDICATORS BACKLOG(1)(2) BACKLOG BREAKDOWN BY ORIGIN GEOGRAPHIC DIVERSIFICATION NA (4) Soltec Development 29% (45%) €Mn €8.7 Mn 2,383 €399 Mn BACKLOG MW (48%) 10 MW €221 Mn 1,245 €221 MW Europe LATAM MW Mn Utilities, EPCand other clients 16% 55% Q1 2022 Q1 2023 PIPELINE
Slide 12: Soltec Development Track Record
SOLTEC DEVELOPMENT TRACK RECORD PIPELINE OF PROJECTS UNDER DEVELOPMENT INCREASING PIPELINE 14.2 GW Backlog 14.1 GW Advanced Stage 488 488 Early Stage Identified Op. 3,415 3,415 10.3 GW Q1 2023 2023 722 2,516 2,516 14.2GW 3,044 5.0 GW 2,571 717 792 7,721 7,781 2025E 2025E 1.3 GW 1,366 0.8 GW 3,964 25
Slide 13: Soltec Development Operational Indicators
SOLTEC DEVELOPMENT OPERATIONAL INDICATORS 14.2 GW Pipeline of projects under development in 8 different countries 45%: EUROPE - 55%: AMERICAS A BALANCEDPIPELINE ADV. EARLY TOTAL MW BACKLOG ID. OPP STAGE STAGE PIPELINE… Probability >80% 50-80% 30-50% <30% - DENMARK: 751 MW Spain - 830 708 782 2,320 S
Slide 14: Soltec Development Operational Indicators: Breakdown
SOLTEC DEVELOPMENT OPERATIONAL INDICATORS BACKLOG MW/year EARLY STAGE MW/year BREAKDOWN BY DEVELOPMENT STATUS Indentified Opp. 53% 492 488 (1%) +4% 2,427 2,516 Backlog 5% Early Q1 2022 Q1 2023 Stage Advanced Stage Q1 2022 Q1 2023 17% 24% ADVANCED STAGE MW/year INDENTIFIED OPPORTUNITIES MW/year BREAK
Slide 15: Soltec Assets Operational Indicators
SOLTEC ASSETS OPERATIONAL INDICATORS CAPACITY UNDER OPERATION BUSINESS PLAN 2023-2025 (1) 230 MW 117 MW 2022 Q1 2023 Q1 2023 2023 255 MW CAPACITY UNDER CONSTRUCTION 138 MW 2025E 2025E 755-1,020 MW 25 MW (2) 2022 Q1 2023 (1) Capacity under operation: Pedranópolis (113 MW), Araxá (113 MW) and La Asoma
Slide 16: Soltec Assets: Capacity Under Operation
SOLTEC ASSETS CAPACITY UNDER OPERATION PEDRANÓPOLIS(1) ARAXÁ(1) LA ASOMADA(2) KEY PROJECT DATA KEY PROJECT DATA KEY PROJECT DATA Location Sao Paulo (Brazil) Location Minas Gerais (Brazil) Location Murcia (Spain) Capacity 112.5 MWp Capacity 112.5 MWp Capacity 4.5 MWp Net Energy Generated Net Energy G
Slide 17: Soltec Assets: Capacity Under Construction
SOLTEC ASSETS CAPACITY UNDER CONSTRUCTION LA ISLA(1) LOS VALIENTES I Y II(1) TOTANA IV KEY PROJECT DATA KEY PROJECT DATA KEY PROJECT DATA Location Murcia (Spain) Location Murcia (Spain) Location Murcia (Spain) Capacity 4.5 MWp Capacity 13.9 MWp Capacity 5.5 MWp Net Energy Generated Net Energy Genera
Slide 18: Q1 2023 Financial Update
03 Q1 2023 Financial Update
Slide 19: Q1 2023 Financial Update: Soltec Power Holdings
Q1 2023 FINANCIAL UPDATE SOLTEC POWER HOLDINGS(1) € Mn Q1 23 Q1 22 23 vs. 22 Revenues 76.8 97.9 (21.1) • Up to €100 Mn raised in 2023 to fund the growth of the development and asset management division. Adj. EBITDA(2) (4.6) (13.0) 8.5 Net Profit / (loss) (9.6) (15.5) 5.9 (1) Sum of Soltec Industrial
Slide 20: Q1 2023 Financial Update: Soltec Industrial
Q1 2023 FINANCIAL UPDATE SOLTEC INDUSTRIAL € Mn Q1 23 Q1 22 23 vs.22 • Good performance expected for the full year 2023 and guidance confirmed for the industrial division (second half loaded). Revenues 71.3 117.1 (45.8) • The evolution of the industrial division during the first quarter of the year
Slide 21: Q1 2023 Financial Update: Soltec Development
Q1 2023 FINANCIAL UPDATE SOLTEC DEVELOPMENT • Public support of European institutions (EU Green Deal) and US Market (IRA), € Mn Q1 23 Q1 22 23 vs.22 together with ESG and decarbonization targets, on the back of global renewable growth. Adj. EBITDA(1) (2.1) 2.1 (4.1) • Relevant quality pipeline of 14
Slide 22: Q1 2023 Financial Update: Soltec Assets
Q1 2023 FINANCIAL UPDATE SOLTEC ASSETS • High interest rates and resilient profile in the current macro environment. € Mn Q1 23 Q1 22 23 vs. 22 • Successful equity raise of €100 Mn in Q1 2023 from a Spanish fund. Revenues 3.0 - - • New capacity under operation in Brazil and Spain in Q1 2023: 225 MW
Slide 23: Guidance 2023
04 Guidance 2023
Slide 24: Confirmed 2023 Guidance: On Track
CONFIRMED 2023 GUIDANCE : ON TRACK SOLTEC POWER HOLDINGS INDUSTRIAL EBITDA REVENUES EBITDA MG. €45 Mn €60 Mn €600 €700 6% 7% Mn Mn DEVELOPMENT EBITDA €25 Mn €35 Mn Greater seasonality of revenues in 2023 vs. 2022 ASSETS The demand for solar trackers will materialize in the second half of 2023 REVENU
Slide 25: Closing Remarks
05 Closing Remarks
Slide 26: Closing Remarks: On the Road to Accomplish Our Guidance
CLOSING REMARKS: ON THE ROAD TO ACCOMPLISH OUR GUIDANCE STRONG 230 MW UNDER GUIDANCE 2023 OPERATIONAL OPERATION CONFIRMED INDICATORS €100 MN RAISED IN 2023 TO FUND THE GROWTH OF THE STRONG H2 EXPECTED DEVELOPMENT AND ASSET MG DIVISION RECORD REVENUES FOR ESG SOLTEC INDUSTRIAL, STRATEGY GROWING 74%,
Slide 27: Appendix
06 Appendix
Slide 28: Case Study: Ecovoltaica
CASE STUDY: ECOVOLTAICA Soltec’s goal is to develop photovoltaic plants under a sustainable model: Ecovoltaica Landscape integration and improvement of green spaces with autochthonous species on the land ceded by the city council. Environment and biodiversity Promote biodiversity IN the area, includ
Slide 29: Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURES EBITDA ADJUSTED EBITDA Net Margin + Other operating income - Losses, impairment EBITDA + Losses, impairment losses and changes in provisions losses and changes in provisions for trading operations for trading operations EBITDA is considered by the group’s management
Slide 30: Disclaimer
DISCLAIMER This document has been prepared by Soltec Power Holdings, S.A. (“Soltec”) exclusively for use during the trading update for the three-month period ended on March 31st, 2023. Therefore, this document may not be disclosed or published, nor used by any other person or entity, for any other r
Slide 31: Disclaimer
DISCLAIMER This document contains certain financial measures of the Company that are not based on International Financial Reporting Standards (IFRS), but rather on its accounting records, which the Company considers as alternative performance measures (APMs) for the purposes of Commission Delegated
Slide 32: Slide 32
Soltec Power Holdings — Q1 2023 Earnings Presentation on 6ix