Solaria Energia Y Medio Ambiente, S.a. · BME:SLR
Solaria Energia Y Medio Ambiente — Investor Day (November 2025)
38 slides from Solaria Energia Y Medio Ambiente's investor day presentation, Nov 17, 2025
Slide 1: Focused on Delivery - Solaria 2025 Capital Markets Day
Focused on Delivery SOLARIA 2025 CAPITAL MARKETS DAY November 17, 2025
Slide 2: Three Pillars of Value Creation
THREE PILLARS OF VALUE CREATION Technology Country Increase in Diversification Diversification ROE 20%+ and Growing via partnership and asset rotation Gravyx Data Centers 2025 CMD Presentation 2
Slide 3: Agenda
AGENDA 01 Delivery 1: New PPAs 02 Delivery 2: BESS 03 Delivery 3: European Expansion 04 Delivery 4: Data Centers 05 2028 Outlook 06 Q&A 2025 CMD Presentation 3
Slide 4: Delivery 1: New PPAs
01 01 02 03 Delivery 1 New PPAs 04 05 06 2025 CMD Presentation 4
Slide 5: Energy Demand is Set to Skyrocket due to Data Centers, Electrification and Hydrogen
DELIVERY 1: NEW PPAs Energy Demand is Set to Skyrocket due to Data Centers, Electrification of the economy and Hydrogen Solaria is posicioned as a long-duration supplier into the structural DATA CENTER European deficit 2025 CMD Presentation 5
Slide 6: First Wind PPA
DELIVERY 1: NEW PPAs First Wind PPA No need to build a new infra Very competitive capex and time- 180 MW to-service 10Y Hybrid with our Garoña & Armus PV Plants. This PPA will help secure renewable electricity for leading green hydrogen player in Spain. Garoña Substation 2025 CMD Presentation 6
Slide 7: New 150 MW Solar PPA
DELIVERY 1: NEW PPAs New 150 MW Solar PPA 150 MW 10Y Catalonian PV plants Reenforcing Solaria as the go-to renewables partner for Spain’s hydrogen champions. 2025 CMD Presentation 7
Slide 8: First Data Center PPA
DELIVERY 1: NEW PPAs First Data Center PPA 445 MW 15Y This PPA will help secure renewable electricity for a leading data center operator in Spain. OTHER NEGOTIATIONS IN PROGRESS 2025 CMD Presentation 8
Slide 9: Delivery 2: BESS
01 02 02 03 Delivery 2 BESS 04 05 06 2025 CMD Presentation 9
Slide 10: Solaria will lead the European BESS landscape: standalone and hybrid strategies
DELIVERY 2: BESS Solaria will lead the European BESS landscape, two strategies already under execution Standalone Hybrid European Strategy European Strategy Efficient Capex (€100k/MWh ) Very efficient capex (€70k/MWh) & faster time-to-service Energy arbitrage / capacity payments /ancillary services
Slide 11: Gravyx: New Company Creation
DELIVERY 2: STANDALONE BESS New Company Creation Who is Gravyx? Gravyx is a JV between Solaria and Stoneshield Capital that will install and operate standalone batteries across Europe. Gravyx currently holds a 14 GWh portfolio. NewCo How does Gravyx generate revenue? Gravyx Gravyx will generate reve
Slide 12: New Partnership to Boost and Finance High-Speed Installation
DELIVERY 2: STANDALONE BESS New Partnership to Boost and Finance High-Speed Installation 50% Solaria NewCo €200m Standalone NEW JV initial BESS in 50% Stoneshield Gravyx Firepower Europe 2025 CMD Presentation 12
Slide 13: First Hybrid BESS connected in Spain
DELIVERY 2: HYBRID BESS First Hybrid BESS connected in Spain Hybrid Castile 11 MW BESS and León 44 MWh Within a 30 MW Spain PV Plant 2025 CMD Presentation 13
Slide 14: BESS Co-Location Improves Solar Project Profitability by 30%
DELIVERY 2: HYBRID BESS BESS Co-Location Improves Solar Project Profitability by 30% 73 EUR 68 Est. 17% Average BESS+PV Spread Project IRR 66 57 EUR 61 Average BESS Spread 51 43 EUR 42 Est. 12% Average PV Price Project IRR 33 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Slide 15: Delivery 3: European Expansion
01 02 0303 Delivery 3 European 04 05 Expansion 06 2025 CMD Presentation 15
Slide 16: We Are Expanding Our Footprint Across Europe
DELIVERY 3: EUROPEAN EXPANSION We Are Expanding Our Footprint Across Europe PROJECT PORTFOLIO (MW) Spain Portugal Italy Germany UK RoW Total In operation and under construction 3,918 63.3 16.7 - - 23.1 4,021 Of which already in operation 1,825.0 63.3 16.7 - - 23.1 1,928 Under development 2,250 475 2
Slide 17: We Are Breaking Ground in Germany
DELIVERY 3: EUROPEAN EXPANSION We Are Breaking Ground in Germany New Milestone 200 MW PV plants NORDLICHT ENERGY SOLAR I & II - 200 MW ✓ Grid connection Financing & PPA ✓ Land ✓ EIS under negotiation RTB: Q1 2026 Estimated COD: Q4 2026 2025 CMD Presentation 17
Slide 18: By Year End In Italy
DELIVERY 3: EUROPEAN EXPANSION 1 GW Environmentally Approved New Milestone By Year End In Italy Positive EIS (VIA) GARAGUSO SOLAR - 150 MW Garaguso project LA SPINA SOLAR - 600 MW ✓ Dual Grid connection + 150 MW DC 150 MW ✓ Dual grid connection ✓ Land powered-land ✓ Land ✓ VIA (EIS) solution under V
Slide 19: We Are Moving Faster in Portugal
DELIVERY 3: EUROPEAN EXPANSION We Are Moving Faster in Portugal CASAL DA VALEIRA & VALE PEQUENO 424 MW SOLAR PV 154 MW WIND 230 MW BESS VALE DE PEDRA ✓ Powered Grid connection 50 MW ✓ Land ✓ Grid connection ✓ DIA (EIS) obtained in 2024. ✓ Land ✓ Connection agreement with REN signed in Sept. DIA (EIS
Slide 20: Delivery 4: Data Centers
01 02 03 Delivery 4 04 Data Centers 04 05 06 2025 CMD Presentation 20
Slide 21: First Data Center Agreement
DELIVERY 4: DATA CENTERS First Data Center Agreement 225 MW Supply of grid access, infrastructure and power This agreement will help provide power and infrastructure for a leading data center operator in Spain. 2025 CMD Presentation 21
Slide 22: The biggest bottleneck for AI isn't money or chips; it's electricity
DELIVERY 4: DATA CENTERS “The biggest bottleneck for AI isn’t money or chips; it’s electricity” - Sam Altman, OpenAI (May 2025) 320 GW 280 GW European utilities have received c.280 GW of connection requests from new data centers. Equivalent to c. 90% of EU power demand. EU DC requests EU 2025 Power
Slide 23: Behind the Meter Solution: Faster
DELIVERY 4: DATA CENTERS Behind the meter solution: Solaria’s “Behind the Meter” Strategy Faster Offering DC Operators connecting their data centers to Solaria’s own infrastructure: (i) secured Solaria’s Strategy grid Access, (ii) existing Wholesale Price substations, (iii) hybrid Surplus connection
Slide 24: Behind the Meter Solution: And Cheaper
DELIVERY 4: DATA CENTERS Behind the meter solution: This strategy provides various benefits: And Cheaper It improves the overall economics of the data center project as it avoids Estimated electricity savings for DC paying additional costs for sourcing the energy directly from the grid. PV ~40% PV s
Slide 25: Sizeable European Powered-Land Platform
DELIVERY 4: DATA CENTERS Sizeable European Powered-Land Platform Sizeable and 1.2GW 1.4 GW 0.6 GW 0.2 GW Geographically 3.4 GW diversified Platform Secured Power Unique Value • Leveraging its extensive renewable energy c.3GW c.100 c.1,000 km of Proposition through capacity available and RES capacity
Slide 26: Building a scalable data center portfolio across Europe
DELIVERY 4: DATA CENTERS Building a scalable data center portfolio across Europe 3.4 GW Power Secured for DC in Europe +5.0 GW Power Requested for DC in Europe 400 ha Land secured and under negotiation 2025 CMD Presentation 26
Slide 27: 2028 Outlook
01 02 03 04 2028 Outlook 05 05 06 2025 CMD Presentation 27
Slide 28: 2028 Outlook: €2.5bn Selective Investments
2028 OUTLOOK €2.5bn Selective Investments Country capex breakdown Cumulative capex breakdown 2026E-2028E 0.5 ~41% ~34% ~€2.5bn 1.3 0.7 ~15% ~10% Solar PV BESS Wind 2025 CMD Presentation 28
Slide 29: Capacity Will Triple by 2028
2028 OUTLOOK Capacity Will Triple by 2028 Estimated Capacity Evolution Installed Capacity Evolution (GW) 9.0 2028 vs. 2025 x3 End 2025 6.9 0.03 GW 3.0 4.3 GW 3 2.0 End 2028 0.5 GW 2.2 Today 2025E 2026E 2027E 2028E GW 6.3 GW 2025 CMD Presentation 29
Slide 30: EBITDA Will Double by 2028
2028 OUTLOOK EBITDA Will Double by 2028 EBITDA evolution (€M) +28% CAGR 521 2025-2028 456 110 175 331 Asset rotation We will beat Our 250 137 2025 Target Asset rotation 411 281 231 187 194 2024A 9M2025 2026E 2027E 2028E EBITDA EBITDA Energy EBITDA Infrastructure 2025 CMD Presentation 30
Slide 31: Financing Sources
2028 OUTLOOK Financing Sources Operating Project Asset Rotation Cash Flow Finance and Partnerships 2025 CMD Presentation 31
Slide 32: Our cash generation covers 130% of the equity needs
2028 OUTLOOK Our cash generation covers 130% of the equity needs Equity bridge (€m) 500 Room to improve €254m shareholder remuneration 200 125 200 -771 Equity needs Gravyx Asset rotation New partnership in Wind Operating Cash Flow 2026-2028 2025 CMD Presentation 32
Slide 33: Deleveraging while we Grow
2028 OUTLOOK Deleveraging while we Grow Net Debt Evolution (€m) Net Debt to Ebitda 3000 6,0 5.6x 2,500 5,5 2500 5,0 Thanks to strong operating cash 2000 4.8x 4,5 flow, we will reduce leverage by 1500 1,400 4,0 14% during the period 1000 3,5 3,0 500 2,5 0 2,0 End 2025E End 2028E 2025 CMD Presentation
Slide 34: Asset rotation & shareholder remuneration
2028 OUTLOOK Asset rotation & shareholder remuneration Starting Asset Rotation Program to continue improving shareholder remuneration Assets Country MW Technology Status Est. Close to continue increasing Bank mandate our share buyback Regulated assets Spain 20 SOLAR PV Q1 2026 program up to and Sign
Slide 35: New Partnerships = Source of equity + Value creation
2028 OUTLOOK New Partnerships = Source of equity + Value creation Vehicle Activity Partner Cash inflows Renewable Land ≥ €125m Gravyx Pan-European BESS platform >€200m We expect to close new partnerships in the coming quarters that will continue to create value and improve Group financial strength 2
Slide 36: Q&A
01 02 03 04 Q&A 05 06 06 2025 CMD Presentation 36
Slide 37: Disclaimer
DISCLAIMER This document has been prepared by SOLARIA ENERGÍA Y MEDIO AMBIENTE, forward looking statements can be identified from the context in which they are Regulation Pipeline S.A. (“Solaria”) for information purposes only and it does not constitute regulated made. These forward-looking statemen
Slide 38: Thank you
Thank you
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