Solaria Energia Y Medio Ambiente, S.a. · BME:SLR
Solaria Energia Y Medio Ambiente — FY2024 Earnings Presentation
24 slides from Solaria Energia Y Medio Ambiente's earnings presentation, Feb 27, 2025
Slide 1: FY 2024 Results presentation
FY 2024 Results presentation FEBRUARY 27, 2025 NEW ERA OF GROWTH 1
Slide 2: Key Highlights
KEY HIGHLIGHTS Resilient set of results Production +12% Revenues EUR 240 M (+4%) EBITDA EUR 201 M (+1%) Resilient FY 2024 Results Net profit EUR 89 M 2025E EBITDA Target Maintained Strong investment EUR 291 M Outlook Reaffirm 2025E EBITDA target of EUR 245-255 M 1.4 GW to come online in 2025 33% com
Slide 3: Strong production and infra revenues partially offset lower spot price
Strong production and infra revenues partially offset lower spot price Production FY 2024 FY 2023 % chg. Energy production increased from 2,271 GWh to 2,543 GWh in 2024, in line with the commissioning Production (GWh) 2,543 2,271 +12.0% of new assets. Sales (EUR M) 176.9 191.3 -7.5% Sales Sales decr
Slide 4: Resilient set of results
Resilient set of results Total revenues FY 2024 (EUR M) FY 2023 (EUR M) % chg. Revenues outperformed Sales due to the reversal of the impairment on Puertollano legacy PV cells Total revenues 239.4 230.0 +4.1% and module factory (EUR 28.9M) which has been reconverted into a Powered Shell DC facility,
Slide 5: We continue to invest strongly
We continue to invest strongly OPERATING CF INVESTING CF FINANCING CF YTD Cash performance (EUR M) 218.8 (290.9) 49.1 54.6 201.3 (37.1) EUR 291 M 146.2 INVESTMENT 77.3 (65.0) 54.3 (32.1) (290.9) Issue of bonds Payment of Net Issue of Cash Net finance Working Cash EBITDA CapEx & project bonds & proje
Slide 6: OUTLOOK – We reiterate our 2025 EBITDA target
OUTLOOK – We reiterate our 2025 EBITDA target EBITDA evolution (EUR M) 245-255 +24% 201.3 200 +0.7% 147 New assets connection 93 Power Price recovery 49 Revenues from new divisions 2020A 2021A 2022A 2023A 2024A 2025E 6
Slide 7: ENERGY – 1.4 GW Solar PV capacity to be connected in 2025
ENERGY – 1.4 GW Solar PV capacity to be connected in 2025 +1,399 MW +85% 3,057 MW 33% - 455 MW construction work already completed +784 MW +560 MW GAROÑA 710 MW (200 MW Completed) JUNO 2 50 MW 1,658 MW +55 MW ITALY 24 MW TUCANA 45 MW CENTAURUS 55 MW JUNO 1 50 MW (Completed) SCORPIUS 85 MW VOLANS 1&2
Slide 8: ENERGY – 3.1 GW capacity addition in 2026 – 40% already RTB
ENERGY – 3.1 GW capacity addition in 2026 – 40% already RTB +3,112MW x2 6,175 MW +678 MW +119 MW +1,095 MW +1,220 MW SPAIN 382 MW ITALY 522 MW 3,063 MW GERMANY 142 MW PORTUGAL 49 MW VILLAVICIOSA 1 518 MW OLIVAS 175 MW MANTIA 150 MW VITORIA 100MW CIRCINIUS 60 MW MENSA 60 MW CATALUÑA 57 MW EUROPA 35 M
Slide 9: ENERGY – Power price improvement
ENERGY – Power price improvement EUR/MWh 85 78 68 Revenues boosted by 48 higher power price 33 35% merchant price exposure 9 January 24 January 25 February 24 February 25 March 24 March Forward 25 Spanish solar prices according to OMIP data 9
Slide 10: ENERGY – Strong BESS portfolio increase +1.4 GW
ENERGY – Strong BESS portfolio increase +1.4 GW BESS capacity requested (MW) 2 Key New Regulations 2,265 in Spain RD 413/2014 NEW CAPACITY 1,415 MODIFICATION MARKET 832 850 832 Draft published in December Draft published in December Until now, the installation of storage To guarantee the security of
Slide 11: ENERGY – 2.2 GW Wind hybridisation portfolio
ENERGY – 2.2 GW Wind hybridisation portfolio Wind hybridisation portfolio (MW) 2,100 2,244 Hybrids parks will be a reality within 2 years Use of pre-existing Infrastructure Offer improvement for PPAs 144 Commissioning Spain Portugal Total time reduction
Slide 12: GENERIA Landco – Agreement signed at EUR 125 M pre-money valuation
GENERIA Landco – Agreement signed at EUR 125 M pre-money valuation Capital Raise Non-binding TS signed – Due diligence process Tier 1 Infra player 50% SOLARIA / 50% Tier 1 Infra player Funding secured for next years >=8% yield & Multi countries Renewable energy projects and related 12
Slide 13: DATA CENTERS – Integrated value proposition for fast, cost-effective access to power
DATA CENTERS – Solaria’s integrated value proposition provides a fast and cost-effective access to power • Sizeable portfolio (~3GW in Spain) under construction and RTB Green Energy • High-quality renewables capacity available to sign PPA Supply & Own • Strong infrastructure backbone granting reliab
Slide 14: DATA CENTERS – The DC will save money
DATA CENTERS – The DC will save money Est. electricity savings for DC Solaria’s Strategy (€/MWh) Wholesale Price Wind Plant (44MW) Grid Consumption covered Surplus ~60% by self-consumption B ~40%+20% Solar PV Plant Consumption covered BESS (175MW) PV + Hybrid(1) by the grid (80MWh) Surplus Hybrid (1
Slide 15: New demand capacity secured 600 MW
DATA CENTERS – 600 MW capacity secured New demand capacity secured +438 MW in two nodes 2,400 MW connection requested to the TSO/DSO for DC Self-consumption solution 600 MW Total demand capacity secured Madrid South & Basque Country JV under negotiation 15
Slide 16: DATA CENTERS – Solaria is the leading player in Spain
DATA CENTERS – Solaria is the leading player in Spain, Europe’s emerging DC hub Strong growth fundamentals supporting an unprecedented Solaria is the leading power suppliers to data center demand for data center capacity developers Secured Capacity (MW) 2.4 GW 22% CAGR 219 GW requested 55 GW 600 202
Slide 17: DATA CENTERS – 5 JVs/Sale ongoing negotiations
DATA CENTERS – 5 JVs/Sale ongoing negotiations Data centres RA Amon Horus Isis Bastet Hathor Thot projects Cluster Cluster Cluster Cluster Cluster Cluster Cluster DC connection secured 20 MW 40 MW 213 MW - 48 MW 50 MW 225 MW Additional +50 MW +160 MW +353 MW +249 MW +11 MW +360 MW +600 MW capacity E
Slide 18: Appendix
Solaria Appendix
Slide 19: Operating data
Operating data FY-2024 FY 2024 FY 2023 % chg. Capacity (MW) 1,658.0 1,658.0 - Spain 1,555.0 1,555,0 - Portugal and Greece 63.7 63.7 - Uruguay 22.7 22.7 - Italy 16.7 16.7 - Energy Sales (€mn) 134.9 167.2 -19% Spain 116.3 145.3 -20% Portugal and Greece 3.1 7.5 -59% Uruguay 3.4 3.4 - Italy 12.1 11.0 +1
Slide 20: Income Statement
Income Statement FY-2024 EUR M FY-24 FY-23 Relative change (%) Net sales 176.9 191.3 -8 Other income and earnings 33.5 38.7 -13 Extraordinary income 28.9 - - Total revenues 239.4 230.0 4 Personnel expenses (21.2) (19.5) 8 Operating expenses (17.0) (10.6) 60 EBITDA 201.3 199.9 1 Amortisation (43.7) (
Slide 21: Balance Sheet – Assets
Balance Sheet FY-2024 Assets EUR M FY-24 FY-23 Relative change (%) Non-current assets 1,806.9 1,510.6 20 Intangible assets 144.4 110.5 31 Tangible fixed assets 1,528.0 1.276.2 20 Other non-currents financial assets (derivatives) 87.5 71.8 22 Deferred tax assets 47.0 52.1 -10 Current assets 161.8 138
Slide 22: Balance Sheet – Liabilities
Balance Sheet FY-2024 Liabilities EUR M FY-24 FY-23 Relative change (%) Equity 617.8 524.1 18 Capital and share premium 310.9 310.9 - Other reserves 5.3 5.3 - Non-controlling interest 4.0 1.2 229 Retained earnings 250.4 161.8 55 Value adjustments 47.2 44.9 5 Non-current liabilities 1,057.5 919.1 15
Slide 23: Disclaimer
Disclaimer This document has been prepared by SOLARIA ENERGÍA Y MEDIO AMBIENTE, S.A. (“Solaria”) for information purposes only and it is not a regulated information or information that has been subject to prior registration or review by the Spanish Securities Market Commission. By attending a meetin
Slide 24: Thank you.
Thank you. 24
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