Solaria Energia Y Medio Ambiente, S.a. · BME:SLR
Solaria Energia Y Medio Ambiente — Solaria Energia Y Mdo Amb — FY 2025 Earnings Presentation
29 slides from Solaria Energia Y Medio Ambiente's earnings presentation, Feb 26, 2026
Slide 1: Focused on Delivery: Executing the 2028 Roadmap Ahead of Plan
Focused on Delivery: Executing the 2028 Roadmap Ahead of Plan From Spanish solar developer to a long-duration, grid-connected power capacity platform serving Europe’s digital and industrial re-armament FY 2025 RESULTS PRESENTATION February 26, 2026
Slide 2: Key Highlights: 2025 delivery – A record-breaking year
KEY HIGHLIGHTS 2025 delivery – A record-breaking year Installed capacity +82% YoY to 3.1 GW and first hybrid batteries commissioned Results surpassed guidance: FY25 EBITDA +6% above target Infrastructure services up 76% YoY to €74m Executing the CMD strategic plan First hybrid PPA: 426 MW Solar PV +
Slide 3: Installed capacity almost doubled to 3.1 GW
FY25 - DELIVERY AND OUTPERFORMANCE Installed capacity almost doubled to 3.1 GW, delivering the 2025 baseline of our CMD plan Evolution of the capacity in operation (GW) +1.4 GW Capacity addition +82% 3.1 First Hybrid Batteries Installed in Spain +1.4 1.7 + 0.03 Heavy and hard-to- GAROÑA 710 MW repli
Slide 4: Disciplined, Demand-Driven Growth
FY25 - DELIVERY AND OUTPERFORMANCE Disciplined, Demand-Driven Growth Portfolio status (GW) 4.4 0.3 BESS Selective growth 1 driven by customer 3.1 HYBRID BESS demand SPAIN VILLAVICIOSA 515 MW SOLAR Solar PV: Progressive PV OLIVA 175 MW commissioning in 2026 MANTIA 150 MW SOLAR and 2027 PV CIRCINUS &
Slide 5: Delivering Ahead of 2028 Roadmap – Production
FY25 - DELIVERY AND OUTPERFORMANCE Delivering Ahead of 2028 Roadmap – Production Scaling Infrastructure Revenue Stream Production decreased by 4% to 2,434 GWh mainly due to lower solar FY 2025 FY 2024 % chg. radiation and prices, but offset partially by the Production (GWh) 2,434 2,543 -4% commissio
Slide 6: Results Surpassed Guidance – FY25 EBITDA +6% above target
FY25 - DELIVERY AND OUTPERFORMANCE Results Surpassed Guidance – FY25 EBITDA +6% above target Beating guidance FY25 EBITDA of €266.1m exceeds the 2025 CMD FY 2025 FY 2024 % chg. target/guidance by 6%. EBITDA (€m) 266.1 201.3 +32% EBIT (€m) 217.7 157.6 +38% Net profit Net Profit (€m) 137.4 88.6 +55% N
Slide 7: Sound financial position to fund the 2026–2028 plan
FY25 - DELIVERY AND OUTPERFORMANCE Sound financial position to fund the 2026–2028 plan, with Capital Discipline at the Core 1. Excluding derivative financial instruments 7 FY 2025 Results Presentation
Slide 8: Three pillars of Value Creation
FOCUSED ON CMD DELIVERY Three pillars of Value Creation Technology Country Increase in ROE diversification diversification 20%+ and growing via partnerships and asset rotation 8 FY 2025 Results Presentation
Slide 9: CMD Execution Scorecard (Nov-25 → Feb-26)
FOCUSED ON CMD DELIVERY CMD Execution Scorecard (Nov-25 → Feb-26) Execution Committed at CMD Delivered since CMD + next milestones 775 MW PPAs signed with H2 & DC players First Hybrid PPA signed PPAs Other negotiations in progress 426 MW Solar PV + 600 MWh BESS 11 MW/44 MWh First hybrid BESS connect
Slide 10: PPA - First Hybrid PPA signed
FOCUSED ON CMD DELIVERY PPA - First Hybrid PPA signed Long-term BESS supply to deliver Long-term renewable supply under more energy to DC beyond solar self-consumption PPA hours 426 MW 600 MWh 40 years - 15y at a fixed price 10 years 10 FY 2025 Results Presentation
Slide 11: PPA – 1 GWh Hybrid PPA under negotiation
FOCUSED ON CMD DELIVERY PPA – 1 GWh Hybrid PPA under negotiation Revenue Upside 1.1GW Solar Premium PPA pricing vs. standalone solar 1.7GWh BESS Risk Mitigation 10 years Enhanced revenue predictability More dispatchable generation profile 7 Tier 1 players Stronger Bankability Attractive price Long-t
Slide 12: PPA - A European PPA Champion with Long-Term Cash flow Visibility
FOCUSED ON CMD DELIVERY PPA - A European PPA Champion with Long-Term Cash flow Visibility PPA portfolio of 2.5 GW provides long-term cash European utility European utility flow visibility and underpins the CMD de-risking strategy 2019 tender 12 FY 2025 Results Presentation
Slide 13: Data centers - Second agreement signed
FOCUSED ON CMD DELIVERY Data centers - Second agreement signed 213 MW Supply of grid access, infrastructure and power Agreement signed for the This agreement willaccess supply of grid help provide and power and infrastructure for a leadinginfrastructure data center operator in Spain. 213 MW 13 FY 20
Slide 14: Data centers - Leading grid-connection and behind-the-meter solutions
FOCUSED ON CMD DELIVERY Data centers - Leading grid-connection and behind-the- meter solutions for data centers in Europe More to These come agreements are Feb 2026 expected to Tier 1 players generate Nov Merlin 2 significant cash 2025 500 MW 213 MW Supply of grid access Supply of grid access and in
Slide 15: Data centers - DC Services Will Generate €0.7bn in Revenues
FOCUSED ON CMD DELIVERY Data centers - DC Services Will Generate Spain 1 GW €0.7bn in Revenues €0.7bn 5Y DC Powered Services Revenues (€M) Spanish DC revenues cover 80% of our 210 infrastructure 137 175 165 services targets 110 110 110 70 Exceptional EBITDA conversion from revenues 2026E 2027E 2028E
Slide 16: Data centers - DC PPAs are expected to generate €3bn in Revenues
FOCUSED ON CMD DELIVERY Data centers - DC PPAs are expected to Spain 2 GW generate €3bn in Revenues €3bn 40Y Long-term revenues secured under a 40- year power purchase €3bn >€1bn agreements (PPA) 40Y revenues contracts during this free cash High EBITDA period flow conversion from revenues 16 FY 2025
Slide 17: Capital-light growth - Driving durable returns through strategic partnerships
FOCUSED ON CMD DELIVERY Capital-light growth - Driving durable returns through strategic partnerships, capital-light and ROE accretive Platform Activity Partner Cash inflows Pan-European Data Centers Platform ≥ €0.7bn Create More to come long-term value Risk Pan-European Renewable Land Platform ≥ €1
Slide 18: European Expansion will be a key growth driver and a major derisking lever
FOCUSED ON CMD DELIVERY European Expansion will be a key growth driver and a major derisking lever 2028 targets by country Portugal Italy Germany and technology (MW) 544 1,000 600 vs. 63.3 today vs.16.7 today 154 - - 230 1,260 100 Casal da Valeira & Vale Pequeno Palermo Solar 81 MW EIS approval for
Slide 19: From Renewable Equity to Strategic Energy Infrastructure
OUTLOOK From Renewable Equity to Strategic Energy Infrastructure Positioned for the AI Power Supercycle Scarce & Heavy Assets Long-Cycle Contracted System Relevance & Platform European Alignment • Grid-connected installed • 40-year PPAs with data • Expanding in storage and grid capacity centers and
Slide 20: High Visibility on 2026 EBITDA in line with CMD
OUTLOOK High Visibility on 2026 EBITDA in line with CMD Higher Installed capacity High visibility on 2026 EBITDA target of €331m Data Centers services payments Full commitment to continue Hybrid BESS + Gravyx Transaction the share buyback program at the highly attractive Asset rotation on track curr
Slide 21: New Capital Markets Day 2026
OUTLOOK New Capital Markets Day 2026 Breaking Borders Scaling faster 21 FY 2025 Results Presentation
Slide 22: Appendix
Appendix FY 2025 Results Presentation 22 22
Slide 23: Data Center Portfolio
FY 2025 RESULTS Data Center Portfolio Blyth 0.6 GW 200 MW Newcastle 250 MW 1.2 GW Swansea Leipzig 0.2 GW ~3.4GW 200 MW 200 MW Power Secured Lombardia II North Cluster 400 MW 525 MW Lombardia I 200 MW Veneto I 1.4 GW 30 MW Cascais da Marmeleira 157 MW Madrid 15 MW Bari 593 MW 400 MW Trajouce 15 MW La
Slide 24: Solaria Data Center Behind-the-meter solution
FY 2025 RESULTS Solaria Data Center Behind-the-meter solution FY 2025 Results Presentation 24
Slide 25: Operating data
FY 2025 RESULTS Operating data FY 2025 FY 2024 % chg. FY 2025 FY 2024 % chg. Capacity (MW) 2,352.0 1,658 +42% Energy Sales (EUR M) 123.3 134.9 -9% Spain 2,248.9 1,555 +45% Spain 109.4 116.3 -6% Portugal and Greece 63.7 63.7 - Portugal and Greece 2.2 3.1 -29% Uruguay 22.7 22.7 - Uruguay 3.7 3.4 +8% I
Slide 26: Income Statement
FY 2025 RESULTS Income Statement Relative (EUR M) FY 2025 FY 2024 change (%) Net sales 197.4 176.9 12 Other income 105.5 33.5 215 Other results - 28.9 - Equity method profit 0.5 - - Total revenues 303.4 239.3 27 Personnel expenses (21.3) (21.2) 0 Operating expenses (16.1) (17.0) -5 EBITDA 266.1 201.
Slide 27: Balance Sheet
FY 2025 RESULTS Relative Liabilities (Eur M) Balance Sheet Equity FY 2025 709.4 FY 2024 change (%) 617.8 15 Relative Assets (Eur M) FY 2025 FY 2024 change (%) Capital and share premium Reserves 310.9 260.6 310.9 167.1 - 56 Non-current assets 2,239.4 1,806.9 24 Non-controlling interest 5.2 4.0 30 Int
Slide 28: 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 29: Thank you
Thank you
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