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Soltec Power (SOL) investor relations material

Soltec Power Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Soltec Power Holdings S.A.
Q2 2024 earnings summary27 Feb, 2025

Executive summary

  • Revenues grew 28% year-over-year to €236.5M–€237M in H1 2024, driven by higher tracker sales and project execution.

  • Net loss widened to €126M in H1 2024, mainly due to asset impairments, construction losses, and non-cash adjustments.

  • Strategic shift to focus on core tracker business, discontinuing construction/EPC and asset management activities.

  • New management team, including CEO and CFO, appointed in mid-2024 to drive transformation.

  • Transformation plan underway with 45+ actions targeting operational efficiency, profitability, and cash generation.

Financial highlights

  • Consolidated revenues: €236.5M–€237M (H1 2024), up 28% YoY.

  • Adjusted EBITDA improved to -€6M to -€6.3M from -€10M to -€10.2M in H1 2023.

  • Net loss: €125.9M–€126M, including €38M deferred tax asset write-downs and €62.8M energy segment losses.

  • Cash and cash equivalents: €25.9M–€26M at period end.

  • Net financial debt: €227.5M as of June 30, 2024.

Outlook and guidance

  • Focus on tracker supply as core business, with project development and O&M as supporting activities.

  • Discontinuation of construction/EPC and asset management to reduce debt and enhance value creation.

  • Transformation plan targets cost optimization, margin improvement, and cash generation.

  • International expansion prioritized, especially in the US, EMEA, and Latin America.

  • Business plan to be presented in coming months.

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Frequently asked questions

Soltec Power Holdings S.A. specializes in the development and manufacturing of solar tracking systems used in large-scale photovoltaic plants. The company also provides project development and construction services in the solar energy sector. Soltec Power Holdings operates within the renewable energy and industrial equipment sectors. The company is headquartered in Murcia, Spain, and its shares are listed on the BME.

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