Solaria Energía y Medio Ambiente (SLR) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered robust operational and financial performance, with EBITDA up 53% to €113.2 million and net profit up 50% to €80.4 million year-over-year, driven by strong growth in production, revenue, and infrastructure services.

• Revenue increased 49% to €120.4 million, supported by higher energy sales and infrastructure project development.

• Raised €300 million in new capital through a capital increase and sale of treasury shares to fund expansion in data centers, digital infrastructure, and AI.

• Expanded renewable energy operations, secured major environmental approvals, and signed long-term PPAs for both energy and storage.

• Transitioning business model from utility/IPPs to a diversified infrastructure player, accelerating its role as a key energy provider for digital infrastructure and data centers in Europe.

Financial highlights

• Q1 2026 revenues: €120.4 million (+49% y/y); EBITDA: €113.2 million (+53% y/y, 94% margin); EBIT: €100.4 million (+60% y/y, 83% margin); Net profit: €80.4 million (+50% y/y, 67% margin).

• Infrastructure segment contributed €49.6 million in Q1, reflecting strong third-party project development.

• Energy sales rose to €25.8 million, despite a 20% decline in average price per MWh to €47.

• Recognized a €37.0 million capital gain from the Stoneshield/Gravyx transaction.

• Net financial debt at €1,517 million, with a 3.7% average cost of debt and 5.0x NFD/EBITDA; cash position at €56.5 million at quarter-end.

Outlook and guidance

• Confident in achieving €330 million EBITDA target for 2026, with Q1 momentum supporting strong progress.

• Plans to update EBITDA guidance and business plan at an investor day in London in the second half of the year.

• Expects continued strong growth in data center, AI, and battery businesses, with new projects and asset rotation to drive future earnings.

• Construction of new plants and battery storage projects, supported by environmental approvals, to expand capacity and revenue streams in 2027.

• Strategy focuses on continued growth in renewables and expansion in digital infrastructure opportunities across Europe.