Solaria Energía y Medio Ambiente (SLR) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 results with revenue of €155.1 million, up 59% year-over-year, and net profit of €82.1 million, up 97% year-over-year, driven by strong execution and capacity expansion.

• EBITDA rose 66% to €140.1 million, with investments totaling €165 million in H1 2025.

• Accelerated international expansion with projects in Italy, Germany, Portugal, and the UK, targeting over 3 GW operational capacity by year-end and 4.4 GW in operation or under construction.

• Advanced diversification into batteries and data centers, with 1,362 MWh of batteries acquired in 2025 and significant grid connections secured.

• Strategic focus on shareholder returns, including a stock buyback program (2.1% already repurchased) and evaluation of further options.

Financial highlights

• Net profit doubled to €82.1 million (+97% year-over-year); EBITDA reached €140.1 million (+66%).

• Total revenues increased 59% to €155.1 million, despite a 7% drop in energy production due to lower solar radiation.

• EBIT rose 79% to €116.3 million; profit before tax up 101% to €96.9 million.

• Investments in H1 2025 totaled €165 million.

• EBITDA margin improved to 90% (from 86%), and EBIT margin to 75% (from 66%).

Outlook and guidance

• Reaffirmed full-year 2025 EBITDA guidance of €245–255 million, with high visibility on H2 revenues and margins.

• Expects to exceed 3 GW operational capacity by end of 2025, with 4.4 GW in operation and under construction.

• Targeting a doubling of installed solar PV capacity to 4 GW by end-2026 and 19.2 GWh of battery storage in the pipeline.

• Capital Markets Day scheduled for 17 November in London to present the Transformation Plan.

• Plans to sign new PPAs and maintain a 75% contracted/25% merchant mix.