Solaria Energía y Medio Ambiente (SLR) Q4 2024 earnings summary

Executive summary

• Achieved 201.3 million euros in EBITDA for 2024, a 0.7% increase year-over-year, with revenue up 4.1% to 239.4 million euros, despite lower power prices and a reinstated 7% generation tax.

• Net profit declined 17.6% year-over-year to 88.6 million euros, impacted by higher taxes and financial expenses.

• The group transitioned from pure solar to a multi-sector model, expanding into energy, infrastructure, real estate, and data centres.

• Major milestones included a 125 million euro capital increase in Generia, new project authorizations, and over 600 MW of data centre demand secured.

• Significant construction underway, with over 1.5 GW in progress and plans to exceed 6 GW connected by end of 2026.

Financial highlights

• EBITDA reached 201.3 million euros in 2024, with a 2025 target reaffirmed at 245–255 million euros.

• Revenue increased 4.1% to 239.4 million euros, while net profit fell 17.6% to 88.6 million euros.

• Project finance covers over 90% of financial debt, with fixed rates and a 13-year average tenor.

• Cash position remains stable, supported by project finance inflows and strong liquidity.

• Net financial debt stood at 937 million euros (ex-IFRS16), with a debt-to-equity ratio of 177%.

Outlook and guidance

• 2025 EBITDA guidance maintained at 245–255 million euros, driven by new asset connections and business divisions.

• Plans to double installed capacity from 1.6 GW to over 3 GW by end of 2024 and exceed 6 GW by end of 2026.

• Strategic focus on hybridization, data centres, and international expansion in Italy, Germany, and the UK.

• 1.4 GW of solar PV to be connected in 2025, with 3.1 GW more planned for 2026.

• Plans to maintain 70% of energy sales under PPAs and 30–35% merchant exposure.