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

Executive summary

• FY 2024 revenue rose 4.1% to €239.4M and EBITDA increased 0.7% to €201.3M despite lower power prices and the reinstated Spanish 7% power generation tax.

• Net profit declined 17.6% to €88.6M, impacted by higher taxes and financial expenses.

• Energy production increased 12% to 2,543 GWh; data-center demand capacity exceeded 600 MW.

• Strategic expansion beyond solar generation spans energy, infrastructure, real estate and data centers, supported by significant investment in new capacity and hybrid projects.

Financial highlights

• Total revenue increased 4.1% to €239.4M, including a €28.9M reversal of impairment on legacy assets.

• EBITDA reached €201.3M, up 0.7%; net sales fell 8% to €176.9M while infrastructure revenues rose 26% to €30.5M.

• Net profit fell 17.6% to €88.6M year over year.

• Net financial debt excluding IFRS 16 was €937M, with average debt cost of 3.7% and a 13-year average residual tenor.

Outlook and guidance

• 2025 EBITDA target reaffirmed at €245–255M.

• Plans call for 1.4 GW of solar PV connections in 2025 and 3.1 GW of additional capacity in 2026, 40% of which is ready to build.

• Energy sales planned at 70% under PPAs and 30% merchant; separate guidance cited 35% merchant price exposure.