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

Executive summary

• The business model expanded to include real estate, energy, and data center segments alongside solar and wind generation, marking a strategic shift beyond pure solar PV.

• FY 2024 delivered resilient results with total revenues up 4% to EUR 239.4M and EBITDA stable at EUR 201.3M, despite lower average power prices and increased operating expenses.

• Net profit declined 18% year-over-year to EUR 88.6M, impacted by higher taxes and financial expenses.

• Major milestones included new project authorizations, expansion into the UK, and agreements for data center development.

• Massive construction underway: over 1.5 GW in progress, with more than 3.1 GW ready to build, aiming for over 6 GW connected by end of 2026.

Financial highlights

• EBITDA exceeded €200 million for 2023/2024, with a 2025 target reaffirmed at €245–255 million.

• Revenue: €176.9 million (-8% YoY); EBIT: €157.6 million (-6% YoY); Net profit: €88.6 million (-18% YoY).

• Project finance covers 92–93% of financial debt, with fixed rates and a 13-year average tenor.

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

• EUR 291M invested during the year, primarily in new capacity and infrastructure.

Outlook and guidance

• 2025 EBITDA guidance maintained at €245–255 million, assuming an average merchant electricity price of €45/MWh.

• Strategic focus on doubling installed capacity from 1.6 GW to 3.1 GW, with 1.4 GW of solar PV to be connected in 2025 and 3.1 GW additional capacity planned for 2026.

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

• No asset sales planned; focus remains on growth in Genergia, data centers, and new markets.

• Expansion into data centers, hybridization of facilities, and international growth in Italy, Germany, and the UK.