Solaria Energía y Medio Ambiente (SLR) Q4 2025 earnings summary

Executive summary

• Achieved record installed capacity of up to 3.1 GW in FY 2025, expanding into Italy, Portugal, Germany, and the UK, and surpassing strategic plan targets.

• Transitioned to an infrastructure platform with rapid growth in data center services and battery storage, including major deals and ongoing negotiations with technology players.

• Signed major long-term PPAs, including a 40-year solar PPA and a 10-year hybrid PPA with batteries, providing high cash flow visibility and over €3bn in future revenues.

• Capital-light growth strategy executed through partnerships, asset rotation, and joint ventures for renewable asset development and battery storage.

• Major capital increase and expansion into data center power supply, with over 1 GW of confirmed access.

Financial highlights

• EBITDA reached €266.1m for 2025, up 32% year-over-year and surpassing guidance.

• Net sales for 2025 were €197.4m, with €123m from energy and €74m from infrastructure services.

• EBIT increased 38% to €217.7m; net profit surged 55% to €137.4m.

• Maintained strong cash flow from operations (€138.2m) despite significant investments in solar and battery storage.

• Net financial debt at €1,435m, with a healthy Debt/EBITDA ratio and 84–90% of debt as long-term, fixed-rate project finance.

Outlook and guidance

• Plans to add over 1 GW of additional solar capacity in 2026, all linked to long-term PPAs.

• High visibility on 2026 EBITDA target of €331m, supported by increased capacity and data center payments.

• Focused on massive battery deployment in 2026–2027, aiming to lead the European market.

• Targeting €0.7bn in data center services revenue over five years, with about 50–80% already secured.

• Continued expansion in Spain, Italy, and Portugal, with new PPAs, construction starts, and regulatory stability expected.