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

Executive summary

• Record installed capacity of 3.1 GW in FY 2025, up 82% year over year, with 1.3 GW under construction.

• EBITDA reached €266.1m, up 32%, and net profit rose 55% to €137.4m; total revenues were €303.4m, up 27%.

• Strategic shift toward infrastructure, data centers and storage, alongside expansion in Italy, Germany and Portugal.

• Data center agreements and PPAs could generate over €3bn in revenues, with agreements expected to yield €1bn in free cash flow over 40 years.

• Capital-light growth strategy supported by partnerships and asset rotation, with ROE above 20%.

Financial highlights

• EBITDA of €266.1m exceeded guidance by 6%; net profit increased 55% to €137.4m.

• Sales grew 12% to €197.4m; infrastructure services revenue rose 76% to €74.1m.

• Total revenues reached €303.4m, up 27% year over year.

• Invested €400m in 2025, supported by operating cash flow of €138.2m.

• Production declined 4% to 2,434 GWh amid lower solar radiation and prices, partly offset by new asset commissioning.

Outlook and guidance

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

• Targeting 6.4 GWh of BESS capacity in Italy, Portugal and Germany by 2028.

• Negotiations underway for 1.1 GW of hybrid PPAs and 500 MW for data centers with Tier 1 customers.

• On track to deliver the 2028 strategic plan, with continued European expansion and share buybacks.