Soltec Power (SOL) H1 2025 earnings summary

Executive summary

• Major restructuring plan approved by shareholders and court, avoiding bankruptcy and ensuring financial stability and liquidity.

• Losses reduced by 80% year-over-year to €21.8M in H1 2025, signaling improved performance.

• Sale of non-core assets, including PV project portfolio, Orchard shares, and RTB projects, generated €22.1M, supporting liquidity.

• New investor injected €45M (€30M capitalizable loan for 80% equity, €15M debt), strengthening capital structure.

• Strategic plan focuses on core tracker supply business, discontinuing high-risk, low-margin services and capital-intensive asset management.

Financial highlights

• H1 2025 consolidated revenue: €65.3M, mainly from solar tracker segment (€55.7M).

• EBITDA positive at €1.8M; adjusted EBITDA €2.3M; gross margin improved to 45% (vs. 29% in H1 2024).

• Net loss: €21.8M, narrowed from €125.9M in H1 2024; adjusted net loss would be €4.4M, a >95% reduction.

• Net financial debt at €243M; gross borrowings €278M; leverage ratio at 69%.

• Cash flow from operations was €14.3M, up from -€6.4M in H1 2024.

Outlook and guidance

• Strategic focus on international growth in the US, Brazil, and Europe, leveraging a 1.5GW pipeline and 7.6GW in development.

• Transformation plan targets cost optimization, margin improvement, and sustainable growth.

• New credit lines and investor participation to support liquidity and project bidding.

• Emphasis on cash generation, value creation, and operational/financial discipline.