Soltec Power (SOL) H2 2025 earnings summary

Executive summary

• 2025 marked a major restructuring, including global debt restructuring, judicial approval of restructuring plans, and a €40M liquidity injection from a new majority shareholder, DVCP, with €5M pending for 2026.

• Achieved a net profit of €12.4M in 2025, reversing losses of over €200M in 2024, driven by €126.9M in debt write-offs.

• Completed a comprehensive financial restructuring, strengthening the balance sheet and liquidity.

• Returned to public listing in December 2025 and shifted strategic focus to core tracker supply business, discontinuing high-risk, low-margin services and asset management activities.

• Operational transformation aimed at optimizing costs, improving margins, and prioritizing cash generation, though contracting was hampered by lack of guarantees until late 2025.

Financial highlights

• Consolidated revenues for 2025 were €81.4M, with 78% from solar tracker activity and over 60% from international markets.

• EBITDA was negative €30.7M, mainly due to inability to sign new contracts until restructuring completion.

• Net profit was €12.4M, driven by €126.9M in debt write-offs; results from discontinued operations were negative €42.4M.

• Gross margin was €25.4M (36% of sales), but net margin was negative €36.4M (-52% of sales).

• Net financial debt at year-end was €124.8M, with gross debt of €174.5M and cash of €49.7M.

Outlook and guidance

• Entering 2026 with a more efficient structure and strengthened financial position.

• Strategic focus on non-capital-intensive activities and cash generation, with continued exit from high-risk, low-return segments.

• Transformation plan to improve profitability and operational efficiency is ongoing.

• Aims to resume contracting new projects and consolidate its role as a benchmark supplier in the photovoltaic sector.