Voltalia (VLTSA) Investor presentation summary

Business model and strategy

• Focuses on developing, building, operating, and selling renewable electricity, primarily from solar, onshore wind, and storage, with ongoing operations in biomass and hydropower.

• Integrated model enables delivery of complex renewable infrastructure in both mature and emerging markets across 15 countries.

• 98% of capacity is backed by long-term PPAs, with 77% of PPA revenues indexed to inflation, ensuring predictable cash flows.

• Business units include energy sales, construction, maintenance, and specialized services, leveraging economies of scale and local expertise.

• Strategic approach includes developing and selling part of the portfolio to finance further growth, with a focus on scale and double-digit EBITDA margins in services.

Recent highlights and operational performance

• Commissioned three solar farms in France and completed a major solar plant in South Africa, with a 130 MW maintenance contract signed in Spain.

• Faced significant curtailment in Brazil in 2025, impacting EBITDA by -€36m, but compensation mechanisms are being implemented.

• Board changes include a new chairman and new directors, with a €100m shareholder loan to support asset disposal and transformation plans.

• Strategic push into energy-intensive digital infrastructure, especially data centers, with advanced discussions underway.

Market environment and growth

• Renewable market grew by 22% in 2025, driven by solar and storage, with increasing demand from emerging markets and data centers.

• Competitive CAPEX environment supports further growth in solar, wind, and storage, with solar module prices at historic lows.

• Despite a challenging 2024, long-term growth remains strong, with capacity, turnover, and EBITDA showing robust CAGRs since 2015.