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

Executive summary

• Achieved transformation into an infrastructure platform with a focus on data center services and battery storage, expanding operations across Spain, Italy, Portugal, Germany, and the UK.

• Installed capacity reached a record 3.1 GW in FY 2025, up 82% year-over-year, surpassing strategic plan targets.

• Delivered on business plan targets, surpassing EBITDA guidance with €266 million achieved versus €250 million guided, and constructed 3 GW of solar capacity, making it one of the largest solar platforms in Europe.

• Secured major long-term PPAs, including a 40-year solar PPA and a 10-year hybrid PPA with batteries, and signed significant data center agreements expected to generate over €3 billion in revenues.

• Executed capital-light growth strategy through partnerships, asset rotation, and a €50 million share buyback, supporting high ROE and financial discipline.

Financial highlights

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

• Net profit surged 55% to €137.3 million, with EBIT up 38% to €217.6 million.

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

• Infrastructure revenue grew from €42 million in 2024 to €74 million in 2025, with strong visibility for further growth.

• Maintained strong cash position and high leverage to support expansion, with net financial debt at €1,435 million.

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 €331 million, supported by increased capacity and data center payments.

• Rapid expansion in battery storage, aiming to be the first major European platform with large-scale batteries in operation.

• Nearly 1 GW of environmentally approved capacity in Italy by year-end 2025, with further growth targeted in Italy, Portugal, and Germany.

• On track to deliver the 2028 strategic plan, with continued share buybacks and a new Capital Markets Day planned for 2026.