Solaria Energía y Medio Ambiente

Good afternoon, everyone, and welcome to Solaria 2026, first quarter webcast. My name is David Viancon, the head of IR of Solaria. I am joined today by Arturo Díaz-Tejero Laranega, our chief executive officer. During this call, we'll discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. During this presentation, we'll begin with an overview of the result and the main development during this period given by our CEO, Arturo. And following this, we'll move on to the Q&A session. I would also like to add that you have to submit all your questions via the web. Thank you very much again. I will now hand over the word to Arturo.

Thank you David and thank you to everyone joining this conference call and as always I will move extremely fast around the presentation and we will go to the Q&A session. And of course we have started the year accomplishing with all of our targets as you can see we have improved Our production, our revenues, our EBITDA number, our net profit, it's like I think that we have improved versus 2025 in more than 50% all the numbers of the company. It's extremely, I think it's enormous and exponential growth that will follow during the same rhythm the next quarters. and probably we will achieve during 2026 a record from results point of view and I think that first comment that is significant is important is you know our guideline for the full year 2026 is 330 millions of EBITDA and my comment around this is that we have strong level we are extremely comfortable around this target I think that with this first quarter results with this 113 millions of EBITDA we are sending a clear message to the market that the the BIDDA target for 2026 will be achieved. And of course, as you know, in the last two weeks we have made a lot of news we have increased capital, we have raised money for the growth of the company for the next years, we have raised close to 300 millions of euros, 180 millions of euros of shares, raising capital and 120 millions that came from our own shares that we have sold. We have achieved 300 millions of euros of new money that we will use in the growth of the company in the next years. Growth based on data center, especially infrastructure, digital infrastructure. And artificial intelligence. And of course we will start giving some guidelines about numbers and the things that will happen in the next quarters. EBITDA, I have mentioned, incredible growth, more than 50%, net profit more than 50%. Probably we will continue with this reading during the next quarters and as I have mentioned, we are going to, it's not the correct word probably, we are going to soar. our EBITDA guideline for this year it's like we hopefully we will have a great year during 2026 from capacity expansion we have we are adding new capacity new PV assets at the same time new batteries that is critical for us and probably we will start with the construction of wind power and from capacity I think that Last year we achieved 3 gigawatts of capacity functioning. We are extremely focused today in adding battery storage capacity. All of our assets will include battery. That is strategic for Solaria and for the business plan for the future. And we are in the process of hybridization of all of our assets. That is critical. Investments, we continue with a strong investment. This quarter we made strong investment in different activities, especially as I have mentioned in batteries. And we continue growing in storage and in PV generation. Under construction, we have today an enormous volume under construction, more than 1 to gigawatts of capacity under construction. We will add more, as we will explain then during the presentation where we are, but focus obviously in Spain, Italy, Portugal, as we have explained in other presentations, and especially focus on batteries and wind activity. We have included here a slide mentioning the profitability of the batteries. It is not a secret. Our estimation is that we have an extremely high project IRR that gives to us the opportunity to recuperate all of our investment, all of our capex in less than three years. That is a really good number. And our intention is to continue including in all of our assets, assets functioning, the 3 gigawatts and new assets, to include in all of our assets batteries. And of course, I think that the new business, the new market is not based only in solar generation, it's based on solar generation plus batteries. Today the solar technology includes not only the daily hours of sun radiation, it includes daily hours of sun radiation plus night with batteries. This is a game changer in our view because it gives to us more capacity and we are able to capture better prices with batteries. flagship projects we continue constructing flagship projects as you know we are going to finish during this year next year Villaviciosa Villaviciosa is associated with a PPA of data center and is one of our most ambitious projects in Europe and hopefully will be connected during the next year And first half of next year. And our intention is to add to this complex, to Villaviciosa complex, to add batteries and to add wind in the future. And as I have explained, Villaviciosa is linked with a PPA, with Merlin Properties, a PPA for a data center that will be constructed in the area. I have mentioned one of the key points today is that we have raised 300 millions of euros two weeks ago and it was a great success in the company. Why? this money will be used for the growth, the significant growth that we will have during the next three to five years and that will be focused on data center, artificial intelligence and batteries. I think that we have received and we appreciate a lot the extremely high support that we have received from the market, from the stock markets. And we want to arrange an investor day in the second half of this year in order to explain new business that we will entry, new business, new contracts, new business models that we are going to show to the market. And I think that our intention is to arrange... to change completely the business model of the old Solaria we want to pass through you know that at the beginning of Solaria we work in manufacturing activities and we go to a utility company to an IPP company now we are an infrastructure player involving different activities of the infrastructure business and we will explain during our investor day of course EBITDA target I have mentioned you can imagine that the EBITDA target for 2026 will be achieved and we have strong level of visibility and we are comfortable as I have mentioned and obviously is not a secret that we will achieve during 2026. I'm extremely worried about the future and the new guidelines that we should give to the market during our investor day in the second half of this year. Of course, Capital Markets Day we will arrange a Capital Markets Day in London probably in the third quarter but we will say to the market and second half of this year we are going to arrange the Investor Day and we will give an update of our EBITDA guideline, we will give an update about new business that we are going to enter and new contracts and new joint ventures. I think that it is more interesting now to go to the questions and to enter directly in the Q&A session.

Thank you for your time. The first question comes from Beatrice Giannola from Mediobanca. Can we provide more detail on the infra-business trend? Specifically, does this segment already include the contribution from the data center agreement announced last year?