Good morning, and welcome to Holaluz's earnings call. Thank you for joining us.

I'm Carlota Pi, co-founder and CEO of Holaluz, and I am delighted to be sharing the results for the full fiscal year ended December 31st, 2025. With me is Foi Valdés, our Chief Financial Officer, who'll take you through our detailed financial results later in the presentation.

2025 was a year of two very distinct halves, and by the end of H2, the business was back to where it belongs: growing, profitable in energy management, and reaching break-even in solar and storage in December 2025. That is the story we are here to tell.

Before we begin, I want to remind everyone that our discussion today may include forward-looking statements, which reflect our current expectations. Actual results may differ materially from what we discuss.

This slide contains our complete disclaimer. Here is what we will cover.

First, an overview of who we are: our business model, the market context, and the technology platform we have built. Then, our full-year 2025 performance highlights.

Foix will take you through the detailed financial results. Finally, we will close with our ESG progress and a summary of where we stand heading into 2026.

Our commitment to fully decarbonize the world drives everything we do. We are building the largest and most impactful green energy community in Europe, unleashing the full potential of electrifying energy demand by scaling distributed solar and storage across rooftops in Spain through technology.

To understand why our model matters so much right now, let me start with the structural challenge we are solving. Spain's centralized energy grid was not built for the world we are entering.

The data on this slide paints a clear picture of a system under strain: 83% of Spain's electricity distribution nodes are already at or above capacity; 90% of new grid access requests were denied in 2025; 21% of Spain's renewable electricity was curtailed, wasted, because the grid cannot efficiently redistribute it to where the demand is; and over €20 billion are needed to upgrade Spain's distribution grid this decade. All these data according to aElec, CNMC, APPA, and Eurelectric.

The centralized model was built for a different era. It was not designed to integrate renewable generation at the scale required today.

The answer is not to patch the old infrastructure; it is to build a smarter, distributed layer alongside it. That is exactly what Holaluz has been doing for 15 years.

While the grid struggles to keep up, demand is only accelerating, driven by electrification of every energy kind of demand. 318 TWh is the Spain projected electricity demand by 2030, up from 245 TWh today.

This means more than 30% growth in under a decade, in fact in less than five years. 3x is the projected growth in Spain's data center electricity demand by 2030, driven by AI and cloud computing, according to the International Energy Agency data from 2025.

EVs, heat pumps, AI data centers—the electrification of everything is creating a demand wave that no centralized grid can meet at the speed required. The distributed model is not just better for integrating renewables; it is the only way to scale fast enough to serve this demand.

Holaluz sits at exactly this intersection. We want to be very clear about something.

Holaluz is not an energy retailer. We are a tech platform that connects green energy producers with consumers.

We are present in all steps of the process, managing all the energy and data flows in between. Our model has four interconnected elements.

Number one, and at the core, is the technology platform. Our proprietary tech platform is the intelligence layer that optimizes production and consumption patterns across the entire network in real time.

Number two is solar and storage producers. It is a one-off installation unit that maximizes every rooftop for the benefit of the solar owner and their local network at Holaluz.

Number three are producers at scale through either route-to-market and PPAs. This is wholesale electricity bought and represented from 100% certified renewable generators feeding our network.

Number four are our customers that we have under the energy management category. It is our recurring revenue unit managing energy supply and ongoing maintenance services, sourcing from at-scale green generation and customer-sited distributed solar and batteries.

These four elements in our ecosystem create a flywheel: every new installation strengthens the network; every new customer enriches the data; the platform gets smarter; costs come down; and the community grows. This slide shows the engine behind everything we do.

Energy flows are matched to the nearest available source automatically, in real time. That is not a vision; it is live today.

Our tech platform is the brain of the ecosystem. It handles real-time energy routing, AI price and demand forecasting, automated billing and settlement, day-ahead and intraday trading, grid balancing, and ancillary markets, all powered by our proprietary algorithm Hub.

On one side, large-scale wind and solar producers feed 100% certified renewable electricity into the network. On the other, rooftop installations with batteries act as dispatchable nodes in the VPP.

In the middle, Holaluz tech platform, routing energy intelligently between them. This is what separates us from any energy retailer, either traditional or independent new retailer.

No one else has built anything like this. 15 years of proprietary IP, production-grade AI, a platform built natively on the cloud, already operating at scale, not a roadmap.

Our algorithm Hub has four core capabilities: first, reinforcement learning—algorithms that autonomously learn optimal battery charge and discharge decisions in a constantly changing market without human intervention; second, price forecasting—proprietary models predicting day-ahead and intraday spot prices, enabling systematic arbitrage and hedging across our entire customer portfolio; third, demand prediction—per-customer hourly consumption forecast fed by over 95% smart meter coverage, underpinning the subscription model's risk management; and fourth, generation optimization—real-time solar output forecasting combined with battery dispatch decisions to maximize self-consumption and arbitrage revenue. Beyond the algorithms, the platform is built natively on the cloud.

We pioneered Europe's first 100% cloud-based delegated dispatching center and the first, of course, in Spain connected to Red Eléctrica de España, who is the system operator. One platform, over 221,000 contracts, almost 13,000 distributed solar and storage assets.

Every new installation connects automatically with no added operational complexity. This is infrastructure built to scale.

Everything we have built comes together in Tarifa Justa, Europe's only true energy subscription model. For the customer, it is one flat monthly fee, subscription rate, no spot market exposure, no surprises, electricity reimagined as a predictable subscription-based service.

Here is how it works: over 95% of our customers have smart metering systems, giving the platform real-time visibility of every household's consumption every hour of the day. Our algorithm Hub forecasts demand and production, hedging both price and volume risk on the customer's behalf, completely eliminating spot market exposure.

The customer gets a personalized subscription monthly fee. Electricity becomes as predictable as Netflix or Spotify subscription.

What makes it self-reinforcing, it is that every customer feeds data back into the platform, the algorithms get smarter, costs come down, and more customers join the ecosystem. This is a structural cost advantage that no other retailer can replicate.

Now, let me talk about one of our most powerful competitive assets: our battery leadership and what it enables going forward. We reached a 95% battery attachment rate in December 2025, significantly above the Spanish market average of 43%.

This is an strategic asset for three interconnected reasons: first, first mover in distributed storage—our installed battery base provides a structural advantage as new regulation enables behind-the-meter flexibility services, we are already there, the installed base is live, every battery we have installed is a foundational node in our virtual power plant, by assembling our fleet ahead of the market, we will have a compounding asset, one that grows in both scale and intrinsic value with every regulatory step forward; and on that note, regulation has become a powerful tailwind that directly expands our addressable market. The new Energy Self-Consumption Decree delivers two critical changes: first, the proximity sharing radius has been extended from 2 km to 5 km, meaning each installation now serves a significantly larger pool of nearby customers; second, consumer reach within installation radius increases from 70% to 85%.

Every existing and future rooftop becomes more valuable, and new energy communities business model become possible. Years of proprietary technology and operational expertise built ahead of this regulation now converge with it, transforming our capabilities into increasingly valuable assets.

Where does that leave us today? The flywheel is spinning.

We are the largest and most impactful green energy community in Europe, and growing: over 220,000 total energy contracts, almost 13,000 solar contracts under management, 95% battery attachment rate, 3.1 million tonnes of CO2 avoided since inception. The model reinforces itself: more customers without panels join as offtakers, which drives demand for more solar installations, which brings more prosumers into the network, which lowers the cost of electricity, which attracts more customers.

Each turn of the flywheel makes the next one faster. Let me close the about us section with our horizon, as the rooftop revolution has no ceiling.

We see three phases. Now, the thing that we are doing and it is in progress: distributed solar and storage—almost 13,000 installations live across Spain, 95% battery attachment rate, 5 km proximity grid bypassing T&D costs, and as a licensed energy retailer aggregator, we are already active in day-ahead and intraday energy markets.

Next, building virtual power plant at scale—our VPP aggregates thousands of distributed batteries into one intelligent asset, balancing supply and demand in real time; we are working to scale this capability, it is generating approximately €150 per battery per year in combined VPP value today that grows with every new installation. Finally, the horizon: green hydrogen—when solar and storage reach scale, surplus clean energy power electrolyzers, decarbonizing industry, transport, and heating; the same platform, the same network, a new energy vector.

Now, let me move to what happened back in 2025 and why we believe the business is in a stronger position than ever to execute on this vision. This year has been decisive.

In one of the most complex contexts for the energy transition in Europe, we did more than endure; we advanced. While many players in the sector disappeared, we strengthened our foundations and accelerated our transformation.

We executed a €22 million capital increase. We refinanced our debt with the full support of our banking partners.

We embedded artificial intelligence and automation capabilities across our operating model. We achieved an industry-leading battery penetration rate.

We delivered record solar results in H2 with positive results in energy management. Now, we serve more than 220,000 active contracts across Spain.

Our recurring revenue model continues to prove its strength, generating approximately €15 million per month throughout our intelligent energy management platform. We closed the year as the market leader in distributed generation and storage in Spain, a position built on proprietary technology, disciplined execution, and an integrated solar plus battery ecosystem that differentiates us structurally.

As from our H1 results in October, the first half was constrained by a deliberate cash preservation strategy as we awaited the judicial homologation of our debt restructuring plan. The plan entered into force on July 29th last year, and from September 1st on, we executed on our business plan in full.

The fiscal year 2025 story is clear: H1 was a period of constraint; H2 was proof that the underlying business is structurally sound and that the model works. I will now hand to Foix to walk you through the numbers in detail.

Thank you, Carlota. Year 2025 can be summarized in one headline: turning point in the second half of the year, restoring profitability with a reinforced balance sheet.

Let me walk you through the four pillars of this year's performance. First, financial restructuring: our balance sheet is now rebuilt; the €22 million capital increase has been fully executed, with Icosium now at 33% stake; our debt restructuring plan has been in force in July, covering 100% of our debt with no haircuts, maturities extended to 2028, and 70% backed by ICO; covenants have been waived through the end of 2026 by creditor consensus, and the plan is full intact.

Second, record operational efficiency: we achieved a 30% year-on-year reduction in normalized operating and personnel costs, from €37 million to €26 million, delivered through AI and automation embedded across the entire value chain, from acquisition to billing and customer service; call center costs are down 38%, bad debt recovery is above 95%, and this is structural, not cyclical; the cost base reduced by a further 8% in H2 versus H1. Third, solid operational base: 2025 closed with 221,000 supply contracts and almost 13,000 solar installations under management, 4.1 out of 5 on Trustpilot, and a record 95% battery attachment rate in December versus 46% in December of 2024 and versus a market average of 43%.

Finally, fourth, market tailwinds: our capabilities, built years ahead of the market, now align perfectly with the new self-consumption regulation, the €22 billion ICO green line, and falling photovoltaic and battery prices, transforming Holaluz's platform into uniquely valuable asset. Looking at the consolidated P&L, the second half of 2025 marks the turning point: gross profit is up 49% versus H1, and normalized EBITDA reaches €4.7 million versus -€2.1 million in the first half of the year.

Full-year revenues were a little bit more of €141 million; as the first half was constrained by our cash preservation strategy ahead of the restructuring plan; in H2, commercial activity normalized from September onwards with the plan in force; revenue mix confirms as a recurring, high-quality energy management base with a 3.4-year of lifetime value. In solar, the Spanish residential market continued to contract due to the high interest rate environment and the absence of government subsidies, affecting installation volumes across the market.

It is worth noting that consolidating revenue figures do not include route-to-market operations, which totaled almost €18 million in 2025 versus €89 million in 2024. Gross margin was 22% in the second half of the year versus 17% in the first half, confirming the rapid recovery once the restructuring plan went live.

Full-year gross margin is 20%, and the 40% jump in gross profit from H1 to H2, which is from €11 million to €17 million, demonstrates underlying commercial engine is intact. Operating costs reached a 30% improvement year-on-year and a further 8% reduction in the second half versus the first half of the year.

This is structural; AI and automation are permanently embedded in our operations. Consolidated normalized EBITDA reached €2.6 million for the full year, driven by a decisive H2 turnaround: €4.7 million in the second half, offsetting losses of the first half, which is a historical improvement; energy management delivered €5.1 million of normalized EBITDA in the second half alone; another historical milestone is that solar and storage business reached EBITDA break-even in the fourth quarter of 2025 at 90 to 100 installations per month, and confirming this KPI as the run rate we are carrying into 2026.

This chart shows the evolution of normalized EBITDA by segment from H1 2023 through the end of 2025. The trajectory it reveals is one of a structural transformation, especially in solar and storage.

Solar and storage, in yellow, has delivered a dramatic improvement: losses reduced by 95% since the first half of 2023, from -€12 million to -€0.5 million in the second half of 2025, and break-even in the fourth quarter of 2025; such improvement is achieved despite a challenging market and a restricted lead acquisition investment in the first half of 2025. Energy management, in pink, experienced a temporary impact in the first half due to the cash protection measures during the transition period; the recovery since July has been decisive; the +6 percentage point swing in gross margin from H1 to H2 confirms what we have always said: the constraint was financial, not operational; the business was structurally sound throughout.

Looking at the energy management in detail, gross profit generation recovered fully in H2, with the commercial engine restored. Revenue was €131 million for the full year.

The portfolio reduction in H1 is fully explained by the cash protection period; client acquisition recovered gradually through H2. Nevertheless, the portfolio quality remains exceptional.

Since the migration to Tarifa Justa in the second quarter of 2023, we have delivered relevant savings in bad debts and cost to serve, with historical low churn and a 3.4-year lifetime value consolidated. Our portfolio is robust and high quality.

Gross margin recovered to 21% in the second half, back to 2024 levels, driven by our normalized hedging strategy and commercial reactivation once the plan entered into force. Full-year gross margin is 18%.

Normalized operating and personal costs saw a 12% year-on-year reduction thanks to the Tarifa Justa and cost reduction across all levels: marketing, brand, personnel, and opex. The cost structure is now optimized.

Energy management delivered €5.4 million normalized EBITDA for the full year, of which €5.1 million in H2 alone. The business is operating as expected.

Now we move to the solar and storage business. In a sector where 30-plus European solar installers filed for insolvency in 2025 and Spanish residential installations fell 14% year-on-year, Holaluz executed a structural transformation.

The key highlights for the year are: we installed more than 900 solar systems in the year; the average selling price was 4% up versus 2024, reaching more than €10,500 per ticket; battery penetration rate reached 91% on average for the full year, being 95% in December compared to 46% in December of 2024; gross profit per installation was up 25% year-on-year; operating and personal costs reduced 54% year-on-year thanks to channel diversification, head count right-sizing, COGS optimization, and opex reduction; normalized EBITDA improved 78% year-on-year; and the milestone we committed to: solar reached EBITDA break-even in the fourth quarter of the year at 90 to 100 installations per month. That is the run rate for 2026 and the foundation of the profitability path ahead.

Then we walk you through the balance sheet as of December of 2025. Total assets stand at more than €72 million.

Non-current assets amount €47 million. Intangible assets decrease €8 million; technology investment has become more efficient through AI and automation, with innovation pace maintained.

Long- and short-term accruals amount €8 million, and basically include CAC investments calculated according to the customer lifetime value. Current assets amount a little bit more than €25 million.

Trade debtors amount €16.6 million and show a €10.7 million reduction versus previous year, reflecting portfolio optimization and AI-driven collections with over 95% recovery rates. Cash is at €0.7 million; the capital increase was deployed to pay producers and other suppliers and to normalize working capital.

On the liabilities and equity side, the headline is a significantly improved debt structure and maturity profile. Consolidated net equity stands at -€18.7 million, reflecting the accumulated losses in the solar business line.

It is important to note that the parent company, Holaluz-Clidom, has a stand-alone positive equity of €37.3 million. The operating entity is financially healthy; the €22 million investment reinforces the capital base for 2026 execution.

Total liabilities stand at €91 million. The key movements are: non-current liabilities increased to €41 million, reflecting a €20.1 million reclassification from short to long term per the debt restructuring plan maturities; this is a structural improvement in our debt profile, no new indebtedness.

Current liabilities decreased by €57 million and stand to €50 million. Short-term debt is now €11 million, following the reclassification to long term.

Accounts payable stand at almost €39 million, a €37 million reduction as investor proceeds were deployed to fully normalize supplier relationships. In conclusion, the balance sheet reflects a much more robust capital structure, with extended debt maturities and a normalized working capital position.

Our net debt position at December of 2025 stands at €42 million, essentially flat versus €41 million at year-end of 2024. The composition has fundamentally changed: the debt is 100% restructured, fully manageable, and cash flow supported.

The key points are: is approximately 70% ICO backed, reflecting institutional confidence in our business model; maturities were extended to the end of 2028, structured for full repayment without haircuts or discounts; and covenants waived through the end of 2026 by creditor consensus, with a plan fully in force. With H2 performance confirmed and the business now executing as expected, we have a clear path to sustainable debt reduction through business execution.

I will now hand back to Carlota.

Thank you very much, Foix. With the financial foundation rebuilt and the business executing as designed, let me share the impact we are creating, because this is ultimately why we do what we do.

Three numbers define our climate track record: 3.1 million tonnes of CO2 avoided since inception, a verified track record independently calculated from every solar installation and green energy contract over 15 years; more than 170,000 tonnes of CO2 avoided in 2025 alone; our own footprint fell 20% to more than 20,700 tonnes of CO2. More customers, more installations, more impact: the model scales in the right direction.

SBTi validated: both our near-term 2030 targets and our net-zero 2040 commitment have been validated by the Science Based Targets initiative. We published our annual climate transition plan with progress updates—a roadmap, not a pledge.

ESG at Holaluz is not a department; it is how we govern, manage risks, and allocate capital. On the social side: 167 people across Spain with 36.5% women; gender equality is built into how we hire, promote, and govern; 4.1 out of 5 on Trustpilot with over 8,000 reviews; 76% first-contact resolution rate; our products are designed for simplicity and trust: no surprises, no small print.

On governance: ESG criteria are integrated into how we govern and allocate capital; our integrated annual report is verified by EY, GRI-compliant and Ley 11/2018; our climate transition plan is published annually with progress updates; our purpose-driven culture is Holaluz's deepest competitive advantage; it defines how decisions are made and executed at every level. Now, let me bring everything together with our key takeaways from 2025.

First, financial foundation rebuilt: €22 million fully executed; debt restructuring plan in force since July, 100% covered, no haircuts, extended to 2028, and 70% ICO-backed; covenants waived through 2026, and balance sheet is solid. Second, structural efficiency delivered: with a 30% year-on-year cost reduction through AI and automation embedded across the entire organization; call center costs down 38%; bad debt recovery above 95%; not a one-off, with costs falling a further 8% in H2 versus H1.

Third, European leading market position: over 220,000 contracts with a 3.4-year lifetime value; almost 13,000 solar installations under management; 4.1 out of 5 on Trustpilot; 95% battery attachment in December, more than double the market average; with a 25% improvement in gross margin per installations year-on-year. Fourth, proven technology moats meeting a generational inflection: our platform, built years ahead of regulation, now aligns perfectly with the self-consumption decree, expanding our addressable market from 70% to 85%; the ICO green line, falling Euribor, now at 2.2% versus 3.47% in mid-2024, and lower PV and battery costs create a powerful tailwind entering 2026.

H2 2025 confirms the business thesis: energy management delivered €5.1 million normalized EBITDA in H2 alone; solar and storage reached break-even in Q4 at 90 to 100 installations per month, the run rate for 2026. 2025 was a year of two halves: the first was hard, and we were transparent about why; the second delivered proof.

We enter 2026 with a rebuilt balance sheet, structural cost leadership, record operational strength, and a platform uniquely positioned to capture the distributed energy opportunity ahead. The convergence of our built-ahead capabilities with the market and regulatory tailwinds positions us better than ever to lead the energy transition.

Aut viam inveniam aut faciam: we either will find a way, or we will make one. The rooftop revolution has no ceiling.

This concludes our formal presentation. For any follow-up, please reach out to our investor relations team at [email protected].

Thank you all for your time and continued support.