Good afternoon, everyone, and welcome to Solaria 2026 first quarter results webcast. My name is David Guengant, Head of IR of Solaria.

I am joined today by Arturo Díaz-Tejeiro Larrañaga, our Chief Executive Officer. During this call, we will 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 will begin with an overview of the results and the main development during this period given by our CEO, Arturo, and following this, we will move on to the Q&A session.

I will also like to highlight 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. As always, I will move extremely fast around the presentation, and we will go to the Q&A session, no?

Of course, we have started the year accomplishing with all of our targets. As 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 an enormous and exponential growth that that will follow during the the same rhythm the next quarters.

Probably we will achieve during 2026 a record from results point of view, no? I think that first comment that it's significant, it's important is, our guideline for the full year 2026 is €330 million of EBITDA.

My comment around this is that we have strong level we are extremely comfortable around this target, no? I think that with these first-quarter results, with these €130 million of EBITDA, we are sending a clear message to the market that the the target, the EBITDA target for 2026 will be will be achieved, no?

Of course, as last in the last 2 weeks, we have done a lot of we have made a lot of news, no, that we have increased capital. We have raised money for the growth of the company for the next years.

We have raised close to €300 million, €180 million of of of shares raising capital, and €120 million that came from our own shares, no, that we have sold, no? We have achieved €300 million of new money that we will use in the growth of the company in the next years, no?

Growth based on data center especially, infrastructure, digital infrastructure, and artificial intelligence, no? Of course, we will start giving some some guidelines about numbers and and the things that will happen in the next quarters, no?

EBITDA, I have mentioned, incredible growth, more than 50%. Net profit, more than 50%.

Probably we will continue with this rhythm during the next quarters. As I have mentioned, we are going to it's not the correct word, probably we are going to assure our EBITDA guideline for this year, no?

It's like we hopefully we will have a great year during 2026, no? From capacity expansion, we have we are adding new capacity, new PV assets, at the same time new batteries, that is critical for us.

Probably we will start with the construction of wind power, no? From from capacity, I think that last year we we achieved 3 GW 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.

We are in the process of hybridization of all of our assets, no, that is critical. Investments, we continue with 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, no? Under construction, we have today an enormous volume under construction, more than 1.2 GW of capacity under construction.

We will add more, no, 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. Batteries, no, we have include here a slide mentioning the the profitability of the batteries, is not a secret.

Our estimation is that we are able to we have a project extremely high project IRR that gives to us the opportunity to recuperate all of our investment, all of our CapEx in less than 3 years, no? That is a really good number.

Our intention is to continue including in all of our assets, assets functioning, the 3 GW, and new assets, to include in all of our assets batteries, no? 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, no?

Today, the solar technology includes not only the daily hours of sun radiation, includes daily hours of sun radiation plus night with batteries, no? This is a game changer in our view because gives to us more capacity, and we are able to capture better prices, no, with batteries.

Flagship projects, we continue constructing flagship projects. As we are going to finish during this year, next year, Villaviciosa.

Villaviciosa is associated with a PPA of data center, no, 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. Our intention is to add to this complex, to Villaviciosa complex, to add batteries and to add wind in the future, no?

As I have explained, Villaviciosa is link with a PPA with Merlin Properties, a PPA for a data center that will be construct in the area, no? I have mentioned one of the key points today is that we have raised €300 million 2 weeks ago.

It was a great, successful in the company. Why?

Because this money will be used for the growth, the significantly growth that we will have during the next 3 to 5 years, and that will be focus on data center, artificial intelligence, and batteries, no? I think that we have received and we are we appreciate a lot the extremely high support that we have received from the market, from the stock markets.

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 to show to the market. I think that that our intention is to arrange to complete change completely the business model of the old Solaria, no?

We want to pass through you know that at the beginning of Solaria, we work in manufacturing activities. Then we go to utility company, to an IPP company.

Now we are an infrastructure player, no, involving different activities of the infrastructure business, and we will explain during our Investor Day, no? Of course, EBITDA target, I have mentioned, is you can imagine that the EBITDA target for 2026 will be achieve.

We have strong level of visibility, no, and we are comfortable, as I have mentioned, and obviously it's not a secret that that we will achieve, no, during 2026. I'm extremely worry 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, no?

Of course, Capital Markets Day, we arrange we will arrange a Capital Markets Day in London probably in the in the third quarter, but we will we will say to the market, no? Second half of this year, we are going to arrange the Investor Day.

We will give an update of our EBITDA guideline. We will give an update about new business that we are going to entry, and new contracts, and new joint ventures, no?

I think that it's more interesting now to go to the questions and to entry directly in the Q&A session. Our Q&A session, and once again thank you for your time.

The first question comes from Beatrice Gianola 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?

Yes, we have include contribution from data center agreement signed last year. I mentioned in the results presentation 2025 that our projection for the infrastructure division could be €70 million.

I think that we are going to stay in more than €70 million. I think that we are signing new contracts.

We will explain to the market in the next quarters. Our data center business is function great, and I think that new contracts will be report and new cash generation will come from the data center business.

I think that we have include in the first quarter a number of close to €40 million globally in the infrastructure side. Probably is the worst quarter if you talk about the full year's results, the worst quarter will be the first quarter that we are presenting today.

Next question coming from Beatrice is regarding the energy sales. Despite the additional capacity install, energy sales increase by only €3.5 million versus first quarter of 2025.

Is this mainly related to power price evolution, or are there other operational dynamics at play? Additionally, how do we expect power prices to evolve over the coming quarters?

I think that it's a combination, no? If you have follow other utilities that has present results, Solaria is not an exception.

It's a combination of radiation, weather, and capture price, no, and both situation that has affected the numbers in generation, no? I'm positive about the future of prices of energy, no, especially associated with data center growth.

Probably we are living the worst moment for generation, especially for solar, from capture price point of view. I think that we are living the worst moment.

Probably in the future, we will see strong improvements on prices, especially if we add all the data center capacity that market is talking, no, and if we are able to connect, not only Solaria globally, if we are able to connect close to 20 GW of capacity that are warranted today, probably price of electricity could change completely, no? It requires time, no?

It requires at least 3 to 4 years, no? At the same time, battery effect, no?

We have connect during the last year, and we are connecting now new batteries. We are achieving great numbers.

We are using the batteries and the hybridization concept to improve solar capture price because today, as I have explained, we are not talking about solar prices, we are talking about solar plus batteries prices, and the average price could be great, no? If you add batteries, you change completely the game, no?

As I have explained, the key target for us during 2026 will be to add to all of our assets functioning to add batteries, no, and this is critical in order to warrantee better prices of electricity.

Next questions come from Fernando Garcia from RBC. Following the entry of Stoneshield in the shareholder structure of Graviex in first quarter of 2026, how we expect the standalone battery business to evolve in the following quarters?

The second question from Fernando is, could we comment about the potential entry in the shareholding of the DC joint venture with Telefónica and ACS?

Graviex, I think that we are extremely happy with this joint venture. I think that it will be one of the great successfuls of the company because we are going to grow not only in Spain or Italy, we are going to grow with them globally in the standalone battery business, and I think that is one of the solutions for the European market, the standalone battery business, and we will be there, no?

During our presentation, our Investor Day, we will give strong surprises to the market associated with this. We think that is one of the ways that we are going to follow for exponential growth, no, in the next years, no?

Batteries, I have explained in different occasions, in different conference call, two business ways: to add batteries to the standard PV installation, to hybridization concept, is to add batteries in order to improve your final price, your final capture price, and we are doing, we are executing now, absolutely. The other business way is the standalone battery concept, no?

Our platform that we have made and that we have signed with Stoneshield probably will be the key platform for Europe in the battery standalone business, no? I think that in the second half, we are going to give really good surprises to the market associated with this.

About the joint venture, I'm not going to comment joint ventures that we still haven't signed or we haven't announced, no? The company is working today in several contracts, several exciting contracts with key players that could change completely the face of Solaria, and deep collaborations and joint ventures that will give strong support to our results the next years, no?

You are mentioning a possible joint venture. We are negotiating several joint ventures at the same time, all around data centers and artificial intelligence, as I have explained at the beginning, and hopefully we are going to give really good news to our shareholders and really good surprises in the next month, no?

During 2026, I think that it's an exciting year for us. We are going to make and to sign important contracts, and we are going to give really good announcements to the market, no?

We are optimistic about the future, and we are optimistic about our partners. We are extremely happy and excited with our partners and our future partners, no?

Next question is coming from Arthur Sitbon from Morgan Stanley. Can we please indicate if data centers deal contribute to revenue in first quarter?

I think we already answered to this question, yes, more than €40 million. Next question is coming from Philippe Ourpatian from ODDO.

About the guidance, in the slide, you mentioned that part of the solar project under construction would be COD in 2027 and not reaching the 4.3 GW in operation end 2026. How is this scope with the guidance maintained?

Could we break down this moving parts?

Honestly, I think it's not critical. With the numbers that we are touching today, it's not significant the generation.

Honestly, I think that Solaria today is an infrastructure global group, and our revenues will come from all the division, all of our infrastructure divisions, no? It's not critical if the final connection of this 1 GW will happen in the last quarter or in the first quarter, no?

Always we'll try to do our best in order to connect as soon as possible, as always, no? Today in the generation business, it's more important when we start with the PPA, when we start with the batteries than when we start with only solar generation, no?

That is today the capture price of solar is not extremely good. I think that the key point always is if you are adding the batteries, if you are including PPA, and when you start with the supply of the PPA, no?

Next question come from Gonzalo Borodina from UBS. First question is, can we provide detail on what is including in the €50 million EBITDA from infra in the first quarter?

How recurring is that? Second question is, of the 4.3 GW in operation and construction, how much is linked to PPAs already signed?

Of course. I think that it's not recurring, it's more than recurring.

We are going to add an enormous volume, and this number that we are showing to the market is not significant if you compare with the future of the company. This is the key point, no?

It's not significant today, the first-quarter results and the data center number that we are showing to the market. The key point is the future and the numbers that we are going to give to the market in the next quarter and next years, no?

The volume that will come from the data center business activity is enormous, no? About if it's link with PPA, as when you sign a data center deal, you need to cover the generation of the data center approximately double capacity than the physical connection that you offer to the customer.

It's like if you sell to a customer 100 MW in connection, you need to sign a PPA of 200 MW. With all the deals that we are touching, we are fully booked.

It's like all of our generation will be link with PPA for data center. It's like today we are worry about if we are able to link correctly all of our demand with generation business, no?

The PPA data center business is much better if you compare with the standard PPA, it's much better: better prices, better conditions, unlimited time. It's like inflation, the combination of all the things that we include in the contracts of PPA data center, is great, no?

Because it's long-term, because the standard is 15 years, but we are obligate to extend after 15 years. It's like unlimited time for the PPA.

If you cut the PPA contract, the data center lose the connection point. It's like they are obligate to continue with the PPA if they continue with the data center activity.

This is critical because it's unlimited time for the PPA. At the same time, price is completely different because you know that the self-consumption connection point, final customers save taxes and several cost in the standard invoice, electricity invoice.

It's like your PPA could include better price. You could share the profits of the self-consumption law with the customer.

It's like you are able to increase your final price in the PPA, no? Usually you include inflation in all of your contracts.

It's like it's the perfect deal for us, no?

Next question is coming from Philippe Ourpatian from ODDO. Can we elaborate maybe not on Graviex and DC that we already read, but maybe on Generia, if we can elaborate something about Generia?

In Generia, we continues acquiring land, not only Solaria land, from third parties. We are growing with good rhythm, and hopefully I think that our intention is to close a global deal in the next quarters that if we close the global deal that we are negotiating, probably we could achieve the business plan in advance, no?

Our intention is during 2026 practically to close all the business plan of Generia in advance. We will see, no?

Next questions come from Kane Chong from Bernstein. Can we provide more color on the DC revenue?

If today's results change the guidance provided at the CMD? Second question is, any more detail on which DC agreement underpin first quarter 2026 results and EBITDA margin in this segment?

First question is if we have to change the CMD guidance, and second, if we can give some color on EBITDA margin on this infra business.

If we change the EBITDA guideline will be announced and will be explained to the market in our Investor Day. Obviously, as I think that after this call, no, even with my awful accent and English, you can understand perfectly that we are going to change our EBITDA guideline, no, because obviously I think that in this kind of conference call, sometimes it's complicate, no, to explain, but I think that situation of the company is extremely good.

We have cash. We have contracts.

We have customers. We have a really good business that we have allocate, and we are in a good position that have connection points for data center business.

We have really good customers, global customer from United States, from Europe. I think that in the Investor Day in London, we will explain our business plan, but obviously and this market is moving and is changing extremely fast, and we need to follow the wave, no?

Obviously in November, we gave this guideline to the market, in November of last year. I know that I'm talking on May, and I'm saying that we have a comfortable situation and that we have a high level of visibility of our EBITDA target for 2026.

Probably in the CMD of second half, we will give more information, and we will give a positive update to the market. EBITDA margins in the segment, of course, I think that I prefer to wait to the Investor Day, and we will give.

Next question is coming from Arthur Sitbon from Morgan Stanley. Can we comment on recent unconfirm reports on a potential involvement in the Spanish AI Gigafactory?

What could be the business model?

Probably as I have explained that it's still too early to talk about joint ventures that we haven't signed. It's not a secret that we are talking with the Spanish government and with the partners of the Spanish Gigafactory, and we are studying our participation, but it's still too early to talk about the business model, no, because I think that always if Solaria entry in a joint venture is because it's not for money, no, because we have skills or capacities that we can offer to the joint venture, no, that we have things that they want to obtain or skills or activities that they want to contract from Solaria, obviously, no?

Obviously our business model is not to allocate money and to entry in equity and to be a financial investor, no? Our view is if we entry in the capital or if we entry in a joint venture is because we are going to work, and we are going to develop something, no?

I think it's still too early, and I don't want to give not yet information about this issue. In the following month, I think that we will report to the market, we will explain to the market, and trust on us because our business model is extremely clear, no?

We are not only a financial investor. We are obviously a industrial investor that gives and that includes skills, no?

Maybe a last question from Renta 4, from Eduardo Imedio and some more analyst. Can we provide an update on the asset rotation process?

In the short term, you will have news because we are executing. In the short term, we can we will give news to the market about asset rotation process.

It's not critical because today we have interest from investors that wants to entry in in assets functioning with PPAs or with high level of visibility of the cash flow. I think that is something that will happen, no?

In the next month, in the short term, you will see news associated with the asset rotation process.

Okay. This was the last question.

Thank you very much for your time.

Thank you very much. In order to give a final information, no, I think that as I have explained, we will arrange in the second half of this year an Investor Day in London.

We will explain new business. We will give an update of our EBITDA guidelines.

We continue constructing assets with batteries, and we will report new data center contracts and new joint venture with new partners that could contribute to the successful of the company in the next 3, 5 years, no? Today we have the equity ready to invest in the key business for us, no: data center infrastructure and batteries, no?

We are ready to a enormous and significant growth, no? Tomorrow we will be in London in a roadshow, and we will explain or we will try to explain more details and more things.

Thank you very much.