Soltec Power Holdings Sa · BME:SOL
Soltec Power Holdings Sa — FY2025 Earnings Presentation
37 slides from Soltec Power Holdings Sa's earnings presentation, Mar 26, 2026
Slide 1: Inside information notice to CNMV
SOLTEC POWER HOLDINGS, S.A. (the “Company” or “Soltec” and, together with its subsidiaries, the “Soltec Group”), in accordance with the provisions of Article 17 of Regulation (EU) No. 596/2014, of April 16, 2014, on market abuse and Article 226 of Law 6/2023, of 17 March, on Securities Markets and I
Slide 2: 2025 Results Presentation March 2026
2025 RESULTS PRESENTATION March 2026 1
Slide 3: Disclaimer
DISCLAIMER This document has been prepared by Soltec Power Holdings, S.A. ("Soltec" or "Company") exclusively for use during the presentation of 2025 financial results. Therefore, this document may not be disclosed or published, or used by any other person or entity, for any other reason without the
Slide 4: Disclaimer
DISCLAIMER The Company understands that the alternative performance measures should be considered by users of the financial information as complementary to the figures presented in accordance with the bases for the presentation of the consolidated financial statements, but in no case as a substitute
Slide 5: Agenda
AGENDA 1 2025: A NEW BEGINNING 2 2025 RESULTS 3 SOLTEC AS TECHNOLOGY PARTNER 4 APPENDIX 4
Slide 6: 2025: A New Beginning
01 2025 A NEW BEGINNING 5
Slide 7: 2025 – Key Financial Events
2025 –KEY FINANCIAL EVENTS 1 Global debt restructuring Judicial approval of Industrial's restructuring plan (September 2025) Judicial approval of the Energy restructuring plan (November 2025) Novation of the financing agreement with Pino Investment (November 2025) 2 Entry of DVCP into the capital of
Slide 8: 2025 – New Majority Shareholder
2025 – NEW MAJORITY SHAREHOLDER • DVCP fund becomes 4,0% Soltec's majority shareholder in 7,5% December 2025 8,5% • Strengthening the company's financial structure DVC Partners • Complete renewal of 80,0% Grupo Corporativo Sefran board and governance Free Float bodies Valueteam 7
Slide 9: 2025 – Main Operational Events
2025 –MAIN OPERATIONAL EVENTS 1 Strategic shift • Soltec will focus on its core business (tracker supply) • Project development and operation and maintenance activities in support of the main activity • Technology as a differentiating factor 2 Sale of shares in projects worth 22 million. 3 Transform
Slide 10: Focus on Cash Generation and Non-Capital-Intensive Activities
FOCUS ON CASH GENERATION AND NON-CAPITAL-INTENSIVE ACTIVITIES Discontinuation of the Services business (high risk and low margin, having consumed and decreased the group's cash and profitability in recent years), and Asset Management (capital intensive, low returns, complex and higher risk operation
Slide 11: 2025 Results
02 2025 RESULTS 10
Slide 12: Income Diversification
INCOME DIVERSIFICATION BY BUSINESS BY COUNTRY 8% 16% 16% 81,4 €Mn 81,4 €Mn 22% 62% 78% Trackers O&M Desarrollo Development EMEA - APAC LATAM North America 11
Slide 13: 2025 Consolidated Results
2025 CONSOLIDATED RESULTS MAIN FINANCIAL FIGURES(1) Company situation: € Mn 2025 • The group's consolidated revenues amounted to €81.4M. Mainly generated by Soltec's core business, the solar tracker activty (€63.5M). Net revenue 69.7 • EBITDA obtained by the Group during 2025 is negative €30.7M, mai
Slide 14: 2025 P&L Account (€Mn)
2025 P&L ACCOUNT (€Mn) 69,7 126,9 5,1 54,5 0,3 54,8 11,6 (21,7) (44,3) 12,4 (42,4) (30,1) (41,7) (4,4) (16,7) (55,8) Sales Other operating Other operating Others Financial Other Tax(3) Result of income expenses Results(2) Income financial discontinued (1) From expenses operations write-offs Procurem
Slide 15: €123.3 Mn of Consolidated Debt Reduction
€123.3 MN OF CONSOLIDATED DEBT REDUCTION WITH BANKS AND SUPPLIERS(1) (€Mn) 309,7 10,0 7,9 174,5 (123,3) 19,1 (17,7) (9,5) (10,3) (11,3) Pre- Incus Capital Amortization Financial Reestructured restructuring Amortization Commercial expenses(2) guarantees debts debt Write-offs Amortization Fair value I
Slide 16: Write-offs on Gross Bank and Commercial Debt
WRITE-OFFS ON GROSS BANK AND COMMERCIAL DEBT (€Mn) COMMERCIAL DEBT INCUS DEBT 126,7 87,0 - 12,8 80,4 (17,7) (1,7) (54,6) (10,3) 53,5 (8,3) Pre-restructuring Write-offs Amortization Fair value Post- Pre- Write - offs Incus Fair value Financial Post – reestructuring debts commercial adjustments restru
Slide 17: Balance Sheet – Reorganization of the Financial Structure
BALANCE SHEET – REORGANIZATION OF THE FINANCIAL STRUCTURE • Rebalancing of liabilities between long and short term • Debt repayment is adapted to the capacity to generate cash • Reduction of negative equity FY 2024 FY 2025 464 €Mn 342 €Mn 21 Non current liabilities (4%) 78 Non – current assets Non –
Slide 18: Net Financial Debt
NET FINANCIAL DEBT Gross financial debt breakdown SOLTEC December 31, 2025 Total industrial gross financial debt: • Syndicated loan: €30.7M. The syndicated loan is the only bank debt linked to the industrial perimeter. € Mn • Restructured commercial debt: €53.5M. It will be repaid by the INDUSTRIAL
Slide 19: 2025 Cash Flow
2025 CASH FLOW Statements of cash flows 31/12/2025 (€Mn) 5,7 49,7 5,6 18,3 18,6 1,5 Period Start Box Cash flows Net cash Cash flows Effect of exchange End of Period operating flows financing rate changes Box activities Investing activities activities 18
Slide 20: Soltec: Excellence in Tracking Technology
03 SOLTEC EXCELLENCE IN TRACKING TECHNOLOGY 19
Slide 21: Technology to Maximize Return on Investment in Solar Plants
TECHNOLOGY TO MAXIMIZE RETURN ON INVESTMENT IN SOLAR PLANTS • Specialists in solar tracking solutions with a multi-technology approach. • Solutions that have as a differential value innovation, adaptability to each project, quality and durability. • End-to-end partner: complementarity with services
Slide 22: Multi-Technology: Structures
MULTI-TECHNOLOGY: STRUCTURES Products designed to make projects viable even in the most complex terrains. USA 1P SERIES • High versatility (1 to 6 strings) • Adaptation to the terrain • Simplicity • Easy assembly USA • Maximum energy density per ha 2P SERIES • Higher production by albedo and cooling
Slide 23: Multi-Technology: Hardware
MULTI-TECHNOLOGY: HARDWARE Our own electronics to innovate, customise and adapt to new customer needs Activities in the Electronics area • Maximizing Production Algorithm development and • Defense strategies integration • Other AI-based smart uses • SCADA Monitoring and control • Modes of operation
Slide 24: Multitechnology: Software
MULTITECHNOLOGY: SOFTWARE Machine learning applied to plant challenges Intelligent production Hail defense strategy Smart Control and Optimisation of algorithm Maintenance earthworks • Avoidance of shadows on uneven • Risk detection • Centralized control of plant • Ground analysis terrain • Reduced
Slide 25: End-to-End Solutions to Improve LCOE
END-TO-END SOLUTIONS TO IMPROVE LCOE Soltec has the capacity to complete its industrial offer with services that add value to its customers throughout the life cycle of the solar project. The objective is to gain efficiency, mitigate risks and contribute to the profitability of the Project until the
Slide 26: Global Business with a Regional Focus
GLOBAL BUSINESS WITH A REGIONAL FOCUS 21.7 Global projects EUROPE 6,3 GW TRACK RECORD • HEADQUARTERS AND PRODUCTION CENTER (Murcia) • REGIONAL OFFICE Industrial division (Madrid) • SOLTEC DEVELOPMENT (Madrid / Roma) NORTH 4,8 GW TRACK RECORD AMERICA • LOGISTICS CENTER (Houston) • REGIONAL OFFICE (Mi
Slide 27: Top 10 Comprehensive PV Tracker Ranking
Criteria evaluated: TOP 10 • ESG/CSR policies • After-sales service • Warranties • Effort in R+D • Supply chain COMPREHENSIVE PV • Capacity Used TRACKER RANKING • Third-Party Certifications Published February 2026 • Financial situation • Manufacturing Expertise 26
Slide 28: Appendix
04 APPENDIX 27
Slide 29: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET ACTIVE (€, 000) 31.12.25 31.12.24 EQUITY AND LIABILITIES 31.12.25 31.12.24 NON-CURRENT ASSETS NET EQUITTY Capital and reserves (33.518) 143.560 Intangible assets 5.423 25.738 Share capital 22.847 22.847 Property, Plant & Equipment 5.067 11.036 Share premium 154.171 143.472
Slide 30: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT (€, 000) 31.12.25 31.12.24 Income 69.734 326.038 Changes in stocks of finished goods and those in the process of production (9.956) 9.653 Other operating income 11.617 2.560 Work performed by the company for its asset 3.989 3.950 Procurement (34.335) (246.505) Personnel
Slide 31: P&G by Business Division
P&G BY BUSINESS DIVISION Thousands of euros FY2025 Concept Total Group Industrial Segment Development segment SAM Segment Others (*) Net turnover 71.553 — — (1.819) 69.734 Changes in stocks of finished goods and those in the process of production (5.727) — — (4.229) (9.956) Other income 4.080 11.407
Slide 32: Consolidated Statement of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS (€, 000) 31.12.25 31.12.24 Profit/(loss) before tax 54.541 (90.311) Adjustments to gain/(loss) (114.798) 37.417 Changes in working capital 61.761 57.510 Other Operating Cash Flows - - Cash flows from operating activities 1.505 4.616 Cash flows from investing acti
Slide 33: Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURES GROSS MARGIN NET INCOME Net Turnover + Changes in Finished Goods Inventories and Work in Gross margin - Other personnel expenses - Other operating expenses + Progress - Supplies Losses, impairment and changes in provisions for trading operations + The Parent Company
Slide 34: Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURES NET MARGIN ON SALES EBITDA Net margin / Net turnover Operating Margin + Other Operating Income - Losses, impairment losses The net margin on sales is considered by the group's management as a measure of and changes in provisions for trading operations the performance
Slide 35: Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURES LOANS NET FINANCIAL DEBT Current bank borrowings + Non-current financial liabilities + Other Borrowings - Current financial assets - Cash and cash equivalents current financial liabilities + Derivatives (excluding those other cash components that are pledged as colla
Slide 36: Injection of Funds – Dilution 80% of the Capital
INJECTION OF FUNDS – DILUTION 80% OF THE CAPITAL As part of the Restructuring Plan, Soltec has carried out a "fund-raising" process and has signed the entry into the capital of Background DVC as a new shareholder. DVC Partners is a Pan-European private equity company, with a relevant presence in the
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