Solaria Energia y Medio Ambiente Stock

Good afternoon, everyone, and welcome to Solaria 2026 First Half Results Webcast. My name is David Guengant, the Head of IR of Solaria. I am joined today by Dario Lopez, our Chief Operating 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'll begin with an overview of the results and the main development during the period given by our COO, Dario.

Following this, we'll move to the Q&A session. And I will also like to highlight that you have to submit all your questions via the web. Thank you very much again, and I will now hand over the word to Dario.

If we go to see the numbers of this first half of the year, we want to highlight the results we have are the best results ever of Solaria. We had the best P&L and the best balance sheet for a history of Solaria just going into the details, for example, in terms of production, we have increased 51% compared with the last year.

We have reached EUR 100 million in sales in 6 months for our infra business, proving how resilient and stable it can be. EBITDA, we have reached EUR 210 million, which is a 50% increase versus the last year this also means that we have reached in the first half of this year, 64% of the target of this year, okay.

In terms of the profits, we have uncreated 52%, reaching EUR 122 million and at the same time investment for more than EUR 276 million. And what is even more important, we have been able to reduce the leverage from 1.4x to 3.9x. We think that in terms of the financial situation of the company, these have very good results, and we can be all proud. But we don't settle here. We want more. That is why we have started an efficiency program. It's a cost efficiency and capital efficiency program that I will explain later.

And finally, for the second half, we see an even better situation. First of all, we see very good prices of energy. We have already seen the price of Q3, and we have a very promising Q4. And finally, of course, we will have and we will give more updates about the next Capital Markets Day. Just a brief summary on what we see in Q3. Solar price has increased 75%. Our generation has increased 30%. And our merchant capability that I will call optimized merchant because today, we have mechanisms to extract more value from the energy we have in merchant.

You know what I'm talking about. We are talking about the energy management that we have and the best capabilities that we are introducing, but we see a very good Q3. If we talk about the first half of the year, first I want to highlight is the relevant increase in the production of energy, 51% increase, which is relevant. We will be almost in double by the end of this year, hopefully. And what is very important, Infra. Infra, we have increased significantly.

We have almost reached, as I explained before, EUR 100 million. I think this infra business that is mainly based in the power land business and on these data center technologies, we have been able to provide recurrence and stability that proves the resilience of this business line. In terms of the EBITDA, as I explained before, we have reached EUR 210 million, which is, I think, a very good number. We are today at 64% of the achievement of the yearly results. And here, I want to be very clear. I want to reaffirm the objectives that we have in terms of EBITDA that I will repeat. This year, already is EUR 331 million that we already obtained EUR 210 million.

For 2027, EUR 456 million for 2028, EUR I want to reaffirm our commitment with this EBITDA of the company. At the same time, we have improved significantly the financial effect of our company. First of all, we have -- we have managed to do this with a huge investment. We have invested more than EUR 276 million during this first half of the year. But at the same time, we have improved the numbers of the company.

I want to highlight, first of all, for example, the net financial debt versus EBITDA that has gone to 3.9 versus 5.4% that we had last year. I think it's -- and this number will improve in the next months, okay? Also, the project debt has improved from 84% to 91% and the fixed versus debt in this moment of uncertainty and movement of interest rates, we have increased to 84% of fixed rate versus total debt, okay? If you allow me to compare where we are today from the point where we were in the last Capital Markets Day or what we talked in the last Capital Markets Day, I would like to highlight several points and to prove that we are delivering, and we are committed to deliver. And these numbers are the best proof of that.

First of all, we reached the objective for last year of '25. We promised ILS 250 million EBITDA. We reached ILS 266 million. We exceeded this number. Second, this year, we promised ILS 331 million. We are at 210 million, and we have -- and this is half of this year with 64%. We're on track, I would say, okay? In terms of the net debt versus EBITDA, as I have explained before, we have speed up the achievement of this objective where we are now at 3.9 versus 5.4 and this is very important to prove in this moment of uncertainty, the good financial health of the company.

In terms of production capacity, we have reached 3.1 gigawatts. We will reach more 3.6 at the end of this year. And I want to be very clear here. We have to be profitable. We -- our growth has to be profitable. Just making megawatts for making megawatts doesn't make any sense. We make money. We do not make only megawatts. I want to be very clear about this. In terms of the development of long-term contracts and PPAs, we have signed PPAs for more than 400 megawatts, also based agreements. well, I think we have more than delivered here. In terms of the batteries, which is a relevant point, we had installed 45 megawatts.

Today, we are above 120 megawatts hour. And this capacity will be multiplied significantly, will be increased significantly in the next months. This provides what they have called the optimized merchant and provides much higher value than any other technology at this moment. And not less important, expansion into Europe. We obtained the environmental approval of the largest project in Italy. It's Spinatsola. It's one of the large -- in fact, the largest project is in Italy right now. And it's the next flagship project. We completed successfully Trig, completed successfully Carona and now a Spin Sola.

We provide very good values of Solaria. We said before, for us, this is not enough. We want more. That is why we have started a capital efficiency and cost efficiency program, where we expect to obtain another EUR 7 million of savings of additional savings. This is a 12-year program. We have already completed roughly 50%, and this will allow us to improve significantly the results.

In terms of cost efficiency, for us, there is a significant cost reduction in terms of personnel, it's very simple. We have all the products and mega is that it's common in the market. But in addition, we have now -- our growth now is leveraged. It can be based on existing capabilities and existing assets. This allows us to be more efficient in terms of the cost and in terms of the and the people and the thing that we need to do it. I mean this allows us to be more efficient and to make more money.

And not only that, I mean, in a moment where the capital -- the cost of the capital, the cost of the interest rates is increasing. What we are doing right now, we are improving the quality of our debt. We are removing expensive debt, to be clear, and we are focusing on having a good debt and which is very important, the investment discipline, I think this is critical. This is something that we have been our character. The origin salary has always been this point. We had to be the most efficient. And we will be the same. I mean, making megawatts is not the business. It's making money.

I will be very clear on this. So why we maintain our objective to develop all the projects which provide at least minimum 12% IRR, and we have them. And the best part is that we have them, we have very good projects providing these very good results, okay? If we talk a little bit about the future prices, what we see or what we have seen in the first half of the year, we saw similar pass to last year Q3 explained, we have seen a significant increase in the net prices, and we see also a relevant increase of the price of the energy, solar energy in fact for the future.

Also don't forget, and we have said that we have what we call the optimized merchant with all these mechanisms, this dispatch of energy, these batteries that will allow us to optimize even more the energy. The price of the energy that we see okay?

Well, in terms of the assets, we have already developed a huge asset base. I don't know how many companies can say that that have created the base of assets has been PB. Now it's a lot of batteries, which is quite innovative, and this will allow and provide much more value in the very short term. Well, just to summarize, we think that the first half has been really good in terms of EBITDA. That is our main target and is our objective we have provided only in the first 6 months, 64% of the objective.

The balance sheet of the company is much stronger than 1 year ago. We are prepared also to keep growing with profitable growth. And second, we see a very good perspective for the second half of the year just based only on these numbers that we have explained before of the prices and what we see in the markets.

Okay. And finally, we will provide more details, more strategic insight, more projections. We will not disappoint. Last year, we made -- we had a very interesting Capital Market's Day. Many of you were there. This year, will be even better, okay? So Bookenda, closure agendas right now, 7 November, London, 18th November, New York.

Thank you, Dario. I will now open for a Q&A session. And once again, thank you for all the time. Just test us 1 minute.

First question comes from Fernando Garcia from RBC.

First question is regarding DC data center. Have we collected all money in infra revenue from DC in H1 2026. The second question from Fernando and from other analysts are related to if we have any comment on Spanish data center regulatory proposal, any feedback from this consultation and if we have stopped conversation about this agreed because of this drag on DC.

Thank you. Yes, -- of course, we sign content and we have milestones to collect money. Of course, yes, does it make sense if not. Royal Decree yes, I mean, there has been a lot of noise about this range. This royal decree for us is really good. It puts the value in what we think it should be. You know energy is critical, not only connection potential energy is critical for data center. And this Royal Decree gives value to the energy and the quality of the synergy. And for very really good because it allows us to provide. We are able to deliver on the requirements of this real decree. And in fact, we have been approached by different groups, different more data center players that have approached us in the recent weeks after the Italia decree to work with us to be able to deliver to fulfill the requirements of this trial degree.

Next question come from Christian Salis from Cantor. I'm sorry about that, but I cannot take all your questions. So I will try to do my best. First question from Christian is related to Power and project. On the -- of the 3.4 gigawatts power lend project, only once 12 gigawatts are located in Spain. Can we provide any update on the current progress on the remaining 2 gigawatts out of Spain?

And second question from Christian is on BES. You have now 120-megawatt hour operating and want to reach another 1.2 gigawatts over by year-end. This looks ambitious and is out of that.

Regarding the first question, yes, we have a good portfolio of projects. Yes, we have been able to close very nice deals here in Spain. We will continue closing deals in Spain. -- so with the support of the offer here and also these new regulations. But as outside, okay, for example, I want to highlight the project that we have in the south of Italy. We have one of the largest projects. We have 400 megawatts secured in the South Italy with the connection with the land and with very advanced permitting. It's a pit that we are receiving a lot of interest because of the size, because of the quality of the development well it's yes, we are developing, and we will have more projects in different places as so to diversify our portfolio.

In terms of the batteries, yes, we have now relevant development in batteries. As we said in the past, our main limitation was always the permitting. Now the permitting, let's say, is not in the equation. It's not on the table because it's easier. We have the cable lines. We have the infra -- it's in our hands. So that is why I feel extremely comfortable with the development of batteries.

Next question is coming from Alex and from Bank of America. Can we effectively capture the higher price power prices in Q3 and Q4 during solar hours, -- would you be able to hedge this in advance -- are we planning to reduce the merchant exposure below 35%.

Yes, I mean, of course, we are able with this situation of prices, the poison that I have highlighted here is a solar prices, solar energy prices that as you can see are really good. But in addition, I have talked before about the optimized merchant. This Times merchant is possible as long as you manage your energy, that is something that Solaria do not everyone can do. But in our case, we have been developing our capabilities, our dispatch of energy, we have our own trading unit for energy and with batteries, we cannot only capture this, but we can capture even more value because here is but as we say, my merchant energy is not solar anymore. It's something more than solar.

Well, regarding the plan exposure, I mean if I do this, I reduced my business. So I wouldn't make any sense for me. I mean this merchant exposure, as long as I'm first I have very good prices. And also, I can even optimize them much more with batteries. So I mean for me, with the machines has now to close. I mean, hopefully, I will have more.

Next question comes from Flora from Caixa Bank. First question is regarding the Infrastructure segment. Can we have to understand if the EUR 100 million EBITDA counting in the H1 means effective cash in. Second question, are we maintaining the full year 2026 EBITDA guidance and the result of that? And it would mean a limited contribution from the infra segment in the second half.

Yes. I mean, of course, it before, if we close contracts and we have milestones, we have to cash in the contract yes, obviously. And second, yes, I have also mentioned before, in terms of EBITDA targets, I reiterate the EUR 331 million EBITDA tariff for 2026. I think you have enough information to see how close we are but also for the next year, 2028 and reiterate all the EBITDA auditors of the company.

Next question is coming from Victor Peiro from GVC Gaesco. Can we provide some color on the wind hybridization plan?

Yes, of course. As you know, we have received recently our first environmental authorization for one of the largest projects in-- which for us is an important milestone. And we have Solaria, as we have many times, is not anymore only a company. We have best, we have win, we will have in very soon. In terms of this milestone, I mean this is also in this very special project of Caronia, where we have batteries, we have wind, we have data centers. We have many things will approve what we can really -- and yes, and more will come in the very short term in terms of all the authorization for wind energy.

Next question is coming from Philip Baton from Oddo. Can we elaborate about the infrastructure revenues on the second half?

Yes. I mean I think that with this number of EUR 100 million in the first half, you can see that this business is recurrent and stable. Yes, we continue. This is our data center and infra business that we have been talking in the last years, and we have now proved that it's not a one shot as we said, it's much more than that. Of course, we will have more results in the second half.

Next question comes from Betina from Mediobanca. Are we planning to participate to the next capacity market auction storage in Italy, which kind of return are we targeting.

If we make money, yes, of course. I mean it's -- I have explained before, we participate as long as we make money. We are going to lose money. We will not -- I mean we will participate with numbers that will allow us to make money. But yes, we will participate.

Next question next question is coming from Henry Tal from Berenberg regarding BEs,How attractive are the best projects? And what are the building blocks of the returns that you can see on service services, capacity payments, merchant trading on BES.

Well, I think it's quite easy to make some numbers. If you look for example at the pressure of the market today, you will see a huge spread. And this is not the only -- I mean, with the spread, we are -- we have seen in the last days press of EUR 700, even EUR 200-megawatt hour, is really high. And this is something that the batteries can catch.

And we know it because we see it. I mean not just because we've seen in an excess falls because the asset that we have, they produce it. They are able to -- and just that is just playing with the spread between low and high -- but also don't forget that batteries, you have mentioned, where they can participate in different markets. The government has just issued this capacity market that we have been waiting for a long time that will provide some additional revenues. -- and also Batteries can participate. We'll allow us to be even more flexible participating in the market, secondary tertiary which allows to include more energy. That is why when we talk about this merchant, we talk about this optimized merchant. It's much more than just pure merchant.

Next question comes from Maria -- no Miguel from Alantra. First question is, can we give any update on the 500-megawatt potential additional agreement on data centers? And second is any potential impact on Israel decon or can we give us a view any new contact after this?

Well, we have a Capital Markets Day that I have mentioned before, '17 and '18, we will, for sure, through price again with many more news and many more things. Well, I mean it's something I'm afraid that I cannot disclose much more more, okay.

Next question is coming from. How much of the infrastructure revenue come from the data center deal. Well, as Dalio mentioned, is a very relevant part of our infrastructure revenues coming from data center deal. So I think we are done for the day.

Just maybe, as Dario said, Jon, one more question on Klovac. Any view on this possible croak in Spain.

Yes. I mean you know that having some rumors in the last days about this club, but I want to remember the words of the Ministry of Economy of yesterday and by special the government where he confirmed that at this moment, they didn't see the situation, and that is the fact that the situation today in Spain is not the same as in 2022. Spain is much better prepared. Deployment of renewables has Halo Spain to be in a much better situation. The impact of the prices is not the same as in other places in Europe.

That is the first point. And also what is very clear is that those remedies trial remedies did not solve the situation. They made it even worse, and they doubled the consumption of gas. So they just were a way to subsidize the consumption of gas, which, of course, is not the solution. You cannot subsidize a product. You have to keep supporting what is the new technologies, renewable batteries and everything.

Thank you, Dario. I think we are done for the day. So thank you to everybody for joining today's call. And I will now lend the word to Dario to close this.

Thank you very much for being part of this conference call. As always, our Investor Relations team will be available for any additional information you may require. Thank you, and have a great afternoon.

Good afternoon, everyone, and welcome to Solaria 2026 First Quarter Results Webcast. My name is David Guengant, the Head of IR of Solaria. I am joined today by our Arturo Diaz-Tejeiro Larranaga, 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 results 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 outline 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 on 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 reading in the next quarters. And probably, we will achieve during 2026 record from a results point of view.

And I think that first comment that it's significant, it's important is our guideline for the full year 2026 is EUR 330 million of EBITDA. And my comment around this is that we have a strong level -- we are extremely comfortable around this target. I think that with this first quarter results with this EUR 113 million of EBITDA, we are sending a clear message to the market that the target, the EBITDA target for 2026 will be achieved.

And of course, as you know, in the last 2 weeks, we have done a lot of -- we have made a lot of news now that we have increased capital. We have raised money for the growth of the company for the next years. We have raised close to EUR 300 million, EUR 180 million of shares, raising capital and 120 million that came from our own shares that we have sold. We have achieved EUR 300 million of new money that we will use in the growth of the company in the next year's 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 current work. Probably, we are going to show 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 12 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.

Batteries. Now we have included here a slide mentioning the profitability of the batteries. It's not a secret. Our estimation is that we are able to -- we have a project IRR -- extremely high project IRR that gives to us the opportunity to recuperate all of our investments, all of our CapEx in less than 3 years. That is a really good number. And our intention is to continue including in all of our assets, asset 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 radation, includes daily hours of sun radation plus night with batteries. And this is a game changer in our view because give 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 PPA with Merlin Properties, PPA for a data center that will be constructing the area.

I have mentioned one of the key points today is that we have raised EUR 300 million 2 weeks ago, and 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 focused on data center, artificial intelligence and batteries. And I think that we have 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 enter, 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 complete change completely the business model of the old solar. We want to pass through -- you know that at the beginning of Solaria, we work in manufacturing activities, then we go to a utility company to an IPP company. Now we are a fresh 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, it's 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 are -- we will arrange our Capital Markets Day in London probably in the third quarter, but we will as 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's more interesting now to go to the questions and to entry early 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 includes the contribution from the data center agreement announced last year?

Yes, we have included contribution from data center agreement signed last year. I mentioned in the results presentation 2025, that our projection for the Infrastructure division will be EUR 70 million. I think that we are going to stay in more than EUR 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 functioning great. And I think that new contracts will be reported and new cash generation will come from the data center business.

I think that we have included in the first quarter a number of close to EUR 40 million globally in the infrastructure side. And probably 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 Gianola regarding the energy sales. Despite the additional capacity in stalenergy sales increased by only EUR 3.5 million versus first quarter of 2025. Is this mainly related to power price evolution? Or is the 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. Solaria, 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. And both is -- both situation the ad has affected the numbers in generation. I'm extremely -- I'm positive about the future of prices of energy, especially associated with data center growth. Probably we are leaving 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. And if we are able to connect not only solar globally, if we are able to connect close to 20 gigawatts of capacity that are warranted today, probably price of electricity could change completely. But it requires time. It requires at least 3 to 4 years.

At the same time, battery effect. We are living because we are connecting -- 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. If you add batteries, you change completely the game. And as I have explained, the key target for us during 2026 will be to add to all of our assets functioning to add batteries and this is critical in order to warranty better prices of electricity.

Next questions come from Fernando Garcia from RBC. Following the entry of stance in the shareholders' future of Gravex in first quarter of 2026. How we expect the stand-alone battery business to evolve in the following quarters? And the second question from Fernando could we comment about the potential entry in the shareholding of the DC joint venture with Telefonica and ACS?

Graviex, I think that we are extremely happy with this joint venture. I think that -- it will be a great -- one of the great successful 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 battery -- stand-alone battery business. And I think that is one of the solutions for the European market, the stand-alone business, battery business, and we will be there. And 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 in the next years.

And batteries, I have explained in different occasions, in different conference calls, 2 business ways. -- to add batteries to the standard PV installation, 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. And the other business way is the battery stand-alone battery concept. And our platform that we have made and that we have signed with [ Stonhield ], probably will be the key platform for Europe in the battery stand-alone business. And 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. The company is working today in several contracts, several exciting contracts with key players with key players that could change completely the face of Solar and deep collaborations and joint ventures that will give strong support to our results than next year. And 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.

And 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. And 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.

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

I think we already answered this question, yes, more than EUR 40 million.

Next question is coming from Philippe Ourpatian from ODDO about the guidance in the slide you mentioned that part of the SAP project under construction will be COD in 2027 and not reaching the fourth 3 gigawatts in operation in 2 -- how this scope with the guidance maintained? Could we break down these moving parts?

Only, I think it's not critical with the numbers that we are touching today is not significant. The generation. Honestly, I think that Solaria today is a companion infrastructure, global group and our revenues will come from all the divisions, all of our infrastructure divisions. It's not critical if the final connection of this 1 gigawatt will happen in the last quarter or in the first quarter. But always, we'll try to do our best in order to connect as soon as possible as always. But today, in the business, in the generation business, it's more important when we start with the PPA, when we start with the batteries, then when we start with only solar generation that is. Today, the price -- 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.

Next question comes from Gonzalo Sánchez-Bordona from UBS. First question is can we say -- can we provide detail on what is included in the EUR 50 million of EBITDA from Infra in the first quarter? How recurring is that? And second question is of the 4.3 gigawatts in operational construction, how much is linked to PPAs already signed?

Of course, I think that it's not recurring, it's more than recurring is we are going to add an enormous volume normal 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. It's not significant today. The first quarter results and 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 year. And the volume that will come from the data center business activities and norms.

And about if it's linked with PPA, as you know, approximately PPA, 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 megawatts in connection you need to sign a PPA of 200 megawatts. With all the deals that we are touching, we are fully book is like all of our generation will be linked with PPA for data center. It's like today, our -- we are worried about if we are able to link correctly all of our demand with generation business. And the PPA data center business is much better if you compare with the standard PPA is much better, better prices, better conditions and limited time like inflation.

The combination of all the things that we include in the contracts of data center, PPA data center is great because it's long term because the standard is 15 years, but we are obligated 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 obligated 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, you save final customer save taxes and several costs in the standard invoice, electricity invoice is like your PPA could be -- could include better price, you could share the profits of the self-consumption law with the customer is like you are able to increase your final price in the PPA. And usually, you include inflation in all of your contracts. It's like -- it's the perfect deal for us.

Next question is coming from Philippe Ourpatian from do. Can we elaborate maybe not on Gravixand this is that we already erode, but maybe on Geneva, if we can something about Geneva.

In Genera, we continue acquiring land, not only solar Arland, Solaria 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 could -- if we close the global deal that we are negotiating, probably, we could achieve the business plan in advance. Our intention is during 2026 practically to close all the business plan of an area in advance. We will see.

Next question come from [ Ken Chong ] from Bernstein. Can we provide more color on the DC revenue? And if today's results change the guidance provided at the CMD. And second question is any more detail on which this agreement are in first quarter 2020 results and EBITDA margin in this segment.

So first question is, if we have to change the CMD guidance? And second, if we can give some color on EBITDA margin of this infra business?

If we change the EBITDA guideline, it will be announced and will be explained to the market in our Investor Day. Obviously, as I think that after this call, even with my awful accent and English, you can understand perfectly that we are going to change our EBITDA guideline because, obviously, I think that this kind of conference call sometimes it's complicated, not 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 allocated, and we are in a good position. We have connection points for data center business. We have really good customers, global customers from United States, from Europe. I think that in the Investor Day in London, we will explain our business plan. But obviously, this market is moving and is changing extremely fast, and we need to follow the wave.

Obviously, in November, we gave this skyline to the market in November of last year. I know that I'm talking on May, and I'm saying that we have 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 unconfirmed reports on a potential involvement in the Spanish AI giga factory? And 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. We have -- it's not a secret that we are talking with the Spanish government and with the partners of the giga factory, Spanish giga factory, and we are studying our participation, but it's still too early to talk about the business model because I think that always, if Solaria entry in joint venture is because it's not for money, it's because we have skills or capacities that we can offer to the joint venture that we have things that they want to obtain or skills or activities that they want to contract from Solaria, obviously.

And obviously, our business model is not to allocate money and to enter in equity and to be a financial investor. Our view is if we enter in the capital or if we enter in our joint inventories because we are going to work, and we are going to develop something. But 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. We are not only a financial investor. We are obviously an industrial investor that gives and that includes skills.

Maybe a last question from [ Rantuarto ] from Eduardo Media and some analysts. Can we provide an update on the asset rotation process?

In the short term, you will have news because we are executing. And in the short term, we can -- we will give news to the market about asset rotation process. And it's not critical because today, we have interest from investors that wants to enter in assets functioning with PPAs or with high level of visibility of the cash flow, and I think that is something that will happen. And in the next month, in the short term, you will see news associated with the asset rotation process.

Okay. So this was the last question. So thank you. Thank you very much for...

Thank you very much. And in order to give final information. No, I think that as I have explained, we will arrange in the second half of this year at an Investor Day in London. We will explain new business. We will give an update of our guideline of our EBITDA guidelines. We continue constructing assets with batteries, and we will report new data center contracts, a new joint venture with new partners that could contribute to the successful of the company in the next 3, 5 years. And today, we have the equity ready to invest in the key business for us. Data center infrastructure and batteries. And we are ready and we are ready to enormous and significant growth.

Tomorrow, we will be in London in our road show, and we will explain or we will try to explain more details and more things. Thank you very much.

Good afternoon, everyone, and welcome to Solaria 2025 Full Year Results Webcast. My name is David Guengant, the Head of IR of Solaria. I am joined today by Arturo Diaz-Tejeiro Larranaga, 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 results and the main development during the period given by our CEO, Arturo. Following this, we'll move quickly to the Q&A session.

I will also like to highlight that you have to submit all your questions via the web. So 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 we'll start. As always, I will move fast around the presentation, and we will pass to the Q&A session. But first point, in order to give guidelines about the 2025 annual report of Solaria, we were completely focused on delivery. If you remember in our CMD, we explained to the market that we are going to move our generation company to a infrastructure platform company and that we will be extremely focused on data center services, that we will expand our activities out of Spain to other countries like Italy, Portugal, Germany, United Kingdom, and that we will entry aggressively in batteries business. And today, we are showing in our presentation that we are accomplishing with our business plan with all that we have explained during the CMD of -- in November in London and that we are completely focused on the delivering. First, results from a results point of view. Obviously, we have accomplished with our guideline. If you remember, our guideline was EUR 250 million of EBITDA, and we have achieved EUR 266 million. It's a great result, a great financial result and better than our initial guideline that we gave to the market more than 1 year ago. And we continue with our installation griding. As we promised, we have achieved 3 gigawatts of installation constructed. We have finished Garona planned during February, and we have connected all the assets, all the other assets during the last quarter of Q4. And today, Solaria is a global platform with 3 gigawatt constructed and connected to the grid. And probably we are the largest platforms from a solar perspective in Europe. At the same time, we explained during our presentation in November that we will be extremely focused on batteries. Today, we can announce that we have a battery functioning, battery completely installed and connected to the grid. And hopefully, during the next month, during the next quarter, especially, we are going to add massively volume of batteries that we will -- give to us enormous flexibility. You know that today, battery business is a really promising business that requires especially to move the first and to move fast, and we are going to do. We will be probably the first global platform in Europe with batteries functioning, massive volume of batteries functioning. And obviously, it's a great advantage with the actual situation of prices in Spain and globally in Europe, but especially in Spain.

We talk a lot about data center. We talk a lot during November presentation about our contract with Merlin Properties, our first deal in data center world. And as you remember, we signed a deal based on the supply of infrastructure of grid connection point for a data center and electrical infrastructure. And we had, at the same time, a PPA, a solar PPA for the -- for 15 years. It's great to announce today that we have signed again other deal with Merlin Properties with 3 different parts. First is, we supply electrical infrastructure and connection point, 213 megawatts that will be used by Merlin properties. We signed the first hybrid PPA with a data center player probably in Europe and [indiscernible] in Spain, 426 megawatts of solar PPA additionally. And this is extremely important because we -- you know that price of electricity today are shaking all the time. And with these signature, with these 2 deals, with these 2 PPA that we have signed, we give long-term and high level of visibility to our cash flow, 2 different PPA deals, 1 solar PPA, 426 megawatts, 40 years of lifetime of the PPA. This is extremely important, extremely high level of visibility of our cash flows for the next 40 years. This is extremely important. At the same time, second deal, PPA, hybrid PPA that we will use batteries of 600 megawatts hour, 10 years of lifetime. And I think that we are giving long-term visibility to the market about our future generation business. If [ we ] want, we could enter in details.

Capacity installed today, more than 3 gigawatts. It's a great successful because as I have explained, we are probably the largest platform in Europe for solar. And remember that we are going to add additionally wind and more batteries during the next years. It's like probably we will be the global platform -- leader platform in renewables in Europe from solar, wind perspective. And our growth during 2025 was impressive after several years with strong delays, I think that only in 1 year, we have construct more than 1.5 gigawatts. Of course, we had delays in the past. But today, we are announcing an enormous growth and an enormous successful of our Construction division.

Of course, 2026, we will continue with our construction rhythm. We, as you know, we have add additional assets that we have today under construction. And in the short term, during this year, we are going to add more than 1 gigawatt of additional solar capacity with PPAs, linked directly with long-term PPAs. It's like, we are going to construct new assets, but always with a high level of visibility of our future cash flows with strong PPAs.

Of course, numbers on production, we have increased all the numbers during 2025, net sales, profits, net profits, EBITDA, impressive growth. Cash flow, even with all the enormous investments that we have done during 2025, not only in solar, invest without project finance sometimes. We maintain the same level of cash, even we have increased. And at the same time, we maintain really good ratio debt EBITDA. Remember that all of our debt, practically not all, but 90% is project finance [ structure ], and long-term debt with fixed interest rate.

3 pillars of value creation. And we explained deeply during the November CMD, but technology diversification, we install our batteries and diversification of customers, oil and utilities companies following traditional PPAs, and now new customers like Merlin with data center PPAs. And we add -- and this is extremely important batteries, that is something that is going to change completely the game, especially during 2026 and 2027 because I think that we see enormous opportunities to get money and to get cash associated with instability in price of electricity in Spain. And as I have explained, we have the batteries. We have the capacity. We will construct and we are going to add this these batteries during the first half of this year, and we will use during 2026, 2027.

Country diversification. We're continue on -- our expansion, especially in Italy that I think that we will give really good news in the next quarter associated with our expansion in Italy. You know that Italy today, from a price point of view is one of the best markets in Europe. And we are betting strongly for this country. And I think that Solaria probably will be one of the leading platforms in Italy in the next years.

And Portugal, you know that we have strong developments in Portugal, and we continue, hopefully, during this first half, we will announce a PPA associated with our global assets in Portugal, and we will start with the construction.

And of course, PPA signed, first hybrid PPA signed. Now this is extremely important because you know that today, batteries is something that is in the market, all the people is talking about batteries, batteries and global investment that will go to batteries business will be normal in the next year, but nobody has signed serious PPA based on batteries. This is the first serious PPA deal probably in Europe based on batteries, and 10 years, 600 megawatts hour. We will reside project finance associated with this PPA. And surely, we will announce our global deal of project finance associated with both PPAs, and this is extremely important for Solaria. We are executing. We are installing batteries and at the same time, probably we will be the first that will announce project finance associated with batteries.

Of course, today, the volume that we have under negotiation is enormous, not only based on data center, based on batteries business, at the same time. We have a lot of players that are negotiating today with us, data center locations, PPA deals and batteries or hybrid PPA deals based on batteries, utilities, technology companies from United States, from Europe. It's incredible, the attraction that we are raising around this business, data center and batteries. I think in the short term, we will talk a lot about this. And this is an estimation. We are talking about probably 1 gigawatt hour that we could sign. But you will see the delivery in the next month.

PPA, we are probably the European champion in PPA because globally, we have an enormous amount of PPA signed with Tier 1 on players globally, all the Tier 1 players signed PPA deals with us today, more than 2.5 gigawatts under PPA concept. And I'm going to say that the average price of all of our PPAs is around EUR 50 per megawatt hour. That is, in our view, really good. The price, conditions, lifetime of our PPA and quality of our customers, we are extremely proud about the quality of our customers and they trust a lot in Solaria. They repeat contracts. They want to work more with us, and we are extremely satisfied about this. We are extremely proud about this.

The second data center agreement. This is extremely important for us because our growth in this division is impressive. In only a few months, we have changed completely the face of company. We start to talk about data center long time ago. Let me say a long time is 1 year, 1 year ago. And in only 1 year, we have demonstrated that we are able to raise connection points that we are able to construct infrastructure for third parties. And at the same time, we are able to sign really good contracts and to supply services to our customers. Really satisfied with our collaboration with Merlin Property, that is a Tier 1 company in data center business, and we will be with them and we will support them. And I think that we are really proud about this global deal. In order to give details, it's 230 megawatts of supply of grid access and infrastructure and power. And the 2 PPA deals that I have explained, and really good collaboration with this customer that hopefully will continue in the future with additional deals.

Of course, we have signed 2 deals and what could happen in the future. I can say that the future is great and we are negotiating today several large deals with final customers, with some technology companies. And hopefully, in the short term, we could announce third deal. Our view about these kind of customers is that they are enormous players that are executing massive investments, especially in Spain. As you know, an important part of our platform is based in Spain. They are going to execute massive investments, and they need all kind of services. What does it mean? Our intention is to supply services to these guys and to make with them new business units that could give mutual profits that could extend our collaboration. And hopefully, as I have explained, we will announce shortly a third deal, other deal with other customer, final customer. And hopefully, we will give visibility to new business units associated with data center business world and artificial intelligence players and others. Our intention is to transform Solaria in a global infrastructure platform.

Of course, estimations. We have estimated that probably EUR 0.7 billion of revenues will come from DC services. Honestly, it's a conservative estimation in my view. But the important point is -- important percentage of this number is fully covered with the actual contracts. New contracts will give more visibility. But I think that this an estimation quarterly, our intention is to improve this number. Of course, it's crazy the cash flow that is going to generate this business globally and PPA is other part of this business. At the end of the day, these guys -- this final customer is going to use enormous amount of electricity. They will need enormous amount of electricity. And obviously, Solaria is a supplier of electricity. It's the perfect combination. Cheap price for them because, as we know, the self-consumption concept that we explained in November in other presentation, it's extremely useful for them because they are going to save a lot of money with this concept, probably close to 30% of the total bill. And at the same time, we obtained important advantage for this concept. And of course, 40 years, standard contract with data center will be 40 years and it's going to generate a normal visibility of our cash flow in the long term, 40 years, I think, it's long term.

Capital-light growth. And I think that we explained during the November Investor Day, we are focusing partnership and growing with partners in different activities, real estate activity with an area that, hopefully, during this year, will give good news.Gravyx, that is the European best platform with the Stoneshield, that will enter strongly in the market during 2026 with a strong growth, growth, growth, growth. We are extremely exciting with this new partnership because we think that it's the correct moment to entry aggressively in the best business, especially in Italy and Spain, but globally in Europe. And this platform is a great [ vehicle ] for entering in this business as soon as possible, fast and with a strong flexibility. And the new one, Solaria data center. And it's not a secret that we are negotiating with several players that wants to entry in our global data center platform. And we have received several proposals, a strong interest from the market. We are studying, we are studying different options with some of the players, global agreements and asset agreements. And I think, as I have explained in the short term, in the next quarter, Solaria DC is going to give great news to our shareholders. We continue with the asset rotation that we have planned in November. We have received several proposals with really good price because we have high visibility of our long-term cash flows and will be executed during 2026.

European expansion, I don't want to expand more. Germany, Italy, Portugal, focused especially in Italy from a profit point of view, I think that is a great country, extremely difficult to entry, but the good point is that we have done, and we have a really good pipeline, it's timing for the [ explosion ] of Italy. And we will be extremely focused on Italy. Germany is a long-term market. It's extremely serious, and we will be there. And Portugal, I have explained in other conference calls, we have a good volume of megawatts. Our target is to sign a global PPA deal with a player and to start with the construction our volume of megawatts.

Of course, we are changing our business model. And we will arrange for -- during this year a new Investor Day and with strong surprises, I think, new business units and news that will change even again, the face of Solaria. But we are moving our strategy, from a renewable energy platform that is good, extremely efficient from a CapEx perspective and OpEx to a strategic energy infrastructure player, and a global infrastructure player that could supply several services at the same time to final customers. Extremely important in this new time of the company, we are trying to give a strong long-term visibility to our cash flows. And I can say that it's an innovation, the PPA for 40 years because we want to give stability and long-term view to all of our cash flows. We have the capacity, we have the pipeline, we have growth, we have the capacity and it's timing for delivery.

Highest visibility on 2026 EBITDA, I think that in the first Q results, you will see that. We are not worried about -- obviously, we are worried, but I think that will have strong visibility of our EBITDA target for 2026. In the first Q results, you will see that probably our intention during this year is to [ solar ]. I'm not sure it's the correct word, but to [ solar ], correctly the EBITDA target for 2026.

It's important to mention, at the same time, it's something that we explained in June. We have the approval of our Board for the acquisition of the 10% of shares of the company. You know that we announced on June of 2025, we have executed an important part during 2025. Today, our position is close to 4%, probably will be announced in the next days. 4%, and our intention is to achieve 10% of the shares during 2026. It's like we have to acquire an important amount of share during the next month.

Of course, -- if you want, I think it's interesting to go to the Q&A session.

So thank you, Arturo. I will now open for Q&A session. And once again, thank you for your time.

So the first question comes from Fernando Garcia from RBC. First question from Fernando is that is the EUR 7 billion of cash inflow in DC is the same than EUR 665 million of DC services revenue in 2030. Yes. Are all these revenue already secured? Can we provide some detail? And did we receive any amount already from Merlin from the first deal? And last question from Fernando is giving the power price falling on CO2 prices. What is the future strategy of Solaria for the existing operating portfolio?

David has answered the first question, yes. secured, I can say approximately 50% is secured. And details, no, I'm not going to give too much detail, I'm sorry. In the -- probably in the Investor Day, we will give global details of our data center business with all the business units, not today, as you know the reason.

And CO2 prices and the situation. Today, we have a lot of PPAs that is not going to expire in the short term. I think that even short term, the PPA, the first PPA that should expire in 6, 7 years or something like this, not in the short term. And batteries, as I have explained, we are installing and connecting batteries today, next month and during the first half and second half of the year, we have acquired massively amount -- a massive amount of batteries. And during 2026 probably, we will be extremely focused on the installation and connection of batteries, more even than in the development and construction of [ photovoltaictual ] assets or wind assets. In our view, battery business depend on timing. If you enter in the battery business in 2 years or 3 years, it depends, we will see the evolution of prices. But in the short term, I'm completely sure it's a great, great business. Short term is 2026, 2027. And short term, it's critical and Solaria would be there.

Next question are coming from Flora from Caixa Bank. Can we explain how we will register the DC unit in our accounts? How does the 40 years EPA work? It's fixed for 15 years, and then we have to renegotiate? And can we make also some comment on progress on our negotiation on DC platform and asset rotation.

DC business is infra business for us. DC unit business is infra business for us. How does the 40 years PPA work, it's standard solar PPA, pay as produce and 40 years. It's fixed for 15 years, Yes. You are going to renegotiate, not exactly, but I'm not going to give more details. But it's something standard, not renegotiation process.

Negotiations to our partner indices. I have explained. Today, we have received several proposals of companies, technology companies and groups that wants to enter in the Solaria platform. We are starting and working with them and seeing options and different options. They want to enter like, some of them like financial investors, others like financial and final customer investor, and we are talking with all of them.

Asset rotation, we have several proposals, and we are working with them, and we are working on due diligence process.

Next question is coming from Manuel Palomo from BNP Paribas. Can we please clarify the split of the sales figure in our number, energy sales and infra sales?

Manuel is in the Slide 5, I think we split no sales. Sales is EUR 197 million and of which EUR 123 million is energy, and Infrastructure Services is EUR 74 million. The rest of the income are coming from other income and from GENERIA deal.

Next question is coming from Fernando Garcia. Can we please provide some detail about capacity at the end of the year and today.

2.4 was the capacity connected to the grid at the end of December 2025. And we at Garona during the second of this year, February. And we finish -- and we finished all the process during February -- January, February.

Next question coming from Gonzalo Sanchez-Bordona from UBS. First 1 is, are the EUR 42 million infra revenue from 2025, a good base to estimate revenue going forward?

I will answer. We already give some number in the CMD. And as we mentioned, we have a huge visibility on next year infra revenue. And in 2025, we received EUR 74 million, 2024 EUR 42 million. And in 2025 EUR 74 million and growing for the coming years.

And next question is, can you please -- can we please clarify if the PPA with Merlin announced is part of the deal, announced a CMD or a new one? Can we give some data regarding the 213-megawatt data center and any price indication for this PPA?

It's a new one, even it's in a completely different location because you know that the first 1 was for Burgos, North of Spain, and this 1 is Madrid. It's a new one in a completely different location, and large deals.

The indication of PPA price, no. I have, as you know, confidential agreement with our customer, and prefer we to keep confidential all the numbers. And as I have explained, they are going to save a lot of money for the self-consumption concept. And we will share with them a part of this profit, but the number is confidential.

from Gonzalo, also a question regarding the hybrid. The BESS PPA. We can give some indication regarding the price of the 600-megawatt hour of BESS?

I think that you want talk with my customer and they could [indiscernible]. In our case, we prefer to keep confidential the information of our customers. I have talked about -- I have given a number, the global average price of our PPAs is EUR 50.

Next question are coming from Daniel Rodriguez from Bestinver, Manuel Palomo from BNP. More or less the same question. Total capacity is up by more than 40%, while output is down 4%. How we can explain this situation?

Obviously, it's associated with curtailments, I think that curtailment effect globally all the business, not only Solaria, all the solar business. Good point, and I think it's a great opportunity. At the same time, this curtailment in the secondary market because you are going to obtain better prices in the secondary market and with the adjustment of the market, you know the meaning of this word. And at the same, it's a great opportunity for batteries during 2026, 2027, as I have explained.

Next question are coming from a few analysts regarding, if we can elaborate some impact of GENERIA transaction in 2025? And if we can also give some terms in megawatt in millions of euros per megawatt for the DC connection solution, what is the valuation of what we are...

So the first, finally, we have registered GENERIA at EUR 96 million versus EUR 125 million. We have been very conservative regarding this GENERIA transaction. So GENERIA impact is less than expected in this 2025 results.

And the second question regarding the DC valuation. Unfortunately, as far of today, we cannot give you a lot of detail regarding this valuation per megawatt. But I'm sure that as far as we sign with more customers, with new customers, we're more than pleased to give you some assumption of prices. In any case, in the presentation, you have some assumption of prices per megawatt.

Next question is regarding the -- is from Arthur Sitbon from Morgan Stanley. When do we expect the first cash contribution from the 2 grid connection, Merlin deals?

My view as soon as possible because we are going to work together with the customer in the construction, in all the different steps of the process and as soon as possible. And -- but as I have explained, I think that Merlin will give more details. And in our view, our intention is to move fast and to try to start globally with all the deals as soon as possible.

Next question is coming from Alessandro Di Vito from Mediobanca. Can we provide our view on the ongoing discussion in Europe to lower power prices?

Second question is what is the merchant exposure of Solaria today? And last question is when should we expect a business plan update?

The price of electricity depends on the country. And in Italy, it's extremely high. In Spain, it's extremely low and it depends on the hour of the day and the country in Europe. It's completely different situation per country and per hour of day. And I think that today, in Europe, we are in discussions with different countries, different situation. It's not easy to establish a framework agreement or a law for the same law for all the countries. I know that Italy is trying to solve the extremely dangerous situation of power prices. But for example, in Spain, it's not the same situation. In my view, with renewables, you will see a reduction on price of electricity. Renewables are going to reduce the price of electricity. Spain is a really good example.

Merchant exposure in Solaria, of course. As you know, we always have said to the market, 70-30 was our perfect mix, but it depends [ of ] our data center division because we continue to be successful and we sign more deals. We will extend our percentage with fixed price for the long term with PPAs because we signed additional data center deals, they consume a normal volume of our electricity. And obviously, something that will affect our merchant part.

Next question is coming from Temi Sulaiman from Barclays. Thank you for the presentation. Please, can you clarify the 40 years PPA? Would you be reinvested in a new solar asset after the initial 30 years useful life?

It's not our intention. 40 years sounds a lot for us, but for solar technology, it's not significant. I know that probably, if you are not an expert, sounds a lot 40 years. But I can promise to you that 40 years in solar is not significant from efficiency, functioning, operating. For example, I could give to you an example, the asset rotation that we are executing is based on assets connected to the grid on [ 2007 ]. Today, people insurance company and all the people are working on it, and they are giving offers to us based on the next 30 years with assets, with 20 years of lifetime. It's like 50 years of life time, and we are not changing equipment, we are not removing. We -- obviously, we invest CapEx and we invest in the operating CapEx, but not significant.

Next question is coming from Jorge Alonso from Bernstein. Can we explain how the EBITDA is accounting on DC power line, on DC switch?

Second question is, will Solaria put best to cover the energy of the megawatts deployed in 2025 to cover 30%, 40%?

And final question is when the new PPA will start?

Of course, EBITDA is accounted with a schedule with our customers. And typically, they are responsible of the construction of the data center, and we are responsible of the line that will connect with the data center. Obviously, our responsibility finished with the line that connect with the data center, typically. If we are able to construct this line, the contract will be fully executed. And -- but it depends on the contract. And BESS, as I have explained, we typically have around 30% to 35% of merchants, obviously, BESS is based on merchant because PPA we can use with our solar PPA BESS. But for the merchant part, we cover with batteries. PPA, some of the PPAs are functioning now and others are going to enter in 2027, 2028, 2029. And hopefully, new deals that we are going to announce will be for 2027, especially, but we -- our philosophy is to sign PPAs based on short term because we usually don't sign PPA deals based on price in the future. We have visibility of price of electricity in the short term, and we usually sign PPA with high level of visibility of our construction, of our installation and for the medium, short term, medium, short term is 1, 2 years.

We'll maybe take only the last question from [ Alvaro Lenze ] from Alantra. Can we please provide the valuation range for DC connection solution or at least have a sensibility or reference if Madrid location is more expensive than other location or than the first deal signed location?

I don't think so. I think that it depends on volume. If you have a normal volume in area with good connection and with good conditions, the price could be better than Madrid location. It depends on volume and conditions of the area not -- obviously, Madrid is great, Barcelona is great, Milan is great. But probably it's more difficult to find 500 megawatts altogether in same connection point in Madrid or in Barcelona. And obviously, the price of land and others. The good point, we have all. We have connection points in Madrid. We have connection points out of Madrid. We have connection points in Milan. We have connection points in all the places. We are working now on the land issue. And I think that we have a global proposals to our customers. And they are showing interest in different locations, not only Madrid globally. And valuation range, it changed a lot, and I think that you have a lot of numbers on data and you know [indiscernible].

About -- in order to finish, thank you very much. As we have explained, I think that during 2026 in the medium term, we are going to arrange an Investor Day, and we will talk about new business units linked with the data center business and infrastructure business. And I think that it will be exciting. It's an exciting time and a growth time for Solaria. We are going to develop our platform, European platform based on the infrastructure and digital services. And we are betting strongly for the IA -- AI, sorry, business and with global customers, focus on it and it's exciting time for Solaria, exciting times for Solaria. Thank you very much for being part of this conference call and our Investor Relations team will be available for all additional information that you will require. Thank you, and have a great afternoon.

Head of IR of Solaria. I'm joined today by Arturo Diaz-Tejeiro Larranaga, 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 results and main highlights and main development during this period given by our CEO, Arturo. Following this, we will move on to the Q&A session. I would also like to highlight that you have to submit all your questions via the web. So thank you very much again, and I will now hand over the word to Arturo.

Thank you, David, and thank you to everyone joining this conference call. Like always, I will move extremely fast on the slides and the presentation, and we will go to the Q&A part session. And of course, in first half 2025, we have increased significantly exponentially our net profits. We have grown close to 100%. That is a record in the history of the company. And we have installed -- this is something significant because you know that during the last 2 years, we have done enormous efforts in order to connect new installations. We have connected during this quarter 300 megawatts. That is one of our key targets for this year, and we have connected during this quarter 300 megawatts.

From an operational point of view, our business is running great because we closed, as you know, during this first half, a great deal with Stonepeak for Generia. And our infrastructure business is running great, and we have good numbers in this quarter that comes from our infrastructure division and generation is going in a good situation even with the low price situation that we are living in Spain. But we maintain same level if you compare first half with -- last year, we maintained the same level of generation. That is good because we haven't included new assets during the first half.

The good point is that finally, we have connected 300 megawatts. And hopefully, during this quarter and next quarter, we are going to complete 3 gigawatts of capacity constructed and connected to the grid that it will be a great successful for the company. Points or key points of this presentation. And all the market is talking about batteries and new business that is growing in Europe, especially in Spain around batteries. Solar absolutely will be there. And during our Investor Day, we will give great -- we will give our business update about batteries business. And my comment about batteries is we are the key player today in Spain with batteries under construction that will be connected to the grid during October.

For our Investor Day, we will have batteries connected to the grid. This is a great successful for the company because we will be able to play the game of battery in Spain and with high volume of batteries connected to the grid. And we will talk about our new division of data center during the Investor Day. And it's something that we are extremely exciting around data center business and the growth of this business. Today, first half presentation numbers in order to go directly to the numbers, growth, 3 gigawatts installed that we will finish for the end of this year. We are going to finish this year with 3 gigawatts of capacity connected to the grid. It's a great successful probably from volume point of view, Solaria will be the leader from volume point of view in the Iberian region of solar photovoltaic technology connected to the grid, 3 gigawatts, 3,000 megawatts connected to the grid.

Under construction. Today, we have around 4.4 gigawatts of capacity connected to the grid or under construction. We have added new developments to our under construction pipeline. Oliva, Mantia, Villaviciosa, large installations that will be constructed during 2025, 2026 and 2027 and that will add 1.4 gigawatts of additional capacity during 2026 and first half of 2027. It's significant because it's an enormous volume of megawatts that includes not only solar, include BESS, include batteries, that jointly it's a great combination from business point of view, solar with batteries that will optimize price of electricity.

Batteries, as I have mentioned, 3 important points around battery business. I could say like in the solar technology that solar probably is the best-in-class from a CapEx perspective, EUR 75,000 per megawatt hour, all connected. That is a record from a CapEx perspective view. And as I have mentioned, during October, we are going to connect our first battery to the grid. And for the Investor Day, we will have batteries functioning connected to the grid, and it's a great successful for us. It's something that changed completely our history because we are going to optimize the price of electricity.

We could entry at night or in the afternoon with the situation, especially in Spain, high price of electricity in the afternoon, at night, and we could obtain enormous profits associated to these batteries. We are going to install more, absolutely. We are going to invest more in batteries. We are developing enormous volume of batteries globally in Spain, not only in Spain, we have included in this presentation slides associated with Italy, Germany, with the United Kingdom, but obviously focusing in Spain. We have an enormous volume of megawatts per hour of batteries that will entry during 2025, 2026. And we will be the leader in the short term in batteries in Spain. And this is extremely important short term.

Battery is a great business today. We need to use this opportunity and timing is critical. You need to be the first and you need to be the most efficient. Not only batteries, wind, data center, the global business plan of Solaria, the global idea of Solaria is a global energy player that supply solar electricity, wind electricity that has demand that comes from data centers and that has demand that comes from batteries. And it's a global solution for customers that includes technology of generation and technologies of demand. And globally, in Europe, not only in Spain, focused in several countries of Europe, Spain, Italy, Portugal, Germany, United Kingdom.

Generia. You know that 2 years ago, it sounds like a dream, Generia land company. Today, it's a real company that is functioning, and that will give to all of our shareholders strong successfuls because as you know, we have got a great agreement with Stonepeak. It's functioning. We are developing the pipeline of Generia. We are executing, and we are closing acquisition of land. It's the beginning. Obviously, the plan is extremely ambitious. And during 2025, 2026, 2027, you will see a lot of deals associated with Generia. Obviously, if you want to construct all of these assets, if you want to construct new batteries, new data centers or whatever you need financing, good financing terms.

This is a good example like all the quarters we show to the market that we have a strong capacity to raise money, to raise project finance debt with our banks and partners. We have closed -- presently, we have closed a new deal with Sabadell Bank, 175 megawatts of solar PV capacity. The key points of this deal is probably 22 years, close to EUR 100 million of debt. That is a global CapEx of EUR 0.50 something and link with 70 megawatts PPA data center project. We will extend and we will give more information during the Investor Day. But in all case, this is something signed, real and that is functioning now, and we have under construction today the project associated with this deal.

Europe, we have included several slides because usually people say solar is extremely focused in Spain. You are not out of Spain. It's not the truth. Spain today is obviously our key market in Europe, but we don't forget other countries that are critical for us, that are going to grow around batteries, data center, solar and wind. Italy. In Italy, we have made a strong effort during the last years. And I think that today, we have a really good pipeline. Hopefully, before the end of this year, we will receive final authorization for close to 1 gigawatt. That is a great successful because to start with 1 gigawatt will be great for us.

It's a diversification of our business. In my mind, the perfect photo for the company should be to stay in Spain with global volume, but to maintain good volume in Italy, in Portugal, in Germany and to install generation in these 3 countries, in Italy, Portugal and Germany. And the Italian business is in a good situation today. Probably, as I have explained for the full year's presentation, we will give an update with 1 gigawatt ready to start with the construction. And it's great. At the same time, we are developing batteries, we are developing data center.

And Germany. Germany is the same. In Germany, we are more focused in generation, especially in solar and some applications of wind, but especially in solar, is the beginning. We have a good amount of megawatts. It's in my mind, it's easier than Italy or Spain. It's different market, really professional, really mature market. And I think that in the past, we had a strong successful in solar in Germany, and we are going to replicate. And today, we have more than 500 megawatts in a good situation, fully authorized, and we will start construction soon, probably in 2026.

Portugal. Portugal, this is a real global project. As you know, we have assets functioning today in Portugal. We have done several projects in the last years in Portugal with great successful. In Portugal, we have fully authorized a global project with close to 500 megawatts of solar and 200 -- close to 200 megawatts of wind. We are waiting for the final substation that should be done or that is depends of government -- of the national agency and depends of government.

Hopefully, we could start with the construction in 2027. From permitting process point of view, it's fully complete. The key point here is that we depend on the connection infrastructure that should be constructed by . And I think that 2027, it's conservative schedule for starting with the construction.

U.K. In U.K., we are not going to be involved in generation. We are going to be involved in other activities, other activities. Today, we are only talking about batteries, and we are only talking about data center. But I talk about other activities, and I'm not including here all the activities that we are working on in United Kingdom. Not in generation, we are not going to stay involved in generation. We are interested in other activities that we will explain to the market. Numbers I have mentioned, and I will move extremely fast. EBITDA, record of EBITDA, EUR 140 million. In order to give additional information to the market. As you remember, we gave a guideline for the year of EUR 245 million, EUR 255 million for the end of this year of EBITDA. I can say that we are extremely comfortable with this number.

What does it mean? We have strong visibility that we are going to accomplish with the guideline of EBITDA for 2025. During the Investor Day, the 17th of November, we will give guideline for next years and the global business plan for next year. Production, we maintained levels of production. As I have explained at the beginning, we have maintained similar numbers from a generation point of view. Small reduction on production associated with less than radiation, especially in the first half of this year. I can say that the third quarter was good from radiation point of view on price is good. And especially second quarter of this year was not good from radiation point of view, small decrease associated with this solar radiation. Average selling price, even I could say -- I can say that it's better if you compare first half 2024, first half 2025.

Contracted merchant, 75% today is contracted, 25% is merchant. And as we have explained, and it's not a surprise, we are going to maintain this mix and we are going to sign additional PPA contracts. And we are going to maintain this proportion of 75 -- sorry, contracted 25% merchants. EBITDA continues growing and is affected by 3 different activities by Infra business, by generation, by Generia. And I can say that as I have explained at the beginning, it's around 1/3 per activity. And it's -- all the activities are functioning great. Why I'm saying this because I have visibility of third quarter and I think numbers are functioning great. And as I have said previously, we have extremely high level of comfort of our guideline of EBITDA.

Cash, we maintain the same level of cash like always. As you know, we are not rich, but we continue making strong investments, and we maintain our discipline around CapEx. That is one of the key points of our strategy. We have a global CapEx of less than EUR 0.38 per watt. That is probably best-in-class. And in my mind, we are going to improve in the next quarters. I think that probably for the first quarter of 2026, we will achieve a record in CapEx. When I talk about record, I think that number is going to surprise to the market, but we are going to improve a lot even our CapEx. And this is critical for us because, as you know, we are covering all of our CapEx with project finance.

And this is critical for us to be effective, not only in the construction of solar installation in batteries, in wind, in all of our applications. And of course, EBITDA evolution is great. If you compare the last 5 years, it's impressive. It's not as we want to get because we want more, much more. We want to grow more. We want to be the leader. And unfortunately, during the last 2 years, we had delays in the construction. The good point today is that we are in the good moment, connecting megawatts, and we are going to finish with all the megawatts under construction connected to the grid, and it's great.

And it's part of our guideline of last year, and we are going to accomplish. Solaria transformation plan sounds ambitious, but we are ambitious as always. And in November 17, we will present to the market our view about data center, batteries, where we are, where we'll be and what we are going to do for financing all, and it will be extremely interesting. You know Solaria today is a key player in Europe, focused on solar, wind, data center and batteries, and we will try to explain our global view of the market and where we are going to stay the next 3 years and where will be the company in the next 3 years.

And before to entering the Q&A session, in order to give more information, we will be focused in the remuneration of the shareholders. We think that is something that we need to improve, and we need to stay focused there. We will continue acquiring shares. And as you know, in the first quarter, we have announced a program -- share buyback program. And we have today 2% of the shares of the company, and we are going to continue with the acquisition of shares at least until 10%. And we are going to maintain this discipline, and we are going to execute. And at the same time and in order to be fair with the market, understand this comment, but probably company in the next days could sign contracts, impressive contracts that will give visibility to our business plan and to all the activities of the company. And we will explain during the Investor Day of the 17th of November. Q&A, if you want.

So thank you, Arturo. I will now open for Q&A session. And once again, thank you for your time. Just let us 1 minute. So the first question comes from Fernando Garcia from RBC.

Could we elaborate on the sentence evaluating additional options to boost shareholder returns?

I have explained that we want to stay focused on the remuneration of shareholders. And as I have mentioned, in the first quarter, we approved a share buyback program that we are executing, and I have given the details, and we are executing and we have 2% of shares of the company actually. About new remuneration on new options, we will discuss during the Investor Day, the 17th of November in London.

Next question from Fernando. You have many of value creation avenues in solar PV, batteries, DC, international expansion and real estate. But you have less than EUR 50 million of cash position. What are your plans such as partnerships to avoid jeopardizing these growth optionalities?

I think that we have demonstrated during last years that even with not too much cash that sometimes I recommend the company is to maintain not too much cash because when you have too much cash, you spend a lot of money. But this is my view that is not probably -- you are not agree with my view. But in order to explain, we have demonstrated that the key point from managing perspective, in my view, is to be efficient on CapEx, not to spend too much money and to be able to maintain a good CapEx that should be covered with project finance. This is my obligation. And we have demonstrated to the market during the last years that we are able to construct 3 gigawatts that we are able to develop a pipeline globally in all Europe, not only in Spain, that we are able to construct and to acquire batteries that we are able to acquire land, that we are able to acquire connection points for data centers and to acquire land for data centers.

And we haven't sold nothing and not increasing capital. And this is a really good discipline that we have established inside the company. Our discipline will be maintained because it's the generation of value. You need to generate value to the shareholders, and it's my obligation. But you have seen with the Generia deal, for example, that we are able to generate value and to generate cash position with joint ventures. And I'm extremely satisfied with the joint venture closed with Stonepeak that is a key player in the market. And it's a great joint venture that will give enormous profits to the shareholders of Solar in the future.

And we have raised EUR 125 million for the acquisition of land. And the valuation of the platform and the valuation of our pipeline and our capacity was good. I think that this kind of partnership, this kind of joint ventures are really good for Solaria that gives cash, gives support in the growth and recognize the value of the platform and the value of our pipeline. And it's something that we could repeat in data center, we could repeat in batteries, and we could repeat in other activities. But in order to answer correctly the question, yes, we are open to sign and to close joint ventures for batteries, for data centers and we are talking with players and we are working on it.

Next question comes from Philippe Ourpatian from ODDO. Looking the Slide 6 related to our operating and under construction asset, is the time frame of 6.2 gigawatts dedicated to 2026 or later?

And operating and under construction, 3 gigawatts will be connected to the grid for the end of this year. 1.4 gigawatts, it's under construction. We will announce probably during October, November, but it's something that in my mind is completely solved. We will announce a project finance associated with Villaviciosa and other developments that we have included that we have under construction, and we will cover with project finance, no problem. We -- it's a deal closed, but we will announce during October, November. And it's under construction, probably will be constructed during 2026 and 2027 connection. And we will add, especially in the third quarter and in the last quarter of this year, additional capacity to our construction pipeline that will be executed during 2026, first half of 2027.

And now the innovation, if you want or something new is that we are going to include at the same time, batteries construction and batteries construction schedule. And today, our business has -- we have -- we are seeing here an extension of our business. We are not going to talk only about gigawatts of solar capacity. We are going to talk about gigawatts of solar capacity, gigawatts per hour of batteries and wind. It's like Solaria will be transforming a global player, constructing batteries, solar and wind. And as I have explained, from batteries point of view, for the Investor Day, we will have connected to the grid a number of batteries.

Next question is coming from Beatrice Gianola from Mediobanca. Do we expect to sign new PPAs? Which is the outlook in terms of price for PPA in the Iberian market? And can we elaborate on returns expected for investment in battery storage in Spain?

New PPAs, absolutely, yes. We will sign new PPAs, and we will announce to the market. And let me let me keep some information in my pocket. Let me keep some information in my pocket. Let me keep some information in my pocket. Let me surprise yourself. Let me surprise yourself and all the market in the next days, in the next days, in the next weeks. And we will talk. About batteries, I think that the return today in batteries in Spain is like it's unbelievable. Why? Because if you see price at night and you see price of electricity, especially at 12:00 in the evening or 11:00 in the evening, 10:00 in the evening, it's like it's crazy because today, we are suffering price of electricity of EUR 140, EUR 150. If you see these numbers that in my mind, it's crazy.

The return of the battery is less than 1 year or 1.5 years with the current CapEx. It's always the same. It depends on your CapEx. And in CapEx, we announced a deal a few months ago with a price that we have renegotiated. We are improving prices of batteries. I think that we will see like in module, strong improvements in price of batteries. And from a CapEx perspective, I'm extremely quiet. I'm not nervous because we will be the key player from CapEx perspective on batteries and the return, I think it will be great. But reasonable return, double digit. We always are looking for double digits. If we don't have double digits, we don't invest. If we don't see a high level of double digits, when I talk about high level in solar assets is 12%, 13% project IRR in batteries, we are obligated to obtain more than this number.

Next question from -- comes from Alexandre Roncier from Bank of America. Any update on the capacity market for Spain and timing?

It's true that Spanish government is going to approve a capacity market. With the actual situation of prices, it's not necessary, but of course, welcome. If they approve, finally, it will be welcome. And it's an improving -- it's something that will improve the numbers around batteries. And it's not only battery, government is touching several points of the law. And if they modify, I think that is going to improve generation business. It's going to improve batteries business, probably will improve globally to all the renewable energy market. But market government, you depend on the government require time. I know that they are working on it, but who knows, if they are going to approve now or in October, November or whenever. We want -- I think that we need to move without any new law that could be approved like for our numbers, we are not including this capacity market.

Next question coming from Fernando Lafuente from Alantra, Arthur Sitbon from Morgan Stanley, regarding storage revenue. What will be the price strategy for the first battery connected? Will you -- will we sell the electricity merchant, secondary market? And Arthur is also asking, can we break down some revenue source of the first batteries that we can connect to the grid this year?

We are studying all the proposals for batteries. We have some proposals of people that wants to acquire our business, other people that wants to make a joint venture with us and to participate to give money, equity and for the acquisition of the batteries and to recognize value in our platform. That is probably the largest platform in Europe for batteries or the second one, I think, because from a private player had great successful in United Kingdom. But I think that probably Solaria in the stock market is the global player in Europe for batteries.

And we are studying all the options. Today, for the batteries that we have under construction that will be connected to the grid in October and that for the Investor Day will be connected to the grid. Our strategy is to go to the merchant market and to obtain strong profits in the next month. I think that it's an easy job today. In the future, we'll be more sophisticated. Today, it's extremely simple business with the situation of price of electricity. But I'm not saying that deals will be our long-term strategy. I'm saying that we are going to use the exceptional situation of merchant price in the short term, but we could sign a joint venture associated with batteries.

Next question is coming from Alberto Gandolfi from Goldman Sachs. Is 1 gigawatts of solar Villaviciosa, Oliva, Mantia, all permitted? If not, which permit do we have? And when do we plan to receive all the authorization?

All permitted and under construction. We have explained the deal associated with Sabadell that cover a small part and it's associated with -- it's associated with the solar PV asset of Oliva. And it includes a data center of 75 megawatts. And you will see the evolution of this, but it's under construction, fully permitted. Villaviciosa, it's in the same situation, fully permitted, under construction, and we will announce the project finance deal in the short term, probably October, November, probably October because it's done. And we will announce the bank that is going to stay with us in this project. That includes Villaviciosa and other small projects that you have mentioned in your question.

Next question is coming from Temi from Barclays. There were an article recently on the grid on Spain being 83% saturated. Can we please confirm our latest secure grid connection on the generation side?

I think that we have a lot of grid connection secured in -- on the generation side. We have a lot of grid connection secured for data centers. We have a lot of grid connection secured for batteries. We have a lot of grid connection permits for wind. It's like from grid connection permitting point of view, we have get a great, great successful. You know because we have given all the information to the market during the last 2 years, but from generation for wind and solar, we have a lot of generation connection points. For data centers, we have close to 1.5 gigawatts and growing. It's like probably we are the key player in Iberia region. But I'm talking about Iberia all the time, but I think that we should start to talk about Europe because it's not only associated with Spain. But Spain today sounds good. And I think that at the end of this year, we will give more visibility in other countries. But we are a global platform in Europe. And Spain, obviously, we have -- I think we are probably the king from connection point of view.

Last question comes from Jorge Alonso from Bernstein. What is our view on the Spanish market if BESS are massively adopted? How the power price will look like?

Projection of power price is difficult and the projection of the situation of BESS in the long term is difficult because we have left a lot of bubbles around all the different business associated with renewables in Spain, but we will see the evolution. In batteries, in my mind, you need to be the first. You need to connect, not to talk, you need to connect. And to the -- the key point here, the key point today over the table is that we are going to stay in London the 17th of November with batteries connected to the grid. I will talk about the numbers and the EBITDA that we are residing in real time.

And this is something that is value. And our effort is focused today on this. Connection, construction of new batteries. In the long term, if we suffer a massive volume of new installation of batteries, we will see. But battery is something that should have a strong return because if you don't have a strong return, you could have troubles in the long term. Our view is focus on CapEx efficiency and to be the first. And this is our view to be the first to construct with the best CapEx and to be extremely efficient in order to maximize value. And we will see evolution.

Power price and power prices of electricity. It depends on demand. It depends on demand. This is a question associated especially with demand. Data center vehicles, electrical vehicles, industrial demand is growing. During this year, we have seen that the demand is growing. The electrical demand is growing. It's not in a bad situation. It's better than a few years ago. It's growing, but probably could grow a lot if Europe entering the data center business, for example. And not only focus on data center in the industrial part, we need to develop industry. And you received the message from my colleagues from the utilities from Endesa, Iberdrola and Naturgy, they receive massive questions of industrial players that wants to get connection points on the grid because they want to receive electricity, renewable energy, electricity.

And Spain has a strong advantage from price point of view. We have cheap price of electricity, and it's an enormous advantage for the industry. And I'm completely sure that the situation will improve in the next years. And it's not only the demand come. When I talk about industry, I talk about hydrogen technology. Hydrogen is going to make enormous consumption of electricity. I'm talking about new industries. But I think that we are optimistic about the future price of electricity in Europe and Spain, Portugal, Italy and all the countries of Europe. It's like demand is going to answer, is answering, and we will see a strong demand in the future.

Thank you very much and for being part of this conference call. And our Investor Relations team, David, will be available for any additional information that you may require. And hopefully, I hope to see you -- all of you in London, the 17th of November with a lot of surprises and news and business plan for the future and a lot of renewable energies. And we will see you in London. Thank you very much.