Soltec increases its semi-annual losses by 44.6%, up to 14 million, and reduces income by 24.5%

MADRID, 26 Sep.

Soltec increases its semi-annual losses by 44.6%, up to 14 million, and reduces income by 24.5%


Soltec Power Holdings recorded net losses of 14.4 million euros in the first half of the year, which represents an increase of 44.6% compared to the 'red numbers' of 9.97 million in the same period of 2022, according to The company reported this Tuesday to the National Securities Market Commission (CNMV).

During the first six months of the year, Soltec earned 184.5 million euros, 24.5% less than in the same period of the previous year, while recording a negative gross operating result (Ebitda) of 10.2 millions of euros.

The company has explained that the income recorded until June is due to the low volumes of activity recorded in the first part of the year.

By markets, Europe represented 34% of Soltec's turnover in the first half of the year, the United States 21%, and Latin America 45%.

Revenue from the company's industrial division reached 174.8 million euros until June, and 103.5 million euros in the second quarter, with an Ebitda margin of -4.3%.

In the second quarter of the year, from April to June, the company recorded net losses of 4.8 million euros, as well as consolidated income of 107.8 million and a negative Ebitda of 5.6 million, which confirms "the seasonality of fiscal year 2023", as the company expected and transferred from the beginning of the year.

Soltec has explained that the seasonality of the business is reflected in these results and is fundamentally due to the extension in the deadlines of certain administrative processes in Spain and the publication of the guidelines of the Inflation Reduction Law (IRA) in the United States. .

The company has signed more than 55 solar tracker supply contracts globally from January to September 15, which represents more than 2.3 gigawatts (GW) of project supply contracts valued at 286 million of euros.

Additionally, the firm has highlighted that it has more than 2 GW of contracts in "very advanced negotiations, with imminent closure", which are located in markets where it has local manufacturing capacity, "which enables great flexibility in the time to make the supply".

The 'backlog', that is, signed contracts pending execution, reached 412 million euros at the end of August, while the pipeline registered 16,925 million euros and 140,982 megawatts (MW) at the end of June.