Soltec Power Holdings SA
MAD:SOL
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Soltec Power Holdings SA
Soltec Power Holdings SA engages in the manufacture of solar tracker and provides photovoltaic services. The company is headquartered in Molina De Segura, Murcia. The company went IPO on 2020-10-28. The firm's activities are divided into two business lines: Soltec Industrial and Powertis. Soltec Industrial is a Company’s industrial business line led by Soltec Energias Renovables SL, engaged in the construction, installation and sale of photovoltaic solar trackers. The company also provides operation and maintenance services to customers. Powertis is a Company’s project development business line, led by Powertis SA, involved in the development of facilities for producing photovoltaic solar electric energy. Through its subsidiaries, the Company operates in Spain, Italy, France, the United States, Chile, Brazil, Peru, Mexico, Argentina, Colombia and India.
Soltec Power Holdings SA engages in the manufacture of solar tracker and provides photovoltaic services. The company is headquartered in Molina De Segura, Murcia. The company went IPO on 2020-10-28. The firm's activities are divided into two business lines: Soltec Industrial and Powertis. Soltec Industrial is a Company’s industrial business line led by Soltec Energias Renovables SL, engaged in the construction, installation and sale of photovoltaic solar trackers. The company also provides operation and maintenance services to customers. Powertis is a Company’s project development business line, led by Powertis SA, involved in the development of facilities for producing photovoltaic solar electric energy. Through its subsidiaries, the Company operates in Spain, Italy, France, the United States, Chile, Brazil, Peru, Mexico, Argentina, Colombia and India.
Revenue Growth: Soltec reported first-half 2024 revenue of EUR 237 million, up 28% year-on-year, driven mainly by the trackers business.
Heavy Losses: Despite higher revenues, Soltec posted a net loss of EUR 126 million due to asset impairments, losses in construction (EPC), and write-downs of deferred tax assets.
Strategic Shift: The company announced a pivot away from capital-intensive businesses like EPC and asset management to focus on its profitable core tracker segment.
Tracker Business Strength: The tracker division delivered EUR 183 million in revenue, EUR 28 million EBITDA, and EUR 21 million net profit, highlighting its resilience despite overall company challenges.
Financial Restructuring: Soltec is actively restructuring debt and pursuing cash optimization, with cash balances down to EUR 26 million at June 2024.
Outlook: Management is confident that focusing on trackers and operational efficiency positions the company for long-term stability and growth, despite current operational and liquidity challenges.
