olivLaw · European equity research
SOLARIA ENERGÍA Y MEDIO AMBIENTE, S.A. SLR.MC
Spain · BME Madrid · ISIN ES0165386014 · Vertical: Listed companies from Spain
This profile is based on the 2025 annual report and describes a company that develops and operates solar parks. The current relevance comes from the incentive regime for plants above 200 kW, which could reduce long-term revenues, and from its profit distribution policy, with the parent company profit of 180,125 thousand euros fully allocated to reserves.
At the close of 05 Nov 2026, SOLARIA ENERGÍA Y MEDIO AMBIENTE, S.A. (SLR.MC) stock was 15.60 EUR (−2.04% on the day), with beta 0.67, 52-week range 13.73–25.75 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 50.4
- neutral
- Bollinger (20, 2)
- 13.86 – 16.70
- in the upper half of the band · %B 0.61 · band width 18.6%
- SMA 50 / 200
- 16.19 / 19.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -0.36
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.6% | −0.6% | −5.9 pp | — |
| 3 months | −2.3% | −4.2% | +1.8 pp | — |
| 6 months | −35.5% | +4.3% | −39.9 pp | — |
| Year to date | −14.1% | +7.5% | −21.6 pp | — |
| 1 year | −0.1% | +9.9% | −10.0 pp | +6.7% |
| 3 years | +3.7% | +49.8% | −46.2 pp | +31.5% |
| 5 years | −0.6% | +42.8% | −43.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 191.3 m | 176.9 m | 197.4 m |
| Revenue YoY | unavailable | −7.5% | +11.6% |
| Net income | 107.5 m | 88.6 m | 137.4 m |
| Net income YoY | unavailable | −17.6% | +55.0% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 56.2% | 50.1% | 69.6% |
| Free cash flow | -230.5 m | -72.1 m | -260.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 73.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 709.4 m EUR
- Total assets
- 2.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.52x
- ROE
- 20.7%
- ROA
- 6.2%
- FCF margin
- -131.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 191.3 m | 176.9 m | 197.4 m | esef· 20 Oct 2026verified |
| Operating income | 168.4 m | 157.6 m | 217.7 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 31.5 m | 43.7 m | 48.4 m | esef· 20 Oct 2026verified |
| EBITDA | 199.9 m ≈ | 201.3 m ≈ | 266.1 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 34.2 m | 38.1 m | 48.3 m | esef· 20 Oct 2026verified |
| Pre-tax income | 135.7 m | 120.1 m | 170.1 m | esef· 20 Oct 2026verified |
| Income tax | 28.2 m | 31.5 m | 32.7 m | esef· 20 Oct 2026verified |
| Net income | 107.5 m | 88.6 m | 137.4 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 77.3 m | 54.3 m | 73.3 m | esef· 20 Oct 2026verified |
| Receivables | 60.0 m | 70.5 m | 89.3 m | esef· 20 Oct 2026verified |
| Current assets | 138.3 m | 161.8 m | 204.1 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 1.3 bn | 1.5 bn | 1.8 bn | esef· 20 Oct 2026verified |
| Total assets | 1.6 bn | 2.0 bn | 2.4 bn | esef· 20 Oct 2026verified |
| Accounts payable | 32.5 m | 139.3 m | 142.3 m | esef· 20 Oct 2026verified |
| Current liabilities | 205.7 m | 293.3 m | 394.4 m | esef· 20 Oct 2026verified |
| Equity | 524.1 m | 617.8 m | 709.4 m | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 98.1 m | 115.3 m | 138.2 m | esef· 20 Oct 2026verified |
| Capex | 328.6 m | 187.4 m | 398.3 m | esef· 20 Oct 2026verified |
| Free cash flow | -230.5 m ≈ | -72.1 m ≈ | -260.1 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -328.6 m | -187.4 m | -398.3 m | esef· 20 Oct 2026verified |
| Financing cash flow | 157.2 m | 49.1 m | 279.1 m | esef· 20 Oct 2026verified |
| Share repurchases | — | 0 | -61.5 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 69.6% | 97 (vs peers) | 27% |
| FCF conversion · Quality | -189.3% | 0 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.5x | 46 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet28/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SOLARIA ENERGIA Y MEDIO AMBIENTE SA (SLR.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 197.4 m EUR in 2025; YoY growth 11.6%; net margin 69.6%; ROE 20.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 69.6%
What contradicts it
- FCF conversion: -189.3%
- Current ratio: 0.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
| ACX.MCAcerinox SA | — | — | -1.7% | -0.7% | +6.8% | +27% / +54% |
1- and 3-year price returns: for SLR.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
This profile is based on the 2025 annual report and describes a company that develops and operates solar parks. The current relevance comes from the incentive regime for plants above 200 kW, which could reduce long-term revenues, and from its profit distribution policy, with the parent company profit of 180,125 thousand euros fully allocated to reserves 1.
SWOT
Strengths
- The business model based on individual parks, each assessed separately, allows clear tracking of the performance of each asset 1.
- The legal reserve is fully constituted, which indicates a capital base in line with legal requirements 1.
- The land lease contracts have long durations with extension options, which provides operational continuity 1.
Weaknesses
- Dependence on incentivised tariffs makes revenues sensitive to later legislative changes 1.
- Part of the investment is under construction, so it does not yet generate revenue and is exposed to delay risk 1.
- Impairment tests depend on assumptions about pool prices and financing conditions, which are uncertain 1.
Opportunities
- PPA contracts could reduce exposure to spot market price swings and could support future revenues 1.
- The simplification of the Italian regulatory framework, mentioned in the report, could ease the development of new projects in Italy 1.
- Commissioning the plants under construction could add revenue-generating assets in the coming years 1.
Threats
- The proposed incentive reductions for large plants could significantly lower revenues over the remaining tariff period 1.
- Regulatory changes can influence asset valuation and lead to accounting impairment 1.
- A fall in market prices captured could affect the individual performance of plants and compliance with financial covenants 1.
Risks
- Reduction of incentivised tariffshigh
The proposed cuts to incentives for plants above 200 kW could directly affect revenues from part of the portfolio 1.
- Asset impairmentmedium
If the performance of a plant declines or regulatory conditions worsen, the company could be required to recognise impairment losses 1.
- Credit risk in PPA projectsmedium
The company monitors the credit risk of counterparties in PPA contracts, and a deterioration could affect collections 1.
- Interest rate exposuremedium
Changes in interest rates are mentioned as a factor that can influence impairment tests and financing costs 1.
- Dependence on land lease contractslow
Plants are built on leased land, and contract terms could change at renewal, affecting operational continuity 1.
Investment thesis
What would need to be true (bull case)
- If incentive cuts are moderate or offset by PPA contracts, portfolio revenues could remain stable over the long term 1.
- The structure of individual parks and the fully constituted legal reserve could facilitate financing new projects without capital strain 1.
- Commissioning the plants under construction could expand the base of revenue-generating assets in the following years 1.
What would break the thesis
- If the incentive reductions apply in full, revenues over the remaining tariff period could fall markedly, affecting profitability 1.
- Regulatory uncertainty could lead to impairment adjustments and pressure on the carrying value of assets 1.
- A policy of retaining profit, with full transfer to reserves, could limit distributions to shareholders in the short term 1.
What to watch
- How the incentive reduction for plants above 200 kW will be applied and which option is chosen for each asset2026
- Results of impairment tests and any adjustments to the carrying value of individual plantsnext annual report
- Growth of new PPA contracts and the credit risk of counterparties2026
- Commissioning of plants under construction and the effect on revenues2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 December 2025, the group carries out its activity through the parent company and its dependent subsidiaries, with the object of developing and operating photovoltaic plants 1. The cash-generating unit is defined as each individual photovoltaic plant or project under development, which shows that the business model rests on park-type assets assessed separately 1. The land on which the parks are built is largely leased, with initial contracts of 26 years and an option to extend for two periods of 5 years each 1.
The group applies straight-line depreciation over useful life, 30 years for technical installations and 35 to 50 years for constructions, and reviews residual value and useful life at each year end 1. On the financing side, the assets are linked to power purchase agreements (PPA) and to financial covenants specific to each plant, which makes the individual performance of each park a central indicator 1.
In fiscal 2025 the company acquired treasury shares at a cost of 50 million euros, and the legal reserve of the parent company is fully constituted 1. These decisions point to capital management in which distributions to shareholders are conditioned by legal rules and by the result of the year 1.
Segments
Photovoltaic plants and surface rights
The main segment consists of solar parks operated directly or through subsidiaries, where land is held through surface rights lasting up to 36 years including extensions 1. Revenue from this segment depends on incentivised tariffs and on prices captured on the energy market 1.
Projects under development and construction
The group classifies as 'assets under construction' the costs of plants still being built, which will be operated once commissioned, meaning part of future assets does not yet generate revenue 1. Interest linked to these assets is capitalised during construction 1.
Market context
The company operates in the renewable energy market in Spain and Italy, where the incentive regime is changing over time. The annual report notes that Decree-Law 17/2022 was published to simplify the Italian regulatory framework for renewable energy and that the group has plants in Italy that adopted tariff modalities b) and c) 1. Regulatory pressure and policy uncertainty are explicitly treated by the company as risk factors in impairment tests 1.
Energy price mechanisms, such as the pool price curve when no sales agreements exist, are monitored by the company as indicators of asset value 1. If captured prices fall below expectations, this could affect impairment tests of individual plants 1.
Trends
- Cuts to incentives for plants above 200 kWheadwind
Article 26 of a new regulation provides for reductions of the incentivised tariff for all plants with capacity above 200 kW, with options that vary depending on the remaining years of incentive 1. If these reductions apply, revenues over the remaining period could decline.
- Regulatory uncertainty and impairment testsheadwind
The company includes regulatory uncertainty among the macroeconomic factors it evaluates when checking whether assets have suffered impairment 1. This assessment could lead to adjustments of carrying value if conditions deteriorate.
- Power purchase agreements (PPA)mixed
According to the report, power purchase agreements provide revenue stability for individual projects and are monitored for the credit risk of counterparties 1. If the number of such contracts grows, revenues could become more predictable.
- Shareholder distribution policymixed
The company bought treasury shares and proposed that the entire fiscal 2025 profit be transferred to reserves, reflecting capital retention 1. This policy could limit short-term dividends but supports investment financing.
Competitive position
The sources analysed for this profile, namely the 2025 annual report, do not explicitly identify the company's competitors. Comparisons with other photovoltaic energy producers would require additional sources, which were not used here.
The competitive position could depend on the ability to obtain good PPA contracts and on managing financing and land lease costs, aspects discussed in the report, but without comparative data against other companies 1.
- Independent photovoltaic producers in Spain
Active in the same regulated market, not named in the sources analysed, so their identity could not be verified.
- Photovoltaic developers in Italy
Operate under the Italian regulatory framework mentioned in the report, but are not identified in the sources.
- Regional renewable energy operators
Compete for land and energy sales contracts, though the sources give no further detail.
- Mixed-portfolio energy suppliers
May compete on the price of energy sold, without being identified in the documents analysed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SOLARIA ENERGÍA Y MEDIO AMBIENTE, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.